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Fair values of financial instruments (Tables) | 12 Months Ended
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Dec. 31, 2020
Fair Value Disclosures [Abstract] |
Schedule of fair value of financial instruments measured at amortized cost | The carrying value and estimated fair value of our financial instruments that are measured at amortized cost as at December 31, 2020 and December 31, 2019 are as follows:
| December 31, 2020 |  | December 31, 2019
(In $ millions) | Fair value |  | Carrying value |  | Fair value |  | Carrying value
Assets |  |  |  |  |  |  |
Related party loans receivable (1) (Level 2) | 379 |  |  | 379 |  |  | 395 |  |  | 488 |
Liabilities |  |  |  |  |  |  |
Secured credit facilities (2020: Level 3; 2019: Level 2) | 1,193 |  |  | 5,662 |  |  | 5,464 |  |  | 5,549 |
Credit facilities contained within variable interest entities (Level 2) (2) | — |  |  | — |  |  | 590 |  |  | 598 |
Senior Secured Notes (Level 1) | 213 |  |  | 515 |  |  | 404 |  |  | 476 |
Related party loans payable by the VIE (Level 2) (2) | — |  |  | — |  |  | 239 |  |  | 239 |
Related party loans payable (Level 3) | 424 |  |  | 426 |  |  | — |  |  | — |
(1)Excludes Archer convertible debt receivable, which is measured at fair value. (2)Refer to Note 36 - "Variable Interest Entities" for further information on the Ship Finance SPV's deconsolidation.
Schedule of financial instruments measured at fair value on a recurring basis | The carrying value and estimated fair value of our financial instruments that are measured at fair value on a recurring basis at December 31, 2020 and December 31, 2019 are as follows:
| December 31, 2020 |  | December 31, 2019
(In $ millions) | Fair value |  | Carrying value |  | Fair value |  | Carrying value
Assets |  |  |  |  |  |  |
Cash and cash equivalents (Level 1) | 526 |  |  | 526 |  |  | 1,115 |  |  | 1,115 |
Restricted cash (Level 1) | 197 |  |  | 197 |  |  | 242 |  |  | 242 |
Marketable securities (Level 1) | 8 |  |  | 8 |  |  | 11 |  |  | 11 |
Related party loans receivable - Archer convertible debt (Level 3) | 13 |  |  | 13 |  |  | 35 |  |  | 35 |
Interest rate cap (Level 2) | — |  |  | — |  |  | 3 |  |  | 3 |
Temporary equity |  |  |  |  |  |  |
Redeemable non-controlling interest (Level 3) | — |  |  | — |  |  | 57 |  |  | 57 |

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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=121572278&loc=d3e13467-108611 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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