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Consolidated Statements of Cash Flows - USD ($)
4 Months Ended 8 Months Ended 12 Months Ended
Dec. 31, 2021
Sep. 07, 2021
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities        
Net loss $ (27,200,000) $ (81,300,000) $ (192,700,000) $ (130,900,000)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:        
Depreciation and amortization 144,600,000 194,900,000 449,600,000 497,100,000
Loss on impairment of long-lived assets 0 0 0 2,700,000
Loss on extinguishment of debt 2,100,000 10,700,000 0 0
Provision for loss on receivables 3,600,000 2,100,000 9,100,000 8,400,000
Unrealized loss (gain) on interest rate swaps 0 0 4,400,000 (13,700,000)
Noncash portion of interest expense (income) (500,000) 4,000,000 7,500,000 5,400,000
Deferred income taxes (8,600,000) (21,100,000) (40,600,000) (42,300,000)
Pension and other postretirement payments in excess of expense (7,600,000) (200,000) (7,700,000) (16,100,000)
Stock-based compensation 0 4,300,000 0 0
Other, net (100,000) (5,200,000) (2,400,000) (1,300,000)
Changes in operating assets and liabilities:        
(Increase) decrease in receivables (138,800,000) 51,100,000 (54,500,000) (9,100,000)
Increase in inventory, materials, supplies, prepaid expenses and other current assets (11,800,000) (29,400,000) (14,600,000) (48,100,000)
(Decrease) increase in accounts payable 25,600,000 49,100,000 (54,700,000) 69,200,000
Increase (decrease) in accrued and other current liabilities (19,500,000) 2,800,000 2,700,000 (1,400,000)
(Increase) decrease in other noncurrent assets (8,400,000) 2,100,000 (5,100,000) (5,200,000)
Increase in other noncurrent liabilities 21,600,000 8,800,000 5,000,000 7,300,000
Net cash provided by (used in) operating activities (25,000,000) 192,700,000 106,000,000 322,000,000
Cash flows from investing activities        
Capital expenditures (127,000,000) (165,200,000) (641,400,000) (482,800,000)
Acquisition of businesses, net of cash acquired (1,620,700,000) 0 (3,200,000) (65,500,000)
Purchase of indefinite-lived intangibles 0 0 0 (6,800,000)
Acquisition of fiber assets (1,700,000) (50,500,000) (8,600,000) 0
Proceeds from sale of assets 0 9,100,000 0 2,300,000
Other, net 800,000 (100,000) (1,000,000) (900,000)
Net cash used in investing activities (1,748,600,000) (206,700,000) (654,200,000) (553,700,000)
Cash flows from financing activities        
Capital contributions by Red Fiber Parent LLC 1,716,100,000 0 400,000,000 0
Proceeds from issuance of long-term debt 1,145,000,000 23,000,000 211,400,000 2,700,000
Net (decrease) increase in corporate credit facility with initial maturities less than 90 days 0 7,000,000 (70,500,000) 223,000,000
Proceeds from borrowings on receivables facilities 467,500,000 695,400,000 1,706,500,000 1,150,800,000
Payments on receivables facilities (497,700,000) (693,400,000) (1,647,800,000) (1,116,900,000)
Repayment of debt (1,004,200,000) (13,400,000) (47,800,000) (20,300,000)
Debt issuance costs (55,900,000) (800,000) (4,000,000) (700,000)
Dividends paid on preferred stock (2,400,000) (7,800,000) 0 0
Other, net 0 (2,000,000) 0 0
Net cash provided by financing activities 1,768,400,000 8,000,000 547,800,000 238,600,000
Effect of exchange rate changes on cash, cash equivalents and restricted cash 100,000 0 0 (100,000)
Net (decrease) increase in cash, cash equivalents and restricted cash (5,100,000) (6,000,000) (400,000) 6,800,000
Cash, cash equivalents and restricted cash at beginning of period 11,200,000 17,200,000 12,900,000 6,100,000
Cash, cash equivalents and restricted cash at end of period $ 6,100,000 $ 11,200,000 $ 12,500,000 $ 12,900,000