v2.4.0.8

Postemployment Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2013

Postemployment Benefit Plans

Schedule of weighted-average assumptions used to estimate benefit obligations

		December 31, 2013												December 31, 2012
		U.S. Plans				Non-U.S. Plans				OPEB Plans				U.S. Plans				Non-U.S. Plans				OPEB Plans
Discount rate			5.01	%			4.92	%			4.54	%			4.19	%			5.37	%			3.63	%
Compensation trend rate			4.24	%			4.57	%			n/a				4.21	%			4.38	%			n/a

Schedule of weighted-average assumptions used to estimate net periodic benefit costs

		Year ended December 31, 2013												Year ended December 31, 2012												Year ended December 31, 2011
		U.S. Plans				Non-U.S. Plans				OPEB Plans				U.S. Plans				Non-U.S. Plans				OPEB Plans				U.S. Plans				Non-U.S. Plans				OPEB Plans
Discount rate			4.19	%			5.13	%			3.39	%			4.67	%			5.43	%			4.27	%			5.49	%			5.73	%			4.94	%
Expected rate of return			7.48	%			5.79	%			n/a				7.47	%			6.07	%			n/a				8.49	%			6.42	%			n/a
Compensation trend rate			4.22	%			4.21	%			n/a				4.22	%			4.61	%			n/a				4.24	%			4.62	%			n/a
Health care cost trend rate
-initial			n/a				n/a				8.07	%			n/a				n/a				8.08	%			n/a				n/a				8.08	%
-ultimate			n/a				n/a				5.00	%			n/a				n/a				5.00	%			n/a				n/a				5.00	%
-ultimate year			n/a				n/a				2020				n/a				n/a				2019				n/a				n/a				2018

______________________________

“n/a” means not applicable.

Schedule of changes in projected benefit obligation, plan assets and funded status and the amounts recognized on consolidated balance sheets

The changes in projected benefit obligation, plan assets and funded status and the amounts recognized on our consolidated balance sheets were as follows (in millions):

		Year ended December 31, 2013																Year ended December 31, 2012
		U.S. Plans				Non-U.S. Plans				OPEB Plans				Total				U.S. Plans				Non-U.S. Plans				OPEB Plans				Total
Change in projected benefit obligation
Projected benefit obligation, beginning of period		$	1,452			$	499			$	58			$	2,009			$	1,260			$	447			$	53			$	1,760
Actuarial (gains) losses, net			(147	)			55				(7	)			(99	)			128				(15	)			4				117
Service cost			55				27				1				83				49				31				1				81
Interest cost			63				25				2				90				59				24				2				85
Currency exchange rate changes			—				(11	)			—				(11	)			—				19				—				19
Benefits paid			(45	)			(28	)			(3	)			(76	)			(45	)			(23	)			(3	)			(71	)
Participant contributions			—				2				2				4				—				2				1				3
Special termination benefits			1				—				—				1				1				—				—				1
Settlements and curtailments			1				4				—				5				—				14				—				14
Projected benefit obligation, end of period			1,380				573				53				2,006				1,452				499				58				2,009
Change in plan assets
Fair value of plan assets, beginning of period			948				422				—				1,370				769				351				—				1,120
Actual return on plan assets			149				45				—				194				116				28				—				144
Currency exchange rate changes			—				(10	)			—				(10	)			—				15				—				15
Employer contributions			64				50				1				115				108				49				2				159
Participant contributions			—				2				2				4				—				2				1				3
Benefits paid			(45	)			(28	)			(3	)			(76	)			(45	)			(23	)			(3	)			(71	)
Fair value of plan assets, end of period			1,116				481				—				1,597				948				422				—				1,370
Funded status, end of period		$	(264	)		$	(92	)		$	(53	)		$	(409	)		$	(504	)		$	(77	)		$	(58	)		$	(639	)
Balance sheet classification, end of period:
Pension asset, non-current		$	—			$	8			$	—			$	8			$	—			$	3			$	—			$	3
Accrued pension liability, current			(2	)			(23	)			(4	)			(29	)			(3	)			(24	)			(3	)			(30	)
Accrued pension liability, non-current			(262	)			(77	)			(49	)			(388	)			(501	)			(56	)			(55	)			(612	)
Accumulated other comprehensive income (loss) (a)			(198	)			(114	)			1				(311	)			(469	)			(80	)			(6	)			(555	)

______________________________

(a) Amounts are before income tax effect.

