Debt (Tables)

12 Months Ended

Dec. 31, 2020

Debt Disclosure [Abstract]

Schedule of long-term debt instruments

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

	December 31, 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, net	(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

The initial outstanding principal amounts under the Exit Credit Facility and unsecured senior notes were:

	February 9, 2021
	($ in millions)
5.5% Senior Notes due 2026	$	500
5.875% Senior Notes due 2029	500
Exit Credit Facility - Exit Revolver	50
Exit Credit Facility - Non-Revolving Loan Facility	221
Total	$	1,271

Schedule of private exchange offer for outstanding senior unsecured notes

In 2020, 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

Senior Secured Second Lien Notes. In December 2019, we completed private offers to exchange newly issued 11.5% Senior Secured Second Lien Notes due 2025 (the “Second Lien Notes”) for the following outstanding senior unsecured notes (the “Existing Notes”):

	Notes Exchanged
	($ in millions)
7.00% senior notes due 2024	$	226
8.00% senior notes due 2025	999
8.00% senior notes due 2026	873
7.5% senior notes due 2026	281
8.00% senior notes due 2027	837
Total	$	3,216

We issued at par approximately $919 million of 8.00% Senior Notes due 2026 (“2026 notes”) pursuant to a private exchange offer for the following outstanding senior unsecured notes:

	Notes Exchanged
	($ in millions)
6.625% senior notes due 2020	$	229
6.875% senior notes due 2020	134
6.125% senior notes due 2021	381
5.375% senior notes due 2021	140
Total	$	884

Schedule of fair value of debt

Fair value is compared to the carrying value, excluding the impact of interest rate derivatives, in the table below:

	December 31, 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	$	43	$	—	$	—
Liabilities subject to compromise (Level 2)	$	6,184	$	1,694	$	—	$	—