0001451505-23-000060 | 10-Q | XBRL Viewer

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating revenues
Contract drilling revenues	$ 649	$ 586
Revenue from Contract with Customer, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Costs and expenses
Operating and maintenance	$ 409	$ 412
Cost, Product and Service [Extensible List]	us-gaap:OilAndGasServiceMember	us-gaap:OilAndGasServiceMember
Depreciation and amortization	$ 182	$ 183
General and administrative	45	42
Total costs and expenses	636	637
Gain (loss) on disposal of assets, net	(170)	1
Operating loss	(157)	(50)
Other income (expense), net
Interest income	19	2
Interest expense, net of amounts capitalized	(249)	(102)
Loss on retirement of debt	(32)
Other, net	5	1
Total other income (expense), net	(257)	(99)
Loss before income tax expense	(414)	(149)
Income tax expense	51	26
Net loss	(465)	(175)
Net loss attributable to controlling interest	$ (465)	$ (175)
Loss per share, basic (in dollars per share)	$ (0.64)	$ (0.26)
Loss per share, diluted (in dollars per share)	$ (0.64)	$ (0.26)
Weighted-average shares, basic (in shares)	728	664
Weighted-average shares, diluted (in shares)	728	664

Revenues (Contract liabilities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Contract balances
Deferred contract revenues, recorded in other current liabilities	$ 145	$ 124
Deferred contract revenues, recorded in other long-term liabilities	189	204
Total contract liabilities	$ 334	$ 328	$ 337	$ 348

Debt (Exchange and Issue) (Details) $ / shares in Units, shares in Millions, $ in Millions	1 Months Ended	3 Months Ended
	Apr. 30, 2023 USD ($) shares	Mar. 31, 2023 USD ($) $ / shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt
Restricted cash and cash equivalents		$ 208.0		$ 308.0
Fair value adjustment to bifurcated compound exchange feature		133.0
Aggregate cash payment		1,402.0	$ 18.0
Proceeds from issuance of debt		$ 1,665.0
Transocean Inc \| Perestroika AS
Debt
Ownership interest held by minority interest (as a percent)	11.00%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Debt
Debt instrument interest rate stated percentage		4.00%
Debt conversion ratio		0.19047620
Debt conversion (in dollars per share) \| $ / shares		$ 5.25
Shares issuable (in shares)		56.0
Effective interest rate (as a percent)		6.90%
Fair value of debt		$ 436.0
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Debt
Debt instrument interest rate stated percentage		2.50%
Debt conversion ratio		0.16216260
Debt conversion (in dollars per share) \| $ / shares		$ 6.17
Shares issuable (in shares)		38.6
Effective interest rate (as a percent)		0.00%
Fair value of debt		$ 290.0
Shares issued upon conversion (in shares) \| shares	34.6
2.50% Senior Guaranteed Exchangeable Bonds due January 2027 \| Perestroika AS
Debt
Aggregate principal amount of debt issued in exchanges	$ 213.0
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Debt
Debt instrument interest rate stated percentage		4.625%
Debt conversion ratio		0.29066180
Debt conversion (in dollars per share) \| $ / shares		$ 3.44
Shares issuable (in shares)		87.2
Effective interest rate (as a percent)		18.30%
Fair value of debt		$ 643.0
Fair value adjustment to bifurcated compound exchange feature		133.0
Bifurcated compound exchange feature, at estimated fair value		$ 428.0		$ 295.0

Financial Instruments (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Financial instruments
Carrying amount of debt	$ 7,625	$ 7,347
Carrying amount
Financial instruments
Cash and cash equivalents	747	683
Restricted cash and cash equivalents	208	308
Long-term loans receivable from unconsolidated affiliates	41	41
Carrying amount of debt	7,625	7,347
Fair value
Financial instruments
Cash and cash equivalents	747	683
Restricted cash and cash equivalents	208	308
Long-term loans receivable from unconsolidated affiliates	43	43
Carrying amount of debt	$ 7,208	$ 6,412

Equity (Share Issuance) (Details) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2022 USD ($) shares
Equity
Proceeds from issuance of shares, net of issue costs	$ 103
ATM Program
Equity
Proceeds from issuance of shares, net of issue costs	$ 103
Issuance of shares (in shares) \| shares	20.2

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	Apr. 25, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Current Fiscal Year End Date	--12-31
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		766,448,046
Entity Central Index Key	0001451505
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false
Title of 12(b) Security	Shares
Trading Symbol	RIG
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash and cash equivalents	$ 747	$ 683
Accounts receivable, net of allowance of $2 at March 31, 2023 and December 31, 2022	499	485
Materials and supplies, net of allowance of $201 and $199 at March 31, 2023 and December 31, 2022, respectively	390	388
Restricted cash and cash equivalents	208	308
Other current assets	187	144
Total current assets	2,031	2,008
Property and equipment	23,996	24,217
Less accumulated depreciation	(6,876)	(6,748)
Property and equipment, net	17,120	17,469
Contract intangible assets	38	56
Deferred tax assets, net	17	13
Other assets	988	890
Total assets	20,194	20,436
Liabilities and equity
Accounts payable	246	281
Accrued income taxes	28	19
Debt due within one year	283	719
Other current liabilities	496	539
Total current liabilities	1,053	1,558
Long-term debt	7,342	6,628
Deferred tax liabilities, net	533	493
Other long-term liabilities	941	965
Total long-term liabilities	8,816	8,086
Commitments and contingencies
Shares, CHF 0.10 par value, 905,094,091 authorized, 142,362,093 conditionally authorized, 797,245,335 issued and 731,847,899 outstanding at March 31, 2023, and 905,093,509 authorized, 142,362,675 conditionally authorized, 797,244,753 issued and 721,888,427 outstanding at December 31, 2022	72	71
Additional paid-in capital	13,992	13,984
Accumulated deficit	(3,544)	(3,079)
Accumulated other comprehensive loss	(196)	(185)
Total controlling interest shareholders' equity	10,324	10,791
Noncontrolling interest	1	1
Total equity	10,325	10,792
Total liabilities and equity	$ 20,194	$ 20,436

Revenues (Changes) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Changes) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Changes to contract liabilities
Total contract liabilities, at beginning of period	$ 328	$ 348
Decrease due to recognition of revenues for goods and services	(34)	(26)
Increase due to goods and services transferred over time	40	15
Total contract liabilities, at end of period	$ 334	$ 337

Income Taxes (Provision) (Details) R$ in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)	Mar. 31, 2023 BRL (R$)	Mar. 31, 2022 USD ($)
Effective tax rate	(12.30%)	(12.30%)	(17.60%)
Income tax expense	$ 51		$ 26
Various discrete tax items expense (benefit)	$ (11)		$ (8)
Annual effective tax rate excluding discrete items (as a percent)	(29.00%)	(29.00%)	(22.80%)
Brazil \| Corporate income tax
Net adjustments of additional taxes, including interest and penalties	$ 133	R$ 675
Brazil \| Indirect tax
Net adjustments of additional taxes, including interest and penalties	$ 14	R$ 72