Schedule of aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets

The aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets were as follows (in millions):

		December 31, 2013																December 31, 2012
		U.S. Plans				Non-U.S. Plans				OPEB Plans				Total				U.S. Plans				Non-U.S. Plans				OPEB Plans				Total
Projected benefit obligation		$	1,380			$	573			$	53			$	2,006			$	1,452			$	482			$	58			$	1,992
Fair value of plan assets			1,116				481				—				1,597				948				404				—				1,352

Schedule of aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets

 The aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets were as follows (in millions):

		December 31, 2013																December 31, 2012
		U.S. Plans				Non-U.S. Plans				OPEB Plans				Total				U.S. Plans				Non-U.S. Plans				OPEB Plans				Total
Accumulated benefit obligation		$	1,210			$	374			$	53			$	1,637			$	1,255			$	335			$	58			$	1,648
Fair value of plan assets			1,116				351				—				1,467				948				298				—				1,246

Schedule of weighted average target and actual allocations of the investments of Transocean benefit plans

	December 31, 2013																	December 31, 2012
		Target allocation								Actual allocation								Target allocation								Actual allocation
		U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans				U.S. Plans				Non-U.S. Plans
Equity securities			63	%			51	%			68	%			53	%			65	%			49	%			64	%			49	%
Fixed income securities			37	%			15	%			32	%			17	%			35	%			14	%			36	%			17	%
Other investments			—				34	%			—				30	%			—				37	%			—				34	%
Total			100	%			100	%			100	%			100	%			100	%			100	%			100	%			100	%

Schedule of fair value of the assets of Transocean benefit plans by asset category and their level within the fair value hierarchy

As of December 31, 2013, the investments for our funded Transocean Plans were categorized as follows (in millions):

		December 31, 2013
		Significant observable inputs												Significant other observable inputs												Total
		U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans
Mutual funds
U.S. equity funds		$	610			$	—			$	610			$	—			$	43			$	43			$	610			$	43			$	653
Non-U.S. equity funds			141				—				141				3				209				212				144				209				353
Bond funds			357				—				357				—				83				83				357				83				440
Total mutual funds			1,108				—				1,108				3				335				338				1,111				335				1,446
Other investments
Cash and money market funds			5				1				6				—				—				—				5				1				6
Property collective trusts			—				—				—				—				15				15				—				15				15
Investment contracts			—				—				—				—				130				130				—				130				130
Total other investments			5				1				6				—				145				145				5				146				151
Total investments		$	1,113			$	1			$	1,114			$	3			$	480			$	483			$	1,116			$	481			$	1,597

As of December 31, 2012, the investments for our funded Transocean Plans were categorized as follows (in millions):

		December 31, 2012
		Significant observable inputs												Significant other observable inputs												Total
		U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans
Mutual funds
U.S. equity funds		$	525			$	—			$	525			$	—			$	32			$	32			$	525			$	32			$	557
Non-U.S. equity funds			120				—				120				3				176				179				123				176				299
Bond funds			296				—				296				—				73				73				296				73				369
Total mutual funds			941				—				941				3				281				284				944				281				1,225
Other investments
Cash and money market funds			4				2				6				—				6				6				4				8				12
Property collective trusts			—				—				—				—				8				8				—				8				8
Investment contracts			—				—				—				—				125				125				—				125				125
Total other investments			4				2				6				—				139				139				4				141				145
Total investments		$	945			$	2			$	947			$	3			$	420			$	423			$	948			$	422			$	1,370

Net Periodic Benefit Costs Before Tax

Net periodic benefit costs, before tax, included the following components (in millions):

