Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 23, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-38373 | |
Entity Registrant Name | Transocean Ltd | |
Entity Incorporation, State or Country Code | V8 | |
Entity Tax Identification Number | 98-0599916 | |
Entity Address, Address Line One | Turmstrasse 30 | |
Entity Address, City or Town | Steinhausen | |
Entity Address, Country | CH | |
Entity Address, Postal Zip Code | 6312 | |
City Area Code | +41 (41) | |
Local Phone Number | 749-0500 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 614,577,294 | |
Entity Central Index Key | 0001451505 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Shares | ||
Document and Entity Information | ||
Title of 12(b) Security | Shares | |
Trading Symbol | RIG | |
Security Exchange Name | NYSE | |
0.50% Exchangeable Bonds due January 2023 | ||
Document and Entity Information | ||
Title of 12(b) Security | 0.50% Exchangeable Senior Bonds due 2023 | |
Trading Symbol | RIG/23 | |
Security Exchange Name | NYSE |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating revenues | ||
Revenues | $ 759 | $ 754 |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:OilAndGasServiceMember | us-gaap:OilAndGasServiceMember |
Costs and expenses | ||
Operating and maintenance | $ 540 | $ 508 |
Cost, Product and Service [Extensible List] | us-gaap:OilAndGasServiceMember | us-gaap:OilAndGasServiceMember |
Depreciation and amortization | $ 206 | $ 217 |
General and administrative | 43 | 49 |
Total costs and expenses | 789 | 774 |
Loss on impairment | (168) | |
Gain (loss) on disposal of assets, net | (1) | 7 |
Operating loss | (199) | (13) |
Other income (expense), net | ||
Interest income | 9 | 10 |
Interest expense, net of amounts capitalized | (160) | (166) |
Loss on retirement of debt | (57) | (18) |
Other, net | 12 | 8 |
Total other income (expense), net | (196) | (166) |
Loss before income tax benefit | (395) | (179) |
Income tax benefit | (4) | (8) |
Net loss | (391) | (171) |
Net income attributable to noncontrolling interest | 1 | |
Net loss attributable to controlling interest | $ (392) | $ (171) |
Loss per share | ||
Basic (in dollars per share) | $ (0.64) | $ (0.28) |
Diluted (in dollars per share) | $ (0.64) | $ (0.28) |
Weighted-average shares outstanding | ||
Basic (in shares) | 614 | 611 |
Diluted (in shares) | 614 | 611 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | ||
Net loss | $ (391) | $ (171) |
Net income attributable to noncontrolling interest | 1 | |
Net loss attributable to controlling interest | (392) | (171) |
Components of net periodic benefit costs before reclassifications | (9) | 7 |
Components of net periodic benefit costs reclassified to net loss | 2 | |
Other comprehensive income (loss) before income taxes | (7) | 7 |
Other comprehensive income (loss) | (7) | 7 |
Other comprehensive income (loss) attributable to controlling interest | (7) | 7 |
Total comprehensive loss | (398) | (164) |
Total comprehensive income attributable to noncontrolling interest | 1 | |
Total comprehensive loss attributable to controlling interest | $ (399) | $ (164) |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and cash equivalents | $ 1,483 | $ 1,790 |
Accounts receivable, net of allowance of $2 at March 31, 2020 | 654 | 654 |
Materials and supplies, net of allowance of $127 at March 31, 2020 and December 31, 2019 | 459 | 479 |
Restricted cash accounts and investments | 531 | 558 |
Other current assets | 164 | 159 |
Total current assets | 3,291 | 3,640 |
Property and equipment | 23,935 | 24,281 |
Less accumulated depreciation | (5,355) | (5,434) |
Property and equipment, net | 18,580 | 18,847 |
Contract intangible assets | 560 | 608 |
Deferred income taxes, net | 20 | 20 |
Other assets | 1,000 | 990 |
Total assets | 23,451 | 24,105 |
Liabilities and equity | ||
Accounts payable | 244 | 311 |
Accrued income taxes | 41 | 64 |
Debt due within one year | 581 | 568 |
Other current liabilities | 728 | 781 |
Total current liabilities | 1,594 | 1,724 |
Long-term debt | 8,576 | 8,693 |
Deferred income taxes, net | 277 | 266 |
Other long-term liabilities | 1,529 | 1,555 |
Total long-term liabilities | 10,382 | 10,514 |
Commitments and contingencies | ||
Shares, CHF 0.10 par value, 641,063,270 authorized, 140,976,550 conditionally authorized, 617,970,525 issued and 614,545,303 outstanding at March 31, 2020, and 639,674,422 authorized, 142,365,398 conditionally authorized, 617,970,525 issued and 611,871,374 outstanding at December 31, 2019 | 60 | 59 |
Additional paid-in capital | 13,431 | 13,424 |
Accumulated deficit | (1,691) | (1,297) |
Accumulated other comprehensive loss | (331) | (324) |
Total controlling interest shareholders' equity | 11,469 | 11,862 |
Noncontrolling interest | 6 | 5 |
Total equity | 11,475 | 11,867 |
Total liabilities and equity | $ 23,451 | $ 24,105 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions | Mar. 31, 2020USD ($)shares | Mar. 31, 2020SFr / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2019SFr / shares |
CONSOLIDATED BALANCE SHEETS | ||||
Allowance for doubtful accounts | $ | $ 2 | |||
Materials and supplies, allowance for obsolescence | $ | $ 127 | $ 127 | ||
Shares, CHF par value (in Swiss francs per share) | SFr / shares | SFr 0.10 | SFr 0.10 | ||
Shares, authorized | 639,674,422 | 639,674,422 | ||
Shares, conditionally authorized | 142,365,398 | 142,365,398 | ||
Shares, issued | 617,970,525 | 617,970,525 | ||
Shares, outstanding | 614,545,303 | 611,871,374 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions | Total controlling interest shareholders' equity | Shares | Additional paid-in capital | Retained earnings (accumulated deficit) | Accumulated other comprehensive loss | Noncontrolling interest | Total |
Balance at Dec. 31, 2018 | $ 13,107 | $ 59 | $ 13,394 | $ (67) | $ (279) | $ 7 | $ 13,114 |
Increase (Decrease) in Shareholders' Equity | |||||||
Share-based compensation | 9 | 9 | 9 | ||||
Net loss attributable to controlling interest | (171) | (171) | |||||