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Loss Per Share

3 Months Ended

Mar. 31, 2023

Loss per share

Loss per share

Note 8—Loss Per Share

The computation of basic and diluted loss per share was as follows (in millions, except per share data):


	Three months ended
	March 31,
	2023		2022
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest	$	(465)	$	(175)

Denominator for loss per share, basic and diluted
Weighted-average shares for per share calculation		728		664

Loss per share, basic and diluted	$	(0.64)	$	(0.26)

We excluded from the computation certain shares issuable as follows because the effect would have been antidilutive (in millions):


	Three months ended
	March 31,
	2023		2022
Exchangeable bonds		183.3		108.1
Share-based awards		23.8		17.6
Warrants		9.4		—

Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

Financial Instruments

Carrying amounts and fair values of the financial instruments


	March 31, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	747	$	747	$	683	$	683
Restricted cash and cash equivalents		208		208		308		308
Long-term loans receivable from unconsolidated affiliates		41		43		41		43
Total debt		7,625		7,208		7,347		6,412

Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Loss per share

Schedule of loss per share

The computation of basic and diluted loss per share was as follows (in millions, except per share data):


	Three months ended
	March 31,
	2023		2022
Numerator for loss per share, basic and diluted
Net loss attributable to controlling interest	$	(465)	$	(175)

Denominator for loss per share, basic and diluted
Weighted-average shares for per share calculation		728		664

Loss per share, basic and diluted	$	(0.64)	$	(0.26)

Schedule of antidilutive securities


	Three months ended
	March 31,
	2023		2022
Exchangeable bonds		183.3		108.1
Share-based awards		23.8		17.6
Warrants		9.4		—

Contingencies (Legal proceedings) (Details) - Asbestos litigation	Mar. 31, 2023 lawsuit plaintiff
Contingencies
Number of claims \| lawsuit	235
Louisiana
Contingencies
Number of claims	6
Illinois and Missouri
Contingencies
Number of claims	9

Equity

3 Months Ended

Mar. 31, 2023

Equity

Equity

Note 10—Equity

Share issuance—In the three months ended March 31, 2022, we received aggregate cash proceeds of $103 million, net of issue costs, for the aggregate sale of 20.2 million shares under the at-the-market equity offering program.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Name Accounting Standards Codification
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-Paragraph 13
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Contingencies

3 Months Ended

Mar. 31, 2023

Contingencies

Contingencies

Note 9—Contingencies

Legal proceedings

Asbestos litigation—In 2004, several of our subsidiaries were named, along with numerous other unaffiliated defendants, in complaints filed in the Circuit Courts of the State of Mississippi, and in 2014, a group of similar complaints were filed in Louisiana. The plaintiffs, former employees of some of the defendants, generally allege that the defendants used or manufactured asbestos containing drilling mud additives for use in connection with drilling operations, claiming negligence, products liability, strict liability and claims allowed under the Jones Act and general maritime law. The plaintiffs generally seek awards of unspecified compensatory and punitive damages, but the court appointed special master has ruled that a Jones Act employer defendant, such as us, cannot be sued for punitive damages. One of our subsidiaries was named in additional complaints filed in Illinois and Missouri, where the plaintiffs similarly allege that the defendants manufactured asbestos containing products or used asbestos-containing drilling mud additives in connection with land-based

drilling operations. As of March 31, 2023, six plaintiffs have claims pending in Louisiana and nine plaintiffs in the aggregate have claims pending in either Illinois or Missouri, in which we have or may have an interest. We intend to defend these lawsuits vigorously, although we can provide no assurance as to the outcome. We historically have maintained broad liability insurance, although we can provide no assurance as to whether insurance will cover the liabilities, if any, arising out of these claims. Based on our evaluation of the exposure to date, we do not expect the 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.

One of our subsidiaries was 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, 2023, the subsidiary was a defendant in approximately 235 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 December 2021, the subsidiary and certain insurers agreed to a settlement of outstanding disputes that provide the subsidiary with cash. An earlier settlement, achieved in September 2018, provided the subsidiary with cash and an annuity that begins making payments in 2024. Together with a coverage in place agreement with certain insurers and additional coverage issued by other insurers, we believe the subsidiary has sufficient resources 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—We are involved in various regulatory matters and a number of claims and lawsuits, asserted and unasserted, all of which have arisen in the ordinary course of our business. We do not expect the liability, if any, resulting from these other matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows. We cannot predict with certainty the outcome or effect of any of the litigation matters specifically described above or of any such other pending, threatened, or possible litigation or liability. We can provide no assurance that our beliefs or expectations as to the outcome or effect of any regulatory, lawsuit or other litigation matter will prove correct, and the eventual outcome of these matters could materially differ from management’s current estimates.

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 with respect to all environmental matters, including all related pending legal proceedings, asserted legal claims and known potential legal claims that are likely to be asserted, we do not expect the ultimate liability, if any, resulting from such matters to have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities
Net loss	$ (465)	$ (175)
Adjustments to reconcile to net cash used in operating activities:
Contract intangible asset amortization	18	29
Depreciation and amortization	182	183
Share-based compensation expense	9	7
(Gain) loss on disposal of assets, net	170	(1)
Fair value adjustment to bifurcated compound exchange feature	133
Loss on retirement of debt	32
Deferred income tax expense	36	23
Other, net	27	21
Changes in deferred revenues, net	6	(11)
Changes in deferred costs, net	(24)	(4)
Changes in other operating assets and liabilities, net	(171)	(73)
Net cash used in operating activities	(47)	(1)
Cash flows from investing activities
Capital expenditures	(81)	(106)
Investments in equity of unconsolidated affiliates	(10)	(15)
Proceeds from disposal of assets, net	1	1
Net cash used in investing activities	(90)	(120)
Cash flows from financing activities
Repayments of debt	(1,564)	(165)
Proceeds from issuance of debt, net of issue costs	1,665
Proceeds from issuance of shares, net of issue costs		103
Other, net		(3)
Net cash provided by (used in) financing activities	101	(65)
Net decrease in unrestricted and restricted cash and cash equivalents	(36)	(186)
Unrestricted and restricted cash and cash equivalents, beginning of period	991	1,412
Unrestricted and restricted cash and cash equivalents, end of period	$ 955	$ 1,226

Revenues (Pre-operating) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Pre-operating) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Revenues
Recognized pre-operating costs	$ 10	$ 12
Unrecognized pre-operating costs	$ 52		$ 26

