XML 36 R21.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Postemployment Benefit Plans | 12 Months Ended
--- | ---
Dec. 31, 2019
Postemployment Benefit Plans |
Postemployment Benefit Plans | Note 14—Postemployment Benefit Plans Defined benefit pension and other postemployment benefit plans Overview—As of December 31, 2019 we had defined benefit plans in the U.S., the United Kingdom (“U.K.”), and Norway. As of December 31, 2019, in the U.S., we had three funded and three unfunded defined benefit plans (the “U.S. Plans”). As of December 31, 2019, in the U.K., we had one funded defined benefit plan (the “U.K. Plan”). As of December 31, 2019, in Norway, we had four funded and two unfunded defined benefit plans (the “Norway Plans”), all of which were group pension schemes with life insurance companies. We refer to the U.K. Plan and the Norway Plans, collectively, as the “Non-U.S. Plans.” We refer to the U.S. Plans and the Non-U.S. Plans, collectively, as the “Transocean Plans”. Additionally, we maintain certain unfunded other postemployment benefit plans (collectively, the “OPEB Plans”), under which benefits to eligible participants diminish during a phase-out period ending December 31, 2025. Benefits under the U.S. Plans and the U.K. Plan have ceased accruing. We maintain the respective pension obligations under such plans until they have been fully satisfied. Assumptions—We estimated our benefit obligations using the following weighted-average assumptions:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | December 31, 2019 | ​ | December 31, 2018 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |
Discount rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | 3.27 | % | 2.13 | % | 2.39 | % | 4.31 | % | 2.86 | % | 3.56 | %
Compensation trend rate | ​ | ​ | ​ | ​ | ​ | ​ | ​ | na | ​ | 2.25 | % | na | ​ | na | ​ | 2.75 | % | na | ​
We estimated our net periodic benefit costs using the following weighted-average assumptions:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2019 | ​ | Year ended December 31, 2018 | ​ | Year ended December 31, 2017 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | U.S. | ​ | Non-U.S. |  | ​ | ​
​ |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | OPEB Plans | ​
Discount rate | ​ | 4.32 | % | 2.86 | % | 3.56 | % | 3.68 | % | 2.49 | % | 2.93 | % | 4.26 | % | 2.69 | % | 3.08 | %
Expected rate of return | ​ | 6.20 | % | 4.39 | % | na | ​ | 6.21 | % | 4.72 | % | na | ​ | 6.31 | % | 4.79 | % | na | ​
Compensation trend rate | ​ | na | ​ | 2.75 | % | na | ​ | na | ​ | 2.50 | % | na | ​ | na | ​ | 2.25 | % | na | ​
“na” means not applicable. Net periodic benefit costs—Net periodic benefit costs recognized included the following components (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2019 | ​ | Year ended December 31, 2018 | ​ | Year ended December 31, 2017 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |
Net periodic benefit costs | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Service cost | ​ | $ | — | ​ | $ | 7 | ​ | $ | — | ​ | $ | 7 | ​ | $ | — | ​ | $ | 7 | ​ | $ | — | ​ | $ | 7 | ​ | $ | 3 | ​ | $ | 3 | ​ | $ | — | ​ | $ | 6 | ​
Interest cost | ​ | ​ | 63 | ​ | ​ | 10 | ​ | ​ | 1 | ​ | ​ | 74 | ​ | ​ | 61 | ​ | ​ | 10 | ​ | ​ | 1 | ​ | ​ | 72 | ​ | ​ | 65 | ​ | ​ | 11 | ​ | ​ | — | ​ | ​ | 76 | ​
Expected return on plan assets | ​ | ​ | (71) | ​ | ​ | (17) | ​ | ​ | — | ​ | ​ | (88) | ​ | ​ | (72) | ​ | ​ | (19) | ​ | ​ | — | ​ | ​ | (91) | ​ | ​ | (74) | ​ | ​ | (20) | ​ | ​ | — | ​ | ​ | (94) | ​
Special termination benefits | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​
