XML 24 R9.htm IDEA: XBRL DOCUMENT v3.24.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2022
Jul. 24, 2022
Dec. 31, 2023
Dec. 31, 2021
Cash flows from operating activities:        
Net (loss) income $ (63,496) $ 483,786 $ (75,525) $ 665,859
Adjustments to reconcile net (loss) income to net cash from operating activities:        
Depreciation and amortization 130,153 166,177 412,597 292,901
Amortization of debt issuance costs, debt discount and fair values 38,997 19,952 91,816 28,722
Share-based compensation expense 2,323 17,099 8,262 29,003
Non-cash lease expense 0 0 6,346 3,305
Loss (gain) on extinguishment of debt (474) (28,354) 184 42,234
Unrealized (gain) loss on foreign currency exchange rates 6,970 0 (2,200) 0
Asset impairments 0 368 0 22,210
Loss (gain) on divestitures 921 (401,413) 10,080 (831,252)
Loss (gain) on sale of assets 398 (2,670) 328 0
Amortization of inventory and other fair value step-ups 66,400 1,238 0 0
Provision for credit losses 2,053 3,811 8,195 3,604
Deferred income taxes (36,956) (26,686) (133,752) (59,510)
Changes in operating assets and liabilities, net of effect of acquisitions and divestitures:        
Accounts receivable 92,590 (101,937) 73,476 (156,066)
Inventories 149,748 (12,956) 70,347 (311,242)
Income taxes (44,867) 14,116 14,781 24,865
Prepaid expenses and other 26,052 31,367 25,849 (52,756)
Accounts payable (40,102) 44,446 (40,489) 72,260
Accrued expenses (114,098) 121,871 (64,605) 36,944
Other, net (37,565) 852 (5,506) (22,956)
Net cash provided by (used in) operating activities 179,047 331,067 400,184 (211,875)
Cash flows from investing activities:        
Acquisitions, net of cash acquired 0 4,252 (218,450) (528,250)
Capital expenditures (98,008) (64,848) (193,935) (114,715)
Proceeds from divestitures, net of cash divested 0 510,883 (10,080) 1,187,307
Proceeds from sale of property, plant and equipment 12,370 6,070 596 5,124
Net cash (used in) provided by investing activities (85,638) 456,357 (421,869) 549,466
Cash flows from financing activities:        
Proceeds from credit facilities 0 0 0 190,000
Payments on credit facilities 0 0 0 (190,000)
Proceeds from term loans 300,000 0 0 108,438
Payments on term loans (13,000) (13,000) (29,000) (25,905)
Payments to public stockholders (1,612,434) 0 0 0
Proceeds from senior notes 710,000 0 0 0
Repurchases of senior notes (23,180) (70,560) (33,885) (670,800)
Payments of financing costs (84,686) 0 0 (13,187)
Contributions from Parent, net 95,194 0 0 0
Payments on derivative financing obligations 0 (7,321) 0 (9,377)
Other 165 (3,206) 0 (6,418)
Net cash (used in) provided by financing activities (627,941) (94,087) (62,885) (617,249)
Effect of exchange rate changes on cash and cash equivalents 304 (5) (104) (150)
Net (decrease) increase in cash and cash equivalents (534,228) 693,332 (84,674) (279,808)
Cash and cash equivalents at beginning of period 1,087,779 394,447 553,551 674,255
Cash and cash equivalents at end of period $ 553,551 $ 1,087,779 $ 468,877 $ 394,447