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General Information (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Reclassification of Previously Reported Amounts

We have recast the comparative figures in the Consolidated Statement of Operations. The table below shows effects of this reclassification on the previously reported numbers.

Consolidated Statement of Operations for the year ended December 31, 2019 (Successor)

(In $ millions)						As previously reported						Adjustment						As currently reported
Reimbursable revenues						264						(223)						41
Management contract revenues						—						338						338
Other revenues						127						(115)						12
Vessel and rig operating expenses						(770)						44						(726)
Reimbursable expenses						(262)						223						(39)
Management contract expenses						—						(302)						(302)
Selling, general and administrative expenses						(130)						35						(95)

Consolidated Statement of Operations for the period from July 2, 2018 through December 31, 2018 (Successor)

(In $ millions)						As previously reported						Adjustment						As currently reported
Reimbursable revenues						26						(10)						16
Management contract revenues						—						56						56
Other revenues						46						(46)						—
Vessel and rig operating expenses						(357)						16						(341)
Reimbursable expenses						(24)						9						(15)
Management contract expenses						—						(44)						(44)
Selling, general and administrative expenses						(62)						19						(43)

Consolidated Statement of Operations for the period from January 1, 2018 through July 1, 2018 (Predecessor)

(In $ millions)						As previously reported						Adjustment						As currently reported
Reimbursable revenues						21						—						21
Management contract revenues						—						38						38
Other revenues						72						(38)						34
Vessel and rig operating expenses						(407)						(10)						(417)
Reimbursable expenses						(20)						2						(18)
Management contract expenses						—						(45)						(45)
Selling, general and administrative expenses						(100)						53						(47)

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- References

No definition available.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794

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