Debt (Tables)

6 Months Ended

Jul. 01, 2022

Debt Disclosure [Abstract]

Schedule of Debt including Capital Lease Obligation

Debt was comprised of the following at the end of each period:

	Successor						Predecessor
	July 1, 2022						December 31, 2021
	Principal		Carrying Value (1)		Unamortized Discount and Debt Issuance Costs		Principal		Unamortized Discount and Debt Issuance Costs
10.00% first lien senior secured notes due April 2025	$	495.0	$	471.9	$	—	$	495.0	$	5.9
10.00% second lien senior secured notes due April 2025	322.9		228.4		—		—		—
Replacement Term loan due September 2027	1,391.5		1,223.4		—		—		—
Replacement Term loan due September 2027	369.4		327.5		—		—		—
11.50% first lien senior secured notes due December 2028	650.0		650.0		22.5		—		—
10.00% second lien senior secured notes due June 2029	375.0		190.9		—		—		—
Revolving credit facility due February 2022	—		—		—		900.0		0.2
9.50% debentures due May 2022	—		—		—		10.4		—
5.75% senior notes due August 2022	—		—		—		610.3		—
8.00% debentures due March 2023	—		—		—		4.4		—
4.75% senior notes due April 2023	—		—		—		133.7		—
5.625% senior notes due October 2023	—		—		—		514.7		—
Term loan due September 2024	—		—		—		1,396.5		—
Term loan due February 2025	—		—		—		370.7		—
10.00% second lien senior secured notes due April 2025	—		—		—		322.9		—
5.50% senior notes due April 2025	—		—		—		387.2		—
Total debt	3,603.8		3,092.1		22.5		5,145.8		6.1
Less: Current portion	(44.1)		(44.1)		—		(1,395.0)		(6.1)
Less: Amounts reclassified to liabilities subject to compromise	—		—		—		(3,750.8)		—
Total long-term debt, net of current portion	$	3,559.7	$	3,048.0	$	22.5	$	—	$	—

(1)Upon adoption of fresh-start accounting, the Company recorded its debt instruments at fair value utilizing the Black-Derman-Toy model, which takes into consideration prepayment options and a credit-adjusted discount rate. Subsequent to the Effective Date, the Company accounted for its debt instruments utilizing the amortized cost method and accretes the instruments up from their fair value to the principal amount over the term of the respective instruments. Such accretion expense is reflected as interest expense on the unaudited condensed consolidated statement of operations for the successor period.

Schedule of Applicable Interest Rate on Variable-rate Debt

As of July 1, 2022, the applicable interest rate and outstanding principal on the Company's debt instruments were as follows:

	Successor
	Applicable interest rate		Outstanding principal
Fixed-rate instruments	10.68	%	$	1,842.9
2017 Replacement Term Loan	7.25		1,391.5
2018 Replacement Term Loan	7.50		369.4