XML 27 R7.htm IDEA: XBRL DOCUMENT v3.25.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Cash provided by (used in) operating activities:    
Net income (loss) $ (126.0) $ (339.7)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:    
Depreciation and amortization 50.5 56.9
Non cash operating lease costs 8.3 9.7
Deferred income taxes (5.1) (78.6)
Restructuring and other (income) charges, net 34.2 75.9
CTO resales 0.0 50.0
LIFO charge (liquidation) (6.5) 2.1
Share-based compensation 8.5 6.7
(Gain) loss on strategic investment 2.5 4.7
Goodwill impairment charge 183.8 349.1
Other non-cash items 5.9 7.5
Changes in operating assets and liabilities, net of effect of acquisitions:    
Accounts receivable, net (49.1) (33.1)
Inventories, net 17.8 1.5
Prepaid and other current assets (2.0) 6.7
Planned major maintenance outage 3.0 2.8
Accounts payable 6.1 (13.4)
Accrued expenses (8.2) (1.7)
Accrued payroll and employee benefits (2.5) 1.4
Income taxes 9.7 (10.8)
Restructuring and other cash outflow, net (23.1) (22.9)
Operating leases (10.5) (10.7)
CTO resales cash inflow (outflow), net 6.2 (45.3)
Changes in other operating assets and liabilities, net 6.9 4.4
Net cash provided by (used in) operating activities 104.4 17.6
Cash provided by (used in) investing activities:    
Capital expenditures (22.2) (34.7)
Proceeds from disposition of assets 3.6 0.0
Other investing activities, net 4.3 0.6
Net cash provided by (used in) investing activities (14.3) (34.1)
Cash provided by (used in) financing activities:    
Proceeds from revolving credit facility and other borrowings 158.5 120.2
Payments on revolving credit facility and other borrowings (229.3) (83.1)
Finance lease obligations, net (0.6) (0.6)
Tax payments related to withholdings on vested equity awards (2.6) (2.8)
Net cash provided by (used in) financing activities (74.0) 33.7
Increase (decrease) in cash, cash equivalents, and restricted cash 16.1 17.2
Effect of exchange rate changes on cash 4.4 (3.8)
Change in cash, cash equivalents, and restricted cash 20.5 13.4
Cash, cash equivalents, and restricted cash at beginning of period 86.6 111.9
Cash, cash equivalents and restricted cash at end of period [1] 107.1 125.3
Supplemental cash flow information:    
Cash paid for interest, net of capitalized interest 37.2 42.3
Cash paid for income taxes, net of refunds 5.6 22.2
Purchases of property, plant, and equipment in accounts payable 2.3 1.8
Leased assets obtained in exchange for new operating lease liabilities $ 0.4 $ 1.9
[1]
Includes restricted cash of $30.2 million and $17.9 million and cash and cash equivalents of $76.9 million and $107.4 million at June 30, 2025 and 2024, respectively. Restricted cash is included within "Prepaid and other current assets" and "Restricted investment" within the condensed consolidated balance sheets.