Quarterly report [Sections 13 or 15(d)]

Condensed Consolidated Statements of Cash Flows (Unaudited)

v3.25.1
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash flows from operating activities:    
Net income (loss) $ (15.4) $ 3.0
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation, depletion and amortization 106.0 112.8
Amortization of acquired unfavorable contracts (5.7) (16.5)
Stock-based compensation 1.1 2.1
Loss (gain) on disposal of assets, net 3.4 (1.4)
Non-cash loss on extinguishment of debt   0.8
Amortization of debt issuance costs 3.0 3.2
Unrealized gain on investments, net (3.7) (1.2)
Deferred tax expense   0.2
Other non-cash items, net 0.2  
Changes in operating assets and liabilities:    
Accounts receivable (94.5) (41.2)
Inventories 1.0 16.6
Prepaid expenses and other assets (2.4) 1.4
Accounts payable 49.2 (20.3)
Accrued expenses 7.8 23.3
Other liabilities (11.3) (3.7)
Net cash provided by operating activities 38.7 79.1
Cash flows from investing activities:    
Investment in property, plant & equipment (52.5) (59.9)
Proceeds from sale of assets 0.2 6.6
Other 0.6  
Net cash used in investing activities (51.7) (53.3)
Cash flows from financing activities:    
Repayments of long-term debt (42.5) (37.5)
Borrowings from revolving credit agreements 419.1 501.1
Repayments of revolving credit agreements (361.1) (485.2)
Payment of debt issuance costs   (1.1)
Cash settlement of vested stock awards (1.0)  
Tax withholding related to net share settlement of equity awards   (0.1)
Purchase of noncontrolling interest (0.3)  
Net cash provided by (used in) financing activities 14.2 (22.8)
Net increase in cash, cash equivalents, and restricted cash 1.2 3.0
Cash, cash equivalents, and restricted cash beginning of period 14.8 25.3
Cash, cash equivalents, and restricted cash end of period 16.0 28.3
Non-cash investing and financing activities    
Capital expenditures included in accounts payable 32.8 22.6
Operating lease liabilities incurred from obtaining right-of-use assets $ 0.2 $ 5.7