		Year ended December 31, 2013												Year ended December 31, 2012												Year ended December 31, 2011
		U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans				U.S. Plans				Non-U.S. Plans				Transocean Plans
Service cost		$	55			$	27			$	82			$	49			$	31			$	80			$	43			$	21			$	64
Interest cost			63				25				88				59				24				83				58				22				80
Expected return on plan assets			(70	)			(25	)			(95	)			(62	)			(22	)			(84	)			(63	)			(23	)			(86	)
Settlements and curtailments			2				3				5				3				19				22				2				1				3
Special termination benefits			1				—				1				1				—				1				—				—				—
Actuarial losses, net			45				3				48				41				4				45				23				4				27
Prior service cost, net			(1	)			1				—				(2	)			1				(1	)			(1	)			—				(1	)
Net periodic benefit costs		$	95			$	34			$	129			$	89			$	57			$	146			$	62			$	25			$	87

Schedule of amounts in accumulated other comprehensive income, before tax, that have not been recognized as components of net periodic benefit costs

The following table presents the amounts in accumulated other comprehensive income, before tax, that have not been recognized as components of net periodic benefit costs (in millions):

		December 31, 2013																December 31, 2012
		U.S. Plans				Non-U.S. Plans				OPEB Plans				Total				U.S. Plans				Non-U.S. Plans				OPEB Plans				Total
Actuarial loss, net		$	205			$	116			$	1			$	322			$	477			$	80			$	8			$	565
Prior service cost, net			(7	)			—				(2	)			(9	)			(8	)			—				(2	)			(10	)
Transition obligation, net			—				(2	)			—				(2	)			—				—				—				—
Total		$	198			$	114			$	(1	)		$	311			$	469			$	80			$	6			$	555

Schedule of amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs in next fiscal year

The following table presents the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit costs during the year ending December 31, 2014 (in millions):

		Year ending December 31, 2014
		U.S. Plans				Non-U.S. Plans				OPEB Plans				Total
Actuarial loss, net		$	20			$	5			$	—			$	25
Prior service cost, net			(1	)			—				(1	)			(2	)
Transition obligation, net			—				—				—				—
Total amount expected to be recognized		$	19			$	5			$	(1	)		$	23

Schedule of projected benefits payments

The following were the projected benefits payments (in millions):

		U.S. Plans			Non-U.S. Plans				OPEB Plans				Total
Years ending December 31,
2014	$	48			$	22			$	3			$	73
2015		52				11				4				67
2016		57				11				4				72
2017		63				11				4				78
2018		67				13				4				84
2019-2023		420				86				21				527

X

- Definition

Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the benefit obligation including assumed discount rates and the compensation trend rate.

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Tabular disclosure of the assumptions used to determine for pension plans and/or other employee benefit plans the net periodic benefit cost including assumed discount rates, compensation trend rates, expected long-term rates of return on plan assets and health care cost trend rate.

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Tabular disclosure of the actual and targeted allocation of defined benefit plan assets.

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Tabular disclosure of net funded status of pension plans and/or other employee benefit plans. It also includes disclosure of the amounts that are recognized in the balance sheet (or statement of financial position) for pension plans and/or other employee benefit plans, showing separately the assets and current and noncurrent liabilities (if applicable) recognized.

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Tabular disclosure of accumulated benefit obligations and fair values of plan assets of pension plans and/or other employee benefit plans where the accumulated benefit obligation exceeds the fair value of plan assets.

+ References

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-Publisher FASB

-Name Accounting Standards Codification

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Tabular disclosure of the major categories of plan assets of pension plans and/or other employee benefit plans. This information may include, but is not limited to, the target allocation of plan assets, the fair value of each major category of plan assets, and the level within the fair value hierarchy in which the fair value measurements fall.

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income (loss) expected to be recognized as components of net periodic benefit cost over the next fiscal year, including the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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Tabular disclosure of the aggregate benefit obligation and aggregate fair value of plan assets for pension plans and/or other employee benefit plans with benefit obligations in excess of plan assets as of the measurement date.

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Tabular disclosure of benefits expected to be paid by pension plans and/or other employee benefit plans in each of the next five fiscal years and in the aggregate for the five fiscal years thereafter.

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Tabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.

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Tabular disclosure of the amounts related to pension plans and/or other employee benefit plans in accumulated other comprehensive income or loss that have not yet been recognized as components of net periodic benefit cost, such as the net gain (loss), net prior service cost or credit, and net transition asset or obligation.

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