Transocean (RIG) 10-Q 2 Nov 21 2021 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38373
Entity Registrant Name	Transocean Ltd
Entity Incorporation, State or Country Code	V8
Entity Tax Identification Number	98-0599916
Entity Address, Address Line One	Turmstrasse 30
Entity Address, City or Town	Steinhausen
Entity Address, Country	CH
Entity Address, Postal Zip Code	6312
City Area Code	+41 (41)
Local Phone Number	749-0500
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		655,504,841
Entity Central Index Key	0001451505
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Amendment Flag	false
Shares
Document and Entity Information
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE
0.50% Exchangeable Senior Bonds due January 2023
Document and Entity Information
Title of 12(b) Security	0.50% Exchangeable Senior Bonds due 2023
Trading Symbol	RIG/23
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Operating revenues
Contract drilling revenues	$ 626	$ 773	$ 1,935	$ 2,462
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 398	$ 470	$ 1,267	$ 1,535
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 185	$ 190	$ 558	$ 592
General and administrative	40	45	118	133
Total costs and expenses	623	705	1,943	2,260
Loss on impairment				(597)
Loss on disposal of assets, net	(3)	(64)	(61)	(64)
Operating income (loss)		4	(69)	(459)
Other income (expense), net
Interest income	4	6	11	19
Interest expense, net of amounts capitalized	(110)	(145)	(340)	(458)
Gain on restructuring and retirement of debt		449	51	396
Other, net	3	21	26	(23)
Total other income (expense), net	(103)	331	(252)	(66)
Income (loss) before income tax expense (benefit)	(103)	335	(321)	(525)
Income tax expense (benefit)	27	(24)	10	4
Net income (loss)	(130)	359	(331)	(529)
Net income attributable to noncontrolling interest			1	1
Net income (loss) attributable to controlling interest	$ (130)	$ 359	$ (332)	$ (530)
Earnings (loss) per share, basic (in dollars per share)	$ (0.20)	$ 0.58	$ (0.53)	$ (0.86)
Earnings (loss) per share, diluted (in dollars per share)	$ (0.20)	$ 0.51	$ (0.53)	$ (0.86)
Weighted-average shares, basic (in shares)	653	616	630	615
Weighted-average shares, diluted (in shares)	653	702	630	615

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ (130)	$ 359	$ (331)	$ (529)
Net income attributable to noncontrolling interest			1	1
Net income (loss) attributable to controlling interest	(130)	359	(332)	(530)
Components of net periodic benefit costs before reclassifications			(5)	(9)
Components of net periodic benefit costs reclassified to net income (loss)	3	2	7	6
Other comprehensive income (loss) before income taxes	3	2	2	(3)
Other comprehensive income (loss)	3	2	2	(3)
Other comprehensive income (loss) attributable to controlling interest	3	2	2	(3)
Total comprehensive income (loss)	(127)	361	(329)	(532)
Total comprehensive income attributable to noncontrolling interest			1	1
Total comprehensive income (loss) attributable to controlling interest	$ (127)	$ 361	$ (330)	$ (533)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Assets
Cash and cash equivalents	$ 900	$ 1,154
Accounts receivable, net of allowance of $2 at September 30, 2021 and December 31, 2020	507	583
Materials and supplies, net of allowance of $148 and $143 at September 30, 2021 and December 31, 2020, respectively	433	434
Restricted cash and cash equivalents	576	406
Other current assets	165	163
Total current assets	2,581	2,740
Property and equipment	23,102	23,040
Less accumulated depreciation	(5,886)	(5,373)
Property and equipment, net	17,216	17,667
Contract intangible assets	223	393
Deferred income taxes, net	9	9
Other assets	947	995
Total assets	20,976	21,804
Liabilities and equity
Accounts payable	215	194
Accrued income taxes	10	28
Debt due within one year	575	505
Other current liabilities	551	659
Total current liabilities	1,351	1,386
Long-term debt	6,773	7,302
Deferred income taxes, net	358	315
Other long-term liabilities	1,227	1,366
Total long-term liabilities	8,358	8,983
Commitments and contingencies
Shares, CHF 0.10 par value, 891,379,306 authorized, 142,363,356 conditionally authorized, 685,676,456 issued and 651,155,650 outstanding at September 30, 2021, and 824,650,660 authorized, 142,363,647 conditionally authorized, 639,676,165 issued and 615,140,276 outstanding at December 31, 2020	63	60
Additional paid-in capital	13,659	13,501
Accumulated deficit	(2,198)	(1,866)
Accumulated other comprehensive loss	(261)	(263)
Total controlling interest shareholders' equity	11,263	11,432
Noncontrolling interest	4	3
Total equity	11,267	11,435
Total liabilities and equity	$ 20,976	$ 21,804

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Sep. 30, 2021USD ($)shares	Sep. 30, 2021SFr / shares	Dec. 31, 2020USD ($)shares	Dec. 31, 2020SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2		$ 2
Materials and supplies, net of allowance | $	$ 148		$ 143
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	891,379,306		824,650,660
Shares, conditionally authorized	142,363,356		142,363,647
Shares, issued	685,676,456		639,676,165
Shares, outstanding	651,155,650		615,140,276

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earningsPeriod of Adoption, Adjustment	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2019	$ 11,862	$ 59	$ 13,424		$ (1,297)	$ (324)	$ 5	$ 11,867
Increase (Decrease) in Shareholders' Equity
Share-based compensation	24		24					24
Issuance of shares		1	(1)
Equity component of convertible debt instrument	46		46					46
Net income (loss) attributable to controlling interest					(530)			(530)
Other comprehensive income (loss) attributable to controlling interest						(3)		(3)
Total comprehensive income (loss) attributable to controlling interest	(533)							(533)
Total comprehensive income attributable to noncontrolling interest							1
Total comprehensive income (loss)								(532)
Other, net	(2)							(2)
Balance at Sep. 30, 2020	11,397	60	13,493	$ (2)	(1,829)	(327)	6	11,403
Balance at Dec. 31, 2019	11,862	59	13,424		(1,297)	(324)	5	11,867
Balance at Dec. 31, 2020	11,432	60	13,501		(1,866)	(263)	3	11,435
Balance at Jun. 30, 2020	10,981	60	13,438		(2,188)	(329)	6	10,987
Increase (Decrease) in Shareholders' Equity
Share-based compensation	9		9					9
Equity component of convertible debt instrument	46		46					46
Net income (loss) attributable to controlling interest					359			359
Other comprehensive income (loss) attributable to controlling interest						2		2
Total comprehensive income (loss) attributable to controlling interest	361							361
Total comprehensive income (loss)								361
Balance at Sep. 30, 2020	11,397	60	13,493	$ (2)	(1,829)	(327)	6	11,403
Balance at Dec. 31, 2020	11,432	60	13,501		(1,866)	(263)	3	11,435
Increase (Decrease) in Shareholders' Equity
Share-based compensation	21		21					21
Issuance of shares	141	3	138					141
Net income (loss) attributable to controlling interest					(332)			(332)
Other comprehensive income (loss) attributable to controlling interest						2		2
Total comprehensive income (loss) attributable to controlling interest	(330)							(330)
Total comprehensive income attributable to noncontrolling interest							1
Total comprehensive income (loss)								(329)
Other, net	(1)		(1)					(1)
Balance at Sep. 30, 2021	11,263	63	13,659		(2,198)	(261)	4	11,267
Balance at Jun. 30, 2021	11,308	62	13,578		(2,068)	(264)	4	11,312
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7					7
Issuance of shares	75	1	74					75
Net income (loss) attributable to controlling interest					(130)			(130)
Other comprehensive income (loss) attributable to controlling interest						3		3
Total comprehensive income (loss) attributable to controlling interest	(127)							(127)
Total comprehensive income (loss)								(127)
Balance at Sep. 30, 2021	$ 11,263	$ 63	$ 13,659		$ (2,198)	$ (261)	$ 4	$ 11,267