Other comprehensive income (loss) attributable to controlling interest | 7 | 7 | |||||
Total comprehensive loss attributable to controlling interest | (164) | (164) | |||||
Total comprehensive loss | (164) | ||||||
Other, net | (6) | (7) | (6) | ||||
Balance at Mar. 31, 2019 | 12,946 | 59 | 13,396 | (213) | (296) | 7 | 12,953 |
Increase (Decrease) in Shareholders' Equity | |||||||
Effect of adopting accounting standards update | 25 | (24) | |||||
Balance at Dec. 31, 2019 | 11,862 | 59 | 13,424 | (1,297) | (324) | 5 | 11,867 |
Increase (Decrease) in Shareholders' Equity | |||||||
Issuance of shares under share-based compensation plans | 1 | (1) | |||||
Share-based compensation | 8 | 8 | 8 | ||||
Net loss attributable to controlling interest | (392) | (392) | |||||
Other comprehensive income (loss) attributable to controlling interest | (7) | (7) | |||||
Total comprehensive loss attributable to controlling interest | (399) | (399) | |||||
Total comprehensive income (loss) attributable to noncontrolling interest | 1 | ||||||
Total comprehensive loss | (398) | ||||||
Other, net | (2) | (2) | |||||
Balance at Mar. 31, 2020 | $ 11,469 | $ 60 | $ 13,431 | (1,691) | $ (331) | $ 6 | $ 11,475 |
Increase (Decrease) in Shareholders' Equity | |||||||
Effect of adopting accounting standards update | $ (2) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (391) | $ (171) |
Adjustments to reconcile to net cash provided by operating activities: | ||
Contract intangible asset amortization | 48 | 45 |
Depreciation and amortization | 206 | 217 |
Share-based compensation expense | 8 | 9 |
Loss on impairment | 168 | |
(Gain) loss on disposal of assets, net | 1 | (7) |
Loss on retirement of debt | 57 | 18 |
Deferred income tax expense (benefit) | 10 | (19) |
Other, net | 18 | 11 |
Changes in deferred revenues, net | 5 | 1 |
Changes in deferred costs, net | (11) | (1) |
Changes in other operating assets and liabilities, net | (167) | (154) |
Net cash used in operating activities | (48) | (51) |
Cash flows from investing activities | ||
Capital expenditures | (107) | (52) |
Proceeds from disposal of assets, net | 1 | 12 |
Investments in unconsolidated affiliates | (6) | (60) |
Proceeds from maturities of unrestricted and restricted investments | 123 | |
Net cash provided by (used in) investing activities | (112) | 23 |
Cash flows from financing activities | ||
Proceeds from issuance of debt, net of discounts and issue costs | 743 | 540 |
Repayments of debt | (909) | (616) |
Other, net | (9) | (15) |
Net cash used in financing activities | (175) | (91) |
Net decrease in unrestricted and restricted cash and cash equivalents | (335) | (119) |
Unrestricted and restricted cash and cash equivalents, beginning of period | 2,349 | 2,589 |
Unrestricted and restricted cash and cash equivalents, end of period | $ 2,014 | $ 2,470 |
Business
Business | 3 Months Ended |
Mar. 31, 2020 | |
Business | |
Business | Note 1—Business Transocean Ltd. (together with its subsidiaries and predecessors, unless the context requires otherwise, “Transocean,” “we,” “us” or “our”) is a leading international provider of offshore contract drilling services for oil and gas wells. We specialize in technically demanding sectors of the offshore drilling business with a particular focus on ultra-deepwater and harsh environment drilling services. Our mobile offshore drilling fleet is considered one of the most versatile fleets in the world. We contract our drilling rigs, related equipment and work crews predominantly on a dayrate basis to drill oil and gas wells. As of March 31, 2020, we owned or had partial ownership interests in and operated a fleet of 41 mobile offshore drilling units, including 28 ultra-deepwater floaters, 12 harsh environment floaters and one midwater floater. As of March 31, 2020, we were constructing two ultra-deepwater drillships. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Significant Accounting Policies | Note 2—Significant Accounting Policies Presentation Accounting estimates Fair value measurements |
Accounting Standards Updates
Accounting Standards Updates | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Standards Updates | |
Accounting Standards Updates | Note 3—Accounting Standards Update Recently adopted accounting standards Financial instruments – credit losses |
Unconsolidated Affiliates
Unconsolidated Affiliates | 3 Months Ended |
Mar. 31, 2020 | |
Unconsolidated Affiliates | |
Unconsolidated Affiliates | Note 4—Unconsolidated Affiliates Investments Transocean Norge. method of accounting. We also invest in certain companies that are involved in researching and developing technology to improve operational efficiency and reliability and to increase automation, sustainability and safety in drilling and other activities. Related party transactions Transocean Norge Transocean Norge |
Revenues
Revenues | 3 Months Ended |
Mar. 31, 2020 | |
Revenues | |
Revenues | Note 5—Revenues Overview Disaggregation Three months ended March 31, 2020 Three months ended March 31, 2019 U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total Ultra-deepwater floaters $ 287 $ — $ 59 $ 182 $ 528 $ 314 $ — $ 26 $ 136 $ 476 Harsh environment floaters — 207 — 13 220 — 181 — 77 258 Deepwater floaters — — — — — — — 6 — 6 Midwater floaters — — — 11 11 — — — 14 14 Total revenues $ 287 $ 207 $ 59 $ 206 $ 759 $ 314 $ 181 $ 32 $ 227 $ 754 Contract liabilities March 31, December 31, 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 113 $ 100 Deferred contract revenues, recorded in other long-term liabilities 421 429 Total contract liabilities $ 534 $ 529 Significant changes in contract liabilities were as follows (in millions): Three months ended March 31, 2020 2019 Total contract liabilities, beginning of period $ 529 $ 486 Decrease due to recognition of revenues for goods and services (41) (37) Increase due to goods and services transferred over time 46 38 Total contract liabilities, end of period $ 534 $ 487 |
Drilling Fleet
