SHARE-BASED COMPENSATION AND EQUITY (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan

The following table summarizes the components of the Company’s employee and non-employee directors share-based compensation programs recognized as selling and administrative expense for the years ended December 31:

	Successor		Predecessor
	Period from 08/12/2023 through 12/31/2023		Period from 01/01/2023 through 08/11/2023		Years ended December 31,
					2022		2021
Stock options
Pre-tax compensation expense	$	0.1	$	—	$	0.3	$	1.5
Tax benefit	—		—		—		(0.4)
Stock option expense, net of tax	$	0.1	$	—	$	0.3	$	1.1
RSU's
Pre-tax compensation expense	$	—	$	2.3	$	13.6	$	8.7
Acceleration of Predecessor awards	—		2.7		—		—
Tax benefit	—		(1.2)		(1.6)		(2.2)
RSU expense, net of tax	$	—	$	3.8	$	12.0	$	6.5
Performance shares
Pre-tax compensation expense	$	—	$	0.1	$	(0.5)	$	3.6
Tax benefit	—		—		—		(1.0)
Performance share expense, net of tax	$	—	$	0.1	$	(0.5)	$	2.6
Total share-based compensation
Pre-tax compensation expense	$	0.1	$	2.4	$	13.4	$	13.8
Acceleration of Predecessor awards	—		2.7		—		—
Tax benefit	—		(1.2)		(1.6)		(3.6)
Total share-based compensation, net of tax	$	0.1	$	3.9	$	11.8	$	10.2

Schedule of Unrecognized Compensation Cost, Nonvested Awards

The following table summarizes information related to unrecognized share-based compensation costs as of December 31, 2023 (Successor):

	Unrecognized Cost		Weighted-Average Period
			(years)
Stock options	$	8.4	2.2
RSUs	8.1		2.2
	$	16.5

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The estimated fair value of the options granted was calculated using a Black-Scholes option pricing model using the following assumptions:

	Successor		Predecessor
	Period from 08/12/2023 through 12/31/2023		Period from 01/01/2023 through 08/11/2023		Years ended December 31,
					2022		2021
Expected life (in years)	3.75		0		0		0
Weighted-average volatility	65	%	—	%	—	%	—	%
Risk-free interest rate	3.94	%	—	%	—	%	—	%
Expected dividend yield	—	%	—	%	—	%	—	%

Options outstanding and exercisable under the Company's 1991 Equity and Performance Incentive Plan

Options outstanding and exercisable as of December 31, 2023 and changes during the year ended were as follows:

	Number of Shares	Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term	Aggregate Intrinsic Value (1)
		(per share)		(in years)
Outstanding at January 1, 2023 (Predecessor)	1.5	$	16.81
Expired or forfeited	(0.2)	$	3.71
Elimination of Predecessor awards	(1.3)	$	3.68
Outstanding at August 12, 2023 (Successor)	—	$	—
Granted	0.6	$	30.00
Outstanding at December 31, 2023 (Successor)	0.6	$	30.00	5	$	—
Options exercisable at December 31, 2023	—	$	—	0	$	—

(1)The aggregate intrinsic value represents the total pre-tax intrinsic value (the difference between the Company’s closing share price on the last trading day of the year in 2023 and the exercise price, multiplied by the number of “in-the-money” options) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. The amount of aggregate intrinsic value will change based on the fair market value of the Company’s common stock.

Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity

Non-vested RSUs outstanding as of December 31, 2023 and changes during the year ended were as follows:

	Number of Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023 (Predecessor)	2.2	$	7.53
Forfeited	(0.2)	$	7.96
Vested	(1.1)	$	7.30
Elimination of Predecessor awards	(0.9)	$	7.73
Non-vested at August 12, 2023 (Successor)	—	$	—
Granted	0.3	$	29.00
Non-vested at December 31, 2023 (Successor)	0.3	$	29.00

Schedule of Nonvested Performance-based Units Activity

Non-vested performance shares outstanding as of December 31, 2023 and changes during the year ended were as follows:

	Number of Shares	Weighted-Average Grant-Date Fair Value
Non-vested at January 1, 2023 (Predecessor) (1)	1.4	$	0.30
Forfeited	(0.3)	$	0.35
Vested	—	$	—
Granted	—	$	—
Elimination of Predecessor awards	(1.1)	$	0.32
Non-vested at August 12, 2023 (Successor)	—	$	—
Granted	—	$	—
Non-vested at December 31, 2023 (Successor)	—	$	—

(1)Non-vested performance shares are based on a maximum potential payout. Actual shares vested at the end of the performance period may be less than the maximum potential payout level depending on achievement of the performance objectives, as determined by the Board of Directors.