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Pension and Other Post-retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2021

Retirement Benefits [Abstract]

Schedule of Changes in Benefit Obligations and Plan Assets

The following table presents the changes in benefit obligations and plan assets for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor) and the funded status and weighted-average assumptions used to determine the benefit obligation at the measurement date (dollars in millions):

						Successor																					Predecessor
						Eight Months Ended December 31, 2021																					Four Months Ended April 30, 2021																		Year Ended December 31, 2020
						Pension Benefits						Other Benefits						Total									Pension Benefits						Other Benefits						Total						Pension Benefits						Other Benefits						Total
Projected benefit obligation:
BALANCE at the beginning of the period						$	826.1					$	14.8					$	840.9								$	886.7					$	15.9					$	902.6					$	832.4					$	16.1					$	848.5
Interest cost						15.3						0.3						15.6									6.5						0.1						6.6						24.9						0.5						25.4
Service cost						—						—						—									—						—						—						.1						—						0.1
Actuarial loss (gain)						20.6						(4.2)						16.4									(55.0)						(1.0)						(56.0)						97.8						(0.1)						97.7
Plan settlements						(25.9)						—						(25.9)									—						—						—						(6.6)						—						(6.6)
Plan curtailments						—						—						—									—						—						—						(3.3)						—						(3.3)
Plan amendments						0.2						—						0.2									—						—						—						—						—						—
Benefits paid						(25.7)						(0.3)						(26.0)									(12.1)						(0.2)						(12.3)						(58.6)						(0.6)						(59.2)
Net transfer in/(out) (including the effect of any business combinations/divestitures)						17.3						5.0						22.3									—						—						—						—						—						—
BALANCE at the end of the period						$	827.9					$	15.6					$	843.5								$	826.1					$	14.8					$	840.9					$	886.7					$	15.9					$	902.6

Plan assets
Fair value, at the beginning of the period						$	652.0					$	—					$	652.0								$	603.1					$	—					$	603.1					$	598.9					$	—					$	598.9
Actual return						31.8						—						31.8									38.5						—						38.5						57.9						—						57.9
Employer contributions						2.4						—						2.4									22.5						—						22.5						11.5						—						11.5
Plan settlements						(25.9)						—						(25.9)									—						—						—						(6.6)						—						(6.6)
Benefits paid						(25.7)						—						(25.7)									(12.1)						—						(12.1)						(58.6)						—						(58.6)
Fair value, at the end of the period						$	634.6					$	—					$	634.6								$	652.0					$	—					$	652.0					$	603.1					$	—					$	603.1
Net benefit liabilities						$	193.3					$	15.6					$	208.9								$	174.1					$	14.8					$	188.9					$	283.6					$	15.9					$	299.5
Amounts recognized in Consolidated Balance Sheet:
Accrued liabilities						$	(3.8)					$	(1.1)					$	(4.9)								$	(1.4)					$	(1.4)					$	(2.8)					$	(1.5)					$	(1.4)					$	(2.9)
Other liabilities (long-term)						(189.5)						(14.5)						(204.0)									(172.7)						(13.4)						(186.1)						(282.1)						(14.5)						(296.6)
Net benefit liabilities						$	(193.3)					$	(15.6)					$	(208.9)								$	(174.1)					$	(14.8)					$	(188.9)					$	(283.6)					$	(15.9)					$	(299.5)
Accumulated contributions in excess of (less than) net periodic benefit cost						$	(180.0)					$	(19.8)					$	(199.8)								$	(174.1)					$	(14.8)					$	(188.9)					$	(179.6)					$	(15.8)					$	(195.4)
Amounts not yet reflected in net periodic benefit cost:
Actuarial gain (loss)						(13.1)						4.2						(8.9)									—						—						—						(104.0)						$	(0.1)					(104.1)
Prior service credit (cost)						(0.2)						—						(0.2)									—						—						—						—						—						—
Total accumulated other comprehensive income (loss)						$	(13.3)					$	4.2					$	(9.1)								$	—					$	—					$	—					$	(104.0)					$	(0.1)					$	(104.1)
Net benefit liabilities						$	(193.3)					$	(15.6)					$	(208.9)								$	(174.1)					$	(14.8)					$	(188.9)					$	(283.6)					$	(15.9)					$	(299.5)
Weighted-average assumptions:
Discount rate						2.73		%				2.72		%													2.84		%				2.73		%										2.30		%				2.19		%
Cash balance interest credit rate						3.05		%				N/A															2.94		%				N/A												2.94		%				N/A

Schedule of Accumulated and Projected Benefit Obligations

The accumulated benefit obligations, which are presented below for all plans in the aggregate at December 31, 2021 and 2020, are based on services rendered to date, but exclude the effect of future salary increases (in millions):

						Successor									Predecessor
						2021									2020
Accumulated benefit obligation						$	843.5								$	902.6

Schedule of Net Periodic Pension Costs and Weighted Average Assumptions

The components of net periodic pension, retiree medical cost and the weighted-average assumptions used to determine net periodic pension and retiree medical cost were as follows (dollars in millions):

						Successor									Predecessor
						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020						April 11, 2019 - December 31, 2019
Service cost (1)						$	—								$	—					0.1						1.5
Interest cost (2)						15.6									6.6						25.4						21.3
Expected return on plan assets (2)						(24.7)									(12.1)						(36.5)						(27.1)
Curtailment gain recognized (2)						—									—						(3.3)						—
Settlement (gain) loss recognized (2)						0.4									—						(0.3)						—
Amortization of net loss (2)						—									0.1						—						—
Net periodic pension and retiree medical cost (income)						$	(8.7)								$	(5.4)					$	(14.6)					$	(4.3)
Discount rate						2.84		%							2.30		%				3.16		%				3.82		%
Expected return on assets						6.03		%							6.03		%				6.48		%				6.70		%
Cash balance interest credit rate						2.94		%							2.94		%				3.29		%				3.29		%

(1)    Included in Contract drilling and General and administrative expense in our Consolidated Statements of Operations.

(2)    Included in Other, net, in our Consolidated Statements of Operations.

Schedule of Allocation of Plan Assets

Target allocations among asset categories and the fair value of each category of plan assets as of December 31, 2021 and 2020, classified by level within the fair value hierarchy are presented below. The plans will reallocate assets in accordance with the allocation targets, after giving consideration to the expected level of cash required to pay current benefits and plan expenses (dollars in millions):

						Target range						Total						Quoted prices in active markets for identical assets (Level 1)						Significant observable inputs (Level 2)						Significant unobservable inputs (Level 3)
December 31, 2021 (Successor)
Equities:						53% to 69%
U.S. large cap						22% to 28%						$	173.7					$	—					$	173.7					$	—
U.S. small cap						4% to 10%						44.7						—						44.7						—
International all cap						21% to 29%						159.1						—						159.1						—
International small cap						2% to 8%						41.7						—						41.7						—
Real estate equities						0% to 13%						63.5						—						63.5						—
Fixed income:						25% to 35%
Aggregate						9% to 19%						73.1						—						73.1						—
Core plus						9% to 19%						74.3						74.3						—						—
Cash and equivalents						0% to 10%						4.5						4.5						—						—
Group annuity contracts												—						—						—						—
Total												$	634.6					$	78.8					$	555.8					$	—
December 31, 2020 (Predecessor)
Equities:						53% to 69%
U.S. large cap						22% to 28%						$	151.9					$	—					$	151.9					$	—
U.S. small cap						4% to 10%						48.1						—						48.1						—
International all cap						21% to 29%						158.5						—						158.5						—
International small cap						2% to 8%						37.0						—						37.0						—
Real estate equities						0% to 13%						53.5						—						53.5						—
Fixed income:						25% to 35%
Aggregate						9% to 19%						74.3						—						74.3						—
Core plus						9% to 19%						75.8						75.8						—						—
Cash and equivalents						0% to 10%						4.0						4.0						—						—
Group annuity contracts												—						—						—						—
Total												$	603.1					$	79.8					$	523.3					$	—

Schedule of Expected Benefit Payments

Estimated future annual benefit payments from plan assets are presented below. Such amounts are based on existing benefit formulas and include the effect of future service (in millions):

						Pension Benefits						Other Post-Retirement Benefits
Year ended December 31,
2022						$	42.7					$	1.2
2023						42.3						1.2
2024						42.3						1.2
2025						41.8						1.1
2026						41.2						1.0
2027 through 2030						200.2						4.2

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