Transocean (RIG) 10-K 22 Feb 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Feb. 14, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		726,263,759
Entity Public Float			$ 2,350
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Houston, Texas
Entity Central Index Key	0001451505
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
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

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating revenues
Contract drilling revenues	$ 2,575	$ 2,556	$ 3,152
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 1,679	$ 1,697	$ 2,000
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 735	$ 742	$ 781
General and administrative	182	167	183
Total costs and expenses	2,596	2,606	2,964
Loss on impairment			(597)
Loss on disposal of assets, net	(10)	(62)	(84)
Operating loss	(31)	(112)	(493)
Other income (expense), net
Interest income	27	15	21
Interest expense, net of amounts capitalized	(561)	(447)	(575)
Gain on restructuring and retirement of debt	8	51	533
Other, net	(5)	23	(27)
Total other income (expense), net	(531)	(358)	(48)
Loss before income tax expense	(562)	(470)	(541)
Income tax expense	59	121	27
Net loss	(621)	(591)	(568)
Net income (loss) attributable to noncontrolling interest		1	(1)
Net loss attributable to controlling interest	$ (621)	$ (592)	$ (567)
Loss per share, basic (in dollars per share)	$ (0.89)	$ (0.93)	$ (0.92)
Loss per share, diluted (in dollars per share)	$ (0.89)	$ (0.93)	$ (0.92)
Weighted-average shares, basic (in shares)	699	637	615
Weighted-average shares, diluted (in shares)	699	637	615

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (621)	$ (591)	$ (568)
Net income (loss) attributable to noncontrolling interest		1	(1)
Net loss attributable to controlling interest	(621)	(592)	(567)
Components of net periodic benefit (income) costs before reclassifications	(109)	175	38
Components of net periodic benefit costs reclassified to net loss	3	10	25
Other comprehensive income (loss) before income taxes	(106)	185	63
Income taxes related to other comprehensive income (loss)	5	(6)	(2)
Other comprehensive income (loss)	(101)	179	61
Other comprehensive income (loss) attributable to controlling interest	(101)	179	61
Total comprehensive loss	(722)	(412)	(507)
Total comprehensive income (loss) attributable to noncontrolling interest		1	(1)
Total comprehensive loss attributable to controlling interest	$ (722)	$ (413)	$ (506)

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 683	$ 976
Accounts receivable, net	485	492
Materials and supplies, net	388	392
Restricted cash and cash equivalents	308	436
Other current assets	144	148
Total current assets	2,008	2,444
Property and equipment	24,217	23,152
Less accumulated depreciation	(6,748)	(6,054)
Property and equipment, net	17,469	17,098
Contract intangible assets	56	173
Deferred tax assets, net	13	7
Other assets	890	959
Total assets	20,436	20,681
Liabilities and equity
Accounts payable	281	228
Accrued income taxes	19	17
Debt due within one year	719	513
Other current liabilities	539	545
Total current liabilities	1,558	1,303
Long-term debt	6,628	6,657
Deferred tax liabilities, net	493	447
Other long-term liabilities	965	1,068
Total long-term liabilities	8,086	8,172
Commitments and contingencies
Shares, CHF 0.10 par value, 905,093,509 authorized, 142,362,675 conditionally authorized, 797,244,753 issued and 721,888,427 outstanding at December 31, 2022, and 891,379,306 authorized, 142,363,356 conditionally authorized, 728,176,456 issued and 655,505,335 outstanding at December 31, 2021	71	64
Additional paid-in capital	13,984	13,683
Accumulated deficit	(3,079)	(2,458)
Accumulated other comprehensive loss	(185)	(84)
Total controlling interest shareholders' equity	10,791	11,205
Noncontrolling interest	1	1
Total equity	10,792	11,206
Total liabilities and equity	$ 20,436	$ 20,681

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - SFr / shares	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED BALANCE SHEETS
Shares, CHF par value (in Swiss francs per share)	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	797,244,753	728,176,456
Shares, outstanding	721,888,427	655,505,335

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Millions, $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Accumulated deficit Period of Adoption, Adjustment	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2019	$ 11,862	$ 59	$ 13,424		$ (1,297)	$ (324)	$ 5	$ 11,867
Balance (in shares) at Dec. 31, 2019		612
Increase (Decrease) in Shareholders' Equity
Share-based compensation	31		31					31
Issuance of shares		$ 1	(1)
Issuance of shares (in shares)		3
Equity component of convertible debt instruments	46		46					46
Net loss attributable to controlling interest					(567)			(567)
Other comprehensive income (loss) attributable to controlling interest						61		61
Total comprehensive loss attributable to controlling interest	(506)							(506)
Total comprehensive income (loss) attributable to noncontrolling interest							(1)
Total comprehensive loss								(507)
Other, net	(1)		1				(1)	(2)
Balance at Dec. 31, 2020	11,432	$ 60	13,501	$ (2)	(1,866)	(263)	3	11,435
Balance (in shares) at Dec. 31, 2020		615
Increase (Decrease) in Shareholders' Equity
Share-based compensation	28		28					28
Issuance of shares	158	$ 4	154					158
Issuance of shares (in shares)		40
Net loss attributable to controlling interest					(592)			(592)
Other comprehensive income (loss) attributable to controlling interest						179		179
Total comprehensive loss attributable to controlling interest	(413)							(413)
Total comprehensive income (loss) attributable to noncontrolling interest							1
Total comprehensive loss								(412)
Acquisition of noncontrolling interest							(3)	(3)
Balance at Dec. 31, 2021	11,205	$ 64	13,683		(2,458)	(84)	1	11,206
Balance (in shares) at Dec. 31, 2021		655
Increase (Decrease) in Shareholders' Equity
Share-based compensation	29		29					29
Issuance of shares	263	$ 7	256					263
Issuance of shares (in shares)		67
Issuance of warrants	16		16					16
Net loss attributable to controlling interest					(621)			(621)
Other comprehensive income (loss) attributable to controlling interest						(101)		(101)
Total comprehensive loss attributable to controlling interest	(722)							(722)
Total comprehensive loss								(722)
Balance at Dec. 31, 2022	$ 10,791	$ 71	$ 13,984		$ (3,079)	$ (185)	$ 1	$ 10,792
Balance (in shares) at Dec. 31, 2022		722

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Cash flows from operating activities
Net loss	$ (621)	$ (591)	$ (568)
Adjustments to reconcile to net cash provided by operating activities:
Contract intangible asset amortization	117	220	215
Depreciation and amortization	735	742	781
Share-based compensation expense	29	28	31
Loss on impairment			597
Loss on impairment of investment in unconsolidated affiliates		37	62
Loss on disposal of assets, net	10	62	84
Fair value adjustment to bifurcated compound exchange feature	157
Gain on restructuring and retirement of debt	(8)	(51)	(533)
Deferred income tax expense	46	128	60
Other, net	77	77	83
Changes in deferred revenues, net	(20)	(108)	(73)
Changes in deferred costs, net	1	(6)	12
Changes in other operating assets and liabilities, net	(75)	37	(353)
Net cash provided by operating activities	448	575	398
Cash flows from investing activities
Capital expenditures	(717)	(208)	(265)
Investments in equity of unconsolidated affiliates	(42)	(1)	(19)
Investments in loans to unconsolidated affiliates	(5)	(33)	(2)
Proceeds from disposal of assets, net	7	9	24
Proceeds from maturities of unrestricted and restricted investments			5
Net cash used in investing activities	(757)	(233)	(257)
Cash flows from financing activities
Repayments of debt	(554)	(606)	(1,637)
Proceeds from issuance of shares, net of issue costs	263	158
Proceeds from issuance of debt, net of issue costs	175		743
Proceeds from issuance of warrants, net of issue costs	12
Other, net	(8)	(42)	(36)
Net cash used in financing activities	(112)	(490)	(930)
Net decrease in unrestricted and restricted cash and cash equivalents	(421)	(148)	(789)
Unrestricted and restricted cash and cash equivalents, beginning of period	1,412	1,560	2,349
Unrestricted and restricted cash and cash equivalents, end of period	$ 991	$ 1,412	$ 1,560

Business

Business	12 Months Ended
	Dec. 31, 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 December 31, 2022, we owned or had partial ownership interests in and operated a fleet of 38 mobile offshore drilling units, consisting of 28 ultra-deepwater floaters and 10 harsh environment floaters. As of December 31, 2022, we were constructing one ultra-deepwater drillship and held a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship. We provide, as our primary business, contract drilling services in a single operating segment, which involves contracting our mobile offshore drilling rigs, related equipment and work crews to drill oil and gas wells. We specialize in technically demanding regions of the global offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our drilling fleet is one of the most versatile fleets in the world, consisting of drillships and semisubmersible floaters used in support of offshore drilling activities and offshore support services on a worldwide basis. We perform contract drilling services by deploying our high-specification fleet in a single

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Significant Accounting Policies	Note 2—Significant Accounting Policies Accounting estimates Fair value measurements Consolidation Note 3—Unconsolidated Affiliates Note 13—Equity Revenues and related pre-operating costs typically based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. To obtain contracts with our customers, we incur pre-operating costs to prepare a rig for contract and mobilize a rig to the drilling location. We defer such pre-operating contract preparation and mobilization costs for recognition in operating and maintenance costs over the estimated contract period on a straight-line basis, consistent with the general pace of activity. See Note 4—Revenues Contract intangible assets Note 5—Contract Intangible Assets Share based compensation Note 14—Share-Based Compensation Capitalized interest Functional currency Income taxes We maintain liabilities for estimated tax exposures in our jurisdictions of operation, and we recognize the provisions and benefits resulting from changes to those liabilities in our income tax expense or benefit along with related interest and penalties. Income tax exposure items include potential challenges to permanent establishment positions, intercompany pricing, disposition transactions, and withholding tax rates and their applicability. These tax exposures are resolved primarily through the settlement of audits within these tax jurisdictions or by judicial means, but can also be affected by changes in applicable tax law or other factors, which could cause us to revise past estimates. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the deferred tax assets and liabilities are expected to be recovered or paid. In evaluating our ability to realize deferred tax assets, we consider all available positive and negative evidence, including projected future taxable income and the existence of cumulative losses in recent years. We record a valuation allowance for deferred tax assets when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. For example, we may record a valuation allowance for deferred tax assets resulting from net operating losses incurred during the year in certain jurisdictions for which the benefit of the losses will not be realized or for foreign tax credit carryforwards that may expire prior to their utilization. See Note 10—Income Taxes Cash and cash equivalents Restricted cash and cash equivalents Note 8—Debt Note 12—Commitments and Contingencies Materials and supplies Assets held for sale Property and equipment We capitalize expenditures for newbuilds, renewals, replacements and improvements, including capitalized interest, if applicable, and we recognize the expense for maintenance and repair costs as incurred. For newbuild construction projects, we also capitalize the initial preparation, mobilization and commissioning costs incurred until the drilling unit is placed into service. Upon sale or other disposition of an asset, we recognize a net gain or loss on disposal of the asset, which is measured as the difference between the net carrying amount of the asset and the net proceeds received. We compute depreciation using the straight-line method after allowing for salvage values. The estimated original useful life of our drilling units is 35 years, our buildings and improvements range from three four Long lived asset impairment Note 6—Long-Lived Assets Equity investments and impairment Note 3—Unconsolidated Affiliates Pension and other postemployment benefit plans We measure the actuarially determined obligations and related costs for our defined benefit pension and other postemployment benefit plans, retiree life insurance and medical benefits, by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan’s asset allocation. For the discount rate, we base our assumptions on a yield curve approach using Aa-rated corporate bonds and the expected timing of future benefit payments. At December 31, 2022 and 2021, the funded status of our pension and other postemployment benefit plans represented an aggregate liability of $174 million and $132 million, respectively, and an aggregate asset of $44 million and $102 million, respectively. See Note 9—Postemployment Benefit Plans Contingencies

Unconsolidated Affiliates

Unconsolidated Affiliates	12 Months Ended
	Dec. 31, 2022
Unconsolidated Affiliates
Unconsolidated Affiliates	Note 3—Unconsolidated Affiliates Equity investments Overview Transocean Norge Deepwater Aquila In November 2022, we and Perestroika AS (“Perestroika”), an entity affiliated with one of our directors that beneficially owns approximately 11 percent of our shares, each made a cash contribution of $15 million and $10 million, respectively, to Liquila. The investments represented proportionate contributions, together with a contribution from the holder of the remaining 67 percent ownership interest, that were used to make the initial payment to the shipyard to acquire a newbuild drillship for a purchase price of approximately $200 million. We concluded that Liquila is a variable interest entity because its equity at risk was insufficient to permit it to carry on its activities without additional subordinated financial support, and we further concluded that we are not the primary beneficiary since the power to direct the activities that most significantly impact its economic performance are jointly controlled. The holder of the remaining 67 percent ownership interest in Liquila may, at any time through November 10, 2023, elect to require us to repurchase up to 80 percent of such holder’s initial investment at the value that the holder initially paid therefor. We may, at our election, settle any such repurchase by delivering cash, Transocean Ltd. shares or a combination of cash and shares, where any shares delivered would be valued using the then-current market price of shares. At December 31, 2022, the carrying amount of our investment in Liquila was $15 million, recorded in other assets. Impairments Related party transactions Transocean Norge Transocean Norge Transocean Norge In the years ended December 31, 2022, 2021 and 2020, we received an aggregate cash payment of $40 million, $16 million and $46 million, respectively, primarily for services performed under the management services agreement with Orion. In the years ended December 31, 2022, 2021 and 2020, we recognized rent expense of $11 million, $12 million and $22 million, respectively, recorded in operating and maintenance costs, and made an aggregate cash payment of $10 million, $15 million and $22 million, respectively, to charter the rig and rent other equipment from Orion. In the years ended December 31, 2022, 2021 and 2020, we made an aggregate cash payment of $7 million, $6 million and $15 million, respectively, to other unconsolidated affiliates for research and development and for equipment to reduce emissions and improve reliability. In June 2021, Orion refinanced its shipyard loans under a financing arrangement for $100 million, , and we made a cash investment of $33 million in the loan facility. The financing arrangement, which expires in June 2024, requires interest to be paid on outstanding borrowings at the London Interbank Offered Rate plus a margin of 6.50 percent per annum. Borrowings under the financing arrangement are secured by Transocean Norge Subsequent event In February 2023, we agreed to make an investment for a noncontrolling ownership interest in Global Sea Mineral Resources, a Belgian company and leading developer of nodule collection technology, which is engaged in the development and exploration of deep-sea polymetallic nodules that contain metals critical to the growing renewable energy market. In addition to a cash investment of $10 million, we agreed to contribute the ultra-deepwater drillship Ocean Rig Olympia

Revenues

Revenues	12 Months Ended
	Dec. 31, 2022
Revenues
Revenues	Note 4—Revenues Overview Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ ​ Ultra- Harsh ​ ​ ​ Ultra- ​ Harsh ​ ​ ​ Ultra- ​ Harsh ​ ​ ​ ​ ​ ​ ​ ​ ​ deepwater environment ​ ​ ​ deepwater ​ environment ​ ​ ​ deepwater ​ environment ​ Midwater ​ ​ ​ ​ ​ ​ floaters floaters ​ Total ​ floaters ​ floaters ​ Total ​ floaters ​ floaters ​ floaters ​ Total ​ U.S. $ 1,135 ​ $ — ​ $ 1,135 ​ $ 1,096 ​ $ 2 ​ $ 1,098 ​ $ 1,302 ​ $ — ​ $ — ​ $ 1,302 ​ Norway ​ ​ — ​ ​ 835 ​ ​ 835 ​ ​ — ​ ​ 790 ​ ​ 790 ​ ​ — ​ ​ 876 ​ ​ — ​ ​ 876 ​ Other countries (a) ​ ​ 573 ​ ​ 32 ​ ​ 605 ​ ​ 624 ​ ​ 44 ​ ​ 668 ​ ​ 792 ​ ​ 170 ​ ​ 12 ​ ​ 974 ​ Total contract drilling revenues $ 1,708 ​ $ 867 ​ $ 2,575 ​ $ 1,720 ​ $ 836 ​ $ 2,556 ​ $ 2,094 ​ $ 1,046 ​ $ 12 ​ $ 3,152 ​ (a) The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues. Major customers Contract liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 124 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 204 ​ ​ 265 ​ Total contract liabilities $ 328 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ ​ December 31, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (119) ​ ​ (149) ​ Increase due to goods and services transferred over time ​ ​ 99 ​ ​ 41 ​ Total contract liabilities, end of period ​ $ 328 ​ $ 348 ​ ​ Performance obligations satisfied in prior periods Pre-operating costs

Contract Intangible Assets

Contract Intangible Assets	12 Months Ended
	Dec. 31, 2022
Contract Intangible Assets
Contract Intangible Assets	Note 5—Contract Intangible Assets The gross carrying amount and accumulated amortization of our drilling contract intangible assets were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ ​ Gross ​ ​ ​ ​ Net ​ Gross ​ ​ ​ ​ Net ​ ​ carrying ​ Accumulated ​ carrying ​ carrying ​ Accumulated ​ carrying ​ amount ​ amortization ​ amount amount amortization amount Drilling contract intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period $ 907 ​ $ (734) ​ $ 173 ​ $ 907 ​ $ (514) $ 393 ​ Amortization ​ ​ — ​ ​ (117) ​ ​ (117) ​ ​ — ​ ​ (220) ​ ​ (220) ​ Balance, end of period $ 907 ​ $ (851) ​ $ 56 ​ $ 907 ​ $ (734) $ 173 ​ ​ As of December 31, 2022, the estimated future amortization to be recognized over the expected remaining contract periods in the years ending December 31, 2023 and 2024 was $52 million and $4 million, respectively.

Long- Lived Assets

Long- Lived Assets	12 Months Ended
	Dec. 31, 2022
Long-Lived Assets
Long -Lived Assets	Note 6—Long-Lived Assets Disaggregation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Long-lived assets ​ ​ ​ ​ ​ ​ ​ U.S. $ 6,514 ​ $ 5,779 ​ Norway ​ ​ 3,255 ​ ​ 3,379 ​ Greece ​ ​ 3,022 ​ ​ 3,162 ​ Other countries (a) ​ ​ 5,171 ​ ​ 5,293 ​ Total long-lived assets $ 17,962 ​ $ 17,613 ​ (a) The aggregate carrying amount of long-lived assets located in other countries that individually represented less than 10 percent of total long-lived assets. Because the majority of our assets are mobile, the geographic locations of such assets at the end of the periods are not necessarily indicative of the geographic distribution of the operating revenues generated by such assets during the periods presented. Our international operations are subject to certain political and other uncertainties, including risks of war and civil disturbances or other market disrupting events, expropriation of equipment, repatriation of income or capital, taxation policies, and the general hazards associated with certain areas in which we operate. Although we are organized under the laws of Switzerland, we have minimal assets located in Switzerland, and we do not conduct any operations or earn operating revenues in Switzerland. Construction work in progress ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Construction work in progress, beginning of period ​ $ 1,017 ​ $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 669 ​ ​ 174 ​ ​ 143 ​ Other equipment and construction projects ​ ​ 48 ​ ​ 34 ​ ​ 122 ​ Total capital expenditures ​ ​ 717 ​ ​ 208 ​ ​ 265 ​ Non-cash capital additions financed under Shipyard Loans ​ ​ 382 ​ ​ — ​ ​ — ​ Changes in accrued capital additions ​ ​ 3 ​ ​ 13 ​ ​ (33) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ (882) ​ ​ — ​ ​ — ​ Other equipment and construction projects ​ ​ (42) ​ ​ (32) ​ ​ (157) ​ Construction work in progress, end of period ​ $ 1,195 ​ $ 1,017 ​ $ 828 ​ ​ 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 GSF Development Driller II Polar Pioneer, Songa Dee Transocean Arctic Sedco 711 Sedco 714 Transocean 712

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 7—Leases Overview Our finance lease for the ultra-deepwater drillship Petrobras 10000 Lease costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ Lease costs ​ 2022 2021 2020 ​ Short-term lease costs ​ $ 14 ​ $ 17 ​ $ 27 ​ Operating lease costs ​ ​ 12 ​ ​ 12 ​ ​ 13 ​ Finance lease costs, amortization of right-of-use asset ​ ​ 20 ​ ​ 20 ​ ​ 21 ​ Finance lease costs, interest on lease liability ​ ​ 30 ​ ​ 33 ​ ​ 36 ​ Total lease costs ​ $ 76 ​ $ 82 ​ $ 97 ​ ​ Lease payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 14 ​ $ 13 ​ $ 17 ​ Operating cash flows from finance lease ​ ​ 8 ​ ​ 37 ​ ​ 36 ​ Financing cash flows from finance lease ​ ​ 3 ​ ​ 33 ​ ​ 35 ​ ​ At December 31, 2022, the aggregate future minimum lease payments were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ ​ ​ ​ leases ​ lease ​ Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 13 ​ $ 65 ​ 2024 ​ ​ ​ ​ ​ 13 ​ ​ 70 ​ 2025 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ 2026 ​ ​ ​ ​ ​ 12 ​ ​ 70 ​ 2027 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ Thereafter ​ ​ ​ ​ ​ 98 ​ ​ 118 ​ Total future minimum rental payment ​ ​ ​ ​ ​ 160 ​ ​ 465 ​ Less amount representing imputed interest ​ ​ ​ ​ ​ (53) ​ ​ (102) ​ Present value of future minimum rental payments ​ ​ ​ ​ ​ 107 ​ ​ 363 ​ Current portion, recorded in other current liabilities ​ ​ ​ ​ ​ 7 ​ ​ 40 ​ Long-term lease liabilities, recorded in other long-term liabilities ​ ​ ​ ​ $ 100 ​ $ 323 ​ ​

