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Pension benefits (Tables) | 12 Months Ended
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Dec. 31, 2020
Retirement Benefits [Abstract] |
Schedule of consolidated balance sheet position | Consolidated Balance Sheet position Net defined benefit pension asset/(obligation) is as follows:
(In $ millions) | December 31, 2020 |  | December 31, 2019
Defined benefit obligation - Non-current liabilities | — |  |  | (2) |
Deferred tax asset | 1 |  |  | 1 |
Net defined benefit pension asset/(obligation) | 1 |  |  | (1) |
Schedule of annual pension cost | Annual pension cost We record pension costs in the period during which the services are rendered by the employees.
| 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
Service cost | 1 |  |  | 3 |  |  | 2 |  |  |  | 1 |
Interest cost on prior years’ benefit obligation | — |  |  | 1 |  |  | 1 |  |  |  | — |
Gross pension cost for the year | 1 |  |  | 4 |  |  | 3 |  |  |  | 1 |
Expected return on plan assets | — |  |  | (1) |  |  | (1) |  |  |  | — |
Net pension cost for the year | 1 |  |  | 3 |  |  | 2 |  |  |  | 1 |
Impact of settlement/curtailment of defined benefit plans | 1 |  |  |  |  | — |  |  |  | — |
Total net pension cost | 2 |  |  | 3 |  |  | 2 |  |  |  | 1 |
Schedule of funded status of the defined benefit plan | The funded status of the defined benefit plan Funded defined benefit pension obligation is as follows:
(In $ millions) | December 31, 2020 |  | December 31, 2019
Projected defined benefit obligations | (16) |  |  | (40) |
Plan assets at market value | 16 |  |  | 39 |
Funded defined benefit pension obligation | — |  |  | (1) |
Change in projected benefit obligations | Change in projected benefit obligations Change in projected benefit obligation is as follows:
(In $ millions) | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Projected benefit obligations at beginning of period | 40 |  |  | 37 |  |  | 36 |
Interest cost | — |  |  | 1 |  |  | 1 |
Service cost | 1 |  |  | 3 |  |  | 1 |
Benefits paid | (1) |  |  | (2) |  |  | (1) |
Change in unrecognized actuarial gain | 2 |  |  | — |  |  | 2 |
Settlement (1) | (25) |  |  | — |  |  | — |
Foreign currency translations | (1) |  |  | 1 |  |  | (2) |
Projected benefit obligations at end of period | 16 |  |  | 40 |  |  | 37 |
(1)Two Norwegian defined benefit plans were settled and paid out in the year ending 31 December, 2020.
Change in pension plan assets | Change in pension plan assets Change in pension plan assets is as follows:
(In $ millions) | December 31, 2020 |  | December 31, 2019 |  | December 31, 2018
Fair value of plan assets at beginning of year | 39 |  |  | 33 |  |  | 33 |
Estimated return | — |  |  | 1 |  |  | 1 |
Contribution by employer | 6 |  |  | 6 |  |  | — |
Benefits paid | (1) |  |  | (2) |  |  | (1) |
Actuarial gain | — |  |  | — |  |  | 2 |
Settlement (1) | (27) |  |  | — |  |  | — |
Foreign currency translations | (1) |  |  | 1 |  |  | (2) |
Fair value of plan assets at end of year | 16 |  |  | 39 |  |  | 33 |
(1)Two Norwegian defined benefit plans were settled and paid out in the year ending 31 December, 2020.
Schedule of assumptions used in calculation of pension obligations | Assumptions used in calculation of pension obligations
| Successor |  |  | Predecessor
| 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
Rate of compensation increase at the end of year | 2.25 | % |  | 2.25 | % |  | 2.75 | % |  |  | 2.50 | %
Discount rate at the end of year | 1.70 | % |  | 2.30 | % |  | 2.60 | % |  |  | 2.40 | %
Prescribed pension index factor | 1.20 | % |  | 2.00 | % |  | 2.00 | % |  |  | 2.00 | %
Expected return on plan assets for the year | 2.60 | % |  | 2.60 | % |  | 2.60 | % |  |  | 2.40 | %
Employee turnover | 4.00 | % |  | 4.00 | % |  | 4.00 | % |  |  | 4.00 | %
Expected increases in Social Security Base | 2.00 | % |  | 2.50 | % |  | 2.50 | % |  |  | 2.25 | %
Schedule of weighted-average asset allocation of funds related to defined benefit plan | The weighted-average asset allocation of funds related to our defined benefit plan at December 31, was as follows: Pension benefit plan assets
| December 31, 2020 |  |  | December 31, 2019
Equity securities | 7.2 | % |  |  | 13.6 | %
Debt securities | 68.2 | % |  |  | 58.4 | %
Real estate | 13.6 | % |  |  | 11.0 | %
Money market | 10.6 | % |  |  | 16.5 | %
Other | 0.4 | % |  |  | 0.5 | %
Total | 100.0 | % |  |  | 100.0 | %
Schedule of expected annual pension plan contributions | The table below shows our expected annual pension plans contributions under defined benefit plans for the years ending December 31, 2021-2030. The expected payments are based on the assumptions used to measure our obligations at December 31, 2020 and include estimated future employee services.
(In $ millions) | December 31, 2020
2021 | 1 |
2022 | 1 |
2023 | 1 |
2024 | 1 |
2025-2030 | 3 |
Total payments expected during the next 10 years | 7 |

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