XML 87 R75.htm IDEA: XBRL DOCUMENT
v3.20.4

Financial instruments and risk management (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Interest Rate Risk | We have set out our exposure to interest rate risk on our net debt obligations at December 31, 2020 in the table below:
(In $ millions) |  | Principal |  | Hedging instruments |  | Total |  | Impact of 1% increase in rates
Senior Credit Facilities |  | 5,662 |  |  | (4,500) |  |  | 1,162 |  |  | 12 |
Ineffective portion of interest rate cap (1) |  | — |  |  | 4,500 |  |  | 4,500 |  |  | 45 |
Debt exposed to interest rate fluctuations |  | 5,662 |  |  | — |  |  | 5,662 |  |  | 57 |
Less: Cash and Restricted Cash |  | (723) |  |  | — |  |  | (723) |  |  | (7) |
Net debt exposed to interest rate fluctuations (2) |  | 4,939 |  |  | — |  |  | 4,939 |  |  | 50 |
(1) The 3-month LIBOR rate as at December 31, 2020 was 0.238%. At this date, the interest cap would mitigate none of the impact of a theoretical 1% point increase in LIBOR. (2) The $515 million of Senior Secured Notes are a fixed rate debt instrument and are therefore excluded from the above table.
Schedule of Realized and Unrealized Gains and Losses | Gains and losses on derivatives reported in our Consolidated Statements of Operations included the following:
| Successor |  |  | Predecessor
(In $ millions) | Year ended December 31, 2020 |  | Year ended December 31, 2019 |  | Period from July 2, 2018 through December 31, 2018 |  |  | Period from January 1, 2018 through July 1, 2018
Loss recognized in the Consolidated Statement of Operations relating to derivative financial instruments |  |  |  |  |  |  |  |
Interest rate cap agreement | (3) |  |  | (37) |  |  | (22) |  |  |  | (6) |
Archer convertible debt instrument | 3 |  |  | — |  |  | (9) |  |  |  | 2 |
Loss on derivative financial instruments | — |  |  | (37) |  |  | (31) |  |  |  | (4) |
Schedule of Derivative Financial Instruments | Derivative financial instruments included in our Consolidated Balance Sheets, within "other non-current assets" included the following:
(In $ millions) | Maturity date | Applicable rate | Outstanding principal - December 31, 2020 | December 31, 2020 | December 31, 2019
Interest rate cap | June 2023 | 2.87% LIBOR cap | 4,500 |  | — |  | 3 |
|  |  |  | — |  | 3 |

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

X
- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4E -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624181-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5618551-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsGainLossInStatementOfFinancialPerformanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624163-113959 + Details
Name: | us-gaap_ScheduleOfDerivativeInstrumentsInStatementOfFinancialPositionFairValueTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest rate derivatives, including, but not limited to, the fair value of the derivatives, statement of financial position location, and statement of financial performance location of these instruments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=121590274&loc=SL5624171-113959 + Details
Name: | us-gaap_ScheduleOfInterestRateDerivativesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration