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Pension benefits (Tables)
12 Months Ended
Dec. 31, 2019
Retirement Benefits [Abstract]  
Schedule of consolidated balance sheet position
Consolidated Balance Sheet position
 
Successor

 
Successor

(In $ millions)
December 31, 2019

 
December 31, 2018

Accrued pension liabilities - Non-current liabilities
2

 
4

Less: Deferred tax (Asset)
(1
)
 
(1
)
Shareholders' equity
1

 
3

Schedule of annual pension cost
Annual pension cost
We record pension costs in the period during which the services are rendered by the employees.
 
Successor
 
 
Predecessor
(In $ millions)
Year ended December 31,
2019

 
Period from July 2, 2018 through December 31, 2018

 
 
Period from January 1, 2018 through July 1, 2018

 
Year ended December 31,
2017

Service cost
3

 
2

 
 
1

 
2

Interest cost on prior years’ benefit obligation
1

 
1

 
 

 
2

Gross pension cost for the year
4

 
3

 
 
1

 
4

Expected return on plan assets
(1
)
 
(1
)
 
 

 
(1
)
Net pension cost for the year
3

 
2

 
 
1

 
3

Impact of settlement/curtailment funded status

 

 
 

 
(1
)
Total net pension cost
3

 
2

 
 
1

 
2

Schedule of funded status of the defined benefit plan
The funded status of the defined benefit plan
 
Successor

 
Successor

(In $ millions)
December 31, 2019

 
December 31, 2018

Projected benefit obligations at end of period
40

 
37

Plan assets at market value
(39
)
 
(33
)
Accrued pension liabilities
1

 
4

Change in projected benefit obligations
Change in projected benefit obligations
 
Successor
 
 
Predecessor
(In $ millions)
December 31, 2019

 
December 31, 2018

 
 
June 30, 2018

Projected benefit obligations at beginning of period
37

 
36

 
 
38

Interest cost
1

 
1

 
 

Service cost
3

 
1

 
 
1

Benefits paid
(2
)
 
(1
)
 
 
(1
)
Change in unrecognized actuarial gain

 
2

 
 
(2
)
Foreign currency translations
1

 
(2
)
 
 

Projected benefit obligations at end of period
40

 
37

 
 
36

Change in pension plan assets
Change in pension plan assets
 
Successor
 
 
Predecessor
(In $ millions)
December 31, 2019

 
December 31, 2018

 
 
June 30, 2018

Fair value of plan assets at beginning of year
33

 
33

 
 
33

Estimated return
1

 
1

 
 

Contribution by employer
6

 

 
 
2

Administration charges

 

 
 

Benefits paid
(2
)
 
(1
)
 
 
(1
)
Actuarial gain

 
2

 
 
(1
)
Foreign currency translations
1

 
(2
)
 
 

Fair value of plan assets at end of year
39

 
33

 
 
33

Schedule of assumptions used in calculation of pension obligations
Assumptions used in calculation of pension obligations 
 
Successor
 
 
Predecessor
 
Year ended December 31,
2019

 
Period from July 2, 2018 through December 31, 2018

 
 
Period from January 1, 2018 through July 1, 2018

 
Year ended December 31,
2017

Rate of compensation increase at the end of year
2.25
%
 
2.75
%
 
 
2.50
%
 
2.50
%
Discount rate at the end of year
2.30
%
 
2.60
%
 
 
2.40
%
 
2.40
%
Prescribed pension index factor
2.00
%
 
2.00
%
 
 
2.00
%
 
1.50
%
Expected return on plan assets for the year
2.60
%
 
2.60
%
 
 
2.40
%
 
2.40
%
Employee turnover
4.00
%
 
4.00
%
 
 
4.00
%
 
4.00
%
Expected increases in Social Security Base
2.50
%
 
2.50
%
 
 
2.25
%
 
2.25
%
Schedule of weighted-average asset allocation of funds related to defined benefit plan
The weighted-average asset allocation of funds related to our defined benefit plan at December 31, was as follows:

Pension benefit plan assets  
 
Successor

 
 
Successor

 
December 31, 2019

 
 
December 31, 2018

Equity securities
13.6
%
 
 
12.7
%
Debt securities
58.4
%
 
 
70.0
%
Real estate
11.0
%
 
 
9.9
%
Money market
16.5
%
 
 
6.9
%
Other
0.5
%
 
 
0.5
%
Total
100.0
%
 
 
100.0
%
Schedule of expected annual pension plan contributions
The table below shows our expected annual pension plans contributions under defined benefit plans for the years ending December 31, 2020-2029. The expected payments are based on the assumptions used to measure our obligations at December 31, 2019 and include estimated future employee services. 
(In $ millions)
December 31, 2019

2020
4

2021
2

2022
2

2023
3

2024
2

2025-2029
13

Total payments expected during the next 10 years
26