Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

The components of income tax (benefit) expense are as follows (in thousands):

	Successor						Predecessor
				Period from			Period from
	Year Ended December 31,			April 24, 2021 through			January 1, 2021 through			Year Ended December 31,
	2022			December 31, 2021			April 23, 2021			2020
Federal – current	$	1,267		$	3,645		$	171		$	(11,844	)
State – current		10			—			—			(12	)
Foreign – current		(4,151	)		1,491			(3,681	)		9,898
Total current		(2,874	)		5,136			(3,510	)		(1,958	)
Federal – deferred		4,538			(6,742	)		(30,955	)		(7,431	)
Foreign – deferred		(4,059	)		3,260			(4,939	)		(11,797	)
Total deferred		479			(3,482	)		(35,894	)		(19,228	)
Total	$	(2,395	)	$	1,654		$	(39,404	)	$	(21,186	)

Difference Between Actual Income Tax Expense and Tax Provision Computed by Applying Statutory Federal Income Tax Rate to Income Before Taxes

The difference between actual income tax expense and the tax provision computed by applying the statutory federal income tax rate to income before taxes is attributable to the following (in thousands):

	Successor						Predecessor
				Period from			Period from
	Year Ended December 31,			April 24, 2021 through			January 1, 2021 through			Year Ended December 31,
	2022			December 31, 2021			April 23, 2021			2020
(Loss) income before income tax expense:
U.S.	$	(7,054	)	$	(1,048	)	$	686,202		$	(336,880	)
Foreign		(98,552	)		(174,642	)		(2,687,595	)		(939,210	)
	$	(105,606	)	$	(175,690	)	$	(2,001,393	)	$	(1,276,090	)
Expected income tax benefit at federal statutory rate	$	(22,177	)	$	(36,895	)	$	(420,292	)	$	(267,979	)
Effect of tax rate changes		—			9,871			—			(7,003	)
Reorganization items		—			266			(225,563	)		7,871
Post-petition interest expense		—			—			(6,771	)		(16,778	)
Disallowed officers' compensation and restricted stock unit awards		2,205			—			—			—
Interest and penalties reported as income tax expense		3,318			—			—			—
Effect of foreign operations		12,639			79,600			163,236			136,262
Valuation allowance		(23,135	)		(45,919	)		515,421			17,331
Uncertain tax positions, settlements and adjustments relating to prior years		25,692			(7,220	)		(67,626	)		107,148
Other		(937	)		1,951			2,191			1,962
Income tax (benefit) expense	$	(2,395	)	$	1,654		$	(39,404	)	$	(21,186	)

Components of Deferred Income Tax Assets and Liabilities

Deferred Income Taxes. Significant components of our deferred income tax assets and liabilities are as follows (in thousands):

	December 31,
	2022			2021
Deferred tax assets:
Net operating loss carryforwards, or NOLs	$	412,152		$	226,022
Foreign tax credits		27,223			29,243
Disallowed interest deduction		69,604			70,492
Worker’s compensation and other current accruals		6,273			5,150
Deferred deductions		7,661			6,869
Deferred revenue		33			6,282
Operating lease liability		22,011			33,815
Property, plant and equipment		129,938			334,757
Other		7,234			4,971
Total deferred tax assets		682,129			717,601
Valuation allowance		(650,193	)		(673,452	)
Net deferred tax assets		31,936			44,149
Deferred tax liabilities:
Right-of-use assets		(21,374	)		(33,117	)
Other		(652	)		(871	)
Total deferred tax liabilities		(22,026	)		(33,988	)
Net deferred tax asset	$	9,910		$	10,161

Summary of Rollforward of Beginning and Ending Amount of Unrecognized Tax Benefits, Excluding Interest and Penalties

A rollforward of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

	Successor						Predecessor
				For the Period			For the Period
	Year Ended			April 24, 2021			January 31, 2021			Year Ended
	December 31,			through			through			December 31,
	2022			December 31, 2021			April 23, 2021			2020
Balance, beginning of period	$	(21,148	)	$	(26,678	)	$	(214,626	)	$	(118,884	)
Additions for current year tax positions		(5,993	)		(3,553	)		—			(100,780	)
Additions for prior year tax positions		(504	)		(1,424	)		(1,282	)		(1,559	)
Reductions for prior year tax positions		4,345			1,730			187,389			2,944
Reductions related to statute of limitation expirations		1,760			8,777			1,841			3,653
Balance, end of period	$	(21,540	)	$	(21,148	)	$	(26,678	)	$	(214,626	)