Debt

Debt	12 Months Ended
	Dec. 31, 2022
Debt
Debt	Note 8—Debt Overview Outstanding debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ (a) ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ (b) ​ ​ — ​ ​ 27 ​ ​ ​ — ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ (b) ​ ​ 49 ​ ​ 140 ​ ​ ​ 49 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ (c) ​ ​ 243 ​ ​ 306 ​ ​ ​ 242 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ (c) ​ ​ 352 ​ ​ 435 ​ ​ ​ 350 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ (c) ​ ​ 240 ​ ​ 300 ​ ​ ​ 238 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ (c) ​ ​ 250 ​ ​ 313 ​ ​ ​ 248 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ (c) ​ ​ 336 ​ ​ 402 ​ ​ ​ 332 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ (d) ​ ​ 354 ​ ​ 411 ​ ​ ​ 351 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ (e) ​ ​ 294 ​ ​ 294 ​ ​ ​ 271 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ (d) ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ (e) ​ ​ 238 ​ ​ 238 ​ ​ ​ 265 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ (e) ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,008 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ (c) ​ ​ 482 ​ ​ 550 ​ ​ ​ 477 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ (d) ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ (b) ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ (b) ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loans due September 2027 ​ (f) ​ ​ 439 ​ ​ — ​ ​ ​ 389 ​ ​ — ​ 7.00% Notes due June 2028 ​ (f) ​ ​ 261 ​ ​ 261 ​ ​ ​ 264 ​ ​ 265 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ (d) ​ ​ 300 ​ ​ — ​ ​ ​ 440 ​ ​ — ​ 7.50% Notes due April 2031 ​ (b) ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ (b) ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ (b) ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ ​ ​ 6,963 ​ ​ 6,820 ​ ​ ​ 7,347 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ (a) ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ (b) ​ ​ — ​ ​ 27 ​ ​ ​ — ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ (b) ​ ​ 49 ​ ​ — ​ ​ ​ 49 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ (c) ​ ​ 243 ​ ​ 63 ​ ​ ​ 242 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ (c) ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ (c) ​ ​ 60 ​ ​ 60 ​ ​ ​ 59 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ (c) ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 6.125% Senior Secured Notes due August 2025 ​ (c) ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ (e) ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ (e) ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ (c) ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ 4.50% Shipyard Loans due September 2027 ​ (f) ​ ​ 20 ​ ​ — ​ ​ ​ 20 ​ ​ — ​ Total debt due within one year ​ ​ ​ ​ 652 ​ ​ 448 ​ ​ ​ 719 ​ ​ 513 ​ Total long-term debt ​ $ 6,311 ​ $ 6,372 ​ $ 6,628 ​ $ 6,657 ​ (a) The subsidiary issuer of the unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes were fully and unconditionally guaranteed by the owner of the collateral rig. (b) Transocean Inc., a wholly owned direct subsidiary of Transocean Ltd., is the issuer of the notes and debentures (the “Legacy Guaranteed Notes”). The Legacy Guaranteed Notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. (c) Each subsidiary issuer of the respective unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd., Transocean Inc. and, in each case, the owner of the respective collateral rig or rigs. (d) Transocean Inc. is the issuer of the unregistered notes (collectively, the “Priority Guaranteed Notes”). The guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations. Such notes are structurally senior to the Legacy Guaranteed Notes, the 4.50% shipyard loans due September 2027 (each, a “Shipyard Loan”, and together, the “Shipyard Loans”) and the 7.00% notes due June 2028 and are structurally subordinate to the Senior Priority Guaranteed Notes, as defined below, to the extent of the value of the assets of the subsidiaries guaranteeing the notes. (e) Transocean Inc. is the issuer of the unregistered notes (together, the “Senior Priority Guaranteed Notes”). The priority guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations. Such notes are structurally senior to the Priority Guaranteed Notes to the extent of the value of the assets of the subsidiaries guaranteeing the notes. (f) The subsidiary borrowers under the Shipyard Loans and the subsidiary issuer of the registered notes are wholly owned indirect subsidiaries of Transocean Inc. The loans and notes are fully and unconditionally guaranteed by Transocean Inc. Transocean Ltd. has no independent assets or operations, and its other subsidiaries not owned indirectly through Transocean Inc. are minor. Transocean Inc. has no independent assets and operations, other than those related to its investments in non-guarantor operating companies and balances primarily pertaining to its cash and cash equivalents and debt. Transocean Ltd. and Transocean Inc. are not subject to any significant restrictions on their ability to obtain funds from their consolidated subsidiaries by dividends, loans or capital distributions. Indentures The indentures that govern the 0.50% exchangeable senior bonds due January 2023 (the “0.50% Exchangeable Senior Bonds”), the 4.00% senior guaranteed exchangeable bonds due December 2025 (the “4.00% Senior Guaranteed Exchangeable Bonds”), the 2.50% senior guaranteed exchangeable bonds due January 2027 (the “2.50% Senior Guaranteed Exchangeable Bonds”) and the 4.625% senior guaranteed exchangeable bonds due September 2029 (the “4.625% Senior Guaranteed Exchangeable Bonds”) require such bonds to be repurchased upon the occurrence of certain fundamental changes and events, at specified prices depending on the particular fundamental change or event, which include changes and events related to certain (i) change of control events applicable to Transocean Ltd. or Transocean Inc., (ii) the failure of our shares to be listed or quoted on a national securities exchange and (iii) specified tax matters. The indentures that govern the 5.375% Senior Secured Notes due May 2023 (the “5.375% Senior Secured Notes”), the 5.875% senior secured notes due January 2024 (the “5.875% Senior Secured Notes”), the 7.75% senior secured notes due October 2024 (the “7.75% Senior Secured Notes”), the 6.25% senior secured notes due December 2024 (the “6.25% Senior Secured Notes”), the 6.125% senior secured notes due August 2025 (the “6.125% Senior Secured Notes”) and the 6.875% senior secured notes due February 2027 contain covenants that limit the ability of our subsidiaries that own or operate the collateral rigs to declare or pay dividends to their affiliates. The indentures that govern our senior secured notes contain certain lien requirements. At December 31, 2022, we had restricted cash and cash equivalents of $276 million deposited in restricted accounts to satisfy debt service and reserve requirements for the senior secured notes. At December 31, 2022, the rigs encumbered for the senior secured notes and our Shipyard Loans, including Deepwater Atlas Deepwater Pontus Deepwater Poseidon Deepwater Proteus Deepwater Thalassa Transocean Enabler Transocean Encourage Transocean Endurance Interest rate adjustments Scheduled maturities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 652 ​ $ 76 ​ $ 728 ​ 2024 ​ ​ 875 ​ ​ 77 ​ ​ 952 ​ 2025 ​ ​ 1,054 ​ ​ 78 ​ ​ 1,132 ​ 2026 ​ ​ 788 ​ ​ 78 ​ ​ 866 ​ 2027 ​ ​ 1,850 ​ ​ 39 ​ ​ 1,889 ​ Thereafter ​ ​ 1,744 ​ ​ — ​ ​ 1,744 ​ Total installments of debt ​ $ 6,963 ​ $ 348 ​ ​ 7,311 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (259) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 295 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,347 ​ ​ Credit agreements Secured Credit Facility to June 22, 2025, (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 a margin (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 is subject to permitted extensions and certain early maturity triggers, including if on any date the aggregate amount of scheduled principal repayments of indebtedness, with certain exceptions, due within 91 days thereof is equal to or in excess of $200 million and available cash is less than $250 million. The amended secured credit facility also permits us to increase the aggregate amount of commitments by up to $250 million. The Secured Credit Facility is guaranteed by Transocean Ltd. and certain wholly owned subsidiaries. The Secured Credit Facility is secured by, among other things, a lien on the ultra-deepwater floaters Deepwater Asgard Deepwater Corcovado Deepwater Invictus Deepwater Mykonos Deepwater Orion Deepwater Skyros Development Driller III Dhirubhai Deepwater KG2 Discoverer Inspiration Transocean Barents Transocean Spitsbergen The Secured Credit Facility contains covenants that, among other things, include maintenance of a minimum guarantee coverage ratio of 3.0 to 1.0, a minimum collateral coverage ratio of 2.1 to 1.0, a maximum debt to capitalization ratio of 0.60 to 1.00 and minimum liquidity of $500 million. The Secured Credit Facility also restricts the ability of Transocean Ltd. and certain of our subsidiaries to, among other things, merge, consolidate or otherwise make changes to the corporate structure, incur liens, incur additional indebtedness, enter into transactions with affiliates and pay dividends and other distributions. In order to utilize the Secured Credit Facility, we must, at the time of the borrowing request, be in full compliance with the terms and conditions of the Secured Credit Facility and make certain representations and warranties, including with respect to compliance with laws and solvency, to the lenders. Repayment of borrowings under the Secured Credit Facility are subject to acceleration upon the occurrence of an event of default. Under the agreements governing certain of our debt and finance lease, we are also subject to various covenants, including restrictions on creating liens, engaging in sale/leaseback transactions and engaging in certain merger, consolidation or reorganization transactions. A default under our public debt indentures, the agreements governing our senior secured notes, our finance lease contract or any other debt owed to unaffiliated entities that exceeds $125 million could trigger a default under the Secured Credit Facility and, if not waived by the lenders, could cause us to lose access to the Secured Credit Facility. At December 31, 2022, based on the credit rating of the Secured Credit Facility on that date, the Secured Credit Facility Margin was 3.25 percent and the facility fee was 0.75 percent. At December 31, 2022, we had no borrowings outstanding, $6 million of letters of credit issued, and we had $767 million of available borrowing capacity under the Secured Credit Facility. Shipyard financing arrangement Deepwater Atlas Deepwater Titan Deepwater Atlas Deepwater Titan Deepwater Atlas Deepwater Titan Exchangeable bonds Exchange terms ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Implied ​ ​ ​ ​ Exchange exchange Shares ​ rate price issuable 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 97.29756 ​ $ 10.28 ​ ​ 4.7 ​ 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 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.66180 ​ ​ 3.44 ​ ​ 87.2 ​ ​ The exchange rates, 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 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. 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 4.625% 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 or redemption 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% ​ $ 48 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 355 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 244 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.1% ​ ​ 483 ​ ​ The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms outlined above, requires us to pay holders a make whole premium of future interest through March 30, 2028, for exchanges exercised during a redemption notice period. Such compound exchange feature must be bifurcated from the host debt instrument since it is not considered indexed to our stock. Accordingly, we recognize changes to the estimated fair value of the bifurcated compound exchange feature, recorded as a component of the carrying amount of debt, with a corresponding adjustment to interest expense. In the year ended December 31, 2022, we recognized an unrealized loss of $157 million as an adjustment to the fair value of the bifurcated compound exchange feature. 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 Note 13—Equity On February 26, 2021, we issued $294 million aggregate principal amount of the 4.00% Senior Guaranteed Exchangeable Bonds and made an aggregate cash payment of $11 million in private exchanges (the “2021 Private Exchange”) for $323 million aggregate principal amount of the 0.50% Exchangeable Senior Bonds. In the year ended December 31, 2021, as a result of the 2021 Private Exchange, we recognized a gain of $51 million ($0.08 per diluted share), with no tax effect, associated with the retirement of debt. The initial carrying amount of the 4.00% Senior Guaranteed Exchangeable Bonds, measured at the estimated fair value on the date of issuance, was $260 million. We estimated the fair value of the exchangeable debt instrument, including the exchange feature, 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 expected volatility of the market price for our shares. On August 14, 2020, we issued $238 million aggregate principal amount of 2.50% Senior Guaranteed Exchangeable Bonds in non-cash private exchanges (the “2020 Private Exchange”) for $397 million aggregate principal amount of the 0.50% Exchangeable Senior Bonds. In the year ended December 31, 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. We may redeem all or a portion of the 2.50% Senior Guaranteed Exchangeable Bonds (i) before August 14, 2023, 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. 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 using significant other observable inputs, representative of Level 2 fair value measurements, including the expected volatility of the market price for our shares. Related party transactions Priority guaranteed senior unsecured notes Debt repayment, redemption, restructuring, and retirement Guaranteed senior unsecured notes— Debt repayment, redemption, restructuring, and retirement Restructuring and early retirement ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ Exchange Redeem Total Exchange Repurchase Total ​ Exchange Redeem Tender ​ Repurchase ​ Total 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 38 ​ $ 15 ​ $ 53 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 77 ​ ​ 69 ​ ​ 183 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ 18 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ 27 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ — ​ ​ 136 ​ ​ — ​ ​ 10 ​ ​ 16 ​ ​ 162 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 73 ​ ​ 18 ​ ​ 91 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ 397 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 401 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ ​ — ​ ​ — ​ ​ 103 ​ ​ 43 ​ ​ 146 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ — ​ ​ 714 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 68 ​ ​ 68 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 7.25% Senior Notes due November 2025 ​ ​ 43 ​ ​ 14 ​ ​ 57 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ 132 ​ ​ — ​ ​ 339 ​ 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 of debt retired ​ $ 116 ​ $ 77 ​ $ 193 ​ $ 323 ​ $ 79 ​ $ 402 ​ $ 1,910 ​ $ 714 ​ $ 360 ​ $ 147 ​ $ 3,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ — ​ $ 75 ​ $ 75 ​ $ 11 ​ $ 79 ​ $ 90 ​ $ 10 ​ $ 767 ​ $ 222 ​ $ 110 ​ $ 1,109 ​ Aggregate principal amount of debt issued in exchanges ​ $ 112 ​ $ — ​ $ 112 ​ $ 294 ​ $ — ​ $ 294 ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 ​ Aggregate fair value of warrants issued in exchanges ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss) ​ $ 6 ​ $ 2 ​ $ 8 ​ $ 51 ​ $ — ​ $ 51 ​ $ 427 ​ $ (65) ​ $ 135 ​ $ 36 ​ $ 533 ​ ​ Scheduled maturities and installments of the outstanding 6.50% senior notes due November 2020. In the years ended December 31, 2022, 2021 and 2020, we made an aggregate cash payment of $479 million, $478 million and $375 million, respectively, to repay other indebtedness in scheduled installments. Subsequent events Debt issuance Deepwater Titan In January 2023, we issued $1.175 billion aggregate principal amount of 8.75% senior secured notes due February 2030 (the “8.75% Senior Secured Notes”), and we received $1.157 billion aggregate cash proceeds, net of issue costs. The 8.75% Senior Secured Notes are fully and unconditionally guaranteed on an unsecured basis by Transocean Ltd. and on a limited senior secured basis by certain of our wholly owned subsidiaries. The 8.75% Senior Secured Notes are secured by a lien on the ultra-deepwater floaters Deepwater Pontus Deepwater Proteus Deepwater Thalassa Transocean Enabler Transocean Encourage Debt retirement In January 2023, we made a cash payment of $121 million to redeem an equivalent aggregate principal amount of the outstanding 5.375% Senior Secured Notes, and the trustee notified holders of our intent to redeem the remaining outstanding $122 million aggregate principal amount of notes for an equivalent aggregate cash payment, expected to be made on February 24, 2023. In January 2023, in connection with the issuance of the 8.75% Senior Secured Notes, we made an aggregate payment of $1.156 billion, including a make-whole premium, to redeem the remaining outstanding $311 million, $240 million, $250 million, and $336 million aggregate principal amount of the 5.875% Senior Secured Notes, the 7.75% Senior Secured Notes, the 6.25% Senior Secured Notes and the 6.125% Senior Secured Notes, respectively.

Postemployment Benefit Plans

Postemployment Benefit Plans	12 Months Ended
	Dec. 31, 2022
Postemployment Benefit Plans
Postemployment Benefit Plans	Note 9—Postemployment Benefit Plans Defined contribution plans We sponsor defined contribution plans for our employees in most markets in which we operate worldwide, the most significant of which were as follows: (1) a qualified savings plan covering certain eligible employees working in the U.S., (2) various savings plans covering eligible employees working in Norway, (3) a non-qualified savings plan covering certain eligible employees working outside the U.S., the United Kingdom (“U.K.”) and Norway and (4) a qualified savings plan covering certain eligible employees working in the U.K. In the years ended December 31, 2022, 2021 and 2020, we recognized expense of $61 million, $52 million and $56 million, respectively, related to our defined contribution plans, recorded in the same financial statement line item as cash compensation paid to the respective employees. Defined benefit pension and other postemployment benefit plans Overview Net periodic benefit costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ U.S. ​ U.K. ​ OPEB ​ U.S. ​ Non-U.S. ​ OPEB ​ U.S. ​ Non-U.S. OPEB ​ ​ Plans Plan Plans Plans Plans Plans Plans Plans Plans ​ Discount rate ​ 2.92 % 1.90 % 1.83 % 2.60 % 1.50 % 1.21 % 3.27 % 2.10 % 2.39 % Expected rate of return ​ 4.81 % 2.00 % na ​ 5.51 % 3.20 % na ​ 5.90 % 3.10 % na ​ “na” means not applicable. The components of net periodic benefit costs, recognized in other income and expense, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ Plans Plan Plans Total Plans Plans Plans Total Plans Plans Plans Total Net periodic benefit costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ Interest cost ​ ​ 50 ​ ​ 6 ​ ​ — ​ ​ 56 ​ ​ 47 ​ ​ 6 ​ ​ — ​ ​ 53 ​ ​ 55 ​ ​ 8 ​ ​ — ​ ​ 63 ​ Expected return on plan assets ​ ​ (65) ​ ​ (7) ​ ​ — ​ ​ (72) ​ ​ (66) ​ ​ (13) ​ ​ — ​ ​ (79) ​ ​ (67) ​ ​ (14) ​ ​ — ​ ​ (81) ​ Settlements and curtailments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ ​ 1 ​ ​ 12 ​ ​ — ​ ​ 13 ​ Actuarial loss, net ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​ ​ 11 ​ ​ 1 ​ ​ — ​ ​ 12 ​ ​ 9 ​ ​ 1 ​ ​ 1 ​ ​ 11 ​ Prior service gain, net ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ Net periodic benefit costs (income) ​ $ (10) ​ $ (1) ​ $ (2) ​ $ (13) ​ $ (8) ​ $ (8) ​ $ (2) ​ $ (18) ​ $ (2) ​ $ 8 ​ $ (1) ​ $ 5 ​ ​ Funded status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ ​ ​ ​ ​ Plans Plan Plans Plans Plan Plans Discount rate ​ ​ ​ ​ ​ ​ ​ 5.06 % 4.80 % 4.92 % 2.91 % 1.90 % 1.83 % Expected long-term rate of return ​ ​ ​ ​ ​ ​ ​ 6.41 % 5.00 % na ​ 4.82 % 2.00 % na ​ “na” means not applicable. The changes in funded status, balance sheet classifications and accumulated benefit obligations were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plans Plans Total Change in projected benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation, beginning of period $ 1,724 ​ $ 348 ​ $ 13 ​ $ 2,085 ​ $ 1,825 ​ $ 384 ​ $ 16 ​ $ 2,225 ​ Actuarial gains, net ​ ​ (391) ​ ​ (119) ​ ​ (1) ​ ​ (511) ​ ​ (72) ​ ​ (21) ​ ​ (1) ​ ​ (94) ​ Interest cost ​ ​ 50 ​ ​ 6 ​ ​ — ​ ​ 56 ​ ​ 47 ​ ​ 6 ​ ​ — ​ ​ 53 ​ Currency exchange rate changes ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Benefits paid ​ ​ (76) ​ ​ (10) ​ ​ (2) ​ ​ (88) ​ ​ (76) ​ ​ (17) ​ ​ (2) ​ ​ (95) ​ Settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Projected benefit obligation, end of period ​ ​ 1,307 ​ ​ 188 ​ ​ 10 ​ ​ 1,505 ​ ​ 1,724 ​ ​ 348 ​ ​ 13 ​ ​ 2,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets, beginning of period ​ ​ 1,621 ​ ​ 434 ​ ​ — ​ ​ 2,055 ​ ​ 1,565 ​ ​ 420 ​ ​ — ​ ​ 1,985 ​ Actual return on plan assets ​ ​ (403) ​ ​ (147) ​ ​ — ​ ​ (550) ​ ​ 131 ​ ​ 29 ​ ​ — ​ ​ 160 ​ Currency exchange rate changes ​ ​ — ​ ​ (45) ​ ​ — ​ ​ (45) ​ ​ — ​ ​ (3) ​ ​ — ​ ​ (3) ​ Employer contributions ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 3 ​ ​ 1 ​ ​ 7 ​ ​ 2 ​ ​ 10 ​ Benefits paid ​ ​ (76) ​ ​ (10) ​ ​ (2) ​ ​ (88) ​ ​ (76) ​ ​ (17) ​ ​ (2) ​ ​ (95) ​ Settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Fair value of plan assets, end of period ​ ​ 1,143 ​ ​ 232 ​ ​ — ​ ​ 1,375 ​ ​ 1,621 ​ ​ 434 ​ ​ — ​ ​ 2,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status, end of period $ (164) ​ $ 44 ​ $ (10) ​ $ (130) ​ $ (103) ​ $ 86 ​ $ (13) ​ $ (30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance sheet classification, end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension asset, non-current $ — ​ $ 44 ​ $ — ​ $ 44 ​ $ 16 ​ $ 86 ​ $ — ​ $ 102 ​ Pension liability, current ​ ​ (1) ​ ​ — ​ ​ (3) ​ ​ (4) ​ ​ (1) ​ ​ — ​ ​ (3) ​ ​ (4) ​ Pension liability, non-current ​ ​ (163) ​ ​ — ​ ​ (7) ​ ​ (170) ​ ​ (118) ​ ​ — ​ ​ (10) ​ ​ (128) ​ Accumulated other comprehensive loss (income), before taxes ​ ​ 166 ​ ​ 76 ​ ​ (8) ​ ​ 234 ​ ​ 95 ​ ​ 42 ​ ​ (10) ​ ​ 127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated benefit obligation, end of period ​ $ 1,307 ​ $ 188 ​ $ 10 ​ $ 1,505 ​ $ 1,724 ​ $ 348 ​ $ 13 ​ $ 2,085 ​ ​ Certain amounts related to plans with a projected benefit obligation in excess of plan assets were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Projected benefit obligation $ 1,307 ​ $ — ​ $ 10 ​ $ 1,317 ​ $ 140 ​ $ — ​ $ 13 ​ $ 153 ​ Fair value of plan assets ​ ​ 1,143 ​ ​ — ​ ​ — ​ ​ 1,143 ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 20 ​ ​ Certain amounts related to plans with an accumulated benefit obligation in excess of plan assets were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Accumulated benefit obligation $ 1,307 ​ $ — ​ $ 10 ​ $ 1,317 ​ $ 140 ​ $ — ​ $ 13 ​ $ 153 ​ Fair value of plan assets ​ ​ 1,143 ​ ​ — ​ ​ — ​ ​ 1,143 ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 20 ​ ​ The amounts in accumulated other comprehensive loss (income) that have not been recognized were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Actuarial loss, net $ 166 ​ $ 74 ​ $ (1) ​ $ 239 ​ $ 95 ​ $ 40 ​ $ — ​ $ 135 ​ Prior service cost, net ​ ​ — ​ ​ 2 ​ ​ (7) ​ ​ (5) ​ ​ — ​ ​ 2 ​ ​ (10) ​ ​ (8) ​ Accumulated other comprehensive loss (income), before taxes $ 166 ​ $ 76 ​ $ (8) ​ $ 234 ​ $ 95 ​ $ 42 ​ $ (10) ​ $ 127 ​ ​ Plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Target allocation ​ Actual allocation ​ Target allocation ​ Actual allocation ​ ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ Plans Plan Plans Plan Plans Plan Plans Plan Equity securities ​ 38 % 20 % 38 % 24 % 38 % 19 % 38 % 19 % Fixed income securities ​ 62 % 80 % 61 % 74 % 62 % 81 % 62 % 80 % Other investments ​ — % — % 1 % 2 % — ​ — % — ​ 1 % Total ​ 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 % ​ We periodically review our investment policies, plan assets and asset allocation strategies to evaluate performance relative to specified objectives. In determining our asset allocation strategies for the U.S. Plans, we review the results of regression models to assess the most appropriate target allocation for each plan, given the plan’s status, demographics and duration. For the U.K. Plan, the plan trustees establish the asset allocation strategies consistent with the regulations of the U.K. pension regulators and in consultation with financial advisors and company representatives. Investment managers for the U.S. Plans and the U.K. Plan are given established ranges within which the investments may deviate from the target allocations. The investments for the funded defined benefit plans were categorized as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Significant observable inputs ​ Significant other observable inputs ​ Total ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ Plans Plan Total Plans Plan Total Plans Plan Total Mutual funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity funds $ 301 ​ $ — ​ $ 301 ​ $ — ​ $ — ​ $ — ​ $ 301 ​ $ — ​ $ 301 ​ Non-U.S. equity funds ​ ​ 132 ​ ​ — ​ ​ 132 ​ ​ 4 ​ ​ 57 ​ ​ 61 ​ ​ 136 ​ ​ 57 ​ ​ 193 ​ Bond funds ​ ​ 698 ​ ​ — ​ ​ 698 ​ ​ 2 ​ ​ 171 ​ ​ 173 ​ ​ 700 ​ ​ 171 ​ ​ 871 ​ Total mutual funds ​ ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ 6 ​ ​ 228 ​ ​ 234 ​ ​ 1,137 ​ ​ 228 ​ ​ 1,365 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and money market funds ​ ​ 6 ​ ​ 4 ​ ​ 10 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 4 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments $ 1,137 ​ $ 4 ​ $ 1,141 ​ $ 6 ​ $ 228 ​ $ 234 ​ $ 1,143 ​ $ 232 ​ $ 1,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Significant observable inputs ​ Significant other observable inputs ​ Total ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ Plans Plan Total Plans Plan Total Plans Plan Total Mutual funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity funds $ 421 ​ $ — ​ $ 421 ​ $ — ​ $ — ​ $ — ​ $ 421 ​ $ — ​ $ 421 ​ Non-U.S. equity funds ​ ​ 184 ​ ​ — ​ ​ 184 ​ ​ 7 ​ ​ 85 ​ ​ 92 ​ ​ 191 ​ ​ 85 ​ ​ 276 ​ Bond funds ​ ​ 999 ​ ​ — ​ ​ 999 ​ ​ 4 ​ ​ 346 ​ ​ 350 ​ ​ 1,003 ​ ​ 346 ​ ​ 1,349 ​ Total mutual funds ​ ​ 1,604 ​ ​ — ​ ​ 1,604 ​ ​ 11 ​ ​ 431 ​ ​ 442 ​ ​ 1,615 ​ ​ 431 ​ ​ 2,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and money market funds ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments $ 1,610 ​ $ 3 ​ $ 1,613 ​ $ 11 ​ $ 431 ​ $ 442 ​ $ 1,621 ​ $ 434 ​ $ 2,055 ​ ​ We estimated the fair values of the plan assets by applying the market approach, as categorized above, using either (i) significant observable inputs, representative of Level 1 fair value measurements, including market prices of actively traded funds, or (ii) significant other observable inputs, representative of Level 2 fair value measurements, including market prices of the underlying securities in the collective trust funds. The U.S. Plans and the U.K. Plan invest in passively and actively managed funds that are referenced to or benchmarked against market indices. The plan investment managers have discretion to select the securities held within each asset category. Given this discretion, the managers may occasionally invest in our debt or equity securities and may hold either long or short positions in such securities. Since plan investment managers are required to maintain well diversified portfolios, the actual investment in our securities would be immaterial relative to asset categories and the overall plan assets. Funding contributions and benefit payments flows from operations. In the year ending December 31, 2023, we expect to make an aggregate contribution of $4 million, including $1 million and $3 million to the defined benefit pension plans and the OPEB Plans, respectively. The projected benefits payments were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $ 83 ​ $ 6 ​ $ 3 ​ $ 92 ​ 2024 ​ ​ 84 ​ ​ 6 ​ ​ 3 ​ ​ 93 ​ 2025 ​ ​ 84 ​ ​ 6 ​ ​ 3 ​ ​ 93 ​ 2026 ​ ​ 85 ​ ​ 7 ​ ​ — ​ ​ 92 ​ 2027 ​ ​ 85 ​ ​ 8 ​ ​ — ​ ​ 93 ​ 2028 - 2032 ​ ​ 428 ​ ​ 50 ​ ​ 1 ​ ​ 479 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	Note 10—Income Taxes Overview Tax provision and rate The components of our income tax provision (benefit) were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 2020 Current tax expense (benefit) $ 13 ​ $ (7) ​ $ (33) ​ Deferred tax expense ​ ​ 46 ​ ​ 128 ​ ​ 60 ​ Income tax expense $ 59 ​ $ 121 ​ $ 27 ​ ​ A reconciliation of the income tax benefit computed at the Swiss holding company federal statutory rate of 7.83% and our reported consolidated income tax expense was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 2020 Income tax benefit at Swiss federal statutory rate $ (44) ​ $ (36) ​ $ (42) ​ Earnings subject to rates different than the Swiss federal statutory rate ​ ​ 52 ​ ​ 78 ​ ​ 82 ​ Swiss Federal Act on Tax Reform and AHV Financing ​ ​ 96 ​ ​ (1,095) ​ ​ — ​ Changes in valuation allowance ​ ​ 79 ​ ​ 1,167 ​ ​ (31) ​ Audit settlement ​ ​ 12 ​ ​ — ​ ​ — ​ Withholding taxes ​ ​ 12 ​ ​ 10 ​ ​ 6 ​ Deemed profits taxes ​ ​ 10 ​ ​ 17 ​ ​ 19 ​ Changes in unrecognized tax benefits, net ​ ​ 2 ​ ​ (43) ​ ​ (15) ​ Changes due to organizational restructuring ​ ​ (162) ​ ​ 16 ​ ​ — ​ Losses on impairment ​ ​ — ​ ​ 5 ​ ​ 52 ​ Base erosion and anti-abuse tax ​ ​ — ​ ​ — ​ ​ 5 ​ U.S. Coronavirus Aid, Relief, and Economic Security Act ​ ​ — ​ ​ — ​ ​ (28) ​ Other, net ​ ​ 2 ​ ​ 2 ​ ​ (21) ​ Income tax expense $ 59 ​ $ 121 ​ $ 27 ​ ​ In January 2020, Switzerland made effective the Federal Act on Tax Reform and AHV Financing (“TRAF”). In March 2020, we entered into discussions with the Swiss tax authorities regarding the manner by which the TRAF applies to certain Swiss subsidiaries, which allows us to access historic depreciation and costs related to financing assets not previously deducted on Swiss tax returns, which can be apportioned to offset taxable income based on the remaining useful lives of the rigs and financing assets. In the three months ended December 31, 2021, we reached an agreement with the Swiss Tax authorities regarding the TRAF treatment. At December 31, 2022 and 2021, we had a deferred tax liability of $226 million and $238 million, respectively, and a deferred tax asset of $1.23 billion and $1.33 billion, respectively, offset with a valuation allowance of $1.10 billion and $1.17 billion, respectively. The Coronavirus Aid, Relief, and Economic Security Act, enacted in March 2020, made certain changes to U.S. tax law, including, among others, extending up to five years the carryback period for net operating losses generated between December 31, 2017 and January 1, 2021. In the year ended December 31, 2020, we recognized an income tax benefit of $28 million related to the carryback of our net operating losses under this provision. Deferred taxes ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Swiss historic depreciation and financing asset costs ​ $ 1,226 ​ $ 1,333 ​ Net operating loss carryforwards ​ 1,115 ​ ​ 915 ​ Interest expense limitation ​ ​ 77 ​ ​ 67 ​ United Kingdom charter limitation ​ ​ 53 ​ ​ 53 ​ Accrued expenses ​ ​ 36 ​ ​ 23 ​ Tax credits ​ ​ 11 ​ ​ 19 ​ Deferred income ​ ​ 7 ​ ​ 7 ​ Accrued payroll costs not currently deductible ​ ​ 18 ​ ​ 2 ​ Loss contingencies ​ ​ 4 ​ ​ 2 ​ Other ​ ​ 43 ​ ​ 31 ​ Valuation allowance ​ ​ (1,910) ​ ​ (1,820) ​ Total deferred tax assets ​ ​ 680 ​ ​ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,150) ​ ​ (1,052) ​ Contract intangible amortization ​ ​ — ​ ​ (11) ​ Other ​ ​ (10) ​ ​ (9) ​ Total deferred tax liabilities ​ ​ (1,160) ​ ​ (1,072) ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets (liabilities), net $ (480) ​ $ (440) ​ ​ As of December 31, 2022, we include taxes related to the earnings of all of our subsidiaries since we no longer consider the earnings of any of our subsidiaries to be indefinitely reinvested. At December 31, 2022 and 2021, our deferred tax assets included U.S. foreign tax credits of $11 million and $19 million, respectively, which will expire between 2024 and 2026. Deferred tax assets related to our net operating losses were generated in various worldwide tax jurisdictions. At December 31, 2022, our net deferred tax assets related to our net operating loss carryforwards included $682 million, which do not expire, and $433 million, which will expire between 2023 and 2038. As of December 31, 2022, our consolidated cumulative loss incurred over the recent three-year period represented significant objective negative evidence for the evaluation of the realizability of our deferred tax assets. Because such evidence has limited our ability to consider other subjective evidence, we evaluate each jurisdiction separately. We consider objective evidence, such as contract backlog activity, in jurisdictions in which we have profitable contracts, and the ability to carryback losses or utilize losses against potential exposures. If estimated future taxable income changes during the carryforward periods or if the cumulative loss is no longer present, we may adjust the amount of deferred tax assets that we expect to realize. At December 31, 2022 and 2021, due to uncertainty of realization, we had a valuation allowance of $1.91 billion and $1.82 billion, respectively, on net operating losses and other deferred tax assets due to the uncertainty of realization. Unrecognized tax benefits ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Balance, beginning of period $ 402 ​ $ 378 ​ $ 335 ​ Additions for current year tax positions ​ ​ 28 ​ ​ 28 ​ ​ 90 ​ Additions for prior year tax positions ​ ​ 62 ​ ​ 46 ​ ​ 11 ​ Reductions related to statute of limitation expirations and changes in law ​ ​ (13) ​ ​ (19) ​ ​ (7) ​ Reductions due to settlements ​ ​ (5) ​ ​ (31) ​ ​ — ​ Reductions for prior year tax positions ​ ​ (30) ​ ​ — ​ ​ (51) ​ Balance, end of period $ 444 ​ $ 402 ​ $ 378 ​ ​ Our unrecognized tax benefits, including related interest and penalties that we recognize as a component of income tax expense, were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 Unrecognized tax benefits, excluding interest and penalties ​ $ 444 ​ $ 402 ​ Interest and penalties ​ ​ 27 ​ ​ 33 ​ Unrecognized tax benefits, including interest and penalties ​ $ 471 ​ $ 435 ​ ​ In the years ended December 31, 2022, 2021 and 2020, we recognized, as a component of our income tax provision, expense of $6 million, expense of $8 million and benefit of $7 million, respectively, related to interest and penalties associated with our unrecognized tax benefits. As of December 31, 2022, we have unrecognized benefits of $471 million, including interest and penalties, against which we have recorded net operating loss deferred tax assets of $383 million, resulting in net unrecognized tax benefits of $88 million, including interest and penalties, that upon reversal would favorably impact our effective tax rate. During the year ending December 31, 2023, it is reasonably possible that our existing liabilities for unrecognized tax benefits may increase or decrease, primarily due to the progression of open audits and the expiration of statutes of limitation. However, we cannot reasonably estimate a range of potential changes in our existing liabilities for unrecognized tax benefits due to various uncertainties, such as the unresolved nature of various audits. Tax positions and returns Brazil tax investigations

Loss Per Share

Loss Per Share	12 Months Ended
	Dec. 31, 2022
Loss per share
Loss per share	Note 11—Loss Per Share The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (621) ​ $ (592) ​ $ (567) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 699 ​ ​ 637 ​ ​ 615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.89) ​ $ (0.93) ​ $ (0.92) ​ ​ We excluded from the computations certain shares issuable as follows because the effect would have been antidilutive (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Exchangeable bonds ​ ​ 128.1 ​ ​ 104.4 ​ ​ 84.0 ​ Share-based awards ​ ​ 15.5 ​ ​ 12.6 ​ ​ 10.8 ​ ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Contingencies
Contingencies	Note 12—Commitments and Contingencies Purchase and service agreement obligations We have purchase obligations with shipyards and other contractors primarily related to our newbuild construction programs. We also have long-term service agreements with original equipment manufacturers to provide services and parts, primarily related to our pressure control systems and drilling systems. The future payments required under our service agreements were estimated based on our projected operating activity and may vary subject to actual operating activity. At December 31, 2022, the aggregate future payments required under our purchase obligations and our service agreement obligations were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service ​ ​ ​ Purchase ​ agreement ​ ​ obligations ​ obligations ​ Years ending December 31, ​ ​ ​ ​ ​ ​ ​ 2023 $ 36 ​ $ 124 ​ 2024 ​ ​ 2 ​ ​ 138 ​ 2025 ​ ​ — ​ ​ 143 ​ 2026 ​ ​ — ​ ​ 147 ​ 2027 ​ ​ — ​ ​ 119 ​ Thereafter ​ ​ — ​ ​ 165 ​ Total $ 38 ​ $ 836 ​ ​ Letters of credit and surety bonds At December 31, 2022 and 2021, we had outstanding letters of credit totaling $8 million and $18 million, respectively, issued under various committed and uncommitted credit lines provided by banks to guarantee various contract bidding, performance activities and customs obligations. At December 31, 2022 and 2021, we also had outstanding surety bonds totaling $161 million and $146 million, respectively, to secure customs obligations related to the importation of our rigs and certain performance and other obligations. At December 31, 2022 and 2021, the aggregate cash collateral held by institutions to secure our letters of credit and surety bonds was $7 million and $8 million, respectively. Legal proceedings 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 December 31, 2022, the subsidiary was a defendant in approximately 238 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, achieved 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 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 consolidated statement of financial position, results of operations or cash flows.

Equity

Equity	12 Months Ended
	Dec. 31, 2022
Equity
Equity	Note 13—Equity Share issuance Warrants Shares held by subsidiaries

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2022
Share-Based Compensation
Share-Based Compensation	Note 14—Share-Based Compensation Overview We have a long-term incentive plan (the “Long-Term Incentive Plan”) for executives, key employees and non-employee directors under which awards can be granted in the form of restricted share units, restricted shares, stock options, stock appreciation rights and cash performance awards. Awards may be granted as service awards that are earned over a defined service period or as performance awards that are earned based on the achievement of certain market factors or performance targets or a combination of market factors and performance targets. The compensation committee of our board of directors determines the terms and conditions of the awards granted under the Long-Term Incentive Plan. At December 31, 2022, we had 85.7 million shares authorized and 13.6 million shares available to be granted under the Long-Term Incentive Plan. At December 31, 2022, the total unrecognized compensation cost related to our unvested share-based awards was $38 million, which we expect to recognize over a weighted-average period of 1.7 years. Service awards typically vest either in three one Service awards Restricted share units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ of ​ grant-date fair value ​ ​ ​ ​ ​ ​ units per unit Unvested at January 1, 2022 ​ ​ ​ ​ ​ ​ 10,662,865 ​ $ 3.13 Granted ​ ​ ​ ​ ​ ​ 6,768,943 ​ ​ 3.60 ​ Vested ​ ​ ​ ​ ​ ​ (5,075,374) ​ ​ 3.47 ​ Forfeited ​ ​ ​ ​ ​ ​ (308,934) ​ ​ 3.29 ​ Unvested at December 31, 2022 ​ ​ ​ ​ ​ ​ 12,047,500 ​ $ 3.25 ​ ​ In the year ended December 31, 2022, the service-based units that vested had an aggregate grant-date fair value of $18 million. During the years ended December 31, 2021 and 2020, we granted 6,148,361 and 7,093,421 service-based units, respectively, with a per unit weighted-average grant-date fair value of $3.56 and $1.41, respectively. During the years ended December 31, 2021 and 2020, we had 4,368,749 and 2,817,155 service-based units, respectively, that vested with an aggregate grant-date fair value of $16 million and $24 million, respectively. Stock options ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ Number ​ Weighted-average ​ remaining ​ Aggregate ​ ​ of shares ​ exercise price ​ contractual term ​ intrinsic value ​ under option per share (years) (in millions) Outstanding at January 1, 2022 ​ 4,263,274 ​ $ 11.45 ​ 5.70 ​ $ — ​ Forfeited ​ (25,155) ​ ​ 50.79 ​ ​ ​ ​ ​ ​ Expired ​ (62,599) ​ ​ 50.79 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 ​ 4,175,520 ​ $ 10.63 ​ 4.82 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and exercisable at December 31, 2022 ​ 4,175,520 ​ $ 10.63 ​ 4.82 ​ $ — ​ ​ In the years ended December 31, 2022, 2021 and 2020, the stock options that vested had an aggregate grant-date fair value of $4 million, $9 million and $12 million, respectively. At December 31, 2021, there were outstanding unvested stock options to purchase 482,688 shares. Performance awards Restricted share units ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ of ​ grant-date fair value ​ ​ ​ ​ ​ ​ units per unit Unvested at January 1, 2022 ​ ​ ​ ​ ​ ​ 5,389,390 ​ $ 2.59 ​ Granted ​ ​ ​ ​ ​ ​ 3,519,857 ​ ​ 3.91 ​ Vested ​ ​ ​ ​ ​ ​ (2,363,878) ​ ​ 1.80 ​ Unvested at December 31, 2022 ​ ​ ​ ​ ​ ​ 6,545,369 ​ $ 3.81 ​ ​ In the years ended December 31, 2022, the performance-based units that vested had an aggregate grant-date fair value of $5 million, $11 million and $11 million, respectively. During the years ended December 31, 2021 and 2020, we granted 3,025,512 and 2,530,460 performance-based units, respectively, with a per unit weighted-average grant-date fair value of $3.70 and $1.80, respectively.

Supplemental Balance Sheet Info

Supplemental Balance Sheet Information	12 Months Ended
	Dec. 31, 2022
Supplemental Balance Sheet Information
Supplemental Balance Sheet Information	Note 15—Supplemental Balance Sheet Information Other current liabilities were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Other current liabilities ​ ​ ​ ​ ​ ​ ​ Accrued employee benefits and payroll-related liabilities $ 156 ​ $ 178 ​ Accrued interest ​ ​ 113 ​ ​ 121 ​ Accrued taxes, other than income ​ ​ 41 ​ ​ 52 ​ Finance lease liability ​ ​ 40 ​ ​ 40 ​ Operating lease liabilities ​ ​ 7 ​ ​ 8 ​ Deferred revenues ​ ​ 124 ​ ​ 83 ​ Contingent liabilities ​ ​ 58 ​ ​ 60 ​ Other ​ ​ — ​ ​ 3 ​ Total other current liabilities $ 539 ​ $ 545 ​ ​ Other long-term liabilities were comprised of the following (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Other long-term liabilities ​ ​ ​ ​ ​ ​ ​ Postemployment benefit plan obligations $ 170 ​ $ 128 ​ Finance lease liability ​ ​ 323 ​ ​ 366 ​ Operating lease liabilities ​ ​ 100 ​ ​ 109 ​ Income taxes payable ​ ​ 129 ​ ​ 157 ​ Deferred revenues ​ ​ 204 ​ ​ 265 ​ Other ​ ​ 39 ​ ​ 43 ​ Total other long-term liabilities $ 965 ​ $ 1,068 ​ ​

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information
Supplemental Cash Flow Information	Note 16—Supplemental Cash Flow Information Additional cash flow information was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 Certain cash operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash payments for interest ​ ​ $ 355 ​ $ 429 ​ $ 593 ​ Cash payments for income taxes ​ ​ ​ ​ 66 ​ ​ 57 ​ ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital additions, accrued at end of period ​ (a) ​ $ 31 ​ $ 28 ​ $ 15 ​ Capital additions financed under Shipyard Loans ​ (b) ​ ​ 382 ​ ​ — ​ ​ — ​ Issuance of debt in exchange transactions ​ (c) ​ ​ 112 ​ ​ 294 ​ ​ 925 ​ Issuance of warrants in exchange transactions ​ (d) ​ ​ 5 ​ ​ — ​ ​ — ​ Settlement of finance lease payments ​ (e) ​ ​ 41 ​ ​ — ​ ​ — ​ Equity component of exchangeable debt ​ (f) ​ ​ — ​ ​ — ​ ​ 46 ​ (a) Additions to property and equipment for which we had accrued a corresponding liability in accounts payable at the end of the period. See Note 6—Long-Lived Assets . (b) In the year ended December 31, 2022, we borrowed an aggregate principal amount of $439 million under the Shipyard Loans to satisfy a portion of the final milestone payments due upon delivery of Deepwater Atlas and Deepwater Titan and recorded the initial carrying amount, net of imputed interest, with a corresponding entry to construction in progress. See Note 6—Long-Lived Assets and Note 8—Debt . (c) In the year ended December 31, 2022, in connection with the 2022 Private Exchange, we issued $112 million aggregate principal amount of the 4.625% Senior Guaranteed Exchangeable Bonds. In the year ended December 31, 2021, in connection with the 2021 Private Exchange, we issued $294 million aggregate principal amount of the 4.00% Senior Guaranteed Exchangeable Bonds. In the year ended December 31, 2020, in connection with the 2020 Private Exchange, we issued $687 million and $238 million aggregate principal amount of the 11.50% Senior Guaranteed Notes and the 2.50% Senior Guaranteed Exchangeable Bonds, respectively. See Note 8—Debt . (d) In the year ended December 31, 2022, in connection with the 2022 Private Exchange, we issued 6.7 million warrants to purchase Transocean Ltd. shares with an estimated fair value of $5 million. See Note 8—Debt and Note 13—Equity . (e) In the year ended December 31, 2022, we agreed to settle installments due to the lessor under our finance lease by issuing corresponding credits to our customer for amounts due to us under the drilling contract. See Note 7—Leases . (f) In connection with the issuance of the 2.50% Senior Guaranteed Exchangeable Bonds in the 2020 Private Exchange, we recorded the conversion feature, measured at its estimated fair value, to additional paid-in capital. See Note 8—Debt . The reconciling adjustments of our net cash provided by operating activities that were attributable to the net change in other operating assets and liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 Changes in other operating assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Increase) decrease in accounts receivable ​ ​ $ (15) ​ $ 137 ​ $ 67 ​ Increase in other assets ​ ​ ​ ​ (12) ​ ​ (13) ​ ​ (113) ​ Increase (decrease) in accounts payable and other current liabilities ​ ​ ​ ​ 8 ​ ​ (52) ​ ​ (254) ​ Increase (decrease) in other long-term liabilities ​ ​ ​ ​ (2) ​ ​ (3) ​ ​ 2 ​ Change in income taxes receivable / payable, net ​ ​ ​ ​ (42) ​ ​ (17) ​ ​ (69) ​ Change in receivables from / payables to affiliates, net ​ ​ ​ ​ (12) ​ ​ (15) ​ ​ 14 ​ ​ ​ ​ $ (75) ​ $ 37 ​ $ (353) ​ ​

Financial Instruments

Financial Instruments	12 Months Ended
	Dec. 31, 2022
Financial Instruments
Financial Instruments	Note 17—Financial Instruments Overview ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 683 ​ $ 683 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 308 ​ ​ 308 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 41 ​ ​ 43 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,347 ​ ​ 6,412 ​ ​ 7,170 ​ ​ 5,661 ​ ​ Cash and cash equivalents Restricted cash and cash equivalents Long-term loans receivable from unconsolidated affiliates Total debt Note 8—Debt

Risk Concentration

Risk Concentration	12 Months Ended
	Dec. 31, 2022
Risk Concentration
Risk Concentration	Note 18—Risk Concentration Interest rate risk Currency exchange rate risk Credit risk Labor agreements

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2022
Schedule II - Valuation and Qualifying Accounts
Schedule II - Valuation and Qualifying Accounts	Transocean Ltd. and Subsidiaries Schedule II - Valuation and Qualifying Accounts (In millions) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charge to ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Charge to cost ​ other ​ ​ ​ ​ Balance at ​ ​ ​ beginning of ​ and ​ accounts ​ Deductions ​ end of ​ ​ period expenses -describe -describe period ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves and allowances deducted from asset accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses $ — $ — $ 2 (a) $ — ​ $ 2 ​ Allowance for excess materials and supplies ​ ​ 127 ​ ​ 25 ​ ​ — ​ ​ 9 (b) ​ 143 ​ Valuation allowance on deferred tax assets ​ ​ 716 ​ ​ (31) ​ ​ — ​ ​ — ​ ​ 685 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves and allowances deducted from asset accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses $ 2 ​ — ​ — ​ ​ — ​ $ 2 ​ Allowance for excess materials and supplies ​ ​ 143 ​ ​ 43 ​ ​ — ​ ​ 3 (b) ​ 183 ​ Valuation allowance on deferred tax assets ​ ​ 685 ​ ​ 1,167 ​ ​ — ​ ​ 32 (c) ​ 1,820 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reserves and allowances deducted from asset accounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for credit losses ​ $ 2 ​ ​ — ​ ​ — ​ ​ — ​ $ 2 ​ Allowance for excess materials and supplies ​ ​ 183 ​ ​ 16 ​ ​ — ​ ​ — ​ ​ 199 ​ Valuation allowance on deferred tax assets ​ ​ 1,820 ​ ​ 79 ​ ​ 11 (c) ​ — ​ ​ 1,910 ​ (a) Amount related to an adjustment to the allowance for credit losses with a corresponding entry to accumulated deficit associated with our adoption of the accounting standards update that requires an entity to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings without retrospective application. (b) Amount related to materials and supplies on rigs and related assets sold or classified as held for sale. (c) Amount related to adjustments to other deferred tax assets with valuation allowances.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies
Accounting estimates	Accounting estimates
Fair value measurements	Fair value measurements
Consolidation	Consolidation Note 3—Unconsolidated Affiliates Note 13—Equity
Revenues and related pre-operating costs	Revenues and related pre-operating costs typically based on a single performance obligation consisting of a series of distinct hourly, or more frequent, periods, the variability of which will be resolved at the time of the future services. To obtain contracts with our customers, we incur pre-operating costs to prepare a rig for contract and mobilize a rig to the drilling location. We defer such pre-operating contract preparation and mobilization costs for recognition in operating and maintenance costs over the estimated contract period on a straight-line basis, consistent with the general pace of activity. See Note 4—Revenues
Contract intangible assets	Contract intangible assets Note 5—Contract Intangible Assets
Share-based compensation	Share based compensation Note 14—Share-Based Compensation
Capitalized interest	Capitalized interest
Functional currency	Functional currency
Income taxes	Income taxes We maintain liabilities for estimated tax exposures in our jurisdictions of operation, and we recognize the provisions and benefits resulting from changes to those liabilities in our income tax expense or benefit along with related interest and penalties. Income tax exposure items include potential challenges to permanent establishment positions, intercompany pricing, disposition transactions, and withholding tax rates and their applicability. These tax exposures are resolved primarily through the settlement of audits within these tax jurisdictions or by judicial means, but can also be affected by changes in applicable tax law or other factors, which could cause us to revise past estimates. We measure deferred tax assets and liabilities using enacted tax rates that will apply in the years in which the deferred tax assets and liabilities are expected to be recovered or paid. In evaluating our ability to realize deferred tax assets, we consider all available positive and negative evidence, including projected future taxable income and the existence of cumulative losses in recent years. We record a valuation allowance for deferred tax assets when it is more likely than not that some or all of the benefit from the deferred tax asset will not be realized. For example, we may record a valuation allowance for deferred tax assets resulting from net operating losses incurred during the year in certain jurisdictions for which the benefit of the losses will not be realized or for foreign tax credit carryforwards that may expire prior to their utilization. See Note 10—Income Taxes
Cash and cash equivalents	Cash and cash equivalents
Restricted cash and cash equivalents	Restricted cash and cash equivalents Note 8—Debt Note 12—Commitments and Contingencies
Materials and supplies	Materials and supplies
Assets held for sale	Assets held for sale
Property and equipment	Property and equipment We capitalize expenditures for newbuilds, renewals, replacements and improvements, including capitalized interest, if applicable, and we recognize the expense for maintenance and repair costs as incurred. For newbuild construction projects, we also capitalize the initial preparation, mobilization and commissioning costs incurred until the drilling unit is placed into service. Upon sale or other disposition of an asset, we recognize a net gain or loss on disposal of the asset, which is measured as the difference between the net carrying amount of the asset and the net proceeds received. We compute depreciation using the straight-line method after allowing for salvage values. The estimated original useful life of our drilling units is 35 years, our buildings and improvements range from three four
Long-lived asset impairment	Long lived asset impairment Note 6—Long-Lived Assets
Equity investments and impairment	Equity investments and impairment Note 3—Unconsolidated Affiliates
Pension and other postemployment benefit plans	Pension and other postemployment benefit plans We measure the actuarially determined obligations and related costs for our defined benefit pension and other postemployment benefit plans, retiree life insurance and medical benefits, by applying assumptions, the most significant of which include long-term rate of return on plan assets, discount rates and mortality rates. For the long-term rate of return, we develop our assumptions regarding the expected rate of return on plan assets based on historical experience and projected long-term investment returns, and we weight the assumptions based on each plan’s asset allocation. For the discount rate, we base our assumptions on a yield curve approach using Aa-rated corporate bonds and the expected timing of future benefit payments. At December 31, 2022 and 2021, the funded status of our pension and other postemployment benefit plans represented an aggregate liability of $174 million and $132 million, respectively, and an aggregate asset of $44 million and $102 million, respectively. See Note 9—Postemployment Benefit Plans
Contingencies	Contingencies

Revenues (Tables)

Revenues (Tables)	12 Months Ended
	Dec. 31, 2022
Revenues
Schedule of revenue disaggregation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ ​ Ultra- Harsh ​ ​ ​ Ultra- ​ Harsh ​ ​ ​ Ultra- ​ Harsh ​ ​ ​ ​ ​ ​ ​ ​ ​ deepwater environment ​ ​ ​ deepwater ​ environment ​ ​ ​ deepwater ​ environment ​ Midwater ​ ​ ​ ​ ​ ​ floaters floaters ​ Total ​ floaters ​ floaters ​ Total ​ floaters ​ floaters ​ floaters ​ Total ​ U.S. $ 1,135 ​ $ — ​ $ 1,135 ​ $ 1,096 ​ $ 2 ​ $ 1,098 ​ $ 1,302 ​ $ — ​ $ — ​ $ 1,302 ​ Norway ​ ​ — ​ ​ 835 ​ ​ 835 ​ ​ — ​ ​ 790 ​ ​ 790 ​ ​ — ​ ​ 876 ​ ​ — ​ ​ 876 ​ Other countries (a) ​ ​ 573 ​ ​ 32 ​ ​ 605 ​ ​ 624 ​ ​ 44 ​ ​ 668 ​ ​ 792 ​ ​ 170 ​ ​ 12 ​ ​ 974 ​ Total contract drilling revenues $ 1,708 ​ $ 867 ​ $ 2,575 ​ $ 1,720 ​ $ 836 ​ $ 2,556 ​ $ 2,094 ​ $ 1,046 ​ $ 12 ​ $ 3,152 ​ (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	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2022 2021 Deferred contract revenues, recorded in other current liabilities $ 124 ​ $ 83 ​ Deferred contract revenues, recorded in other long-term liabilities ​ ​ 204 ​ ​ 265 ​ Total contract liabilities $ 328 ​ $ 348 ​ Significant changes in contract liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ ​ December 31, ​ ​ 2022 2021 Total contract liabilities, beginning of period ​ $ 348 ​ $ 456 ​ Decrease due to recognition of revenues for goods and services ​ ​ (119) ​ ​ (149) ​ Increase due to goods and services transferred over time ​ ​ 99 ​ ​ 41 ​ Total contract liabilities, end of period ​ $ 328 ​ $ 348 ​

Contract Intangible Assets (Tab

Contract Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Contract Intangible Assets
Schedule of contract intangible assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ ​ Gross ​ ​ ​ ​ Net ​ Gross ​ ​ ​ ​ Net ​ ​ carrying ​ Accumulated ​ carrying ​ carrying ​ Accumulated ​ carrying ​ amount ​ amortization ​ amount amount amortization amount Drilling contract intangible assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance, beginning of period $ 907 ​ $ (734) ​ $ 173 ​ $ 907 ​ $ (514) $ 393 ​ Amortization ​ ​ — ​ ​ (117) ​ ​ (117) ​ ​ — ​ ​ (220) ​ ​ (220) ​ Balance, end of period $ 907 ​ $ (851) ​ $ 56 ​ $ 907 ​ $ (734) $ 173 ​

Long-Lived Assets (Tables)

Long-Lived Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Long-Lived Assets
Schedule of long-lived assets of the entity's continuing operations by country	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Long-lived assets ​ ​ ​ ​ ​ ​ ​ U.S. $ 6,514 ​ $ 5,779 ​ Norway ​ ​ 3,255 ​ ​ 3,379 ​ Greece ​ ​ 3,022 ​ ​ 3,162 ​ Other countries (a) ​ ​ 5,171 ​ ​ 5,293 ​ Total long-lived assets $ 17,962 ​ $ 17,613 ​ (a) The aggregate carrying amount of long-lived assets located in other countries that individually represented less than 10 percent of total long-lived assets.
Changes in our construction work in progress, including capital expenditures and capitalized interest	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Construction work in progress, beginning of period ​ $ 1,017 ​ $ 828 ​ $ 753 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital expenditures ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ 669 ​ ​ 174 ​ ​ 143 ​ Other equipment and construction projects ​ ​ 48 ​ ​ 34 ​ ​ 122 ​ Total capital expenditures ​ ​ 717 ​ ​ 208 ​ ​ 265 ​ Non-cash capital additions financed under Shipyard Loans ​ ​ 382 ​ ​ — ​ ​ — ​ Changes in accrued capital additions ​ ​ 3 ​ ​ 13 ​ ​ (33) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property and equipment placed into service ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Newbuild construction program ​ ​ (882) ​ ​ — ​ ​ — ​ Other equipment and construction projects ​ ​ (42) ​ ​ (32) ​ ​ (157) ​ Construction work in progress, end of period ​ $ 1,195 ​ $ 1,017 ​ $ 828 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Schedule of lease costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ Lease costs ​ 2022 2021 2020 ​ Short-term lease costs ​ $ 14 ​ $ 17 ​ $ 27 ​ Operating lease costs ​ ​ 12 ​ ​ 12 ​ ​ 13 ​ Finance lease costs, amortization of right-of-use asset ​ ​ 20 ​ ​ 20 ​ ​ 21 ​ Finance lease costs, interest on lease liability ​ ​ 30 ​ ​ 33 ​ ​ 36 ​ Total lease costs ​ $ 76 ​ $ 82 ​ $ 97 ​
Schedule of lease cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases ​ $ 14 ​ $ 13 ​ $ 17 ​ Operating cash flows from finance lease ​ ​ 8 ​ ​ 37 ​ ​ 36 ​ Financing cash flows from finance lease ​ ​ 3 ​ ​ 33 ​ ​ 35 ​
Schedule of future minimum payments on operating leases	At December 31, 2022, the aggregate future minimum lease payments were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ ​ ​ ​ leases ​ lease ​ Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 13 ​ $ 65 ​ 2024 ​ ​ ​ ​ ​ 13 ​ ​ 70 ​ 2025 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ 2026 ​ ​ ​ ​ ​ 12 ​ ​ 70 ​ 2027 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ Thereafter ​ ​ ​ ​ ​ 98 ​ ​ 118 ​ Total future minimum rental payment ​ ​ ​ ​ ​ 160 ​ ​ 465 ​ Less amount representing imputed interest ​ ​ ​ ​ ​ (53) ​ ​ (102) ​ Present value of future minimum rental payments ​ ​ ​ ​ ​ 107 ​ ​ 363 ​ Current portion, recorded in other current liabilities ​ ​ ​ ​ ​ 7 ​ ​ 40 ​ Long-term lease liabilities, recorded in other long-term liabilities ​ ​ ​ ​ $ 100 ​ $ 323 ​ ​
Schedule of future minimum payments on finance leases	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating Finance ​ ​ ​ ​ ​ ​ leases ​ lease ​ Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ $ 13 ​ $ 65 ​ 2024 ​ ​ ​ ​ ​ 13 ​ ​ 70 ​ 2025 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ 2026 ​ ​ ​ ​ ​ 12 ​ ​ 70 ​ 2027 ​ ​ ​ ​ ​ 12 ​ ​ 71 ​ Thereafter ​ ​ ​ ​ ​ 98 ​ ​ 118 ​ Total future minimum rental payment ​ ​ ​ ​ ​ 160 ​ ​ 465 ​ Less amount representing imputed interest ​ ​ ​ ​ ​ (53) ​ ​ (102) ​ Present value of future minimum rental payments ​ ​ ​ ​ ​ 107 ​ ​ 363 ​ Current portion, recorded in other current liabilities ​ ​ ​ ​ ​ 7 ​ ​ 40 ​ Long-term lease liabilities, recorded in other long-term liabilities ​ ​ ​ ​ $ 100 ​ $ 323 ​ ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2022
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal amount ​ ​ Carrying amount ​ ​ ​ ​ December 31, ​ December 31, ​ December 31, ​ December 31, ​ ​ 2022 2021 2022 2021 5.52% Senior Secured Notes due May 2022 ​ (a) ​ $ — ​ $ 18 ​ ​ $ — ​ $ 18 ​ 3.80% Senior Notes due October 2022 ​ (b) ​ ​ — ​ ​ 27 ​ ​ ​ — ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ (b) ​ ​ 49 ​ ​ 140 ​ ​ ​ 49 ​ ​ 140 ​ 5.375% Senior Secured Notes due May 2023 ​ (c) ​ ​ 243 ​ ​ 306 ​ ​ ​ 242 ​ ​ 304 ​ 5.875% Senior Secured Notes due January 2024 ​ (c) ​ ​ 352 ​ ​ 435 ​ ​ ​ 350 ​ ​ 430 ​ 7.75% Senior Secured Notes due October 2024 ​ (c) ​ ​ 240 ​ ​ 300 ​ ​ ​ 238 ​ ​ 296 ​ 6.25% Senior Secured Notes due December 2024 ​ (c) ​ ​ 250 ​ ​ 313 ​ ​ ​ 248 ​ ​ 309 ​ 6.125% Senior Secured Notes due August 2025 ​ (c) ​ ​ 336 ​ ​ 402 ​ ​ ​ 332 ​ ​ 397 ​ 7.25% Senior Notes due November 2025 ​ (d) ​ ​ 354 ​ ​ 411 ​ ​ ​ 351 ​ ​ 406 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ (e) ​ ​ 294 ​ ​ 294 ​ ​ ​ 271 ​ ​ 264 ​ 7.50% Senior Notes due January 2026 ​ (d) ​ ​ 569 ​ ​ 569 ​ ​ ​ 566 ​ ​ 565 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ (e) ​ ​ 238 ​ ​ 238 ​ ​ ​ 265 ​ ​ 271 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ (e) ​ ​ 687 ​ ​ 687 ​ ​ ​ 1,008 ​ ​ 1,078 ​ 6.875% Senior Secured Notes due February 2027 ​ (c) ​ ​ 482 ​ ​ 550 ​ ​ ​ 477 ​ ​ 544 ​ 8.00% Senior Notes due February 2027 ​ (d) ​ ​ 612 ​ ​ 612 ​ ​ ​ 608 ​ ​ 607 ​ 7.45% Notes due April 2027 ​ (b) ​ ​ 52 ​ ​ 52 ​ ​ ​ 52 ​ ​ 52 ​ 8.00% Debentures due April 2027 ​ (b) ​ ​ 22 ​ ​ 22 ​ ​ ​ 22 ​ ​ 22 ​ 4.50% Shipyard Loans due September 2027 ​ (f) ​ ​ 439 ​ ​ — ​ ​ ​ 389 ​ ​ — ​ 7.00% Notes due June 2028 ​ (f) ​ ​ 261 ​ ​ 261 ​ ​ ​ 264 ​ ​ 265 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ (d) ​ ​ 300 ​ ​ — ​ ​ ​ 440 ​ ​ — ​ 7.50% Notes due April 2031 ​ (b) ​ ​ 396 ​ ​ 396 ​ ​ ​ 394 ​ ​ 394 ​ 6.80% Senior Notes due March 2038 ​ (b) ​ ​ 610 ​ ​ 610 ​ ​ ​ 605 ​ ​ 605 ​ 7.35% Senior Notes due December 2041 ​ (b) ​ ​ 177 ​ ​ 177 ​ ​ ​ 176 ​ ​ 176 ​ Total debt ​ ​ ​ ​ 6,963 ​ ​ 6,820 ​ ​ ​ 7,347 ​ ​ 7,170 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Less debt due within one year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 5.52% Senior Secured Notes due May 2022 ​ (a) ​ ​ — ​ ​ 18 ​ ​ ​ — ​ ​ 18 ​ 3.80% Senior Notes due October 2022 ​ (b) ​ ​ — ​ ​ 27 ​ ​ ​ — ​ ​ 27 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ (b) ​ ​ 49 ​ ​ — ​ ​ ​ 49 ​ ​ — ​ 5.375% Senior Secured Notes due May 2023 ​ (c) ​ ​ 243 ​ ​ 63 ​ ​ ​ 242 ​ ​ 62 ​ 5.875% Senior Secured Notes due January 2024 ​ (c) ​ ​ 83 ​ ​ 83 ​ ​ ​ 81 ​ ​ 80 ​ 7.75% Senior Secured Notes due October 2024 ​ (c) ​ ​ 60 ​ ​ 60 ​ ​ ​ 59 ​ ​ 58 ​ 6.25% Senior Secured Notes due December 2024 ​ (c) ​ ​ 62 ​ ​ 62 ​ ​ ​ 61 ​ ​ 61 ​ 6.125% Senior Secured Notes due August 2025 ​ (c) ​ ​ 66 ​ ​ 66 ​ ​ ​ 64 ​ ​ 64 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ (e) ​ ​ — ​ ​ — ​ ​ ​ 6 ​ ​ 6 ​ 11.50% Senior Guaranteed Notes due January 2027 ​ (e) ​ ​ — ​ ​ — ​ ​ ​ 70 ​ ​ 70 ​ 6.875% Senior Secured Notes due February 2027 ​ (c) ​ ​ 69 ​ ​ 69 ​ ​ ​ 67 ​ ​ 67 ​ 4.50% Shipyard Loans due September 2027 ​ (f) ​ ​ 20 ​ ​ — ​ ​ ​ 20 ​ ​ — ​ Total debt due within one year ​ ​ ​ ​ 652 ​ ​ 448 ​ ​ ​ 719 ​ ​ 513 ​ Total long-term debt ​ $ 6,311 ​ $ 6,372 ​ $ 6,628 ​ $ 6,657 ​ (a) The subsidiary issuer of the unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes were fully and unconditionally guaranteed by the owner of the collateral rig. (b) Transocean Inc., a wholly owned direct subsidiary of Transocean Ltd., is the issuer of the notes and debentures (the “Legacy Guaranteed Notes”). The Legacy Guaranteed Notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. (c) Each subsidiary issuer of the respective unregistered senior secured notes is a wholly owned indirect subsidiary of Transocean Inc. The senior secured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd., Transocean Inc. and, in each case, the owner of the respective collateral rig or rigs. (d) Transocean Inc. is the issuer of the unregistered notes (collectively, the “Priority Guaranteed Notes”). The guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations. Such notes are structurally senior to the Legacy Guaranteed Notes, the 4.50% shipyard loans due September 2027 (each, a “Shipyard Loan”, and together, the “Shipyard Loans”) and the 7.00% notes due June 2028 and are structurally subordinate to the Senior Priority Guaranteed Notes, as defined below, to the extent of the value of the assets of the subsidiaries guaranteeing the notes. (e) Transocean Inc. is the issuer of the unregistered notes (together, the “Senior Priority Guaranteed Notes”). The priority guaranteed senior unsecured notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd. and certain wholly owned indirect subsidiaries of Transocean Inc. and rank equal in right of payment of all of our existing and future unsecured unsubordinated obligations. Such notes are structurally senior to the Priority Guaranteed Notes to the extent of the value of the assets of the subsidiaries guaranteeing the notes. (f) The subsidiary borrowers under the Shipyard Loans and the subsidiary issuer of the registered notes are wholly owned indirect subsidiaries of Transocean Inc. The loans and notes are fully and unconditionally guaranteed by Transocean Inc.
Scheduled maturities of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Principal Other ​ ​ installments installments Total Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 652 ​ $ 76 ​ $ 728 ​ 2024 ​ ​ 875 ​ ​ 77 ​ ​ 952 ​ 2025 ​ ​ 1,054 ​ ​ 78 ​ ​ 1,132 ​ 2026 ​ ​ 788 ​ ​ 78 ​ ​ 866 ​ 2027 ​ ​ 1,850 ​ ​ 39 ​ ​ 1,889 ​ Thereafter ​ ​ 1,744 ​ ​ — ​ ​ 1,744 ​ Total installments of debt ​ $ 6,963 ​ $ 348 ​ ​ 7,311 ​ Total unamortized debt-related balances, net ​ ​ ​ ​ ​ ​ ​ ​ (259) ​ Bifurcated compound exchange feature, at estimated fair value ​ ​ ​ ​ ​ ​ ​ ​ 295 ​ Total carrying amount of debt ​ ​ ​ ​ ​ ​ ​ $ 7,347 ​
Schedule of debt retirements	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ Exchange Redeem Total Exchange Repurchase Total ​ Exchange Redeem Tender ​ Repurchase ​ Total 6.50% Senior Notes due November 2020 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 38 ​ $ 15 ​ $ 53 ​ 6.375% Senior Notes due December 2021 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 37 ​ ​ — ​ ​ 77 ​ ​ 69 ​ ​ 183 ​ 5.52% Senior Secured Notes due May 2022 ​ ​ — ​ ​ 18 ​ ​ 18 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 3.80% Senior Notes due October 2022 ​ ​ — ​ ​ 27 ​ ​ 27 ​ ​ — ​ ​ — ​ ​ — ​ ​ 136 ​ ​ — ​ ​ 10 ​ ​ 16 ​ ​ 162 ​ 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ 73 ​ ​ 18 ​ ​ 91 ​ ​ 323 ​ ​ — ​ ​ 323 ​ ​ 397 ​ ​ — ​ ​ — ​ ​ 4 ​ ​ 401 ​ 5.375% Senior Secured Notes due May 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 11 ​ ​ 11 ​ ​ — ​ ​ — ​ ​ 103 ​ ​ 43 ​ ​ 146 ​ 9.00% Senior Notes due July 2023 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 714 ​ ​ — ​ ​ — ​ ​ 714 ​ 5.875% Senior Secured Notes due January 2024 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 68 ​ ​ 68 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ 7.25% Senior Notes due November 2025 ​ ​ 43 ​ ​ 14 ​ ​ 57 ​ ​ — ​ ​ — ​ ​ — ​ ​ 207 ​ ​ — ​ ​ 132 ​ ​ — ​ ​ 339 ​ 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 of debt retired ​ $ 116 ​ $ 77 ​ $ 193 ​ $ 323 ​ $ 79 ​ $ 402 ​ $ 1,910 ​ $ 714 ​ $ 360 ​ $ 147 ​ $ 3,131 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Aggregate cash payment ​ $ — ​ $ 75 ​ $ 75 ​ $ 11 ​ $ 79 ​ $ 90 ​ $ 10 ​ $ 767 ​ $ 222 ​ $ 110 ​ $ 1,109 ​ Aggregate principal amount of debt issued in exchanges ​ $ 112 ​ $ — ​ $ 112 ​ $ 294 ​ $ — ​ $ 294 ​ $ 925 ​ $ — ​ $ — ​ $ — ​ $ 925 ​ Aggregate fair value of warrants issued in exchanges ​ $ 5 ​ $ — ​ $ 5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Aggregate net gain (loss) ​ $ 6 ​ $ 2 ​ $ 8 ​ $ 51 ​ $ — ​ $ 51 ​ $ 427 ​ $ (65) ​ $ 135 ​ $ 36 ​ $ 533 ​
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 ​ ​ 4.7 ​ 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 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ 290.66180 ​ ​ 3.44 ​ ​ 87.2 ​ Effective interest rates and fair values ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Effective Fair ​ interest rate value 0.50% Exchangeable Senior Bonds due January 2023 ​ ​ ​ ​ ​ 0.5% ​ $ 48 ​ 4.00% Senior Guaranteed Exchangeable Bonds due December 2025 ​ ​ ​ ​ ​ 6.9% ​ ​ 355 ​ 2.50% Senior Guaranteed Exchangeable Bonds due January 2027 ​ ​ ​ ​ ​ 0.0% ​ ​ 244 ​ 4.625% Senior Guaranteed Exchangeable Bonds due September 2029 ​ ​ ​ ​ ​ 18.1% ​ ​ 483 ​

Postemployment Benefit Plans (T

Postemployment Benefit Plans (Tables)	12 Months Ended
	Dec. 31, 2022
Postemployment Benefit Plans
Schedule of net periodic benefit costs before tax	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ Plans Plan Plans Total Plans Plans Plans Total Plans Plans Plans Total Net periodic benefit costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1 ​ $ — ​ $ 1 ​ Interest cost ​ ​ 50 ​ ​ 6 ​ ​ — ​ ​ 56 ​ ​ 47 ​ ​ 6 ​ ​ — ​ ​ 53 ​ ​ 55 ​ ​ 8 ​ ​ — ​ ​ 63 ​ Expected return on plan assets ​ ​ (65) ​ ​ (7) ​ ​ — ​ ​ (72) ​ ​ (66) ​ ​ (13) ​ ​ — ​ ​ (79) ​ ​ (67) ​ ​ (14) ​ ​ — ​ ​ (81) ​ Settlements and curtailments ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ ​ 1 ​ ​ 12 ​ ​ — ​ ​ 13 ​ Actuarial loss, net ​ ​ 5 ​ ​ — ​ ​ — ​ ​ 5 ​ ​ 11 ​ ​ 1 ​ ​ — ​ ​ 12 ​ ​ 9 ​ ​ 1 ​ ​ 1 ​ ​ 11 ​ Prior service gain, net ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ ​ — ​ ​ — ​ ​ (2) ​ ​ (2) ​ Net periodic benefit costs (income) ​ $ (10) ​ $ (1) ​ $ (2) ​ $ (13) ​ $ (8) ​ $ (8) ​ $ (2) ​ $ (18) ​ $ (2) ​ $ 8 ​ $ (1) ​ $ 5 ​
Schedule of weighted-average assumptions	Net periodic benefit costs ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ Year ended December 31, 2020 ​ ​ U.S. ​ U.K. ​ OPEB ​ U.S. ​ Non-U.S. ​ OPEB ​ U.S. ​ Non-U.S. OPEB ​ ​ Plans Plan Plans Plans Plans Plans Plans Plans Plans ​ Discount rate ​ 2.92 % 1.90 % 1.83 % 2.60 % 1.50 % 1.21 % 3.27 % 2.10 % 2.39 % Expected rate of return ​ 4.81 % 2.00 % na ​ 5.51 % 3.20 % na ​ 5.90 % 3.10 % na ​ “na” means not applicable. Funded status ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ ​ ​ ​ ​ Plans Plan Plans Plans Plan Plans Discount rate ​ ​ ​ ​ ​ ​ ​ 5.06 % 4.80 % 4.92 % 2.91 % 1.90 % 1.83 % Expected long-term rate of return ​ ​ ​ ​ ​ ​ ​ 6.41 % 5.00 % na ​ 4.82 % 2.00 % na ​ “na” means not applicable.
Schedule of changes in funded status, balance sheet classifications and accumulated benefit obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, 2022 ​ Year ended December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ Non-U.S. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plans Plans Total Change in projected benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Projected benefit obligation, beginning of period $ 1,724 ​ $ 348 ​ $ 13 ​ $ 2,085 ​ $ 1,825 ​ $ 384 ​ $ 16 ​ $ 2,225 ​ Actuarial gains, net ​ ​ (391) ​ ​ (119) ​ ​ (1) ​ ​ (511) ​ ​ (72) ​ ​ (21) ​ ​ (1) ​ ​ (94) ​ Interest cost ​ ​ 50 ​ ​ 6 ​ ​ — ​ ​ 56 ​ ​ 47 ​ ​ 6 ​ ​ — ​ ​ 53 ​ Currency exchange rate changes ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (37) ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Benefits paid ​ ​ (76) ​ ​ (10) ​ ​ (2) ​ ​ (88) ​ ​ (76) ​ ​ (17) ​ ​ (2) ​ ​ (95) ​ Settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Projected benefit obligation, end of period ​ ​ 1,307 ​ ​ 188 ​ ​ 10 ​ ​ 1,505 ​ ​ 1,724 ​ ​ 348 ​ ​ 13 ​ ​ 2,085 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets, beginning of period ​ ​ 1,621 ​ ​ 434 ​ ​ — ​ ​ 2,055 ​ ​ 1,565 ​ ​ 420 ​ ​ — ​ ​ 1,985 ​ Actual return on plan assets ​ ​ (403) ​ ​ (147) ​ ​ — ​ ​ (550) ​ ​ 131 ​ ​ 29 ​ ​ — ​ ​ 160 ​ Currency exchange rate changes ​ ​ — ​ ​ (45) ​ ​ — ​ ​ (45) ​ ​ — ​ ​ (3) ​ ​ — ​ ​ (3) ​ Employer contributions ​ ​ 1 ​ ​ — ​ ​ 2 ​ ​ 3 ​ ​ 1 ​ ​ 7 ​ ​ 2 ​ ​ 10 ​ Benefits paid ​ ​ (76) ​ ​ (10) ​ ​ (2) ​ ​ (88) ​ ​ (76) ​ ​ (17) ​ ​ (2) ​ ​ (95) ​ Settlements ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (2) ​ ​ — ​ ​ (2) ​ Fair value of plan assets, end of period ​ ​ 1,143 ​ ​ 232 ​ ​ — ​ ​ 1,375 ​ ​ 1,621 ​ ​ 434 ​ ​ — ​ ​ 2,055 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Funded status, end of period $ (164) ​ $ 44 ​ $ (10) ​ $ (130) ​ $ (103) ​ $ 86 ​ $ (13) ​ $ (30) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance sheet classification, end of period: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension asset, non-current $ — ​ $ 44 ​ $ — ​ $ 44 ​ $ 16 ​ $ 86 ​ $ — ​ $ 102 ​ Pension liability, current ​ ​ (1) ​ ​ — ​ ​ (3) ​ ​ (4) ​ ​ (1) ​ ​ — ​ ​ (3) ​ ​ (4) ​ Pension liability, non-current ​ ​ (163) ​ ​ — ​ ​ (7) ​ ​ (170) ​ ​ (118) ​ ​ — ​ ​ (10) ​ ​ (128) ​ Accumulated other comprehensive loss (income), before taxes ​ ​ 166 ​ ​ 76 ​ ​ (8) ​ ​ 234 ​ ​ 95 ​ ​ 42 ​ ​ (10) ​ ​ 127 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accumulated benefit obligation, end of period ​ $ 1,307 ​ $ 188 ​ $ 10 ​ $ 1,505 ​ $ 1,724 ​ $ 348 ​ $ 13 ​ $ 2,085 ​
Schedule of projected benefit obligation in excess of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Projected benefit obligation $ 1,307 ​ $ — ​ $ 10 ​ $ 1,317 ​ $ 140 ​ $ — ​ $ 13 ​ $ 153 ​ Fair value of plan assets ​ ​ 1,143 ​ ​ — ​ ​ — ​ ​ 1,143 ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 20 ​
Schedule of accumulated benefit obligation in excess of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Accumulated benefit obligation $ 1,307 ​ $ — ​ $ 10 ​ $ 1,317 ​ $ 140 ​ $ — ​ $ 13 ​ $ 153 ​ Fair value of plan assets ​ ​ 1,143 ​ ​ — ​ ​ — ​ ​ 1,143 ​ ​ 20 ​ ​ — ​ ​ — ​ ​ 20 ​
Schedule of unrecognized accumulated other comprehensive loss (income)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Plans Plan Plans Total Actuarial loss, net $ 166 ​ $ 74 ​ $ (1) ​ $ 239 ​ $ 95 ​ $ 40 ​ $ — ​ $ 135 ​ Prior service cost, net ​ ​ — ​ ​ 2 ​ ​ (7) ​ ​ (5) ​ ​ — ​ ​ 2 ​ ​ (10) ​ ​ (8) ​ Accumulated other comprehensive loss (income), before taxes $ 166 ​ $ 76 ​ $ (8) ​ $ 234 ​ $ 95 ​ $ 42 ​ $ (10) ​ $ 127 ​
Schedule of allocations of plan assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Target allocation ​ Actual allocation ​ Target allocation ​ Actual allocation ​ ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ U.S. ​ U.K. ​ Plans Plan Plans Plan Plans Plan Plans Plan Equity securities ​ 38 % 20 % 38 % 24 % 38 % 19 % 38 % 19 % Fixed income securities ​ 62 % 80 % 61 % 74 % 62 % 81 % 62 % 80 % Other investments ​ — % — % 1 % 2 % — ​ — % — ​ 1 % Total ​ 100 % 100 % 100 % 100 % 100 % 100 % 100 % 100 %
Schedule of investments for the funded defined benefit plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ Significant observable inputs ​ Significant other observable inputs ​ Total ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ Plans Plan Total Plans Plan Total Plans Plan Total Mutual funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity funds $ 301 ​ $ — ​ $ 301 ​ $ — ​ $ — ​ $ — ​ $ 301 ​ $ — ​ $ 301 ​ Non-U.S. equity funds ​ ​ 132 ​ ​ — ​ ​ 132 ​ ​ 4 ​ ​ 57 ​ ​ 61 ​ ​ 136 ​ ​ 57 ​ ​ 193 ​ Bond funds ​ ​ 698 ​ ​ — ​ ​ 698 ​ ​ 2 ​ ​ 171 ​ ​ 173 ​ ​ 700 ​ ​ 171 ​ ​ 871 ​ Total mutual funds ​ ​ 1,131 ​ ​ — ​ ​ 1,131 ​ ​ 6 ​ ​ 228 ​ ​ 234 ​ ​ 1,137 ​ ​ 228 ​ ​ 1,365 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and money market funds ​ ​ 6 ​ ​ 4 ​ ​ 10 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 4 ​ ​ 10 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments $ 1,137 ​ $ 4 ​ $ 1,141 ​ $ 6 ​ $ 228 ​ $ 234 ​ $ 1,143 ​ $ 232 ​ $ 1,375 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ ​ Significant observable inputs ​ Significant other observable inputs ​ Total ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ U.S. ​ U.K. ​ ​ ​ Plans Plan Total Plans Plan Total Plans Plan Total Mutual funds ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. equity funds $ 421 ​ $ — ​ $ 421 ​ $ — ​ $ — ​ $ — ​ $ 421 ​ $ — ​ $ 421 ​ Non-U.S. equity funds ​ ​ 184 ​ ​ — ​ ​ 184 ​ ​ 7 ​ ​ 85 ​ ​ 92 ​ ​ 191 ​ ​ 85 ​ ​ 276 ​ Bond funds ​ ​ 999 ​ ​ — ​ ​ 999 ​ ​ 4 ​ ​ 346 ​ ​ 350 ​ ​ 1,003 ​ ​ 346 ​ ​ 1,349 ​ Total mutual funds ​ ​ 1,604 ​ ​ — ​ ​ 1,604 ​ ​ 11 ​ ​ 431 ​ ​ 442 ​ ​ 1,615 ​ ​ 431 ​ ​ 2,046 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and money market funds ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ — ​ ​ — ​ ​ — ​ ​ 6 ​ ​ 3 ​ ​ 9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total investments $ 1,610 ​ $ 3 ​ $ 1,613 ​ $ 11 ​ $ 431 ​ $ 442 ​ $ 1,621 ​ $ 434 ​ $ 2,055 ​
Schedule of projected benefits payments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ U.K. ​ OPEB ​ ​ ​ ​ Plans Plan Plans Total Years ending December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 $ 83 ​ $ 6 ​ $ 3 ​ $ 92 ​ 2024 ​ ​ 84 ​ ​ 6 ​ ​ 3 ​ ​ 93 ​ 2025 ​ ​ 84 ​ ​ 6 ​ ​ 3 ​ ​ 93 ​ 2026 ​ ​ 85 ​ ​ 7 ​ ​ — ​ ​ 92 ​ 2027 ​ ​ 85 ​ ​ 8 ​ ​ — ​ ​ 93 ​ 2028 - 2032 ​ ​ 428 ​ ​ 50 ​ ​ 1 ​ ​ 479 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Components of the provision (benefit) for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 2020 Current tax expense (benefit) $ 13 ​ $ (7) ​ $ (33) ​ Deferred tax expense ​ ​ 46 ​ ​ 128 ​ ​ 60 ​ Income tax expense $ 59 ​ $ 121 ​ $ 27 ​
Reconciliation of the differences between income tax expense computed at the Swiss holding company statutory rate and the reported provision for income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2022 2021 2020 Income tax benefit at Swiss federal statutory rate $ (44) ​ $ (36) ​ $ (42) ​ Earnings subject to rates different than the Swiss federal statutory rate ​ ​ 52 ​ ​ 78 ​ ​ 82 ​ Swiss Federal Act on Tax Reform and AHV Financing ​ ​ 96 ​ ​ (1,095) ​ ​ — ​ Changes in valuation allowance ​ ​ 79 ​ ​ 1,167 ​ ​ (31) ​ Audit settlement ​ ​ 12 ​ ​ — ​ ​ — ​ Withholding taxes ​ ​ 12 ​ ​ 10 ​ ​ 6 ​ Deemed profits taxes ​ ​ 10 ​ ​ 17 ​ ​ 19 ​ Changes in unrecognized tax benefits, net ​ ​ 2 ​ ​ (43) ​ ​ (15) ​ Changes due to organizational restructuring ​ ​ (162) ​ ​ 16 ​ ​ — ​ Losses on impairment ​ ​ — ​ ​ 5 ​ ​ 52 ​ Base erosion and anti-abuse tax ​ ​ — ​ ​ — ​ ​ 5 ​ U.S. Coronavirus Aid, Relief, and Economic Security Act ​ ​ — ​ ​ — ​ ​ (28) ​ Other, net ​ ​ 2 ​ ​ 2 ​ ​ (21) ​ Income tax expense $ 59 ​ $ 121 ​ $ 27 ​
Significant components of deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Deferred tax assets ​ ​ ​ ​ ​ ​ ​ Swiss historic depreciation and financing asset costs ​ $ 1,226 ​ $ 1,333 ​ Net operating loss carryforwards ​ 1,115 ​ ​ 915 ​ Interest expense limitation ​ ​ 77 ​ ​ 67 ​ United Kingdom charter limitation ​ ​ 53 ​ ​ 53 ​ Accrued expenses ​ ​ 36 ​ ​ 23 ​ Tax credits ​ ​ 11 ​ ​ 19 ​ Deferred income ​ ​ 7 ​ ​ 7 ​ Accrued payroll costs not currently deductible ​ ​ 18 ​ ​ 2 ​ Loss contingencies ​ ​ 4 ​ ​ 2 ​ Other ​ ​ 43 ​ ​ 31 ​ Valuation allowance ​ ​ (1,910) ​ ​ (1,820) ​ Total deferred tax assets ​ ​ 680 ​ ​ 632 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax liabilities ​ ​ ​ ​ ​ ​ ​ Depreciation ​ ​ (1,150) ​ ​ (1,052) ​ Contract intangible amortization ​ ​ — ​ ​ (11) ​ Other ​ ​ (10) ​ ​ (9) ​ Total deferred tax liabilities ​ ​ (1,160) ​ ​ (1,072) ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred tax assets (liabilities), net $ (480) ​ $ (440) ​
Reconciliation of unrecognized tax benefits, excluding interest and penalties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ 2022 ​ 2021 ​ 2020 Balance, beginning of period $ 402 ​ $ 378 ​ $ 335 ​ Additions for current year tax positions ​ ​ 28 ​ ​ 28 ​ ​ 90 ​ Additions for prior year tax positions ​ ​ 62 ​ ​ 46 ​ ​ 11 ​ Reductions related to statute of limitation expirations and changes in law ​ ​ (13) ​ ​ (19) ​ ​ (7) ​ Reductions due to settlements ​ ​ (5) ​ ​ (31) ​ ​ — ​ Reductions for prior year tax positions ​ ​ (30) ​ ​ — ​ ​ (51) ​ Balance, end of period $ 444 ​ $ 402 ​ $ 378 ​
Schedule of unrecognized tax benefits, including related interest and penalties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ 2022 ​ 2021 Unrecognized tax benefits, excluding interest and penalties ​ $ 444 ​ $ 402 ​ Interest and penalties ​ ​ 27 ​ ​ 33 ​ Unrecognized tax benefits, including interest and penalties ​ $ 471 ​ $ 435 ​

Loss Per Share (Tables)

Loss Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Loss per share
Schedule of loss per share	The computation of basic and diluted loss per share was as follows (in millions, except per share data): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Numerator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net loss attributable to controlling interest ​ $ (621) ​ $ (592) ​ $ (567) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Denominator for loss per share, basic and diluted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average shares for per share calculation ​ ​ 699 ​ ​ 637 ​ ​ 615 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss per share, basic and diluted ​ $ (0.89) ​ $ (0.93) ​ $ (0.92) ​
Schedule of antidilutive securities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 ​ 2021 ​ 2020 ​ Exchangeable bonds ​ ​ 128.1 ​ ​ 104.4 ​ ​ 84.0 ​ Share-based awards ​ ​ 15.5 ​ ​ 12.6 ​ ​ 10.8 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2022
Contingencies
Schedule of aggregate future payments required under purchase obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service ​ ​ ​ Purchase ​ agreement ​ ​ obligations ​ obligations ​ Years ending December 31, ​ ​ ​ ​ ​ ​ ​ 2023 $ 36 ​ $ 124 ​ 2024 ​ ​ 2 ​ ​ 138 ​ 2025 ​ ​ — ​ ​ 143 ​ 2026 ​ ​ — ​ ​ 147 ​ 2027 ​ ​ — ​ ​ 119 ​ Thereafter ​ ​ — ​ ​ 165 ​ Total $ 38 ​ $ 836 ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Share Based Compensation
Summary of activity for vested and unvested stock options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average ​ ​ ​ ​ Number ​ Weighted-average ​ remaining ​ Aggregate ​ ​ of shares ​ exercise price ​ contractual term ​ intrinsic value ​ under option per share (years) (in millions) Outstanding at January 1, 2022 ​ 4,263,274 ​ $ 11.45 ​ 5.70 ​ $ — ​ Forfeited ​ (25,155) ​ ​ 50.79 ​ ​ ​ ​ ​ ​ Expired ​ (62,599) ​ ​ 50.79 ​ ​ ​ ​ ​ ​ Outstanding at December 31, 2022 ​ 4,175,520 ​ $ 10.63 ​ 4.82 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested and exercisable at December 31, 2022 ​ 4,175,520 ​ $ 10.63 ​ 4.82 ​ $ — ​
Service awards
Share Based Compensation
Summary of unvested deferred units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ of ​ grant-date fair value ​ ​ ​ ​ ​ ​ units per unit Unvested at January 1, 2022 ​ ​ ​ ​ ​ ​ 10,662,865 ​ $ 3.13 Granted ​ ​ ​ ​ ​ ​ 6,768,943 ​ ​ 3.60 ​ Vested ​ ​ ​ ​ ​ ​ (5,075,374) ​ ​ 3.47 ​ Forfeited ​ ​ ​ ​ ​ ​ (308,934) ​ ​ 3.29 ​ Unvested at December 31, 2022 ​ ​ ​ ​ ​ ​ 12,047,500 ​ $ 3.25 ​
Performance awards
Share Based Compensation
Summary of unvested deferred units activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number ​ Weighted-average ​ ​ ​ ​ ​ ​ ​ of ​ grant-date fair value ​ ​ ​ ​ ​ ​ units per unit Unvested at January 1, 2022 ​ ​ ​ ​ ​ ​ 5,389,390 ​ $ 2.59 ​ Granted ​ ​ ​ ​ ​ ​ 3,519,857 ​ ​ 3.91 ​ Vested ​ ​ ​ ​ ​ ​ (2,363,878) ​ ​ 1.80 ​ Unvested at December 31, 2022 ​ ​ ​ ​ ​ ​ 6,545,369 ​ $ 3.81 ​

Supplemental Balance Sheet In_2

Supplemental Balance Sheet Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Balance Sheet Information
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Other current liabilities ​ ​ ​ ​ ​ ​ ​ Accrued employee benefits and payroll-related liabilities $ 156 ​ $ 178 ​ Accrued interest ​ ​ 113 ​ ​ 121 ​ Accrued taxes, other than income ​ ​ 41 ​ ​ 52 ​ Finance lease liability ​ ​ 40 ​ ​ 40 ​ Operating lease liabilities ​ ​ 7 ​ ​ 8 ​ Deferred revenues ​ ​ 124 ​ ​ 83 ​ Contingent liabilities ​ ​ 58 ​ ​ 60 ​ Other ​ ​ — ​ ​ 3 ​ Total other current liabilities $ 539 ​ $ 545 ​
Schedule of other long term liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2022 2021 Other long-term liabilities ​ ​ ​ ​ ​ ​ ​ Postemployment benefit plan obligations $ 170 ​ $ 128 ​ Finance lease liability ​ ​ 323 ​ ​ 366 ​ Operating lease liabilities ​ ​ 100 ​ ​ 109 ​ Income taxes payable ​ ​ 129 ​ ​ 157 ​ Deferred revenues ​ ​ 204 ​ ​ 265 ​ Other ​ ​ 39 ​ ​ 43 ​ Total other long-term liabilities $ 965 ​ $ 1,068 ​

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2022
Supplemental Cash Flow Information
Additional cash flow information	Additional cash flow information was as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 Certain cash operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash payments for interest ​ ​ $ 355 ​ $ 429 ​ $ 593 ​ Cash payments for income taxes ​ ​ ​ ​ 66 ​ ​ 57 ​ ​ 70 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash investing and financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Capital additions, accrued at end of period ​ (a) ​ $ 31 ​ $ 28 ​ $ 15 ​ Capital additions financed under Shipyard Loans ​ (b) ​ ​ 382 ​ ​ — ​ ​ — ​ Issuance of debt in exchange transactions ​ (c) ​ ​ 112 ​ ​ 294 ​ ​ 925 ​ Issuance of warrants in exchange transactions ​ (d) ​ ​ 5 ​ ​ — ​ ​ — ​ Settlement of finance lease payments ​ (e) ​ ​ 41 ​ ​ — ​ ​ — ​ Equity component of exchangeable debt ​ (f) ​ ​ — ​ ​ — ​ ​ 46 ​ (a) Additions to property and equipment for which we had accrued a corresponding liability in accounts payable at the end of the period. See Note 6—Long-Lived Assets . (b) In the year ended December 31, 2022, we borrowed an aggregate principal amount of $439 million under the Shipyard Loans to satisfy a portion of the final milestone payments due upon delivery of Deepwater Atlas and Deepwater Titan and recorded the initial carrying amount, net of imputed interest, with a corresponding entry to construction in progress. See Note 6—Long-Lived Assets and Note 8—Debt . (c) In the year ended December 31, 2022, in connection with the 2022 Private Exchange, we issued $112 million aggregate principal amount of the 4.625% Senior Guaranteed Exchangeable Bonds. In the year ended December 31, 2021, in connection with the 2021 Private Exchange, we issued $294 million aggregate principal amount of the 4.00% Senior Guaranteed Exchangeable Bonds. In the year ended December 31, 2020, in connection with the 2020 Private Exchange, we issued $687 million and $238 million aggregate principal amount of the 11.50% Senior Guaranteed Notes and the 2.50% Senior Guaranteed Exchangeable Bonds, respectively. See Note 8—Debt . (d) In the year ended December 31, 2022, in connection with the 2022 Private Exchange, we issued 6.7 million warrants to purchase Transocean Ltd. shares with an estimated fair value of $5 million. See Note 8—Debt and Note 13—Equity . (e) In the year ended December 31, 2022, we agreed to settle installments due to the lessor under our finance lease by issuing corresponding credits to our customer for amounts due to us under the drilling contract. See Note 7—Leases . (f) In connection with the issuance of the 2.50% Senior Guaranteed Exchangeable Bonds in the 2020 Private Exchange, we recorded the conversion feature, measured at its estimated fair value, to additional paid-in capital. See Note 8—Debt .
Schedule of changes in other operating assets and liabilities	The reconciling adjustments of our net cash provided by operating activities that were attributable to the net change in other operating assets and liabilities were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ ​ ​ 2022 2021 2020 Changes in other operating assets and liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (Increase) decrease in accounts receivable ​ ​ $ (15) ​ $ 137 ​ $ 67 ​ Increase in other assets ​ ​ ​ ​ (12) ​ ​ (13) ​ ​ (113) ​ Increase (decrease) in accounts payable and other current liabilities ​ ​ ​ ​ 8 ​ ​ (52) ​ ​ (254) ​ Increase (decrease) in other long-term liabilities ​ ​ ​ ​ (2) ​ ​ (3) ​ ​ 2 ​ Change in income taxes receivable / payable, net ​ ​ ​ ​ (42) ​ ​ (17) ​ ​ (69) ​ Change in receivables from / payables to affiliates, net ​ ​ ​ ​ (12) ​ ​ (15) ​ ​ 14 ​ ​ ​ ​ $ (75) ​ $ 37 ​ $ (353) ​ ​

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Financial Instruments
Carrying amounts and fair values of the financial instruments	The carrying amounts and fair values of our financial instruments were as follows (in millions): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ December 31, 2021 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ amount value amount value Cash and cash equivalents $ 683 ​ $ 683 ​ $ 976 ​ $ 976 ​ Restricted cash and cash equivalents ​ ​ 308 ​ ​ 308 ​ ​ 436 ​ ​ 436 ​ Long-term loans receivable from unconsolidated affiliates ​ ​ 41 ​ ​ 43 ​ ​ 36 ​ ​ 33 ​ Total debt ​ ​ 7,347 ​ ​ 6,412 ​ ​ 7,170 ​ ​ 5,661 ​

Business (Details)

Business (Details)	12 Months Ended
	Dec. 31, 2022 item segment
Number of mobile offshore drilling units	38
Number of operating segments | segment	1
Ultra-deepwater floaters
Number of mobile offshore drilling units	28
Number of mobile offshore drilling units under construction	1
Harsh environment floaters
Number of mobile offshore drilling units	10
Ultra Deepwater drillships
Number of mobile offshore drilling units under construction, noncontrolling interest	1

Significant Accounting Polici_3

Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Capitalized interest
Capitalized interest costs on construction work in progress	$ 73	$ 50	$ 47
Functional currency
Net foreign currency exchange gain (loss)	(8)	(1)	(8)
Materials and supplies
Increase inventory allowance		$ 28
Increase in inventory allowance (in dollars per share)		$ 0.04
Materials and supplies, allowance for obsolescence	199	$ 183
Assets held for sale
Assets held for sale, included in other current assets	$ 0	0
Property and equipment
Property and equipment as a percentage of total assets	85%
Equity method investments and impairment
Loss on impairment of investment in unconsolidated affiliates		$ 37	$ 62
Drilling rig units
Property and equipment
Estimated original useful life	35 years
Buildings and improvements | Minimum
Property and equipment
Estimated original useful life	3 years
Buildings and improvements | Maximum
Property and equipment
Estimated original useful life	30 years
Machinery and equipment | Minimum
Property and equipment
Estimated original useful life	4 years
Machinery and equipment | Maximum
Property and equipment
Estimated original useful life	20 years

Significant Accounting Polici_4

Significant Accounting Policies (Pensions) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Pension and other postretirement benefits
Recognition period of investment gains or losses related to asset valuation for determining net periodic benefit cost	5 years
Conditional amortization gains or losses as percentage of greater of plan assets or liabilities, minimum	10%
Pension liability, current and noncurrent	$ 174	$ 132
Pension asset, non-current	$ 44	$ 102

Unconsolidated Affiliates (Deta

Unconsolidated Affiliates (Details) $ in Millions	1 Months Ended			12 Months Ended
	Feb. 28, 2023 USD ($)	Nov. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Investments
Equity in losses				$ (24)	$ (10)	$ (10)
Aggregate carrying amount of equity investment				113	91
Loss on impairment of investment in unconsolidated affiliates					37	62
Investments in loans to unconsolidated affiliates				$ 5	33	2
Orion/Transocean Norge
Investments
Equity ownership (as a percent)				33%
Aggregate carrying amount of equity investment				$ 54	57
Loss on impairment of investment in unconsolidated affiliates					37	$ 59
Investments in loans to unconsolidated affiliates			$ 33
Affiliate loan receivable				41	$ 36
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					0.12	0.12
Orion/Transocean Norge | Reimbursements, Agent Fees and Other Receipts
Investments
Related party transaction				40	$ 16	$ 46
Orion/Transocean Norge | Rent Expense
Investments
Related party transaction				11	12	22
Orion/Transocean Norge | Charter rig and other equipment
Investments
Related party transaction				$ 10	15	22
Liquila
Investments
Equity ownership (as a percent)				20%
Aggregate carrying amount of equity investment				$ 15
Majority owner require repurchase (as a percent)		80%
Equity method investment payment		$ 15
Liquila | Perestroika AS
Investments
Equity method investment payment		$ 10
Liquila | Third Party
Investments
Equity ownership (as a percent)		67%
Liquila | Transocean Inc | Perestroika AS
Investments
Equity ownership (as a percent)		11%
Liquila | Liquila
Investments
Purchase price for investment		$ 200
Nauticus Robotics
Investments
Equity ownership (as a percent)				20%
Global Sea Mineral Resources
Investments
Equity method investment payment	$ 10
Other Investments
Investments
Related party transaction				$ 7	$ 6	$ 15

Revenues (Disaggregation) (Deta

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue
Contract drilling revenues	$ 2,575	$ 2,556	$ 3,152
U.S.
Revenue
Contract drilling revenues	1,135	1,098	1,302
Norway
Revenue
Contract drilling revenues	835	790	876
Other Countries
Revenue
Contract drilling revenues	605	668	974
Ultra-deepwater floaters
Revenue
Contract drilling revenues	1,708	1,720	2,094
Ultra-deepwater floaters | U.S.
Revenue
Contract drilling revenues	1,135	1,096	1,302
Ultra-deepwater floaters | Other Countries
Revenue
Contract drilling revenues	573	624	792
Harsh environment floaters
Revenue
Contract drilling revenues	867	836	1,046
Harsh environment floaters | U.S.
Revenue
Contract drilling revenues		2
Harsh environment floaters | Norway
Revenue
Contract drilling revenues	835	790	876
Harsh environment floaters | Other Countries
Revenue
Contract drilling revenues	$ 32	$ 44	170
Midwater floaters
Revenue
Contract drilling revenues			12
Midwater floaters | Other Countries
Revenue
Contract drilling revenues			$ 12

Revenues (Customers) (Details)

Revenues (Customers) (Details) - Revenue - Customer	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Shell
Concentration Risk [Line Items]
Percentage of concentration	33%	31%	28%
Equinor
Concentration Risk [Line Items]
Percentage of concentration	25%	30%	27%
Petrobras
Concentration Risk [Line Items]
Percentage of concentration	11%
Chevron
Concentration Risk [Line Items]
Percentage of concentration			14%

Revenues (Contract liabilities)

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 124	$ 83
Deferred contract revenues, recorded in other long-term liabilities	204	265
Total contract liabilities	$ 328	$ 348	$ 456

Revenues (Changes) (Details)

Revenues (Changes) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 348	$ 456
Decrease due to recognition of revenues for goods and services	(119)	(149)
Increase due to goods and services transferred over time	99	41
Total contract liabilities, at end of period	$ 328	$ 348

Revenues (Pre-operating) (Detai

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jun. 30, 2020
Revenue
Performance obligations satisfied in previous periods			$ 177
Recognized pre-operating costs	$ 47	$ 48	60
Unrecognized pre-operating costs	26	21
Customer-Settlement and mutual release
Revenue
Face amount of receivable				$ 185
Proceeds from performance settlement	46	46	$ 46
Receivable net of discount	$ 46	90
Customer-Settlement and mutual release | Accounts receivable
Revenue
Receivable net of discount		46
Customer-Settlement and mutual release | Other assets, non-current
Revenue
Receivable net of discount		$ 44

Contract Intangible Assets (Rol

Contract Intangible Assets (Roll forward) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Gross carrying amount
Beginning Balance, Gross	$ 907	$ 907
Amortization	(117)	(220)	$ (215)
Ending Balance, Gross	907	907	907
Accumulated amortization
Beginning Balance, amortization	(734)	(514)
Amortization	(117)	(220)	(215)
Ending Balance, amortization	(851)	(734)	(514)
Net carrying amount
Beginning Balance, Net	173	393
Amortization	(117)	(220)	(215)
Ending Balance, Net	$ 56	$ 173	$ 393

Contract Intangible Assets (Amo

Contract Intangible Assets (Amortization) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Contract Intangible Assets
2023	$ 52
2024	$ 4

Long-Lived Assets (Details)

Long-Lived Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Long-lived assets	$ 17,962	$ 17,613
Total capital expenditures	717	208	$ 265
Non-cash capital additions financed under Shipyard Loan	382
Changes in accrued capital additions	3	13	(33)
U.S.
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Long-lived assets	6,514	5,779
Norway
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Long-lived assets	3,255	3,379
Greece
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Long-lived assets	3,022	3,162
Other countries
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Long-lived assets	5,171	5,293
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	753
Construction work in progress, at end of period	1,195	1,017	828
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	669	174	143
Property and equipment placed into service	(882)
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	48	34	122
Property and equipment placed into service	$ (42)	$ (32)	$ (157)

Long-Lived Assets (Impairment h

Long-Lived Assets (Impairment held and used) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares
Impairment of assets held and used
Impairment, Long-Lived Asset, Held-for-Use, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Asset Impairment Charges
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

Long-Lived Assets (Impairment_2

Long-Lived Assets (Impairment held for sale) (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2020 USD ($) $ / shares
Long-Lived Assets
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

Long-Lived Assets (Disposal) (D

Long-Lived Assets (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Dispositions
Net cash proceeds from sale of assets	$ 7	$ 9	$ 24
Gain (loss) on the sale of assets	(10)	(62)	(84)
Assets sold, not discontinued operations | Rig sales
Dispositions
Net cash proceeds from sale of assets		4	20
Gain (loss) on the sale of assets		$ (57)	$ (61)
Gain (loss) on the sale of assets per diluted share		$ (0.09)	$ (0.10)
Gain (loss) on disposal of assets, tax effect		$ 0
Assets sold, not discontinued operations | Other property and equipment
Dispositions
Net cash proceeds from sale of assets	7	5	$ 4
Gain (loss) on the sale of assets	$ (10)	$ (5)	$ (23)

Leases (Operating leases) (Deta

Leases (Operating leases) (Details)	Dec. 31, 2022
Leases
Weighted average discount rate, operating leases (as a percent)	6.40%
Weighted-average remaining lease term, operating leases	12 years 8 months 12 days

Leases (Finance lease) (Details

Leases (Finance lease) (Details)	12 Months Ended
	Dec. 31, 2022 USD ($)
Leases
Implicit interest rate (as a percent)	7.80%
End of lease obligation	$ 1

Leases (Lease costs) (Details)

Leases (Lease costs) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Short-term lease costs	$ 14	$ 17	$ 27
Operating lease costs	12	12	13
Finance lease costs, amortization of right-of-use asset	20	20	21
Finance lease costs, interest on lease liability	30	33	36
Total lease costs	$ 76	$ 82	$ 97

Leases - (Cash flow) (Details)

Leases - (Cash flow) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Leases
Operating cash flows from operating leases	$ 14	$ 13	$ 17
Operating cash flows from finance lease	8	37	36
Financing cash flows from finance lease	$ 3	$ 33	$ 35

Leases (Maturity) (Details)

Leases (Maturity) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Operating lease maturity
2023	$ 13
2024	13
2025	12
2026	12
2027	12
Thereafter	98
Total future minimum rental payment	160
Less amount representing imputed interest	(53)
Present value of future minimum rental payments under operating leases	107
Current portion, recorded in other current liabilities	7	$ 8
Long-term lease liabilities, recorded in other long-term liabilities	100	109
Finance lease maturity
2023	65
2024	70
2025	71
2026	70
2027	71
Thereafter	118
Total future minimum rental payment	465
Less amount representing imputed interest	(102)
Present value of future minimum rental payments under finance leases	363
Current portion, recorded in other current liabilities	40	40
Long-term lease liabilities, recorded in other long-term liabilities	$ 323	$ 366

Debt (Details)

Debt (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)	Jan. 31, 2023	Sep. 30, 2022	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Principal amount
Debt due within one year	$ 652			$ 448
Long-term debt	6,311			6,372
Carrying amount
Total debt	7,347			7,170
Debt due within one year	719			513
Long-term debt	$ 6,628			6,657
6.375% Senior Notes due December 2021
Carrying amount
Debt instrument interest rate stated percentage	6.375%
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
Debt due within one year				27
Carrying amount
Total debt				27
Debt instrument interest rate stated percentage	3.80%
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt	$ 49			140
Debt due within one year	49
Carrying amount
Total debt	49			140
Debt due within one year	$ 49
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt	$ 243			306
Debt due within one year	243			63
Carrying amount
Total debt	242			304
Debt due within one year	$ 242			62
Debt instrument interest rate stated percentage	5.375%
9.00% Senior Notes due July 2023
Carrying amount
Debt instrument interest rate stated percentage	9%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt	$ 352			435
Debt due within one year	83			83
Carrying amount
Total debt	350			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	$ 240			300
Debt due within one year	60			60
Carrying amount
Total debt	238			296
Debt due within one year	$ 59			58
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt	$ 250			313
Debt due within one year	62			62
Carrying amount
Total debt	248			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	$ 336			402
Debt due within one year	66			66
Carrying amount
Total debt	332			397
Debt due within one year	$ 64			64
Debt instrument interest rate stated percentage	6.125%
6.50% Senior Notes due November 2020
Carrying amount
Debt instrument interest rate stated percentage	6.50%
7.25% Senior Notes due November 2025
Principal amount
Total installments of debt	$ 354			411
Carrying amount
Total debt	$ 351			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	$ 271			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	265			271
Debt due within one year	$ 6			6
Debt instrument interest rate stated percentage	2.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 | Perestroika AS
Principal amount
Total installments of debt				213	$ 213
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt	$ 687			687
Carrying amount
Total debt	1,008			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	$ 482			550
Debt due within one year	69			69
Carrying amount
Total debt	477			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 Loans due September 2027
Principal amount
Total installments of debt	$ 439
Debt due within one year	20
Carrying amount
Total debt	389
Debt due within one year	$ 20
Debt instrument interest rate stated percentage	4.50%
8.375% Senior Secured Notes due February 2028
Carrying amount
Debt instrument interest rate stated percentage		8.375%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261			261
Carrying amount
Total debt	$ 264			265
Debt instrument interest rate stated percentage	7%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments of debt	$ 300
Carrying amount
Total debt	$ 440
Debt instrument interest rate stated percentage	4.625%
Amount to repurchase upon the occurrence of certain events (as a percent)			115
8.75% Senior Secured Notes Due February 2030
Carrying amount
Debt instrument interest rate stated percentage		8.75%
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%
Interest rate, as adjusted (as a percent)	9.35%
Principal installments
Principal amount
Total installments of debt	$ 6,963			$ 6,820

Debt (Maturities) (Details)

Debt (Maturities) (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Total Installments
Scheduled maturities of debt
2023	$ 728
2024	952
2025	1,132
2026	866
2027	1,889
Thereafter	1,744
Total installments of debt	7,311
Total unamortized debt-related balances, net	(259)
Bifurcated compound exchange feature, at estimated fair value	295
Total carrying amount of debt	7,347
Principal installments
Scheduled maturities of debt
2023	652
2024	875
2025	1,054
2026	788
2027	1,850
Thereafter	1,744
Total installments of debt	6,963	$ 6,820
Other installments
Scheduled maturities of debt
2023	76
2024	77
2025	78
2026	78
2027	39
Total installments of debt	$ 348

Debt (Credit Agreements) (Detai

Debt (Credit Agreements) (Details) $ in Millions	1 Months Ended			12 Months Ended
	Dec. 31, 2022 USD ($)	Jul. 31, 2022 USD ($)	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 30, 2022 USD ($)	Jun. 30, 2018 USD ($)
Debt
Aggregate cash payment to acquire property				$ 717	$ 208	$ 265
Five-Year Revolving Credit Facility
Debt
Borrowing capacity, maximum			$ 1,330
Early maturity trigger, principal due within 91 days		$ 200
Early maturity trigger available cash		250
Permitted commitment increase		250
Minimum guarantee coverage ratio	3			3
Minimum collateral coverage ratio.	2.1			2.1
Debt to capitalization ratio								0.60
Minimum liquidity								$ 500
Aggregate carrying amount assets pledged	$ 4,870			$ 4,870
Cross default trigger under credit facility		125
Commitment fee percentage at period end				0.75%
Credit facility amount outstanding	0			$ 0
Letters of credit issued and outstanding	6			6
Credit facility available borrowing capacity	767,000			$ 767,000
Five-Year Revolving Credit Facility | June 2022
Debt
Borrowing capacity, maximum		774
Five-Year Revolving Credit Facility | June 2023
Debt
Borrowing capacity, maximum		$ 600
Five-Year Revolving Credit Facility | Adjusted LIBOR
Debt
Spread on variable rate basis (as a percent)				3.25%
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
Aggregate principal amount outstanding	439			$ 439
Debt instrument face value	439		349	439			$ 90
Aggregate cash payment to acquire property	325		46
Non-cash capital addition	$ 82		$ 300	$ 382
Debt instrument interest rate stated percentage	4.50%			4.50%
4.50% Shipyard Loan due June 2027 | Discount rate
Debt
Debt fair value measurement input	7.6		9.4	7.6

Debt (Exchange and Issue) (Deta

Debt (Exchange and Issue) (Details) $ / shares in Units, shares in Millions, $ in Millions							1 Months Ended		12 Months Ended
	Jan. 30, 2023 USD ($)	Sep. 30, 2022 USD ($) shares	Feb. 26, 2021 USD ($) $ / shares	Sep. 11, 2020 USD ($)	Aug. 14, 2020 USD ($)	Jan. 17, 2020 USD ($)	Jan. 31, 2023 USD ($)	Aug. 31, 2020 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($) $ / shares
Debt
Restricted cash and cash equivalents									$ 308	$ 436
Equity component of convertible debt instruments											$ 46
Issuance of debt in exchange transactions									112	294	925
Number of warrants issued to subscribe | shares		22.2
Aggregate cash payment									75	90	1,109
Original debt in exchange				$ 1,500
Proceeds from issuance of debt									175		743
Fair value adjustment to bifurcated compound exchange feature									$ (157)
2022 Private Exchange
Debt
Number of warrants issued to subscribe | shares		6.7							6.7
Gains (losses) on restructuring									$ 6
Gains (losses) on restructuring (in dollars per share) | $ / shares									$ 0.01
Exchanged
Debt
Issuance of debt in exchange transactions									$ 112	294	925
Aggregate cash payment										11	10
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage									0.50%
Debt conversion ratio									0.09729756
Debt conversion (in dollars per share) | $ / shares									$ 10.28
Shares issuable (in shares)									4.7
Effective interest rate (as a percent)									0.50%
Fair value of debt									$ 48
Equity component of convertible debt instruments									$ 172	172
Aggregate cash payment	$ 49		$ 11
Original debt in exchange			323		$ 397
Gains (losses) on restructuring			$ 51								$ 72
Gains (losses) on restructuring (in dollars per share) | $ / shares			$ 0.08								$ 0.12
0.50% Exchangeable Senior Bonds due January 2023 | Perestroika AS
Debt
Original debt in exchange								$ 356
0.50% Exchangeable Senior Bonds due January 2023 | 2022 Private Exchange
Debt
Issuance of debt in exchange transactions		$ 73
Original debt in exchange		73
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt instrument interest rate stated percentage									4%
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									$ 355
Equity component of convertible debt instruments			$ 260
Issuance of debt in exchange transactions			$ 294							$ 294
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt instrument interest rate stated percentage									2.50%
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									$ 244
Equity component of convertible debt instruments					46
Issuance of debt in exchange transactions					$ 238						$ 238
Redemption price of debt instrument (as a percent)					100%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 | Perestroika AS
Debt
Issuance of debt in exchange transactions								$ 213
8.00% Senior Notes due February 2027
Debt
Debt instrument interest rate stated percentage									8%
Debt instrument face value						$ 750
Proceeds from issuance of debt						$ 743
Redemption price of debt instrument (as a percent)						100%
11.50% Senior Guaranteed Notes due January 2027
Debt
Debt instrument interest rate stated percentage									11.50%
Issuance of debt in exchange transactions				$ 687							687
Gains (losses) on restructuring											$ 355
Gains (losses) on restructuring (in dollars per share) | $ / shares											$ 0.58
Maximum percent of original aggregate principal				40%
11.50% Senior Guaranteed Notes due January 2027 | Use of cash
Debt
Redemption price of debt instrument (as a percent)				1%
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%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage									4.625%
Debt conversion ratio									0.29066180
Debt conversion (in dollars per share) | $ / shares									$ 3.44
Shares issuable (in shares)									87.2
Effective interest rate (as a percent)									18.10%
Fair value of debt									$ 483
Equity component of convertible debt instruments		281
Debt instrument face value		$ 188
Amount to repurchase upon the occurrence of certain events (as a percent)		115
Trading days for calculation of average stock price		20 days
Number of warrants issued to subscribe | shares		15.5
Proceeds from issuance of debt		$ 188
Fair value adjustment to bifurcated compound exchange feature									$ (157)
4.625% Senior Guaranteed Exchangeable Bonds due September 2029 | 2022 Private Exchange
Debt
Debt instrument face value		300
6.50% Senior Notes due November 2020
Debt
Debt instrument interest rate stated percentage									6.50%
7.25% Senior Notes due November 2025
Debt
Debt instrument interest rate stated percentage									7.25%
7.25% Senior Notes due November 2025 | 2022 Private Exchange
Debt
Issuance of debt in exchange transactions		39
Original debt in exchange		$ 43
6.875% Senior Secured Notes due February 2027
Debt
Debt instrument interest rate stated percentage									6.875%
Senior Secured Notes
Debt
Restricted cash and cash equivalents									$ 276
Aggregate cash payment							$ 1,156
Redemption price of debt instrument (as a percent)									100%
Aggregate carrying amount assets pledged									$ 5,450

Debt (Settled) (Details)

Debt (Settled) (Details) - USD ($) $ in Millions							1 Months Ended	12 Months Ended
	Feb. 24, 2024	Jan. 30, 2023	Dec. 15, 2021	Feb. 26, 2021	Nov. 16, 2020	Jan. 17, 2020	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
Aggregate principal amount of debt retired								$ 193	$ 402	$ 3,131
Aggregate cash payment								75	90	1,109
Aggregate principal amount of debt issued in exchanges								112	294	925
Aggregate fair value of warrants issued in exchanges								5
Aggregate net gain (loss)								8	51	533
Repayments of debt								$ 554	606	1,637
6.50% Senior Notes due November 2020
Debt
Aggregate principal amount of debt retired										53
Repayments of debt					$ 153
Debt instrument interest rate stated percentage								6.50%
6.375% Senior Notes due December 2021
Debt
Aggregate principal amount of debt retired										183
Repayments of debt			$ 38
Debt instrument interest rate stated percentage								6.375%
5.52% Senior Secured Notes due May 2022
Debt
Aggregate principal amount of debt retired								$ 18
Debt instrument interest rate stated percentage								5.52%
3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired								$ 27		162
Debt instrument interest rate stated percentage								3.80%
0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired								$ 91	323	401
Aggregate cash payment		$ 49		$ 11
Debt instrument interest rate stated percentage								0.50%
5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired									11	146
Aggregate cash payment	$ 122						$ 121
Debt instrument interest rate stated percentage								5.375%
9.00% Senior Notes due July 2023
Debt
Aggregate principal amount of debt retired										714
Debt instrument interest rate stated percentage								9%
5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired									68
Aggregate cash payment							$ 311
Debt instrument interest rate stated percentage								5.875%
7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired								$ 57		339
Debt instrument interest rate stated percentage								7.25%
7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired										181
Debt instrument interest rate stated percentage								7.50%
8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired										138
Redemption price of debt instrument (as a percent)						100%
Debt instrument interest rate stated percentage								8%
7.45% Notes due April 2027
Debt
Aggregate principal amount of debt retired										35
Debt instrument interest rate stated percentage								7.45%
8.00% Debentures due April 2027
Debt
Aggregate principal amount of debt retired										35
Debt instrument interest rate stated percentage								8%
7.00% Notes due June 2028
Debt
Aggregate principal amount of debt retired										39
Debt instrument interest rate stated percentage								7%
7.50% Notes due April 2031
Debt
Aggregate principal amount of debt retired										192
Debt instrument interest rate stated percentage								7.50%
6.80% Senior Notes due March 2038
Debt
Aggregate principal amount of debt retired										390
Debt instrument interest rate stated percentage								6.80%
7.35% Senior Notes due December 2041
Debt
Aggregate principal amount of debt retired										123
Debt instrument interest rate stated percentage								7.35%
Aggregate of unspecified debt
Debt
Repayments of debt								$ 479	478	375
Redeemed
Debt
Aggregate principal amount of debt retired								77		714
Aggregate cash payment								75		767
Aggregate net gain (loss)								2		(65)
Redeemed | 5.52% Senior Secured Notes due May 2022
Debt
Aggregate principal amount of debt retired								18
Redeemed | 3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired								27
Redeemed | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired								18
Redeemed | 9.00% Senior Notes due July 2023
Debt
Aggregate principal amount of debt retired										714
Redeemed | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired								14
Tendered
Debt
Aggregate principal amount of debt retired										360
Aggregate cash payment										222
Aggregate net gain (loss)										135
Tendered | 6.50% Senior Notes due November 2020
Debt
Aggregate principal amount of debt retired										38
Tendered | 6.375% Senior Notes due December 2021
Debt
Aggregate principal amount of debt retired										77
Tendered | 3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired										10
Tendered | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired										103
Tendered | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired										132
Repurchased
Debt
Aggregate principal amount of debt retired									79	147
Aggregate cash payment									79	110
Aggregate net gain (loss)										36
Repurchased | 6.50% Senior Notes due November 2020
Debt
Aggregate principal amount of debt retired										15
Repurchased | 6.375% Senior Notes due December 2021
Debt
Aggregate principal amount of debt retired										69
Repurchased | 3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired										16
Repurchased | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired										4
Repurchased | 5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired									11	43
Repurchased | 5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired									68
Exchanged
Debt
Aggregate principal amount of debt retired								116	323	1,910
Aggregate cash payment									11	10
Aggregate principal amount of debt issued in exchanges								112	294	925
Aggregate fair value of warrants issued in exchanges								5
Aggregate net gain (loss)								6	51	427
Exchanged | 6.375% Senior Notes due December 2021
Debt
Aggregate principal amount of debt retired										37
Exchanged | 3.80% Senior Notes due October 2022
Debt
Aggregate principal amount of debt retired										136
Exchanged | 0.50% Exchangeable Senior Bonds due January 2023
Debt
Aggregate principal amount of debt retired								73	$ 323	397
Exchanged | 7.25% Senior Notes due November 2025
Debt
Aggregate principal amount of debt retired								$ 43		207
Exchanged | 7.50% Senior Notes due January 2026
Debt
Aggregate principal amount of debt retired										181
Exchanged | 8.00% Senior Notes due February 2027
Debt
Aggregate principal amount of debt retired										138
Exchanged | 7.45% Notes due April 2027
Debt
Aggregate principal amount of debt retired										35
Exchanged | 8.00% Debentures due April 2027
Debt
Aggregate principal amount of debt retired										35
Exchanged | 7.00% Notes due June 2028
Debt
Aggregate principal amount of debt retired										39
Exchanged | 7.50% Notes due April 2031
Debt
Aggregate principal amount of debt retired										192
Exchanged | 6.80% Senior Notes due March 2038
Debt
Aggregate principal amount of debt retired										390
Exchanged | 7.35% Senior Notes due December 2041
Debt
Aggregate principal amount of debt retired										$ 123

Debt (Subsequent) (Details)

Debt (Subsequent) (Details) - USD ($) $ in Millions				1 Months Ended	12 Months Ended
	Feb. 24, 2024	Jan. 30, 2023	Feb. 26, 2021	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Debt
Proceeds from issuance of debt					$ 175		$ 743
Aggregate cash payment					75	$ 90	$ 1,109
Carrying amount of debt					$ 7,347	7,170
8.375% Senior Secured Notes due February 2028
Debt
Debt instrument face value				$ 525
Debt instrument interest rate stated percentage				8.375%
Proceeds from issuance of debt				$ 515
Redemption price of debt instrument (as a percent)				100%
8.75% Senior Secured Notes Due February 2030
Debt
Debt instrument face value				$ 1,175
Debt instrument interest rate stated percentage				8.75%
Proceeds from issuance of debt				$ 1,157
0.50% Exchangeable Senior Bonds due January 2023
Debt
Debt instrument interest rate stated percentage					0.50%
Aggregate cash payment		$ 49	$ 11
Carrying amount of debt					$ 49	140
5.375% Senior Secured Notes due May 2023
Debt
Debt instrument interest rate stated percentage					5.375%
Aggregate cash payment	$ 122			121
Carrying amount of debt					$ 242	304
Senior Secured Notes
Debt
Redemption price of debt instrument (as a percent)					100%
Aggregate cash payment				1,156
5.875% Senior Secured Notes due January 2024
Debt
Debt instrument interest rate stated percentage					5.875%
Aggregate cash payment				311
Carrying amount of debt					$ 350	430
7.75% Senior Secured Notes due October 2024
Debt
Debt instrument interest rate stated percentage					7.75%
Aggregate cash payment				240
Carrying amount of debt					$ 238	296
6.25% Senior Secured Notes due December 2024
Debt
Debt instrument interest rate stated percentage					6.25%
Aggregate cash payment				250
Carrying amount of debt					$ 248	309
6.125% Senior Secured Notes due August 2025
Debt
Debt instrument interest rate stated percentage					6.125%
Aggregate cash payment				$ 336
Carrying amount of debt					$ 332	$ 397

Postemployment Benefit Plans (D

Postemployment Benefit Plans (DefCont) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Postemployment Benefit Plans
Contribution expense	$ 61	$ 52	$ 56

Postemployment Benefit Plans (C

Postemployment Benefit Plans (Costs) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) plan	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)
Net periodic benefit costs, before tax
Service cost			$ 1
Interest cost	$ 56	$ 53	63
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Interest Cost, Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Expected return on plan assets	$ (72)	$ (79)	(81)
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Expected Return (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Settlements and curtailments		$ (2)	13
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Settlement and Curtailment Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Actuarial loss, net	$ 5	$ 12	11
Defined Benefit Plan, Net Periodic Benefit (Cost) Credit, Amortization of Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Prior service gain, net	$ (2)	$ (2)	(2)
Defined Benefit Plan, Net Periodic Benefit Cost (Credit), Amortization of Prior Service Cost (Credit), Statement of Income or Comprehensive Income [Extensible Enumeration]	Other Nonoperating Income (Expense)	Other Nonoperating Income (Expense)
Net periodic benefit costs (income)	$ (13)	$ (18)	$ 5
U.S.
Weighted-average assumptions
Discount rate (as a percent)	2.92%	2.60%	3.27%
Expected rate of return (as a percent)	4.81%	5.51%	5.90%
U.S. | Funded Plan
Postemployment Benefit Plans
Number of benefit plans | plan	3
U.S. | Unfunded Plan
Postemployment Benefit Plans
Number of benefit plans | plan	3
Non-U.S. Plans
Weighted-average assumptions
Discount rate (as a percent)		1.50%	2.10%
Expected rate of return (as a percent)		3.20%	3.10%
U.K.
Weighted-average assumptions
Discount rate (as a percent)	1.90%
Expected rate of return (as a percent)	2%
U.K. | Funded Plan
Postemployment Benefit Plans
Number of benefit plans | plan	1
Transocean Plans | U.S.
Net periodic benefit costs, before tax
Interest cost	$ 50	$ 47	$ 55
Expected return on plan assets	(65)	(66)	(67)
Settlements and curtailments			1
Actuarial loss, net	5	11	9
Net periodic benefit costs (income)	(10)	(8)	(2)
Transocean Plans | Non-U.S. Plans
Net periodic benefit costs, before tax
Service cost			1
Interest cost		6	8
Expected return on plan assets		(13)	(14)
Settlements and curtailments		(2)	12
Actuarial loss, net		1	1
Net periodic benefit costs (income)		$ (8)	$ 8
Transocean Plans | U.K.
Net periodic benefit costs, before tax
Interest cost	6
Expected return on plan assets	(7)
Net periodic benefit costs (income)	$ (1)
OPEB Plans
Weighted-average assumptions
Discount rate (as a percent)	1.83%	1.21%	2.39%
Net periodic benefit costs, before tax
Actuarial loss, net			$ 1
Prior service gain, net	$ (2)	$ (2)	(2)
Net periodic benefit costs (income)	$ (2)	$ (2)	$ (1)

Postemployment Benefit Plans (F

Postemployment Benefit Plans (Funded) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Change in projected benefit obligation
Projected benefit obligation, beginning of period	$ 2,085	$ 2,225
Actuarial gains, net	(511)	(94)
Service cost			$ 1
Interest cost	56	53	63
Currency exchange rate changes	(37)	(2)
Benefits paid	(88)	(95)
Settlements		(2)
Projected benefit obligation, end of period	1,505	2,085	2,225
Change in plan assets
Fair value of plan assets, beginning of period	2,055	1,985
Actual return on plan assets	(550)	160
Currency exchange rate changes	(45)	(3)
Employer contributions	3	10	14
Benefits paid	(88)	(95)
Settlements		(2)
Fair value of plan assets, end of period	1,375	2,055	1,985
Funded status, end of period	(130)	(30)
Balance sheet classification, end of period:
Pension asset, non-current	44	102
Pension liability, current	(4)	(4)
Pension liability, non-current	(170)	(128)
Accumulated other comprehensive loss (income), before taxes	234	127
Accumulated benefit obligation, end of period	1,505	2,085
Projected benefit obligation in excess of plan assets
Projected benefit obligation	1,317	153
Fair value of plan assets	1,143	20
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation	1,317	153
Fair value of plan assets	1,143	20
Accumulated other comprehensive loss (income) that have not been recognized
Actuarial loss, net	239	135
Prior service cost, net	(5)	(8)
Total amount expected to be recognized	234	127
Transocean Plans
Change in plan assets
Fair value of plan assets, beginning of period	2,055
Fair value of plan assets, end of period	$ 1,375	$ 2,055
Transocean Plans | U.S.
Weighted average assumptions
Discount rate (as a percent)	5.06%	2.91%
Expected long-term rate of return (as a percent)	6.41%	4.82%
Change in projected benefit obligation
Projected benefit obligation, beginning of period	$ 1,724	$ 1,825
Actuarial gains, net	(391)	(72)
Interest cost	50	47	55
Benefits paid	(76)	(76)
Projected benefit obligation, end of period	1,307	1,724	1,825
Change in plan assets
Fair value of plan assets, beginning of period	1,621	1,565
Actual return on plan assets	(403)	131
Employer contributions	1	1
Benefits paid	(76)	(76)
Fair value of plan assets, end of period	1,143	1,621	1,565
Funded status, end of period	(164)	(103)
Balance sheet classification, end of period:
Pension asset, non-current		16
Pension liability, current	(1)	(1)
Pension liability, non-current	(163)	(118)
Accumulated other comprehensive loss (income), before taxes	166	95
Accumulated benefit obligation, end of period	1,307	1,724
Projected benefit obligation in excess of plan assets
Projected benefit obligation	1,307	140
Fair value of plan assets	1,143	20
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation	1,307	140
Fair value of plan assets	1,143	20
Accumulated other comprehensive loss (income) that have not been recognized
Actuarial loss, net	166	95
Total amount expected to be recognized	166	95
Transocean Plans | Non-U.S. Plans
Change in projected benefit obligation
Projected benefit obligation, beginning of period	348	384
Actuarial gains, net		(21)
Service cost			1
Interest cost		6	8
Currency exchange rate changes		(2)
Benefits paid		(17)
Settlements		(2)
Projected benefit obligation, end of period		348	384
Change in plan assets
Fair value of plan assets, beginning of period	$ 434	420
Actual return on plan assets		29
Currency exchange rate changes		(3)
Employer contributions		7
Benefits paid		(17)
Settlements		(2)
Fair value of plan assets, end of period		434	420
Funded status, end of period		86
Balance sheet classification, end of period:
Pension asset, non-current		86
Accumulated other comprehensive loss (income), before taxes		42
Accumulated benefit obligation, end of period		$ 348
Transocean Plans | U.K.
Weighted average assumptions
Discount rate (as a percent)	4.80%	1.90%
Expected long-term rate of return (as a percent)	5%	2%
Change in projected benefit obligation
Projected benefit obligation, beginning of period	$ 348
Actuarial gains, net	(119)
Interest cost	6
Currency exchange rate changes	(37)
Benefits paid	(10)
Projected benefit obligation, end of period	188	$ 348
Change in plan assets
Fair value of plan assets, beginning of period	434
Actual return on plan assets	(147)
Currency exchange rate changes	(45)
Benefits paid	(10)
Fair value of plan assets, end of period	232	434
Funded status, end of period	44
Balance sheet classification, end of period:
Pension asset, non-current	44
Accumulated other comprehensive loss (income), before taxes	76
Accumulated benefit obligation, end of period	188
Accumulated other comprehensive loss (income) that have not been recognized
Actuarial loss, net	74	40
Prior service cost, net	2	2
Total amount expected to be recognized	$ 76	$ 42
OPEB Plans
Weighted average assumptions
Discount rate (as a percent)	4.92%	1.83%
Change in projected benefit obligation
Projected benefit obligation, beginning of period	$ 13	$ 16
Actuarial gains, net	(1)	(1)
Benefits paid	(2)	(2)
Projected benefit obligation, end of period	10	13	$ 16
Change in plan assets
Employer contributions	2	2
Benefits paid	(2)	(2)
Funded status, end of period	(10)	(13)
Balance sheet classification, end of period:
Pension liability, current	(3)	(3)
Pension liability, non-current	(7)	(10)
Accumulated other comprehensive loss (income), before taxes	(8)	(10)
Accumulated benefit obligation, end of period	10	13
Projected benefit obligation in excess of plan assets
Projected benefit obligation	10	13
Accumulated benefit obligation in excess of plan assets
Accumulated benefit obligation	10	13
Accumulated other comprehensive loss (income) that have not been recognized
Actuarial loss, net	(1)
Prior service cost, net	(7)	(10)
Total amount expected to be recognized	$ (8)	$ (10)

Postemployment Benefit Plans (A

Postemployment Benefit Plans (Assets) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Fair value of plan assets
Total investments	$ 1,375	$ 2,055	$ 1,985
Funding contributions
Employer contributions	3	$ 10	14
Expected defined plan contributions next year	4
Projected pension benefits payments
2023	92
2024	93
2025	93
2026	92
2027	93
2028-2032	$ 479
U.S.
Weighted-average target allocations of the investments
Total target allocation percentage	100%	100%
Total actual allocation percentage	100%	100%
U.S. | Equity securities
Weighted-average target allocations of the investments
Total target allocation percentage	38%	38%
Total actual allocation percentage	38%	38%
U.S. | Fixed income securities
Weighted-average target allocations of the investments
Total target allocation percentage	62%	62%
Total actual allocation percentage	61%	62%
U.S. | Other investments
Weighted-average target allocations of the investments
Total actual allocation percentage	1%
U.K.
Weighted-average target allocations of the investments
Total target allocation percentage	100%	100%
Total actual allocation percentage	100%	100%
U.K. | Equity securities
Weighted-average target allocations of the investments
Total target allocation percentage	20%	19%
Total actual allocation percentage	24%	19%
U.K. | Fixed income securities
Weighted-average target allocations of the investments
Total target allocation percentage	80%	81%
Total actual allocation percentage	74%	80%
U.K. | Other investments
Weighted-average target allocations of the investments
Total actual allocation percentage	2%	1%
Transocean Plans
Fair value of plan assets
Total investments	$ 1,375	$ 2,055
Funding contributions
Expected defined plan contributions next year	1
Transocean Plans | Significant observable inputs
Fair value of plan assets
Total investments	1,141	1,613
Transocean Plans | Significant other observable inputs
Fair value of plan assets
Total investments	234	442
Transocean Plans | Mutual funds
Fair value of plan assets
Total investments	1,365	2,046
Transocean Plans | Mutual funds | Significant observable inputs
Fair value of plan assets
Total investments	1,131	1,604
Transocean Plans | Mutual funds | Significant other observable inputs
Fair value of plan assets
Total investments	234	442
Transocean Plans | U.S. equity funds
Fair value of plan assets
Total investments	301	421
Transocean Plans | U.S. equity funds | Significant observable inputs
Fair value of plan assets
Total investments	301	421
Transocean Plans | Non-U.S. equity funds
Fair value of plan assets
Total investments	193	276
Transocean Plans | Non-U.S. equity funds | Significant observable inputs
Fair value of plan assets
Total investments	132	184
Transocean Plans | Non-U.S. equity funds | Significant other observable inputs
Fair value of plan assets
Total investments	61	92
Transocean Plans | Bond funds
Fair value of plan assets
Total investments	871	1,349
Transocean Plans | Bond funds | Significant observable inputs
Fair value of plan assets
Total investments	698	999
Transocean Plans | Bond funds | Significant other observable inputs
Fair value of plan assets
Total investments	173	350
Transocean Plans | Cash and money market funds
Fair value of plan assets
Total investments	10	9
Transocean Plans | Cash and money market funds | Significant observable inputs
Fair value of plan assets
Total investments	10	9
Transocean Plans | U.S.
Fair value of plan assets
Total investments	1,143	1,621	1,565
Funding contributions
Employer contributions	1	1
Projected pension benefits payments
2023	83
2024	84
2025	84
2026	85
2027	85
2028-2032	428
Transocean Plans | U.S. | Significant observable inputs
Fair value of plan assets
Total investments	1,137	1,610
Transocean Plans | U.S. | Significant other observable inputs
Fair value of plan assets
Total investments	6	11
Transocean Plans | U.S. | Mutual funds
Fair value of plan assets
Total investments	1,137	1,615
Transocean Plans | U.S. | Mutual funds | Significant observable inputs
Fair value of plan assets
Total investments	1,131	1,604
Transocean Plans | U.S. | Mutual funds | Significant other observable inputs
Fair value of plan assets
Total investments	6	11
Transocean Plans | U.S. | U.S. equity funds
Fair value of plan assets
Total investments	301	421
Transocean Plans | U.S. | U.S. equity funds | Significant observable inputs
Fair value of plan assets
Total investments	301	421
Transocean Plans | U.S. | Non-U.S. equity funds
Fair value of plan assets
Total investments	136	191
Transocean Plans | U.S. | Non-U.S. equity funds | Significant observable inputs
Fair value of plan assets
Total investments	132	184
Transocean Plans | U.S. | Non-U.S. equity funds | Significant other observable inputs
Fair value of plan assets
Total investments	4	7
Transocean Plans | U.S. | Bond funds
Fair value of plan assets
Total investments	700	1,003
Transocean Plans | U.S. | Bond funds | Significant observable inputs
Fair value of plan assets
Total investments	698	999
Transocean Plans | U.S. | Bond funds | Significant other observable inputs
Fair value of plan assets
Total investments	2	4
Transocean Plans | U.S. | Cash and money market funds
Fair value of plan assets
Total investments	6	6
Transocean Plans | U.S. | Cash and money market funds | Significant observable inputs
Fair value of plan assets
Total investments	6	6
Transocean Plans | Non-U.S. Plans
Fair value of plan assets
Total investments		434	$ 420
Funding contributions
Employer contributions		7
Transocean Plans | U.K.
Fair value of plan assets
Total investments	232	434
Projected pension benefits payments
2023	6
2024	6
2025	6
2026	7
2027	8
2028-2032	50
Transocean Plans | U.K. | Significant observable inputs
Fair value of plan assets
Total investments	4	3
Transocean Plans | U.K. | Significant other observable inputs
Fair value of plan assets
Total investments	228	431
Transocean Plans | U.K. | Mutual funds
Fair value of plan assets
Total investments	228	431
Transocean Plans | U.K. | Mutual funds | Significant other observable inputs
Fair value of plan assets
Total investments	228	431
Transocean Plans | U.K. | Non-U.S. equity funds
Fair value of plan assets
Total investments	57	85
Transocean Plans | U.K. | Non-U.S. equity funds | Significant other observable inputs
Fair value of plan assets
Total investments	57	85
Transocean Plans | U.K. | Bond funds
Fair value of plan assets
Total investments	171	346
Transocean Plans | U.K. | Bond funds | Significant other observable inputs
Fair value of plan assets
Total investments	171	346
Transocean Plans | U.K. | Cash and money market funds
Fair value of plan assets
Total investments	4	3
Transocean Plans | U.K. | Cash and money market funds | Significant observable inputs
Fair value of plan assets
Total investments	4	3
OPEB Plans
Funding contributions
Employer contributions	2	$ 2
Expected defined plan contributions next year	3
Projected pension benefits payments
2023	3
2024	3
2025	3
2028-2032	$ 1

Income Taxes (Exp) (Details)

Income Taxes (Exp) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
Effective tax rate	(10.40%)	(25.70%)	(5.10%)
Components of provision (benefit) for income taxes
Current tax expense (benefit)	$ 13	$ (7)	$ (33)
Deferred tax expense	46	128	60
Income tax expense	59	121	27
Income tax expense reconciliation
Income tax benefit at Swiss federal statutory rate	(44)	(36)	(42)
Earnings subject to rates different than the Swiss federal statutory rate	$ 52	78	82
Swiss Federal Act on Tax Reform and AHV Financing	7.83%
Changes in valuation allowance	$ 79	1,167	(31)
Audit settlement	12
Withholding taxes	12	10	6
Deemed profits taxes	10	17	19
Changes in unrecognized tax benefits, net	2	(43)	(15)
Operating structural changes	(162)	16
Losses on impairment		5	52
Base erosion and anti-abuse tax			5
U.S. Coronavirus Aid, Relief, and Economic Security Act			(28)
Swiss Federal Act on Tax Reform and AHV Financing	96	(1,095)
Other, net	2	2	(21)
Income tax expense	59	121	$ 27
Swiss historic depreciation and financing asset costs	$ 1,226	$ 1,333

Income Taxes (Deferred) (Detail

Income Taxes (Deferred) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Changes in valuation allowance	$ 79	$ 1,167	$ (31)
Deferred tax assets
Swiss historic depreciation and financing asset costs	1,226	1,333
Net operating loss carryforwards	1,115	915
Interest expense limitation	77	67
United Kingdom charter limitation	53	53
Accrued expenses	36	23
Tax credits	11	19
Deferred income	7	7
Accrued payroll expenses not currently deductible	18	2
Loss contingencies	4	2
Other	43	31
Valuation allowance	(1,910)	(1,820)
Total deferred tax assets	680	632
Deferred tax liabilities
Depreciation	(1,150)	(1,052)
Contract intangible amortization		(11)
Other	(10)	(9)
Total deferred tax liabilities	(1,160)	(1,072)
Deferred tax assets (liabilities), net	(480)	(440)
U.S. foreign tax credit carryforwards	11	19
NOLs that are not subject to expiration dates	682
NOLs that are subject to expiration dates	433
Reconciliation of unrecognized tax benefits, excluding interest and penalties
Balance, beginning of period	402	378	335
Additions for current year tax positions	28	28	90
Additions for prior year tax positions	62	46	11
Reductions related to statute of limitation expirations and changes in law	(13)	(19)	(7)
Reductions due to settlements	(5)	(31)
Reductions for prior year tax positions	(30)		(51)
Balance, end of period	444	402	378
Unrecognized tax benefits
Unrecognized tax benefits, excluding interest and penalties	444	402	378
Interest and penalties	27	33
Unrecognized tax benefits, including interest and penalties	471	435
Interest and penalties related to unrecognized tax benefits recognized as a component of income tax expense	6	8	$ (7)
Unrecognized benefits netted against NOL deferred tax assets	383
Amount if recognized that would impact tax rate	88
Swiss TRAF
Income taxes
Changes in valuation allowance	1,100	1,170
Deferred tax assets
Total deferred tax assets	1,230	1,330
Deferred tax liabilities
Total deferred tax liabilities	$ (226)	$ (238)

Income Taxes (Tax Returns) (Det

Income Taxes (Tax Returns) (Details) - 12 months ended Dec. 31, 2022 - 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$ 668	$ 126
Indirect tax
Income Tax Examination
Net adjustments of additional taxes, including interest and penalties	R$ 72	$ 14

Loss Per Share (Details)

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share
Net loss attributable to controlling interest	$ (621)	$ (592)	$ (567)
Weighted-average shares for per share calculation, basic (in shares)	699	637	615
Weighted-average shares for per share calculation, diluted (in shares)	699	637	615
Loss per share, basic (in dollars per share)	$ (0.89)	$ (0.93)	$ (0.92)
Loss per share, diluted (in dollars per share)	$ (0.89)	$ (0.93)	$ (0.92)
Convertible debt
Earnings per share
Securities excluded from earnings per share calculation (in shares)	128.1	104.4	84
Share-based awards
Earnings per share
Securities excluded from earnings per share calculation (in shares)	15.5	12.6	10.8

Commitments and Contingencies_2

Commitments and Contingencies (PurchOb) (Details) $ in Millions	Dec. 31, 2022 USD ($)
Supply agreement
Future Purchase obligations
2023	$ 124
2024	138
2025	143
2026	147
2027	119
Thereafter	165
Total	836
New builds
Future Purchase obligations
2023	36
2024	2
Total	$ 38

Commitments and Contingencies_3

Commitments and Contingencies (Letters of credit and surety bonds) (Details) - Letters of credit and surety bonds - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Letters of credit and surety bonds
Outstanding letters of credit	$ 8	$ 18
Surety bonds outstanding	161	146
Aggregate cash collateral	$ 7	$ 8

Commitments and Contingencies_4

Commitments and Contingencies (Legal proceedings) (Details) - Asbestos litigation	Dec. 31, 2022 plaintiff lawsuit
Contingencies
Number of claims | lawsuit	238
Louisiana
Contingencies
Number of claims	7
Illinois and Missouri
Contingencies
Number of claims	12

Equity (Share Issuance) (Detail

Equity (Share Issuance) (Details) - USD ($) shares in Millions, $ in Millions	1 Months Ended		12 Months Ended
	Aug. 31, 2022	Jun. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Equity
Proceeds from issuance of shares, net of issue costs			$ 263	$ 158
ATM Program
Equity
Maximum value shares to be issued	$ 435	$ 400
Proceeds from issuance of shares, net of issue costs			$ 263	$ 158
Issuance of shares (in shares)			61	36.1

Equity (Warrants) (Details)

Equity (Warrants) (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions		12 Months Ended
	Sep. 30, 2022	Dec. 31, 2022
Warrants
Number of warrants issued to subscribe	22.2
Exercise price	$ 3.71
Stock price trigger	$ 10
Estimated fair value	$ 16	$ 16
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Warrants
Debt instrument interest rate stated percentage		4.625%
Number of warrants issued to subscribe	15.5

Equity (Shares held by subsidia

Equity (Shares held by subsidiaries) (Details) shares in Millions	Dec. 31, 2022 subsidiary shares	Dec. 31, 2021 shares
Equity
Number of subsidiaries to whom shares were issued | subsidiary	1
Number of shares held by subsidiary | shares	75.4	72.7

Share-Based Compensation (Detai

Share-Based Compensation (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) shares
Share Based Compensation
Shares authorized under the plan	85.7
Shares available for grant under the plan	13.6
Total unrecognized compensation costs related to all unvested share based awards | $	$ 38
Weighted average period over compensation costs are expected to be recognized	1 year 8 months 12 days
Service awards
Share Based Compensation
Vesting period	3 years
General term of awards after they are vested	7 years
Performance awards
Share Based Compensation
Vesting period	1 year
Measurement period	3 years

Share-Based Compensation (Non o

Share-Based Compensation (Non options) (Details) - Restricted shares - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Service awards
Equity instruments other than options activity
Outstanding at the beginning of the period (in shares)	10,662,865
Granted (in shares)	6,768,943	6,148,361	7,093,421
Vested (in shares)	(5,075,374)	(4,368,749)	(2,817,155)
Forfeited (in shares)	(308,934)
Outstanding at the end of the period (in shares)	12,047,500	10,662,865
Weighted-average grant-date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 3.13
Granted (in dollars per share)	3.60	$ 3.56	$ 1.41
Vested (in dollars per share)	3.47
Forfeited (in dollars per share)	3.29
Outstanding at the end of the period (in dollars per share)	$ 3.25	$ 3.13
Additional disclosure
Total grant date fair value	$ 18	$ 16	$ 24
Performance awards
Equity instruments other than options activity
Outstanding at the beginning of the period (in shares)	5,389,390
Granted (in shares)	3,519,857	3,025,512	2,530,460
Vested (in shares)	(2,363,878)
Outstanding at the end of the period (in shares)	6,545,369	5,389,390
Weighted-average grant-date fair value per share
Outstanding at the beginning of the period (in dollars per share)	$ 2.59
Granted (in dollars per share)	3.91	$ 3.70	$ 1.80
Vested (in dollars per share)	1.80
Outstanding at the end of the period (in dollars per share)	$ 3.81	$ 2.59
Additional disclosure
Total grant date fair value	$ 5	$ 11	$ 11

Share-Based Compensation (Optio

Share-Based Compensation (Options) (Details) - Service awards - Stock options - USD ($) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock option activity
Outstanding at the beginning of the period (in shares)	4,263,274
Forfeited (in shares)	(25,155)
Expired (in shares)	(62,599)
Outstanding at the end of the period (in shares)	4,175,520	4,263,274
Vested and exercisable at the end of the period (in shares)	4,175,520
Weighted-average exercise price per share
Outstanding at the beginning of the period (in dollars per share)	$ 11.45
Forfeited (in dollars per share)	50.79
Expired (in dollars per share)	50.79
Outstanding at the end of the period (in dollars per share)	10.63	$ 11.45
Vested and exercisable at the end of the period (in dollars per share)	$ 10.63
Additional disclosure
Weighted-average remaining contractual term, outstanding	4 years 9 months 25 days	5 years 8 months 12 days
Weighted-average remaining contractual term, vested and exercisable at the end of the period	4 years 9 months 25 days
Total grant-date fair value of awards vested	$ 4	$ 9	$ 12
Unvested stock options outstanding (in shares)		482,688

Supplemental Balance Sheet In_3

Supplemental Balance Sheet Information (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Other current liabilities
Accrued employee benefits and payroll-related liabilities	$ 156	$ 178
Accrued interest	113	121
Accrued taxes, other than income	41	52
Finance lease liability	$ 40	$ 40
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total other current liabilities	Total other current liabilities
Operating lease liability	$ 7	$ 8
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total other current liabilities	Total other current liabilities
Deferred revenues	$ 124	$ 83
Contingent liabilities	58	60
Other		3
Total other current liabilities	539	545
Other long-term liabilities
Postemployment benefit plan obligations	170	128
Finance lease noncurrent	$ 323	$ 366
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other long-term liabilities	Total other long-term liabilities
Operating leases noncurrent	$ 100	$ 109
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Total other long-term liabilities	Total other long-term liabilities
Income taxes payable	$ 129	$ 157
Deferred revenues	204	265
Other	39	43
Total other long-term liabilities	$ 965	$ 1,068

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) shares in Millions, $ in Millions				1 Months Ended		12 Months Ended
	Feb. 26, 2021	Sep. 11, 2020	Aug. 14, 2020	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 30, 2022	Sep. 30, 2022
Certain cash operating activities
Cash payments for interest						$ 355	$ 429	$ 593
Cash payments for income taxes						66	57	70
Non-cash investing and financing activities
Capital additions, accrued at end of period						31	28	15
Issuance of debt in exchange transactions						112	294	925
Settlement of finance lease payments						41
Equity component of exchangeable debt								46
Number of warrants issued to subscribe										22.2
Fair value of warrants				$ 5		5
Changes in other operating assets and liabilities
(Increase) decrease in accounts receivable						(15)	137	67
Increase in other assets						(12)	(13)	(113)
Increase (decrease) in accounts payable and other current liabilities						8	(52)	(254)
Increase (decrease) in other long-term liabilities						(2)	(3)	2
Change in income taxes receivable / payable, net						(42)	(17)	(69)
Change in receivables from / payables to affiliates, net						(12)	(15)	14
Net change in operating assets and liabilities						$ (75)	37	(353)
2022 Private Exchange
Non-cash investing and financing activities
Number of warrants issued to subscribe				6.7		6.7				6.7
Fair value of warrants				$ 5		$ 5
4.50% Shipyard Loan due June 2027
Non-cash investing and financing activities
Non-cash capital addition				$ 82	$ 300	$ 382
Debt instrument interest rate stated percentage				4.50%		4.50%
Debt instrument face value				$ 439	349	$ 439			$ 90
Issuance of debt in business combination				$ 82	$ 300	382
4.625% Senior Guaranteed Exchangeable Bonds due December 2025
Non-cash investing and financing activities
Issuance of debt in exchange transactions						$ 112
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Non-cash investing and financing activities
Issuance of debt in exchange transactions	$ 294						$ 294
Debt instrument interest rate stated percentage				4%		4%
Equity component of exchangeable debt	$ 260
11.50% Senior Guaranteed Notes due January 2027
Non-cash investing and financing activities
Issuance of debt in exchange transactions		$ 687						687
Debt instrument interest rate stated percentage				11.50%		11.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Non-cash investing and financing activities
Issuance of debt in exchange transactions			$ 238					$ 238
Debt instrument interest rate stated percentage				2.50%		2.50%
Equity component of exchangeable debt			$ 46

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Carrying amount of debt	$ 7,347	$ 7,170
Carrying amount
Financial instruments
Cash and cash equivalents	683	976
Restricted cash and cash equivalents	308	436
Long-term loans receivable from unconsolidated affiliates	41	36
Carrying amount of debt	7,347	7,170
Fair value
Financial instruments
Cash and cash equivalents	683	976
Restricted cash and cash equivalents	308	436
Long-term loans receivable from unconsolidated affiliates	43	33
Carrying amount of debt	$ 6,412	$ 5,661

Risk Concentration (Details)

Risk Concentration (Details)	12 Months Ended
	Dec. 31, 2022 employee
Labor Agreements
Number of employees	5,340
Number of employees engaged through contract labor providers	300
Unionized Employees | Workforce Subject to Collective Bargaining
Labor Agreements
Percentage of concentration	43%

Schedule II - Valuation and Q_2

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Allowance for doubtful accounts receivable
Reserves and allowances deducted from asset accounts
Balance at the beginning of the period	$ 2	$ 2
Charge to cost and expenses	0	0	$ 0
Charge to other accounts			2
Balance at the end of the period	2	2	2
Allowance for obsolete materials and supplies
Reserves and allowances deducted from asset accounts
Balance at the beginning of the period	183	143	127
Charge to cost and expenses	16	43	25
Deductions		3	9
Balance at the end of the period	199	183	143
Valuation allowance on deferred tax assets
Reserves and allowances deducted from asset accounts
Balance at the beginning of the period	1,820	685	716
Charge to cost and expenses	79	1,167	(31)
Charge to other accounts	11
Deductions		32
Balance at the end of the period	$ 1,910	$ 1,820	$ 685