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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (67.0) $ (96.0)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 27.6 33.3  
Foreign currency losses from re-measurement 7.9 3.3  
Amortization of debt discount 0.2 0.4  
Stock-based compensation amortization 1.8 3.1  
Provision for (benefit from) deferred income taxes (11.4) 1.7  
Amortization of debt issuance costs 9.1 8.7  
Pension and other post-retirement cost 1.1 1.3  
Paid-in-kind interest expense on the 2020 BrandCo Facilities 4.7 4.6  
Change in assets and liabilities:      
Decrease in trade receivables 45.8 33.7  
(Increase) decrease in inventories (33.4) 18.7  
Decrease (increase) in prepaid expenses and other current assets 2.1 (8.4)  
Increase in accounts payable 46.8 2.8  
Decrease in accrued expenses and other current liabilities (22.8) (22.5)  
Decrease in deferred revenue (0.7) (1.3)  
Pension and other post-retirement plan contributions (2.2) (13.7)  
Purchases of permanent displays (4.2) (5.8)  
Other, net 1.3 7.7  
Net cash provided by (used in) operating activities 6.7 (28.4)  
CASH FLOWS FROM INVESTING ACTIVITIES:      
Capital expenditures (2.3) (0.7)  
Net cash used in investing activities (2.3) (0.7)  
CASH FLOWS FROM FINANCING ACTIVITIES:      
Net decrease in short-term borrowings and overdraft (0.3) (10.6)  
Borrowings on term loans [1] 0.0 175.0  
Repayments on term loans [2] (10.6) (61.2)  
Net (repayments) borrowings under the revolving credit facilities (21.6) (59.3)  
Payment of financing costs (1.8) (11.8)  
Tax withholdings related to net share settlements of restricted stock and RSUs (3.2) (2.4)  
Other financing activities (0.1) (0.1)  
Net cash (used in) provided by financing activities (37.6) 29.6  
Effect of exchange rate changes on cash, cash equivalents and restricted cash (0.1) (1.3)  
Net increase (decrease) in cash, cash equivalents and restricted cash (33.3) (0.8)  
Cash, cash equivalents and restricted cash at beginning of period [3] 120.9 102.5 $ 102.5
Cash, cash equivalents and restricted cash at end of period [3] 87.6 101.7 $ 120.9
Cash paid during the period for:      
Interest 67.7 64.6  
Income taxes, net of refunds (0.5) (1.0)  
Supplemental schedule of non-cash investing and financing activities:      
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities $ 4.7 $ 4.6  
[1] Borrowings on term loans for the three months ended March 31, 2021 includes borrowings under the SISO Term Loan Facility and the 2021 Foreign Asset-Based Term Facility of $100.0 million and $75.0 million, respectively. See Note 7, "Debt" in the Company's 2021 Form 10-K for additional information.
[2] Repayments on term loans for the three months ended March 31, 2022 includes repayments of $4.7 million under the 2020 BrandCo Term Loan Facility, $3.6 million for the 2020 Troubled-debt-restructuring future interest amortization, and $2.3 million under the 2016 Term Loan Facility. Repayments on term loans for the three months ended March 31, 2021 includes repayments under the 2018 Foreign Asset-Based Term Facility and the 2016 Term Loan Facility of $58.9 million and $2.3 million, respectively. See Note 7, "Debt" in the Company's 2021 Form 10-K for additional information.
[3] These amounts include restricted cash of $17.6 million and $16.1 million as of March 31, 2022 and 2021, respectively. The balance as of March 31, 2022 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of March 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements were satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of March 31, 2022 and March 31, 2021, respectively.