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Cash flows from operating activities
Net income (loss)	$ 359	$ (331)	$ (529)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization		170	158
Depreciation and amortization	190	558	592
Share-based compensation expense		21	24
Loss on impairment			597
Loss on impairment of investment in unconsolidated affiliates			59
Loss on disposal of assets, net	64	61	64
Gain on restructuring and retirement of debt	(449)	(51)	(396)
Deferred income tax expense		43	28
Other, net		29	42
Changes in deferred revenues, net		(87)	(45)
Changes in deferred costs, net		8	10
Changes in other operating assets and liabilities, net		(31)	(484)
Net cash provided by operating activities		390	120
Cash flows from investing activities
Capital expenditures		(137)	(218)
Proceeds from disposal of assets, net		8	15
Investments in loans to unconsolidated affiliate		(33)
Investments in unconsolidated affiliates			(17)
Net cash used in investing activities		(162)	(220)
Cash flows from financing activities
Repayments of debt		(423)	(1,135)
Proceeds from issuance of shares		141
Proceeds from issuance of debt, net of issue costs			743
Other, net		(30)	(27)
Net cash used in financing activities		(312)	(419)
Net decrease in unrestricted and restricted cash and cash equivalents		(84)	(519)
Unrestricted and restricted cash and cash equivalents, beginning of period		1,560	2,349
Unrestricted and restricted cash and cash equivalents, end of period	$ 1,830	$ 1,476	$ 1,830

Business

Business	9 Months Ended
	Sep. 30, 2021
Business
Business	Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of September 30, 2021, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, including 27 ultra-deepwater floaters and 10 harsh environment floaters. As of September 30, 2021, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Form 10-K filed on March 1, 2021 Accounting estimates Fair value measurements

Accounting Standards Update

Accounting Standards Update	9 Months Ended
	Sep. 30, 2021
Accounting Standards Update
Accounting Standards Update	Note 3—Accounting Standards Update Recently adopted accounting standards Debt with conversion and other options Note 7—Debt

Unconsolidated Affiliates

Unconsolidated Affiliates	9 Months Ended
	Sep. 30, 2021
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 4—Unconsolidated Affiliates Equity investments Transocean Norge . effect, recorded in other, net, associated with the impairment of our investment in Orion upon determination that the carrying amount of our equity method investment exceeded the estimated fair value and that the impairment was other than temporary. We estimated the fair value of our investment using the income method, which required us to use significant unobservable inputs, representative of a Level 3 fair value measurement, including applying an assumed discount rate of 12 percent and making assumptions about the future performance of the investment, including future demand and supply for harsh environment floaters, rig utilization, revenue efficiency and dayrates. At September 30, 2021 and December 31, 2020, the aggregate carrying amount of our equity investments was $135 million and $138 million, respectively, recorded in other assets, of which the aggregate carrying amount of our equity investment in Orion was $100 million and $104 million, respectively. Related party transactions Transocean Norge Additionally, in June 2021, Orion refinanced its shipyard loans under a financing arrangement for $100 million, in which we participated at a rate equivalent to our ownership interest in Orion. Borrowings under the financing arrangement are secured by Transocean Norge

Revenues

Revenues	9 Months Ended
	Sep. 30, 2021
Revenues
Revenues	Note 5—Revenues Overview In June 2020, we entered into a settlement and mutual release agreement with a customer, which provided for the final settlement of disputes related to performance obligations satisfied in prior periods. In connection with the settlement, among other things, our customer agreed to pay us $185 million in four equal installments through January 15, 2023. In the nine months ended September 30, 2020, we recognized revenues of $177 million, representing the discounted value of the future payments, and recorded corresponding accounts receivable, net of imputed interest. At September 30, 2021 and December 31, 2020, the aggregate carrying amount of the related receivable was $89 million and $133 million, respectively, net of imputed interest, including $46 million and $45 million, respectively, recorded in accounts receivable, and $43 million and $88 million, respectively, recorded in other assets. Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2021 ​ ​ Three months ended September 30, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 280 ​ $ — ​ $ 148 ​ $ 428 $ 295 ​ $ — ​ $ 195 ​ $ 490 Harsh environment floaters ​ ​ — ​ ​ 185 ​ ​ 13 ​ ​ 198 ​ ​ ​ — ​ ​ 233 ​ ​ 50 ​ ​ 283 ​ Total contract drilling revenues $ 280 ​ $ 185 ​ $ 161 ​ $ 626 $ 295 ​ $ 233 ​ $ 245 ​ $ 773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2021 ​ ​ Nine months ended September 30, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 819 ​ $ — ​ $ 469 ​ $ 1,288 $ 1,022 ​ $ — ​ $ 632 ​ $ 1,654 Harsh environment floaters ​ ​ 4 ​ ​ 609 ​ ​ 34 ​ ​ 647 ​ ​ ​ — ​ ​ 647 ​ ​ 149 ​ ​ 796 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 12 ​ ​ 12 ​ Total contract drilling revenues $ 823 ​ $ 609 ​ $ 503 ​ $ 1,935 $ 1,022 ​ $ 647 ​ $ 793 ​ $ 2,462 ​ Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 Deferred contract revenues, recorded in other current liabilities $ 89 ​ $ 133 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 280 ​ ​ 323 ​ Total contract liabilities $ 369 ​ $ 456 ​ The changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 2020 Total contract liabilities, beginning of period ​ $ 456 ​ $ 529 ​ Decrease due to recognition of revenues for goods and services ​ ​ (117) ​ ​ (153) ​ Increase due to goods and services transferred over time ​ ​ 30 ​ ​ 108 ​ Total contract liabilities, end of period ​ $ 369 ​ $ 484 ​ ​

Drilling Fleet

Drilling Fleet	9 Months Ended
	Sep. 30, 2021
Drilling Fleet
Drilling Fleet	Note 6—Drilling Fleet Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 2020 Construction work in progress, beginning of period $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 106 ​ ​ 114 ​ Other equipment and construction projects ​ ​ 31 ​ ​ 104 ​ Total capital expenditures ​ ​ 137 ​ ​ 218 ​ Changes in accrued capital additions ​ ​ 19 ​ ​ (27) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (28) ​ ​ (130) ​ Construction work in progress, end of period $ 956 ​ $ 814 ​ ​ Impairments of assets held and used Impairments of assets held for sale GSF Development Driller II Polar Pioneer Songa Dee Sedco 711, Sedco 714 Transocean 712 Dispositions Leiv Eiriksson Polar Pioneer Songa Dee Transocean Arctic Sedco 711 Sedco 714 Transocean 712

