v2.4.0.8

Condensed Consolidating Financial Information | 12 Months Ended
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Dec. 31, 2013
Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information | Note 24—Condensed Consolidating Financial Information Transocean Inc., a wholly owned subsidiary of Transocean Ltd., is the issuer of certain notes and debentures, which have been guaranteed by Transocean Ltd. Transocean Ltd.’s guarantee of debt securities of Transocean Inc. is full and unconditional. Transocean Ltd. is not subject to any significant restrictions on its ability to obtain funds by dividends, loans or return of capital distributions from its consolidated subsidiaries. The following tables present condensed consolidating financial information for (a) Transocean Ltd. (the “Parent Guarantor”), (b) Transocean Inc. (the “Subsidiary Issuer”), and (c) the other direct and indirect wholly owned and partially owned subsidiaries of the Parent Guarantor, none of which guarantee any indebtedness of the Subsidiary Issuer (the “Other Subsidiaries”). The tables include the consolidating adjustments necessary to present the condensed financial statements on a consolidated basis. The condensed consolidating financial information may not necessarily be indicative of the results of operations, financial position or cash flows had the subsidiaries operated as independent entities.
|  | Year ended December 31, 2013 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Operating revenues |  | $ | 18 |  | $ | — |  | $ | 9,468 |  | $ | (2 | ) | $ | 9,484 |
Cost and expenses |  | 47 |  | 9 |  | 7,132 |  | (2 | ) | 7,186 |
Loss on impairment |  | — |  | — |  | (81 | ) | — |  | (81 | )
Gain on disposal of assets, net |  | — |  | — |  | 7 |  | — |  | 7 |
Operating income (loss) |  | (29 | ) | (9 | ) | 2,262 |  | — |  | 2,224 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |
Interest income (expense), net |  | (15 | ) | (538 | ) | 21 |  | — |  | (532 | )
Equity in earnings |  | 1,450 |  | 2,112 |  | — |  | (3,562 | ) | — |
Other, net |  | 1 |  | (15 | ) | (14 | ) | — |  | (28 | )
|  | 1,436 |  | 1,559 |  | 7 |  | (3,562 | ) | (560 | )
Income from continuing operations before income tax expense |  | 1,407 |  | 1,550 |  | 2,269 |  | (3,562 | ) | 1,664 |
Income tax expense |  | — |  | — |  | 258 |  | — |  | 258 |
Income from continuing operations |  | 1,407 |  | 1,550 |  | 2,011 |  | (3,562 | ) | 1,406 |
Gain (loss) from discontinued operations, net of tax |  | — |  | (97 | ) | 98 |  | — |  | 1 |
Net Income |  | 1,407 |  | 1,453 |  | 2,109 |  | (3,562 | ) | 1,407 |
Net income attributable to noncontrolling interest |  | — |  | — |  | — |  | — |  | — |
Net income attributable to controlling interest |  | 1,407 |  | 1,453 |  | 2,109 |  | (3,562 | ) | 1,407 |
Other comprehensive income before income taxes |  | 3 |  | 238 |  | 19 |  | — |  | 260 |
Income taxes related to other comprehensive loss |  | — |  | — |  | 2 |  | — |  | 2 |
Other comprehensive income, net of income taxes |  | 3 |  | 238 |  | 21 |  | — |  | 262 |
Total comprehensive income |  | 1,410 |  | 1,691 |  | 2,130 |  | (3,562 | ) | 1,669 |
Total comprehensive income attributable to noncontrolling interest |  |  |  | — |  | 3 |  | — |  | 3 |