Debt (Details) - USD ($) $ in Millions	Mar. 31, 2023	Jan. 31, 2023	Dec. 31, 2022
Principal amount
Debt due within one year	$ 228		$ 652
Long-term debt	6,930		6,311
Carrying amount
Total debt	7,625		7,347
Debt due within one year	283		719
Long-term debt	$ 7,342		6,628
0.50% Exchangeable Senior Bonds due January 2023
Principal amount
Total installments of debt			49
Debt due within one year			49
Carrying amount
Total debt			49
Debt due within one year			49
Debt instrument interest rate stated percentage	0.50%
5.375% Senior Secured Notes due May 2023
Principal amount
Total installments of debt			243
Debt due within one year			243
Carrying amount
Total debt			242
Debt due within one year			242
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Principal amount
Total installments of debt			352
Debt due within one year			83
Carrying amount
Total debt			350
Debt due within one year			81
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Principal amount
Total installments of debt			240
Debt due within one year			60
Carrying amount
Total debt			238
Debt due within one year			59
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Principal amount
Total installments of debt			250
Debt due within one year			62
Carrying amount
Total debt			248
Debt due within one year			61
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Principal amount
Total installments of debt			336
Debt due within one year			66
Carrying amount
Total debt			332
Debt due within one year			64
Debt instrument interest rate stated percentage	6.125%
7.25% Senior Notes due November 2025
Principal amount
Total installments of debt	$ 354		354
Carrying amount
Total debt	$ 351		351
Debt instrument interest rate stated percentage	7.25%
4.00% Senior Guaranteed Exchangeable Bonds due December 2025
Principal amount
Total installments of debt	$ 294		294
Carrying amount
Total debt	$ 273		271
Debt instrument interest rate stated percentage	4.00%
7.50% Senior Notes due January 2026
Principal amount
Total installments of debt	$ 569		569
Carrying amount
Total debt	$ 566		566
Debt instrument interest rate stated percentage	7.50%
2.50% Senior Guaranteed Exchangeable Bonds due January 2027
Principal amount
Total installments of debt	$ 238		238
Carrying amount
Total debt	262		265
Debt due within one year	$ 6		6
Debt instrument interest rate stated percentage	2.50%
11.50% Senior Guaranteed Notes due January 2027
Principal amount
Total installments of debt	$ 687		687
Carrying amount
Total debt	973		1,008
Debt due within one year	$ 71		70
Debt instrument interest rate stated percentage	11.50%
6.875% Senior Secured Notes due February 2027
Principal amount
Total installments of debt	$ 447		482
Debt due within one year	76		69
Carrying amount
Total debt	443		477
Debt due within one year	$ 74		67
Debt instrument interest rate stated percentage	6.875%
8.00% Senior Notes due February 2027
Principal amount
Total installments of debt	$ 612		612
Carrying amount
Total debt	$ 608		608
Debt instrument interest rate stated percentage	8.00%
7.45% Notes due April 2027
Principal amount
Total installments of debt	$ 52		52
Carrying amount
Total debt	$ 52		52
Debt instrument interest rate stated percentage	7.45%
8.00% Debentures due April 2027
Principal amount
Total installments of debt	$ 22		22
Carrying amount
Total debt	$ 22		22
Debt instrument interest rate stated percentage	8.00%
4.50% Shipyard Loans due September 2027
Principal amount
Total installments of debt	$ 439		439
Debt due within one year	35		20
Carrying amount
Total debt	393		389
Debt due within one year	$ 19		20
Debt instrument interest rate stated percentage	4.50%
8.375% Senior Secured Notes due February 2028
Principal amount
Total installments of debt	$ 525
Carrying amount
Total debt	$ 517
Debt instrument interest rate stated percentage	8.375%	8.375%
7.00% Notes due June 2028
Principal amount
Total installments of debt	$ 261		261
Carrying amount
Total debt	$ 264		264
Debt instrument interest rate stated percentage	7.00%
4.625% Senior Guaranteed Exchangeable Bonds due September 2029
Principal amount
Total installments of debt	$ 300		300
Carrying amount
Total debt	$ 576		440
Debt instrument interest rate stated percentage	4.625%
8.75% Senior Secured Notes Due February 2030
Principal amount
Total installments of debt	$ 1,175
Debt due within one year	117
Carrying amount
Total debt	1,150
Debt due within one year	$ 113
Debt instrument interest rate stated percentage	8.75%	8.75%
7.50% Notes due April 2031
Principal amount
Total installments of debt	$ 396		396
Carrying amount
Total debt	$ 394		394
Debt instrument interest rate stated percentage	7.50%
6.80% Senior Notes due March 2038
Principal amount
Total installments of debt	$ 610		610
Carrying amount
Total debt	$ 605		605
Debt instrument interest rate stated percentage	6.80%
7.35% Senior Notes due December 2041
Principal amount
Total installments of debt	$ 177		177
Carrying amount
Total debt	$ 176		176
Debt instrument interest rate stated percentage	7.35%
Principal installments
Principal amount
Total installments of debt	$ 7,158		$ 6,963

Debt (Credit Agreements) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Credit Agreements) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Debt
Aggregate cash payment to acquire property	$ 81	$ 106
Five-Year Revolving Credit Facility
Debt
Early maturity trigger, principal due within 91 days	200
Early maturity trigger available cash	250
Permitted commitment increase	$ 250
Commitment fee percentage at period end	0.75%
Credit facility amount outstanding	$ 0
Letters of credit issued and outstanding	8
Credit facility available borrowing capacity	765
Five-Year Revolving Credit Facility \| June 2022
Debt
Borrowing capacity, maximum	774
Five-Year Revolving Credit Facility \| June 2023
Debt
Borrowing capacity, maximum	$ 600
Five-Year Revolving Credit Facility \| Term SOFR
Debt
Spread on variable rate basis (as a percent)	0.10%
Interest rate, as adjusted (as a percent)	3.25%

Unconsolidated Affiliates

3 Months Ended

Mar. 31, 2023

Unconsolidated Affiliates

Unconsolidated Affiliates

Note 3—Unconsolidated Affiliates

We hold noncontrolling equity investments in various unconsolidated companies. In February 2023, we made a cash contribution of $10 million and a non-cash contribution of the ultra-deepwater floater Ocean Rig Olympia, which had been cold stacked, and related assets, with an estimated fair value of $85 million (see Note 5—Long-lived assets), in exchange for a noncontrolling ownership interest in Global Sea Mineral Resources NV (together with its subsidiaries, “GSR”), a Belgian company and leading developer of nodule collection technology, which is engaged in the development and exploration of deep-sea polymetallic nodules that contain metals critical to the growing renewable energy market. We estimated the fair value of the rig using projected discounted cash flows, and our estimate required us to use significant unobservable inputs, representative of Level 3 fair value measurements, including assumptions related to the future performance of the rig, projected demand for its services, rig availability and dayrates. At March 31, 2023, the aggregate carrying amount of our investment in GSR was $95 million. At March 31, 2023 and December 31, 2022, the carrying amount of our investment in Liquila Ventures Ltd., the unconsolidated variable interest entity that is constructing the ultra-deepwater floater Deepwater Aquila, was $15 million, recorded in other assets. At March 31, 2023 and December 31, 2022, the aggregate carrying amount of all of our equity investments in unconsolidated affiliates was $194 million and $113 million, respectively, recorded in other assets.

During the three months ended March 31, 2023, we incurred costs of approximately $40 million for Transocean Norge, primarily for contract preparation and upgrade shipyard costs, which are reimbursable from Orion Holdings (Cayman) Limited, the owner of the rig, to prepare for its next contract, which is expected to commence in May 2023. At March 31, 2023 and December 31, 2022, our accounts receivable from affiliates was $75 million and $32 million, respectively, recorded in other current assets.

