Leases (Tables)

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Summary of Lease

The following table summarizes the weighted-average remaining lease terms and discount rates related to the Company's lease population:

	Successor
	September 30, 2023
Weighted-average remaining lease terms (in years)
Operating leases	4.9
Finance leases	2.7
Weighted-average discount rate
Operating leases	8.5%
Finance leases	6.6%

Refer to Note 3 for further detail relating to Fresh Start Accounting adjustments related to leases. The following table summarizes the balance sheet information related to leases:

	Successor		Predecessor
	September 30, 2023		December 31, 2022
Assets
Operating	$	98.0	$	108.5
Finance	7.7		10.3
Total leased assets	$	105.7	$	118.8
Current liabilities
Operating	$	40.1	$	39.0
Finance	3.9		4.1
Noncurrent liabilities
Operating	65.5		76.7
Finance	4.2		5.7
Total lease liabilities	$	113.7	$	125.5

Lease, Cost

The following tables summarize the components of lease expense:

	Successor		Predecessor
	Period from		Period from		Three months ended
	08/12/2023 through 09/30/2023		07/01/2023 through 08/11/2023		September 30, 2022
Lease expense
Operating lease expense	$	8.2	$	7.5	$	18.7
Finance lease expense
Amortization of ROU lease assets	$	0.6	$	0.8	$	1.1
Interest on lease liabilities	$	0.1	$	0.2	$	0.2
Variable lease expense	$	1.0	$	0.9	$	1.7

	Successor		Predecessor
	Period from		Period from		Nine months ended
	08/12/2023 through 09/30/2023		01/01/2023 through 08/11/2023		September 30, 2022
Lease expense
Operating lease expense	$	8.2	$	41.9	$	57.7
Finance lease expense
Amortization of ROU lease assets	$	0.6	$	2.4	$	3.0
Interest on lease liabilities	$	0.1	$	0.5	$	0.5
Variable lease expense	$	1.0	$	5.2	$	7.5

The following table summarizes the cash flow information related to leases:

	Successor		Predecessor
	Period from		Period from		Nine months ended
	08/12/2023 through 09/30/2023		01/01/2023 through 08/11/2023		September 30, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating - operating cash flows	$	11.8	$	43.3	$	57.7
Finance - financing cash flows	$	0.5	$	2.5	$	3.1
Finance - operating cash flows	$	0.1	$	0.5	$	0.5
ROU lease assets obtained in the exchange for lease liabilities:
Operating leases	$	0.8	$	19.2	$	24.7
Finance leases	$	—	$	0.6	$	6.6

Lessee, Operating Lease, Liability, Maturity

The following table summarizes the maturities of lease liabilities:

	Operating		Finance
2023 (excluding the nine months ended September 30, 2023)	$	15.1	$	1.2
2024	40.1		3.8
2025	26.4		1.8
2026	15.7		1.1
2027	9.3		0.6
Thereafter	20.2		0.2
Total	126.8		8.7
Less: Present value discount	(21.1)		(0.7)
Lease liability	$	105.7	$	8.0

Finance Lease, Liability, to be Paid, Maturity

The following table summarizes the maturities of lease liabilities:

	Operating		Finance
2023 (excluding the nine months ended September 30, 2023)	$	15.1	$	1.2
2024	40.1		3.8
2025	26.4		1.8
2026	15.7		1.1
2027	9.3		0.6
Thereafter	20.2		0.2
Total	126.8		8.7
Less: Present value discount	(21.1)		(0.7)
Lease liability	$	105.7	$	8.0