Leases (Tables)

3 Months Ended

Sep. 30, 2019

Leases [Abstract]

Schedule of Lease Assets and Liabilities

alance Sheet Classification

The table below presents the lease-related assets and liabilities recorded on the unaudited Condensed Consolidated Balance Sheet:

Successor
	Classification	September 30, 2019(1)
Assets:
Operating(1)	Operating lease assets	$	125
Finance(2)	Machinery and Equipment	10
Total leased assets		$	135
Liabilities:
Current
Operating	Current portion of operating lease liabilities	$	23
Finance	Debt payable within one year	4
Noncurrent
Operating	Operating lease liabilities	88
Finance	Long-term debt	4
Total leased liabilities		$	119

(1)    Operating lease assets include $14 of favorable leasehold interests as of September 30, 2019.    

(2)    Finance lease assets are recorded net of accumulate

Supplemental Information Related to Leases

The tables below present supplemental information related to leases as of September 30, 2019:

Successor	September 30, 2019
Weighted-average remaining lease term (years)
Operating leases	10.2
Finance leases	2.0
Weighted-average discount rate
Operating leases	5.81	%
Finance leases	10.00	%

Schedule of Maturities of Lease Liabilities, Operating Lease

The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Successor Company’s unaudited Condensed Consolidated Balance Sheet as of September 30, 2019:

Year	Minimum Rentals Under Operating Leases		Minimum Payments Under Finance Leases(1)
Remaining three months of 2019	$	9	$	1
2020	27		5
2021	21		2
2022	14		—
2023	10		—
2024 and thereafter	67		1
Total lease payments	$	148	$	9
Less: Amount representing interest	37		1
Present value of lease liabilities	$	111	$	8

(1) Amounts exclude sale leaseback financing arrangements which are not considered leases under Topic 842.

Schedule of Maturities of Lease Liabilities, Finance Lease

The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the finance lease liabilities and operating lease liabilities recorded on the Successor Company’s unaudited Condensed Consolidated Balance Sheet as of September 30, 2019:

Year	Minimum Rentals Under Operating Leases		Minimum Payments Under Finance Leases(1)
Remaining three months of 2019	$	9	$	1
2020	27		5
2021	21		2
2022	14		—
2023	10		—
2024 and thereafter	67		1
Total lease payments	$	148	$	9
Less: Amount representing interest	37		1
Present value of lease liabilities	$	111	$	8

(1) Amounts exclude sale leaseback financing arrangements which are not considered leases under Topic 842.

Schedule of Future Minimum Lease Payments for Capital Leases

The Company adopted ASU 2016-02 using a retrospective adoption method at January 1, 2019. See Note 2 for more information. The following is the minimum lease commitments under the previous lease guidance (ASC 840) as of December 31, 2018, as disclosed in the Predecessor Company’s most recent Annual Report on Form 10-K.

Predecessor
Year	Minimum Rentals Under Operating Leases		Minimum Payments Under Capital Leases
2019	$	33	$	15
2020	24		20
2021	20		13
2022	13		26
2023	10		9
2024 and thereafter	61		1
Total minimum payments	$	161	84
Less: Amount representing interest			(18		)
Present value of minimum payments			$	66

Schedule of Future Minimum Rental Payments for Operating Leases

The Company adopted ASU 2016-02 using a retrospective adoption method at January 1, 2019. See Note 2 for more information. The following is the minimum lease commitments under the previous lease guidance (ASC 840) as of December 31, 2018, as disclosed in the Predecessor Company’s most recent Annual Report on Form 10-K.

Predecessor
Year	Minimum Rentals Under Operating Leases		Minimum Payments Under Capital Leases
2019	$	33	$	15
2020	24		20
2021	20		13
2022	13		26
2023	10		9
2024 and thereafter	61		1
Total minimum payments	$	161	84
Less: Amount representing interest			(18		)
Present value of minimum payments			$	66