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Millions	Mar. 31, 2023 USD ($) shares	Mar. 31, 2023 SFr / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2022 SFr / shares
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for doubtful accounts \| $	$ 2		$ 2
Materials and supplies, allowance for obsolescence \| $	$ 201		$ 199
Shares, CHF par value (in Swiss francs per share) \| SFr / shares		SFr 0.10		SFr 0.10
Shares, authorized	905,094,091		905,093,509
Shares, conditionally authorized	142,362,093		142,362,675
Shares, issued	797,245,335		797,244,753
Shares, outstanding	731,847,899		721,888,427

Long-Lived Assets (Tables)

3 Months Ended

Mar. 31, 2023

Long-Lived Assets

Changes in our construction work in progress, including capital expenditures and capitalized interest


	Three months ended
	March 31,
	2023		2022
Construction work in progress, beginning of period	$	1,195	$	1,017

Capital expenditures
Newbuild construction program		65		92
Other equipment and construction projects		16		14
Total capital expenditures		81		106
Changes in accrued capital additions		(4)		(12)

Property and equipment placed into service		(12)		(12)
Construction work in progress, end of period	$	1,260	$	1,099

Debt

3 Months Ended

Mar. 31, 2023

Debt

Debt

Note 6—Debt

Overview

Outstanding debt—The aggregate principal amounts and aggregate carrying amounts, including the contractual interest payments of previously restructured debt, a bifurcated compound exchange feature, and unamortized debt-related balances, such as discounts, premiums and issue costs, were as follows (in millions):


	Principal amount				Carrying amount
	March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022
0.50% Exchangeable Senior Bonds due January 2023	$	—	$	49	$	—	$	49
5.375% Senior Secured Notes due May 2023		—		243		—		242
5.875% Senior Secured Notes due January 2024		—		352		—		350
7.75% Senior Secured Notes due October 2024		—		240		—		238
6.25% Senior Secured Notes due December 2024		—		250		—		248
6.125% Senior Secured Notes due August 2025		—		336		—		332
7.25% Senior Notes due November 2025		354		354		351		351
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		294		294		273		271
7.50% Senior Notes due January 2026		569		569		566		566
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		238		238		262		265
11.50% Senior Guaranteed Notes due January 2027		687		687		973		1,008
6.875% Senior Secured Notes due February 2027		447		482		443		477
8.00% Senior Notes due February 2027		612		612		608		608
7.45% Notes due April 2027		52		52		52		52
8.00% Debentures due April 2027		22		22		22		22
4.50% Shipyard Loans due September 2027		439		439		393		389
8.375% Senior Secured Notes due February 2028		525		—		517		—
7.00% Notes due June 2028		261		261		264		264
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		300		300		576		440
8.75% Senior Secured Notes due February 2030		1,175		—		1,150		—
7.50% Notes due April 2031		396		396		394		394
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		7,158		6,963		7,625		7,347

Less debt due within one year
0.50% Exchangeable Senior Bonds due January 2023		—		49		—		49
5.375% Senior Secured Notes due May 2023		—		243		—		242
5.875% Senior Secured Notes due January 2024		—		83		—		81
7.75% Senior Secured Notes due October 2024		—		60		—		59
6.25% Senior Secured Notes due December 2024		—		62		—		61
6.125% Senior Secured Notes due August 2025		—		66		—		64
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		—		—		6		6
11.50% Senior Guaranteed Notes due January 2027		—		—		71		70
6.875% Senior Secured Notes due February 2027		76		69		74		67
4.50% Shipyard Loans due September 2027		35		20		19		20
8.75% Senior Secured Notes due February 2030		117		—		113		—
Total debt due within one year		228		652		283		719
Total long-term debt	$	6,930	$	6,311	$	7,342	$	6,628

Scheduled maturities—At March 31, 2023, scheduled maturities of our debt, including the principal installments and other installments, representing the contractual interest payments of previously restructured debt, were as follows (in millions):


	Principal		Other
	installments		installments		Total
Twelve months ending March 31,
2024	$	228	$	77	$	305
2025		355		77		432
2026		1,655		78		1,733
2027		2,147		78		2,225
2028		442		—		442
Thereafter		2,331		—		2,331
Total installments of debt	$	7,158	$	310		7,468
Total unamortized debt-related balances, net						(271)
Bifurcated compound exchange feature, at estimated fair value						428
Total carrying amount of debt					$	7,625

Credit agreement

Secured Credit Facility—As of March 31, 2023, we have a secured revolving credit facility established under a bank credit agreement (as amended from time to time, the “Secured Credit Facility”), which provides us with borrowing capacity of $774 million through June 22, 2023, which thereafter is reduced to $600 million through its scheduled maturity on June 22, 2025. We may borrow under the Secured Credit Facility at a forward-looking term rate based on the secured overnight financing rate (“Term SOFR”) plus a margin (the “Secured Credit Facility Margin”) and a Term SOFR spread adjustment of 0.10 percent. The Secured Credit Facility is subject to permitted extensions and certain early maturity triggers, including if on any date the aggregate amount of scheduled principal repayments of indebtedness, with certain exceptions, due within 91 days thereof is equal to or in excess of $200 million and available cash is less than $250 million. The Secured Credit Facility permits us to increase the aggregate amount of commitments by up to $250 million. At March 31, 2023, based on the credit rating of the Secured Credit Facility as of that date, the Secured Credit Facility Margin was 3.25 percent and the facility fee was 0.75 percent. At March 31, 2023, we had no borrowings outstanding, $8 million of letters of credit issued, and we had $765 million of available borrowing capacity under the Secured Credit Facility.

Exchangeable bonds

Exchange terms—At March 31, 2023, the (a) current exchange rates, expressed as the number of Transocean Ltd. shares per $1,000 note, (b) implied exchange prices per Transocean Ltd. share and (c) aggregate shares, expressed in millions, issuable upon exchange of our exchangeable bonds were as follows:


			Implied
	Exchange		exchange		Shares
	rate		price		issuable
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		190.47620		5.25		56.0
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		162.16260		6.17		38.6
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		290.66180		3.44		87.2

The exchange rates, presented above, are subject to adjustment upon the occurrence of certain events. The 4.00% senior guaranteed exchangeable bonds due December 2025 may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares. The 2.50% senior guaranteed exchangeable bonds due January 2027 (the “2.50% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders into Transocean Ltd. shares at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date. The 4.625% senior guaranteed exchangeable bonds due September 2029 (the “4.625% Senior Guaranteed Exchangeable Bonds”) may be exchanged by holders at any time prior to the close of business on the second business day immediately preceding the maturity date or redemption date and, at our election, such exchange may be settled by delivering cash, Transocean Ltd. shares or a combination of cash and shares.

Subsequent event—In April 2023, Perestroika (Cyprus) Ltd., an entity affiliated with one of our directors who beneficially owns approximately 11 percent of our shares, exchanged $213 million aggregate principal amount of the 2.50% Senior Guaranteed Exchangeable Bonds, under the terms of the indenture governing such bonds at the applicable exchange rate presented above. As part of the transaction governing the exchange, we delivered 34.6 million Transocean Ltd. shares and additional immaterial cash consideration to such exchanging holder. The director’s beneficial ownership of our shares resulting from these transactions did not change.

