Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2021

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Gains And Losses On Derivatives Designated As Cash Flow Hedges

Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our Condensed Consolidated Statements of Operations and comprehensive loss were as follows (in millions):


	Gain Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion)				Gain Reclassified from ("AOCI") into Income (Effective Portion)(1)
	Successor		Predecessor			Successor		Predecessor
	Three Months Ended September 30, 2021		Three Months Ended September 30, 2020			Three Months Ended September 30, 2021		Three Months Ended September 30, 2020


Foreign currency forward contracts(2)	$	—	$	2.7		$	—	$	(.5)


	Loss Recognized in Other Comprehensive Loss ("OCI") on Derivatives (Effective Portion)						Gain Reclassified from ("AOCI") into Income (Effective Portion)(1)
	Successor		Predecessor				Successor		Predecessor
	Five Months Ended September 30, 2021		Four Months Ended April 30, 2021		Nine Months Ended September 30, 2020		Five Months Ended September 30, 2021		Four Months Ended April 30, 2021		Nine Months Ended September 30, 2020


Foreign currency forward contracts(3)	$	—	$	—	$	(5.4)	$	—	$	(5.6)	$	(11.5)

(1)Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2)During the three months ended September 30, 2020 (Predecessor), $0.5 million of gains were reclassified from AOCI into contract drilling expense and no gain or loss were reclassified from AOCI into depreciation expense in our Condensed Consolidated Statement of Operations.

(3)During the four months ended April 30, 2021 (Predecessor), $5.6 million of gains were reclassified from AOCI into impairment expense in our Condensed Consolidated Statement of Operations in connection with the impairment of certain rigs. During the nine months ended September 30, 2020 (Predecessor), $2.0 million of losses were reclassified from AOCI into contract drilling expense and $13.5 million of gains were reclassified from AOCI into depreciation expense in our Condensed Consolidated Statement of Operations.