Reorganization Items, Net (Notes)

3 Months Ended

Mar. 31, 2017

Reorganization Items, Net [Abstract]

Reorganization Items, Net [Text Block]

Reorganization Items, Net

In accordance with Accounting Standards Codification 852, "Reorganizations," the statement of operations shall portray the results of operations of the reporting entity during the pendency of the Chapter 11 Cases. Revenues, expenses (including professional fees), realized gains and losses, and provisions for losses resulting from reorganization and restructuring of the business shall be reported separately as reorganization items.

The Company's reorganization items for the three months ended March 31, 2017 consisted of the following:

	Three Months Ended
	March 31, 2017
	(Dollars in millions)
Professional fees	$	42.5
Accounts payable settlement gains	(0.7		)
Interest income	(0.4		)
Reorganization items, net	$	41.4

As a result of filing the Bankruptcy Petitions, counterparties to certain derivative contracts terminated the agreements shortly thereafter in accordance with their contractual terms and the Company adjusted the corresponding liabilities to be equivalent to the termination value and allowed claim amount of each contract. Such liabilities are considered first lien debt and are included within "Liabilities subject to compromise" in the accompanying condensed consolidated balance sheet at March 31, 2017.

Professional fees are only those that are directly related to the reorganization including, but not limited to, fees associated with advisors to the Debtors, the unsecured creditors' committee and certain other secured and unsecured creditors.

During the three months ended March 31, 2017, $31.4 million of cash payments were made for "Reorganization items, net".