Effective interest rates and fair values—At March 31, 2023, the effective interest rates and estimated fair values of our exchangeable bonds were as follows (in millions, except effective interest rates):


	Effective		Fair
	interest rate		value
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		6.9%		436
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		0.0%		290
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%		643

The 4.625% Senior Guaranteed Exchangeable Bonds contain a compound exchange feature that, in addition to the exchange terms outlined above, requires us to pay holders a make-whole premium of future interest through March 30, 2028, for exchanges exercised during a redemption notice period. Such compound exchange feature must be bifurcated from the host debt instrument since it is not considered indexed to our stock. Accordingly, we recognize changes to the estimated fair value of the bifurcated compound exchange feature, recorded as a component of the carrying amount of debt, with a corresponding adjustment to interest expense. In the three months ended March 31, 2023, we recognized an unrealized loss of $133 million as an adjustment to the fair value of the bifurcated compound exchange feature. At March 31, 2023 and December 31, 2022, the carrying amount of the bifurcated compound exchange feature was $428 million and $295 million, respectively.

We estimated the fair values of the exchangeable debt instruments, including the exchange features, by employing a binomial lattice model using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads of our debt and the expected volatility of the market price for our shares.

Debt issuance

Senior secured notes—In January 2023, we issued $525 million aggregate principal amount of 8.375% senior secured notes due February 2028 (the “8.375% Senior Secured Notes”), and we received $516 million aggregate cash proceeds, net of issue costs. The 8.375% Senior Secured Notes are fully and unconditionally, jointly and severally, guaranteed by Transocean Ltd., Transocean Inc. and the subsidiary owner of the ultra-deepwater floater Deepwater Titan. The 8.375% Senior Secured Notes are secured by the assets and earnings associated with the collateral rig and the equity of the wholly owned subsidiary that owns or operates the collateral rig. Additionally, we are required to maintain certain balances in a restricted cash account to satisfy debt service requirements. We may redeem all or a portion of the 8.375% Senior Secured Notes on or prior to February 1, 2025 at a price equal to 100 percent of the aggregate principal amount plus a make whole premium, and subsequently, at specified redemption prices.

In January 2023, we issued $1.175 billion aggregate principal amount of 8.75% senior secured notes due February 2030 (the “8.75% Senior Secured Notes”), and we received $1.149 billion aggregate cash proceeds, net of issue costs. The 8.75% Senior Secured Notes are fully and unconditionally guaranteed on an unsecured basis by Transocean Ltd. and on a limited senior secured basis by certain of our wholly owned subsidiaries. The 8.75% Senior Secured Notes are secured by a lien on the ultra-deepwater floaters Deepwater Pontus, Deepwater Proteus and Deepwater Thalassa and the harsh environment floaters Transocean Enabler and Transocean Encourage, together with certain related assets. Additionally, we are required to maintain certain balances in a restricted cash account to satisfy debt service requirements. We may redeem all or a portion of the 8.75% Senior Secured Notes on or prior to February 15, 2026 at a price equal to 100 percent of the aggregate principal amount plus a make whole premium, and subsequently, at specified redemption prices.

Early debt retirement

During the three months ended March 31, 2023 and 2022, we redeemed and retired certain notes, for which the aggregate principal amounts, cash payments and recognized loss were as follows (in millions):


	Three months ended
	March 31,
	2023		2022
5.52% Senior Secured Notes due May 2022	$	—	$	18
5.375% Senior Secured Notes due May 2023		243		—
5.875% Senior Secured Notes due January 2024		311		—
7.75% Senior Secured Notes due October 2024		240		—
6.25% Senior Secured Notes due December 2024		250		—
6.125% Senior Secured Notes due August 2025		336		—
Aggregate principal amount of debt retired	$	1,380	$	18

Aggregate cash payment	$	1,402	$	18
Aggregate net loss	$	(32)	$	—

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Business (Details)	Mar. 31, 2023 item
Number of mobile offshore drilling units	37
Ultra-deepwater floaters
Number of mobile offshore drilling units	27
Number of mobile offshore drilling units under construction	1
Harsh environment floaters
Number of mobile offshore drilling units	10
Ultra Deepwater drillships
Number of mobile offshore drilling units under construction, noncontrolling interest	1

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Millions	Total controlling interest shareholders' equity	Shares	Additional paid-in capital	Accumulated deficit	Accumulated other comprehensive loss	Noncontrolling interest	Total
Balance at Dec. 31, 2021	$ 11,205	$ 64	$ 13,683	$ (2,458)	$ (84)	$ 1	$ 11,206
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss							(185)
Total comprehensive loss attributable to controlling interest	(185)						(185)
Share-based compensation	7		7				7
Issuance of shares	103	3	100				103
Net loss attributable to controlling interest				(175)			(175)
Other comprehensive income (loss) attributable to controlling interest					(10)		(10)
Balance at Mar. 31, 2022	11,130	67	13,790	(2,633)	(94)	1	11,131
Balance at Dec. 31, 2022	10,791	71	13,984	(3,079)	(185)	1	10,792
Increase (Decrease) in Shareholders' Equity
Total comprehensive loss							(476)
Total comprehensive loss attributable to controlling interest	(476)						(476)
Share-based compensation	9		9				9
Issuance of shares		1	(1)
Net loss attributable to controlling interest				(465)			(465)
Other comprehensive income (loss) attributable to controlling interest					(11)		(11)
Balance at Mar. 31, 2023	$ 10,324	$ 72	$ 13,992	$ (3,544)	$ (196)	$ 1	$ 10,325

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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- Definition

Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.

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+ Details

Business

3 Months Ended

Mar. 31, 2023

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. As of March 31, 2023, we owned or had partial ownership interests in and operated a fleet of 37 mobile offshore drilling units, consisting of 27 ultra-deepwater floaters and 10 harsh environment floaters. As of March 31, 2023, we were constructing one ultra-deepwater drillship and held a noncontrolling ownership interest in a company that is constructing one ultra-deepwater drillship.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Taxes

Income Taxes

Note 7—Income Taxes

Tax provision and rate—In the three months ended March 31, 2023 and 2022, our effective tax rate was (12.3) percent and (17.6) percent, respectively, based on loss before income tax expense. In the three months ended March 31, 2023 and 2022, the effect of various discrete period tax items was a net tax benefit of $11 million and $8 million, respectively, and the increase of such tax benefit was primarily due to releases of uncertain tax positions in the current-year period. In the three months ended March 31, 2023, such discrete items included expiration of various uncertain tax positions and changes to valuation allowances. In the three months ended March 31, 2022, such discrete items included expiration of various uncertain tax positions. In the three months ended March 31, 2023 and 2022, our effective tax rate, excluding discrete items, was (29.0) percent and (22.8) percent, respectively, based on loss before income tax expense.

