Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule Of Income Tax Provision

The income tax provision is as follows:

	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Current income tax expense/(benefit)
Federal	$	205		$	(50	)	$	(1,106	)	$	-
State		576			945			(307	)		-
Foreign		36,111			23,738			6,220			3,314
Total current income tax expense/(benefit)		36,892			24,633			4,807			3,314
Deferred income tax expense/(benefit)
Federal		44,712			(83,420	)		(42,904	)		55,015
State		(886	)		165			2,633			(182	)
Foreign		(20,977	)		(19,097	)		2,166			1,856
Total deferred income tax expense/(benefit)		22,849			(102,352	)		(38,105	)		56,689
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

Schedule Of Effective Income Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal tax rate to the consolidated effective tax rate is as follows:

	Successor									Predecessor
Continuing Operations (in thousands):	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Computed expected tax expense/(benefit)	$	49,211		$	44,798		$	(32,635	)	$	69,125
State and foreign income taxes		17,249			(350	)		(17,893	)		6,217
Foreign Tax Credit		(15,022	)		(5,161	)		-			-
Valuation allowance		(4,580	)		(13,140	)		-			(46,208	)
Release of unrecognized tax benefits		(9,897	)		-			-			-
Non-recurring non-deductible		3,498			-			-			-
Foreign income inclusion in US		10,270			-			-			-
Gain on Settlement of Liabilities Subject to Compromise		-			-			-			(89,905	)
Reduction in Deferred Tax Assets		-			-			19,154			87,316
Fresh Start Adjustments		-			-			-			29,099
Worthless stock deduction		6,781			(103,992	)		-			-
Other		2,231			126			(1,924	)		4,359
Total income tax expense/(benefit)	$	59,741		$	(77,719	)	$	(33,298	)	$	60,003

Schedule Of Deferred Tax Assets and Liabilities

In thousands:	December 31, 2023			December 31, 2022
Deferred tax assets:
Allowance for doubtful accounts	$	1,159		$	1,374
U.S. operating loss and tax credit carryforwards		163,823			157,395
Compensation and employee benefits		6,843			7,376
Decommissioning liabilities		38,989			39,328
Goodwill and other intangible assets		63			369
Operating leases		147			126
Foreign deferred tax assets		45,003			38,780
Other assets		9,779			13,565
Total gross deferred tax assets		265,806			258,313
Less: Valuation allowance		(132,031	)		(80,280	)
Total deferred tax assets	$	133,775		$	178,033
Deferred tax liabilities:
Property, plant and equipment	$	53,613		$	64,571
Notes receivable		17,659			17,812
Other Liability		1,399			1,546
Total deferred tax liabilities	$	72,671		$	83,929
Net deferred tax assets (liabilities)	$	61,104		$	94,104
The Balance Sheet classification is based on a jurisdictional grouping:
Deferred tax assets		67,241			97,492
Less: Deferred tax liabilities (included in Other liabilities)		(6,137	)		(3,388	)
Total deferred tax assets and liabilities	$	61,104		$	94,104

Summary Of Activity In Unrecognized Tax Benefits

The activity in unrecognized tax benefits is as follows:

	Successor									Predecessor
In thousands:	For the Year Ended December 31, 2023			For the Year Ended December 31, 2022			Period February 3, 2021 through December 31, 2021			Period January 1, 2021 through February 2, 2021
Unrecognized tax benefits at beginning of period	$	14,009		$	14,973		$	14,706		$	13,206
Additions based on tax positions related to prior years		55			569			2,848			1,500
Reductions based on tax positions related to prior years		(75	)		(334	)		(552	)		-
Additions based on tax positions related to current year		-			78			-			-
Reductions as a result of a lapse of the applicable statute of limitations		(9,765	)		-			-			-
Reductions relating to settlements with taxing authorities		(112	)		(1,277	)		(2,029	)		-
Unrecognized tax benefits at end of period	$	4,112		$	14,009		$	14,973		$	14,706