Settlements and curtailments | ​ | ​ | 1 | ​ | ​ | 2 | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | (1) | ​ | ​ | (4) | ​ | ​ | (5) | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | — | ​ | ​ | 13 | ​
Actuarial loss, net | ​ | ​ | 3 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 3 | ​ | ​ | 8 | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 9 | ​ | ​ | 5 | ​ | ​ | 1 | ​ | ​ | 1 | ​ | ​ | 7 | ​
Prior service gain, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | (2) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | (3) | ​
Net periodic benefit costs (income) | ​ | $ | (4) | ​ | $ | 2 | ​ | $ | (1) | ​ | $ | (3) | ​ | $ | (3) | ​ | $ | (2) | ​ | $ | (4) | ​ | $ | (9) | ​ | $ | (1) | ​ | $ | 8 | ​ | $ | (2) | ​ | $ | 5 | ​
​ Funded status—The changes in projected benefit obligation, plan assets and funded status and the amounts recognized on our consolidated balance sheets were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year ended December 31, 2019 | ​ | Year ended December 31, 2018 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |
Change in projected benefit obligation | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Projected benefit obligation, beginning of period |  | $ | 1,527 | ​ | $ | 338 | ​ | $ | 17 | ​ | $ | 1,882 | ​ | $ | 1,680 | ​ | $ | 379 | ​ | $ | 19 | ​ | $ | 2,078 | ​
Assumed projected benefit obligation | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 29 | ​ | ​ | — | ​ | ​ | 29 | ​
Actuarial (gains) losses, net | ​ | ​ | 202 | ​ | ​ | 45 | ​ | ​ | 1 | ​ | ​ | 248 | ​ | ​ | (145) | ​ | ​ | (45) | ​ | ​ | (2) | ​ | ​ | (192) | ​
Service cost | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 7 | ​
Interest cost | ​ | ​ | 63 | ​ | ​ | 10 | ​ | ​ | 1 | ​ | ​ | 74 | ​ | ​ | 61 | ​ | ​ | 10 | ​ | ​ | 1 | ​ | ​ | 72 | ​
Currency exchange rate changes | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | — | ​ | ​ | (21) | ​ | ​ | — | ​ | ​ | (21) | ​
Benefits paid | ​ | ​ | (72) | ​ | ​ | (19) | ​ | ​ | (2) | ​ | ​ | (93) | ​ | ​ | (69) | ​ | ​ | (19) | ​ | ​ | (2) | ​ | ​ | (90) | ​
Settlements | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (3) | ​
Plan amendment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | — | ​ | ​ | 1 | ​
Special termination benefit | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | 1 | ​
Projected benefit obligation, end of period | ​ | ​ | 1,696 | ​ | ​ | 395 | ​ | ​ | 17 | ​ | ​ | 2,108 | ​ | ​ | 1,527 | ​ | ​ | 338 | ​ | ​ | 17 | ​ | ​ | 1,882 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Change in plan assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Fair value of plan assets, beginning of period | ​ | ​ | 1,189 | ​ | ​ | 378 | ​ | ​ | — | ​ | ​ | 1,567 | ​ | ​ | 1,343 | ​ | ​ | 393 | ​ | ​ | — | ​ | ​ | 1,736 | ​
Fair value of acquired plan assets | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 22 | ​ | ​ | — | ​ | ​ | 22 | ​
Actual return on plan assets | ​ | ​ | 272 | ​ | ​ | 39 | ​ | ​ | — | ​ | ​ | 311 | ​ | ​ | (87) | ​ | ​ | (6) | ​ | ​ | — | ​ | ​ | (93) | ​
Currency exchange rate changes | ​ | ​ | — | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | 16 | ​ | ​ | — | ​ | ​ | (22) | ​ | ​ | — | ​ | ​ | (22) | ​
Employer contributions | ​ | ​ | 4 | ​ | ​ | 16 | ​ | ​ | 2 | ​ | ​ | 22 | ​ | ​ | 2 | ​ | ​ | 13 | ​ | ​ | 2 | ​ | ​ | 17 | ​
Benefits paid | ​ | ​ | (72) | ​ | ​ | (19) | ​ | ​ | (2) | ​ | ​ | (93) | ​ | ​ | (69) | ​ | ​ | (19) | ​ | ​ | (2) | ​ | ​ | (90) | ​
Settlements | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (24) | ​ | ​ | — | ​ | ​ | (3) | ​ | ​ | — | ​ | ​ | (3) | ​
Fair value of plan assets, end of period | ​ | ​ | 1,369 | ​ | ​ | 430 | ​ | ​ | — | ​ | ​ | 1,799 | ​ | ​ | 1,189 | ​ | ​ | 378 | ​ | ​ | — | ​ | ​ | 1,567 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Funded status, end of period |  | $ | (327) | ​ | $ | 35 | ​ | $ | (17) | ​ | $ | (309) | ​ | $ | (338) | ​ | $ | 40 | ​ | $ | (17) | ​ | $ | (315) | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Balance sheet classification, end of period: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Pension asset, non-current |  | $ | — | ​ | $ | 42 | ​ | $ | — | ​ | $ | 42 | ​ | $ | — | ​ | $ | 47 | ​ | $ | — | ​ | $ | 47 | ​
Pension liability, current | ​ | ​ | (1) | ​ | ​ | (1) | ​ | ​ | (3) | ​ | ​ | (5) | ​ | ​ | (3) | ​ | ​ | (1) | ​ | ​ | (3) | ​ | ​ | (7) | ​
Pension liability, non-current | ​ | ​ | (326) | ​ | ​ | (6) | ​ | ​ | (14) | ​ | ​ | (346) | ​ | ​ | (335) | ​ | ​ | (6) | ​ | ​ | (14) | ​ | ​ | (355) | ​
Accumulated other comprehensive loss (income), before taxes | ​ | ​ | 304 | ​ | ​ | 84 | ​ | ​ | (12) | ​ | ​ | 376 | ​ | ​ | 307 | ​ | ​ | 64 | ​ | ​ | (15) | ​ | ​ | 356 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accumulated benefit obligation, end of period | ​ | $ | 1,696 | ​ | $ | 385 | ​ | $ | 17 | ​ | $ | 2,098 | ​ | $ | 1,527 | ​ | $ | 328 | ​ | $ | 17 | ​ | $ | 1,872 | ​
​ The aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 | ​ | December 31, 2018 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |
Projected benefit obligation |  | $ | 1,696 | ​ | $ | 56 | ​ | $ | 17 | ​ | $ | 1,769 | ​ | $ | 1,527 | ​ | $ | 26 | ​ | $ | 17 | ​ | $ | 1,570 | ​
Fair value of plan assets | ​ | ​ | 1,369 | ​ | ​ | 49 | ​ | ​ | — | ​ | ​ | 1,418 | ​ | ​ | 1,189 | ​ | ​ | 20 | ​ | ​ | — | ​ | ​ | 1,209 | ​
​ The aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 | ​ | December 31, 2018 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |
Accumulated benefit obligation |  | $ | 1,696 | ​ | $ | 1 | ​ | $ | 17 | ​ | $ | 1,714 | ​ | $ | 1,527 | ​ | $ | 3 | ​ | $ | 17 | ​ | $ | 1,547 | ​
Fair value of plan assets | ​ | ​ | 1,369 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,369 | ​ | ​ | 1,189 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,189 | ​
​ The amounts in accumulated other comprehensive loss (income) that have not been recognized were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 | ​ | December 31, 2018 |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |  | Plans |  | Plans |  | Plans |  | Total |
Actuarial loss, net |  | $ | 304 | ​ | $ | 84 | ​ | $ | 2 | ​ | $ | 390 | ​ | $ | 307 | ​ | $ | 63 | ​ | $ | 1 | ​ | $ | 371 | ​
Prior service cost, net | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (14) | ​ | ​ | (14) | ​ | ​ | — | ​ | ​ | 1 | ​ | ​ | (16) | ​ | ​ | (15) | ​
Accumulated other comprehensive loss (income), before taxes |  | $ | 304 | ​ | $ | 84 | ​ | $ | (12) | ​ | $ | 376 | ​ | $ | 307 | ​ | $ | 64 | ​ | $ | (15) | ​ | $ | 356 | ​
​ The amounts in accumulated other comprehensive loss (income) expected to be recognized as components of net periodic benefit costs are as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | Year ending December 31, 2020 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | Plans |  | Plans |  | Plans |  | Total |
Actuarial loss, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | $ | 9 | ​ | $ | 1 | ​ | $ | — | ​ | $ | 10 | ​
Prior service cost, net | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2) | ​ | ​ | (2) | ​
Total amount expected to be recognized | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ |  | $ | 9 | ​ | $ | 1 | ​ | $ | (2) | ​ | $ | 8 | ​
​ Plan assets—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. For the Norway Plans, we establish minimum rates of return under the terms of investment contracts with insurance companies. The weighted-average target and actual allocations of the investments for the funded Transocean Plans were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, 2019 | ​ | December 31, 2018 |
​ | ​ | Target allocation | ​ | Actual allocation | ​ | Target allocation | ​ | Actual allocation |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | U.S. | ​ | Non-U.S. | ​ | U.S. | ​ | Non-U.S. | ​ | U.S. | ​ | Non-U.S. |
​ |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |
Equity securities | ​ | 50 | % | 24 | % | 51 | % | 27 | % | 50 | % | 34 | % | 50 | % | 32 | %
Fixed income securities | ​ | 50 | % | 60 | % | 49 | % | 56 | % | 50 | % | 51 | % | 50 | % | 52 | %
Other investments | ​ | — | % | 16 | % | — | % | 17 | % | — | ​ | 15 | % | — | ​ | 16 | %
Total | ​ | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | % | 100 | %
The investments for the funded Transocean Plans were categorized as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019 |
​ | ​ | Significant observable inputs | ​ | Significant other observable inputs | ​ | Total |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean |
​ |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |
Mutual funds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. equity funds |  | $ | 480 | ​ | $ | — | ​ | $ | 480 | ​ | $ | 1 | ​ | $ | — | ​ | $ | 1 | ​ | $ | 481 | ​ | $ | — | ​ | $ | 481 | ​
Non-U.S. equity funds | ​ | ​ | 216 | ​ | ​ | — | ​ | ​ | 216 | ​ | ​ | 5 | ​ | ​ | 115 | ​ | ​ | 120 | ​ | ​ | 221 | ​ | ​ | 115 | ​ | ​ | 336 | ​
Bond funds | ​ | ​ | 656 | ​ | ​ | — | ​ | ​ | 656 | ​ | ​ | 6 | ​ | ​ | 240 | ​ | ​ | 246 | ​ | ​ | 662 | ​ | ​ | 240 | ​ | ​ | 902 | ​
Total mutual funds | ​ | ​ | 1,352 | ​ | ​ | — | ​ | ​ | 1,352 | ​ | ​ | 12 | ​ | ​ | 355 | ​ | ​ | 367 | ​ | ​ | 1,364 | ​ | ​ | 355 | ​ | ​ | 1,719 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and money market funds | ​ | ​ | 5 | ​ | ​ | 4 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 5 | ​ | ​ | 4 | ​ | ​ | 9 | ​
Property collective trusts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | 20 | ​ | ​ | — | ​ | ​ | 20 | ​ | ​ | 20 | ​
Investment contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 51 | ​ | ​ | 51 | ​ | ​ | — | ​ | ​ | 51 | ​ | ​ | 51 | ​
Total other investments | ​ | ​ | 5 | ​ | ​ | 4 | ​ | ​ | 9 | ​ | ​ | — | ​ | ​ | 71 | ​ | ​ | 71 | ​ | ​ | 5 | ​ | ​ | 75 | ​ | ​ | 80 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total investments |  | $ | 1,357 | ​ | $ | 4 | ​ | $ | 1,361 | ​ | $ | 12 | ​ | $ | 426 | ​ | $ | 438 | ​ | $ | 1,369 | ​ | $ | 430 | ​ | $ | 1,799 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2018 |
​ | ​ | Significant observable inputs | ​ | Significant other observable inputs | ​ | Total |
​ | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean | ​ | U.S. | ​ | Non-U.S. | ​ | Transocean |
​ |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |  | Plans |
Mutual funds | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. equity funds |  | $ | 401 | ​ | $ | — | ​ | $ | 401 | ​ | $ | — | ​ | $ | — | ​ | $ | — | ​ | $ | 401 | ​ | $ | — | ​ | $ | 401 | ​
Non-U.S. equity funds | ​ | ​ | 179 | ​ | ​ | — | ​ | ​ | 179 | ​ | ​ | 5 | ​ | ​ | 120 | ​ | ​ | 125 | ​ | ​ | 184 | ​ | ​ | 120 | ​ | ​ | 304 | ​
Bond funds | ​ | ​ | 591 | ​ | ​ | — | ​ | ​ | 591 | ​ | ​ | 7 | ​ | ​ | 195 | ​ | ​ | 202 | ​ | ​ | 598 | ​ | ​ | 195 | ​ | ​ | 793 | ​
Total mutual funds | ​ | ​ | 1,171 | ​ | ​ | — | ​ | ​ | 1,171 | ​ | ​ | 12 | ​ | ​ | 315 | ​ | ​ | 327 | ​ | ​ | 1,183 | ​ | ​ | 315 | ​ | ​ | 1,498 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Other investments | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Cash and money market funds | ​ | ​ | 6 | ​ | ​ | 1 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | 1 | ​ | ​ | 7 | ​
Property collective trusts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 19 | ​ | ​ | 19 | ​ | ​ | — | ​ | ​ | 19 | ​ | ​ | 19 | ​
Investment contracts | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 43 | ​ | ​ | 43 | ​ | ​ | — | ​ | ​ | 43 | ​ | ​ | 43 | ​
Total other investments | ​ | ​ | 6 | ​ | ​ | 1 | ​ | ​ | 7 | ​ | ​ | — | ​ | ​ | 62 | ​ | ​ | 62 | ​ | ​ | 6 | ​ | ​ | 63 | ​ | ​ | 69 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total investments |  | $ | 1,177 | ​ | $ | 1 | ​ | $ | 1,178 | ​ | $ | 12 | ​ | $ | 377 | ​ | $ | 389 | ​ | $ | 1,189 | ​ | $ | 378 | ​ | $ | 1,567 | ​
​ The U.S. Plans and the U.K. Plan invest primarily in passively managed funds that reference market indices. The funded Norway Plans are subject to contractual terms under selected insurance programs. Each plan’s 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. As the 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—In the years ended December 31, 2019, 2018 and 2017, we made an aggregate contribution of $22 million, $17 million and $15 million, respectively, to the Transocean Plans and the OPEB Plans using our cash flows from operations. In the year ending December 31, 2020, we expect to contribute $18 million to the Transocean Plans, and we expect to fund benefit payments of approximately $3 million for the OPEB Plans as costs are incurred. Benefit payments—The projected benefits payments were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | U.S. | ​ | Non-U.S. | ​ | OPEB | ​ | ​ | ​ |
​ |  | Plans |  | Plans |  | Plans |  | Total |
Years ending December 31, | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
2020 |  | $ | 79 | ​ | $ | 8 | ​ | $ | 3 | ​ | $ | 90 | ​
2021 | ​ | ​ | 79 | ​ | ​ | 8 | ​ | ​ | 3 | ​ | ​ | 90 | ​
2022 | ​ | ​ | 81 | ​ | ​ | 8 | ​ | ​ | 3 | ​ | ​ | 92 | ​
2023 | ​ | ​ | 82 | ​ | ​ | 9 | ​ | ​ | 2 | ​ | ​ | 93 | ​
2024 | ​ | ​ | 82 | ​ | ​ | 10 | ​ | ​ | 3 | ​ | ​ | 95 | ​
2025 - 2029 | ​ | ​ | 419 | ​ | ​ | 59 | ​ | ​ | 3 | ​ | ​ | 481 | ​
​ Defined contribution plans We sponsor defined contribution plans, for our employees, the most significant of which were as follows: (1) a qualified savings plan covering certain employees working in the U.S., (2) a non-qualified supplemental plan covering certain eligible employees working in the U.S., (3) a qualified savings plan covering certain eligible U.K. employees, (4) a non-qualified savings plan covering certain employees working outside the U.S. and U.K. and (5) various savings plans covering eligible employees working in Norway. In the years ended December 31, 2019, 2018 and 2017, we recognized expense of $52 million, $50 million and $43 million, respectively, related to our defined contribution plans.

X
- References No definition available. + Details
Name: | us-gaap_CompensationAndRetirementDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for pension and other postretirement benefits. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 715 -URI http://asc.fasb.org/topic&trid=2235017 + Details
Name: | us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration