Transocean capitalizes interest costs for qualifying construction and upgrade projects. Transocean capitalized interest costs on construction work in progress of $39 million, $89 million and $182 million for the years ended December 31, 2011, 2010 and 2009, respectively.
Source: Transocean Ltd., Annual Report
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Transocean Ltd., Statement of Financial Position, Debt
USD $ in millions
| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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Debt due within one year | |
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Long-term debt | |
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Total debt | |
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Source: Based on data from Transocean Ltd., Annual Reports
| Item | Description | The company |
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| Total debt | Sum of the carrying values as of the balance sheet date of all debt plus capital lease obligations. | Transocean Ltd.'s total debt declined from 2009 to 2010 but then increased from 2010 to 2011 exceeding 2009 level. |
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Transocean Ltd.
USD $ in millions
| 12 months ended | Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | |
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Interest expense, net of amounts capitalized | |
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Capitalized interest | |
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Interest costs incurred | |
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Source: Based on data from Transocean Ltd., Annual Reports
| Item | Description | The company |
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| Interest expense, net of amounts capitalized | Represents the portion of interest incurred in the period on debt arrangements that was charged against earnings. | Transocean Ltd.'s interest expense, net of amounts capitalized increased from 2009 to 2010 and from 2010 to 2011. |
| Capitalized interest | The amount of interest that was capitalized during the period. | Transocean Ltd.'s capitalized interest declined from 2009 to 2010 and from 2010 to 2011. |
| Interest costs incurred | Total interest costs incurred during the period and either capitalized or charged against earnings. | Transocean Ltd.'s interest costs incurred declined from 2009 to 2010 but then slightly increased from 2010 to 2011. |
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| Dec 31, 2011 | Dec 31, 2010 | Dec 31, 2009 | Dec 31, 2008 | Dec 31, 2007 | ||
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| Selected Financial Data (USD $ in millions) | ||||||
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Net income (loss) attributable to controlling interest | |
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Add: Net (income) loss attributable to noncontrolling interest | |
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Add: Interest expense, net of amounts capitalized | |
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Add: Income tax expense (benefit) | |
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Earnings before interest and tax (EBIT) | |
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Interest costs incurred | |
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| Ratio With and Without Capitalized Interest | ||||||
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Interest coverage ratio (excluding capitalized interest)1 | |
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Adjusted interest coverage ratio (including capitalized interest)2 | |
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2011 Calculations
1 Interest coverage ratio (excluding capitalized interest) = EBIT ÷ Interest expense, net of amounts capitalized
= ÷ =
2 Adjusted interest coverage ratio (including capitalized interest) = EBIT ÷ Interest costs incurred
= ÷ =
| Ratio | Description | The company |
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| Adjusted interest coverage ratio | A solvency ratio calculated as EBIT divided by interest payments (including capitalized interest). | Transocean Ltd.'s adjusted interest coverage ratio deteriorated from 2009 to 2010 and from 2010 to 2011. |
May 24, 2012