Debt, net of debt‑related balances, including unamortized discounts, premiums, issue costs and fair value adjustments, was comprised of the following (in millions):


	September 30,		December 31,
	2016		2015
5.05% Senior Notes due December 2016 (a)	$	938	$	973
2.5% Senior Notes due October 2017 (a)		504		568
Eksportfinans Loans due January 2018		133		216
6.00% Senior Notes due March 2018 (a)		759		789
7.375% Senior Notes due April 2018 (a)		211		236
6.50% Senior Notes due November 2020 (a)		525		911
6.375% Senior Notes due December 2021 (a)		551		1,143
3.8% Senior Notes due October 2022 (a)		534		726
9.00% Senior Notes due July 2023 (b)		1,210		—
7.45% Notes due April 2027 (a)		85		94
8% Debentures due April 2027 (a)		57		57
7% Notes due June 2028		308		309
Capital lease contract due August 2029		572		591
7.5% Notes due April 2031 (a)		585		589
6.80% Senior Notes due March 2038 (a)		991		991
7.35% Senior Notes due December 2041 (a)		297		297
Total debt		8,260		8,490
Less debt due within one year
5.05% Senior Notes due December 2016 (a)		938		973
Eksportfinans Loans due January 2018		106		97
Capital lease contract due August 2029		25		23
Total debt due within one year		1,069		1,093
Total long-term debt	$	7,191	$	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 the Five‑Year Revolving Credit Facility. Transocean Ltd. has no independent assets or operations, and following the completion of certain restructuring transactions during the nine months ended September 30, 2016, its only other subsidiary not owned indirectly through Transocean Inc. was 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. 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. See Note 15—Subsequent Events.

(b)

Transocean Inc. is the issuer of the unregistered notes. Transocean Ltd. and certain wholly owned subsidiaries of Transocean Inc. (the “Subsidiary Guarantors”) have provided a full and unconditional guarantee of the notes. Such notes rank equal in right of payment to all of our existing and future unsecured unsubordinated obligations and rank structurally senior to the extent of the value of the assets of the Subsidiary Guarantors.