XML 19 R8.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Operating Activities:          
Net Income (Loss) $ 176.8 $ (478.9) [1] $ 149.6 $ (507.8) [1]  
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities:          
Net income attributable to non-controlling interests 0.2 0.5 0.3 0.7  
Depreciation and amortization 35.7 41.2 71.8 83.1  
Deferred tax provision (benefit)     (1.2) 0.1  
Stock-based compensation     14.8 15.7  
Provision for doubtful accounts     2.2 0.7  
Accretion expense     1.5 1.5  
Net (gain) loss on dispositions (155.2) (0.1) (155.1) 0.2  
Impairment charges     0.0 511.4  
Loss on extinguishment of debt 1.2 0.0 1.2 0.0  
Equity in earnings of investee companies, net of tax (0.2) 0.3 0.0 1.1  
Distributions from investee companies     0.8 0.8  
Amortization of deferred financing costs and debt discount     3.1 3.4  
Change in assets and liabilities, net of investing and financing activities:          
Decrease in receivables     11.0 22.3  
Increase in prepaid MTA equipment deployment costs     0.0 (21.8)  
Increase in prepaid expenses and other current assets     3.8 1.3  
Decrease in accounts payable and accrued expenses     (26.8) (40.5)  
Increase in operating lease assets and liabilities     8.6 8.9  
Increase in deferred revenues     6.6 12.7  
Increase (decrease) in income taxes     10.6 (4.8)  
Decrease in assets and liabilities held for sale, net     (2.1) 0.0  
Other, net     0.9 (1.3)  
Net cash flow provided by operating activities     101.6 87.7  
Investing Activities:          
Capital expenditures     (42.3) (44.9)  
Acquisitions     (7.6) (27.4)  
MTA franchise rights     0.0 0.6  
Net proceeds from dispositions     309.4 0.2  
Net cash flow provided by (used for) investing activities     259.5 (71.5)  
Financing Activities:          
Repayments of long-term debt borrowings     (200.0) 0.0  
Proceeds from borrowings under short-term debt facilities     95.0 105.0  
Repayments of borrowings under short-term debt facilities     (130.0) 0.0  
Payments of deferred financing costs     (0.2) (3.7)  
Taxes withheld for stock-based compensation     (7.5) (12.3)  
Dividends     (104.4) (103.7)  
Net cash flow used for financing activities     (347.1) (14.7)  
Effect of exchange rate changes on cash and cash equivalents     (0.4) 0.3  
Net increase in cash and cash equivalents     13.6 1.8  
Cash and cash equivalents at beginning of period     36.0 40.4 $ 40.4
Cash and cash equivalents at end of period $ 49.6 $ 42.2 49.6 42.2 $ 36.0
Supplemental disclosure of cash flow Information:          
Cash paid for income taxes     1.2 5.5  
Cash paid for interest     79.9 74.4  
Non-cash investing and financing activities:          
Accrued purchases of property and equipment     7.4 3.9  
Accrued MTA franchise rights     0.0 2.9  
Taxes withheld for stock-based compensation     $ 0.2 $ 0.1  
[1] In 2024, Net income available for common stockholders for the calculation of diluted EPS.