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Debt (Tables) | 12 Months Ended
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Dec. 31, 2016
Debt |
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) |

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