XML 63 R35.htm IDEA: XBRL DOCUMENT

LEASES (Tables)

12 Months Ended

Dec. 31, 2020

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