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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Company's Income Tax (Expense) Benefit

The Company’s income tax (expense) benefit consisted of the following components (in thousands):

			Successor															Predecessor
			Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021						Year Ended December 31, 2020
Current:
Luxembourg			$	—					$	(1)								$	(11)					$	(118)
U.S. Federal			(13,561)						1,295									(15,123)						(7,546)
U.S. state and local			(5,453)						519									(6,201)						(4,091)
Other foreign jurisdictions			(3,455)						2,192									(4,045)						(1,412)
Total current			(22,469)						4,005									(25,380)						(13,167)
Deferred:
Luxembourg			—						—									—						(930)
U.S. Federal			11,029						2,060									7,062						1,966
U.S. state and local			5,397						390									1,922						(213)
Other foreign jurisdictions			574						(295)									2,260						1,861
Total deferred			17,000						2,155									11,244						2,684
Total income tax (expense) benefit			$	(5,469)					$	6,160								$	(14,136)					$	(10,483)

Schedule of Company's Income Before Income Taxes

The Company’s income (loss) before income taxes consists of the following components (in thousands):

			Successor															Predecessor
			Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021						Year Ended December 31, 2020
Luxembourg						$	81,308								$	(657,511)														$	(15,309)					$	(1,230)
U.S.			9,063						(25,102)									49,186						35,703
Other foreign jurisdictions			6,856						(5,696)									888						259
Total income (loss) before taxes			$	97,227					$	(688,309)								$	34,765					$	34,732

Schedule of Effective Income Tax Rate

The Company’s income tax expense differs from the amount computed by applying the Luxembourg statutory rate of 24.94% for the reasons set forth in the following table:

			Successor															Predecessor
			Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021						Year Ended December 31, 2020
Luxembourg statutory tax rate						24.94		%							24.94		%													24.94		%				24.94		%
(Increase)/reduction in income tax rate:
U.S. state and local income taxes, net			(0.14)						0.14									7.61						6.25
Effect of rates different from statutory			0.36						(0.10)									(5.84)						(3.78)
Nondeductible officer compensation			1.59						—									—						—
Tax on unremitted earnings			3.73						—									—						—
Section 250 deduction			(0.71)						(0.05)									(2.20)						(1.36)
Transaction costs			—						(0.11)									0.02						—
Nontaxable gain/loss on earn-out liability			(2.71)						—									—						—
Founders advisory fees			(30.09)						(23.67)									—						—
Tax rate changes			(0.94)						—									1.38						3.57
Changes in prior year estimates			(1.95)						—									—						(2.73)
Change in valuation allowance			10.90						(0.07)									12.47						5.12
Other, net			0.64						(0.19)									2.28						(1.83)
Effective tax rate			5.62		%				0.89		%							40.66		%				30.18		%

Schedule of Deferred Tax Assets and Liabilities

Significant portions of the Company’s deferred tax assets and deferred tax liabilities are as follows (in thousands):

			December 31, 2022						December 31, 2021
Deferred Tax Assets:
Net operating loss carryforwards			$	16,394					$	7,360
Inventory			610						—
Interest			2,502						4,161
Accrued liabilities			2,925						2,315
Goodwill and other intangibles			5						35
Lease liability			5,051						—
Other			3,450						1,821
Valuation allowance			(16,142)						(5,598)
Total deferred tax assets			14,795						10,094
Deferred Tax Liabilities:
Property, plant and equipment			(9,857)						(10,077)
Goodwill and other intangibles			(268,418)						(284,297)
Inventory			—						(6,621)
Unremitted earnings			(9,622)						(6,000)
Right-of-use asset			(4,934)						—
Other			(234)						(247)
Total deferred tax liabilities			(293,065)						(307,242)
Net deferred tax liability			$	(278,270)					$	(297,148)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands):

			2022						2021
Balance at beginning of year			$	—					$	—
Increase in prior years’ tax positions			36,257						—
Balance at end of year			$	36,257					$	—

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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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