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Pension and Other Post-retirement Benefits (Tables) | 12 Months Ended
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Dec. 31, 2019
Retirement Benefits [Abstract] |
Schedule of Changes in Benefit Obligations and Plan Assets | The following table presents the changes in benefit obligations and plan assets for the year ended December 31, 2019 and the funded status and weighted-average assumptions used to determine the benefit obligation at year end (dollars in millions):
|  | 2019
|  | Pension Benefits |  | Other Benefits |  | Total
Projected benefit obligation: |  |  |  |  |  |
Balance, April 11 |  | $ | 800.1 |  |  | $ | 15.9 |  |  | $ | 816.0 |
Interest cost |  | 21.3 |  |  | 0.4 |  |  | 21.7 |
Service cost |  | 1.5 |  |  | — |  |  | 1.5 |
Actuarial loss |  | 43.8 |  |  | 0.2 |  |  | 44.0 |
Benefits paid |  | (34.1 | ) |  | (0.4 | ) |  | (34.5 | )
Foreign currency adjustments |  | (0.2 | ) |  | — |  |  | (0.2 | )
Balance, December 31 |  | $ | 832.4 |  |  | $ | 16.1 |  |  | $ | 848.5 |
Plan assets |  |  |  |  |  |
Fair value, April 11 |  | $ | 576.8 |  |  | $ | — |  |  | $ | 576.8 |
Actual return |  | 43.6 |  |  | — |  |  | 43.6 |
Employer contributions |  | 12.8 |  |  | — |  |  | 12.8 |
Benefits paid |  | (34.1 | ) |  | — |  |  | (34.1 | )
Foreign currency adjustments |  | (0.2 | ) |  | — |  |  | (0.2 | )
Fair value, December 31 |  | $ | 598.9 |  |  | — |  |  | $ | 598.9 |
Net benefit liabilities |  | $ | 233.5 |  |  | $ | 16.1 |  |  | $ | 249.6 |
Amounts recognized in consolidated balance sheet: |  |  |  |  |  |
Accrued liabilities |  | $ | (1.4 | ) |  | $ | (1.5 | ) |  | $ | (2.9 | )
Other liabilities (long-term) |  | (232.1 | ) |  | (14.6 | ) |  | (246.7 | )
Net benefit liabilities |  | $ | (233.5 | ) |  | $ | (16.1 | ) |  | $ | (249.6 | )
Accumulated contributions in excess of (less than) net periodic benefit cost |  | $ | (206.2 | ) |  | $ | (15.9 | ) |  | $ | (222.1 | )
Amounts not yet reflected in net periodic benefit cost: |  |  |  |  |  |
Actuarial loss |  | $ | (27.3 | ) |  | $ | (0.2 | ) |  | $ | (27.5 | )
Total accumulated other comprehensive loss |  | (27.3 | ) |  | (0.2 | ) |  | (27.5 | )
Net benefit liabilities |  | $ | (233.5 | ) |  | $ | (16.1 | ) |  | $ | (249.6 | )
Weighted-average assumptions: |  |  |  |  |  |
Discount rate |  | 3.16 | % |  | 3.06 | % |  |
Rate of compensation increase |  | — | % |  | — | % |  |
Schedule of Accumulated and Projected Benefit Obligations | The accumulated benefit obligations, which are presented below for all plans in the aggregate at December 31, 2019, are based on services rendered to date, but exclude the effect of future salary increases (in millions):
|  | 2019
Accumulated benefit obligation |  | $ | 844.3 |
Schedule of Net Periodic Pension Costs and Weighted Average Assumptions | The components of net periodic pension cost and the weighted-average assumptions used to determine net periodic pension cost were as follows (dollars in millions):
|  | April 11, 2019 - December 31, 2019
Service cost (1) |  | $ | 1.5 |
Interest cost (2) |  | 21.3 |
Expected return on plan assets (2) |  | (27.1 | )
Net periodic pension cost (benefit) |  | $ | (4.3 | )
Discount rate |  | 3.82 | %
(1) | Included in contract drilling and general and administrative expense in our consolidated statements of operations.
(2) Included in other, net, in our consolidated statements of operations.
Schedule of Allocation of Plan Assets | Target allocations among asset categories and the fair value of each category of plan assets as of December 31, 2019, classified by level within the US GAAP fair value hierarchy are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):
|  | Target range |  | Total |  | Quoted prices in active markets for identical assets (Level 1) |  | Significant observable inputs (Level 2) |  | Significant unobservable inputs (Level 3)
December 31, 2019 |  |  |  |  |  |  |  |  |  |
Equities: |  | 53% to 69% |  |  |  |  |  |  |  |
U.S. large cap |  | 22% to 28% |  | $ | 148.9 |  |  | $ | — |  |  | $ | 148.9 |  |  | $ | — |
U.S. small cap |  | 4% to 10% |  | 41.1 |  |  | — |  |  | 41.1 |  |  | — |
International all cap |  | 21% to 29% |  | 152.4 |  |  | — |  |  | 152.4 |  |  | — |
International small cap |  | 2% to 8% |  | 34.7 |  |  | — |  |  | 34.7 |  |  | — |
Real estate equities |  | 0% to 13% |  | 54.9 |  |  | — |  |  | 54.9 |  |  | — |
Fixed income: |  | 25% to 35% |  |  |  |  |  |  |  |  |  |
Cash and equivalents |  | 0% to 10% |  | 6.5 |  |  | 6.5 |  |  | — |  |  | — |
Aggregate |  | 9% to 19% |  | 76.7 |  |  | — |  |  | 76.7 |  |  | — |
Core plus |  | 9% to 19% |  | 77.6 |  |  | 77.6 |  |  | — |  |  | — |
Group annuity contracts |  |  |  | 6.1 |  |  | — |  |  | 6.1 |  |  | — |
Total |  |  |  | $ | 598.9 |  |  | $ | 84.1 |  |  | $ | 514.8 |  |  | $ | — |
Schedule of Expected Benefit Payments | Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):
|  | Pension Benefits |  | Other Post-Retirement Benefits
Year ended December 31, |  |  |  |
2020 |  | $ | 45.0 |  |  | $ | 1.5 |
2021 |  | 45.0 |  |  | 1.4 |
2022 |  | 44.6 |  |  | 1.3 |
2023 |  | 44.2 |  |  | 1.3 |
2024 |  | 43.9 |  |  | 1.3 |
2025 through 2029 |  | 213.6 |  |  | 5.3 |

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