Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Interest rate Swaps and Interest Rate Caps are Recorded in Condensed Consolidated Balance Sheets

As of September 30, 2022, the fair values of the interest rate swaps and interest rate caps are recorded in the Condensed Consolidated Balance Sheets as follows:

(dollars in millions)	Balance Sheet Location	September 30, 2022		Quoted Prices in active markets Level 1		Significant observable inputs Level 2		Significant unobservable inputs Level 3
Assets:
Interest Rate Swap	Other current assets	$	5.0	$	—	$	5.0	$	—
Interest Rate Swap	Other noncurrent assets	$	8.3	$	—	$	8.3	$	—
Interest Rate Cap	Other current assets	$	1.5	$	—	$	1.5	$	—
Interest Rate Cap	Other noncurrent assets	$	0.2	$	—	$	0.2	$	—
Liabilities:
Interest Rate Cap	Other noncurrent liabilities	$	0.2	$	—	$	0.2	$	—

Schedule of Summarizes the Location of Gains in the Condensed Consolidated Statements of Operations in Addition to the Derivative Contract Type

The following table summarizes the location of gains in the Condensed Consolidated Statements of Operations that were recognized during the three and nine months ended September 30, 2022, in addition to the derivative contract type:

(dollars in millions)	Statement of Operations Location	Three Months Ended September 30, 2022			Nine Months Ended September 30, 2022
Interest Rate Swap	Other (income) expense, net	$	(13.8	)	$	(11.9	)
Interest Rate Cap	Other (income) expense, net	$	(10.9	)	$	(0.6	)

Amount of Gains Recognized in Accumulated Other Comprehensive Income ("AOCI") Net of Reclassification into Earnings

The amount of gains recognized in Accumulated Other Comprehensive Income ("AOCI") (effective portion) net of reclassifications into earnings is as follows:

	Successor		Predecessor		Successor		Predecessor
(dollars in millions)	September 8, 2021 to September 30, 2021		July 1, 2021 to September 7, 2021		September 8, 2021 to September 30, 2021		January 1, 2021 to September 7, 2021
Interest Rate Swap	$	-	$	-	$	-	$	5.3

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			Successor		Predecessor
(dollars in millions)	Statement of Operations Location	September 8, 2021 to September 30, 2021		July 1, 2021 to September 7, 2021			September 8, 2021 to September 30, 2021		January 1, 2021 to September 7, 2021
Interest Rate Swap	Other income (expense), net	$	-	$	(20.1	)	$	-	$	(20.1	)
Interest Rate Swap	Interest expense	$	-	$	(0.8	)	$	-	$	(5.4	)

Schedule of Carrying and Fair Values by Balance Sheet Grouping

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

	September 30, 2022				December 31, 2021
(dollars in millions)	Carrying Value		Fair Value		Carrying Value		Fair Value
Long-term debt, including current portion*	$	1,621.4	$	1,559.9	$	1,443.0	$	1,443.0
Other financing arrangements		51.3		44.0		53.1		51.7

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