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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Summary Of Components Of Provision For Income Taxes From Continuing Operations

The components of our provision for income taxes are summarized as follows (in millions):

			Successor									Predecessor
			Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020						Year Ended December 31, 2019
Current income tax expense (benefit):
U.S.			$	5.5								$	—					$	(135.3)					$	31.3
Non-U.S.			53.2									34.4						(18.4)						73.2
			58.7									34.4						(153.7)						104.5
Deferred income tax expense (benefit):
U.S.			(6.6)									—						(92.9)						19.7
Non-U.S.			(14.7)									(18.2)						(12.8)						4.2
			(21.3)									(18.2)						(105.7)						23.9
Total income tax expense (benefit)			$	37.4								$	16.2					$	(259.4)					$	128.4

Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)

The components of deferred income tax assets and liabilities are summarized as follows (in millions):

						Successor									Predecessor
						December 31, 2021												December 31, 2020
Deferred tax assets:
Net operating loss carryforwards						$	2,293.5											$	2,272.2
Property and equipment						1,361.6												—
Foreign tax credits						105.7												171.2
Interest limitation carryforwards						74.8												221.2
Employee benefits, including share-based compensation						51.2												81.6
Premiums on long-term debt						9.7												115.7
Other						15.4												6.8
Total deferred tax assets						3,911.9												2,868.7
Valuation allowance						(3,829.0)												(2,787.7)
Net deferred tax assets						82.9												81.0
Deferred tax liabilities:
Property and equipment						—												(40.9)
Other						(14.5)												(11.2)
Total deferred tax liabilities						(14.5)												(52.1)
Net deferred tax asset						$	68.4											$	28.9

Summary Of Effective Income Tax Rate On Continuing Operations

Our consolidated effective income tax rate for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively, differs from the Bermuda and U.K. statutory income tax rates as follows:

			Successor									Predecessor
			Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020						Year Ended December 31, 2019
Bermuda (Successor)/ U.K. (Predecessor) statutory income tax rate			—		%							19.0		%				19.0		%				19.0		%
Asset impairments			—									(3.2)						(12.5)						(31.0)
Non-Bermuda (Successor) taxes			376.0									—						—						—
Non-U.K. (Predecessor) taxes			—									1.0						(2.8)						(280.9)
Resolution of prior year items			387.9									(0.4)						1.8						12.3
Switzerland Tax Reform			(188.3)									—						—						—
Valuation allowance			(119.5)									(1.8)						(1.5)						(145.1)
U.S. tax reform and U.S. CARES Act			—									—						2.4						(21.6)
Bargain purchase gain			—									—						—						189.7
Debt repurchases			—									—						—						48.7
Other			—									(15.0)						(1.3)						7.6
Effective income tax rate			456.1		%							(0.4)		%				5.1		%				(201.3)		%

Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor), respectively (in millions):

						Successor									Predecessor
						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020
Balance, beginning of period						$	235.4								$	237.7					$	296.7
Increase in unrecognized tax benefits as a result of tax positions taken during prior years						33.8									2.9						22.4
Lapse of applicable statutes of limitations						(20.2)									(0.2)						(13.2)
Impact of foreign currency exchange rates						(10.5)									(17.6)						9.0
Increases in unrecognized tax benefits as a result of tax positions taken during the current year						6.9									12.6						12.8
Settlements with taxing authorities						(6.6)									—						(0.7)
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years						(4.5)									—						(89.3)
Balance, end of period						$	234.3								$	235.4					$	237.7

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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