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Postemployment Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2019

Postemployment Benefit Plans

Schedule of weighted-average assumptions

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.

Schedule of Net Periodic Benefit Costs Before Tax


		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

Schedule of changes in projected benefit obligation, plan assets and funded status and the amounts recognized on consolidated balance sheets


		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

Schedule of aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets


		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

Schedule of aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets


		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

Schedule of amounts in accumulated other comprehensive income, before tax, that have not been recognized as components of net periodic benefit costs


		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

Schedule of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs in next fiscal year


														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

Schedule of allocations and fair value of plan assets


	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

Schedule of projected benefits payments


		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