Drilling Fleet | 3 Months Ended |
Mar. 31, 2020 | |
Drilling Fleet | |
Drilling Fleet | Note 6—Drilling Fleet Construction work in progress Three months ended March 31, 2020 2019 Construction work in progress, beginning of period $ 753 $ 632 Capital expenditures Newbuild construction program 50 14 Other equipment and construction projects 57 38 Total capital expenditures 107 52 Changes in accrued capital additions (24) (17) Property and equipment placed into service (62) (20) Construction work in progress, end of period $ 774 $ 647 Impairments of assets held and used Impairments of assets held for sale Polar Pioneer Songa Dee Sedco 711 Sedco 714 Dispositions Jack Bates Transocean 706 Songa Delta Assets held for sale Polar Pioneer Songa Dee Sedco 711 Sedco 714 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Debt | Note 7—Debt Overview Outstanding debt Principal amount Carrying amount March 31, December 31, March 31, December 31, 2020 2019 2020 2019 6.50% Senior Notes due November 2020 $ 198 $ 206 $ 198 $ 206 6.375% Senior Notes due December 2021 184 222 184 221 5.52% Senior Secured Notes due May 2022 178 200 176 198 3.80% Senior Notes due October 2022 187 190 186 189 0.50% Exchangeable Bonds due January 2023 863 863 862 862 5.375% Senior Secured Notes due May 2023 519 525 513 518 9.00% Senior Notes due July 2023 — 714 — 701 5.875% Senior Secured Notes due January 2024 626 667 616 656 7.75% Senior Secured Notes due October 2024 420 420 412 412 6.25% Senior Secured Notes due December 2024 437 437 430 430 6.125% Senior Secured Notes due August 2025 501 534 492 525 7.25% Senior Notes due November 2025 750 750 738 737 7.50% Senior Notes due January 2026 750 750 743 743 6.875% Senior Secured Notes due February 2027 550 550 541 541 8.00% Senior Notes due February 2027 750 — 743 — 7.45% Notes due April 2027 88 88 86 86 8.00% Debentures due April 2027 57 57 57 57 7.00% Notes due June 2028 300 300 306 306 7.50% Notes due April 2031 588 588 585 585 6.80% Senior Notes due March 2038 1,000 1,000 992 991 7.35% Senior Notes due December 2041 300 300 297 297 Total debt 9,246 9,361 9,157 9,261 Less debt due within one year 6.50% Senior Notes due November 2020 198 206 198 206 5.52% Senior Secured Notes due May 2022 89 88 88 87 3.80% Senior Notes due October 2022 5 — 5 — 5.375% Senior Secured Notes due May 2023 32 16 29 14 5.875% Senior Secured Notes due January 2024 83 83 79 79 7.75% Senior Secured Notes due October 2024 60 60 58 58 6.25% Senior Secured Notes due December 2024 62 62 60 60 6.125% Senior Secured Notes due August 2025 66 66 64 64 Total debt due within one year 595 581 581 568 Total long-term debt $ 8,651 $ 8,780 $ 8,576 $ 8,693 Scheduled maturities Total Years ending March 31, 2021 $ 595 2022 606 2023 1,466 2024 1,020 2025 516 Thereafter 5,043 Total principal amount of debt 9,246 Total debt-related balances, net (89) Total carrying amount of debt $ 9,157 Secured Credit Facility Secured Credit Facility Margin, minus one percent per annum. Throughout the term of the Secured Credit Facility, we pay a facility fee on the amount of the underlying commitment which ranges from 0.375 percent to 1.00 percent based on the credit rating of the Secured Credit Facility. At March 31, 2020, based on the credit rating of the Secured Credit Facility on that date, the Secured Credit Facility Margin was 2.875 percent and the facility fee was 0.625 percent. At March 31, 2020, we had no borrowings outstanding, $7 million of letters of credit issued, and we had $1.3 billion of available borrowing capacity under the Secured Credit Facility. Interest rate adjustments Exchangeable bonds 97.29756 Debt issuances Priority guaranteed senior unsecured notes Senior secured notes Deepwater Poseidon Debt retirements Redemption Repurchases Three months ended March 31, 2020 6.50% Senior Notes due November 2020 $ 8 6.375% Senior Notes due December 2021 38 3.80% Senior Notes due October 2022 3 5.375% Senior Secured Notes due May 2023 6 Aggregate principal amount retired $ 55 Aggregate cash payment $ 46 Aggregate net gain $ 8 Tender offers Three months ended March 31, 2019 6.50% Senior Notes due November 2020 $ 57 6.375% Senior Notes due December 2021 63 3.80% Senior Notes due October 2022 190 9.00% Senior Notes due July 2023 200 Aggregate principal amount retired $ 510 Aggregate cash payment $ 522 Aggregate net loss $ (18) |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Taxes | |
Income Taxes | Note 8—Income Taxes Tax provision and rate Tax returns Brazil tax investigations Other tax matters |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Loss Per Share | |
Loss Per Share | Note 9—Loss Per Share The numerator and denominator used to compute loss per share were as follows (in millions, except per share data): Three months ended March 31, 2020 2019 Basic Diluted Basic Diluted Numerator for loss per share Net loss attributable to controlling interest $ (392) $ (392) $ (171) $ (171) Denominator for loss per share Weighted-average shares outstanding 613 613 610 610 Effect of share-based awards and other equity instruments 1 1 1 1 Weighted-average shares for per share calculation 614 614 611 611 Loss per share $ (0.64) $ (0.64) $ (0.28) $ (0.28) In the three months ended March 31, 2020 and 2019, we excluded from the calculation 11.1 million and 12.1 million share-based awards, respectively, since the effect would have been anti-dilutive. In the three months ended March 31, 2020 and 2019, we excluded from the calculation 84.0 million shares issuable upon conversion of the Exchangeable Bonds since the effect would have been anti-dilutive. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Contingencies | |
