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DEBT (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule of debt | As of December 31, 2020, our long-term debt consisted of the following credit agreements, Second Lien Notes and Senior Notes (in millions):
| Successor |  | Interest Rate(a) |  | Maturity
| 2020 |  |  |  |
Credit Agreements |  |  |  |  |
Revolving Credit Facility | $ | 99 |  |  | LIBOR plus 3%-4% ABR plus 2%-3% |  | April 29, 2024
Second Lien Notes |  |  |  |  |
Second Lien Term Loan | 200 |  |  | LIBOR plus 9%-10.5% ABR plus 8%-9.5% |  | October 27, 2025
Senior Notes |  |  |  |  |
EHP Notes | 300 |  |  | 6% |  | October 27, 2027
Long-term debt (principal amount) | $ | 599 |  |  |  |  |
Unamortized debt issuance costs | (2) |  |  |  |  |
Total long-term debt, net | $ | 597 |  |  |  |  |
(a)London Interbank Offered Rates (LIBOR) will be phased out after 2021 and replaced with the Secured Overnight Financing Rate within the United States for U.S. dollar-based LIBOR. Our credit agreements contemplate a discontinuation of LIBOR and have an alternate borrowing rate. We do not expect the discontinuation of LIBOR to have a significant impact on our interest expense.
Schedule of financial performance covenants | Financial Covenants – Our Revolving Credit Facility includes the following financial covenants:
Ratio |  | Components |  | Required Levels |  | Tested
Consolidated Total Net Leverage Ratio |  | Ratio of consolidated total secured debt to consolidated EBITDAX(a) |  | Not greater than 3.00 to 1.00 |  | Quarterly
Current Ratio |  | Ratio of consolidated current assets to consolidated current liabilities(b) |  | Not less than 1.00 to 1.00 |  | Quarterly
(a)EBITDAX is calculated as defined in the credit agreement. (b)The available credit under our Revolving Credit Facility is included in consolidated current assets as part of the calculation of the current ratio.
Principal maturities of debt outstanding | Principal maturities of debt outstanding at December 31, 2020 (Successor) are as follows:
| As of December 31, 2020
| (in millions)
2021 | $ | — |
2022 | — |
2023 | — |
2024 | 99 |
2025 | 200 |
Thereafter | 300 |
Total | $ | 599 |

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- Definition Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(e),(f)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28551-108399 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21521-112644 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21538-112644 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644 + Details
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