Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

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
	September 30, 2021				December 31, 2020
	Carrying Value		Estimated Fair Value		Carrying Value		Estimated Fair Value
Secured first lien notes due 2028	$	545.1	$	570.8	$	—	$	—
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	$	545.1	$	570.8	$	7,096.3	$	940.8
Less : Liabilities Subject to Compromise(3)	—		—		7,096.3		940.8
Total long-term debt	$	545.1	$	570.8	$	—	$	—

(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 Sheet 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 September 30, 2021 (Successor), we had $19.5 million of collateralized letters of credit issued by lenders of the Revolving Credit Facility and $29.9 million with respect to all letter of credit agreements.

(3) As discussed in “Note 2 - Chapter 11 Proceedings” and “Note 3 - Fresh Start Accounting,” since the Petition Date and through the Effective Date, 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 Sheet 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.