Commitments | Note 10—Contingencies Legal proceedings Macondo well incident Deepwater Horizon Deepwater Horizon At March 31, 2020 and December 31, 2019, the remaining liability for estimated loss contingencies that we believe are probable and for which a reasonable estimate can be made was $124 million, recorded in other current liabilities, the majority of which is related to the settlement agreement that we and the Plaintiff Steering Committee filed with the MDL Court in May 2015 (the “PSC Settlement Agreement”), which was approved by the MDL Court on February 15, 2017. Through the PSC Settlement Agreement, we agreed to pay a total of $212 million to be allocated between two classes of plaintiffs in exchange for a release of all respective claims each class has against us. As required under the PSC Settlement Agreement, we deposited the settlement amount into an escrow account established by the MDL Court. At March 31, 2020 and December 31, 2019, the remaining cash balance in the escrow account was $125 million, recorded in restricted cash accounts and investments. Asbestos litigation One of our subsidiaries has been named as a defendant, along with numerous other companies, in lawsuits arising out of the subsidiary’s manufacture and sale of heat exchangers, and involvement in the construction and refurbishment of major industrial complexes alleging bodily injury or personal injury as a result of exposure to asbestos. As of March 31, 2020, the subsidiary was a defendant in approximately 201 lawsuits with a corresponding number of plaintiffs. For many of these lawsuits, we have not been provided sufficient information from the plaintiffs to determine whether all or some of the plaintiffs have claims against the subsidiary, the basis of any such claims, or the nature of their alleged injuries. The operating assets of the subsidiary were sold in 1989. In September 2018, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that leaves the subsidiary with funding, including cash, annuities and coverage in place settlement, that we believe will be sufficient to respond to both the current lawsuits as well as future lawsuits of a similar nature. While we cannot predict or provide assurance as to the outcome of these matters, we do not expect the ultimate liability, if any, resulting from these claims to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. Other matters Environmental matters We have certain potential liabilities under the Comprehensive Environmental Response, Compensation, and Liability Act (“CERCLA”) and similar state acts regulating cleanup of hazardous substances at various waste disposal sites, including those described below. CERCLA is intended to expedite the remediation of hazardous substances without regard to fault. Potentially responsible parties (“PRPs”) for each site include present and former owners and operators of, transporters to and generators of the substances at the site. It is difficult to quantify the potential cost of environmental matters and remediation obligations. Liability is strict and can be joint and several. One of our subsidiaries was named as a PRP in connection with a site located in Santa Fe Springs, California, known as the Waste Disposal, Inc. site. We and other PRPs agreed, under a participation agreement with the U.S. Environmental Protection Agency (the “EPA”) and the U.S. Department of Justice, to settle our potential liabilities by remediating the site. The remedial action for the site was completed in 2006. Our share of the ongoing operating and maintenance costs has been insignificant, and we do not expect any additional potential liabilities to be material. Resolutions of other claims by the EPA, the involved state agency or PRPs are at various stages of investigation. Nevertheless, based on available information, we do not expect the ultimate liability, if any, resulting from all environmental matters, and known potential legal claims that are likely to be asserted, to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. |
Financial Instruments
Financial Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments | |
Financial Instruments | Note 11—Financial Instruments Overview March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair amount value amount value Cash and cash equivalents $ 1,483 $ 1,483 $ 1,790 $ 1,790 Restricted cash and cash equivalents 531 531 558 558 Long-term debt, including current maturities 9,157 5,001 9,261 8,976 Derivative instruments, assets — — 1 1 Derivative instruments, liabilities 5 5 — — We estimated the fair value of each class of financial instruments by applying the following methods and assumptions: Cash and cash equivalents Restricted cash and cash equivalents Debt Derivative instruments |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Significant Accounting Policies | |
Presentation | Presentation |
Accounting estimates | Accounting estimates |
Fair value measurements | Fair value measurements |
Revenues (Tables)
Revenues (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Revenues | |
Schedule of revenue disaggregation | Three months ended March 31, 2020 Three months ended March 31, 2019 U.S. Norway Brazil Other Total U.S. Norway Brazil Other Total Ultra-deepwater floaters $ 287 $ — $ 59 $ 182 $ 528 $ 314 $ — $ 26 $ 136 $ 476 Harsh environment floaters — 207 — 13 220 — 181 — 77 258 Deepwater floaters — — — — — — — 6 — 6 Midwater floaters — — — 11 11 — — — 14 14 Total revenues $ 287 $ 207 $ 59 $ 206 $ 759 $ 314 $ 181 $ 32 $ 227 $ 754 |
Schedule of contract balances and changes | March 31, December 31, 2020 2019 Deferred contract revenues, recorded in other current liabilities $ 113 $ 100 Deferred contract revenues, recorded in other long-term liabilities 421 429 Total contract liabilities $ 534 $ 529 Significant changes in contract liabilities were as follows (in millions): Three months ended March 31, 2020 2019 Total contract liabilities, beginning of period $ 529 $ 486 Decrease due to recognition of revenues for goods and services (41) (37) Increase due to goods and services transferred over time 46 38 Total contract liabilities, end of period $ 534 $ 487 |
Drilling Fleet (Tables)
Drilling Fleet (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Drilling Fleet | |
