Voluntary Reorganization under Chapter 11 (Tables)

12 Months Ended

Dec. 31, 2019

Reorganizations [Abstract]

Schedule of Liabilities Subject to Compromise

The following table summarizes the components of liabilities subject to compromise included in the Company's consolidated balance sheet as of December 31, 2019 (in thousands):

	December 31, 2019
Debt subject to compromise:
Senior notes due 2023	$	700,000
Accrued interest	7,331
Accounts payable	181,068
Accrued prepetition facility closing and restructuring costs	7,077
Accrued postretirement obligations other than pensions	31,791
Other accrued expenses	100,126
Liabilities subject to compromise	$	1,027,393

Schedule of Components of Reorganization Items

The following table summarizes the components of "Reorganization items" included in the Company's statement of operations (in thousands):

	Twelve Months Ended
	December 31, 2019
Professional fees	$	18,688
DIP Credit Agreement financing fees	6,202
Write-off of prepetition deferred financing costs	19,637
Reorganization items	$	44,527

Schedule of Condensed Financial Statements of Debtors-in-Possession

BALANCE SHEET

	December 31, 2019
	(in thousands)
ASSETS
Current assets:
Cash and cash equivalents	$	73,163
Receivables, net of allowances	22,812
Inventories	249,330
Prepaid expenses and other current assets	61,096
Total current assets	406,401
Property, plant and equipment, net	820,268
Operating lease right of use assets	275,596
Identifiable intangible and other assets, net	152,772
Investment in nondebtor subsidiaries	19,191
Amounts due from nondebtor subsidiaries	203,478
Total assets	$	1,877,706
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable and accrued expenses	$	237,944
Current maturities of long-term debt and finance leases	260,385
Operating lease liabilities	86,297
Total current liabilities	584,626
Long-term debt, net	4,670
Long-term operating lease liabilities	203,477
Other long-term liabilities	271,905
Liabilities subject to compromise	1,027,393
Commitments and contingencies
Total stockholders’ equity	(214,365		)
Total	$	1,877,706

STATEMENT OF OPERATIONS

	Year Ended
	December 31, 2019
	(in thousands)
Net sales	$	7,294,610
Cost of sales	5,864,267
Gross profit	1,430,343
Operating costs and expenses:
Selling and distribution	1,319,050
General and administrative	298,132
Amortization of intangibles	20,314
Prepetition facility closing and restructuring costs, net	17,017
Impairment of goodwill and long-lived assets	177,357
Equity in (earnings) loss of unconsolidated affiliate	(4,835		)
Equity in (earnings) loss of nondebtor subsidiaries	347
Total operating costs and expenses	1,827,382
Operating income (loss)	(397,039		)
Other (income) expense:
Interest expense	69,809
Other expense, net	(2,253		)
Reorganization items	44,527
Total other expense	112,083
Loss from continuing operations before income taxes	(509,122		)
Income tax benefit	(8,532		)
Loss from continuing operations	(500,590		)
Gain (loss) on sale of discontinued operations, net of tax	(70		)
Net loss	$	(500,660	)

STATEMENT OF CASH FLOWS

	Year Ended
	December 31, 2019
	(in thousands)
Net cash used in operating activities	$	(56,259	)
Cash flows from investing activities:
Payments for property, plant and equipment	(89,402		)
Proceeds from sale of fixed assets	5,987
Net cash used in investing activities	(83,415		)
Cash flows from financing activities:
Repayments of debt	(1,834		)
Payments of financing costs	(40,627		)
Proceeds from DIP senior credit facility	70,000
Proceeds from senior secured revolver	1,294,501
Payments for senior secured revolver	(1,125,001		)
Intercompany loans	(1,250		)
Issuance of common stock, net of share repurchases for withholding taxes	(425		)
Net cash provided by financing activities	195,364
Increase (decrease) in cash and cash equivalents	55,690
Cash and cash equivalents, beginning of period	17,473
Cash and cash equivalents, end of period	$	73,163