Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2021

Schedule II - Valuation and Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Transocean Ltd. and Subsidiaries

Schedule II - Valuation and Qualifying Accounts

(In millions)

			Additions
					Charge to
	Balance at		Charge to cost		other						Balance at
	beginning of		and		accounts			Deductions			end of
	period		expenses		-describe			-describe			period
Year ended December 31, 2019
Reserves and allowances deducted from asset accounts:
Allowance for excess materials and supplies	$	134		3		—			10	(a)	$	127
Valuation allowance on deferred tax assets		681		37		—			2	(b)		716
Year ended December 31, 2020
Reserves and allowances deducted from asset accounts:
Allowance for credit losses	$	—		—		2	(c)		—		$	2
Allowance for excess materials and supplies		127		25		—			9	(a)		143
Valuation allowance on deferred tax assets		716		(31)		—			—			685
Year ended December 31, 2021
Reserves and allowances deducted from asset accounts:
Allowance for credit losses	$	2		—		—			—		$	2
Allowance for excess materials and supplies		143		43		—			3	(a)		183
Valuation allowance on deferred tax assets		685		1,167		—			32	(b)		1,820

(a) Amount related to materials and supplies on rigs and related assets sold or classified as held for sale.

(b) Amount related to adjustments to other deferred tax assets with valuation allowances.

(c) Amount related to an adjustment to the allowance for credit losses with a corresponding entry to accumulated deficit associated with our adoption of the accounting standards update that requires an entity to estimate an expected lifetime credit loss on financial assets ranging from short-term trade accounts receivable to long-term financings without retrospective application.