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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis

The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):

			Quoted Prices in Active Markets for Identical Assets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
As of September 30, 2020
Supplemental executive retirement plan assets			$	21.9					$	—					$	—					$	21.9
Total financial assets			21.9						—						—						21.9
As of December 31, 2019
Supplemental executive retirement plan assets			$	26.0					$	—					$	—					$	26.0
Derivatives, net			—						5.4						—						5.4
Total financial assets			$	26.0					$	5.4					$	—					$	31.4

Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments

The carrying values and estimated fair values of our debt instruments were as follows (in millions):

			Subject to Compromise (1)
			September 30, 2020												December 31, 2019
			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value
6.875% Senior notes due 2020			$	122.9					$	8.7					$	124.8					$	117.3
4.70% Senior notes due 2021			100.7						4.6						113.2						95.5
4.875% Senior notes due 2022			620.8						37.2						599.2						460.5
3.00% Exchangeable senior notes due 2024(2)			849.5						110.4						699.0						607.4
4.50% Senior notes due 2024			303.4						13.1						302.0						167.2
4.75% Senior notes due 2024			318.6						19.5						276.5						201.4
8.00% Senior notes due 2024			292.3						14.0						295.7						181.7
5.20% Senior notes due 2025			333.7						15.4						331.7						186.7
7.375% Senior notes due 2025			360.8						29.8						329.2						218.6
7.75% Senior notes due 2026			1,000.0						49.4						987.1						575.1
7.20% Debentures due 2027			112.1						12.9						111.7						70.0
7.875% Senior notes due 2040			300.0						17.3						373.3						153.5
5.40% Senior notes due 2042			400.0						32.0						262.8						194.4
5.75% Senior notes due 2044			1,000.5						53.0						973.3						450.0
5.85% Senior notes due 2044			400.0						25.1						268.8						194.8
Amounts borrowed under revolving credit facility(3)			581.0						581.0						—						—
Total debt			$	7,096.3					$	1,023.4					$	6,048.3					$	3,874.1

(1)     The Commencement of the Chapter 11 Cases on August 19, 2020, constituted an event of default under our Senior Notes and revolving credit facility. Any efforts to enforce payment obligations under the Senior Notes and revolving credit facility, including any rights to require the repurchase by the Company of the 2024 Convertible Notes (as defined below) upon the NYSE delisting of the Class A ordinary shares, are automatically stayed as a result of the filing of the Chapter 11 Cases. The carrying amounts above represent the aggregate principal amount of Senior Notes outstanding as well as outstanding borrowings under our revolving credit facility as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheet as of September 30, 2020. We discontinued accruing interest on our indebtedness following the Petition Date and all accrued interest as of the Petition Date is classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheet as of September 30, 2020. Additionally, we incurred a net non-cash charge of $447.9 million to write off any unamortized debt discounts, premiums and issuance costs, including the amounts related to the 2024 Convertible Notes discussed below, which is included in Reorganization Items, net on our Condensed Consolidated Statement

of Operations for the three and nine months ended September 30, 2020. See "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for additional information.

(2)     Our 2024 Convertible Notes are exchangeable into cash, our Class A ordinary shares or a combination thereof. The 2024 Convertible Notes were separated, at issuance, into their liability and equity components on our Condensed Consolidated Balance Sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount and the discount was being amortized to interest expense over the life of the instrument. As discussed above, the carrying amount at September 30, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheet as of September 30, 2020. We discontinued accruing interest on these notes as of the Petition Date. Additionally, we incurred a net non-cash charge of $128.8 million to write off $119.5 million of unamortized debt discount and $9.3 million of unamortized debt issuance costs related to these notes, which is included in Reorganization Items, net on our Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2020. The equity component is $220.0 million at September 30, 2020 and remains in Additional Paid-Capital.

(3)    In addition to the amount borrowed above, we had $41.2 million in undrawn letters of credit issued under the revolving credit facility.

X

- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 11
-URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258

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