Tax positions and returns—We conduct operations through our various subsidiaries in countries throughout the world. Each country has its own tax regimes with varying nominal rates, deductions and tax attributes that are subject to changes resulting from new legislation, interpretation or guidance. From time to time, as a result of these changes, we may revise previously evaluated tax positions, which could cause us to adjust our recorded tax assets and liabilities. Tax authorities in certain jurisdictions are examining our tax returns and, in some cases, have issued assessments. We intend to defend our tax positions vigorously. Although we can provide no assurance as to the outcome of the aforementioned changes, examinations or assessments, we do not expect the ultimate liability to have a material adverse effect on our condensed consolidated statement of financial position or results of operations; however, it could have a material adverse effect on our condensed consolidated statement of cash flows.

Brazil tax investigations—In December 2005, the Brazilian tax authorities began issuing tax assessments with respect to our tax returns for the years 2000 through 2004. In May 2014, the Brazilian tax authorities issued an additional tax assessment for the years 2009 and 2010. We filed protests with the Brazilian tax authorities for the assessments and are engaged in the appeals process, and a portion of two cases were favorably closed. As of March 31, 2023, the remaining aggregate tax assessment, including interest and penalties, was for corporate income tax of BRL 675 million, equivalent to approximately $133 million, and indirect tax of BRL 72 million, equivalent to approximately $14 million. We believe our returns are materially correct as filed, and we are vigorously contesting these assessments. An unfavorable outcome on these proposed assessments could have a material adverse effect on our condensed consolidated statement of financial position, results of operations or cash flows.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Financial Instruments

3 Months Ended

Mar. 31, 2023

Financial Instruments

Financial Instruments

Note 11—Financial Instruments

Overview—The carrying amounts and fair values of our financial instruments were as follows (in millions):


	March 31, 2023				December 31, 2022
	Carrying		Fair		Carrying		Fair
	amount		value		amount		value
Cash and cash equivalents	$	747	$	747	$	683	$	683
Restricted cash and cash equivalents		208		208		308		308
Long-term loans receivable from unconsolidated affiliates		41		43		41		43
Total debt		7,625		7,208		7,347		6,412

Cash and cash equivalents—Our cash and cash equivalents are primarily invested in demand deposits, short-term time deposits and money market funds. The carrying amount of our cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

Restricted cash and cash equivalents—Our restricted cash and cash equivalents, which are subject to restrictions due to collateral requirements, legislation, regulation or court order, are primarily invested in demand deposits and money market funds. The carrying amount of our restricted cash and cash equivalents represents the historical cost, plus accrued interest, which approximates fair value because of the short maturities of the instruments.

Long-term loans receivable from unconsolidated affiliates—The carrying amount of our long-term loans receivable from unconsolidated affiliates, recorded in other assets, represents the principal amount of the cash investment. We estimated the fair value of our long-term loans receivable from unconsolidated affiliates using significant unobservable inputs, representative of Level 3 fair value measurements, including the terms and credit spreads for the instruments.

Total debt—The carrying amount of our total debt represents the principal amount, contractual interest payments of previously restructured debt and unamortized discounts, premiums and issue costs. The carrying amount and fair value of our total debt includes amounts related to certain exchangeable debt instruments (see Note 6—Debt). We estimated the fair value of our total debt using significant other observable inputs, representative of Level 2 fair value measurements, including the terms and credit spreads for the instruments and, with respect to the exchangeable debt instruments, the expected volatility of the market price for our shares.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Net loss	$ (465)	$ (175)
Net loss attributable to controlling interest	(465)	(175)
Components of net periodic benefit costs before reclassifications	(11)	(11)
Components of net periodic benefit costs reclassified to net loss		1
Other comprehensive loss before income taxes	(11)	(10)
Other comprehensive loss	(11)	(10)
Other comprehensive loss attributable to controlling interest	(11)	(10)
Total comprehensive loss	(476)	(185)
Total comprehensive loss attributable to controlling interest	$ (476)	$ (185)

Long-Lived Assets (Disposal) (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Dispositions
Gain (loss) on the sale of assets	$ (170)	$ 1
Assets contributed, not discontinued operations \| Rig sales
Dispositions
Gain (loss) on the sale of assets	$ (169)
Gain (loss) on the sale of assets per diluted share	$ (0.23)
Gain (loss) on disposal of assets, tax effect	$ 0

Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share
Net loss attributable to controlling interest	$ (465)	$ (175)
Weighted-average shares for per share calculation, basic (in shares)	728.0	664.0
Weighted-average shares for per share calculation, diluted (in shares)	728.0	664.0
Loss per share, basic (in dollars per share)	$ (0.64)	$ (0.26)
Loss per share, diluted (in dollars per share)	$ (0.64)	$ (0.26)
Convertible debt
Earnings per share
Securities excluded from earnings per share calculation (in shares)	183.3	108.1
Share-based awards
Earnings per share
Securities excluded from earnings per share calculation (in shares)	23.8	17.6
Warrant
Earnings per share
Securities excluded from earnings per share calculation (in shares)	9.4

Unconsolidated Affiliates (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Unconsolidated Affiliates (Details) - USD ($) $ in Millions	Feb. 28, 2023	Mar. 31, 2023	Dec. 31, 2022
Investments
Aggregate carrying amount of equity investment		$ 194	$ 113
Global Sea Mineral Resources
Investments
Equity method investment payment	$ 10
Equity investment non-cash contribution	$ 85
Aggregate carrying amount of equity investment		95
Liquila
Investments
Aggregate carrying amount of equity investment		15	15
Orion/Transocean Norge
Investments
Accounts receivable from affiliates		75	$ 32
Related party transaction		$ 40

Significant Accounting Policies (Policies)	3 Months Ended
Significant Accounting Policies (Policies)	Mar. 31, 2023
Significant Accounting Policies
Presentation	Presentation—We prepared our accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission. Pursuant to such rules and regulations, these financial statements do not include all disclosures required by accounting principles generally accepted in the U.S. for complete financial statements. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. Such adjustments are considered to be of a normal recurring nature unless otherwise noted. Operating results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future period. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto as of December 31, 2022 and 2021, and for each of the three years in the period ended December 31, 2022, included in our annual report on Form 10-K filed on February 23, 2023.
Accounting estimates	Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must make judgments by applying estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to our income taxes, property and equipment, equity investments, contingencies, allowance for excess materials and supplies, intangibles, postemployment benefit plans and share-based compensation. We base our estimates and assumptions on historical experience and other factors that we believe are reasonable. Actual results could differ from such estimates.
Fair value measurements	Fair value measurements—We estimate fair value at an exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) significant observable inputs, including unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) significant other observable inputs, including direct or indirect market data for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) significant unobservable inputs, including those that require considerable judgment for which there is little or no market data (“Level 3”). When a valuation requires multiple input levels, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable.

Revenues

3 Months Ended

Mar. 31, 2023

Revenues

Revenues

Note 4—Revenues

Overview—Our drilling services represent a single performance obligation under most of our drilling contracts with customers that is satisfied over time, the duration of which varies by contract. As of March 31, 2023, the drilling contract with the longest expected remaining duration, excluding unexercised options, extends through July 2029.

Disaggregation—Our contract drilling revenues, disaggregated by asset group and by country in which they were earned, were as follows (in millions):


	Three months ended March 31, 2023						Three months ended March 31, 2022
	Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total
U.S.	$	352	$	—	$	352	$	268	$	—	$	268
Norway		—		148		148		—		193		193
Other countries (a)		132		17		149		122		3		125
Total contract drilling revenues	$	484	$	165	$	649	$	390	$	196	$	586

(a)The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.

Contract liabilities—Contract liabilities for our contracts with customers were as follows (in millions):


	March 31,		December 31,
	2023		2022
Deferred contract revenues, recorded in other current liabilities	$	145	$	124
Deferred contract revenues, recorded in other long-term liabilities		189		204
Total contract liabilities	$	334	$	328

Significant changes in contract liabilities were as follows (in millions):


	Three months ended
	March 31,
	2023		2022
Total contract liabilities, beginning of period	$	328	$	348
Decrease due to recognition of revenues for goods and services		(34)		(26)
Increase due to goods and services transferred over time		40		15
Total contract liabilities, end of period	$	334	$	337

Pre-operating costs—In the three months ended March 31, 2023 and 2022, we recognized pre-operating costs of $10 million and $12 million, respectively, recorded in operating and maintenance costs. At March 31, 2023 and December 31, 2022, the carrying amount of our unrecognized pre-operating costs to obtain contracts was $52 million and $26 million, respectively, recorded in other assets.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI https://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130554-203045

+ Details

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of debt


	Principal amount				Carrying amount
	March 31,		December 31,		March 31,		December 31,
	2023		2022		2023		2022
0.50% Exchangeable Senior Bonds due January 2023	$	—	$	49	$	—	$	49
5.375% Senior Secured Notes due May 2023		—		243		—		242
5.875% Senior Secured Notes due January 2024		—		352		—		350
7.75% Senior Secured Notes due October 2024		—		240		—		238
6.25% Senior Secured Notes due December 2024		—		250		—		248
6.125% Senior Secured Notes due August 2025		—		336		—		332
7.25% Senior Notes due November 2025		354		354		351		351
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		294		294		273		271
7.50% Senior Notes due January 2026		569		569		566		566
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		238		238		262		265
11.50% Senior Guaranteed Notes due January 2027		687		687		973		1,008
6.875% Senior Secured Notes due February 2027		447		482		443		477
8.00% Senior Notes due February 2027		612		612		608		608
7.45% Notes due April 2027		52		52		52		52
8.00% Debentures due April 2027		22		22		22		22
4.50% Shipyard Loans due September 2027		439		439		393		389
8.375% Senior Secured Notes due February 2028		525		—		517		—
7.00% Notes due June 2028		261		261		264		264
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		300		300		576		440
8.75% Senior Secured Notes due February 2030		1,175		—		1,150		—
7.50% Notes due April 2031		396		396		394		394
6.80% Senior Notes due March 2038		610		610		605		605
7.35% Senior Notes due December 2041		177		177		176		176
Total debt		7,158		6,963		7,625		7,347

Less debt due within one year
0.50% Exchangeable Senior Bonds due January 2023		—		49		—		49
5.375% Senior Secured Notes due May 2023		—		243		—		242
5.875% Senior Secured Notes due January 2024		—		83		—		81
7.75% Senior Secured Notes due October 2024		—		60		—		59
6.25% Senior Secured Notes due December 2024		—		62		—		61
6.125% Senior Secured Notes due August 2025		—		66		—		64
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		—		—		6		6
11.50% Senior Guaranteed Notes due January 2027		—		—		71		70
6.875% Senior Secured Notes due February 2027		76		69		74		67
4.50% Shipyard Loans due September 2027		35		20		19		20
8.75% Senior Secured Notes due February 2030		117		—		113		—
Total debt due within one year		228		652		283		719
Total long-term debt	$	6,930	$	6,311	$	7,342	$	6,628

Scheduled maturities of debt


	Principal		Other
	installments		installments		Total
Twelve months ending March 31,
2024	$	228	$	77	$	305
2025		355		77		432
2026		1,655		78		1,733
2027		2,147		78		2,225
2028		442		—		442
Thereafter		2,331		—		2,331
Total installments of debt	$	7,158	$	310		7,468
Total unamortized debt-related balances, net						(271)
Bifurcated compound exchange feature, at estimated fair value						428
Total carrying amount of debt					$	7,625

Schedule of debt retirements


	Three months ended
	March 31,
	2023		2022
5.52% Senior Secured Notes due May 2022	$	—	$	18
5.375% Senior Secured Notes due May 2023		243		—
5.875% Senior Secured Notes due January 2024		311		—
7.75% Senior Secured Notes due October 2024		240		—
6.25% Senior Secured Notes due December 2024		250		—
6.125% Senior Secured Notes due August 2025		336		—
Aggregate principal amount of debt retired	$	1,380	$	18

Aggregate cash payment	$	1,402	$	18
Aggregate net loss	$	(32)	$	—

Exchanged

Schedule of debt


			Implied
	Exchange		exchange		Shares
	rate		price		issuable
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		190.47620		5.25		56.0
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		162.16260		6.17		38.6
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		290.66180		3.44		87.2


	Effective		Fair
	interest rate		value
4.00% Senior Guaranteed Exchangeable Bonds due December 2025		6.9%		436
2.50% Senior Guaranteed Exchangeable Bonds due January 2027		0.0%		290
4.625% Senior Guaranteed Exchangeable Bonds due September 2029		18.3%		643

Long-Lived Assets (Details) - USD ($) $ in Millions	3 Months Ended
Long-Lived Assets (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	$ 81	$ 106
Changes in accrued capital additions	(4)	(12)
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	1,195	1,017
Construction work in progress, at end of period	1,260	1,099
New builds
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	65	92
Other property and equipment
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Total capital expenditures	16	14
Property and equipment placed into service
Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest
Property and equipment placed into service	$ (12)	$ (12)

Debt (Maturities) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Total Installments
Scheduled maturities of debt
2024	$ 305
2025	432
2026	1,733
2027	2,225
2028	442
Thereafter	2,331
Total installments of debt	7,468
Total unamortized debt-related balances, net	(271)
Bifurcated compound exchange feature, at estimated fair value	428
Total carrying amount of debt	7,625
Principal installments
Scheduled maturities of debt
2024	228
2025	355
2026	1,655
2027	2,147
2028	442
Thereafter	2,331
Total installments of debt	7,158	$ 6,963
Other installments
Scheduled maturities of debt
2024	77
2025	77
2026	78
2027	78
Total installments of debt	$ 310

Debt (Debt issuance) (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended
Debt (Debt issuance) (Details) - USD ($) $ in Millions	Jan. 31, 2023	Mar. 31, 2023	Mar. 31, 2022
Debt
Proceeds from issuance of debt		$ 1,665
Aggregate cash payment		$ 1,402	$ 18
8.375% Senior Secured Notes due February 2028
Debt
Debt instrument face value	$ 525
Debt instrument interest rate stated percentage	8.375%	8.375%
Proceeds from issuance of debt	$ 516
Redemption price of debt instrument (as a percent)	100.00%
8.75% Senior Secured Notes Due February 2030
Debt
Debt instrument face value	$ 1,175
Debt instrument interest rate stated percentage	8.75%	8.75%
Proceeds from issuance of debt	$ 1,149
Redemption price of debt instrument (as a percent)	100.00%

