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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Current income tax expense (benefit): |  |  |  |  |  |  |  |
U.S. | $ | (30.3) |  |  | $ | 12.4 |  |  | $ | 5.5 |  |  |  | $ | — |
Non-U.S. | 34.1 |  |  | 22.8 |  |  | 52.2 |  |  |  | 34.4 |
| 3.8 |  |  | 35.2 |  |  | 57.7 |  |  |  | 34.4 |
Deferred income tax expense (benefit): |  |  |  |  |  |  |  |
U.S. | 1.9 |  |  | 8.5 |  |  | (6.6) |  |  |  | — |
Non-U.S. | (788.3) |  |  | (0.6) |  |  | (14.7) |  |  |  | (18.2) |
| (786.4) |  |  | 7.9 |  |  | (21.3) |  |  |  | (18.2) |
Total income tax expense (benefit) | $ | (782.6) |  |  | $ | 43.1 |  |  | $ | 36.4 |  |  |  | $ | 16.2 |
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):
|  | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |  |
Net operating loss carryforwards |  | $ | 3,308.9 |  |  | $ | 3,028.7 |
Property and equipment |  | 1,535.1 |  |  | 1,454.8 |
Interest limitation carryforwards |  | 123.4 |  |  | 193.4 |
Foreign tax credits |  | 44.7 |  |  | 60.7 |
Employee benefits, including share-based compensation |  | 41.6 |  |  | 43.1 |
Premiums on long-term debt |  | 6.0 |  |  | 8.1 |
Other |  | 14.4 |  |  | 20.1 |
Valuation allowance |  | (4,192.4) |  |  | (4,720.3) |
Total deferred tax assets |  | 881.7 |  |  | 88.6 |
Deferred tax liabilities |  | (26.8) |  |  | (19.4) |
Net deferred tax asset |  | $ | 854.9 |  |  | $ | 69.2 |
Summary Of Effective Income Tax Rate On Continuing Operations | Our consolidated effective income tax rate for the years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor), respectively, differs from the Bermuda and U.K. statutory income tax rates as follows:
| Successor |  |  | Predecessor
| Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Bermuda (Successor)/ U.K. (Predecessor) statutory income tax rate | — | % |  | — | % |  | — | % |  |  | 19.0 | %
Non-Bermuda (Successor) taxes | 74.0 |  |  | 22.8 |  |  | 376.0 |  |  |  | — |
Valuation allowance | (953.6) |  |  | 0.6 |  |  | (119.5) |  |  |  | (1.8) |
Resolution of prior year items | (49.9) |  |  | (7.0) |  |  | 216.2 |  |  |  | (0.4) |
Switzerland Tax Reform | — |  |  | — |  |  | (188.3) |  |  |  | — |
Asset impairments | — |  |  | — |  |  | — |  |  |  | (3.2) |
Other | — |  |  | 2.8 |  |  | — |  |  |  | (14.0) |
Effective income tax rate | (929.5) | % |  | 19.2 | % |  | 284.4 | % |  |  | (0.4) | %
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 years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor) (in millions) were as follows:
|  | Successor |  |  | Predecessor
|  | Year Ended December 31, 2023 |  | Year Ended December 31, 2022 |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021
Balance, beginning of period |  | $ | 217.6 |  |  | $ | 235.1 |  |  | $ | 235.4 |  |  |  | $ | 237.7 |
Increase as a result of tax positions taken during prior years |  | 88.6 |  |  | 3.0 |  |  | 34.6 |  |  |  | 2.9 |
Lapse of applicable statutes of limitations |  | (73.6) |  |  | (4.5) |  |  | (20.2) |  |  |  | (0.2) |
Settlements with taxing authorities |  | (41.8) |  |  | (16.5) |  |  | (6.6) |  |  |  | — |
Increases as a result of tax positions taken during the current year |  | 13.4 |  |  | 11.2 |  |  | 6.9 |  |  |  | 12.6 |
Impact of foreign currency exchange rates |  | 0.6 |  |  | (9.7) |  |  | (10.5) |  |  |  | (17.6) |
Decreases as a result of tax positions taken during prior years |  | (3.4) |  |  | (1.0) |  |  | (4.5) |  |  |  | — |
Balance, end of period |  | $ | 201.4 |  |  | $ | 217.6 |  |  | $ | 235.1 |  |  |  | $ | 235.4 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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