Changes in our construction work in progress, including capital expenditures and capitalized interest | Three months ended March 31, 2020 2019 Construction work in progress, beginning of period $ 753 $ 632 Capital expenditures Newbuild construction program 50 14 Other equipment and construction projects 57 38 Total capital expenditures 107 52 Changes in accrued capital additions (24) (17) Property and equipment placed into service (62) (20) Construction work in progress, end of period $ 774 $ 647 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt | |
Debt, net of unamortized discounts, premiums and fair value adjustments | Principal amount Carrying amount March 31, December 31, March 31, December 31, 2020 2019 2020 2019 6.50% Senior Notes due November 2020 $ 198 $ 206 $ 198 $ 206 6.375% Senior Notes due December 2021 184 222 184 221 5.52% Senior Secured Notes due May 2022 178 200 176 198 3.80% Senior Notes due October 2022 187 190 186 189 0.50% Exchangeable Bonds due January 2023 863 863 862 862 5.375% Senior Secured Notes due May 2023 519 525 513 518 9.00% Senior Notes due July 2023 — 714 — 701 5.875% Senior Secured Notes due January 2024 626 667 616 656 7.75% Senior Secured Notes due October 2024 420 420 412 412 6.25% Senior Secured Notes due December 2024 437 437 430 430 6.125% Senior Secured Notes due August 2025 501 534 492 525 7.25% Senior Notes due November 2025 750 750 738 737 7.50% Senior Notes due January 2026 750 750 743 743 6.875% Senior Secured Notes due February 2027 550 550 541 541 8.00% Senior Notes due February 2027 750 — 743 — 7.45% Notes due April 2027 88 88 86 86 8.00% Debentures due April 2027 57 57 57 57 7.00% Notes due June 2028 300 300 306 306 7.50% Notes due April 2031 588 588 585 585 6.80% Senior Notes due March 2038 1,000 1,000 992 991 7.35% Senior Notes due December 2041 300 300 297 297 Total debt 9,246 9,361 9,157 9,261 Less debt due within one year 6.50% Senior Notes due November 2020 198 206 198 206 5.52% Senior Secured Notes due May 2022 89 88 88 87 3.80% Senior Notes due October 2022 5 — 5 — 5.375% Senior Secured Notes due May 2023 32 16 29 14 5.875% Senior Secured Notes due January 2024 83 83 79 79 7.75% Senior Secured Notes due October 2024 60 60 58 58 6.25% Senior Secured Notes due December 2024 62 62 60 60 6.125% Senior Secured Notes due August 2025 66 66 64 64 Total debt due within one year 595 581 581 568 Total long-term debt $ 8,651 $ 8,780 $ 8,576 $ 8,693 |
Scheduled maturities of debt | Total Years ending March 31, 2021 $ 595 2022 606 2023 1,466 2024 1,020 2025 516 Thereafter 5,043 Total principal amount of debt 9,246 Total debt-related balances, net (89) Total carrying amount of debt $ 9,157 |
Schedule of debt repurchases | Three months ended March 31, 2020 6.50% Senior Notes due November 2020 $ 8 6.375% Senior Notes due December 2021 38 3.80% Senior Notes due October 2022 3 5.375% Senior Secured Notes due May 2023 6 Aggregate principal amount retired $ 55 Aggregate cash payment $ 46 Aggregate net gain $ 8 |
Schedule of tender offers | Three months ended March 31, 2019 6.50% Senior Notes due November 2020 $ 57 6.375% Senior Notes due December 2021 63 3.80% Senior Notes due October 2022 190 9.00% Senior Notes due July 2023 200 Aggregate principal amount retired $ 510 Aggregate cash payment $ 522 Aggregate net loss $ (18) |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Loss Per Share | |
Loss Per Share | The numerator and denominator used to compute loss per share were as follows (in millions, except per share data): Three months ended March 31, 2020 2019 Basic Diluted Basic Diluted Numerator for loss per share Net loss attributable to controlling interest $ (392) $ (392) $ (171) $ (171) Denominator for loss per share Weighted-average shares outstanding 613 613 610 610 Effect of share-based awards and other equity instruments 1 1 1 1 Weighted-average shares for per share calculation 614 614 611 611 Loss per share $ (0.64) $ (0.64) $ (0.28) $ (0.28) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Financial Instruments | |
Carrying amounts and fair values of the financial instruments | March 31, 2020 December 31, 2019 Carrying Fair Carrying Fair amount value amount value Cash and cash equivalents $ 1,483 $ 1,483 $ 1,790 $ 1,790 Restricted cash and cash equivalents 531 531 558 558 Long-term debt, including current maturities 9,157 5,001 9,261 8,976 Derivative instruments, assets — — 1 1 Derivative instruments, liabilities 5 5 — — |
Business (Details)
Business (Details) | Mar. 31, 2020item |
Number of mobile offshore drilling units | 41 |
Ultra-deepwater floaters | |
Number of mobile offshore drilling units | 28 |
Number of mobile offshore drilling units under construction | 2 |
Harsh environment floaters | |
Number of mobile offshore drilling units | 12 |
Midwater floaters | |
Number of mobile offshore drilling units | 1 |
Unconsolidated Affiliates (Deta
Unconsolidated Affiliates (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Investments | |||
Related party receivable | $ 35 | $ 26 | |
Related party payable | 7 | 9 | |
Transocean Norge | |||
Investments | |||
Equity method investment payment | $ 6 | $ 59 | |
Ownership percentage | 33.00% | ||
Aggregate carrying amount of equity investment | $ 166 | $ 164 | |
Affiliate costs | 5 | ||
Transocean Norge | Reimbursements, Agent Fees and Other Receipts | |||
Investments | |||
Related party transaction | $ (5) | $ (13) |
Revenues (Disaggregation) (Deta
Revenues (Disaggregation) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenue | |||
Performance obligations satisfied in previous periods | $ 10 | ||
Recognized pre-operating costs | $ 9 | 2 | |
Unrecognized pre-operating costs | 44 | $ 34 | |
Contract drilling revenues | 759 | 754 | |
Ultra-deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 528 | 476 | |
Harsh environment floaters | |||
Revenue | |||
Contract drilling revenues | 220 | 258 | |
Deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 6 | ||
Midwater floaters | |||
Revenue | |||
Contract drilling revenues | 11 | 14 | |
U.S. | |||
