XML 58 R30.htm IDEA: XBRL DOCUMENT
v3.20.4

NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
NATURE OF BUSINESS, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND OTHER |
Schedule of inventories | Inventories, by category, are as follows:
| Successor |  |  | Predecessor
(in millions) | 2020 |  |  | 2019
Materials and supplies | $ | 58 |  |  |  | $ | 64 |
Finished goods | 3 |  |  |  | 3 |
Total | $ | 61 |  |  |  | $ | 67 |
Summary of the activity of the asset retirement obligation | The following table presents a rollforward of our ARO.
| Successor |  |  | Predecessor |  | Predecessor
(in millions) | November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | December 31, 2019
Beginning balance | $ | 593 |  |  |  | $ | 517 |  |  | $ | 433 |
Liabilities incurred, capitalized to PP&E | — |  |  |  | — |  |  | (5) |
Liabilities settled and paid | (5) |  |  |  | (12) |  |  | (26) |
Accretion expense | 8 |  |  |  | 33 |  |  | 36 |
Dispositions, reduction to PP&E | — |  |  |  | (4) |  |  | (10) |
Other | 1 |  |  |  | 2 |  |  | 4 |
Revisions in estimated cash flows | — |  |  |  | — |  |  | 85 |
Impact of fresh start accounting | — |  |  |  | 57 |  |  | — |
Ending balance | $ | 597 |  |  |  | $ | 593 |  |  | $ | 517 |
Current portion | $ | 50 |  |  |  | $ | 50 |  |  | $ | 28 |
Non-current portion | $ | 547 |  |  |  | $ | 543 |  |  | $ | 489 |
Schedule of other current assets, net | Other current assets, net consisted of the following:
| Successor |  |  | Predecessor
(in millions) | December 31, 2020 |  |  | December 31, 2019
Amounts due from joint interest partners, net(a) | $ | 42 |  |  |  | $ | 70 |
Derivative assets | — |  |  |  | 39 |
Prepaid expenses | 20 |  |  |  | 19 |
Other | 1 |  |  |  | 2 |
Other current assets, net | $ | 63 |  |  |  | $ | 130 |
(a)As of December 31, 2020, we had no allowance for credit losses as a result of the adoption of fresh start accounting. Included in the balance as of December 31, 2019 was a $19 million allowance for credit losses against amounts due from joint interest partners.
Schedule of accrued liabilities | Accrued liabilities consisted of the following:
| Successor |  |  | Predecessor
(in millions) | December 31, 2020 |  |  | December 31, 2019
Accrued employee-related costs | $ | 72 |  |  |  | $ | 116 |
Accrued taxes other than on income | 36 |  |  |  | 57 |
Asset retirement obligations | 50 |  |  |  | 28 |
Accrued interest | 1 |  |  |  | 13 |
Lease liability | 7 |  |  |  | 28 |
Fair value of derivatives | 50 |  |  |  | — |
Payments due to counterparties on commodity contracts | 21 |  |  |  | 5 |
Other | 24 |  |  |  | 66 |
Accrued liabilities | $ | 261 |  |  |  | $ | 313 |
Schedule of other long-term liabilities | Other long-term liabilities consisted of the following:
| Successor |  |  | Predecessor
(in millions) | December 31, 2020 |  |  | December 31, 2019
Asset retirement obligations | $ | 547 |  |  |  | $ | 489 |
Deferred compensation and postretirement | 184 |  |  |  | 182 |
Lease liability | 35 |  |  |  | 38 |
Fair value of derivatives | 6 |  |  |  | — |
Payments due to counterparties on commodity contracts | 31 |  |  |  | — |
Other | 19 |  |  |  | 11 |
Other long-term liabilities | $ | 822 |  |  |  | $ | 720 |
Schedule of reorganization items in consolidated statement of operations | Reorganization items, net consisted of the following (in millions):
|  | Successor |  |  | Predecessor
|  | November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020
(in millions) |  |  |  |  |
Gain on settlement of liabilities subject to compromise |  | $ | — |  |  |  | $ | 4,022 |
Unamortized deferred gain and issuance costs, net |  | — |  |  |  | 125 |
Junior debtor-in-possession exit fee |  | — |  |  |  | (12) |
Acceleration of unrecognized compensation expense on cancelled stock-based compensation awards |  | — |  |  |  | (5) |
Write-off of prepaid directors and officers' insurance premiums |  | — |  |  |  | (2) |
Total non-cash reorganization items |  | $ | — |  |  |  | $ | 4,128 |
Legal, professional and other, net |  | (3) |  |  |  | (43) |
Debtor-in-possession financing costs |  | — |  |  |  | (25) |
Total reorganization items, net |  | $ | (3) |  |  |  | $ | 4,060 |
Schedule of supplemental disclosures to our consolidated statements of cash flows, excluding leases, | Supplemental disclosures to our consolidated statements of cash flows, excluding leases, are presented below (in millions):
| Successor |  |  | Predecessor
| November 1, 2020 - December 31, 2020 |  |  | January 1, 2020 - October 31, 2020 |  | Year ended December 31,
|  |  |  | 2019 |  | 2018
Supplemental Cash Flow Information |  |  |  |  |  |  |  |
Cash paid for interest, net of amounts capitalized | $ | (8) |  |  |  | $ | (79) |  |  | $ | (425) |  |  | $ | (433) |
Supplementary Disclosure of Noncash Investing and Financing Activities |  |  |  |  |  |  |  |
Successor common stock, Subscription Rights and Warrants issued pursuant to the Plan |  |  |  | $ | (494) |  |  |  |  |
Successor common stock issued for the junior debtor-in-possession exit fee pursuant to the Plan |  |  |  | $ | (12) |  |  |  |  |
Successor common stock and EHP Notes issued for acquisition of noncontrolling interest pursuant to the Plan |  |  |  | $ | (561) |  |  |  |  |
Successor common stock issued for a backstop commitment premium pursuant to the Plan |  |  |  | $ | (52) |  |  |  |  |
Warrant issued to a joint venture partner |  |  |  |  |  | $ | (3) |  |  |
Common stock issued as part of the acquisition of Elk Hills unit |  |  |  |  |  |  |  | $ | (51) |

X
- References No definition available. + Details
Name: | crc_NatureOfBusinessSummaryOfSignificantAccountingPoliciesAndOtherAbstract
Namespace Prefix: | crc_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Reorganization Items In Consolidated Statement Of Operations And Cash Flows Table Text Block + References No definition available. + Details
Name: | crc_ScheduleOfReorganizationItemsInConsolidatedStatementOfOperationsAndCashFlowsTableTextBlock
Namespace Prefix: | crc_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of other noncurrent liabilities. + References No definition available. + Details
Name: | us-gaap_OtherNoncurrentLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of accrued liabilities. + References No definition available. + Details
Name: | us-gaap_ScheduleOfAccruedLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of supplemental cash flow information for the periods presented. + References No definition available. + Details
Name: | us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the changes in carrying amount of a liability for asset retirement obligations, for changes such as new obligations, changes in estimates of existing obligations, spending on existing obligations, property dispositions, and foreign currency translation. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 410 -SubTopic 30 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6393242&loc=d3e13201-110859 + Details
Name: | us-gaap_ScheduleOfChangeInAssetRetirementObligationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process. + 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(6)(c)) -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 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 3: 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(6)(a)) -URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6361739&loc=d3e7789-107766 + Details
Name: | us-gaap_ScheduleOfInventoryCurrentTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the carrying amounts of other current assets. + References No definition available. + Details
Name: | us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration