Income Taxes (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Pre-Tax Income (Loss) and Effective Income Tax Rates

For the three months ended March 31, 2024 and 2023, pre-tax income (loss) attributable to our operations and the corresponding operations’ effective tax rates were as follows:


	Successor					Predecessor
	Three Months Ended March 31, 2024					Three Months Ended March 31, 2023
(in millions)	Pre-Tax Income (Loss)			Effective Tax Rate		Pre-Tax Income (Loss)			Effective Tax Rate
Bermuda	$	—	(1)	—	%	$	(15.2)		—	%
United States	28.0			5.5	%	(7.3)			19.7	%
United Kingdom	—			—	%	(20.1)			35.4	%



United Arab Emirates	—			—	%	0.3			—	%

Italy	(0.8)			(4.7)	%	—		(1)	—	%

Pre-tax income (loss)	$	27.2		5.8	%	$	(42.3)		20.1	%

(1) Pre-tax income (loss) for the respective year was less than $0.1 million.

Reconciliation of Difference Between Provision for Income Taxes and Expected Tax Provision at Weighted Average Tax Rate

A reconciliation of the difference between the provision (benefit) for income taxes and the expected tax provision (benefit) at the weighted average tax rate is as follows:


	Successor			Predecessor
(in millions)		Three Months Ended March 31, 2024			Three Months Ended March 31, 2023
Income tax provision (benefit) at expected rate		$	5.7		$	(5.4)
Tax effect of:

Foreign exchange adjustments		—			(2.6)







Impact of change in tax rate related to Finance Act 2021		—			(0.5)
Prior period adjustment		(4.4)			—
Other		0.3			—
Income tax provision (benefit)		$	1.6		$	(8.5)