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Other current and non-current assets
12 Months Ended
Dec. 31, 2023
Other Assets [Abstract]  
Other current and non-current assets Other current and non-current assets
Other current assets
As of December 31, 2023 and 2022, other current assets included the following: 
(In $ millions)December 31, 2023December 31, 2022
Taxes receivable67 42 
Prepaid expenses54 37 
Deferred contract costs41 34 
Pre-funding of MSA manager arrangements23 — 
Favorable drilling and management services contracts30 
Other13 26 
Total other current assets199 169 
Other non-current assets
As of December 31, 2023 and 2022, other non-current assets included the following: 
(In $ millions)December 31, 2023December 31, 2022
Deferred contract costs44 77 
Favorable drilling and management services contracts— 12 
Other12 
Total other non-current assets56 93 
Favorable drilling contracts and management services contracts
The following tables summarize the movement in favorable drilling contracts and management services contracts for the year ended December 31, 2023 and the period from January 1, 2022 through February 22, 2022 (Predecessor) and from February 23, 2022 through December 31, 2022 (Successor):
 (In $ millions)
Gross carrying amountAccumulated amortizationNet carrying amount
As at January 1, 202396 (54)42 
PES disposal(13)— (13)
Aquadrill acquisition  
Amortization (35)(35)
As at December 31, 202390 (89)1 
 (In $ millions)
Gross Carrying AmountAccumulated amortizationNet carrying amount
As at January 1, 2022 (Predecessor)266 (257)9 
Balance before reorganization and fresh start adjustments266 (257)9 
Fresh Start accounting(170)257 87 
As at February 22, 2022 (Predecessor)96 — 96 
As at February 23, 2022 (Successor)96 — 96 
Amortization— (54)(54)
As at December 31, 2022 (Successor)96 (54)42 
In 2023, on acquiring Aquadrill, and in 2022, on emergence from Chapter 11 proceedings and on application of Fresh Start accounting, new favorable drilling contract and management service contract intangible assets were recognized. For further information refer to Note 31 – "Business combinations" and Note 5 – "Fresh Start Accounting" respectively. The amortization is recognized in the Consolidated Statements of Operations as "Depreciation and amortization". The remaining favorable drilling contracts and management services contracts will be fully amortized in 2024.