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Equity (Tables)
 12 Months Ended
Dec. 31, 2022
Shareowners Deficit [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component

The changes in accumulated other comprehensive income (loss) by component were as follows:

 

(dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

Unrecognized
Net Periodic
Pension and
Postretirement
Benefit (Cost)

 

 

 

Unrealized
Loss on
Cash Flow
Hedges, Net

 

 

 

Foreign
Currency
Translation Gain
(Loss)

 

 

Total

 

Balance as of September 8, 2021 (remeasured upon Merger)

 

$

—

 

 

 

$

—

 

 

 

$

—

 

 

$

—

 

Remeasurement of benefit obligations

 

 

2.6

 

 

 

 

—

 

 

 

 

—

 

 

 

2.6

 

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(1.4

)

 

 

(1.4

)

Balance as of December 31, 2021

 

$

2.6

 

 

 

$

—

 

 

 

$

(1.4

)

 

$

1.2

 

Remeasurement of benefit obligations

 

 

25.1

 

 

 

 

—

 

 

 

 

—

 

 

 

25.1

 

Reclassifications, net

 

 

(0.6

)

(a)

 

 

—

 

 

 

 

—

 

 

 

(0.6

)

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(6.2

)

 

 

(6.2

)

Balance as of December 31, 2022

 

$

27.1

 

 

 

$

—

 

 

 

$

(7.6

)

 

$

19.5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Predecessor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

$

(138.8

)

 

 

$

(19.7

)

 

 

$

(1.2

)

 

$

(159.7

)

Remeasurement of benefit obligations

 

 

6.0

 

 

 

 

—

 

 

 

 

—

 

 

 

6.0

 

Reclassifications, net

 

 

10.7

 

(a)

 

 

19.7

 

(b)

 

 

—

 

 

 

30.4

 

Unrealized loss on cash flow hedges arising during the period, net

 

 

—

 

 

 

 

(0.1

)

(c)

 

 

—

 

 

 

(0.1

)

Foreign currency gain

 

 

—

 

 

 

 

—

 

 

 

 

1.2

 

 

 

1.2

 

Balance as of September 7, 2021

 

$

(122.1

)

 

 

$

(0.1

)

 

 

$

—

 

 

$

(122.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)
These reclassifications are included in the other components of net periodic pension and postretirement benefit plans expense and represent amortization of prior service benefit and actuarial (gain) loss, net of tax. The other components of net periodic pension and postretirement benefit plans expense are recorded in "Other components of pension and postretirement benefit plans (benefit) expense" on the Consolidated Statements of Operations. See Note 11 for further disclosures.
(b)
These reclassifications are reported within "Interest expense" and “Other (income) expense, net” on the Consolidated Statements of Operations when the hedged transactions impact earnings.
(c)
The unrealized loss, net on cash flow hedges represents the change in the fair value of the derivative instruments that occurred during the period, net of tax. See Note 10 for further disclosures.