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Fresh Start Accounting (Tables) | 9 Months Ended
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Sep. 30, 2014
Fresh Start Accounting [Abstract] |
Reconciliation Of Enterprise Value To Estimated Fair Value [Table Text Block] | The following table reconciles the enterprise value to the estimated fair value of Successor Company’s Common Stock as of the Effective Date (in millions, except per share data):
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] | The following table reconciles the enterprise value to the estimated reorganization value as of the Effective Date (in millions):
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 |
Deposits for surety bonds | 35.9 |  |  | — |  |  | — |  |  | 35.9 |
Intangible assets | — |  |  | — |  |  | 123.5 |  | (m) | 123.5 |
Excess reorganization value | — |  |  | — |  |  | 137.2 |  | (n) | 137.2 |
Other long-term assets | 19.8 |  |  | 0.7 |  | (c) | — |  |  | 20.5 |
Total Assets | $ | 833.2 |  |  | $ | (18.2 | ) |  | $ | 222.2 |  |  | $ | 1,037.2 |
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT) |  |  |  |  |  |  |  |  |
Current Liabilities |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 67.3 |  |  | $ | 4.9 |  | (d) | $ | 7.3 |  | (o) | $ | 79.5 |
Payables under SWU purchase agreements | 47.3 |  |  | — |  |  | — |  |  | 47.3 |
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 |  |  | (86.7 | ) |  | 300.6 |
Long-term debt | — |  |  | 240.4 |  | (e) | — |  |  | 240.4 |
Postretirement health and life benefit obligations | 202.4 |  |  | — |  |  | 9.2 |  | (o) | 211.6 |
Pension benefit liabilities | 95.9 |  |  | — |  |  | 78.2 |  | (o) | 174.1 |
Other long-term liabilities | 51.2 |  |  | — |  |  | — |  |  | 51.2 |
Total liabilities not subject to compromise | 731.9 |  |  | 245.3 |  |  | 0.7 |  |  | 977.9 |
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 | ) |  | 0.7 |  |  | 977.9 |
Stockholders’ Equity (Deficit) |  |  |  |  |  |  |
Common stock (Predecessor) | 0.5 |  |  | — |  |  | (0.5 | ) | (p) | — |
Excess of capital over par value (Predecessor) | 1,221.5 |  |  | 0.4 |  | (g) | (1,221.9 | ) | (p) | — |
Treasury stock (Predecessor) | (38.8 | ) |  | — |  |  | 38.8 |  | (p) | — |
Accumulated other comprehensive loss, net of tax (Predecessor) | (119.5 | ) |  | (2.2 | ) | (h) | 121.7 |  | (p) | — |
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 |  | (p) | — |
Total stockholders’ equity (deficit) | (561.6 | ) |  | 399.4 |  |  | 221.5 |  |  | 59.3 |
Total Liabilities and Stockholders’ Equity (Deficit) | $ | 833.2 |  |  | $ | (18.2 | ) |  | $ | 222.2 |  |  | $ | 1,037.2 |
Schedule Of Cash Payments For Reorganization Adjustments [Table Text Block] | The cash payments recorded on the Effective Date from implementation of the Plan of Reorganization include the following (in millions):
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: |
PIK Toggle Notes | $ | (240.4 | )
Issuance of 95% of 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 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 |

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- Definition Tabular disclosure of description and amounts of adjustments to historical balance sheet to arrive at fresh-start amounts following bankruptcy and reorganization with a different owner. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 55 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=34712771&loc=d3e56426-112766 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 852 -SubTopic 10 -Section 50 -Paragraph 7 -Subparagraph (a)-(b) -URI http://asc.fasb.org/extlink&oid=6918054&loc=SL2890621-112765 + Details
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