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Condensed Consolidated Statements of Cash Flows - USD ($)
$ in Millions
1 Months Ended 8 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 07, 2021
Sep. 30, 2020
Cash flows from operating activities      
Net loss $ (5.0) $ (81.3) $ (50.0)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:      
Depreciation and amortization 30.2 194.9 220.8
Loss on extinguishment of debt 0.0 10.7 0.0
Provision for loss on receivables 0.9 2.1 11.6
Noncash portion of interest (income) expense (0.3) 4.0 4.1
Deferred income taxes (1.1) (21.1) (26.4)
Pension and other postretirement payments (in excess of) less than expense (1.9) (0.2) 0.3
Stock-based compensation 0.0 4.3 4.2
Other, net (0.3) (5.2) (0.7)
Changes in operating assets and liabilities:      
(Increase) decrease in receivables (20.3) 51.1 14.8
(Increase) decrease in inventory, materials, supplies, prepaid expenses and other current assets (3.2) (29.4) 12.2
(Decrease) increase in accounts payable (51.7) 49.1 (56.6)
(Decrease) increase in accrued and other current liabilities (37.5) 2.8 (12.2)
(Increase) decrease in other noncurrent assets (2.1) 2.1 9.9
Increase in other noncurrent liabilities 29.9 8.8 6.9
Net cash (used in) provided by operating activities (62.4) 192.7 138.9
Cash flows from investing activities      
Capital expenditures (35.4) (165.2) (159.2)
Acquisition of business (1,620.7) 0.0 0.0
Acquisition of Paniolo fiber assets (1.3) (50.5) 0.0
Proceeds from sale of assets 0.0 9.1 0.0
Other, net 0.0 (0.1) (1.6)
Net cash used in investing activities (1,657.4) (206.7) (160.8)
Cash flows from financing activities      
Capital contributions by Red Fiber Parent LLC 1,716.1 0.0 0.0
Proceeds from issuance of long-term debt 150.0 23.0 0.0
Net (decrease) increase in corporate credit and receivables facilities with initial maturities less than 90 days (108.7) 9.0 48.0
Repayment of debt (1.4) (13.4) (19.3)
Debt issuance costs (42.0) (0.8) (0.5)
Dividends paid on preferred stock 0.0 (7.8) (7.8)
Other, net 0.0 (2.0) (1.1)
Net cash provided by financing activities 1,714.0 8.0 19.3
Effect of exchange rate changes on cash, cash equivalents and restricted cash 0.0 0.0 (0.2)
Net decrease in cash, cash equivalents and restricted cash (5.8) (6.0) (2.8)
Cash, cash equivalents and restricted cash at beginning of period 11.2 17.2 11.6
Cash, cash equivalents and restricted cash at end of period 5.4 11.2 8.8
Noncash investing and financing transactions:      
Acquisition of property by assuming debt and other noncurrent liabilities 3.8 3.8 4.0
Acquisition of property on account $ 46.3 $ 54.9 $ 23.7