Total comprehensive income attributable to controlling interest |  | $ | 1,410 |  | $ | 1,691 |  | $ | 2,127 |  | $ | (3,562 | ) | $ | 1,666 |
|  | Year ended December 31, 2012 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Operating revenues |  | $ | — |  | $ | 5 |  | $ | 9,213 |  | $ | (22 | ) | $ | 9,196 |
Cost and expenses |  | 54 |  | 16 |  | 7,463 |  | (22 | ) | 7,511 |
Loss on impairment |  | — |  | — |  | (140 | ) | — |  | (140 | )
Gain on disposal of assets, net |  | — |  | — |  | 36 |  | — |  | 36 |
Operating income (loss) |  | (54 | ) | (11 | ) | 1,646 |  | — |  | 1,581 |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | (12 | ) | (576 | ) | (79 | ) | — |  | (667 | )
Equity in earnings |  | (153 | ) | 402 |  | — |  | (249 | ) | — |
Other, net |  | — |  | (4 | ) | (44 | ) | — |  | (48 | )
|  | (165 | ) | (178 | ) | (123 | ) | (249 | ) | (715 | )
Income (loss) from continuing operations before income tax expense |  | (219 | ) | (189 | ) | 1,523 |  | (249 | ) | 866 |
Income tax expense |  | — |  | — |  | 50 |  | — |  | 50 |
Income (loss) from continuing operations |  | (219 | ) | (189 | ) | 1,473 |  | (249 | ) | 816 |
Loss from discontinued operations, net of tax |  | — |  | — |  | (1,027 | ) | — |  | (1,027 | )
Net income (loss) |  | (219 | ) | (189 | ) | 446 |  | (249 | ) | (211 | )
Net income attributable to noncontrolling interest |  | — |  | — |  | 8 |  | — |  | 8 |
Net income (loss) attributable to controlling interest |  | (219 | ) | (189 | ) | 438 |  | (249 | ) | (219 | )
Other comprehensive income (loss) before income taxes |  | (5 | ) | (31 | ) | 35 |  | — |  | (1 | )
Income taxes related to other comprehensive loss |  | — |  | — |  | (7 | ) | — |  | (7 | )
Other comprehensive income (loss), net of income taxes |  | (5 | ) | (31 | ) | 28 |  | — |  | (8 | )
Total comprehensive income (loss) |  | (224 | ) | (220 | ) | 474 |  | (249 | ) | (219 | )
Total comprehensive income attributable to noncontrolling interest |  | — |  | — |  | 8 |  | — |  | 8 |
Total comprehensive income (loss) attributable to controlling interest |  | $ | (224 | ) | $ | (220 | ) | $ | 466 |  | $ | (249 | ) | $ | (227 | )
|  | Year ended December 31, 2011 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Operating revenues |  | $ | — |  | $ | — |  | $ | 8,045 |  | $ | (18 | ) | $ | 8,027 |
Cost and expenses |  | 44 |  | 4 |  | 7,546 |  | (18 | ) | 7,576 |
Loss on impairment |  | — |  | — |  | (5,201 | ) | — |  | (5,201 | )
Loss on disposal of assets, net |  | — |  | — |  | (12 | ) | — |  | (12 | )
Operating loss |  | (44 | ) | (4 | ) | (4,714 | ) | — |  | (4,762 | )
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |
Interest expense, net |  | (11 | ) | (510 | ) | (56 | ) | — |  | (577 | )
Equity in earnings |  | (5,699 | ) | (5,174 | ) | — |  | 10,873 |  | — |
Other, net |  | — |  | 9 |  | (108 | ) | — |  | (99 | )
|  | (5,710 | ) | (5,675 | ) | (164 | ) | 10,873 |  | (676 | )
Loss from continuing operations before income tax expense |  | (5,754 | ) | (5,679 | ) | (4,878 | ) | 10,873 |  | (5,438 | )
Income tax expense |  | — |  | — |  | 324 |  | — |  | 324 |
Loss from continuing operations |  | (5,754 | ) | (5,679 | ) | (5,202 | ) | 10,873 |  | (5,762 | )
Income from discontinued operations, net of tax |  | — |  | — |  | 85 |  | — |  | 85 |
Net loss |  | (5,754 | ) | (5,679 | ) | (5,117 | ) | 10,873 |  | (5,677 | )
Net income attributable to noncontrolling interest |  | — |  | — |  | 77 |  | — |  | 77 |
Net loss attributable to controlling interest |  | (5,754 | ) | (5,679 | ) | (5,194 | ) | 10,873 |  | (5,754 | )
Other comprehensive loss before income taxes |  | (3 | ) | (114 | ) | (64 | ) | — |  | (181 | )
Income taxes related to other comprehensive loss |  | — |  | — |  | 13 |  | — |  | 13 |
Other comprehensive loss, net of income taxes |  | (3 | ) | (114 | ) | (51 | ) | — |  | (168 | )
Total comprehensive loss |  | (5,757 | ) | (5,793 | ) | (5,168 | ) | 10,873 |  | (5,845 | )
Total comprehensive income attributable to noncontrolling interest |  | — |  | — |  | 73 |  | — |  | 73 |
Total comprehensive loss attributable to controlling interest |  | $ | (5,757 | ) | $ | (5,793 | ) | $ | (5,241 | ) | $ | 10,873 |  | $ | (5,918 | )
|  | December 31, 2013 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 4 |  | $ | 1,617 |  | $ | 1,622 |  | $ | — |  | $ | 3,243 |
Other current assets |  | 22 |  | 1,302 |  | 4,607 |  | (2,402 | ) | 3,529 |
Total current assets |  | 26 |  | 2,919 |  | 6,229 |  | (2,402 | ) | 6,772 |
Property and equipment, net |  | — |  | — |  | 21,707 |  | — |  | 21,707 |
Goodwill |  | — |  | — |  | 2,987 |  | — |  | 2,987 |
Investment in affiliates |  | 18,151 |  | 31,308 |  | — |  | (49,459 | ) | — |
Other assets |  | — |  | 2,427 |  | 19,954 |  | (21,301 | ) | 1,080 |
Total assets |  | 18,177 |  | 36,654 |  | 50,877 |  | (73,162 | ) | 32,546 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Debt due within one year |  | — |  | — |  | 323 |  | — |  | 323 |
Other current liabilities |  | 214 |  | 526 |  | 4,893 |  | (2,402 | ) | 3,231 |
Total current liabilities |  | 214 |  | 526 |  | 5,216 |  | (2,402 | ) | 3,554 |
Long-term debt |  | 1,237 |  | 18,759 |  | 11,684 |  | (21,301 | ) | 10,379 |
Other long-term liabilities |  | 35 |  | 232 |  | 1,661 |  | — |  | 1,928 |
Total long-term liabilities |  | 1,272 |  | 18,991 |  | 13,345 |  | (21,301 | ) | 12,307 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Total equity |  | 16,691 |  | 17,137 |  | 32,316 |  | (49,459 | ) | 16,685 |
Total liabilities and equity |  | $ | 18,177 |  | $ | 36,654 |  | $ | 50,877 |  | $ | (73,162 | ) | $ | 32,546 |
|  | December 31, 2012 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 24 |  | $ | 3,155 |  | $ | 1,955 |  | $ | — |  | $ | 5,134 |
Other current assets |  | 7 |  | 1,901 |  | 3,852 |  | (2,247 | ) | 3,513 |
Total current assets |  | 31 |  | 5,056 |  | 5,807 |  | (2,247 | ) | 8,647 |
Property and equipment, net |  | — |  | — |  | 20,880 |  | — |  | 20,880 |
Goodwill |  | — |  | — |  | 2,987 |  | — |  | 2,987 |
Investment in affiliates |  | 16,354 |  | 27,933 |  | — |  | (44,287 | ) | — |
Other assets |  | — |  | 1,804 |  | 18,244 |  | (18,307 | ) | 1,741 |
Total assets |  | 16,385 |  | 34,793 |  | 47,918 |  | (64,841 | ) | 34,255 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |
Debt due within one year |  | — |  | 564 |  | 803 |  | — |  | 1,367 |
Other current liabilities |  | 13 |  | 632 |  | 5,698 |  | (2,247 | ) | 4,096 |
