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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of long-term debt instruments | Our long-term debt consisted of the following as of December 31, 2020 and 2019:
| December 31, 2020 |  | December 31, 2019
| Principal Amount |  | Carrying Amount |  | Principal Amount |  | Carrying Amount
| ($ in millions)
DIP credit facility | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Pre-petition revolving credit facility | 1,929 |  |  | 1,929 |  |  | 1,590 |  |  | 1,590 |
Term loan due 2024 | 1,500 |  |  | 1,500 |  |  | 1,500 |  |  | 1,470 |
11.5% senior secured second lien notes due 2025 | 2,330 |  |  | 2,330 |  |  | 2,330 |  |  | 3,248 |
6.625% senior notes due 2020 | 176 |  |  | 176 |  |  | 208 |  |  | 208 |
6.875% senior notes due 2020 | 73 |  |  | 73 |  |  | 93 |  |  | 93 |
6.125% senior notes due 2021 | 167 |  |  | 167 |  |  | 167 |  |  | 167 |
5.375% senior notes due 2021 | 127 |  |  | 127 |  |  | 127 |  |  | 127 |
4.875% senior notes due 2022 | 272 |  |  | 272 |  |  | 338 |  |  | 338 |
5.75% senior notes due 2023 | 167 |  |  | 167 |  |  | 209 |  |  | 209 |
7.00% senior notes due 2024 | 624 |  |  | 624 |  |  | 624 |  |  | 624 |
6.875% senior notes due 2025 | 2 |  |  | 2 |  |  | 2 |  |  | 2 |
8.00% senior notes due 2025 | 246 |  |  | 246 |  |  | 246 |  |  | 245 |
5.5% convertible senior notes due 2026 | 1,064 |  |  | 1,064 |  |  | 1,064 |  |  | 765 |
7.5% senior notes due 2026 | 119 |  |  | 119 |  |  | 119 |  |  | 119 |
8.00% senior notes due 2026 | 46 |  |  | 46 |  |  | 46 |  |  | 44 |
8.00% senior notes due 2027 | 253 |  |  | 253 |  |  | 253 |  |  | 253 |
Debt issuance costs | — |  |  | — |  |  | — |  |  | (44) |
Total debt, net | 9,095 |  |  | 9,095 |  |  | 8,916 |  |  | 9,458 |
Less current maturities of long-term debt, net | (1,929) |  |  | (1,929) |  |  | (385) |  |  | (385) |
Less amounts reclassified to liabilities subject to compromise | (7,166) |  |  | (7,166) |  |  | — |  |  | — |
Total long-term debt, net | $ | — |  |  | $ | — |  |  | $ | 8,531 |  |  | $ | 9,073 |
The initial outstanding principal amounts under the Exit Credit Facility and unsecured senior notes were:
|  | February 9, 2021
|  | ($ in millions)
5.5% Senior Notes due 2026 |  | $ | 500 |
5.875% Senior Notes due 2029 |  | 500 |
Exit Credit Facility - Exit Revolver |  | 50 |
Exit Credit Facility - Non-Revolving Loan Facility |  | 221 |
Total |  | $ | 1,271 |
Schedule of private exchange offer for outstanding senior unsecured notes | In 2020, we repurchased approximately $160 million aggregate principal amount of the following senior notes for $95 million and recorded an aggregate gain of approximately $65 million.
|  | Notes Repurchased
|  | ($ in millions)
6.625% senior notes due 2020 |  | $ | 32 |
6.875% senior notes due 2020 |  | 20 |
4.875% senior notes due 2022 |  | 66 |
5.75% senior notes due 2023 |  | 42 |
Total |  | $ | 160 |
Senior Secured Second Lien Notes. In December 2019, we completed private offers to exchange newly issued 11.5% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) for the following outstanding senior unsecured notes (the “Existing Notes”):
|  | Notes Exchanged
|  | ($ in millions)
7.00% senior notes due 2024 |  | $ | 226 |
8.00% senior notes due 2025 |  | 999 |
8.00% senior notes due 2026 |  | 873 |
7.5% senior notes due 2026 |  | 281 |
8.00% senior notes due 2027 |  | 837 |
Total |  | $ | 3,216 |
We issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes:
|  | Notes Exchanged
|  | ($ in millions)
6.625% senior notes due 2020 |  | $ | 229 |
6.875% senior notes due 2020 |  | 134 |
6.125% senior notes due 2021 |  | 381 |
5.375% senior notes due 2021 |  | 140 |
Total |  | $ | 884 |
Schedule of fair value of debt | Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:
|  | December 31, 2020 |  | December 31, 2019
|  | Carrying Amount |  | Estimated Fair Value |  | Carrying Amount |  | Estimated Fair Value
|  |  |  | ($ in millions) |  |
Short-term debt (Level 1) |  | $ | — |  |  | $ | — |  |  | $ | 385 |  |  | $ | 360 |
Long-term debt (Level 1) |  | $ | — |  |  | $ | — |  |  | $ | 753 |  |  | $ | 622 |
Long-term debt (Level 2) |  | $ | — |  |  | $ | — |  |  | $ | 8,320 |  |  | $ | 6,085 |
Liabilities subject to compromise (Level 1) |  | $ | 982 |  |  | $ | 43 |  |  | $ | — |  |  | $ | — |
Liabilities subject to compromise (Level 2) |  | $ | 6,184 |  |  | $ | 1,694 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of information on an original debt issue that has been converted in a noncash (or part noncash) transaction during the accounting period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. The information may be presented entirely or partially in this block of text or in the associated elements. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4313-108586 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4332-108586 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=121583591&loc=d3e4304-108586 + Details
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