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Current expected credit losses (Tables) | 6 Months Ended
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Jun. 30, 2021
Credit Loss [Abstract] |
Movement in the allowance for credit losses and classification of credit loss expense | The following table summarizes the movement in the allowance for credit losses for the six months ended June 30, 2021 and June 30, 2020:
(In $ millions) |  | Allowance for credit losses - trade receivables |  | Allowance for credit losses - other current assets |  | Allowance for credit losses - related party ST |  | Allowance for credit losses related party LT |  | Total Allowance for credit losses
As at January 1, 2020 |  | — |  |  | — |  |  | 15 |  |  | 128 |  |  | 143 |
Credit loss expense |  | — |  |  | 5 |  |  | 54 |  |  | 4 |  |  | 63 |
As at June 30, 2020 |  | — |  |  | 5 |  |  | 69 |  |  | 132 |  |  | 206 |
(In $ millions) |  | Allowance for credit losses - trade receivables |  | Allowance for credit losses - other current assets |  | Allowance for credit losses - related party ST |  | Allowance for credit losses related party LT |  | Total Allowance for credit losses
As at January 1, 2021 |  | — |  |  | 3 |  |  | 169 |  |  | 137 |  |  | 309 |
Credit loss expense |  | — |  |  | — |  |  | 48 |  |  | 12 |  |  | 60 |
Write-off (1) |  | — |  |  | — |  |  | (74) |  |  | — |  |  | (74) |
As at June 30, 2021 |  | — |  |  | 3 |  |  | 143 |  | 149 |  | 295
(1) In April 2021 we signed a settlement agreement with Aquadrill (formerly Seadrill Partners) which waived all claims on pre-petition positions held, as such $54 million of trading receivables and $20 million of loans has been written-off. The below table shows the classification of the credit loss expense within the consolidated statement of operations.
(In $ millions) |  |  |  | Six months ended June 30, 2021 |  | Six months ended June 30, 2020
Management contract expenses |  |  |  | 48 |  |  | 50 |
Other financial items |  |  |  | 12 |  |  | 13 |
Total |  |  |  | 60 |  |  | 63 |

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- Definition Tabular disclosure of allowance for credit loss on accounts receivable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 20 -Section 50 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=124255953&loc=SL82919249-210447 + Details
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- References No definition available. + Details
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