| Schedule of Unrestricted Subsidiaries |
As of June 30, 2026 and December 31, 2025, respectively, MRHL and MRL were the only unrestricted subsidiaries of the Company. In accordance with the indentures governing the Company’s outstanding senior notes, the following tables set forth certain financial information of (i) the Company and its restricted subsidiaries, on a combined basis, (ii) the Company’s unrestricted subsidiaries, on a combined basis, and (iii) the Company and its subsidiaries, on a consolidated basis, in each case, as of June 30, 2026 and December 31, 2025, respectively (dollars in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2026 | | Parent
Company and
Restricted
Subsidiaries | | Unrestricted
Subsidiaries | | Eliminations | | Consolidated
Total | | | | | | | | | | | Cash and cash equivalents | | $ | 8.1 | | | $ | 101.7 | | | $ | — | | | $ | 109.8 | | | Restricted cash | | $ | — | | | $ | 40.0 | | | $ | — | | | $ | 40.0 | | | Accounts receivable, net: | | $ | 383.7 | | | $ | 33.3 | | | $ | — | | | $ | 417.0 | | | Inventory | | $ | 371.0 | | | $ | 50.0 | | | $ | — | | | $ | 421.0 | | | Prepaid expenses and other current assets | | $ | 25.8 | | | $ | 9.2 | | | $ | — | | | $ | 35.0 | | | Property, plant and equipment, net | | $ | 614.9 | | | $ | 706.3 | | | $ | — | | | $ | 1,321.2 | | | Other noncurrent assets, net | | $ | 427.9 | | | $ | 30.9 | | | $ | — | | | $ | 458.8 | | | Accounts payable | | $ | 352.9 | | | $ | 329.2 | | | $ | (310.0) | | | $ | 372.1 | | | Other current liabilities | | $ | 105.8 | | | $ | 3.4 | | | $ | — | | | $ | 109.2 | | | Current portion of long-term debt | | $ | 33.3 | | | $ | 0.2 | | | $ | — | | | $ | 33.5 | | | Other long-term liabilities | | $ | 243.2 | | | $ | 4.1 | | | $ | — | | | $ | 247.3 | | | Long-term debt, less current portion | | $ | 1,409.0 | | | $ | 914.0 | | | $ | (97.8) | | | $ | 2,225.2 | | | Redeemable noncontrolling interest | | $ | — | | | $ | 250.6 | | | $ | — | | | $ | 250.6 | | | Stockholders' equity | | $ | (450.1) | | | $ | (530.1) | | | $ | (156.9) | | | $ | (1,137.1) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2025 | | Parent
Company and
Restricted
Subsidiaries | | Unrestricted
Subsidiaries | | Eliminations | | Consolidated
Total | | Cash and cash equivalents | | $ | 7.6 | | | $ | 117.5 | | | $ | — | | | $ | 125.1 | | | Restricted cash | | $ | — | | | $ | 80.0 | | | $ | — | | | $ | 80.0 | | | Accounts receivable - trade | | $ | 206.4 | | | $ | 18.0 | | | $ | — | | | $ | 224.4 | | | Inventory | | $ | 341.0 | | | $ | 44.2 | | | $ | — | | | $ | 385.2 | | | Prepaid expenses and other current assets | | $ | 21.5 | | | $ | 6.8 | | | $ | — | | | $ | 28.3 | | | Property, plant and equipment, net | | $ | 637.7 | | | $ | 715.3 | | | $ | — | | | $ | 1,353.0 | | | Operating lease right-of-use assets | | $ | 216.9 | | | $ | 7.3 | | | $ | — | | | $ | 224.2 | | | Other noncurrent assets, net | | $ | 92.7 | | | $ | 12.0 | | | $ | — | | | $ | 104.7 | | | Accounts payable | | $ | 236.3 | | | $ | 344.9 | | | $ | (299.7) | | | $ | 281.5 | | | Other taxes payable | | $ | 15.5 | | | $ | 2.2 | | | $ | — | | | $ | 17.7 | | | Other current liabilities | | $ | 16.1 | | | $ | 5.0 | | | $ | — | | | $ | 21.1 | | | Current portion of operating lease liabilities | | $ | 61.9 | | | $ | 2.3 | | | $ | — | | | $ | 64.2 | | | Current portion of long-term debt | | $ | 156.1 | | | $ | 0.1 | | | $ | — | | | $ | 156.2 | | | Long-term operating lease liabilities | | $ | 156.4 | | | $ | 5.0 | | | $ | — | | | $ | 161.4 | | | Long-term debt, less current portion | | $ | 1,281.4 | | | $ | 893.7 | | | $ | (97.8) | | | $ | 2,077.3 | | | Redeemable noncontrolling interest | | $ | — | | | $ | 245.6 | | | $ | — | | | $ | 245.6 | | | Stockholders' equity | | $ | (78.6) | | | $ | (497.2) | | | $ | (156.9) | | | $ | (732.7) | |
The following table sets forth certain financial information of the Company’s unrestricted subsidiaries, on a combined basis, for the periods presented (in millions): | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2026 | | 2025 | | | Restricted | Unrestricted | Consolidated | | Restricted | Unrestricted | Consolidated | | | | | | | | | | | | Sales | $ | 1,245.6 | | $ | 199.5 | | $ | 1,445.1 | | | $ | 817.7 | | $ | 208.9 | | $ | 1,026.6 | | | | Cost of sales | 1,217.1 | | 209.7 | | 1,426.8 | | | 835.9 | | 234.3 | | 1,070.2 | | | | Gross profit (loss) | 28.5 | | (10.2) | | 18.3 | | | (18.2) | | (25.4) | | (43.6) | | | | Operating costs and expenses: | | | | | | | | | | Selling | 13.5 | | — | | 13.5 | | | 12.2 | | — | | 12.2 | | | | General and administrative | 32.2 | | 7.2 | | 39.4 | | | 32.3 | | 8.8 | | 41.1 | | | | Gain on sale of business | — | | — | | — | | | — | | — | | — | | | | Other operating expense | 3.6 | | 1.8 | | 5.4 | | | 3.7 | | 0.4 | | 4.1 | | | | Operating loss | (20.8) | | (19.2) | | (40.0) | | | (66.4) | | (34.6) | | (101.0) | | | | | | | | | | | | | Other income (expense): | | | | | | | | | | Interest expense | (33.5) | | (18.5) | | (52.0) | | | (34.8) | | (18.1) | | (52.9) | | | | Debt extinguishment costs | — | | — | | — | | | (0.1) | | — | | (0.1) | | | | (Gain) loss on derivative instruments | (26.0) | | — | | (26.0) | | | 4.3 | | — | | 4.3 | | | | Other income (expense) | (0.1) | | 1.0 | | 0.9 | | | 0.1 | | 1.9 | | 2.0 | | | | Total other income (expense) | (59.6) | | (17.5) | | (77.1) | | | (30.5) | | (16.2) | | (46.7) | | | | Net loss before income taxes | (80.4) | | (36.7) | | (117.1) | | | (96.9) | | (50.8) | | (147.7) | | | | Income tax (benefit) expense | 0.2 | | (21.4) | | (21.2) | | | 0.2 | | — | | 0.2 | | | | Net loss | $ | (80.6) | | $ | (15.3) | | $ | (95.9) | | | $ | (97.1) | | $ | (50.8) | | $ | (147.9) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, | | 2026 | | 2025 | | Restricted | Unrestricted | Consolidated | | Restricted | Unrestricted | Consolidated | | | | | | | | | | Sales | $ | 2,124.3 | | $ | 350.6 | | $ | 2,474.9 | | | $ | 1,646.0 | | $ | 374.5 | | $ | 2,020.5 | | | Cost of sales | 2,167.2 | | 376.8 | | 2,544.0 | | | 1,719.1 | | 426.4 | | 2,145.5 | | | Gross profit (loss) | (42.9) | | (26.2) | | (69.1) | | | (73.1) | | (51.9) | | (125.0) | | | Operating costs and expenses: | | | | | | | | | Selling | 25.8 | | — | | 25.8 | | | 24.5 | | — | | 24.5 | | | General and administrative | 92.1 | | 13.3 | | 105.4 | | | 34.7 | | 18.5 | | 53.2 | | | Gain on sale of business | — | | — | | — | | | (62.2) | | — | | (62.2) | | | Other operating expense | 7.4 | | 3.6 | | 11.0 | | | 7.3 | | 1.9 | | 9.2 | | | Operating loss | (168.2) | | (43.1) | | (211.3) | | | (77.4) | | (72.3) | | (149.7) | | | | | | | | | | | Other income (expense): | | | | | | | | | Interest expense | (66.6) | | (36.5) | | (103.1) | | | (68.5) | | (42.9) | | (111.4) | | | Debt extinguishment costs | (1.7) | | — | | (1.7) | | | (0.1) | | (47.6) | | (47.7) | | | (Gain) loss on derivative instruments | (141.4) | | — | | (141.4) | | | 2.7 | | (5.6) | | (2.9) | | | Other income (expense) | 0.3 | | 2.2 | | 2.5 | | | (0.3) | | 2.7 | | 2.4 | | | Total other income (expense) | (209.4) | | (34.3) | | (243.7) | | | (66.2) | | (93.4) | | (159.6) | | | Net loss before income taxes | (377.6) | | (77.4) | | (455.0) | | | (143.6) | | (165.7) | | (309.3) | | | Income tax (benefit) expense | 2.4 | | (44.5) | | (42.1) | | | 0.6 | | — | | 0.6 | | | Net loss | $ | (380.0) | | $ | (32.9) | | $ | (412.9) | | | $ | (144.2) | | $ | (165.7) | | $ | (309.9) | |
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