Debt

Debt	9 Months Ended
	Sep. 30, 2021
Debt
Debt	Note 7—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ ​ 2021 2020 2021 2020 6.375% Senior Notes due December 2021 ​ $ 38 ​ $ 38 ​ ​ $ 38 ​ $ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 42 ​ ​ 111 ​ ​ ​ 42 ​ ​ 111 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 463 ​ ​ ​ 140 ​ ​ 462 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 338 ​ ​ 364 ​ ​ ​ 336 ​ ​ 360 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 462 ​ ​ 585 ​ ​ ​ 457 ​ ​ 577 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 330 ​ ​ 360 ​ ​ ​ 325 ​ ​ 354 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 344 ​ ​ 375 ​ ​ ​ 339 ​ ​ 369 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 402 ​ ​ 468 ​ ​ ​ 396 ​ ​ 461 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 406 ​ ​ 405 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ — ​ ​ ​ 263 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 565 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 271 ​ ​ 277 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,078 ​ ​ 1,139 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 544 ​ ​ 542 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 607 ​ ​ 606 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 51 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 266 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 7,002 ​ ​ 7,376 ​ ​ ​ 7,348 ​ ​ 7,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.375% Senior Notes due December 2021 ​ ​ 38 ​ ​ 38 ​ ​ ​ 38 ​ ​ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 42 ​ ​ 93 ​ ​ ​ 42 ​ ​ 92 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 63 ​ ​ 47 ​ ​ ​ 62 ​ ​ 46 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 110 ​ ​ 83 ​ ​ ​ 107 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 61 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ — ​ ​ ​ 67 ​ ​ — ​ Total debt due within one year ​ ​ 510 ​ ​ 449 ​ ​ ​ 575 ​ ​ 505 ​ Total long-term debt ​ $ 6,492 ​ $ 6,927 ​ $ 6,773 ​ $ 7,302 ​ ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 510 ​ $ 76 ​ $ 586 ​ 2023 ​ ​ 782 ​ ​ 76 ​ ​ 858 ​ 2024 ​ ​ 540 ​ ​ 77 ​ ​ 617 ​ 2025 ​ ​ 593 ​ ​ 77 ​ ​ 670 ​ 2026 ​ ​ 1,357 ​ ​ 78 ​ ​ 1,435 ​ Thereafter ​ ​ 3,220 ​ ​ 40 ​ ​ 3,260 ​ Total installments of debt ​ $ 7,002 ​ $ 424 ​ ​ 7,426 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (78) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,348 ​ ​ Interest rate adjustments Credit agreements Secured Credit Facility Note 10—Contingencies Shipyard financing arrangement Deepwater Atlas Deepwater Titan. Deepwater Atlas Deepwater Titan six-year Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 13.6 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ ​ 56.0 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ ​ 38.6 ​ ​ The exchange rates of our exchangeable bonds, identified above, are subject to adjustment upon the occurrence of certain events. The 0.50% Exchangeable Senior Bonds may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the business day immediately preceding the maturity date. The 2.50% Senior Guaranteed Exchangeable Bonds may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date. The 4.00% Senior Guaranteed Exchangeable Bonds may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 119 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 317 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 233 ​ ​ We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model and by using significant other observable inputs, representative of a Level 2 fair value measurement, including the terms and credit spreads of our debt and the expected volatility of the market price for our shares. Related balances Debt issuance Senior guaranteed exchangeable bonds Debt restructuring and retirement On August 14, 2020, we issued $238 million aggregate principal amount of the 2.50% Senior Guaranteed Exchangeable Bonds in non-cash private exchanges (collectively, the “2020 Private Exchange”) for $397 million aggregate principal amount of the 0.50% Exchangeable Senior Bonds. We may redeem all or a portion of the 2.50% Senior Guaranteed Exchangeable Bonds (i) on or after August 14, 2022, if certain conditions related to the price of our shares have been satisfied, at a price equal to 100 percent of the aggregate principal amount and (ii) on or after August 14, 2023, at specified redemption prices. Perestroika AS, an entity affiliated with one of our directors that beneficially owns approximately 10 percent of our shares, exchanged $356 million aggregate principal amount of the 0.50% Exchangeable Senior Bonds for $213 million aggregate principal amount of the 2.50% Senior Guaranteed Exchangeable Bonds. We recorded the conversion feature of the 2.50% Senior Guaranteed Exchangeable Bonds, measured at its estimated fair value of $46 million, to additional paid in capital. We estimated the fair value by employing a binomial lattice model and by using significant other observable inputs, representative of a Level 2 fair value measurement, including the expected volatility of the market price for our shares. In the three and nine months ended September 30, 2020, as a result of the 2020 Private Exchange, we recognized a gain of $72 million ($0.12 per diluted share), with no tax effect, associated with the restructuring of debt (see “— Debt restructuring and retirement Guaranteed senior unsecured notes Priority guaranteed senior unsecured notes Debt restructuring and retirement Debt restructuring and retirement During the nine months ended September 30, 2021 and 2020, we restructured or retired certain notes as a result of redemption, exchange offers, private exchanges and open market repurchases. We recorded the 2020 Private Exchange and the 2020 Exchange Offers under ASC 470-60, Troubled Debt Restructuring by Debtors. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2021 ​ 2020 ​ ​ Exchanged Repurchased Total Exchanged Redeemed Repurchased Total ​ 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15 ​ $ 15 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 68 ​ ​ 105 ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ — ​ ​ 136 ​ ​ — ​ ​ 16 ​ ​ 152 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ 397 ​ ​ — ​ ​ 4 ​ ​ 401 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ 10 ​ ​ 10 ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 21 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ 41 ​ ​ 41 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 207 ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ — ​ ​ — ​ ​ 181 ​ 8.00% Senior Notes due February 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 138 ​ ​ — ​ ​ — ​ ​ 138 ​ 7.45% Notes due April 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ 8.00% Debentures due April 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ 7.00% Notes due June 2028 ​ ​ — ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ 39 ​ 7.50% Notes due April 2031 ​ ​ — ​ ​ — ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ 192 ​ 6.80% Senior Notes due March 2038 ​ ​ — ​ ​ — ​ ​ — ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 ​ 7.35% Senior Notes due December 2041 ​ ​ — ​ ​ — ​ ​ — ​ ​ 123 ​ ​ — ​ ​ — ​ ​ 123 ​ Aggregate principal amount restructured or retired ​ $ 323 ​ $ 51 ​ $ 374 ​ $ 1,910 ​ $ 714 ​ $ 124 ​ $ 2,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 11 ​ $ 51 ​ $ 62 ​ $ 9 ​ $ 767 ​ $ 91 ​ $ 867 ​ Aggregate principal amount of debt issued in exchanges ​ $ 294 ​ $ — ​ $ 294 ​ $ 925 ​ $ — ​ $ — ​ $ 925 ​ Aggregate net gain, three-month period ​ $ — ​ $ — ​ $ — ​ $ 428 ​ $ — ​ $ 21 ​ $ 449 ​ Aggregate net gain (loss), nine-month period ​ $ 51 ​ $ — ​ $ 51 ​ $ 428 ​ $ (65) ​ $ 33 ​ $ 396 ​ ​ See Note 13—Subsequent Events

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2021
Income Taxes
Income Taxes	Note 8—Income Taxes Tax provision and rate Tax positions and returns Brazil tax investigations

Earnings (loss) per share

Earnings (loss) per share	9 Months Ended
	Sep. 30, 2021
Earnings (loss) per share
Earnings (loss) per share	Note 9—Earnings (Loss) Per Share The computations of basic and diluted earnings (loss) per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ (130) ​ $ (130) ​ $ 359 ​ $ 359 ​ $ (332) ​ $ (332) ​ $ (530) ​ $ (530) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ (130) ​ $ (130) ​ $ 359 ​ $ 360 ​ $ (332) ​ $ (332) ​ $ (530) ​ $ (530) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 651 ​ ​ 651 ​ ​ 615 ​ ​ 615 ​ ​ 629 ​ ​ 629 ​ ​ 614 ​ ​ 614 ​ Effect of share-based awards ​ ​ 2 ​ ​ 2 ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Effect of convertible debt instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ 84 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 653 ​ ​ 653 ​ ​ 616 ​ ​ 702 ​ ​ 630 ​ ​ 630 ​ ​ 615 ​ ​ 615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ (0.20) ​ $ (0.20) ​ $ 0.58 ​ $ 0.51 ​ $ (0.53) ​ $ (0.53) ​ $ (0.86) ​ $ (0.86) ​ ​ In the three and nine months ended September 30, 2021, we excluded from the calculation 13.0 million and 12.3 million shares, respectively, issuable pursuant to share-based awards since the effect would have been antidilutive. In the three and nine months ended September 30, 2020, we excluded from the calculation 7.9 million and 10.8 million shares, respectively, issuable pursuant to share-based awards since the effect would have been antidilutive. In the three and nine months ended September 30, 2021, we excluded from the calculation 108.1 million and 103.1 million shares, respectively, issuable upon exchange of the 0.50% Exchangeable Senior Bonds, the 2.50% Senior Guaranteed Exchangeable Bonds and the 4.00% Senior Guaranteed Exchangeable Bonds since the effect would have been antidilutive. In the nine months ended September 30, 2020, we excluded from the calculation 84.0 million shares issuable upon exchange of the 0.50% Exchangeable Senior Bonds and the 2.50% Senior Guaranteed Exchangeable Bonds since the effect would have been antidilutive.

Contingencies

Contingencies	9 Months Ended
	Sep. 30, 2021
Contingencies
Contingencies	Note 10—Contingencies Legal proceedings Debt exchange litigation and purported notice of default— On September 23, 2020, we filed an answer to the Claim with the Court and asserted counterclaims seeking a declaratory judgment that, among other matters, the Internal Reorganization did not cause a default under the indenture governing the 8.00% Senior Notes. Concurrently, with our answer and counterclaims, we also submitted a motion for summary judgment seeking an expedited judgment on our request for declaratory judgment. Whitebox subsequently submitted a cross motion for summary judgment seeking dismissal of our counterclaims. On November 30, 2020, while awaiting the Court’s ruling on our motion for summary judgment, we amended certain of our financing documents and implemented certain internal reorganization transactions, which resolved the allegations contained in the purported notices of default. On December 17, 2020, the Court issued its ruling granting our motion for summary judgment and denying the plaintiff’s cross motion for summary judgment, holding, among other matters, that the allegations contained in the purported notice of default did not constitute a default under the indenture governing the 8.00% Senior Notes. Whitebox has appealed the Court’s ruling. The facts alleged in the purported notice of default under the 8.00% Senior Notes were the same as the facts underlying the Claim and the purported notice of default under the 7.25% Senior Notes. Accordingly, following the amendment and internal reorganization transactions on November 30, 2020, and the subsequent ruling from the Court granting our motion for summary judgment, we do not expect the liability, if any, resulting from these matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Asbestos litigation drilling mud additives for use in connection with drilling operations, claiming negligence, products liability, strict liability and claims allowed under the Jones Act and general maritime law. The plaintiffs generally seek awards of unspecified compensatory and punitive damages, but the court-appointed special master has ruled that a Jones Act employer defendant, such as us, cannot be sued for punitive damages. One of our subsidiaries was named in additional complaints filed in Illinois and Missouri, where the plaintiffs similarly allege that the defendants manufactured asbestos-containing products or used asbestos-containing drilling mud additives in connection with land-based drilling operations. As of September 30, 2021, 10 plaintiffs have claims pending in Louisiana and 13 plaintiffs have claims pending in Illinois and Missouri, in which we have or may have an interest. We intend to defend these lawsuits vigorously, although we can provide no assurance as to the outcome. We historically have maintained broad liability insurance, although we are not certain whether insurance will cover the liabilities, if any, arising out of these claims. Based on our evaluation of the exposure to date, we do not expect the liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. One of our subsidiaries has been named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of September 30, 2021, the subsidiary was a defendant in approximately 254 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provided the subsidiary with cash and an annuity. Together with a coverage-in-place agreement with certain insurers and additional coverage issued by other insurers, we believe the subsidiary has sufficient resources to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other matters Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information, we do not expect the ultimate liability, if any, resulting from all environmental matters and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Equity

Equity	9 Months Ended
	Sep. 30, 2021
Equity
Equity	Note 11—Equity Share issuance Note 13—Subsequent Events

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Financial Instruments
Financial Instruments	Note 12—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 900 ​ $ 900 ​ $ 1,154 ​ $ 1,154 ​ Restricted cash and cash equivalents ​ ​ 576 ​ ​ 576 ​ ​ 406 ​ ​ 406 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 35 ​ ​ 32 ​ ​ 2 ​ ​ 2 ​ Total debt ​ ​ 7,348 ​ ​ 6,183 ​ ​ 7,807 ​ ​ 4,820 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term loans receivable from unconsolidated affiliates Total debt Note 7—Debt

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Subsequent Events.
Subsequent Events	Note 13—Subsequent Events Debt retirement Share issuance

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2021
Significant Accounting Policies
Presentation	Presentation Form 10-K filed on March 1, 2021
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Revenues (Tables)

Revenues (Tables)	9 Months Ended
	Sep. 30, 2021
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended September 30, 2021 ​ ​ Three months ended September 30, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 280 ​ $ — ​ $ 148 ​ $ 428 $ 295 ​ $ — ​ $ 195 ​ $ 490 Harsh environment floaters ​ ​ — ​ ​ 185 ​ ​ 13 ​ ​ 198 ​ ​ ​ — ​ ​ 233 ​ ​ 50 ​ ​ 283 ​ Total contract drilling revenues $ 280 ​ $ 185 ​ $ 161 ​ $ 626 $ 295 ​ $ 233 ​ $ 245 ​ $ 773 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, 2021 ​ ​ Nine months ended September 30, 2020 ​ ​ U.S. Norway Other Total U.S. Norway Other Total Ultra-deepwater floaters $ 819 ​ $ — ​ $ 469 ​ $ 1,288 $ 1,022 ​ $ — ​ $ 632 ​ $ 1,654 Harsh environment floaters ​ ​ 4 ​ ​ 609 ​ ​ 34 ​ ​ 647 ​ ​ ​ — ​ ​ 647 ​ ​ 149 ​ ​ 796 ​ Midwater floaters ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ — ​ ​ — ​ ​ 12 ​ ​ 12 ​ Total contract drilling revenues $ 823 ​ $ 609 ​ $ 503 ​ $ 1,935 $ 1,022 ​ $ 647 ​ $ 793 ​ $ 2,462
Schedule of contract balances and changes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2021 2020 Deferred contract revenues, recorded in other current liabilities $ 89 ​ $ 133 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 280 ​ ​ 323 ​ Total contract liabilities $ 369 ​ $ 456 ​ The changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 2020 Total contract liabilities, beginning of period ​ $ 456 ​ $ 529 ​ Decrease due to recognition of revenues for goods and services ​ ​ (117) ​ ​ (153) ​ Increase due to goods and services transferred over time ​ ​ 30 ​ ​ 108 ​ Total contract liabilities, end of period ​ $ 369 ​ $ 484 ​

Drilling Fleet (Tables)

Drilling Fleet (Tables)	9 Months Ended
	Sep. 30, 2021
Drilling Fleet
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended ​ ​ ​ September 30, ​ ​ 2021 2020 Construction work in progress, beginning of period $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 106 ​ ​ 114 ​ Other equipment and construction projects ​ ​ 31 ​ ​ 104 ​ Total capital expenditures ​ ​ 137 ​ ​ 218 ​ Changes in accrued capital additions ​ ​ 19 ​ ​ (27) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (28) ​ ​ (130) ​ Construction work in progress, end of period $ 956 ​ $ 814 ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2021
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ September 30, ​ December 31, ​ September 30, ​ December 31, ​ ​ 2021 2020 2021 2020 6.375% Senior Notes due December 2021 ​ $ 38 ​ $ 38 ​ ​ $ 38 ​ $ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 42 ​ ​ 111 ​ ​ ​ 42 ​ ​ 111 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 463 ​ ​ ​ 140 ​ ​ 462 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 338 ​ ​ 364 ​ ​ ​ 336 ​ ​ 360 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 462 ​ ​ 585 ​ ​ ​ 457 ​ ​ 577 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 330 ​ ​ 360 ​ ​ ​ 325 ​ ​ 354 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 344 ​ ​ 375 ​ ​ ​ 339 ​ ​ 369 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 402 ​ ​ 468 ​ ​ ​ 396 ​ ​ 461 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 406 ​ ​ 405 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ — ​ ​ ​ 263 ​ ​ — ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 565 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 271 ​ ​ 277 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,078 ​ ​ 1,139 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 550 ​ ​ 550 ​ ​ ​ 544 ​ ​ 542 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 607 ​ ​ 606 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 51 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 266 ​ 7.50% Notes due April 2031 ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ 7,002 ​ ​ 7,376 ​ ​ ​ 7,348 ​ ​ 7,807 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 6.375% Senior Notes due December 2021 ​ ​ 38 ​ ​ 38 ​ ​ ​ 38 ​ ​ 38 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ 42 ​ ​ 93 ​ ​ ​ 42 ​ ​ 92 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 63 ​ ​ 47 ​ ​ ​ 62 ​ ​ 46 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 110 ​ ​ 83 ​ ​ ​ 107 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 60 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 61 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ — ​ ​ ​ 67 ​ ​ — ​ Total debt due within one year ​ ​ 510 ​ ​ 449 ​ ​ ​ 575 ​ ​ 505 ​ Total long-term debt ​ $ 6,492 ​ $ 6,927 ​ $ 6,773 ​ $ 7,302 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending September 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ $ 510 ​ $ 76 ​ $ 586 ​ 2023 ​ ​ 782 ​ ​ 76 ​ ​ 858 ​ 2024 ​ ​ 540 ​ ​ 77 ​ ​ 617 ​ 2025 ​ ​ 593 ​ ​ 77 ​ ​ 670 ​ 2026 ​ ​ 1,357 ​ ​ 78 ​ ​ 1,435 ​ Thereafter ​ ​ 3,220 ​ ​ 40 ​ ​ 3,260 ​ Total installments of debt ​ $ 7,002 ​ $ 424 ​ ​ 7,426 ​ Total debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (78) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,348 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine months ended September 30, ​ ​ ​ 2021 ​ 2020 ​ ​ Exchanged Repurchased Total Exchanged Redeemed Repurchased Total ​ 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 15 ​ $ 15 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 68 ​ ​ 105 ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ — ​ ​ — ​ ​ 136 ​ ​ — ​ ​ 16 ​ ​ 152 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ 397 ​ ​ — ​ ​ 4 ​ ​ 401 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ 10 ​ ​ 10 ​ ​ — ​ ​ — ​ ​ 21 ​ ​ 21 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ 714 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ 41 ​ ​ 41 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 7.25% Senior Notes due November 2025 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ — ​ ​ 207 ​ 7.50% Senior Notes due January 2026 ​ ​ — ​ ​ — ​ ​ — ​ ​ 181 ​ ​ — ​ ​ — ​ ​ 181 ​ 8.00% Senior Notes due February 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 138 ​ ​ — ​ ​ — ​ ​ 138 ​ 7.45% Notes due April 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ 8.00% Debentures due April 2027 ​ ​ — ​ ​ — ​ ​ — ​ ​ 35 ​ ​ — ​ ​ — ​ ​ 35 ​ 7.00% Notes due June 2028 ​ ​ — ​ ​ — ​ ​ — ​ ​ 39 ​ ​ — ​ ​ — ​ ​ 39 ​ 7.50% Notes due April 2031 ​ ​ — ​ ​ — ​ ​ — ​ ​ 192 ​ ​ — ​ ​ — ​ ​ 192 ​ 6.80% Senior Notes due March 2038 ​ ​ — ​ ​ — ​ ​ — ​ ​ 390 ​ ​ — ​ ​ — ​ ​ 390 ​ 7.35% Senior Notes due December 2041 ​ ​ — ​ ​ — ​ ​ — ​ ​ 123 ​ ​ — ​ ​ — ​ ​ 123 ​ Aggregate principal amount restructured or retired ​ $ 323 ​ $ 51 ​ $ 374 ​ $ 1,910 ​ $ 714 ​ $ 124 ​ $ 2,748 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 11 ​ $ 51 ​ $ 62 ​ $ 9 ​ $ 767 ​ $ 91 ​ $ 867 ​ Aggregate principal amount of debt issued in exchanges ​ $ 294 ​ $ — ​ $ 294 ​ $ 925 ​ $ — ​ $ — ​ $ 925 ​ Aggregate net gain, three-month period ​ $ — ​ $ — ​ $ — ​ $ 428 ​ $ — ​ $ 21 ​ $ 449 ​ Aggregate net gain (loss), nine-month period ​ $ 51 ​ $ — ​ $ 51 ​ $ 428 ​ $ (65) ​ $ 33 ​ $ 396 ​
Exchanged
Schedule of debt	Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 13.6 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 190.47620 ​ ​ 5.25 ​ ​ 56.0 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 162.16260 ​ ​ 6.17 ​ ​ 38.6 ​ Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 119 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 317 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 233 ​

Earnings (loss) per share (Tabl

Earnings (loss) per share (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings (loss) per share
Schedule of earnings (loss) per share	The computations of basic and diluted earnings (loss) per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Nine months ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2021 ​ 2020 ​ 2021 ​ 2020 ​ ​ Basic Diluted Basic Diluted Basic Diluted Basic Diluted Numerator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) attributable to controlling interest ​ $ (130) ​ $ (130) ​ $ 359 ​ $ 359 ​ $ (332) ​ $ (332) ​ $ (530) ​ $ (530) ​ Effect of interest expense on convertible debt instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ 1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Earnings (loss) for per share calculation ​ $ (130) ​ $ (130) ​ $ 359 ​ $ 360 ​ $ (332) ​ $ (332) ​ $ (530) ​ $ (530) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for earnings (loss) per share ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares outstanding ​ ​ 651 ​ ​ 651 ​ ​ 615 ​ ​ 615 ​ ​ 629 ​ ​ 629 ​ ​ 614 ​ ​ 614 ​ Effect of share-based awards ​ ​ 2 ​ ​ 2 ​ ​ 1 ​ ​ 3 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ ​ 1 ​ Effect of convertible debt instruments ​ ​ — ​ ​ — ​ ​ — ​ ​ 84 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average shares for per share calculation ​ ​ 653 ​ ​ 653 ​ ​ 616 ​ ​ 702 ​ ​ 630 ​ ​ 630 ​ ​ 615 ​ ​ 615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings (loss) per share ​ $ (0.20) ​ $ (0.20) ​ $ 0.58 ​ $ 0.51 ​ $ (0.53) ​ $ (0.53) ​ $ (0.86) ​ $ (0.86) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2021 ​ December 31, 2020 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 900 ​ $ 900 ​ $ 1,154 ​ $ 1,154 ​ Restricted cash and cash equivalents ​ ​ 576 ​ ​ 576 ​ ​ 406 ​ ​ 406 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 35 ​ ​ 32 ​ ​ 2 ​ ​ 2 ​ Total debt ​ ​ 7,348 ​ ​ 6,183 ​ ​ 7,807 ​ ​ 4,820 ​

Business (Details)

Business (Details)	Sep. 30, 2021item
Number of mobile offshore drilling units	37
Ultra-deepwater floaters
Number of mobile offshore drilling units	27
Number of mobile offshore drilling units under construction	2
Harsh environment floaters
Number of mobile offshore drilling units	10

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Jun. 30, 2021	Dec. 31, 2020
Investments
Loss on impairment of investment in unconsolidated affiliates			$ 59
Aggregate carrying amount of equity investment		$ 135			$ 138
Investments in loans to unconsolidated affiliates		$ 33
Orion/Transocean Norge
Investments
Ownership percentage		33.00%
Loss on impairment of investment in unconsolidated affiliates			59
Aggregate carrying amount of equity investment		$ 100			$ 104
Related party transaction	$ 3		$ 35
Investments in loans to unconsolidated affiliates		33
Affiliate loan receivable		$ 33
Orion/Transocean Norge | LIBOR
Investments
Loan receivable interest rate (as a percent)				6.50%
Orion/Transocean Norge | Orion/Transocean Norge
Investments
Loan payable				$ 100
Orion/Transocean Norge | Discount rate
Investments
Investment fair value measurement		12

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020	Jun. 30, 2020
Revenue
Face amount of receivable						$ 185
Performance obligations satisfied in previous periods				$ 177
Receivable net of discount	$ 89		$ 89		$ 133
Recognized pre-operating costs	13	$ 16	43	48
Unrecognized pre-operating costs	6		6		20
Contract drilling revenues	626	773	1,935	2,462
Ultra-deepwater floaters
Revenue
Contract drilling revenues	428	490	1,288	1,654
Harsh environment floaters
Revenue
Contract drilling revenues	198	283	647	796
Midwater floaters
Revenue
Contract drilling revenues				12
U.S.
Revenue
Contract drilling revenues	280	295	823	1,022
U.S. | Ultra-deepwater floaters
Revenue
Contract drilling revenues	280	295	819	1,022
U.S. | Harsh environment floaters
Revenue
Contract drilling revenues			4
Norway
Revenue
Contract drilling revenues	185	233	609	647
Norway | Harsh environment floaters
Revenue
Contract drilling revenues	185	233	609	647
Other
Revenue
Contract drilling revenues	161	245	503	793
Other | Ultra-deepwater floaters
Revenue
Contract drilling revenues	148	195	469	632
Other | Harsh environment floaters
Revenue
Contract drilling revenues	13	$ 50	34	149
Other | Midwater floaters
Revenue
Contract drilling revenues				$ 12
Accounts receivable
Revenue
Receivable net of discount	46		46		45
Other assets, non-current
Revenue
Receivable net of discount	$ 43		$ 43		$ 88

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 89	$ 133
Deferred contract revenues, recorded in other long-term liabilities	280	323
Total contract liabilities	$ 369	$ 456	$ 484	$ 529

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 456	$ 529
Decrease due to recognition of revenues for goods and services	(117)	(153)
Increase due to goods and services transferred over time	30	108
Total contract liabilities, at end of period	$ 369	$ 484

Drilling Fleet (Details)

Drilling Fleet (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 137	$ 218
Construction in Progress
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Construction work in progress, at beginning of period	828	753
Total capital expenditures	137	218
Changes in accrued capital additions	19	(27)
Property and equipment placed into service	(28)	(130)
Construction work in progress, at end of period	956	814
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	106	114
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 31	$ 104

Drilling Fleet (Impairment held

Drilling Fleet (Impairment held and used) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares
Impairment of assets held and used
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.90
Midwater floaters
Impairment of assets held and used
Impairment of in use assets | $	$ 31
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.05
Loss associated with in use asset impairment, tax effect | $	$ 0

Drilling Fleet (Impairment he_2

Drilling Fleet (Impairment held for sale) (Details) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2020USD ($)$ / shares
Drilling Fleet
Aggregate loss on impairment of assets held for sale	$ 556
Loss associated with impairment, net of tax (per share) | $ / shares	$ 0.90
Aggregate loss on impairment of assets held for sale, tax effect	$ 0

Drilling Fleet (Disposal) (Deta

Drilling Fleet (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Dispositions
Net cash proceeds from sale of assets			$ 8	$ 15
Gain (loss) on the sale of assets	$ (3)	$ (64)	(61)	(64)
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets			4	11
Gain (loss) on the sale of assets			$ (60)	(61)
Gain (loss) on the sale of assets per diluted share			$ (0.10)
Gain (loss) on disposal of assets, tax effect			$ 0	$ 0

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Principal amount
Total installments of debt	$ 7,002	$ 7,376
Debt due within one year	510	449
Long-term debt	6,492	6,927
Carrying amount
Total debt	7,348	7,807
Debt due within one year	575	505
Long-term debt	6,773	7,302
6.375% Senior Notes due December 2021
Principal amount
Total installments of debt	38	38
Debt due within one year	38	38
Carrying amount
Total debt	38	38
Debt due within one year	$ 38	38
Debt instrument interest rate stated percentage	6.375%
5.52% Senior Secured Notes due May 2022
Principal amount
Total installments of debt	$ 42	111
Debt due within one year	42	93
Carrying amount
Total debt	42	111
Debt due within one year	$ 42	92
Debt instrument interest rate stated percentage	5.52%
3.80% Senior Notes due October 2022
Principal amount
Total installments of debt	$ 27	27
Carrying amount
Total debt	$ 27	27
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt	$ 140	463
Carrying amount
Total debt	$ 140	462
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 338	364
Debt due within one year	63	47
Carrying amount
Total debt	336	360
Debt due within one year	$ 62	46
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt	$ 462	585
Debt due within one year	110	83
Carrying amount
Total debt	457	577
Debt due within one year	$ 107	80
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt	$ 330	360
Debt due within one year	60	60
Carrying amount
Total debt	325	354
Debt due within one year	$ 58	58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt	$ 344	375
Debt due within one year	62	62
Carrying amount
Total debt	339	369
Debt due within one year	$ 61	60
Debt instrument interest rate stated percentage	6.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments of debt	$ 294
Carrying amount
Total debt	$ 263
Debt instrument interest rate stated percentage	4.00%
6.125% Senior Secured Notes due August 2025
Principal amount
Total installments of debt	$ 402	468
Debt due within one year	66	66
Carrying amount
Total debt	396	461
Debt due within one year	$ 64	64
Debt instrument interest rate stated percentage	6.125%
7.25% Senior Notes due November 2025
Principal amount
Total installments of debt	$ 411	411
Carrying amount
Total debt	$ 406	405
Debt instrument interest rate stated percentage	7.25%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt	$ 569	569
Carrying amount
Total debt	$ 565	565
Debt instrument interest rate stated percentage	7.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Principal amount
Total installments of debt	$ 238	238
Carrying amount
Total debt	271	277
Debt due within one year	$ 6	6
Debt instrument interest rate stated percentage	2.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt	$ 687	687
Carrying amount
Total debt	1,078	1,139
Debt due within one year	$ 70	61
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt	$ 550	550
Debt due within one year	69
Carrying amount
Total debt	544	542
Debt due within one year	$ 67
Debt instrument interest rate stated percentage	6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments of debt	$ 612	612
Carrying amount
Total debt	$ 607	606
Debt instrument interest rate stated percentage	8.00%
7.45% Notes due April 2027
Principal amount
Total installments of debt	$ 52	52
Carrying amount
Total debt	$ 52	51
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total installments of debt	$ 22	22
Carrying amount
Total debt	$ 22	22
Debt instrument interest rate stated percentage	8.00%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261	261
Carrying amount
Total debt	$ 265	266
Debt instrument interest rate stated percentage	7.00%
7.50% Notes due April 2031
Principal amount
Total installments of debt	$ 396	396
Carrying amount
Total debt	$ 394	394
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments of debt	$ 610	610
Carrying amount
Total debt	$ 605	605
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments of debt	$ 177	177
Carrying amount
Total debt	$ 176	$ 176
Debt instrument interest rate stated percentage	7.35%

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Scheduled maturities of debt
Total installments of debt	$ 7,002	$ 7,376
Total Installments
Scheduled maturities of debt
2022	586
2023	858
2024	617
2025	670
2026	1,435
Thereafter	3,260
Total installments of debt	7,426
Total debt-related balances, net	(78)
Total carrying amount of debt	7,348
Principal installments
Scheduled maturities of debt
2022	510
2023	782
2024	540
2025	593
2026	1,357
Thereafter	3,220
Total installments of debt	7,002
Other installments
Scheduled maturities of debt
2022	76
2023	76
2024	77
2025	77
2026	78
Thereafter	40
Total installments of debt	$ 424

Debt (Interest and Credit Agree

Debt (Interest and Credit Agreements) (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2021	Sep. 30, 2021
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage		6.375%
Interest rate, as adjusted (as a percent)		8.375%
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage		3.80%
Interest rate, as adjusted (as a percent)		5.80%
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage		7.35%
Interest rate, as adjusted (as a percent)		9.35%
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum		$ 1,300
Commitment fee percentage at period end		0.875%
Credit facility amount outstanding		$ 0
Letters of credit issued and outstanding		20
Credit facility available borrowing capacity		$ 1,300
Five-Year Revolving Credit Facility | Minimum
Debt
Commitment fee percentage at period end		0.375%
Five-Year Revolving Credit Facility | Maximum
Debt
Commitment fee percentage at period end		1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)		3.375%
Percentage reduction to the calculated variable rate		1.00%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Minimum
Debt
Spread on variable rate basis (as a percent)		2.625%
Five-Year Revolving Credit Facility | Adjusted LIBOR | Maximum
Debt
Spread on variable rate basis (as a percent)		3.375%
Shipyard Loans
Debt
Debt instrument interest rate stated percentage	4.50%
Credit facility amount outstanding		$ 0
Debt term	6 years

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, $ in Millions	Feb. 26, 2021USD ($)$ / shares	Sep. 11, 2020USD ($)	Aug. 14, 2020USD ($)	Jan. 17, 2020USD ($)	Sep. 30, 2020USD ($)$ / shares	Sep. 30, 2021USD ($)$ / shares	Sep. 30, 2020USD ($)$ / shares	Dec. 31, 2020USD ($)
Debt
Equity component of convertible debt instrument					$ 46		$ 46
Issuance of debt in exchange transactions						$ 294	925
Aggregate cash payment						62	867
Proceeds from issuance of debt							743
Exchanged
Debt
Issuance of debt in exchange transactions						294	925
Aggregate cash payment						$ 11	9
Original debt in exchange		$ 1,510
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt conversion ratio						0.09729756
Debt conversion (in dollars per share) | $ / shares						$ 10.28
Shares issuable (in shares)						13.6
Effective interest rate (as a percent)						0.50%
Fair value of debt						$ 119
Equity component of convertible debt instrument						$ 172		$ 172
Aggregate cash payment	$ 11
Original debt in exchange	323		$ 397
Gains (losses) on restructuring	$ 51
Gains (losses) on restructuring (in dollars per share) | $ / shares	$ 0.08
0.50% Exchangeable Senior Bonds due January 2023 | Perestroika AS
Debt
Original debt in exchange			356
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt conversion ratio						0.19047620
Debt conversion (in dollars per share) | $ / shares						$ 5.25
Shares issuable (in shares)						56
Effective interest rate (as a percent)						6.90%
Fair value of debt						$ 317
Equity component of convertible debt instrument	$ 260
Issuance of debt in exchange transactions	$ 294
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt conversion ratio						0.16216260
Debt conversion (in dollars per share) | $ / shares						$ 6.17
Shares issuable (in shares)						38.6
Effective interest rate (as a percent)						0.00%
Fair value of debt						$ 233
Equity component of convertible debt instrument			46
Issuance of debt in exchange transactions			$ 238
Gains (losses) on restructuring					$ 72		$ 72
Gains (losses) on restructuring (in dollars per share) | $ / shares					$ 0.12		$ 0.12
Redemption price of debt instrument (as a percent)			100.00%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 | Perestroika AS
Debt
Issuance of debt in exchange transactions			$ 213
Securities held (as a percent)			10.00%
11.50% Senior Guaranteed Notes due January 2027
Debt
Issuance of debt in exchange transactions		$ 687
Gains (losses) on restructuring					$ 356		$ 356
Gains (losses) on restructuring (in dollars per share) | $ / shares					$ 0.58		$ 0.58
Maximum percent of original aggregate principal		40.00%
11.50% Senior Guaranteed Notes due January 2027 | Use of cash
Debt
Redemption price of debt instrument (as a percent)		100.00%
11.50% Senior Guaranteed Notes due January 2027 | Use of cash from equity offering
Debt
Redemption price of debt instrument (as a percent)		111.50%
8.00% Senior Notes due February 2027
Debt
Debt instrument face value				$ 750
Proceeds from issuance of debt				$ 743
Redemption price of debt instrument (as a percent)				100.00%