Revenue | |||
Contract drilling revenues | 287 | 314 | |
U.S. | Ultra-deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 287 | 314 | |
Norway | |||
Revenue | |||
Contract drilling revenues | 207 | 181 | |
Norway | Harsh environment floaters | |||
Revenue | |||
Contract drilling revenues | 207 | 181 | |
Brazil | |||
Revenue | |||
Contract drilling revenues | 59 | 32 | |
Brazil | Ultra-deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 59 | 26 | |
Brazil | Deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 6 | ||
Other | |||
Revenue | |||
Contract drilling revenues | 206 | 227 | |
Other | Ultra-deepwater floaters | |||
Revenue | |||
Contract drilling revenues | 182 | 136 | |
Other | Harsh environment floaters | |||
Revenue | |||
Contract drilling revenues | 13 | 77 | |
Other | Midwater floaters | |||
Revenue | |||
Contract drilling revenues | $ 11 | $ 14 |
Revenues (Contract liabilities)
Revenues (Contract liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Contract balances | ||||
Deferred contract revenues, recorded in other current liabilities | $ 113 | $ 100 | ||
Deferred contract revenues, recorded in other long-term liabilities | 421 | 429 | ||
Total contract liabilities | $ 534 | $ 529 | $ 487 | $ 486 |
Revenues (Changes) (Details)
Revenues (Changes) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Significant changes to contract liabilities | ||
Total contract liabilities, at beginning of period | $ 529 | $ 486 |
Decrease due to recognition of revenues for goods and services | (41) | (37) |
Increase due to goods and services transferred over time | 46 | 38 |
Total contract liabilities, at end of period | $ 534 | $ 487 |
Drilling Fleet (Details)
Drilling Fleet (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest | ||
Total capital expenditures | $ 107 | $ 52 |
Construction in Progress | ||
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest | ||
Construction work in progress, at beginning of period | 753 | 632 |
Total capital expenditures | 107 | 52 |
Changes in accrued capital additions | (24) | (17) |
Property and equipment placed into service | (62) | (20) |
Construction work in progress, at end of period | 774 | 647 |
New builds | ||
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest | ||
Total capital expenditures | 50 | 14 |
Other property and equipment | ||
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest | ||
Total capital expenditures | $ 57 | $ 38 |
Drilling Fleet (Impairment held
Drilling Fleet (Impairment held and used) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Impairment of assets held and used | |
Loss associated with impairment, net of tax (per share) | $ / shares | $ 0.23 |
Midwater floaters | |
Impairment of assets held and used | |
Impairment of in use assets | $ | $ 31 |
Loss associated with impairment, net of tax (per share) | $ / shares | $ 0.05 |
Loss associated with in use asset impairment, tax effect | $ | $ 0 |
Drilling Fleet (Impairment he_2
Drilling Fleet (Impairment held for sale) (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($)$ / shares | |
Drilling Fleet | |
Aggregate loss on impairment of assets held for sale | $ 137 |
Loss associated with impairment, net of tax (per share) | $ / shares | $ 0.23 |
Aggregate loss on impairment of assets held for sale, net of tax | $ 136 |
Drilling Fleet (Disposal) (Deta
Drilling Fleet (Disposal) (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2020USD ($)item | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | |
Dispositions | |||
Number of mobile offshore drilling units | item | 41 | ||
Net cash proceeds from sale of assets | $ 1 | $ 12 | |
Gain (loss) on the sale of assets | (1) | $ 7 | |
Assets held for sale, included in other current assets | 5 | $ 0 | |
Assets sold, not discontinued operations | Rig sales | |||
Dispositions | |||
Net cash proceeds from sale of assets | 11 | ||
Gain (loss) on the sale of assets | 1 | ||
Gain (loss) on disposal of assets, tax effect | 0 | ||
Assets sold, not discontinued operations | Other property and equipment | |||
Dispositions | |||
Net cash proceeds from sale of assets | 1 | ||
Gain (loss) on the sale of assets | $ (6) |
Debt (Details)
Debt (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Jan. 17, 2020 | Dec. 31, 2019 | Feb. 01, 2019 |
Principal amount | ||||
Total principal amount of debt | $ 9,246 | $ 9,361 | ||
Debt due within one year | 595 | 581 | ||
Long-term debt | 8,651 | 8,780 | ||
Carrying amount | ||||
Total debt | 9,157 | 9,261 | ||
Debt due within one year | 581 | 568 | ||
Long-term debt | 8,576 | 8,693 | ||
6.50% Senior Notes due November 2020 | ||||
Principal amount | ||||
Total principal amount of debt | 198 | 206 | ||
Debt due within one year | 198 | 206 | ||
Carrying amount | ||||
Total debt | 198 | 206 | ||
Debt due within one year | $ 198 | 206 | ||
Debt instrument interest rate stated percentage | 6.50% | |||
6.375% Senior Notes due December 2021 | ||||
Principal amount | ||||
Total principal amount of debt | $ 184 | 222 | ||
Carrying amount | ||||
Total debt | $ 184 | 221 | ||
Debt instrument interest rate stated percentage | 6.375% | |||
5.52% Senior Notes due May 2022 | ||||
Principal amount | ||||
Total principal amount of debt | $ 178 | 200 | ||
Debt due within one year | 89 | 88 | ||
Carrying amount | ||||
Total debt | 176 | 198 | ||
Debt due within one year | $ 88 | 87 | ||
Debt instrument interest rate stated percentage | 5.52% | |||
3.80% Senior Notes due October 2022 | ||||
Principal amount | ||||
Total principal amount of debt | $ 187 | 190 | ||
Debt due within one year | 5 | |||
Carrying amount | ||||
Total debt | 186 | 189 | ||
Debt due within one year | $ 5 | |||
Debt instrument interest rate stated percentage | 3.80% | |||
0.50% Exchangeable Bonds due January 2023 | ||||
Principal amount | ||||
Total principal amount of debt | $ 863 | 863 | ||
Carrying amount | ||||
Total debt | $ 862 | 862 | ||
Debt instrument interest rate stated percentage | 0.50% | |||
5.375% Senior Secured Notes due May 2023 | ||||
