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Debt (Tables) | 12 Months Ended
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Dec. 31, 2020
Debt Disclosure [Abstract] |
Schedule Of Long-Term Debt Instruments | The carrying value of our debt as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020(1) |  | 2019
6.875% Senior notes due 2020 |  | $ | 122.9 |  |  | $ | 124.8 |
4.70% Senior notes due 2021 |  | 100.7 |  |  | 113.2 |
4.875% Senior notes due 2022(2) |  | 620.8 |  |  | 599.2 |
3.00% Exchangeable senior notes due 2024 |  | 849.5 |  |  | 699.0 |
4.50% Senior notes due 2024 |  | 303.4 |  |  | 302.0 |
4.75% Senior notes due 2024(2) |  | 318.6 |  |  | 276.5 |
8.00% Senior notes due 2024 |  | 292.3 |  |  | 295.7 |
5.20% Senior notes due 2025 |  | 333.7 |  |  | 331.7 |
7.375% Senior notes due 2025(2) |  | 360.8 |  |  | 329.2 |
7.75% Senior notes due 2026 |  | 1,000.0 |  |  | 987.1 |
7.20% Debentures due 2027 |  | 112.1 |  |  | 111.7 |
7.875% Senior notes due 2040 |  | 300.0 |  |  | 373.3 |
5.40% Senior notes due 2042(2) |  | 400.0 |  |  | 262.8 |
5.75% Senior notes due 2044 |  | 1,000.5 |  |  | 973.3 |
5.85% Senior notes due 2044(2) |  | 400.0 |  |  | 268.8 |
Amounts drawn under the revolving credit facility (3) |  | 581.0 |  |  | — |
Total debt |  | $ | 7,096.3 |  |  | $ | 6,048.3 |
Less: Liabilities Subject to Compromise |  | 7,096.3 |  |  | — |
Less: current maturities |  | — |  |  | 124.8 |
Total long-term debt |  | $ | — |  |  | $ | 5,923.5 |
(1) 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 Consolidated Balance Sheet as of December 31, 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 Consolidated Balance Sheet as of December 31, 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 Consolidated Statement of Operations for the year ended December 31, 2020. See below and "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern" for additional information. (2) These senior notes were acquired in the Rowan Transaction. (3) In addition to the amount borrowed above, we had $27.0 million in undrawn letters of credit issued under the revolving credit facility.
Convertible Debt | As of December 31, 2020 and 2019, the 2024 Convertible Notes consist of the following (in millions):
Liability component: |  | 2020 |  | 2019
Principal |  | $ | 849.5 |  |  | $ | 849.5 |
Less: Unamortized debt discount and issuance costs |  | — |  |  | (150.5) |
Net carrying amount (1) |  | $ | 849.5 |  |  | $ | 699.0 |
Equity component, net |  | $ | 220.0 |  |  | $ | 220.0 |
(1) The carrying amount at December 31, 2020 represents the aggregate principal amount of these notes as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020.
Schedule of Extinguishment of Debt | Our tender offers and open market repurchases during the three-year period ended December 31, 2020 are summarized in the following table (in millions):
| Aggregate Principal Amount Repurchased |  | Aggregate Repurchase Price(1)
Year Ended December 31, 2020 |  |  |
4.70% Senior notes due 2021 | $ | 12.8 |  |  | $ | 9.7 |
Year Ended December 31, 2019 |  |  |
4.50% Senior notes due 2024 | $ | 320.0 |  |  | $ | 240.0 |
4.75% Senior notes due 2024 | 79.5 |  |  | 61.2 |
8.00% Senior notes due 2024 | 39.7 |  |  | 33.8 |
5.20% Senior notes due 2025 | 335.5 |  |  | 250.0 |
7.375% Senior notes due 2025 | 139.2 |  |  | 109.2 |
7.20% Senior notes due 2027 | 37.9 |  |  | 29.9 |
| $ | 951.8 |  |  | $ | 724.1 |
Year Ended December 31, 2018 |  |  |
8.50% Senior notes due 2019 | $ | 237.6 |  |  | $ | 256.8 |
6.875% Senior notes due 2020 | 328.0 |  |  | 354.7 |
4.70% Senior notes due 2021 | 156.2 |  |  | 159.7 |
| $ | 721.8 |  |  | $ | 771.2 |
(1) Excludes accrued interest paid to holders of the repurchased senior notes.