Long- Lived Assets

3 Months Ended

Mar. 31, 2023

Long-Lived Assets

Long -Lived Assets

Note 5—Long-Lived Assets

Construction work in progress—The changes in our construction work in progress were as follows (in millions):


	Three months ended
	March 31,
	2023		2022
Construction work in progress, beginning of period	$	1,195	$	1,017

Capital expenditures
Newbuild construction program		65		92
Other equipment and construction projects		16		14
Total capital expenditures		81		106
Changes in accrued capital additions		(4)		(12)

Property and equipment placed into service		(12)		(12)
Construction work in progress, end of period	$	1,260	$	1,099

Disposal—In February 2023, in connection with our investment in a noncontrolling ownership interest in GSR, we made a non-cash contribution of the cold stacked ultra-deepwater floater Ocean Rig Olympia and related assets, and in the three months ended March 31, 2023, we recognized a loss of $169 million ($0.23 per diluted share), which had no tax effect, associated with the disposal of the rig and related assets. See Note 3—Unconsolidated affiliates.

Debt (Settled) (Details) - USD ($) $ in Millions	3 Months Ended
Debt (Settled) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Debt
Aggregate principal amount of debt retired	$ 1,380	$ 18
Aggregate cash payment	1,402	18
Aggregate net loss	(32)
Repayments of debt	$ 1,564	165
5.52% Senior Secured Notes due May 2022
Debt
Aggregate principal amount of debt retired		$ 18
Debt instrument interest rate stated percentage	5.52%
5.375% Senior Secured Notes due May 2023
Debt
Aggregate principal amount of debt retired	$ 243
Debt instrument interest rate stated percentage	5.375%
5.875% Senior Secured Notes due January 2024
Debt
Aggregate principal amount of debt retired	$ 311
Debt instrument interest rate stated percentage	5.875%
7.75% Senior Secured Notes due October 2024
Debt
Aggregate principal amount of debt retired	$ 240
Debt instrument interest rate stated percentage	7.75%
6.25% Senior Secured Notes due December 2024
Debt
Aggregate principal amount of debt retired	$ 250
Debt instrument interest rate stated percentage	6.25%
6.125% Senior Secured Notes due August 2025
Debt
Aggregate principal amount of debt retired	$ 336
Debt instrument interest rate stated percentage	6.125%

Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Significant Accounting Policies

Significant Accounting Policies

Note 2—Significant Accounting Policies

Presentation—We prepared our accompanying unaudited condensed consolidated financial statements in accordance with accounting principles generally accepted in the United States (“U.S.”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission. Pursuant to such rules and regulations, these financial statements do not include all disclosures required by accounting principles generally accepted in the U.S. for complete financial statements. The condensed consolidated financial statements reflect all adjustments, which are, in the opinion of management, necessary for a fair presentation of financial position, results of operations and cash flows for the interim periods. Such adjustments are considered to be of a normal recurring nature unless otherwise noted. Operating results for the three months ended March 31, 2023, are not necessarily indicative of the results that may be expected for the year ending December 31, 2023, or for any future period. The accompanying condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto as of December 31, 2022 and 2021, and for each of the three years in the period ended December 31, 2022, included in our annual report on Form 10-K filed on February 23, 2023.

Accounting estimates—To prepare financial statements in accordance with accounting principles generally accepted in the U.S., we must make judgments by applying estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosures of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates and assumptions, including those related to our income taxes, property and equipment, equity investments, contingencies, allowance for excess materials and supplies, intangibles, postemployment benefit plans and share-based compensation. We base our estimates and assumptions on historical experience and other factors that we believe are reasonable. Actual results could differ from such estimates.

Fair value measurements—We estimate fair value at an exchange price that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. Our valuation techniques require inputs that we categorize using a three-level hierarchy, from highest to lowest level of observable inputs, as follows: (1) significant observable inputs, including unadjusted quoted prices for identical assets or liabilities in active markets (“Level 1”), (2) significant other observable inputs, including direct or indirect market data for similar assets or liabilities in active markets or identical assets or liabilities in less active markets (“Level 2”) and (3) significant unobservable inputs, including those that require considerable judgment for which there is little or no market data (“Level 3”). When a valuation requires multiple input levels, we categorize the entire fair value measurement according to the lowest level of input that is significant to the measurement even though we may have also utilized significant inputs that are more readily observable.

Revenues (Disaggregation) (Details) - USD ($) $ in Millions	3 Months Ended
Revenues (Disaggregation) (Details) - USD ($) $ in Millions	Mar. 31, 2023	Mar. 31, 2022
Revenue
Contract drilling revenues	$ 649	$ 586
U.S.
Revenue
Contract drilling revenues	352	268
Norway
Revenue
Contract drilling revenues	148	193
Other Countries
Revenue
Contract drilling revenues	149	125
Ultra-deepwater floaters
Revenue
Contract drilling revenues	484	390
Ultra-deepwater floaters \| U.S.
Revenue
Contract drilling revenues	352	268
Ultra-deepwater floaters \| Other Countries
Revenue
Contract drilling revenues	132	122
Harsh environment floaters
Revenue
Contract drilling revenues	165	196
Harsh environment floaters \| Norway
Revenue
Contract drilling revenues	148	193
Harsh environment floaters \| Other Countries
Revenue
Contract drilling revenues	$ 17	$ 3

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
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+ Details

Revenues (Tables)

3 Months Ended

Mar. 31, 2023

Revenues

Schedule of revenue disaggregation


	Three months ended March 31, 2023						Three months ended March 31, 2022
	Ultra-		Harsh				Ultra-		Harsh
	deepwater		environment				deepwater		environment
	floaters		floaters		Total		floaters		floaters		Total
U.S.	$	352	$	—	$	352	$	268	$	—	$	268
Norway		—		148		148		—		193		193
Other countries (a)		132		17		149		122		3		125
Total contract drilling revenues	$	484	$	165	$	649	$	390	$	196	$	586

(a)The aggregate contract drilling revenues earned in other countries that individually represented less than 10 percent of total contract drilling revenues.

Schedule of contract balances and changes

Contract liabilities—Contract liabilities for our contracts with customers were as follows (in millions):


	March 31,		December 31,
	2023		2022
Deferred contract revenues, recorded in other current liabilities	$	145	$	124
Deferred contract revenues, recorded in other long-term liabilities		189		204
Total contract liabilities	$	334	$	328

Significant changes in contract liabilities were as follows (in millions):


	Three months ended
	March 31,
	2023		2022
Total contract liabilities, beginning of period	$	328	$	348
Decrease due to recognition of revenues for goods and services		(34)		(26)
Increase due to goods and services transferred over time		40		15
Total contract liabilities, end of period	$	334	$	337