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LEASES (Tables) | 12 Months Ended
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Dec. 31, 2020
Leases [Abstract] |
Schedule of supplemental balance sheet information related to operating leases | Balance sheet information related to our operating and finance leases as of December 31, 2020 and December 31, 2019 were as follows:
|  |  | Successor |  |  | Predecessor
| Classification |  | 2020 |  |  | 2019
Assets |  |  | (in millions) |  |  | (in millions)
Operating | Other assets |  | $ | 38 |  |  |  | $ | 59 |
Finance | PP&E |  | 1 |  |  |  | 2 |
Total leased assets |  |  | $ | 39 |  |  |  | $ | 61 |
Liabilities |  |  |  |  |  |
Current |  |  |  |  |  |
Operating | Accrued liabilities |  | $ | 6 |  |  |  | $ | 27 |
Finance | Accrued liabilities |  | 1 |  |  |  | 1 |
Long-term |  |  |  |  |  |
Operating | Other long-term liabilities |  | 35 |  |  |  | 37 |
Finance | Other long-term liabilities |  | — |  |  |  | 1 |
Total lease liabilities |  |  | $ | 42 |  |  |  | $ | 66 |
Schedule of operating lease costs, including amounts capitalized to property, plant and equipment | Our lease costs, including amounts capitalized to PP&E, were as follows:
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | January 1, 2019 - December 31, 2019
| (in millions) |  |  | (in millions)
Operating lease costs | $ | 2 |  |  |  | $ | 23 |  |  | $ | 52 |
Short-term lease costs(a) | 7 |  |  |  | 25 |  |  | 74 |
Variable lease costs(b) | — |  |  |  | 4 |  |  | 21 |
Total operating lease costs | 9 |  |  |  | 52 |  |  | 147 |
Finance lease costs | — |  |  |  | $ | 1 |  |  | $ | — |
Sublease income | $ | — |  |  |  | $ | (1) |  |  | $ | (1) |
Total lease costs | $ | 9 |  |  |  | $ | 52 |  |  | $ | 146 |
(a)Contracts with terms of less than one month or less are excluded from our disclosure of short-term lease costs. (b)No variable lease costs related to drilling rigs in the Successor period. The Predecessor period of January 1, 2020 through October 31, 2020 includes $3 million related to drilling rigs and 2019 includes $19 million, which were capitalized to PP&E.
Schedule of other operating and finance lease information | Other supplemental information related to our operating and finance leases as of December 31, 2020 and December 31, 2019 is provided below:
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | January 1, 2019 - December 31, 2019
| (in millions) |  |  | (in millions)
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash outflows from operating leases | $ | 2 |  |  |  | $ | 9 |  |  | $ | 14 |
Investing cash outflows from operating leases | $ | — |  |  |  | $ | 14 |  |  | $ | 40 |
Financing cash outflows from finance leases | $ | — |  |  |  | $ | 1 |  |  | $ | — |
ROU assets obtained in exchange for new operating lease liabilities | $ | — |  |  |  | $ | — |  |  | $ | 122 |
ROU assets obtained in exchange for new finance lease liabilities | $ | — |  |  |  | $ | — |  |  | $ | 2 |
Impairment charges related to ROU assets | $ | — |  |  |  | $ | 2 |  |  | $ | 3 |
| Successor |  |  | Predecessor
| 2020 |  |  | 2019
Operating Leases |  |  |  |
Weighted-average remaining lease term (in years) | 6.81 |  |  | 4.75
Weighted-average discount rate | 4.5 | % |  |  | 12.2 | %
Finance Leases |  |  |  |
Weighted-average remaining lease term (in years) | 1.33 |  |  | 2.33
Weighted-average discount rate | 4.0 | % |  |  | 8.5 | %
Schedule of maturities of our operating lease liabilities | Maturities of our operating and finance lease liabilities at December 31, 2020 are as follows:
| Successor
| Operating |  | Finance
| Leases |  | Leases
| (in millions)
2021 | $ | 8 |  |  | $ | 1 |
2022 | 8 |  |  | — |
2023 | 7 |  |  | — |
2024 | 6 |  |  | — |
2025 | 5 |  |  | — |
Thereafter | 15 |  |  | — |
Less: Interest | (7) |  |  | — |
Present value of lease liabilities | $ | 42 |  |  | $ | 1 |
Schedule of maturities of our financing lease liabilities | Maturities of our operating and finance lease liabilities at December 31, 2020 are as follows:
| Successor
| Operating |  | Finance
| Leases |  | Leases
| (in millions)
2021 | $ | 8 |  |  | $ | 1 |
2022 | 8 |  |  | — |
2023 | 7 |  |  | — |
2024 | 6 |  |  | — |
2025 | 5 |  |  | — |
Thereafter | 15 |  |  | — |
Less: Interest | (7) |  |  | — |
Present value of lease liabilities | $ | 42 |  |  | $ | 1 |

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- Definition Tabular disclosure of undiscounted cash flows of finance lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to finance lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918686-209980 + Details
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- Definition Tabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=121609121&loc=SL77918701-209980 + Details
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