XML 42 R29.htm IDEA: XBRL DOCUMENT
v3.21.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2021
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 December 31, 2020 (Predecessor) |  |  |  |  |  |  |
Supplemental executive retirement plan assets | 22.6 |  |  | — |  |  | — |  |  | 22.6 |
Total financial assets | $ | 22.6 |  |  | $ | — |  |  | $ | — |  |  | $ | 22.6 |
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):
| Successor |  | Predecessor
| June 30, 2021 |  | December 31, 2020
| Carrying Value |  | Estimated Fair Value |  | Carrying Value |  | Estimated Fair Value
Secured first lien notes due 2028 | $ | 544.8 |  |  | $ | 570.1 |  |  | $ | — |  |  | $ | — |
6.875% Senior notes due 2020 | — |  |  | — |  |  | 122.9 |  |  | 8.6 |
4.70% Senior notes due 2021 | — |  |  | — |  |  | 100.7 |  |  | 4.5 |
4.875% Senior notes due 2022 | — |  |  | — |  |  | 620.8 |  |  | 32.9 |
3.00% Exchangeable senior notes due 2024(1) | — |  |  | — |  |  | 849.5 |  |  | 76.5 |
4.50% Senior notes due 2024 | — |  |  | — |  |  | 303.4 |  |  | 13.7 |
4.75% Senior notes due 2024 | — |  |  | — |  |  | 318.6 |  |  | 18.8 |
8.00% Senior notes due 2024 | — |  |  | — |  |  | 292.3 |  |  | 12.9 |
5.20% Senior notes due 2025 | — |  |  | — |  |  | 333.7 |  |  | 12.7 |
7.375% Senior notes due 2025 | — |  |  | — |  |  | 360.8 |  |  | 20.9 |
7.75% Senior notes due 2026 | — |  |  | — |  |  | 1,000.0 |  |  | 44.0 |
7.20% Debentures due 2027 | — |  |  | — |  |  | 112.1 |  |  | 5.7 |
7.875% Senior notes due 2040 | — |  |  | — |  |  | 300.0 |  |  | 21.0 |
5.40% Senior notes due 2042 | — |  |  | — |  |  | 400.0 |  |  | 23.6 |
5.75% Senior notes due 2044 | — |  |  | — |  |  | 1,000.5 |  |  | 38.0 |
5.85% Senior notes due 2044 | — |  |  | — |  |  | 400.0 |  |  | 26.0 |
Amounts borrowed under Revolving Credit Facility(2) | — |  |  | — |  |  | 581.0 |  |  | 581.0 |
Total debt | $ | 544.8 |  |  | $ | 570.1 |  |  | $ | 7,096.3 |  |  | $ | 940.8 |
Less : Liabilities Subject to Compromise(3) | — |  |  | — |  |  | 7,096.3 |  |  | 940.8 |
Total long-term debt | $ | 544.8 |  |  | $ | 570.1 |  |  | $ | — |  |  | $ | — |
(1) For the Predecessor, the 3% exchangeable senior notes due 2024 (the "2024 Convertible Notes") were 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 December 31, 2020 represented the aggregate principal amount of these notes as of the Petition Date and were classified as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of December 31, 2020. The Predecessor discontinued accruing interest on these notes as of the Petition Date. The equity component was $220.0 million and was classified as Additional Paid-in Capital as of December 31, 2020. On the Effective Date, in accordance with the plan of reorganization, all outstanding obligations under the 2024 Convertible Notes were cancelled and the equity component was written off to retained earnings. (2) In addition to the amount borrowed above, the Predecessor had $27.0 million in undrawn letters of credit issued under the Revolving Credit Facility as of December 31, 2020. On the emergence date, in accordance with the plan of reorganization, all undrawn letters of credit issued under the Revolving Credit Facility were collateralized pursuant to the terms of the Revolving Credit Facility. As of June 30, 2021, we had $22.0 million of collateralized letters of credit issued to lenders of the predecessor Revolving Credit Facility. (3) As discussed in “Note 2 - Chapter 11 Proceedings” and “Note 3 - Fresh Start Accounting,” since the commencement of the Chapter 11 Cases on August 19, 2020 and through April 30, 2021, the Company operated as a debtor-in-possession under the jurisdiction of the Bankruptcy Court and in accordance with the provisions of the Bankruptcy Code. Accordingly, all of our long-term debt obligations were presented as Liabilities Subject to Compromise in our Condensed Consolidated Balance Sheets as of December 31, 2020. All unamortized debt discounts, premiums or issuance costs related to our long-term debt obligations were written off to reorganization items as of the Petition Date in 2020.

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=123594938&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueByBalanceSheetGroupingTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

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

X
- 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=123874694&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=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration