Transocean (RIG) 10-Q 2 Aug 22 2022 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 25, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Current Fiscal Year End Date	--12-31
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		705,711,203
Entity Central Index Key	0001451505
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
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		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating revenues
Contract drilling revenues	$ 692	$ 656	$ 1,278	$ 1,309
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	$ 433	$ 434	$ 845	$ 869
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 184	$ 186	$ 367	$ 373
General and administrative	43	39	85	78
Total costs and expenses	660	659	1,297	1,320
Gain (loss) on disposal of assets, net	(4)	1	(3)	(58)
Operating income (loss)	28	(2)	(22)	(69)
Other income (expense), net
Interest income	4	4	6	7
Interest expense, net of amounts capitalized	(100)	(115)	(202)	(230)
Gain on retirement of debt				51
Other, net	3	14	4	23
Total other income (expense), net	(93)	(97)	(192)	(149)
Loss before income tax expense (benefit)	(65)	(99)	(214)	(218)
Income tax expense (benefit)	3	4	29	(17)
Net loss	(68)	(103)	(243)	(201)
Net income attributable to noncontrolling interest				1
Net loss attributable to controlling interest	$ (68)	$ (103)	$ (243)	$ (202)
Loss per share, basic (in dollars per share)	$ (0.10)	$ (0.17)	$ (0.36)	$ (0.33)
Loss per share, diluted (in dollars per share)	$ (0.10)	$ (0.17)	$ (0.36)	$ (0.33)
Weighted-average shares, basic (in shares)	692	621	678	619
Weighted-average shares, diluted (in shares)	692	621	678	619

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (68)	$ (103)	$ (243)	$ (201)
Net income attributable to noncontrolling interest				1
Net loss attributable to controlling interest	(68)	(103)	(243)	(202)
Components of net periodic benefit costs before reclassifications			(11)	(5)
Components of net periodic benefit costs reclassified to net loss	1	3	2	4
Other comprehensive income (loss) before income taxes	1	3	(9)	(1)
Other comprehensive income (loss)	1	3	(9)	(1)
Other comprehensive income (loss) attributable to controlling interest	1	3	(9)	(1)
Total comprehensive loss	(67)	(100)	(252)	(202)
Total comprehensive income attributable to noncontrolling interest				1
Total comprehensive loss attributable to controlling interest	$ (67)	$ (100)	$ (252)	$ (203)

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 729	$ 976
Accounts receivable, net of allowance of $2 at June 30, 2022 and December 31, 2021	610	492
Materials and supplies, net of allowance of $191 and $183 at June 30, 2022 and December 31, 2021, respectively	389	392
Restricted cash and cash equivalents	432	436
Other current assets	126	148
Total current assets	2,286	2,444
Property and equipment	23,633	23,152
Less accumulated depreciation	(6,394)	(6,054)
Property and equipment, net	17,239	17,098
Contract intangible assets	114	173
Deferred tax assets, net	7	7
Other assets	904	959
Total assets	20,550	20,681
Liabilities and equity
Accounts payable	173	228
Accrued income taxes	6	17
Debt due within one year	847	513
Other current liabilities	507	545
Total current liabilities	1,533	1,303
Long-term debt	6,376	6,657
Deferred tax liabilities, net	472	447
Other long-term liabilities	994	1,068
Total long-term liabilities	7,842	8,172
Commitments and contingencies
Shares, CHF 0.10 par value, 905,093,509 authorized, 142,362,675 conditionally authorized, 754,244,753 issued and 705,711,203 outstanding at June 30, 2022, and 891,379,306 authorized, 142,363,356 conditionally authorized, 728,176,456 issued and 655,505,335 outstanding at December 31, 2021	69	64
Additional paid-in capital	13,899	13,683
Accumulated deficit	(2,701)	(2,458)
Accumulated other comprehensive loss	(93)	(84)
Total controlling interest shareholders' equity	11,174	11,205
Noncontrolling interest	1	1
Total equity	11,175	11,206
Total liabilities and equity	$ 20,550	$ 20,681

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Jun. 30, 2022 USD ($) shares	Jun. 30, 2022 SFr / shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts | $	$ 2		$ 2
Materials and supplies, net of allowance | $	$ 191		$ 183
Shares, CHF par value (in Swiss francs per share) | SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	905,093,509		891,379,306
Shares, conditionally authorized	142,362,675		142,363,356
Shares, issued	754,244,753		728,176,456
Shares, outstanding	705,711,203		655,505,335

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Retained earnings	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2020	$ 11,432	$ 60	$ 13,501	$ (1,866)	$ (263)	$ 3	$ 11,435
Increase (Decrease) in Shareholders' Equity
Share-based compensation	14		14				14
Issuance of shares	66	2	64				66
Net loss attributable to controlling interest				(202)			(202)
Other comprehensive income (loss) attributable to controlling interest					(1)		(1)
Total comprehensive loss attributable to controlling interest	(203)						(203)
Total comprehensive income attributable to noncontrolling interest						1
Total comprehensive loss							(202)
Other, net	(1)		(1)				(1)
Balance at Jun. 30, 2021	11,308	62	13,578	(2,068)	(264)	4	11,312
Balance at Mar. 31, 2021	11,336	60	13,508	(1,965)	(267)	4	11,340
Increase (Decrease) in Shareholders' Equity
Share-based compensation	7		7				7
Issuance of shares	66	2	64				66
Net loss attributable to controlling interest				(103)			(103)
Other comprehensive income (loss) attributable to controlling interest					3		3
Total comprehensive loss attributable to controlling interest	(100)						(100)
Total comprehensive loss							(100)
Other, net	(1)		(1)				(1)
Balance at Jun. 30, 2021	11,308	62	13,578	(2,068)	(264)	4	11,312
Balance at Dec. 31, 2021	11,205	64	13,683	(2,458)	(84)	1	11,206
Increase (Decrease) in Shareholders' Equity
Share-based compensation	15		15				15
Issuance of shares	206	5	201				206
Net loss attributable to controlling interest				(243)			(243)
Other comprehensive income (loss) attributable to controlling interest					(9)		(9)
Total comprehensive loss attributable to controlling interest	(252)						(252)
Total comprehensive loss							(252)
Balance at Jun. 30, 2022	11,174	69	13,899	(2,701)	(93)	1	11,175
Balance at Mar. 31, 2022	11,130	67	13,790	(2,633)	(94)	1	11,131
Increase (Decrease) in Shareholders' Equity
Share-based compensation	8		8				8
Issuance of shares	103	2	101				103
Net loss attributable to controlling interest				(68)			(68)
Other comprehensive income (loss) attributable to controlling interest					1		1
Total comprehensive loss attributable to controlling interest	(67)						(67)
Total comprehensive loss							(67)
Balance at Jun. 30, 2022	$ 11,174	$ 69	$ 13,899	$ (2,701)	$ (93)	$ 1	$ 11,175

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net loss	$ (243)	$ (201)
Adjustments to reconcile to net cash provided by (used in) operating activities:
Contract intangible asset amortization	59	113
Depreciation and amortization	367	373
Share-based compensation expense	15	14
Loss on disposal of assets, net	3	58
Gain on retirement of debt		(51)
Deferred income tax expense	25	11
Other, net	32	14
Changes in deferred revenues, net	(31)	(72)
Changes in deferred costs, net	13	7
Changes in other operating assets and liabilities, net	(200)	(17)
Net cash provided by operating activities	40	249
Cash flows from investing activities
Capital expenditures	(221)	(100)
Investments in unconsolidated affiliates	(19)
Investment in loans to unconsolidated affiliate		(33)
Proceeds from disposal of assets, net	4	7
Net cash used in investing activities	(236)	(126)
Cash flows from financing activities
Repayments of debt	(257)	(239)
Proceeds from issuance of shares, net of issue costs	206	66
Other, net	(4)	(20)
Net cash used in financing activities	(55)	(193)
Net decrease in unrestricted and restricted cash and cash equivalents	(251)	(70)
Unrestricted and restricted cash and cash equivalents, beginning of period	1,412	1,560
Unrestricted and restricted cash and cash equivalents, end of period	$ 1,161	$ 1,490

Business

Business	6 Months Ended
	Jun. 30, 2022
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. As of June 30, 2022, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. As of June 30, 2022, we were constructing two ultra-deepwater drillships.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Presentation Form 10-K filed on February 23, 2022 Accounting estimates Fair value measurements

Unconsolidated Affiliates

Unconsolidated Affiliates	6 Months Ended
	Jun. 30, 2022
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 3—Unconsolidated Affiliates Equity investments Transocean Norge . Related party transactions Transocean Norge Transocean Norge Transocean Norge 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. In the six months ended June 30, 2021, we made a cash investment in loans of $33 million. At June 30, 2022 and December 31, 2021, the principal amount of outstanding borrowings due to us under the financing arrangement was $35 million and $34 million, respectively, recorded in other assets.

Revenues

Revenues	6 Months Ended
	Jun. 30, 2022
Revenues
Revenues	Note 4—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ ​ floaters floaters Total floaters floaters Total floaters floaters Total floaters floaters Total U.S. $ 253 ​ $ — ​ $ 253 ​ $ 273 ​ $ — ​ $ 273 $ 521 ​ $ — ​ $ 521 ​ $ 539 ​ $ 4 ​ $ 543 Norway ​ ​ — ​ ​ 241 ​ ​ 241 ​ ​ — ​ ​ 222 ​ ​ 222 ​ ​ ​ — ​ ​ 434 ​ ​ 434 ​ ​ — ​ ​ 424 ​ ​ 424 ​ Other countries (a) ​ ​ 198 ​ ​ — ​ ​ 198 ​ ​ 151 ​ ​ 10 ​ ​ 161 ​ ​ ​ 320 ​ ​ 3 ​ ​ 323 ​ ​ 321 ​ ​ 21 ​ ​ 342 ​ Total contract drilling revenues $ 451 ​ $ 241 ​ $ 692 ​ $ 424 ​ $ 232 ​ $ 656 $ 841 ​ $ 437 ​ $ 1,278 ​ $ 860 ​ $ 449 ​ $ 1,309 (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues. Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 86 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 231 ​ ​ 265 ​ Total contract liabilities $ 317 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (61) ​ ​ (81) ​ Increase due to goods and services transferred over time ​ ​ 30 ​ ​ 9 ​ Total contract liabilities, end of period ​ $ 317 ​ $ 384 ​ ​ Pre-operating costs

Long-Lived Assets

Long-Lived Assets	6 Months Ended
	Jun. 30, 2022
Long-Lived Assets
Long-Lived Assets	Note 5—Long-Lived Assets Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 193 ​ ​ 77 ​ Other equipment and construction projects ​ ​ 28 ​ ​ 23 ​ Total capital expenditures ​ ​ 221 ​ ​ 100 ​ Non-cash capital additions financed under Shipyard Loan ​ ​ 300 ​ ​ — ​ Changes in accrued capital additions ​ ​ (16) ​ ​ (9) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (26) ​ ​ (18) ​ Construction work in progress, end of period $ 1,496 ​ $ 901 ​ ​ Dispositions Leiv Eiriksson

Debt

Debt	6 Months Ended
	Jun. 30, 2022
Debt
Debt	Note 6—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 140 ​ ​ ​ 140 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 306 ​ ​ ​ 273 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 394 ​ ​ 435 ​ ​ ​ 390 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 270 ​ ​ 300 ​ ​ ​ 267 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 281 ​ ​ 313 ​ ​ ​ 278 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 369 ​ ​ 402 ​ ​ ​ 365 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 407 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 267 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 268 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,043 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 516 ​ ​ 550 ​ ​ ​ 510 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 349 ​ ​ — ​ ​ ​ 300 ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 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 ​ ​ 6,949 ​ ​ 6,820 ​ ​ ​ 7,223 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ — ​ ​ ​ 140 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 63 ​ ​ ​ 273 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 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 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ Total debt due within one year ​ ​ 781 ​ ​ 448 ​ ​ ​ 847 ​ ​ 513 ​ Total long-term debt ​ $ 6,168 ​ $ 6,372 ​ $ 6,376 ​ $ 6,657 ​ Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 781 ​ $ 76 ​ $ 857 ​ 2024 ​ ​ 615 ​ ​ 77 ​ ​ 692 ​ 2025 ​ ​ 555 ​ ​ 77 ​ ​ 632 ​ 2026 ​ ​ 1,627 ​ ​ 78 ​ ​ 1,705 ​ 2027 ​ ​ 1,927 ​ ​ 78 ​ ​ 2,005 ​ Thereafter ​ ​ 1,444 ​ ​ — ​ ​ 1,444 ​ Total installments of debt ​ $ 6,949 ​ $ 386 ​ ​ 7,335 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (112) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,223 ​ Credit agreements Secured Credit Facility In July 2022, we amended the bank credit agreement for our Secured Credit Facility to, among other things, (i) extend the maturity date from June 22, 2023 to June 22, 2025, subject to permitted extensions and certain early maturity triggers, (ii) reduce the borrowing capacity from $1.33 billion to $774 million through June 22, 2023, and thereafter reduce the borrowing capacity to $600 million through June 22, 2025 and (iii) replace our ability to borrow under the Secured Credit Facility at the reserve adjusted London Interbank Offered Rate plus the Secured Credit Facility Margin with the ability to borrow under the Secured Credit Facility at a forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus the Secured Credit Facility Margin and a Term SOFR spread adjustment of 0.10 percent. The Secured Credit Facility contains covenants that, among other things, requires that we maintain minimum liquidity of $500 million. In order to remain in compliance with the requirement and to avoid a default under our Secured Credit Facility, we must obtain additional liquidity of at least $330 million within the 12-month period following the issuance of the financial statements included in this report, which we plan to obtain through a secured financing for Deepwater Titan Deepwater Titan Shipyard financing arrangement Deepwater Atlas Deepwater Titan Deepwater Atlas Deepwater Titan The Shipyard Loans are guaranteed by Transocean Inc. Borrowings under the Shipyard Loan for Deepwater Atlas Deepwater Titan Deepwater Atlas 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 due January 2023 (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 due January 2027 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 due December 2025 (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% ​ $ 134 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 294 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 204 ​ We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model using significant other observable inputs, representative of Level 2 fair value measurements, 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 Early debt retirement During the six months ended June 30, 2022 and 2021, we retired certain notes as a result of repayment, private exchanges and open market repurchases. The aggregate principal amounts, cash payments and recognized gain or loss for such transactions were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ ​ 2022 ​ 2021 ​ ​ Repay Exchange Repurchase Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 323 ​ $ 1 ​ $ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ 11 ​ $ 1 ​ $ 12 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate net gain ​ $ — ​ $ 51 ​ $ — ​ $ 51 ​ In July 2022, we made a cash payment of $27 million to redeem an equivalent aggregate principal amount of the then outstanding 3.80% senior notes due October 2022.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Taxes
Income Taxes	Note 7—Income Taxes Tax provision and rate Tax positions and returns Brazil tax investigations

Loss Per Share

Loss Per Share	6 Months Ended
	Jun. 30, 2022
Loss per share
Loss per share	Note 8—Loss Per Share The computations of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (68) ​ $ (103) ​ $ (243) ​ $ (202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 692 ​ ​ 621 ​ ​ 678 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.10) ​ $ (0.17) ​ $ (0.36) ​ $ (0.33) ​ ​ We excluded from the computations certain shares issuable as follows because the effect would have been antidilutive (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Share-based awards ​ ​ 14.0 ​ ​ 13.3 ​ ​ 15.0 ​ ​ 12.9 ​ Exchangeable bonds ​ ​ 108.1 ​ ​ 108.0 ​ ​ 108.1 ​ ​ 101.0 ​ ​

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2022
Contingencies
Contingencies	Note 9—Contingencies Legal proceedings Debt exchange litigation and purported notice of default— to the exchange offer transactions completed in September 2020 (the “2020 Exchange Offers”), filed a claim (the “Claim”) in the U.S. District Court for the Southern District of New York (the “Trial Court”) related to such certain internal reorganization transactions and the 2020 Exchange Offers. Additionally, in September and October 2020, Whitebox and funds managed by, or affiliated with, Pacific Investment Management Company LLC, as debtholders, together with certain other advisors and debtholders, provided purported notices of alleged default with respect to the indentures governing, respectively, the 8.00% senior notes due February 2027 (the “8.00% Senior Notes”) and the 7.25% senior notes due November 2025 (the “7.25% Senior Notes”). 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. On September 23, 2020, we filed an answer to the Claim with the Trial 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 Trial 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 Trial 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 subsequently appealed the Trial Court’s ruling, and on February 1, 2022, the U.S. Court of Appeals for the Second Circuit (the “Second Circuit”) dismissed the appeal filed by Whitebox as moot and remanded to the Trial Court, which then dismissed the claims as moot pursuant to the ruling by the Second Circuit. Whitebox did not appeal the ruling by the Second Circuit. Asbestos litigation One of our subsidiaries was 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 June 30, 2022, the subsidiary was a defendant in approximately 239 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 December 2021, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provide the subsidiary with cash. An earlier settlement in September 2018 provided the subsidiary with cash and an annuity that begins making payments in 2024. 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 with respect to all environmental matters, including all related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, we do not expect the ultimate liability, if any, resulting from such matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

Equity

Equity	6 Months Ended
	Jun. 30, 2022
Equity
Equity	Note 10—Equity Share issuance

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2022
Financial Instruments
Financial Instruments	Note 11—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 729 ​ $ 729 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 432 ​ ​ 432 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 37 ​ ​ 35 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,223 ​ ​ 5,548 ​ ​ 7,170 ​ ​ 5,661 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term loans receivable from unconsolidated affiliates Total debt Note 6—Debt

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Significant Accounting Policies
Presentation	Presentation Form 10-K filed on February 23, 2022
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements

Revenues (Tables)

Revenues (Tables)	6 Months Ended
	Jun. 30, 2022
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended June 30, ​ ​ Six months ended June 30, ​ ​ 2022 2021 2022 2021 ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ Ultra- Harsh ​ ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ deepwater environment ​ ​ floaters floaters Total floaters floaters Total floaters floaters Total floaters floaters Total U.S. $ 253 ​ $ — ​ $ 253 ​ $ 273 ​ $ — ​ $ 273 $ 521 ​ $ — ​ $ 521 ​ $ 539 ​ $ 4 ​ $ 543 Norway ​ ​ — ​ ​ 241 ​ ​ 241 ​ ​ — ​ ​ 222 ​ ​ 222 ​ ​ ​ — ​ ​ 434 ​ ​ 434 ​ ​ — ​ ​ 424 ​ ​ 424 ​ Other countries (a) ​ ​ 198 ​ ​ — ​ ​ 198 ​ ​ 151 ​ ​ 10 ​ ​ 161 ​ ​ ​ 320 ​ ​ 3 ​ ​ 323 ​ ​ 321 ​ ​ 21 ​ ​ 342 ​ Total contract drilling revenues $ 451 ​ $ 241 ​ $ 692 ​ $ 424 ​ $ 232 ​ $ 656 $ 841 ​ $ 437 ​ $ 1,278 ​ $ 860 ​ $ 449 ​ $ 1,309 (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.
Schedule of contract balances and changes	Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 86 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 231 ​ ​ 265 ​ Total contract liabilities $ 317 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (61) ​ ​ (81) ​ Increase due to goods and services transferred over time ​ ​ 30 ​ ​ 9 ​ Total contract liabilities, end of period ​ $ 317 ​ $ 384 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Long-Lived Assets
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended ​ ​ ​ June 30, ​ ​ 2022 2021 Construction work in progress, beginning of period $ 1,017 ​ $ 828 ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 193 ​ ​ 77 ​ Other equipment and construction projects ​ ​ 28 ​ ​ 23 ​ Total capital expenditures ​ ​ 221 ​ ​ 100 ​ Non-cash capital additions financed under Shipyard Loan ​ ​ 300 ​ ​ — ​ Changes in accrued capital additions ​ ​ (16) ​ ​ (9) ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ (26) ​ ​ (18) ​ Construction work in progress, end of period $ 1,496 ​ $ 901 ​

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2022
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ June 30, ​ December 31, ​ June 30, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ 140 ​ ​ ​ 140 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 306 ​ ​ ​ 273 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 394 ​ ​ 435 ​ ​ ​ 390 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 270 ​ ​ 300 ​ ​ ​ 267 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 281 ​ ​ 313 ​ ​ ​ 278 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ ​ 369 ​ ​ 402 ​ ​ ​ 365 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ ​ 411 ​ ​ 411 ​ ​ ​ 407 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ 294 ​ ​ 294 ​ ​ ​ 267 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ 238 ​ ​ 238 ​ ​ ​ 268 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,043 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 516 ​ ​ 550 ​ ​ ​ 510 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loan due June 2027 ​ ​ 349 ​ ​ — ​ ​ ​ 300 ​ ​ — ​ 7.00% Notes due June 2028 ​ ​ 261 ​ ​ 261 ​ ​ ​ 265 ​ ​ 265 ​ 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 ​ ​ 6,949 ​ ​ 6,820 ​ ​ ​ 7,223 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ ​ 27 ​ ​ 27 ​ ​ ​ 27 ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 140 ​ ​ — ​ ​ ​ 140 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ ​ 274 ​ ​ 63 ​ ​ ​ 273 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ ​ 60 ​ ​ 60 ​ ​ ​ 58 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 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 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ Total debt due within one year ​ ​ 781 ​ ​ 448 ​ ​ ​ 847 ​ ​ 513 ​ Total long-term debt ​ $ 6,168 ​ $ 6,372 ​ $ 6,376 ​ $ 6,657 ​
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Twelve months ending June 30, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 781 ​ $ 76 ​ $ 857 ​ 2024 ​ ​ 615 ​ ​ 77 ​ ​ 692 ​ 2025 ​ ​ 555 ​ ​ 77 ​ ​ 632 ​ 2026 ​ ​ 1,627 ​ ​ 78 ​ ​ 1,705 ​ 2027 ​ ​ 1,927 ​ ​ 78 ​ ​ 2,005 ​ Thereafter ​ ​ 1,444 ​ ​ — ​ ​ 1,444 ​ Total installments of debt ​ $ 6,949 ​ $ 386 ​ ​ 7,335 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (112) ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,223 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six months ended June 30, ​ ​ ​ 2022 ​ 2021 ​ ​ Repay Exchange Repurchase Total ​ 5.52% Senior Secured Notes due May 2022 ​ $ 18 ​ $ — ​ $ — ​ $ — ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ — ​ ​ 323 ​ ​ — ​ ​ 323 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ 1 ​ ​ 1 ​ Aggregate principal amount of debt retired ​ $ 18 ​ $ 323 ​ $ 1 ​ $ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ 18 ​ $ 11 ​ $ 1 ​ $ 12 ​ Aggregate principal amount of debt issued in exchanges ​ $ — ​ $ 294 ​ $ — ​ $ 294 ​ Aggregate net gain ​ $ — ​ $ 51 ​ $ — ​ $ 51 ​
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% ​ $ 134 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 294 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 204 ​

Loss Per Share (Tables)

Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Loss per share
Schedule of loss per share	The computations of basic and diluted loss per share were as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (68) ​ $ (103) ​ $ (243) ​ $ (202) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 692 ​ ​ 621 ​ ​ 678 ​ ​ 619 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.10) ​ $ (0.17) ​ $ (0.36) ​ $ (0.33) ​
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ Six months ended ​ ​ ​ June 30, ​ June 30, ​ ​ ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ Share-based awards ​ ​ 14.0 ​ ​ 13.3 ​ ​ 15.0 ​ ​ 12.9 ​ Exchangeable bonds ​ ​ 108.1 ​ ​ 108.0 ​ ​ 108.1 ​ ​ 101.0 ​

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Financial Instruments
Carrying amounts and fair values of the financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 729 ​ $ 729 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 432 ​ ​ 432 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 37 ​ ​ 35 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,223 ​ ​ 5,548 ​ ​ 7,170 ​ ​ 5,661 ​

Business (Details)

Business (Details)	Jun. 30, 2022 item
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	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Investments
Aggregate carrying amount of equity investment	$ 103		$ 91
Investments in loans to unconsolidated affiliates		$ 33
Orion/Transocean Norge
Investments
Ownership percentage	33%
Equity method investment payment	$ 19
Aggregate carrying amount of equity investment	59		57
Related party transaction	28	2
Investments in loans to unconsolidated affiliates		33
Affiliate loan receivable	$ 35		$ 34
Orion/Transocean Norge | Orion/Transocean Norge
Investments
Loan payable		$ 100

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Contract drilling revenues	$ 692	$ 656	$ 1,278	$ 1,309
U.S.
Revenue
Contract drilling revenues	253	273	521	543
Norway
Revenue
Contract drilling revenues	241	222	434	424
Other Countries
Revenue
Contract drilling revenues	198	161	323	342
Ultra-deepwater floaters
Revenue
Contract drilling revenues	451	424	841	860
Ultra-deepwater floaters | U.S.
Revenue
Contract drilling revenues	253	273	521	539
Ultra-deepwater floaters | Other Countries
Revenue
Contract drilling revenues	198	151	320	321
Harsh environment floaters
Revenue
Contract drilling revenues	241	232	437	449
Harsh environment floaters | U.S.
Revenue
Contract drilling revenues				4
Harsh environment floaters | Norway
Revenue
Contract drilling revenues	$ 241	222	434	424
Harsh environment floaters | Other Countries
Revenue
Contract drilling revenues		$ 10	$ 3	$ 21

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Dec. 31, 2020
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 86	$ 83
Deferred contract revenues, recorded in other long-term liabilities	231	265
Total contract liabilities	$ 317	$ 348	$ 384	$ 456

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 348	$ 456
Decrease due to recognition of revenues for goods and services	(61)	(81)
Increase due to goods and services transferred over time	30	9
Total contract liabilities, at end of period	$ 317	$ 384

Revenues (Pre-operating) (Detai

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues
Recognized pre-operating costs	$ 24	$ 16	$ 36	$ 30
Unrecognized pre-operating costs	$ 11		$ 11		$ 21

Long-Lived Assets (Details)

Long-Lived Assets (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 221	$ 100
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	1,017	828
Total capital expenditures	221	100
Non-cash capital additions financed under Shipyard Loan	300
Changes in accrued capital additions	(16)	(9)
Property and equipment placed into service	(26)	(18)
Construction work in progress, at end of period	1,496	901
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	193	77
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 28	$ 23

Long-Lived Assets (Disposal) (D

Long-Lived Assets (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Dispositions
Net cash proceeds from sale of assets			$ 4	$ 7
Gain (loss) on the sale of assets	$ (4)	$ 1	$ (3)	(58)
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets				4
Gain (loss) on the sale of assets				$ (60)
Gain (loss) on the sale of assets per diluted share				$ (0.10)
Gain (loss) on disposal of assets, tax effect				$ 0

Debt (Details)

Debt (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Principal amount
Debt due within one year	$ 781	$ 448
Long-term debt	6,168	6,372
Carrying amount
Total debt	7,223	7,170
Debt due within one year	847	513
Long-term debt	6,376	6,657
5.52% Senior Secured Notes due May 2022
Principal amount
Total installments of debt		18
Debt due within one year		18
Carrying amount
Total debt		18
Debt due within one year		$ 18
Debt instrument interest rate stated percentage		5.52%
3.80% Senior Notes due October 2022
Principal amount
Total installments of debt	27	$ 27
Debt due within one year	27	27
Carrying amount
Total debt	27	27
Debt due within one year	$ 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	140
Debt due within one year	140
Carrying amount
Total debt	140	140
Debt due within one year	$ 140
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 274	306
Debt due within one year	274	63
Carrying amount
Total debt	273	304
Debt due within one year	$ 273	62
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt	$ 394	435
Debt due within one year	83	83
Carrying amount
Total debt	390	430
Debt due within one year	$ 81	80
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt	$ 270	300
Debt due within one year	60	60
Carrying amount
Total debt	267	296
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	$ 281	313
Debt due within one year	62	62
Carrying amount
Total debt	278	309
Debt due within one year	$ 61	61
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total installments of debt	$ 369	402
Debt due within one year	66	66
Carrying amount
Total debt	365	397
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	$ 407	406
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments of debt	$ 294	294
Carrying amount
Total debt	$ 267	264
Debt instrument interest rate stated percentage	4%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt	$ 569	569
Carrying amount
Total debt	$ 566	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	268	271
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	1,043	1,078
Debt due within one year	$ 70	70
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt	$ 516	550
Debt due within one year	69	69
Carrying amount
Total debt	510	544
Debt due within one year	$ 67	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	$ 608	607
Debt instrument interest rate stated percentage	8%
7.45% Notes due April 2027
Principal amount
Total installments of debt	$ 52	52
Carrying amount
Total debt	$ 52	52
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%
4.50% Shipyard Loan due June 2027
Principal amount
Total installments of debt	$ 349
Carrying amount
Total debt	$ 300
Debt instrument interest rate stated percentage	4.50%		4.50%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261	261
Carrying amount
Total debt	$ 265	265
Debt instrument interest rate stated percentage	7%
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%
Principal installments
Principal amount
Total installments of debt	$ 6,949	$ 6,820

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Total Installments
Scheduled maturities of debt
2023	$ 857
2024	692
2025	632
2026	1,705
2027	2,005
Thereafter	1,444
Total installments of debt	7,335
Total unamortized debt-related balances, net	(112)
Total carrying amount of debt	7,223
Principal installments
Scheduled maturities of debt
2023	781
2024	615
2025	555
2026	1,627
2027	1,927
Thereafter	1,444
Total installments of debt	6,949	$ 6,820
Other installments
Scheduled maturities of debt
2023	76
2024	77
2025	77
2026	78
2027	78
Total installments of debt	$ 386

Debt (Interest and Credit Agree

Debt (Interest and Credit Agreements) (Details) - USD ($) $ in Millions	1 Months Ended		6 Months Ended
	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2022	Jun. 30, 2021
Debt
Aggregate cash payment			$ 18	$ 12
Aggregate cash payment to acquire property			221	$ 100
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum		$ 1,330	$ 1,330
Commitment fee percentage at period end			0.875%
Credit facility amount outstanding		0	$ 0
Letters of credit issued and outstanding		9	9
Credit facility available borrowing capacity		$ 1,320	$ 1,320
Minimum liquidity	$ 500
Additional liquidity required	330
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%
Five-Year Revolving Credit Facility | June 2023
Debt
Borrowing capacity, maximum	774
Five-Year Revolving Credit Facility | June 2025
Debt
Borrowing capacity, maximum	$ 600
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%	1%
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%
Five-Year Revolving Credit Facility | Term SOFR
Debt
Spread on variable rate basis (as a percent)	0.10%
4.50% Shipyard Loan due June 2027
Debt
Debt instrument interest rate stated percentage		4.50%	4.50%	4.50%
Debt instrument face value		$ 349	$ 349
Aggregate cash payment to acquire property		46
Non-cash capital addition		$ 300
4.50% Shipyard Loan due June 2027 | Discount rate
Debt
Debt fair value measurement input		9.4	9.4

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, $ in Millions		6 Months Ended		12 Months Ended
	Feb. 26, 2021 USD ($)	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2021 USD ($) $ / shares	Dec. 31, 2021 USD ($)
Debt
Issuance of debt in exchange transactions			$ 294
Aggregate cash payment		$ 18	12
Repurchased
Debt
Aggregate cash payment			1
Exchanged
Debt
Issuance of debt in exchange transactions			294
Aggregate cash payment			11
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		$ 134
Equity component of convertible debt instrument		$ 172		$ 172
Aggregate cash payment	$ 11
Original debt in exchange	323
Gains (losses) on restructuring			$ 51
Gains (losses) on restructuring (in dollars per share) | $ / shares			$ 0.08
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		$ 294
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%
Fair value of debt		$ 204

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions		1 Months Ended	6 Months Ended
	Feb. 26, 2021	Jul. 31, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Debt
Aggregate principal amount of debt retired			$ 18	$ 324
Aggregate cash payment			18	12
Aggregate principal amount of debt issued in exchanges				294
Aggregate net gain				51
Repayments of debt			257	239
5.52% Senior Secured Notes due May 2022
Debt
Debt instrument interest rate stated percentage					5.52%
Aggregate principal amount of debt retired			$ 18
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage			0.50%
Aggregate principal amount of debt retired				323
Aggregate cash payment	$ 11
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage			5.375%
Aggregate principal amount of debt retired				1
3.80% Senior Notes due October 2022
Debt
Debt instrument interest rate stated percentage			3.80%
Repayments of debt		$ 27
Repurchased
Debt
Aggregate principal amount of debt retired				1
Aggregate cash payment				1
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired				1
Exchanged
Debt
Aggregate principal amount of debt retired				323
Aggregate cash payment				11
Aggregate principal amount of debt issued in exchanges				294
Aggregate net gain				51
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired				$ 323

Income Taxes (Provision) (Detai

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2022 BRL (R$)	Jun. 30, 2021 USD ($)
Effective tax rate			(13.70%)	(13.70%)	7.70%
Income tax expense (benefit)	$ 3	$ 4	$ 29		$ (17)
Various discrete tax items expense (benefit)			$ (8)		$ (33)
Annual effective tax rate excluding discrete items (as a percent)			(17.50%)	(17.50%)	(7.80%)
Brazil | Corporate income tax
Net adjustments of additional taxes, including interest and penalties			$ 124	R$ 652
Brazil | Indirect tax
Net adjustments of additional taxes, including interest and penalties			$ 21	R$ 113

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings per share
Net loss attributable to controlling interest	$ (68)	$ (103)	$ (243)	$ (202)
Weighted-average shares for per share calculation, basic (in shares)	692	621	678	619
Weighted-average shares for per share calculation, diluted (in shares)	692	621	678	619
Loss per share, basic (in dollars per share)	$ (0.10)	$ (0.17)	$ (0.36)	$ (0.33)
Loss per share, diluted (in dollars per share)	$ (0.10)	$ (0.17)	$ (0.36)	$ (0.33)
Share-based awards
Earnings per share
Securities excluded from earnings per share calculation (in shares)	14	13.3	15	12.9
Convertible debt
Earnings per share
Securities excluded from earnings per share calculation (in shares)	108.1	108	108.1	101

Contingencies (Legal proceeding

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Jun. 30, 2022 lawsuit plaintiff
Contingencies
Number of claims | lawsuit	239
Louisiana
Contingencies
Number of claims	8
Illinois and Missouri
Contingencies
Number of claims	15

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) - USD ($) shares in Millions, $ in Millions		3 Months Ended		6 Months Ended
	Jun. 14, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Equity
Proceeds from issuance of shares, net of issue costs				$ 206	$ 66
ATM Program
Equity
Maximum value shares to be issued	$ 400
Proceeds from issuance of shares, net of issue costs		$ 103	$ 66	$ 206	$ 66
Issuance of shares (in shares)		24.6	15.2	44.8	15.2

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Financial instruments
Long-term debt, including current maturities	$ 7,223	$ 7,170
Carrying amount
Financial instruments
Cash and cash equivalents	729	976
Restricted cash and cash equivalents	432	436
Long-term loans receivable from unconsolidated affiliates	37	36
Long-term debt, including current maturities	7,223	7,170
Fair value
Financial instruments
Cash and cash equivalents	729	976
Restricted cash and cash equivalents	432	436
Long-term loans receivable from unconsolidated affiliates	35	33
Long-term debt, including current maturities	$ 5,548	$ 5,661