INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Loss From Operations Before Taxes

The following table presents components of (loss) income from operations before taxes:

	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
Domestic	$	(62.7)	$	792.7	$	(413.2)	$	(168.3)
Foreign	62.6		655.7		(25.4)		117.6
Total	$	(0.1)	$	1,448.4	$	(438.6)	$	(50.7)

Schedule of Income Tax Expense (Benefit)

The following table presents the components of income tax expense (benefit):

	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
Current
U.S. federal	$	(1.5)	$	(3.7)	$	8.5	$	3.5
Foreign	33.0		14.4		43.3		38.2
State and local	(0.4)		—		4.0		(1.2)
Total current	31.1		10.7		55.8		40.5
Deferred
U.S. federal	(27.1)		29.5		62.5		(1.7)
Foreign	(11.7)		42.0		22.4		(11.4)
State and local	(7.0)		8.2		8.5		0.3
Total deferred	(45.8)		79.7		93.4		(12.8)
Income tax expense (benefit)	$	(14.7)	$	90.4	$	149.2	$	27.7

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense (benefit) attributable to loss from operations before taxes differed from the amounts computed by applying the U.S. federal income tax rate of 21 percent to pre-tax loss from operations. The following table presents these differences:

	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
Statutory tax benefit	$	—	$	304.2	$	(92.1)	$	(10.6)
State and local taxes (net of federal tax benefit)	(5.1)		8.4		(17.6)		(0.6)
Brazil non-taxable incentive	(3.3)		(0.6)		(4.6)		(4.3)
Valuation allowances	0.2		(193.1)		209.8		33.8
Goodwill impairment	—		—		9.3		—
Foreign tax rate differential	1.5		47.3		(4.6)		2.2
Tax on unremitted foreign earnings	1.5		6.8		4.2		0.7
Change to uncertain tax positions	—		(1.8)		1.8		(9.2)
U.S. taxed foreign income	(9.2)		23.6		17.1		6.9
Non-deductible (non-taxable) items	16.2		65.8		15.5		0.7
Reorganization/Fresh Start reporting	(21.5)		(170.9)		—		—
Prior year deferred true up	1.0		(6.1)		—		—
Return to provision	(1.2)		8.4		3.3		(0.8)
Withholding tax and other taxes	5.1		0.6		5.4		8.7
Other	0.1		(2.2)		1.7		0.2
Income tax expense (benefit)	$	(14.7)	$	90.4	$	149.2	$	27.7

Summary of Income Tax Contingencies

Details of the unrecognized tax benefits are as follows:

	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
Balance at beginning of the period	$	52.7	$	52.1	$	55.1	$	36.8
Increases (decreases) related to prior year tax positions, net	—		0.6		(1.7)		42.1
Increases related to current year tax positions	—		—		—		—
Settlements	—		—		(0.7)		(23.3)
Reductions due to lapse of applicable statute of limitations	(0.1)		—		(0.6)		(0.5)
Balance the end of the period	$	52.6	$	52.7	$	52.1	$	55.1

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company's deferred tax assets and liabilities at December 31 are as follows:

	Successor		Predecessor
	2023		2022
Deferred tax assets
Accrued expenses	$	96.8	$	51.9
Warranty accrual	7.5		12.3
Deferred compensation	—		3.0
Allowances for doubtful accounts	2.0		5.0
Inventories	22.6		18.5
Deferred revenue	31.3		28.1
Pensions, post-retirement and other benefits	50.7		48.6
Deferred finance charges	—		108.3
Tax credits	7.3		—
Net operating loss carryforwards	127.9		179.4
Capital loss carryforwards	1.2		1.3
State deferred taxes	6.3		28.0
Lease liability	21.8		28.9
Other	28.5		22.8
	403.9		536.1
Valuation allowances	(233.6)		(468.3)
Net deferred tax assets	$	170.3	$	67.8
Deferred tax liabilities
Property, plant and equipment, net	$	33.5	$	10.3
Goodwill and intangible assets	203.9		88.2
Undistributed earnings	43.4		34.4
Right-of-use assets	22.7		31.5
Other	0.3		—
Net deferred tax liabilities	303.8		164.4
Net deferred tax (liability) asset	$	(133.5)	$	(96.6)

Schedule of Deferred Income Taxes by Balance Sheet Account

Deferred income taxes reported in the consolidated balance sheets as of December 31 are as follows:

	Successor		Predecessor
	2023		2022
Deferred income taxes - assets	$	71.4	$	—
Deferred income taxes - liabilities	(204.9)		(96.6)
Net deferred tax (liabilities) assets	$	(133.5)	$	(96.6)