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Shareowners' Equity (Deficit) (Tables)
 9 Months Ended
Sep. 30, 2021
Shareowners Deficit [Abstract]  
Schedule of Changes in Accumulated Other Comprehensive Loss by Component

The changes in accumulated other comprehensive 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 (Loss) Gain

 

 

Total

 

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

 

$

—

 

 

 

$

—

 

 

 

$

—

 

 

$

—

 

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(1.2

)

 

 

(1.2

)

Balance as of September 30, 2021

 

$

—

 

 

 

$

—

 

 

 

$

(1.2

)

 

$

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Predecessor

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2021

 

$

(124.9

)

 

 

$

(15.7

)

 

 

$

1.4

 

 

$

(139.2

)

Reclassifications, net

 

 

2.8

 

(a)

 

 

16.2

 

(b)

 

 

—

 

 

 

19.0

 

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

 

 

—

 

 

 

 

(0.6

)

(c)

 

 

—

 

 

 

(0.6

)

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(1.4

)

 

 

(1.4

)

Balance as of September 7, 2021

 

$

(122.1

)

 

 

$

(0.1

)

 

 

$

—

 

 

$

(122.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of June 30, 2020

 

$

(159.4

)

 

 

$

(22.7

)

 

 

$

(7.5

)

 

$

(189.6

)

Remeasurement of benefit obligations

 

 

3.2

 

 

 

 

—

 

 

 

 

—

 

 

 

3.2

 

Reclassifications, net

 

 

3.2

 

(a)

 

 

1.8

 

(b)

 

 

—

 

 

 

5.0

 

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

 

 

—

 

 

 

 

(0.5

)

(c)

 

 

—

 

 

 

(0.5

)

Foreign currency gain

 

 

—

 

 

 

 

—

 

 

 

 

2.0

 

 

 

2.0

 

Balance as of September 30, 2020

 

$

(153.0

)

 

 

$

(21.4

)

 

 

$

(5.5

)

 

$

(179.9

)

 

 

(dollars in millions)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Successor

 

Unrecognized

Net Periodic

Pension and

Postretirement

Benefit Cost

 

 

 

Unrealized Loss on Cash Flow

Hedges, Net

 

 

 

Foreign

Currency

Translation (Loss) Gain

 

 

Total

 

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

 

$

—

 

 

 

$

—

 

 

 

$

—

 

 

$

—

 

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(1.2

)

 

 

(1.2

)

Balance as of September 30, 2021

 

$

—

 

 

 

$

—

 

 

 

$

(1.2

)

 

$

(1.2

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2019

 

$

(152.0

)

 

 

$

(14.7

)

 

 

$

(3.4

)

 

$

(170.1

)

Remeasurement of benefit obligations

 

 

(11.5

)

 

 

 

—

 

 

 

 

—

 

 

 

(11.5

)

Reclassifications, net

 

 

10.5

 

(a)

 

 

4.6

 

(b)

 

 

—

 

 

 

15.1

 

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

 

 

—

 

 

 

 

(11.3

)

(c)

 

 

—

 

 

 

(11.3

)

Foreign currency loss

 

 

—

 

 

 

 

—

 

 

 

 

(2.1

)

 

 

(2.1

)

Balance as of September 30, 2020

 

$

(153.0

)

 

 

$

(21.4

)

 

 

$

(5.5

)

 

$

(179.9

)

 

 

(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 loss, net of tax and pension settlement charges, 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 expense" on the Condensed Consolidated Statements of Operations. See Note 9 for further disclosures.

 

 

(b)

These reclassifications are reported within "Interest expense" and "Other (income) expense, net" on the Condensed 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. The unrealized loss on cash flow hedges is recorded in "Other current liabilities" and "Other noncurrent liabilities" on the Condensed Consolidated Balance Sheets in the Predecessor period. See Note 8 for further disclosures.