Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Long-Term Debt

The following table sets forth the components of long-term debt:


			Successor
			December 31, 2023								December 31, 2022
	Effective Interest Rate		Principal Outstanding		Unamortized Fair Value Adjustment(1)		Unamortized Discount and Issuance Costs		Carrying Amount		Principal Outstanding		Unamortized Fair Value Adjustment(1)		Unamortized Discount and Issuance Costs		Carrying Amount
Term loan facility, due April 2028	8.57	%	$	2,528,500	$	(292,442)	$	—	$	2,236,058	$	2,554,500	$	(348,769)	$	—	$	2,205,731
Term loan facility, due August 2028	9.69	%	297,000		—		(18,370)		278,630		300,000		—		(21,538)		$	278,462
6.125% Senior Notes due January 2029	13.73	%	318,699		(87,050)		—		231,649		365,541		(111,524)		—		$	254,017
8.750% Senior Secured Notes, due August 2028	10.61	%	710,000		—		(44,787)		665,213		710,000		—		(52,622)		$	657,378
Total long-term debt			$	3,854,199	$	(379,492)	$	(63,157)	$	3,411,550	$	3,930,041	$	(460,293)	$	(74,160)	$	3,395,588
Reflected as:
Current liabilities - Current portion of long-term debt									$	29,000							$	29,000
Non-current liabilities - Long-term debt									3,382,550								3,366,588
Total long-term debt									$	3,411,550							$	3,395,588
Fair value - Senior notes - Level 1									$	988,702							$	907,993
Fair value Term loans - Level 2									2,835,596								2,580,000
Total fair value									$	3,824,298							$	3,487,993

(1)In July 2022, as a result of the pushdown accounting related to the Merger, the carrying values of the term loan facility due April 2028 and the 6.125% senior notes were adjusted to fair value.

Schedule of Maturity of Debt

The following table sets forth the scheduled maturity of our debt:


	Amount
2024	$	29,000
2025	29,000
2026	29,000
2027	29,000
2028	3,419,500
2029	318,699
Total	$	3,854,199

Schedule of Availability Under Credit Facilities

The following table sets forth the Company’s availability under its credit facilities:


	Successor
	December 31, 2023						December 31, 2022
	Available		Borrowings		Letters of Credit and Priority Payables		Available		Borrowings		Letters of Credit and Priority Payables
Asset-based lending facility	$	850,000	$	—	$	47,000	$	850,000	$	—	$	48,000
Cash flow revolver(1)	92,000		—		—		115,000		—		—
First-in-last-out tranche asset-based lending facility	95,000		—		—		95,000		—		—
Total	$	1,037,000	$	—	$	47,000	$	1,060,000	$	—	$	48,000

(1) Cash flow revolver commitments of $23.0 million matured in April 2023 and $92.0 million will mature in April 2026.

Schedule of Interest Rate Swap Agreement

The following table sets forth the terms of the Company’s interest rate swap agreements:


	May 2019 Swap(1)			April 2021 Swaps
Notional amount	$	500,000		$	1,500,000
Forecasted term loan interest payments being hedged	1-month SOFR			1-month SOFR
Fixed rate paid	2.1680		%	2.0038		%
Origination date	July 12, 2019			April 17, 2023
Maturity date	July 12, 2023			April 15, 2026
Fair value at December 31, 2023 - Other assets, net	$	—		$	64,704
Fair value at December 31, 2022:
Other current assets	$	7,000		$	—
Other assets, net	$	—		$	95,361
Other current liabilities	$	—		$	7,000
Level in fair value hierarchy (2)	Level 2			Level 2

(1)The May 2019 swap was de-designated from cash flow hedge accounting in April 2021.

(2)Interest rate swaps are based on cash flow hedge contracts that have fixed rate structures and are measured against market-based SOFR yield curves. These interest rate swaps are classified within Level 2 of the fair value hierarchy because they are valued using alternative pricing sources or models that utilized market observable inputs, including current and forward interest rates.