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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Income (Loss) before Provision for Income Taxes
Income (loss) before provision for income taxes consisted of:
SuccessorPredecessor
 Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
U.S.$(266.0)$(401.1)$(810.8)$(131.7)
Non-U.S220.8 174.7 134.6 28.9 
Income (loss) before provision for income taxes and equity in net income of affiliates$(45.2)$(226.4)$(676.2)$(102.8)
Schedule of Provision for Income Taxes
SuccessorPredecessor
Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7, 2019
Current tax provision:
U.S. Federal$56.9 $(29.9)$(0.3)$(11.1)
State and local13.8 7.2 1.6 (3.4)
Non-U.S.40.1 28.0 15.7 4.8 
Total current tax provision$110.8 $5.3 $17.0 $(9.7)
Deferred tax provision:
U.S. Federal$(92.6)$(100.7)$(109.8)$(14.8)
State and local15.1 (16.9)(23.5)(3.0)
Non-U.S.(9.9)(0.1)(2.0)— 
Total deferred tax provision$(87.4)$(117.7)$(135.3)$(17.8)
Provision (benefit) for income taxes$23.4 $(112.4)$(118.3)$(27.5)
Schedule of Effective Income Tax Rate Reconciliation
The following table summarizes the significant differences between the U.S. Federal statutory tax rate and our effective tax rate for financial statement purposes:
SuccessorPredecessor
 Year ended December 31, 2021Year ended December 31, 2020Period from January 1 to December 31, 2019Period from January 1 to February 7,
2019
Statutory tax rate21.0 %21.0 %21.0 %21.0 %
State and local taxes, net of U.S. Federal tax benefits (1)(58.0)5.7 3.4 7.0 
Nondeductible charges (2)(5.3)(1.2)(3.7)(1.4)
Change in fair value of make-whole derivative liability (3)— (3.0)(5.4)— 
U.S. taxes on foreign income(9.5)(0.9)(0.4)(0.2)
Non-U.S. taxes (6)23.2 3.6 1.4 1.2 
Valuation allowance(2.9)(0.2)4.0 — 
Legacy transaction costs (4)— — — 6.8 
Interest0.5 (0.2)(0.1)— 
Tax credits and deductions (6)30.4 6.7 1.8 0.5 
Tax contingencies related to uncertain tax positions (4)0.7 (0.8)(0.4)(8.2)
GILTI tax (6)(51.6)(8.2)(4.4)— 
CARES Act (5)— 25.5 — — 
Other(0.3)1.6 0.3 — 
Effective tax rate(51.8)%49.6 %17.5 %26.7 %
(1)The impact for 2021 reflects the impact of state apportionment changes to our net U.S. deferred taxes as a result of our corporate headquarter move.
(2)The impact for 2021 reflects non-deductible compensation costs. The impact for 2020 reflects non-deductible transaction costs associated with our Initial Public Offering in July 2020. The impact for the 2019 Successor and Predecessor periods reflects non-deductible transaction costs associated with the Take-Private Transaction.
(3)The impact was due to the non-deductible mark to market expense for tax purposes. The change in fair value of make-whole derivative liability expense was associated with the make-whole provision liability for the Series A Preferred Stock.
(4)The impact for the Predecessor period from January 1 to February 8, 2019 was primarily related to deductible legacy transaction costs incurred in predecessor historical periods.
(5)The impact was due to the CARES Act which was signed into law on March 27, 2020. Among other provisions, the law provides that net operating losses arising in a tax year beginning in 2018, 2019, or 2020 can be carried back five years.
(6)Primarily due to the impact of lower consolidated pre-tax loss for the year ended December 31, 2021 compared to the year ended December 31, 2020.
Schedule of Deferred Tax Assets (Liabilities)
Deferred tax assets (liabilities) are comprised of the following:
December 31,
20212020
Deferred tax assets:
Operating losses$69.3 $63.9 
Interest expense carryforward121.4 93.5 
Restructuring charges3.6 2.3 
Bad debts5.3 4.9 
Accrued expenses15.4 9.3 
Capital loss and credit carryforwards15.7 14.0 
Pension and postretirement benefits30.9 70.8 
ASC 842 - Lease liability4.9 18.3 
Other11.4 9.2 
Total deferred tax assets$277.9 $286.2 
Valuation allowance(39.4)(36.6)
Net deferred tax assets$238.5 $249.6 
Deferred tax liabilities:
Intangibles$(1,417.5)$(1,319.6)
Foreign exchange— (6.3)
Fixed assets(5.1)— 
ASC 842 - ROU asset(3.2)(16.2)
Other(1.4)— 
Total deferred tax liabilities$(1,427.2)$(1,342.1)
Net deferred tax (liabilities) assets$(1,188.7)$(1,092.5)
Schedule of Reconciliation of Unrecognized Tax Benefits
The following is a reconciliation of the gross unrecognized tax benefits:
Predecessor:
Gross unrecognized tax benefits as of December 31, 2018$5.4 
Additions for current year’s tax positions8.9 
Gross unrecognized tax benefits as of February 7, 2019$14.3 
Successor:
Gross unrecognized tax benefits as of January 1, 2019$— 
Impact of purchase accounting14.3 
Additions for current year’s tax positions
5.3 
Settlements with taxing authority(1.6)
Reduction in prior years’ tax positions
(0.1)
Reduction due to expired statute of limitations (1)(0.8)
Gross unrecognized tax benefits as of December 31, 2019$17.1 
Additions for current year’s tax positions
2.3 
Increase in prior years’ tax positions
0.3 
Reduction due to expired statute of limitations (2)(0.8)
Gross unrecognized tax benefits as of December 31, 2020$18.9 
Additions for current year’s tax positions
0.5 
Increase in prior years’ tax positions
0.6 
Settlements with taxing authority(0.4)
Reduction due to expired statute of limitations (3)(1.0)
Gross unrecognized tax benefits as of December 31, 2021$18.6 

(1)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2015 tax year.
(2)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2016 tax year.
(3)The decrease was primarily due to the release of reserves as a result of the expiration of the statute of limitations for the 2017 tax year.