Debt and Other Financing Arrangements (Tables)

12 Months Ended

Dec. 31, 2021

Debt Disclosure [Abstract]

Schedule of Debt

The Company’s debt consists of the following:

	Successor			Predecessor
	December 31,			December 31,
(dollars in millions)	2021			2020
Current portion of long-term debt:
Corporate Credit Agreement - Tranche B Term Loan due 2024	$	—		$	6.0
Credit Agreement - Term B-1 Loans		5.0			—
Credit Agreement - Term B-2 Loans		6.5			—
Paniolo Fiber Assets Financing Arrangement		0.5			—
Other financing arrangements		0.5			1.9
Finance lease liabilities		7.2			13.9
Current portion of long-term debt		19.7			21.8
Long-term debt, less current portion:
Receivables Facility		153.6			182.0
Corporate Credit Agreement - Revolving Credit Facility		—			67.0
Corporate Credit Agreement - Tranche B Term Loan due 2024		—			580.5
Credit Agreement - Term B-1 Loans		495.0			—
Credit Agreement - Term B-2 Loans		643.5			—
7 1/4% Notes due 2023(1)		24.0			22.3
7% Senior Notes due 2024		—			625.0
8% Senior Notes due 2025		—			350.0
Various Cincinnati Bell Telephone notes (1)		97.5			87.9
Paniolo Fiber Assets Financing Arrangement		22.3			—
Other financing arrangements		0.4			0.9
Finance lease liabilities		42.3			52.1
		1,478.6			1,967.7
Net unamortized (discount) premium (2)		(4.9	)		1.1
Unamortized note issuance costs (3)		(44.8	)		(18.9	)
Long-term debt, less current portion		1,428.9			1,949.9
Total debt	$	1,448.6		$	1,971.7

(1) As of December 31, 2021, the net carrying amounts of the 7 ¼% Notes due 2023 and the Various Cincinnati Bell Telephone notes included unamortized fair value premium related to the Merger of $1.7 million and $9.6 million, respectively. Each adjustment is being amortized over the life of the respective notes and is recorded as a reduction of interest expense.  

(2) Net unamortized premium was determined to not meet the definition of an asset under ASC 805 as of the Merger Date and was therefore not recognized by the Company in the Successor period. As of December 31, 2021, net unamortized discount is associated with the Term B-1 Loans and Term B-2 Loans (defined below).   

(3) Unamortized note issuance costs of $9.3 million were determined to not meet the definition of an asset under ASC 805 as of the Merger Date and were therefore not recognized by the Company in the Successor period. As of December 31, 2021, unamortized note issuance costs are associated with the Term B-1 Loans and Term B-2 Loans.

Debt Maturity Schedule

The following table summarizes our annual principal maturities of debt and other financing arrangements for the five years subsequent to December 31, 2021, and thereafter:

				Other
				financing
(dollars in millions)	Debt			arrangements
Year ended December 31,
2022	$	12.0		$	0.5
2023		34.3			0.4
2024		165.6			—
2025		12.0			—
2026		32.3			—
Thereafter		1,180.4			—
		1,436.6			0.9
Net unamortized discount		(4.9	)		—
Unamortized note issuance costs		(44.8	)		—
Total debt	$	1,386.9		$	0.9