Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net income (loss) $ (106.1) $ 37.3
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation, depletion and amortization 328.9 330.7
Amortization of acquired unfavorable contracts (39.1) (41.0)
Stock-based compensation 6.1 27.3
Gain on disposal of assets, net (2.5) (0.3)
Gain on insurance recoveries (3.2)  
Non-cash loss (gain) on extinguishment of debt 0.8 (4.1)
Amortization of debt issuance costs 11.2 18.8
Acquisition earnout adjustment   (6.6)
Unrealized loss on investments, net 0.9 24.1
Provision for supply commitment charges 9.6  
Goodwill impairment 74.5  
Deferred tax expense (benefit) (25.4) 5.0
Other non-cash items, net (0.1) 0.1
Changes in operating assets and liabilities:    
Accounts receivable 13.4 219.4
Inventories 26.7 (15.3)
Prepaid expenses and other assets (15.0) (5.3)
Accounts payable 24.3 (48.1)
Accrued expenses 7.0 6.0
Other liabilities (21.2) (37.2)
Net cash provided by operating activities 290.8 510.8
Cash flows from investing activities:    
Acquisitions, net of cash acquired (194.4) (456.5)
Investment in property, plant & equipment (191.8) (233.9)
Proceeds from sale of assets 31.9 3.0
Proceeds from insurance recoveries 4.5  
Other investments (2.0)  
Net cash used in investing activities (351.8) (687.4)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 136.4 334.7
Repayments of long-term debt (110.0) (103.9)
Borrowings from revolving credit agreements 1,580.4 1,219.9
Repayments of revolving credit agreements (1,540.6) (1,315.4)
Payment of debt issuance costs (3.5) (18.9)
Tax withholding related to net share settlement of equity awards (1.5) (0.8)
Proceeds from issuance of Series A preferred stock   50.0
Payment of Series A preferred stock issuance costs   (1.1)
Net cash provided by financing activities 61.2 164.5
Net increase (decrease) in cash, cash equivalents, and restricted cash 0.2 (12.1)
Cash, cash equivalents, and restricted cash beginning of period 25.3 37.9
Cash, cash equivalents, and restricted cash end of period 25.5 25.8
Non-cash investing and financing activities:    
Capital expenditures included in accounts payable 38.2 42.2
Operating lease liabilities incurred from obtaining right-of-use assets 55.7 8.8
Finance lease liabilities incurred from obtaining property, plant & equipment $ 9.9 $ 4.6