Principal amount | ||||
Total principal amount of debt | $ 519 | 525 | ||
Debt due within one year | 32 | 16 | ||
Carrying amount | ||||
Total debt | 513 | 518 | ||
Debt due within one year | $ 29 | 14 | ||
Debt instrument interest rate stated percentage | 5.375% | |||
9.00% Senior Notes due July 2023 | ||||
Principal amount | ||||
Total principal amount of debt | 714 | |||
Carrying amount | ||||
Total debt | 701 | |||
Debt instrument interest rate stated percentage | 9.00% | |||
5.875% Senior Secured Notes due January 2024 | ||||
Principal amount | ||||
Total principal amount of debt | $ 626 | 667 | ||
Debt due within one year | 83 | 83 | ||
Carrying amount | ||||
Total debt | 616 | 656 | ||
Debt due within one year | $ 79 | 79 | ||
Debt instrument interest rate stated percentage | 5.875% | |||
7.75% Senior Secured Notes due October 2024 | ||||
Principal amount | ||||
Total principal amount of debt | $ 420 | 420 | ||
Debt due within one year | 60 | 60 | ||
Carrying amount | ||||
Total debt | 412 | 412 | ||
Debt due within one year | $ 58 | 58 | ||
Debt instrument interest rate stated percentage | 7.75% | |||
6.25% Senior Notes due December 2024 | ||||
Principal amount | ||||
Total principal amount of debt | $ 437 | 437 | ||
Debt due within one year | 62 | 62 | ||
Carrying amount | ||||
Total debt | 430 | 430 | ||
Debt due within one year | $ 60 | 60 | ||
Debt instrument interest rate stated percentage | 6.25% | |||
6.125% Senior Secured Notes due August 2025 | ||||
Principal amount | ||||
Total principal amount of debt | $ 501 | 534 | ||
Debt due within one year | 66 | 66 | ||
Carrying amount | ||||
Total debt | 492 | 525 | ||
Debt due within one year | $ 64 | 64 | ||
Debt instrument interest rate stated percentage | 6.125% | |||
7.25% Senior Notes due November 2025 | ||||
Principal amount | ||||
Total principal amount of debt | $ 750 | 750 | ||
Carrying amount | ||||
Total debt | $ 738 | 737 | ||
Debt instrument interest rate stated percentage | 7.25% | |||
7.50% Senior Notes due January 2026 | ||||
Principal amount | ||||
Total principal amount of debt | $ 750 | 750 | ||
Carrying amount | ||||
Total debt | $ 743 | 743 | ||
Debt instrument interest rate stated percentage | 7.50% | |||
6.875% Senior Secured Notes due February 2027 | ||||
Principal amount | ||||
Total principal amount of debt | $ 550 | 550 | ||
Carrying amount | ||||
Total debt | $ 541 | 541 | ||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||
8.00% Senior Unsecured Notes due February 2027 | ||||
Principal amount | ||||
Total principal amount of debt | $ 750 | |||
Carrying amount | ||||
Total debt | $ 743 | |||
Debt instrument interest rate stated percentage | 8.00% | 8.00% | ||
7.45% Notes due April 2027 | ||||
Principal amount | ||||
Total principal amount of debt | $ 88 | 88 | ||
Carrying amount | ||||
Total debt | $ 86 | 86 | ||
Debt instrument interest rate stated percentage | 7.45% | |||
8.00% Debentures due April 2027 | ||||
Principal amount | ||||
Total principal amount of debt | $ 57 | 57 | ||
Carrying amount | ||||
Total debt | $ 57 | 57 | ||
Debt instrument interest rate stated percentage | 8.00% | |||
7.00% Notes due June 2028 | ||||
Principal amount | ||||
Total principal amount of debt | $ 300 | 300 | ||
Carrying amount | ||||
Total debt | $ 306 | 306 | ||
Debt instrument interest rate stated percentage | 7.00% | |||
7.50% Notes due April 2031 | ||||
Principal amount | ||||
Total principal amount of debt | $ 588 | 588 | ||
Carrying amount | ||||
Total debt | $ 585 | 585 | ||
Debt instrument interest rate stated percentage | 7.50% | |||
6.80% Senior Notes due March 2038 | ||||
Principal amount | ||||
Total principal amount of debt | $ 1,000 | 1,000 | ||
Carrying amount | ||||
Total debt | $ 992 | 991 | ||
Debt instrument interest rate stated percentage | 6.80% | |||
7.35% Senior Notes due December 2041 | ||||
Principal amount | ||||
Total principal amount of debt | $ 300 | 300 | ||
Carrying amount | ||||
Total debt | $ 297 | $ 297 | ||
Debt instrument interest rate stated percentage | 7.35% |
Debt (Maturities) (Details)
Debt (Maturities) (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Scheduled maturities of debt | ||
2021 | $ 595 | |
2022 | 606 | |
2023 | 1,466 | |
2024 | 1,020 | |
2025 | 516 | |
Thereafter | 5,043 | |
Total principal amount of debt | 9,246 | $ 9,361 |
Total debt-related balances, net | (89) | |
Total carrying amount of debt | $ 9,157 |
Debt (Issued) (Details)
Debt (Issued) (Details) $ / shares in Units, $ in Millions | Jan. 17, 2020USD ($) | Feb. 01, 2019USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2020USD ($)$ / shares | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Debt | ||||||
Proceeds from issuance of debt | $ 743 | $ 540 | ||||
Aggregate principal amount outstanding | $ 9,246 | $ 9,361 | ||||
Five-Year Revolving Credit Facility | ||||||
Debt | ||||||
Borrowing capacity, maximum | $ 1,000 | 1,300 | ||||
Commitment fee percentage at period end | 0.625% | |||||
Credit facility amount outstanding | $ 0 | |||||
Letters of credit issued and outstanding | 7 | |||||
Credit facility available borrowing capacity | $ 1,300 | |||||
Five-Year Revolving Credit Facility | Minimum | ||||||
Debt | ||||||
Commitment fee percentage at period end | 0.375% | |||||
Five-Year Revolving Credit Facility | Maximum | ||||||
Debt | ||||||
Commitment fee percentage at period end | 1.00% | |||||
Five-Year Revolving Credit Facility | Adjusted LIBOR | ||||||
Debt | ||||||
Spread on variable rate basis (as a percent) | 2.875% | |||||
Percentage reduction to the calculated variable rate | 1.00% | |||||
Five-Year Revolving Credit Facility | Adjusted LIBOR | Minimum | ||||||
Debt | ||||||
Spread on variable rate basis (as a percent) | 2.625% | |||||
Five-Year Revolving Credit Facility | Adjusted LIBOR | Maximum | ||||||
Debt | ||||||
Spread on variable rate basis (as a percent) | 3.375% | |||||
6.375% Senior Notes due December 2021 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 6.375% | |||||
Interest rate, as adjusted (as a percent) | 8.375% | |||||
Aggregate principal amount outstanding | $ 184 | 222 | ||||
3.80% Senior Notes due October 2022 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 3.80% | |||||
Interest rate, as adjusted (as a percent) | 5.80% | |||||
Aggregate principal amount outstanding | $ 187 | 190 | ||||
7.35% Senior Notes due December 2041 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 7.35% | |||||
Interest rate, as adjusted (as a percent) | 9.35% | |||||
Aggregate principal amount outstanding | $ 300 | 300 | ||||
0.50% Exchangeable Bonds due January 2023 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 0.50% | |||||
Aggregate principal amount outstanding | $ 863 | 863 | ||||
Debt conversion ratio | 0.09729756 | |||||
Debt conversion (in dollars per share) | $ / shares | $ 10.28 | |||||
8.00% Senior Unsecured Notes due February 2027 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 8.00% | 8.00% | ||||
Debt instrument face value | $ 750 | |||||
Proceeds from issuance of debt | $ 743 | |||||
Redemption price of debt instrument (as a percent) | 100.00% | |||||
Aggregate principal amount outstanding | $ 750 | |||||
6.875% Senior Secured Notes due February 2027 | ||||||
Debt | ||||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||||
Debt instrument face value | $ 550 | |||||
Proceeds from issuance of debt | $ 539 | |||||
Redemption price of debt instrument (as a percent) | 100.00% | |||||
Aggregate principal amount outstanding | $ 550 | $ 550 | ||||
Restricted cash and cash equivalents | $ 19 |
Debt (Settled) (Details)
Debt (Settled) (Details) - USD ($) $ in Millions | Feb. 18, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Debt | |||
Aggregate net gain (loss) | $ (57) | $ (18) | |
9.00% Senior Notes due July 2023 | |||
Debt | |||
Aggregate debt repurchase | 200 | ||
Aggregate cash payment | $ 767 | ||
Aggregate net gain (loss) | (65) | ||
6.50% Senior Notes due November 2020 | |||
Debt | |||
Aggregate principal amount repaid | 8 | ||
Aggregate debt repurchase | 57 | ||
6.375% Senior Notes due December 2021 | |||
Debt | |||
Aggregate principal amount repaid | 38 | ||
Aggregate debt repurchase | 63 | ||
3.80% Senior Notes due October 2022 | |||
Debt | |||
Aggregate principal amount repaid | 3 | ||
Aggregate debt repurchase | 190 | ||
5.375% Senior Secured Notes due May 2023 | |||
Debt | |||
Aggregate principal amount repaid | 6 | ||
Debt Repurchases | |||
Debt | |||
Aggregate principal amount repaid | 55 | ||
Aggregate cash payment | 46 | ||
Aggregate net gain (loss) | 8 | ||
Tendered Notes | |||
Debt | |||
Aggregate debt repurchase | 510 | ||
Aggregate cash payment | 522 | ||
Aggregate net gain (loss) | $ (18) |
Income Taxes (Provision) (Detai
Income Taxes (Provision) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Taxes | ||
Effective tax rate | 1.10% | 4.50% |
Various discrete tax items expense (benefit) | $ (20) | $ (25) |
Annual effective tax rate excluding discrete items (as a percent) | (9.50%) | (10.60%) |
Income Taxes (Tax Returns) (Det
Income Taxes (Tax Returns) (Details) - 3 months ended Mar. 31, 2020 R$ in Millions, $ in Millions | BRL (R$) | USD ($) |
Brazil | ||
Income Tax Examination | ||
Net adjustments of additional taxes, including interest and penalties | R$ 730 | $ 140 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Numerator for loss per share, basic | ||
Net loss attributable to controlling interest | $ (392) | $ (171) |
Denominator for loss per share, basic | ||
Weighted-average shares outstanding | 613 | 610 |
Effect of share-based awards and other equity instruments | 1 | 1 |
Weighted-average shares for per share calculation, basic | 614 | 611 |
Loss per share, basic (in dollars per share) | $ (0.64) | $ (0.28) |
Numerator for loss per share, diluted | ||
Net loss attributable to controlling interest | $ (392) | $ (171) |
Denominator for loss per share, diluted | ||
Weighted-average shares outstanding | 613 | 610 |
Effect of share-based awards and other equity instruments | 1 | 1 |
Weighted-average shares for per share calculation, diluted | 614 | 611 |
Loss per share, diluted (in dollars per share) | $ (0.64) | $ (0.28) |
Share-based awards | ||
Anti-dilutive securities | ||
Securities excluded from earnings per share calculation (in shares) | 11.1 | 12.1 |
0.50% Exchangeable Bonds due January 2023 | ||
Anti-dilutive securities | ||
Securities excluded from earnings per share calculation (in shares) | 84 | 84 |
Contingencies (Details)
Contingencies (Details) $ in Millions | Feb. 15, 2017USD ($)item | Mar. 31, 2020USD ($)lawsuitsubsidiaryplaintiff | Dec. 31, 2019USD ($) |
Contingencies | |||
Restricted cash accounts and investments | $ 531 | $ 558 | |
Macondo well incident | |||
Contingencies | |||
Amount of fines, recoveries and civil penalties | 124 | 124 | |
PSC Settlement Agreement | |||
Contingencies | |||
Settlement Agreement | $ 212 | ||
Number of classes of plaintiffs | item | 2 | ||
Cash payment into an escrow account pending approval by MDL Court | $ 125 | $ 125 | |
Asbestos litigation | |||
Contingencies | |||
Number of subsidiaries | subsidiary | 1 | ||
Number of claims | lawsuit | 201 | ||
Asbestos litigation | LA | |||
Contingencies | |||
Number of claims | plaintiff | 9 |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Financial instruments | ||
Long-term debt, including current maturities | $ 9,157 | $ 9,261 |
Carrying amount | ||
Financial instruments | ||
Cash and cash equivalents | 1,483 | 1,790 |
Restricted cash and cash equivalents | 531 | 558 |
Long-term debt, including current maturities | 9,157 | 9,261 |
Derivative instruments, assets | 1 | |
Derivative instruments, liabilities | 5 | |
Fair value | ||
Financial instruments | ||
Cash and cash equivalents | 1,483 | 1,790 |
Restricted cash and cash equivalents | 531 | 558 |
Long-term debt, including current maturities | 5,001 | 8,976 |
Derivative instruments, assets | $ 1 | |
Derivative instruments, liabilities | $ 5 |