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BENEFIT PLANS (Tables)
 12 Months Ended
Dec. 31, 2023
Retirement Benefits [Abstract]  
Schedule of Defined Benefit Plans Disclosures
The following tables set forth the change in benefit obligation, change in plan assets, and funded status for the Company’s U.S. defined benefit pension plans:
SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Change in benefit obligation
Benefit obligation at beginning of period$351.5 $359.8 $584.4 
Interest cost7.6 11.9 17.3 
Actuarial loss (gain)10.1 (10.1)(133.8)
Benefits paid(6.9)(10.1)(25.7)
Settlements— — (82.4)
Benefit obligation at end of period362.3 351.5 359.8 
Change in plan assets
Fair value of plan assets at beginning of period293.3 293.0 511.3 
Actual return on plan assets14.3 8.4 (113.8)
Employer contributions1.2 2.0 3.6 
Benefits paid(6.9)(10.1)(25.7)
Settlements— — (82.4)
Fair value of plan assets at end of period301.9 293.3 293.0 
Funded status$(60.4)$(58.2)$(66.8)
The following tables set forth the change in benefit obligation, change in plan assets, and funded status for the Company's Non-U.S. defined benefit plans:
SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Change in benefit obligation
Benefit obligation at beginning of period$306.4 $297.5 $420.5 
Service cost2.7 3.9 8.9 
Interest cost4.3 7.2 4.1 
Actuarial loss (gain)15.9 5.5 (80.5)
Plan participant contributions0.1 1.1 1.2 
Benefits paid(2.9)(4.6)(6.5)
Plan amendments(0.6)— (2.4)
Curtailment— (0.1)— 
Settlements(2.9)(16.8)(24.6)
Foreign currency impact3.4 12.7 (22.9)
Acquired benefit plans and other(0.3)— (0.3)
Benefit obligation at end of period326.1 306.4 297.5 
Change in plan assets
Fair value of plan assets at beginning of period$333.3 $325.3 $394.4 
Actual return on plan assets15.2 14.5 (27.6)
Employer contributions2.9 1.0 10.9 
Plan participant contributions0.1 1.1 1.2 
Benefits paid(2.9)(4.6)(6.5)
Foreign currency impact2.9 12.8 (22.5)
Settlements(2.9)(16.8)(24.6)
Fair value of plan assets at end of period348.6 333.3 325.3 
Funded status$22.5 $26.9 $27.8 

The following tables set forth the change in benefit obligation, change in plan assets, and funded status for the Company's other benefits:
SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Change in benefit obligation
Benefit obligation at beginning of period$4.1 $4.3 $5.7 
Interest cost0.1 0.2 0.2 
Actuarial loss (gain)0.4 0.1 (1.2)
Benefits paid(0.6)(0.6)(0.5)
Foreign currency impact— 0.1 0.1 
Benefit obligation at end of period4.0 4.1 4.3 
Change in plan assets
Employer contributions0.6 0.6 0.5 
Benefits paid(0.6)(0.6)(0.5)
Fair value of plan assets at end of period— — — 
Funded status$(4.0)$(4.1)$(4.3)
The following table sets forth the consolidated balance sheet presentation for the Company’s defined benefit pension plans and other benefits at and for the years ended December 31:
SuccessorPredecessor
20232022
Pension Benefits - U.S. Plans
Noncurrent assets$— $— 
Current liabilities— 3.5 
Noncurrent liabilities (1)
60.4 63.3 
Accumulated other comprehensive income (loss):
Unrecognized net actuarial (loss) gain (2)
(2.1)(77.3)
Unrecognized prior service (cost) benefit (2)
— — 
Net amount recognized$58.3 $(10.5)
Pension Benefits - Non-U.S. Plans
Noncurrent assets$70.3 $— 
Current liabilities4.3 3.1 
Noncurrent liabilities (1)
43.5 (30.9)
Accumulated other comprehensive income (loss):
Unrecognized net actuarial (loss) gain (2)
(6.6)45.4 
Unrecognized prior service (cost) benefit (2)
0.6 5.9 
Net amount recognized$(28.5)$23.5 
Other Benefits
Noncurrent assets$— $— 
Current liabilities0.4 0.5 
Noncurrent liabilities (1)
3.6 3.8 
Accumulated other comprehensive income (loss):
Unrecognized net actuarial (loss) gain (2)
(0.5)5.6 
Unrecognized prior service (cost) benefit (2)
— — 
Net amount recognized$3.5 $9.9 
(1)    Included in the consolidated balance sheets in pensions, post-retirement and other benefits.
(2)    Represents amounts in accumulated other comprehensive income (loss) that have not yet been recognized as components of net periodic benefit cost.
The following table sets forth the change in accumulated other comprehensive income (loss) for the Company’s defined benefit pension plans and other benefits:

SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Pension Benefits - U.S. Plans
Balance at beginning of period$— $(77.3)$(94.9)
Net actuarial gains (losses) recognized during the period(2.1)7.9 (1.1)
Net actuarial gains (losses) occurring during the period— 0.4 4.4 
Net actuarial gains (losses) recognized due to settlement— — 14.3 
Fresh Start Accounting Adjustments— 69.0 — 
Balance at end of period$(2.1)$— $(77.3)
Pension Benefits - Non-U.S. Plans
Balance at beginning of period$— $51.3 $17.7 
Prior service credit (cost) recognized during the period0.6 (0.4)2.4 
Net actuarial gains (losses) recognized during the period(6.5)1.2 38.4 
Net actuarial gains (losses) occurring during the period— (2.2)(1.6)
Net actuarial gains (losses) recognized due to settlement0.1 (2.0)(4.1)
Foreign currency impact(0.2)2.2 (1.5)
Fresh Start Accounting Adjustments— (50.1)— 
Balance at end of period$(6.0)$— $51.3 
Other Benefits
Balance at beginning of period$— $5.6 $4.8 
Net actuarial gains (losses) recognized during the period(0.5)— 1.2 
Net actuarial gains (losses) occurring during the period— (0.3)(0.5)
Foreign currency impact— 0.2 0.1 
Fresh Start Accounting Adjustments— (5.5)— 
Balance at end of period$(0.5)$— $5.6 
The following table sets forth the components of net periodic benefit cost for the Company’s defined benefit pension plans and other benefits:

SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022Year ended December 31, 2021
Pension Benefits - U.S. Plans
Interest cost$7.6 $11.9 $17.3 $15.9 
Expected return on plan assets(6.0)(11.0)(21.2)(22.3)
Recognized net actuarial (gain) loss— 0.4 4.4 8.9 
Settlement (gain) loss— — 14.3 — 
Net periodic benefit cost$1.6 $1.3 $14.8 $2.5 
Pension Benefits - Non-U.S. Plans
Service cost$2.7 $3.9 $8.9 $9.8 
Interest cost4.3 7.2 4.1 2.9 
Expected return on plan assets(5.2)(8.4)(14.5)(14.5)
Amortization of prior service cost— (0.5)(0.4)(0.1)
Recognized net actuarial (gain) loss— (2.2)(1.6)0.3 
Curtailment loss— (0.1)— — 
Settlement (gain) loss0.1 (2.1)(4.1)(1.1)
Net periodic benefit cost$1.9 $(2.2)$(7.6)$(2.7)
Other Benefits
Service cost$— $— $— $0.1 
Interest cost0.1 0.2 0.2 0.7 
Recognized net actuarial (gain) loss— (0.3)(0.4)0.2 
Net periodic benefit cost$0.1 $(0.1)$(0.2)$1.0 
Schedule of Accumulated Benefit Obligations in Excess of Fair Value of Plan Assets
The following table represents information for pension plans with an accumulated benefit obligation in excess of plan assets at December 31:
SuccessorPredecessor
20232022
U.S. PlansNon-U.S. PlansU.S. PlansNon-U.S. Plans
Projected benefit obligation$362.3 $216.2 $359.8 $189.2 
Accumulated benefit obligation$362.3 $203.6 $359.8 $181.6 
Fair value of plan assets$301.9 $63.7 $293.0 $51.7 
Schedule of Assumptions Used
The following table represents the weighted-average assumptions used to determine benefit obligations:
SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Pension Benefits - U.S. Plans
Discount rate5.52%5.69%5.59%
Rate of compensation increaseN/AN/AN/A
Pension Benefits - Non-U.S. Plans
Discount rate4.87%4.76%4.92%
Rate of compensation increase4.25%3.88%3.88%
Other Benefits
Discount rate6.97%6.83%6.84%
Rate of compensation increaseN/AN/AN/A