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions	Feb. 26, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Debt
Debt retirement			$ 374	$ 2,748
Aggregate cash payment			62	867
Aggregate principal amount of debt issued in exchanges			294	925
Aggregate net gain (loss)		$ 449	$ 51	396
6.50% Senior Notes due November 2020
Debt
Debt instrument interest rate stated percentage			6.50%
Debt retirement				15
6.375% Senior Notes due December 2021
Debt
Debt instrument interest rate stated percentage			6.375%
Debt retirement				105
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage			3.80%
Debt retirement				152
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage			0.50%
Debt retirement			$ 323	401
Aggregate cash payment	$ 11
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage			5.375%
Debt retirement			$ 10	21
9.00% Senior Notes due July 2023
Debt
Debt instrument interest rate stated percentage			9.00%
Debt retirement				714
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage			5.875%
Debt retirement			$ 41
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage			7.25%
Debt retirement				207
7.50% Senior Notes due January 2026
Debt
Debt instrument interest rate stated percentage			7.50%
Debt retirement				181
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage			8.00%
Debt retirement				138
7.45% Notes due April 2027
Debt
Debt instrument interest rate stated percentage			7.45%
Debt retirement				35
8.00% Debentures due April 2027
Debt
Debt instrument interest rate stated percentage			8.00%
Debt retirement				35
7.00% Notes due June 2028
Debt
Debt instrument interest rate stated percentage			7.00%
Debt retirement				39
7.50% Notes due April 2031
Debt
Debt instrument interest rate stated percentage			7.50%
Debt retirement				192
6.80% Senior Notes due March 2038
Debt
Debt instrument interest rate stated percentage			6.80%
Debt retirement				390
7.35% Senior Notes due December 2041
Debt
Debt instrument interest rate stated percentage			7.35%
Debt retirement				123
Redeemed
Debt
Debt retirement				714
Aggregate cash payment				767
Aggregate net gain (loss)				(65)
Redeemed | 9.00% Senior Notes due July 2023
Debt
Debt retirement				714
Repurchased
Debt
Debt retirement			$ 51	124
Aggregate cash payment			51	91
Aggregate net gain (loss)		21		33
Repurchased | 6.50% Senior Notes due November 2020
Debt
Debt retirement				15
Repurchased | 6.375% Senior Notes due December 2021
Debt
Debt retirement				68
Repurchased | 3.80% Senior Notes due October 2022
Debt
Debt retirement				16
Repurchased | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt retirement				4
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Debt retirement			10	21
Repurchased | 5.875% Senior Secured Notes due January 2024
Debt
Debt retirement			41
Exchanged
Debt
Debt retirement			323	1,910
Aggregate cash payment			11	9
Aggregate principal amount of debt issued in exchanges			294	925
Aggregate net gain (loss)		$ 428	51	428
Exchanged | 6.375% Senior Notes due December 2021
Debt
Debt retirement				37
Exchanged | 3.80% Senior Notes due October 2022
Debt
Debt retirement				136
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt retirement			$ 323	397
Exchanged | 7.25% Senior Notes due November 2025
Debt
Debt retirement				207
Exchanged | 7.50% Senior Notes due January 2026
Debt
Debt retirement				181
Exchanged | 8.00% Senior Notes due February 2027
Debt
Debt retirement				138
Exchanged | 7.45% Notes due April 2027
Debt
Debt retirement				35
Exchanged | 8.00% Debentures due April 2027
Debt
Debt retirement				35
Exchanged | 7.00% Notes due June 2028
Debt
Debt retirement				39
Exchanged | 7.50% Notes due April 2031
Debt
Debt retirement				192
Exchanged | 6.80% Senior Notes due March 2038
Debt
Debt retirement				390
Exchanged | 7.35% Senior Notes due December 2041
Debt
Debt retirement				$ 123

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Taxes
Effective tax rate			(3.20%)	(0.80%)
Income tax expense (benefit)	$ 27	$ (24)	$ 10	$ 4
Various discrete tax items expense (benefit)			$ (25)	$ (54)
Annual effective tax rate excluding discrete items (as a percent)			(11.20%)	(16.40%)

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - 9 months ended Sep. 30, 2021 - Brazil R$ in Millions, $ in Millions	BRL (R$)	USD ($)
Corporate income tax
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	R$ 634	$ 116
Indirect tax
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	R$ 109	$ 20

Earnings (loss) per share (Deta

Earnings (loss) per share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerator for earnings (loss) per share, basic
Net income (loss) attributable to controlling interest	$ (130)	$ 359	$ (332)	$ (530)
Earnings (loss) for per share calculation	$ (130)	$ 359	$ (332)	$ (530)
Denominator for earnings (loss) per share, basic
Weighted-average shares outstanding (in shares)	651	615	629	614
Effect of share-based awards (in shares)	2	1	1	1
Weighted-average shares for per share calculation, basic (in shares)	653	616	630	615
Earnings (loss) per share, basic (in dollars per share)	$ (0.20)	$ 0.58	$ (0.53)	$ (0.86)
Numerator for earnings (loss) per share, diluted
Net income (loss) attributable to controlling interest	$ (130)	$ 359	$ (332)	$ (530)
Effect of interest expense on convertible debt instruments		1
Earnings (loss) for per share calculation	$ (130)	$ 360	$ (332)	$ (530)
Denominator for earnings (loss) per share, diluted
Weighted-average shares outstanding (in shares)	651	615	629	614
Effect of share-based awards, diluted	2	3	1	1
Effect of convertible debt instruments, diluted		84
Weighted-average shares for per share calculation, diluted	653	702	630	615
Earnings (loss) per share, diluted (in dollars per share)	$ (0.20)	$ 0.51	$ (0.53)	$ (0.86)
Share-based awards
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	13	7.9	12.3	10.8
Convertible debt
Anti-dilutive securities
Securities excluded from earnings per share calculation (in shares)	108.1		103.1	84
0.50% Exchangeable Senior Bonds due January 2023
Anti-dilutive securities
Debt instrument interest rate stated percentage	0.50%	0.50%	0.50%	0.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Anti-dilutive securities
Debt instrument interest rate stated percentage	2.50%	2.50%	2.50%	2.50%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Anti-dilutive securities
Debt instrument interest rate stated percentage	4.00%		4.00%

Contingencies (Details)

Contingencies (Details) - Asbestos litigation	Sep. 30, 2021plaintifflawsuit
Contingencies
Number of claims | lawsuit	254
LA
Contingencies
Number of claims	10
Illinois and Missouri
Contingencies
Number of claims	13

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) - USD ($) shares in Millions, $ in Millions	Jun. 14, 2021	Sep. 30, 2021	Sep. 30, 2021
Equity
Proceeds from issuance of shares			$ 141
2021 ATM Program
Equity
Maximum value shares to be issued	$ 400
Proceeds from issuance of shares		$ 75	$ 141
Aggregate sale of shares (in shares)		16.5	31.7

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Sep. 30, 2021	Dec. 31, 2020
Financial instruments
Long-term debt, including current maturities	$ 7,348	$ 7,807
Carrying amount
Financial instruments
Cash and cash equivalents	900	1,154
Restricted cash and cash equivalents	576	406
Long-term loans receivable from unconsolidated affiliates	35	2
Long-term debt, including current maturities	7,348	7,807
Fair value
Financial instruments
Cash and cash equivalents	900	1,154
Restricted cash and cash equivalents	576	406
Long-term loans receivable from unconsolidated affiliates	32	2
Long-term debt, including current maturities	$ 6,183	$ 4,820

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended	9 Months Ended
	Oct. 31, 2021	Sep. 30, 2021	Sep. 30, 2020
Subsequent events
Debt retirement		$ 374	$ 2,748
Aggregate cash payment		62	867
Proceeds from issuance of shares		141
Subsequent Events
Subsequent events
Debt retirement	$ 28
Aggregate cash payment	28
Proceeds from issuance of shares	$ 17
Aggregate sale of shares (in shares)	4.3
5.875% Senior Secured Notes due January 2024
Subsequent events
Debt retirement		$ 41
Debt instrument interest rate stated percentage		5.875%
5.875% Senior Secured Notes due January 2024 | Subsequent Events
Subsequent events
Debt instrument interest rate stated percentage	5.875%
5.375% Senior Secured Notes due May 2023
Subsequent events
Debt retirement		$ 10	$ 21
Debt instrument interest rate stated percentage		5.375%
5.375% Senior Secured Notes due May 2023 | Subsequent Events
Subsequent events
Debt instrument interest rate stated percentage	5.375%