Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt

Our long-term debt consisted of the following as of September 30, 2020 and December 31, 2019:

	September 30, 2020						December 31, 2019
	Principal Amount			Carrying Amount			Principal Amount			Carrying Amount
	($ in millions)
DIP credit facility	$	—		$	—		$	—		$	—
Pre-petition revolving credit facility	1,929			1,929			1,590			1,590
Term loan due 2024	1,500			1,500			1,500			1,470
11.5% senior secured second lien notes due 2025	2,330			2,330			2,330			3,248
6.625% senior notes due 2020	176			176			208			208
6.875% senior notes due 2020	73			73			93			93
6.125% senior notes due 2021	167			167			167			167
5.375% senior notes due 2021	127			127			127			127
4.875% senior notes due 2022	272			272			338			338
5.75% senior notes due 2023	167			167			209			209
7.00% senior notes due 2024	624			624			624			624
6.875% senior notes due 2025	2			2			2			2
8.00% senior notes due 2025	246			246			246			245
5.5% convertible senior notes due 2026	1,064			1,064			1,064			765
7.5% senior notes due 2026	119			119			119			119
8.00% senior notes due 2026	46			46			46			44
8.00% senior notes due 2027	253			253			253			253
Debt issuance costs	—			—			—			(44		)
Total debt, net	9,095			9,095			8,916			9,458
Less current maturities of long-term debt	(1,929		)	(1,929		)	(385		)	(385		)
Less amounts reclassified to liabilities subject to compromise	(7,166		)	(7,166		)	—			—
Total long-term debt, net	$	—		$	—		$	8,531		$	9,073

Schedule of debt repurchased

In the Current Period, we repurchased approximately $160 million aggregate principal amount of the following senior notes for $95 million and recorded an aggregate gain of approximately $65 million.

	Notes Repurchased
	($ in millions)
6.625% senior notes due 2020	$	32
6.875% senior notes due 2020	20
4.875% senior notes due 2022	66
5.75% senior notes due 2023	42
Total	$	160

Schedule of fair value of debt

Upon emergence from the Chapter 11 Cases, the pre-petition revolving credit facility will be paid in full with proceeds from our exit financing and, therefore, the estimated fair value equals the carrying value and is excluded from the table below.

	September 30, 2020				December 31, 2019
	Carrying Amount		Estimated Fair Value		Carrying Amount		Estimated Fair Value
			($ in millions)
Short-term debt (Level 1)	$	—	$	—	$	385	$	360
Long-term debt (Level 1)	$	—	$	—	$	753	$	622
Long-term debt (Level 2)	$	—	$	—	$	8,320	$	6,085
Liabilities subject to compromise (Level 1)	$	982	$	38	$	—	$	—
Liabilities subject to compromise (Level 2)	$	6,184	$	1,475	$	—	$	—