The following table represents the weighted-average assumptions used to determine periodic benefit cost:

SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Pension Benefits - U.S. Plans
Discount rate5.69%5.59%2.99%
Expected long-term return on plan assets5.25%5.25%5.25%
Rate of compensation increaseN/AN/AN/A
Pension Benefits - Non-U.S. Plans
Discount rate4.76%4.92%2.39%
Expected long-term return on plan assets3.75%3.75%3.30%
Rate of compensation increase3.91%3.88%3.89%
Other Benefits
Discount rate6.83%6.84%4.22%
Expected long-term return on plan assetsN/AN/AN/A
Rate of compensation increaseN/AN/AN/A
Schedule of Health Care Cost Trend Rates
The following table represents assumed healthcare cost trend rates:
SuccessorPredecessor
Period from 08/12/2023 through 12/31/2023Period from 01/01/2023 through 08/11/2023Year ended December 31, 2022
Healthcare cost trend rate assumed for next year5.6%5.7%6.0%
Rate to which the cost trend rate is assumed to decline (the ultimate trend rate)4.2%4.2%4.0%
Year that rate reaches ultimate trend rate204620462046
Schedule of Allocation of Plan Assets
The following table summarizes the Company’s target allocation for these asset classes in 2024, which are readjusted at least quarterly within a defined range for the U.S., and the Company’s actual pension plan asset allocation as of December 31, 2023 and 2022:
U.S. PlansNon-U.S. Plans
TargetActualTargetActual
202420232022202420232022
Equity securities41%39%43%51%51%52%
Debt securities50%51%48%29%29%26%
Real estate4%5%7%8%8%8%
Other5%5%2%12%12%14%
Total100%100%100%100%100%100%
The following table summarizes the fair value categorized into a three level hierarchy, as discussed in Note 1 of the consolidated financial statements, based upon the assumptions (inputs) of the Company’s plan assets as of December 31, 2023:
U.S. PlansNon-U.S. Plans
Fair ValueLevel 1Level 2NAVFair ValueLevel 1Level 2NAV
Cash and short-term investments$2.5 $2.5 $— $— $11.5 $10.7 $— $0.8 
Mutual funds1.0 1.0 — — — — — — 
Equity securities
International developed markets— — — — 178.7 178.7 — — 
Fixed income securities
International corporate bonds— — — — 56.3 56.3 — — 
Fixed and index funds— — — — 43.9 43.9 — — 
Common collective trusts
Real estate (a)15.2 — — 15.2 26.3 — 13.1 13.2 
Other (b)269.6 — — 269.6 18.8 — — 18.8 
Alternative investments
Private equity funds (c)13.6 — — 13.6 — — — — 
Other alternative investments (d)— — — — 13.1 0.2 — 12.9 
Fair value of plan assets at end of year$301.9 $3.5 $— $298.4 $348.6 $289.8 $13.1 $45.7 

The following table summarizes the fair value of the Company’s plan assets as of December 31, 2022:
U.S. PlansNon-U.S. Plans
Fair ValueLevel 1Level 2NAVFair ValueLevel 1Level 2NAV
Cash and short-term investments$1.8 $1.8 $— $— $12.1 $11.4 $— $0.7 
Mutual funds0.8 0.8 — — — — — — 
Equity securities
International developed markets— — — — 170.4 167.5 — 2.9 
Fixed income securities
International corporate bonds— — — — 59.6 50.1 — 9.5 
Fixed and index funds— — — — 23.7 14.2 — 9.5 
Common collective trusts
Real estate (a)20.1 — — 20.1 25.5 — 14.5 11.0 
Other (b)263.1 — — 263.1 16.8 — — 16.8 
Alternative investments
Private equity funds (c)7.2 — — 7.2 — — — — 
Other alternative investments (d)— — — — 17.2 0.3 — 16.9 
Fair value of plan assets at end of year$293.0 $2.6 $— $290.4 $325.3 $243.5 $14.5 $67.3 

