Debt (Tables)

12 Months Ended

Dec. 31, 2016

Debt, net of unamortized discounts, premiums and fair value adjustments

The aggregate principal amounts and aggregate carrying amounts, net of debt‑related balances, including unamortized discounts, premiums, issue costs and fair value adjustments, of our debt were as follows (in millions):


	Principal amount				Carrying amount
	December 31,		December 31,		December 31,		December 31,
	2016		2015		2016		2015
5.05% Senior Notes due December 2016 (a)	$	—	$	975	$	—	$	973
2.50% Senior Notes due October 2017 (a)		485		570		484		568
Eksportfinans Loans due January 2018		123		217		123		216
6.00% Senior Notes due March 2018 (a)		754		789		757		789
7.375% Senior Notes due April 2018 (a)		211		237		211		236
6.50% Senior Notes due November 2020 (a)		508		900		513		911
6.375% Senior Notes due December 2021 (a)		552		1,150		549		1,143
3.80% Senior Notes due October 2022 (a)		539		734		534		726
9.00% Senior Notes due July 2023		1,250		—		1,211		—
7.75% Senior Secured Notes due October 2024		600		—		583		—
6.25% Senior Secured Notes due December 2024		625		—		609		—
7.45% Notes due April 2027 (a)		88		96		86		94
8.00% Debentures due April 2027 (a)		57		57		57		57
7.00% Notes due June 2028		300		300		308		309
Capital lease contract due August 2029		566		591		566		591
7.50% Notes due April 2031 (a)		588		593		585		589
6.80% Senior Notes due March 2038 (a)		1,000		1,000		991		991
7.35% Senior Notes due December 2041 (a)		300		300		297		297
Total debt		8,546		8,509		8,464		8,490
Less debt due within one year
5.05% Senior Notes due December 2016 (a)		—		975		—		973
2.50% Senior Notes due October 2017 (a)		485		—		484		—
Eksportfinans Loans due January 2018		98		96		98		97
7.75% Senior Secured Notes due October 2024		60		—		57		—
6.25% Senior Secured Notes due December 2024		63		—		60		—
Capital lease contract due August 2029		25		23		25		23
Total debt due within one year		731		1,094		724		1,093
Total long-term debt	$	7,815	$	7,415	$	7,740	$	7,397

(a)

Transocean Inc., a 100 percent owned subsidiary of Transocean Ltd., is the issuer of the notes and debentures. Transocean Ltd. has provided a full and unconditional guarantee of the notes and debentures and borrowings under an unsescured five‑year revolving credit facility (see “Five‑Year Revolving Credit Facility”). Transocean Ltd. has no independent assets or operations, and following the completion of certain restructuring transactions during the year ended December 31, 2016, its other subsidiaries not owned indirectly through Transocean Inc. were minor. Transocean Inc. has no independent assets and operations, other than those related to its investments in non‑guarantor operating companies and balances primarily pertaining to its cash and cash equivalents and debt. Except as discussed under “Indentures” and “Debt issuances—7.75% Senior Secured Notes and 6.25% Senior Secured Notes,” Transocean Ltd. and Transocean Inc. are not subject to any significant restrictions on their ability to obtain funds from their consolidated subsidiaries by dividends, loans or return of capital distributions.

Scheduled maturities of debt

Scheduled maturities—At December 31, 2016, the scheduled maturities of our debt were as follows (in millions):


	Total
Years ending December 31,
2017	$	731
2018		1,142
2019		155
2020		665
2021		712
Thereafter		5,141
Total debt, excluding debt-related balances		8,546
Total debt-related balances, net		(82)
Total debt	$	8,464

Schedule of tender offers


	Year ended
	December 31,
	2016

6.50% Senior Notes due November 2020	$	348
6.375% Senior Notes due December 2021		476
3.80% Senior Notes due October 2022		157
Aggregate principal amount retired	$	981

Aggregate cash payment	$	876
Aggregate net gain		104

Schedule of debt repurchases and redemptions

During the years ended December 31, 2016, 2015 and 2014, we repurchased in the open market or redeemed debt securities with aggregate principal amounts as follows (in millions):


	Years ended December 31,
		2016		2015		2014

4.95% Senior Notes due November 2015	$	—	$	893	$	207
5.05% Senior Notes due December 2016		36		25		—
2.50% Senior Notes due October 2017		85		180		—
6.00% Senior Notes due March 2018		35		211		—
7.375% Senior Notes due April 2018		26		10		—
6.50% Senior Notes due November 2020		44		—		—
6.375% Senior Notes due December 2021		122		50		—
3.80% Senior Notes due October 2022		38		16		—
7.45% Notes due April 2027		8		4		—
7.50% Notes due April 2031		5		7		—
Aggregate principal amount retired	$	399	$	1,396	$	207

Aggregate cash payment	$	354	$	1,372	$	216
Aggregate net gain (loss)		44		23		(9)