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Fair Value Measurements
 12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Fair Value Measurements FAIR VALUE MEASUREMENTS
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 

Supplemental Executive Retirement Plan Assets

Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provided eligible employees an opportunity to defer a portion of their compensation for use after retirement. The SERP was frozen to the entry of new participants in November 2019 and to future compensation deferrals as of January 1, 2020. Assets held in a rabbi trust maintained for the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in Other assets, net, on our Consolidated Balance Sheet as of December 31, 2020 (Predecessor). The fair value measurements of assets held in the SERP were based on quoted market prices. Pursuant to the plan of reorganization, the assets held in the rabbi trust maintained for the SERP were liquidated upon the Effective Date and used to satisfy the claims of creditors. Effective July 1, 2021, we amended the SERP to provide for quarterly credits of an interest equivalent based upon the rate of interest paid on ten-year United States treasury notes in November of the immediately preceding calendar year and the participant plan balances as of the first day of such quarter. Net unrealized gains of $1.2 million, $3.2 million and $5.0 million from marketable securities held in our SERP were included in Other, net, in our Consolidated Statements of Operations for the four months ended April 30, 2021 (Predecessor), the year ended December 31, 2020 (Predecessor) and the year ended December 31, 2019 (Predecessor), respectively.
 
Other Financial Instruments

The carrying values and estimated fair values of our debt instruments were as follows (in millions):
SuccessorPredecessor
December 31, 2021December 31, 2020
Carrying
Value		Estimated
  Fair
Value
Carrying
Value (1)
Estimated
  Fair
Value
Secured first lien notes due 2028$545.3 $575.7 $— $— 
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 (2)
— — 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 (3)
— — 581.0 581.0 
Total debt$545.3 $575.7 $7,096.3 $940.8 
Less : Liabilities Subject to Compromise (4)
— — 7,096.3 940.8 
Total long-term debt$545.3 $575.7 $— $— 

(1)    The carrying amount of debt instruments at December 31, 2020 represents the Predecessor's outstanding borrowings as of the Petition Date and are classified as Liabilities Subject to Compromise in our Consolidated Balance Sheet as of December 31, 2020.

(2)    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 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. The carrying amount at December 31, 2020 represented the aggregate principal amount of these notes as of the Petition Date and was classified as Liabilities Subject to Compromise in our 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.

(3)    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 Effective 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.
(4)     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 Consolidated Balance Sheet as of December 31, 2020 (Predecessor). 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. Additionally, we discontinued accruing interest on our indebtedness as of the Petition Date.

The estimated fair values of the Successor's First Lien Notes and the Predecessor's Senior Notes were determined using quoted market prices, which are level 1 inputs. As of December 31, 2021 (Successor), the estimated fair value of our long-term notes receivable from ARO was $266.7 million and was estimated by using an income approach to value the forecasted cash flows attributed to the notes receivable using a discount rate based on comparable yield with a country-specific risk premium.

The estimated fair values of our cash and cash equivalents, restricted cash, accounts receivable and trade payables approximated their carrying values as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor).