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Business Combinations (Tables) | 9 Months Ended
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Sep. 30, 2018
Business Combinations |
Schedule of consideration transferred |
|  | Total |
Consideration transferred |  |  |  |
Aggregate fair value of shares issued as partial consideration for Songa shares |  | $ | 735 |
Aggregate fair value of Exchangeable Bonds issued as partial consideration for Songa shares |  |  | 675 |
Consideration transferred to Songa shareholders |  |  | 1,410 |
Aggregate fair value of Exchangeable Bonds issued for settlement of certain Songa indebtedness |  |  | 351 |
Total consideration transferred in business combination |  | $ | 1,761 |
Schedule of assets acquired and liabilities assumed | We estimated the fair value of assets acquired, liabilities assumed and noncontrolling interest, measured as of January 30, 2018, as follows (in millions):
|  | Total |
Assets acquired |  |  |  |
Cash and cash equivalents |  | $ | 113 |
Accounts receivable |  |  | 115 |
Other current assets |  |  | 80 |
Property and equipment |  |  | 2,414 |
Goodwill |  |  | 462 |
Contract intangible assets |  |  | 632 |
Liabilities assumed |  |  |  |
Accounts payable and other current liabilities |  |  | 178 |
Debt |  |  | 1,768 |
Other long-term liabilities |  |  | 76 |
Net assets acquired |  |  | 1,794 |
Noncontrolling interest in business combination |  |  | 33 |
Controlling interest acquired in business combination |  | $ | 1,761 |
Schedule of estimated future recognition of contract intangible revenues | As of September 30, 2018, the estimated future amortization of contract intangible assets was as follows (in millions):
|  | Total |
Twelve months ending September 30, |  |  |  |
2019 |  | $ | 117 |
2020 |  |  | 117 |
2021 |  |  | 117 |
2022 |  |  | 117 |
2023 |  |  | 74 |
Thereafter |  |  | 12 |
Total carrying amount of contract intangible assets |  | $ | 554 |
Schedule of unaudited pro forma combined operating results | Pro forma combined operating results, assuming the acquisition was completed as of January 1, 2017, were as follows (in millions, except per share data):
|  | Three months ended |  |  | Nine months ended |
|  | September 30, |  |  | September 30, |
|  | 2018 |  | 2017 |  |  | 2018 |  | 2017 |
Contract drilling revenues |  | $ | 816 |  | $ | 954 |  |  | $ | 2,319 |  | $ | 2,749 |
Net loss |  |  | (409) |  |  | (1,417) |  |  |  | (1,753) |  |  | (2,977) |
Per share loss - basic and diluted |  |  | (0.88) |  |  | (3.11) |  |  |  | (3.79) |  |  | (6.55) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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