Total current liabilities |  | 13 |  | 1,196 |  | 6,501 |  | (2,247 | ) | 5,463 |
Long-term debt |  | 594 |  | 17,772 |  | 11,033 |  | (18,307 | ) | 11,092 |
Other long-term liabilities |  | 33 |  | 454 |  | 1,483 |  | — |  | 1,970 |
Total long-term liabilities |  | 627 |  | 18,226 |  | 12,516 |  | (18,307 | ) | 13,062 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |
Total equity |  | 15,745 |  | 15,371 |  | 28,901 |  | (44,287 | ) | 15,730 |
Total liabilities and equity |  | $ | 16,385 |  | $ | 34,793 |  | $ | 47,918 |  | $ | (64,841 | ) | $ | 34,255 |
|  | Year ended December 31, 2013 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Cash flows from operating activities |  | $ | (51 | ) | $ | (661 | ) | $ | 2,630 |  | $ | — |  | $ | 1,918 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (2,238 | ) | — |  | (2,238 | )
Proceeds from disposal of assets, net |  | — |  | — |  | 174 |  | — |  | 174 |
Proceeds from disposal of discontinued operations, net |  | — |  | — |  | 204 |  | — |  | 204 |
Proceeds from sale of preference shares |  | — |  | 185 |  | — |  | — |  | 185 |
Investing activities with affiliates, net |  | — |  | (1,461 | ) | (1,100 | ) | 2,561 |  | — |
Other, net |  | — |  | — |  | 17 |  | — |  | 17 |
Net cash used in investing activities |  | — |  | (1,276 | ) | (2,943 | ) | 2,561 |  | (1,658 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Repayments of debt |  | — |  | (562 | ) | (1,130 | ) | — |  | (1,692 | )
Proceeds from restricted cash investments |  | — |  | — |  | 298 |  | — |  | 298 |
Deposits to restricted cash investments |  | — |  | — |  | (119 | ) | — |  | (119 | )
Distribution of qualifying additional paid-in capital |  | (606 | ) | — |  | — |  | — |  | (606 | )
Financing activities with affiliates, net |  | 643 |  | 978 |  | 940 |  | (2,561 | ) | — |
Other, net |  | (6 | ) | (17 | ) | (9 | ) | — |  | (32 | )
Net cash provided by (used in) financing activities |  | 31 |  | 399 |  | (20 | ) | (2,561 | ) | (2,151 | )
Net decrease in cash and cash equivalents |  | (20 | ) | (1,538 | ) | (333 | ) | — |  | (1,891 | )
Cash and cash equivalents at beginning of period |  | 24 |  | 3,155 |  | 1,955 |  | — |  | 5,134 |
Cash and cash equivalents at end of period |  | $ | 4 |  | $ | 1,617 |  | $ | 1,622 |  | $ | — |  | $ | 3,243 |
|  | Year ended December 31, 2012 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Cash flows from operating activities |  | $ | (86 | ) | $ | (953 | ) | $ | 3,747 |  | $ | — |  | $ | 2,708 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (1,303 | ) | — |  | (1,303 | )
Capital expenditures for discontinued operations |  | — |  | — |  | (106 | ) | — |  | (106 | )
Proceeds from disposal of assets, net |  | — |  | — |  | 191 |  | — |  | 191 |
Proceeds from disposal of discontinued operations, net |  | — |  | 568 |  | 221 |  | — |  | 789 |
Investing activities with affiliates, net |  | (165 | ) | (2,344 | ) | (3,726 | ) | 6,235 |  | — |
Other, net |  | — |  | 29 |  | 11 |  | — |  | 40 |
Net cash provided by (used in) investing activities |  | (165 | ) | (1,747 | ) | (4,712 | ) | 6,235 |  | (389 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Changes in short-term borrowings, net |  | — |  | — |  | (260 | ) | — |  | (260 | )
Proceeds from debt |  | — |  | 1,493 |  | — |  | — |  | 1,493 |
