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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Company's Income Tax Benefit (Expense)

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

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021
Current:
Luxembourg			$	—					$	—					$	(1)								$	(11)
U.S. Federal			(7,178)						(13,561)						1,295									(15,123)
U.S. state and local			(1,485)						(5,453)						519									(6,201)
Other foreign jurisdictions			(11,250)						(3,455)						2,192									(4,045)
Total current			(19,913)						(22,469)						4,005									(25,380)
Deferred:
U.S. Federal			20,584						11,029						2,060									7,062
U.S. state and local			4,886						5,397						390									1,922
Other foreign jurisdictions			346						574						(295)									2,260
Total deferred			25,816						17,000						2,155									11,244
Total income tax benefit (expense)			$	5,903					$	(5,469)					$	6,160								$	(14,136)

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, 2023						Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021
Luxembourg						$	85,705											$	81,308								$	(657,511)								$	(15,309)
U.S.			(61,995)						9,063						(25,102)									49,186
Other foreign jurisdictions			37,873						6,856						(5,696)									888
Total income (loss) before taxes			$	61,583					$	97,227					$	(688,309)								$	34,765

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, 2023						Year Ended December 31, 2022						November 9, 2021 Through December 31, 2021									January 1, 2021 Through November 8, 2021
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			(6.35)						(0.14)						0.14									7.61
Effect of rates different from statutory			4.50						0.36						(0.10)									(5.84)
Nondeductible officer compensation			0.04						1.59						—									—
Tax on unremitted earnings			3.55						3.73						—									—
Section 250 deduction			(0.59)						(0.71)						(0.05)									(2.20)
Transaction costs			—						—						(0.11)									0.02
Nontaxable gain/loss on earn-out liability			(2.48)						(2.71)						—									—
Founders advisory fees			(48.09)						(30.09)						(23.67)									—
Tax rate changes			(0.15)						(0.94)						—									1.38
Changes in prior year estimates			3.38						(1.95)						—									—
Change in valuation allowance			11.58						10.90						(0.07)									12.47
Other, net			0.08						0.64						(0.19)									2.28
Effective tax rate			(9.59)		%				5.62		%				0.89		%							40.66		%

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, 2023						December 31, 2022
Deferred Tax Assets:
Net operating loss carryforwards			$	22,185					$	16,394
Inventory			487						610
Interest			7,263						2,502
Accrued liabilities			3,490						2,925
Goodwill and other intangibles			—						5
Lease liability			4,368						5,051
Other			4,538						3,450
Valuation allowance			(23,315)						(16,142)
Total deferred tax assets			19,016						14,795
Deferred Tax Liabilities:
Property, plant and equipment			(10,560)						(9,857)
Goodwill and other intangibles			(245,359)						(268,418)
Unremitted earnings			(11,824)						(9,622)
Right-of-use asset			(4,211)						(4,934)
Other			(516)						(234)
Total deferred tax liabilities			(272,470)						(293,065)
Net deferred tax liability			$	(253,454)					$	(278,270)

Schedule of Unrecognized Tax Benefits

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

			2023						2022
Balance at beginning of year			$	36,257					$	—
Increase in prior years’ tax positions			20,572						36,257
Decrease in prior years’ tax positions			(33,584)						—
Balance at end of year			$	23,245					$	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 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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