Fresh Start Accounting (Tables)

9 Months Ended

Sep. 30, 2014

Reconciliation Of Enterprise Value To Estimated Fair Value [Table Text Block]



Enterprise value	$	299.7
Less: Fair value of debt	240.4
Fair value of Successor common stock	$	59.3
Shares outstanding at September 30, 2014	9.0
Per share value	$	6.59

Reconciliation Of Enterprise Value To Estimated Reorganization Value [Table Text Block]



Enterprise value	$	299.7
Plus non-debt liabilities	763.9
Reorganization value of Successor assets	$	1,063.6

Schedule of Fresh-Start Adjustments [Table Text Block]

The adjustments set forth in the following condensed consolidated balance sheet reflect the effect of the consummation of the transactions contemplated by the Plan (reflected in the column "Reorganization Adjustments") as well as fair value adjustments as a result of the adoption of fresh start accounting (reflected in the column "Fresh Start Adjustments").



(in millions)	Predecessor Company, September 30, 2014			Reorganization Adjustments				Fresh Start Adjustments				Successor Company, September 30, 2014
ASSETS
Current Assets
Cash and cash equivalents	$	124.4		$	(19.0	)	(a)	$	—			$	105.4
Accounts receivable	90.0			—				—				90.0
Inventories	464.0			—				35.4			(k)	499.4
Deferred costs associated with deferred revenue	73.9			—				(73.9		)	(l)	—
Other current assets	21.5			0.1			(b)	—				21.6
Total current assets	773.8			(18.9		)		(38.5		)		716.4
Property, plant and equipment	3.7			—				—				3.7
Deferred taxes	—			—				26.4			(m)	26.4
Deposits for surety bonds	35.9			—				—				35.9
Intangible assets	—			—				123.5			(n)	123.5
Excess reorganization value	—			—				137.2			(o)	137.2
Other long-term assets	19.8			0.7			(c)	—				20.5
Total Assets	$	833.2		$	(18.2	)		$	248.6			$	1,063.6

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities
Accounts payable and accrued liabilities	$	67.3		$	4.9		(d)	$	7.3		(p)	$	79.5
Payables under Russian Contract	47.3			—				—				47.3
Deferred taxes	—			—				26.4			(m)	26.4
Inventories owed to customers and suppliers	173.1			—				—				173.1
Deferred revenue	94.7			—				(94.0		)	(l)	0.7
Total current liabilities	382.4			4.9				(60.3		)		327.0
Long-term debt	—			240.4			(e)	—				240.4
Postretirement health and life benefit obligations	202.4			—				9.2			(p)	211.6
Pension benefit liabilities	95.9			—				78.2			(p)	174.1
Other long-term liabilities	51.2			—				—				51.2
Total liabilities not subject to compromise	731.9			245.3				27.1				1,004.3
Liabilities subject to compromise
Convertible senior notes and accrued interest	547.4			(547.4		)	(f)	—				—
Convertible preferred stock and PIK dividends payable	113.9			(113.9		)	(f)	—				—
Accounts payable	1.6			(1.6		)	(f)	—				—
Total liabilities subject to compromise	662.9			(662.9		)		—				—
Total liabilities	1,394.8			(417.6		)		27.1				1,004.3
Stockholders’ Equity (Deficit)
Common stock (Predecessor)	0.5			—				(0.5		)	(q)	—
Excess of capital over par value (Predecessor)	1,221.5			0.4			(g)	(1,221.9		)	(q)	—
Treasury stock (Predecessor)	(38.8		)	—				38.8			(q)	—
Accumulated other comprehensive loss, net of tax (Predecessor)	(119.5		)	(2.2		)	(h)	121.7			(q)	—
Common stock (Successor)	—			0.9			(i)	—				0.9
Excess of capital over par value (Successor)	—			58.4			(i)	—				58.4
Retained earnings (deficit)	(1,625.3		)	341.9			(j)	1,283.4			(q)	—
Total stockholders’ equity (deficit)	(561.6		)	399.4				221.5				59.3
Total Liabilities and Stockholders’ Equity (Deficit)	$	833.2		$	(18.2	)		$	248.6			$	1,063.6

Schedule Of Cash Payments For Reorganization Adjustments [Table Text Block]



Payment of claims for interest payable on the Old Notes at the non-default rate	$	15.9
Payment of professional fees	1.5
Payment of unsecured pre-petition claims	1.6
Net decrease in cash	$	19.0

Schedule Of Cumulative Impact Of Reorganization Adjustments [Table Text Block]



Extinguishment of Predecessor claims pursuant to the Plan:
Convertible senior notes and accrued interest	$	547.4
Convertible preferred stock and PIK dividends payable	113.9
Accounts payable	1.6
Total liabilities subject to compromise	$	662.9

Total consideration given pursuant to the Plan:
New Notes	$	(240.4	)
Issuance of 95% of New Common Stock to holders of Old Notes and Old Preferred Stock	(56.4		)
Cash payments for interest payable on Old Notes at the non-default rate	(15.9		)
Cash payments to holders of unsecured claims	(1.6		)
Total settlements on liabilities subject to compromise	$	(314.3	)

Gain on extinguishment of pre-petition liabilities	$	348.6

Other adjustments to accumulated deficit:
Benefit accrual freeze on SERP plans	$	2.2
Cancellation of restricted stock and restricted stock units	(0.4		)
Deferred financing costs	0.7
Professional fees accrued at the emergence	(6.3		)
Total other reorganization expenses	$	(3.8	)

Issuance of 5% of New Common Stock to holders of Old Common Stock	(2.9		)
Total adjustment to retained deficit (earnings)	$	341.9

Schedule Of Allocation of Reorganization Value to Assets [Table Text Block]



Enterprise value	$	299.7
Add: Fair value of liabilities excluded from enterprise value	763.9
Less: Fair value of tangible assets	(802.9		)
Less: Fair value of identified intangible assets	(123.5		)
Reorganization value of Successor assets in excess of amounts allocated to identified tangible and intangible assets	$	137.2

Schedule Of Cumulative Impact Of Fresh Start Adjustments [Table Text Block]



Establishment of Successor Company’s excess reorganization value	$	137.2
Establishment of Successor Company’s other intangible assets	123.5
Inventory fair value adjustments	35.4
Deferred costs and deferred revenue fair value adjustments	20.1
Pension and postretirement remeasurement	(94.7		)
Gain on revaluation of assets and liabilities	$	221.5
Cancellation of accumulated other comprehensive income	(121.7		)
Total gain on fresh start accounting adjustments	$	99.8
Cancellation of Predecessor Company equity	1,183.6
Total adjustment to retained deficit (earnings)	$	1,283.4