XML 63 R43.htm IDEA: XBRL DOCUMENT v3.22.0.1
Leases Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Components of Lease Expense
The components of lease expense are as follows (in millions):
SuccessorPredecessor
Eight Months Ended December 31, 2021Four Months Ended April 30, 2021Year Ended December 31, 2020Year Ended December 31, 2019
Long-term operating lease cost$12.9 $9.1 $23.3 $29.5 
Short-term operating lease cost15.3 7.0 19.2 12.2 
Sublease income(0.3)(0.1)(2.3)(2.4)
Total operating lease cost$27.9 $16.0 $40.2 $39.3 
Supplemental Balance Sheet Information
Supplemental balance sheet information related to our operating leases is as follows (in millions, except lease term and discount rate):
SuccessorPredecessor
December 31, 2021December 31, 2020
Operating lease right-of-use assets$20.5 $35.8 
Current lease liability$10.0 $15.7 
Long-term lease liability12.5 21.6 
Total operating lease liabilities$22.5 $37.3 
Weighted-average remaining lease term (in years)4.84.3
Weighted-average discount rate (1)
7.27 %8.24 %

(1)Represents our estimated incremental borrowing cost on a secured basis for similar terms as the underlying leases.
Maturities of Lease Liabilities
Maturities of lease liabilities as of December 31, 2021 (Successor) were as follows (in millions):
2022$11.3 
20233.1 
20242.2 
20252.0 
20262.0 
Thereafter6.8 
Total lease payments$27.4 
Less imputed interest(4.9)
Total$22.5 

Predecessor

On October 28, 2020, the Bankruptcy Court approved the rejection of certain unexpired office leases and related subleases. The various lease rejections were effective as of September 30, 2020 and October 31, 2020. We recorded an estimated allowed claim of $4.4 million and recognized an expense in Reorganization items, net on our Consolidated Statements of Operations for the year ended December 31, 2020 (Predecessor). Also, during the year ended December 31, 2020 (Predecessor), in connection with the office lease rejections, we reduced our right-of-use asset by a total of $10.5 million and lease liability by a total of $20.4 million and recognized a net gain in Reorganization items of $9.8 million which includes the write off of associated leasehold improvements. Additionally, in connection with the lease rejections, during the year ended December 31, 2020 (Predecessor), we amended the terms of the lease for our corporate headquarters in Houston, Texas. The amendment reduced the associated right-of-use asset by $6.4 million and lease liability by $10.4 million and we recognized a net gain in Reorganization items of $1.7 million which includes the write-off of associated leasehold improvements during the year ended December 31, 2020 (Predecessor).

During the year ended December 31, 2019 (Predecessor), we recorded lease impairments of $5.6 million related to the impairment of the right-of-use assets associated with an office space and a leased yard facility that were abandoned due to the consolidation of certain corporate offices and leased facilities.