Fresh Start Accounting (Tables)

12 Months Ended

Dec. 31, 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]



(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 SWU purchase agreements	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