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Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Schedule of Fair Value of Interest rate Swaps Recorded in Condensed Consolidated Balance Sheets

As of December 31, 2020, the fair value of the interest rate swap liability was $25.4 million and is recorded in the Condensed Consolidated Balance Sheets as follows:

		Predecessor
(dollars in millions)	Balance Sheet Location	December 31, 2020		Quoted Prices in active markets Level 1		Significant observable inputs Level 2		Significant unobservable inputs Level 3
Liabilities:
Interest Rate Swap	Other current liabilities	$	9.3	$	—	$	9.3	$	—
Interest Rate Swap	Other noncurrent liabilities	$	16.1	$	—	$	16.1	$	—

Amount of Gains (Losses) Recognized in AOCI (Effective Portion) Net of Reclassification into Earnings

The amount of gains (losses) recognized in AOCI (effective portion) net of reclassifications into earnings is as follows:

	Successor		Predecessor		Predecessor		Successor		Predecessor		Predecessor
(dollars in millions)	September 8, 2021 to September 30, 2021		July 1, 2021 to September 7, 2021		Three Months Ended September 30, 2020		September 8, 2021 to September 30, 2021		January 1, 2021 to September 7, 2021		Nine Months Ended September 30, 2020
Interest Rate Swap	$	—	$	—	$	1.7	$	—	$	5.3	$	(8.6	)

Schedule of Cash Flow Hedges Included in Accumulated Other Comprehensive Income (Loss)

The amount of losses reclassified from AOCI into earnings is as follows:

		Successor		Predecessor			Predecessor			Successor		Predecessor			Predecessor
(dollars in millions)	Statement of Operations Location	September 8, 2021 to September 30, 2021		July 1, 2021 to September 7, 2021			Three Months Ended September 30, 2020			September 8, 2021 to September 30, 2021		January 1, 2021 to September 7, 2021			Nine Months Ended September 30, 2020
Interest Rate Swap	Other (income) expense, net	$	—	$	(20.1	)	$	—		$	—	$	(20.1	)	$	—
Interest Rate Swap	Interest expense	$	—	$	(0.8	)	$	(2.3	)	$	—	$	(5.4	)	$	(6.0	)

Schedule of Carrying and Fair Values by Balance Sheet Grouping

The carrying and fair values of these items are as follows:

	Successor				Predecessor
	September 30, 2021				December 31, 2020
(dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion*	$	1,372.8	$	1,370.5	$	1,921.8	$	1,973.4
Other financing arrangements		53.8		53.8		42.1		58.6

*Excludes finance leases, other financing arrangements and note issuance costs.