In 2023 and 2022, the fair value of investments categorized as level 3 represent the plan's interest in private equity, hedge and property funds. The fair value for these assets is determined based on the NAV as reported by the underlying investment managers.
(a) Real estate common collective trust. The objective of the real estate common collective trust (CCT) is to achieve long-term returns through investments in a broadly diversified portfolio of improved properties with stabilized occupancies. As of December 31, 2023, investments in this CCT, for U.S. plans, included approximately 21 percent office, 32 percent residential, 10 percent retail and 38 percent industrial, cash and other. As of December 31, 2022, investments in this CCT, for U.S. plans, included approximately 22 percent office, 27 percent residential, 10 percent retail and 41 percent industrial, cash and other. Investments in the real estate CCT can be redeemed once per quarter subject to available cash, with a 30-day notice.

(b) Other common collective trusts. At December 31, 2023, approximately 53 percent of the other CCTs are invested in fixed income securities including 36 percent in corporate bonds and 64 percent in U.S. Treasury and other. Approximately 19 percent of the other CCTs at December 31, 2023 are invested in Russell 1000 Fund large cap index funds, 16 percent in International Funds, and approximately 12 percent in funds, including emerging markets, real assets, and other funds. At December 31, 2022, approximately 53 percent of the other CCTs are invested in fixed-income securities, including approximately 36 percent in corporate bonds and 64 percent in U.S. Treasury and other. Approximately 19 percent of the other CCTs at December 31, 2022 are invested in Russell 1000 Fund large cap index funds, 16 percent in International Funds, and approximately 12 percent in funds, including emerging markets, real assets, and other funds. Investments in all common collective trust securities can be redeemed daily.

(c)    Private equity funds. The objective of the private equity funds is to achieve long-term returns through investments in a diversified portfolio of private equity limited partnerships that offer a variety of investment strategies, targeting low volatility and low correlation to traditional asset classes. As of December 31, 2023 and 2022, investments in these private equity funds include approximately 42 percent and 26 percent, respectively, in buyout private equity funds that usually invest in mature companies with established business plans, approximately 31 percent and 17 percent, respectively, in special situations private equity and debt funds that focus on niche investment strategies and approximately 27 percent and 24 percent respectively, in venture private equity funds that invest in early development or expansion of business. Investments in the private equity fund can be redeemed only with written consent from the general partner, which may or may not be granted. At December 31, 2023 and 2022 the Company had unfunded commitments of underlying funds $1.6 and $1.6, respectively.

(d) Other alternative investments. The Company’s plan assets include a combination of insurance contracts, multi-strategy investment funds and company-owned real estate. The fair value for these assets is determined based on the NAV as reported by the underlying investment manager, insurance companies and the trustees of the CTA.
Schedule of Amounts Expected To Be Recognized in Other Comprehensive Income (Loss)
The following table represents the amortization amounts expected to be recognized during 2024:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Benefits
Amount of net prior service credit$— $(0.1)$— 
Amount of net loss (gain)$— $— $— 
Schedule of Expected Benefit Payments The following benefit payments, which reflect expected future service, are expected to be paid:
U.S. Pension BenefitsNon-U.S. Pension BenefitsOther Benefits Other Benefits
after Medicare
Part D Subsidy
2024$23.1 $25.4 $0.5 $0.5 
2025$24.1 $20.2 $0.5 $0.5 
2026$24.9 $20.8 $0.5 $0.5 
2027$25.8 $22.3 $0.5 $0.4 
2028$26.2 $24.5 $0.4 $0.4 
2029-2033$133.9 $111.9 $1.8 $1.7