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Other assets (Tables) | 12 Months Ended
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Dec. 31, 2020
Other Assets [Abstract] |
Schedule of other assets | As at December 31, 2020 and 2019 (Successor), other assets included the following:
(In $ millions) | December 31, 2020 |  | December 31, 2019
Favorable drilling and management services contracts | 10 |  |  | 33 |
Taxes receivable | 32 |  |  | 38 |
Prepaid expenses (1) | 67 |  |  | 33 |
Right of use asset (2) | 57 |  |  | 35 |
Reimbursable amounts due from customers (3) | 11 |  |  | 21 |
Deferred contract costs | 14 |  |  | 12 |
Derivative asset - interest rate cap (4) | — |  |  | 3 |
Insurance receivable | 4 |  |  | 14 |
Other (5) | 37 |  |  | 28 |
Total other assets | 232 |  |  | 217 |
(1) As at December 31, 2020 includes legal and advisory fees relating to the Chapter 11 process. (2) Refer to Note 25 - "Leases" for further information. (3) Includes related party balance s of $5 million from Northern Ocean. For further information refer to Note 32 - "Related party transactions". (4) Refer to Note 33 - "Financial instruments and risk management". (5) As at December 31, 2020 includes $17 million D&O insurance relating to tail back claims in the Chapter 11 process. Other assets are presented in our Consolidated Balance Sheets as follows:
(In $ millions) | December 31, 2020 |  | December 31, 2019
Other current assets | 186 |  |  | 158 |
Other non-current assets | 46 |  |  | 59 |
Total other assets | 232 |  |  | 217 |
Schedule of carrying amounts and accumulated amortization of favorable contracts | The gross carrying amounts and accumulated amortization included in 'Other current assets' and 'Other non-current assets' for favorable contracts in the Consolidated Balance Sheet are as follows:
|  | December 31, 2020 |  | December 31, 2019
(In $ millions) |  | Gross Carrying Amount | Accumulated amortization | Net carrying amount |  | Gross Carrying Amount | Accumulated amortization | Net carrying amount
Favorable contracts |  |  |  |  |  |  |  |
Balance at beginning of period |  | 287 |  | (254) |  | 33 |  |  | 287 |  | (101) |  | 186 |
Impairment of favorable contracts(1) |  | (21) |  | — |  | (21) |  |  | — |  | — |  | — |
Amortization of favorable contracts |  | — |  | (2) |  | (2) |  |  | — |  | (153) |  | (153) |
Balance at end of period |  | 266 |  | (256) |  | 10 |  |  | 287 |  | (254) |  | 33 |
Schedule of future amortization of favorable contracts | The table below shows the amounts relating to favorable contracts that is expected to be amortized over the following periods:
(In $ millions) | Period ended December 31,
| 2021 | 2022 | 2023 | 2024 | 2025 and thereafter | Total
Amortization of favorable contracts | 1 | 1 | 1 | 1 | 6 | 10

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