XML 39 R12.htm IDEA: XBRL DOCUMENT
v3.20.1

Revenues | 3 Months Ended
--- | ---
Mar. 31, 2020
Revenues |
Revenues | Note 5—Revenues Overview—The duration of our performance obligation varies by contract. As of March 31, 2020, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through February 2028. To obtain contracts with our customers, we incur pre-operating costs to prepare a rig for contract and deliver or mobilize the rig to the drilling location. We defer such pre-operating costs and recognize the costs on a straight-line basis, consistent with the general pace of activity, in operating and maintenance costs over the estimated contract period. In the three months ended March 31, 2020 and 2019, we recognized pre-operating costs of $9 million and $2 million, respectively. At March 31, 2020 and December 31, 2019, the unrecognized pre-operating costs to obtain contracts was $44 million and $34 million, respectively, recorded in other assets. In the three months ended March 31, 2019, we recognized revenues of $10 million for performance obligations satisfied in previous periods, related to certain revenues recognized on a cash basis. Disaggregation—We recognized revenues as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended March 31, 2020 | ​ | ​ | Three months ended March 31, 2019 | ​
​ |  | U.S. |  | Norway |  | Brazil |  | Other |  | Total |  |  | U.S. |  | Norway |  | Brazil |  | Other |  | Total |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Ultra-deepwater floaters |  | $ | 287 | ​ | $ | — | ​ | $ | 59 | ​ | $ | 182 | ​ | $ | 528 |  | ​ | $ | 314 | ​ | $ | — | ​ | $ | 26 | ​ | $ | 136 | ​ | $ | 476 | ​
Harsh environment floaters | ​ | ​ | — | ​ | ​ | 207 | ​ | ​ | — | ​ | ​ | 13 | ​ | ​ | 220 | ​ | ​ | ​ | — | ​ | ​ | 181 | ​ | ​ | — | ​ | ​ | 77 | ​ | ​ | 258 | ​
Deepwater floaters | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 6 | ​ | ​ | — | ​ | ​ | 6 | ​
Midwater floaters | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 11 | ​ | ​ | 11 | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 14 | ​ | ​ | 14 | ​
Total revenues |  | $ | 287 | ​ | $ | 207 | ​ | $ | 59 | ​ | $ | 206 | ​ | $ | 759 |  | ​ | $ | 314 | ​ | $ | 181 | ​ | $ | 32 | ​ | $ | 227 | ​ | $ | 754 | ​
​ Contract liabilities—We recognize contract liabilities, recorded in other current liabilities and other long-term liabilities, for mobilization, contract preparation, paid pre-operating standby time, capital upgrades and deferred revenues for declining dayrate contracts using the straight-line method over the remaining contract term. Contract liabilities for our contracts with customers were as follows (in millions): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | December 31, | ​
​ |  | 2020 |  | 2019 |
Deferred contract revenues, recorded in other current liabilities |  | $ | 113 | ​ | $ | 100 | ​
Deferred contract revenues, recorded in other long-term liabilities | ​ | ​ | 421 | ​ | ​ | 429 | ​
Total contract liabilities |  | $ | 534 | ​ | $ | 529 | ​
Significant changes in contract liabilities were as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | March 31, | ​
​ |  | 2020 |  | 2019 |
Total contract liabilities, beginning of period | ​ | $ | 529 | ​ | $ | 486 | ​
Decrease due to recognition of revenues for goods and services | ​ | ​ | (41) | ​ | ​ | (37) | ​
Increase due to goods and services transferred over time | ​ | ​ | 46 | ​ | ​ | 38 | ​
Total contract liabilities, end of period | ​ | $ | 534 | ​ | $ | 487 | ​
​

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

X
- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 + Details
Name: | us-gaap_RevenueFromContractWithCustomerTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration