Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (62.6) $ 55.2
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 216.2 219.2
Amortization of acquired contract liabilities (27.4) (24.6)
Stock-based compensation 5.0 22.9
Loss (gain) on disposal of assets, net (1.1) 1.0
Gain on insurance recoveries (3.2)  
Non-cash loss (gain) on extinguishment of debt 0.8 (4.1)
Amortization of debt issuance costs 7.6 12.9
Acquisition earnout adjustment   (6.6)
Unrealized loss (gain) on investments, net (0.2) 19.0
Goodwill impairment 67.7  
Deferred tax benefit (27.2)  
Other non-cash items, net   0.1
Changes in operating assets and liabilities:    
Accounts receivable (6.0) 92.0
Inventories 6.9 (48.2)
Prepaid expenses and other assets 13.6 7.4
Accounts payable (10.1) 37.9
Accrued expenses 25.7 13.5
Other liabilities (13.1) (10.4)
Net cash provided by operating activities 192.6 387.2
Cash flows from investing activities:    
Acquisitions, net of cash acquired (194.4) (456.5)
Investment in property, plant & equipment (121.8) (181.3)
Proceeds from sale of assets 29.0 1.4
Proceeds from insurance recoveries 4.4  
Other investments (2.0)  
Net cash used in investing activities (284.8) (636.4)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 120.9 320.2
Repayments of long-term debt (55.6) (80.5)
Borrowings from revolving credit agreements 1,034.2 864.6
Repayments of revolving credit agreements (1,003.7) (845.9)
Payment of debt issuance costs (3.4) (18.5)
Tax withholding related to net share settlement of equity awards (1.5) (0.8)
Net cash provided by financing activities 90.9 239.1
Net decrease in cash, cash equivalents, and restricted cash (1.3) (10.1)
Cash, cash equivalents, and restricted cash beginning of period 25.3 37.9
Cash, cash equivalents, and restricted cash end of period 24.0 27.8
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 44.2 56.4
Operating lease liabilities incurred from obtaining right-of-use assets 26.9 8.5
Finance lease liabilities incurred from obtaining property, plant & equipment $ 9.3 $ 2.8