Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax (Benefit) Expense

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

	Successor									Predecessor
	Year Ended December 31,						Period from			Period from
							April 24, 2021 through			January 1, 2021 through
	2023			2022			December 31, 2021			April 23, 2021
Federal – current	$	8,375		$	1,267		$	3,645		$	171
State – current		10			10			—			—
Foreign – current		27,215			(4,151	)		1,491			(3,681	)
Total current		35,600			(2,874	)		5,136			(3,510	)
Federal – deferred		6,580			4,538			(6,742	)		(30,955	)
Foreign – deferred		(11,197	)		(4,059	)		3,260			(4,939	)
Total deferred		(4,617	)		479			(3,482	)		(35,894	)
Total	$	30,983		$	(2,395	)	$	1,654		$	(39,404	)

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
	Year Ended December 31,						Period from			Period from
							April 24, 2021 through			January 1, 2021 through
	2023			2022			December 31, 2021			April 23, 2021
(Loss) income before income tax expense:
U.S.	$	443		$	(7,054	)	$	(1,048	)	$	686,202
Foreign		(14,166	)		(98,552	)		(174,642	)		(2,687,595	)
	$	(13,723	)	$	(105,606	)	$	(175,690	)	$	(2,001,393	)
Expected income tax benefit at federal statutory rate	$	(2,882	)	$	(22,177	)	$	(36,895	)	$	(420,292	)
Withholding taxes	$	486			—			—			—
Effect of tax rate changes		—			—			9,871			—
Reorganization items		—			—			266			(225,563	)
Post-petition interest expense		—			—			—			(6,771	)
Disallowed officers' compensation and restricted stock unit awards		(459	)		2,205			—			—
Interest and penalties reported as income tax expense		831			3,318			—			—
Effect of foreign operations		32,384			12,639			79,600			163,236
Valuation allowance		(20,527	)		(23,135	)		(45,919	)		515,421
Uncertain tax positions, settlements and adjustments relating to prior years		21,039			25,692			(7,220	)		(67,626	)
Other		111			(937	)		1,951			2,191
Income tax (benefit) expense	$	30,983		$	(2,395	)	$	1,654		$	(39,404	)

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,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards, or NOLs	$	252,732		$	412,152
Foreign tax credits		28,769			27,223
Disallowed interest deduction		66,632			69,604
Worker’s compensation and other current accruals		5,808			6,273
Deferred deductions		7,078			7,661
Deferred revenue		1,467			33
Operating lease liability		19,744			22,011
Property, plant and equipment		332,981			129,938
Other		5,617			7,234
Total deferred tax assets		720,828			682,129
Valuation allowance		(629,665	)		(650,193	)
Net deferred tax assets		91,163			31,936
Deferred tax liabilities:
Right-of-use assets		(18,964	)		(21,374	)
'Property, plant and equipment		(56,409	)
Other		(1,197	)		(652	)
Total deferred tax liabilities		(76,570	)		(22,026	)
Net deferred tax asset	$	14,593		$	9,910

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

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

	Successor									Predecessor
	Year Ended December 31,						For the Period			For the Period
							April 24, 2021			January 1, 2021
							through			through
	2023			2022			December 31, 2021			April 23, 2021
Balance, beginning of period	$	(21,540	)	$	(21,148	)	$	(26,678	)	$	(214,626	)
Additions for current year tax positions		(7,391	)		(5,993	)		(3,553	)		—
Additions for prior year tax positions		(705	)		(504	)		(1,424	)		(1,282	)
Reductions for prior year tax positions		1,141			4,345			1,730			187,389
Reductions related to statute of limitation expirations		3,878			1,760			8,777			1,841
Reductions related to settlements with taxing authorities		52			—			—			—
Balance, end of period	$	(24,565	)	$	(21,540	)	$	(21,148	)	$	(26,678	)