Repayments of debt |  | — |  | (1,689 | ) | (593 | ) | — |  | (2,282 | )
Proceeds from restricted cash investments |  | — |  | — |  | 311 |  | — |  | 311 |
Deposits to restricted cash investments |  | — |  | — |  | (167 | ) | — |  | (167 | )
Distribution of qualifying additional paid-in capital |  | (276 | ) | — |  | — |  | — |  | (276 | )
Financing activities with affiliates, net |  | 549 |  | 3,276 |  | 2,410 |  | (6,235 | ) | — |
Other, net |  | (1 | ) | (18 | ) | (2 | ) | — |  | (21 | )
Net cash provided by (used in) financing activities |  | 272 |  | 3,062 |  | 1,699 |  | (6,235 | ) | (1,202 | )
Net increase (decrease) in cash and cash equivalents |  | 21 |  | 362 |  | 734 |  | — |  | 1,117 |
Cash and cash equivalents at beginning of period |  | 3 |  | 2,793 |  | 1,221 |  | — |  | 4,017 |
Cash and cash equivalents at end of period |  | $ | 24 |  | $ | 3,155 |  | $ | 1,955 |  | $ | — |  | $ | 5,134 |
|  | Year ended December 31, 2011 |
|  | Parent Guarantor |  | Subsidiary Issuer |  | Other Subsidiaries |  | Consolidating adjustments |  | Consolidated |
Cash flows from operating activities |  | $ | (52 | ) | $ | (568 | ) | $ | 2,445 |  | $ | — |  | $ | 1,825 |
Cash flows from investing activities |  |  |  |  |  |  |  |  |  |  |
Capital expenditures |  | — |  | — |  | (974 | ) | — |  | (974 | )
Capital expenditures for discontinued operations |  | — |  | — |  | (46 | ) | — |  | (46 | )
Investment in business combination, net of cash acquired |  | — |  | — |  | (1,246 | ) | — |  | (1,246 | )
Proceeds from disposal of assets, net |  | — |  | — |  | 14 |  | — |  | 14 |
Proceeds from disposal of discontinued operations, net |  | — |  | — |  | 447 |  | — |  | 447 |
Investing activities with affiliates, net |  | (875 | ) | (325 | ) | (1,764 | ) | 2,964 |  | — |
Other, net |  | — |  | (23 | ) | (68 | ) | — |  | (91 | )
Net cash provided by (used in) investing activities |  | (875 | ) | (348 | ) | (3,637 | ) | 2,964 |  | (1,896 | )
Cash flows from financing activities |  |  |  |  |  |  |  |  |  |  |
Changes in short-term borrowings, net |  | — |  | (88 | ) | — |  | — |  | (88 | )
Proceeds from debt |  | 435 |  | 2,504 |  | — |  | — |  | 2,939 |
Repayments of debt |  | (429 | ) | (1,827 | ) | (153 | ) | — |  | (2,409 | )
Proceeds from restricted cash investments |  | 429 |  | — |  | 50 |  | — |  | 479 |
Deposits to restricted cash investments |  | (435 | ) | — |  | (88 | ) | — |  | (523 | )
Proceeds from share issuance, net |  | 1,211 |  | — |  | — |  | — |  | 1,211 |
Distribution of qualifying additional paid-in capital |  | (759 | ) | — |  | — |  | — |  | (759 | )
Financing activities with affiliates, net |  | 495 |  | 1,114 |  | 1,355 |  | (2,964 | ) | — |
Other, net |  | (55 | ) | (35 | ) | (26 | ) | — |  | (116 | )
Net cash provided by (used in) financing activities |  | 892 |  | 1,668 |  | 1,138 |  | (2,964 | ) | 734 |
Net increase (decrease) in cash and cash equivalents |  | (35 | ) | 752 |  | (54 | ) | — |  | 663 |
Cash and cash equivalents at beginning of period |  | 38 |  | 2,041 |  | 1,275 |  | — |  | 3,354 |
Cash and cash equivalents at end of period |  | $ | 3 |  | $ | 2,793 |  | $ | 1,221 |  | $ | — |  | $ | 4,017 |

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