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Derivative Instruments (Tables)

12 Months Ended

Dec. 31, 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 Consolidated Statements of Operations and comprehensive loss were as follows (in millions):

			Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives   (Effective Portion)
			Successor									Predecessor
			Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Foreign currency forward contracts			—									—			(5.4)			1.6
Total			$	—								$	—		$	(5.4)		$	1.6

			(Gain) Loss Reclassified from  AOCI into Income (Effective Portion)(1)
			Successor									Predecessor
			Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021			Year Ended December 31, 2020			Year Ended December 31, 2019
Interest rate lock contracts(2)			$	—								$	—		$	—		$	1.9
Foreign currency forward contracts(3)			—									(5.6)			(11.6)			6.4
Total			$	—								$	(5.6)		$	(11.6)		$	8.3

 

(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 expense, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2)Losses on interest rate lock derivatives reclassified from AOCI into income were included in Interest expense, net, in our Consolidated Statements of Operations.

(3)During the four months ended April 30, 2021 (Predecessor), $5.6 million of gains were reclassified from AOCI into Loss on impairment in our Consolidated Statements of Operations in connection with the impairment of certain rigs. During the year ended December 31, 2020 (Predecessor), $2.0 million of losses were reclassified from AOCI into Contract drilling expense and $13.6 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements of Operations. During the year ended December 31, 2019 (Predecessor), $7.3 million of losses were reclassified from AOCI into Contract drilling expense and $0.9 million of gains were reclassified from AOCI into Depreciation expense in our Consolidated Statements of Operations.

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- References

No definition available.

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- Definition

Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
-Paragraph 4C
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=125515794&loc=SL5624171-113959

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