XML 35 R15.htm IDEA: XBRL DOCUMENT v3.21.2
Pension and Other Postretirement Benefits
9 Months Ended
Sep. 30, 2021
Retirement Benefits [Abstract]  
Retirement Benefits [Text Block] Pension and Other Post-retirement Benefits     We have defined-benefit pension plans and a retiree medical plan that provides post-retirement health and life insurance benefits.
    The components of net periodic pension and retiree medical cost were as follows (in millions):
SuccessorPredecessor
 Three Months Ended September 30, 2021Three Months Ended September 30, 2020
Service cost (1)
$— $.7 
Interest cost (2)
5.8 6.6 
Expected return on plan assets(2)
(9.5)(9.6)
Net periodic pension and retiree medical cost (income)$(3.7)$(2.3)

SuccessorPredecessor
 Five Months Ended September 30, 2021 Four Months Ended April 30, 2021Nine Months Ended September 30, 2020
Service cost (1)
$— $— $2.0 
Interest cost (2)
9.6 6.6 19.5 
Expected return on plan assets(2)
(15.7)(12.1)(28.6)
Amortization of net loss (2)
— .1 — 
Net periodic pension and retiree medical cost (income)$(6.1)$(5.4)$(7.1)

(1)Included in contract drilling and general and administrative expense in our Condensed Consolidated Statements of Operations.

(2)Included in other, net, in our Condensed Consolidated Statements of Operations.
During the five months ended September 30, 2021 (Successor), we contributed $1.7 million to our pension and other post-retirement benefit plans. During the four months ended April 30, 2021 (Predecessor), we contributed $22.5 million to our pension and other post-retirement benefit plans, of which $7.0 million and $5.3 million relate to the 2020 and 2019 plan year contributions, respectively, that were deferred under the U. S. Cares Act. Additionally, in March 2021, the American Rescue Plan Act of 2021 ("ARPA-21") was passed. ARPA-21 provides funding relief for U.S. qualified pension plans which should lower pension contribution requirements over the next few years. As a result, we will not make contributions to certain plans for the remainder of 2021. However, we expect to make contributions to certain other plans for the remainder of 2021 of approximately $1.2 million. These amounts represent the minimum contributions we are required to make under relevant statutes. We do not expect to make contributions in excess of the minimum required amounts.