Aggregate Maturities Of Long-Term Debt | The original principal amounts issued under our senior notes have subsequently changed as a result of our tenders, repurchases, exchanges, redemptions and new debt issuances such that the balance outstanding at December 31, 2020 were as follows (in millions):
|  |  |  |  |  |  |  |  |  |  |  |  | Subject to Compromise(2)
Senior Notes(2) | Original Principal |  | 2016 Tenders, Repurchases and Equity Exchange |  | 2017 Exchange Offers and Repurchases |  | 2018 Tender Offers, Redemption and Debt Issuance |  | 2019 Tender Offers and Acquired Debt |  | 2020 Open Market Repurchase |  | Remaining Principal
6.875% Senior Notes due 2020 | $ | 900.0 |  |  | $ | (219.2) |  |  | $ | (229.9) |  |  | $ | (328.0) |  |  | $ | — |  |  | $ | — |  |  | $ | 122.9 |
4.70% Senior Notes due 2021 | 1,500.0 |  |  | (817.0) |  |  | (413.3) |  |  | (156.2) |  |  | — |  |  | (12.8) |  |  | 100.7 |
4.875% Senior notes due 2022(1) | — |  |  | — |  |  | — |  |  | — |  |  | 620.8 |  |  | — |  |  | 620.8 |
3.00% Exchangeable senior notes due 2024 | 849.5 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 849.5 |
4.50% Senior notes due 2024 | 625.0 |  |  | (1.6) |  |  | — |  |  | — |  |  | (320.0) |  |  | — |  |  | 303.4 |
4.75% Senior notes due 2024(1) | — |  |  | — |  |  | — |  |  | — |  |  | 318.6 |  |  | — |  |  | 318.6 |
8.00% Senior Notes due 2024 | — |  |  | — |  |  | 332.0 |  |  | — |  |  | (39.7) |  |  | — |  |  | 292.3 |
5.20% Senior Notes due 2025 | 700.0 |  |  | (30.8) |  |  | — |  |  | — |  |  | (335.5) |  |  | — |  |  | 333.7 |
7.375% Senior Notes due 2025(1) | — |  |  | — |  |  | — |  |  | — |  |  | 360.8 |  |  | — |  |  | 360.8 |
7.75% Senior Notes due 2026 | — |  |  | — |  |  | — |  |  | 1,000.0 |  |  | — |  |  | — |  |  | 1,000.0 |
7.20% Debentures due 2027 | 150.0 |  |  | — |  |  | — |  |  | — |  |  | (37.9) |  |  | — |  |  | 112.1 |
7.875% Senior notes due 2040 | 300.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 300.0 |
5.40% Senior notes due 2042 (1) | — |  |  | — |  |  | — |  |  | — |  |  | 400.0 |  |  | — |  |  | 400.0 |
5.75% Senior notes due 2044 | 1,025.0 |  |  | (24.5) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000.5 |
5.85% Senior notes due 2044 (1) | — |  |  | — |  |  | — |  |  | — |  |  | 400.0 |  |  | — |  |  | 400.0 |
Total | $ | 6,049.5 |  |  | $ | (1,093.1) |  |  | $ | (311.2) |  |  | $ | 515.8 |  |  | $ | 1,367.1 |  |  | $ | (12.8) |  |  | $ | 6,515.3 |
(1)These senior notes were acquired in the Rowan Transaction. (2)The $6.5 billion aggregate principal amount of Senior Notes outstanding as well as associated $201.9 million in accrued interest as of the Petition Date are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020. The maturity dates represent the maturity dates per the debt agreements; however, we are in default on these senior notes and are currently in chapter 11 proceedings. See "Senior Notes" above and "Note 2– Chapter 11 Proceedings and Ability to Continue as a Going Concern” for additional information for additional details regarding Chapter 11 Cases.

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- Definition Tabular disclosure of borrowings which can be exchanged for a specified number of another security at the option of the issuer or the holder. Disclosures include, but are not limited to, principal amount, amortized premium or discount, and amount of liability and equity components. + References No definition available. + Details
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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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- Definition Tabular disclosure of debt extinguished which may include, amount of gain (loss), the income tax effect and the per share amount of the aggregate gain (loss), net of the related income tax. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -SubTopic 50 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7516071&loc=d3e13374-112631 + Details
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