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Other assets (Tables)

12 Months Ended

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 balances 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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