Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 19, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Entity Registrant Name | Ensco plc | ||
Entity Central Index Key | 314,808 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 5,225,851,000 | ||
Entity Common Shares, Shares Outstanding | 235,274,198 |
Consolidated Statements Of Inco
Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
OPERATING REVENUES | $ 4,063.4 | $ 4,564.5 | $ 4,323.4 |
OPERATING EXPENSES | |||
Contract drilling (exclusive of depreciation) | 1,869.6 | 2,076.9 | 1,947.1 |
Asset Impairment Charges | 2,746.4 | 4,218.7 | 0 |
Depreciation | 572.5 | 537.9 | 496.2 |
General and administrative | 118.4 | 131.9 | 146.8 |
Total operating expenses | 5,306.9 | 6,965.4 | 2,590.1 |
OPERATING INCOME | (1,243.5) | (2,400.9) | 1,733.3 |
OTHER INCOME (EXPENSE) | |||
Interest income | 9.9 | 13 | 16.6 |
Interest expense, net | (216.3) | (161.4) | (158.8) |
Other, net | (21.3) | 0.5 | 42.1 |
Other income (expense), net | (227.7) | (147.9) | (100.1) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,471.2) | (2,548.8) | 1,633.2 |
PROVISION FOR INCOME TAXES | |||
Current income tax expense | 144.1 | 264 | 193 |
Deferred income tax expense (benefit) | (158) | (123.5) | 10.1 |
Total provision for income taxes | (13.9) | 140.5 | 203.1 |
INCOME FROM CONTINUING OPERATIONS | (1,457.3) | (2,689.3) | 1,430.1 |
DISCONTINUED OPERATIONS, NET | (128.6) | (1,199.2) | (2.2) |
NET INCOME | (1,585.9) | (3,888.5) | 1,427.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (8.9) | (14.1) | (9.7) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (1,594.8) | $ (3,902.6) | $ 1,418.2 |
EARNINGS PER SHARE - BASIC | |||
Continuing operations | $ (6.33) | $ (11.70) | $ 6.09 |
Discontinued operations | (0.55) | (5.18) | (0.01) |
Total earnings per share - basic | (6.88) | (16.88) | 6.08 |
EARNINGS PER SHARE - DILUTED | |||
Continuing operations | (6.33) | (11.70) | 6.08 |
Discontinued operations | (0.55) | (5.18) | (0.01) |
Total earnings per share - diluted | $ (6.88) | $ (16.88) | $ 6.07 |
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ (1,596.8) | $ (3,910.5) | $ 1,403.1 |
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||
Basic | 232.2 | 231.6 | 230.9 |
Diluted | 232.2 | 231.6 | 231.1 |
CASH DIVIDENDS PER SHARE | $ 0.6 | $ 3 | $ 2.25 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
NET INCOME | $ (2,470.3) | $ 293.8 | $ 262.7 | $ 327.9 | $ (3,448.5) | $ 432.9 | $ (1,169.6) | $ 296.7 | $ (1,585.9) | $ (3,888.5) | $ 1,427.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | (23.6) | (11.7) | (5.8) | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 22.2 | (0.9) | 2 | ||||||||
Other | 2 | 6.3 | 1.9 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.6 | (6.3) | (1.9) | ||||||||
COMPREHENSIVE INCOME | (1,585.3) | (3,894.8) | 1,426 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (8.9) | (14.1) | (9.7) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (1,594.2) | $ (3,908.9) | $ 1,416.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 121,300,000 | $ 664,800,000 |
Short-term Investments | 1,180,000,000 | 757,300,000 |
Accounts receivable, net | 582,000,000 | 883,300,000 |
Other | 401,800,000 | 585,600,000 |
Total current assets | 2,285,100,000 | 2,891,000,000 |
PROPERTY AND EQUIPMENT, AT COST | 12,719,400,000 | 14,975,500,000 |
Less accumulated depreciation | 1,631,600,000 | 2,440,700,000 |
Property and equipment, net | 11,087,800,000 | 12,534,800,000 |
GOODWILL | 0 | 276,100,000 |
OTHER ASSETS, NET | 264,100,000 | 338,900,000 |
TOTAL ASSETS | 13,637,000,000 | 16,040,800,000 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 224,600,000 | 373,200,000 |
Accrued liabilities and other | 550,900,000 | 694,100,000 |
Short-term debt | 0 | 0 |
Current maturities of long-term debt | 0 | 34,800,000 |
Total current liabilities | 775,500,000 | 1,102,100,000 |
LONG-TERM DEBT | 5,895,100,000 | 5,885,600,000 |
DEFERRED INCOME TAXES | 4,400,000 | 162,900,000 |
OTHER LIABILITIES | 444,800,000 | 667,300,000 |
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 5,554,500,000 | 5,517,500,000 |
Retained earnings | 985,300,000 | 2,720,400,000 |
Accumulated other comprehensive income | 12,500,000 | 11,900,000 |
Treasury shares, at cost, 7.8 million shares and 6.5 million shares as of December 31, 2015 and 2014 | (63,800,000) | (59,000,000) |
Total Ensco shareholders' equity | 6,512,900,000 | 8,215,000,000 |
NONCONTROLLING INTERESTS | 4,300,000 | 7,900,000 |
Total equity | 6,517,200,000 | 8,222,900,000 |
Total liabilities and shareholders' equity | 13,637,000,000 | 16,040,800,000 |
Class A Ordinary Shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 24,300,000 | 24,100,000 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 100,000 | $ 100,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2015£ / sharesshares | Dec. 31, 2015$ / sharesshares | Dec. 31, 2014£ / sharesshares | Dec. 31, 2014$ / sharesshares |
Treasury shares, shares held | 7,800,000 | 7,800,000 | 6,500,000 | 6,500,000 |
Class A Ordinary Shares, U.S. [Member] | ||||
Common shares, par value | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares authorized | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 |
Common shares, shares issued | 243,100,000 | 243,100,000 | 240,700,000 | 240,700,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common shares, par value | £ / shares | £ 1 | £ 1 | ||
Common shares, shares authorized | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares issued | 50,000 | 50,000 | 50,000 | 50,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES | |||
Net income | $ (1,585.9) | $ (3,888.5) | $ 1,427.9 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | |||
Asset Impairment Charges | 2,746.4 | 4,218.7 | 0 |
Cost of Services, Depreciation | 572.5 | 537.9 | 496.2 |
Deferred income tax expense (benefit) | (158) | (123.5) | 10.1 |
Discontinued operations, net | 128.6 | 1,199.2 | 2.2 |
Share-based compensation expense | 40.2 | 45.1 | 50.3 |
Gains (Losses) on Extinguishment of Debt | 33.5 | 0 | 0 |
Provision for Doubtful Accounts | 24.1 | (5) | 11.7 |
Amortization of intangibles and other, net | (1.4) | (7.9) | (28.4) |
Other | (18.1) | (11.4) | (7.7) |
Changes in operating assets and liabilities | (84) | 93.3 | (151.1) |
Net cash provided by operating activities of continuing operations | 1,697.9 | 2,057.9 | 1,811.2 |
INVESTING ACTIVITIES | |||
Purchases of short-term investments | (1,780) | (790.6) | (50) |
Additions to property and equipment | (1,619.5) | (1,566.7) | (1,763.5) |
Maturities of short-term investments | 1,357.3 | 83.3 | 50 |
Proceeds from Sale of Property, Plant, and Equipment | 1.6 | 169.2 | 6 |
Net cash used in investing activities of continuing operations | (2,040.6) | (2,104.8) | (1,757.5) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of senior notes | 1,078.7 | 1,246.4 | 0 |
Reduction of long-term borrowings | (1,072.5) | (60.1) | (47.5) |
Cash dividends paid | (141.2) | (703) | (525.6) |
Equity financing costs | (30.3) | 0 | 0 |
Debt financing costs | (10.5) | (13.4) | (4.6) |
Proceeds from exercise of share options | 0.3 | 2.6 | 22.3 |
Other | (16.3) | (29.8) | (21.7) |
Net cash (used in) provided by financing activities of continuing operations | (191.8) | 442.7 | (577.1) |
DISCONTINUED OPERATIONS | |||
Operating activities | (10.9) | (3.8) | 169.3 |
Investing activities | 2.2 | 107.2 | 32.8 |
Net Cash Provided by (Used in) Discontinued Operations | (8.7) | 103.4 | 202.1 |
Effect of exchange rate changes on cash and cash equivalents | (0.3) | 0 | (0.2) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (543.5) | 499.2 | (321.5) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 664.8 | 165.6 | 487.1 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 121.3 | $ 664.8 | $ 165.6 |
Description Of The Business And
Description Of The Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |
Description Of The Business And Summary Of Significant Accounting Policies | DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own and operate an offshore drilling rig fleet of 64 rigs spanning most of the strategic markets around the globe. Our rig fleet includes ten drillships, 13 dynamically positioned semisubmersible rigs, three moored semisubmersible rigs and 42 jackup rigs, including four rigs under construction. Our fleet is the world's second largest amongst competitive rigs, our ultra-deepwater fleet is one of the newest in the industry, and our premium jackup fleet is the largest of any offshore drilling company. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning approximately 15 countries on six continents. The markets in which we operate include the U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia. We provide drilling services on a "day rate" contract basis. Under day rate contracts, we provide a drilling rig and rig crews and receive a fixed amount per day for each day we are performing drilling or related services. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. In addition, our customers may pay all or a portion of the cost of moving our equipment and personnel to and from the well site. Redomestication During 2009, we completed a reorganization of the corporate structure of the group of companies controlled by our predecessor, ENSCO International Incorporated ("Ensco Delaware"), pursuant to which an indirect, wholly-owned subsidiary merged with Ensco Delaware, and Ensco plc became our publicly-held parent company incorporated under English law (the "redomestication"). We remain subject to the U.S. Securities and Exchange Commission (the "SEC") reporting requirements, the mandates of the Sarbanes-Oxley Act of 2002, as amended, and the applicable corporate governance rules of the New York Stock Exchange ("NYSE"), and we continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We also comply with additional reporting requirements of English law. Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position. The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006, which will be prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. An explanation of how the transition to FRS 102 has affected financial position and financial performance of the Group will be provided in those statements, which will be delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders. The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the U.K. Companies Act 2006. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Ensco plc and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation. Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. Foreign Currency Remeasurement and Translation Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations. Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet. Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $5.4 million of gains, $2.6 million of losses and $6.4 million of gains, and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , respectively. Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. Short-term investments, consisting of time deposits with initial maturities in excess of three months but less than one year, were included in other current assets on our consolidated balance sheets and totaled $1.2 billion and $757.3 million as of December 31, 2015 and 2014 , respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 . To mitigate our credit risk, our investments in time deposits are diversified across multiple, high-quality financial institutions. Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from two to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from three to six years. On December 31, 2015, we evaluated our current judgments and assumptions used in determining the useful lives of our drilling rigs. We considered both historical experience and expectations of future operations, utilization and performance of our assets based on recent changes in the current market environment. As a result, we reduced the useful lives of certain floaters and jackups effective January 1, 2016. We estimate this reduction in useful lives will increase depreciation expense by approximately $20.0 million for the year ended December 31, 2016. We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or net realizable value. During 2015, we recorded a pre-tax, non cash loss on impairment of long-lived assets of $2.6 billion , of which $2.5 billion related to our long-lived assets held-for-use. See "Note 3 - Property and Equipment" for additional information on these impairments. We estimate the impairment charge on our held-for-use assets will cause a decline in depreciation expense of approximately $170 million for the year ended December 31, 2016. If the global economy deteriorates and/or our expectation relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location. Goodwill Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, represent our reporting units. We test goodwill for impairment on an annual basis as of December 31 or when events or changes in circumstances indicate that a potential impairment exists. When testing goodwill for impairment, we first consider whether or not to assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we conclude that the fair value of one or both of our reporting units has more-likely-than-not declined below its carrying amount after qualitatively assessing existing facts and circumstances, or, alternatively, if we elect to forgo the qualitative assessment, we perform a quantitative assessment whereby we estimate the fair value of each reporting unit. In most instances, our calculation of the fair value of our reporting units is based on estimates of future discounted cash flows to be generated by the drilling rigs in the reporting unit. As of December 31, 2015 , given the deterioration in forecasted day rates and utilization, the sustained decline in our stock price and the impairment charge on certain rigs during the fourth quarter, we elected to forgo the qualitative assessment and performed a quantitative assessment on both reporting units. As a result of the quantitative assessment, we concluded that our Floater and Jackup reporting units' goodwill balances were impaired. We recorded a non-cash loss on impairment of $192.6 million and $83.5 million for the Jackups and Floaters reporting units, respectively, which was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2015. There is no remaining goodwill on our consolidated balance sheet as of December 31, 2015. See "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on our goodwill. Operating Revenues and Expenses Our drilling contracts ("contracts") are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. Day rate revenues are typically earned, and contract drilling expense is typically incurred, on a uniform basis over the terms of our contracts. In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and recognized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $77.0 million and $95.7 million as of December 31, 2015 and 2014 , respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $111.8 million and $149.4 million as of December 31, 2015 and 2014 , respectively. In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and recognized as revenue over the period that the related drilling services are performed, and the cost is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $287.2 million and $428.9 million as of December 31, 2015 and 2014 , respectively. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenues when services have been completed under the terms of the contract, the termination fee can be reasonably measured and collectability is reasonably assured. For the year ended December 31, 2015, operating revenues included $110.6 million for the ENSCO DS-4 lump sum termination fee, which we collected in October, as well as $98.3 million related to the ENSCO DS-9 termination, which included an $18.4 million lump-sum fee for mobilization, capital upgrades and day rate revenue earned during initial acceptance testing. Under the terms of the ENSCO DS-9 contract, our customer is obligated to pay us monthly termination fees for a period of two years equal to the operating day rate (approximately $550,000), which will be reduced pursuant to our obligation to mitigate idle rig costs, such as manning and maintenance activity, while the rig is idle and without a contract. We are in discussions with our customer on the amount of this reduction. The day rate may also be adjusted if we recontract the rig. We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $21.2 million and $20.0 million as of December 31, 2015 and 2014 , respectively. In certain countries in which we operate, taxes such as sales, use, value-added, gross receipts and excise may be assessed by the local government on our revenues. We generally record our tax-assessed revenue transactions on a net basis in our consolidated statement of operations. Derivative Instruments We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 5 - Derivative Instruments" for additional information on how and why we use derivatives. All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("AOCI"). Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction is probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations. We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date. Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, are deferred and amortized on a straight-line basis over the remaining useful life of the rig. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized. We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. See "Note 9 - Income Taxes" for additional information on our deferred taxes, unrecognized tax benefits, intercompany transfers of drilling rigs and undistributed earnings. Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Share-based compensation cost is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). The amount of compensation cost recognized in our consolidated statement of operations is based on the awards ultimately expected to vest and, therefore, reduced for estimated forfeitures. All changes in estimated forfeitures are based on historical experience and are recognized as a cumulative adjustment to compensation cost in the period in which they occur. See "Note 7 - Benefit Plans" for additional information on our share-based compensation. Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities. Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive performance awards and excludes non-vested shares. The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 Income from continuing operations allocated to non-vested share awards (2.0 ) (7.9 ) (15.1 ) (Loss) income from continuing operations attributable to Ensco shares $ (1,468.1 ) $ (2,711.0 ) $ 1,406.5 The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Weighted-average shares - basic 232.2 231.6 230.9 Potentially dilutive shares — — .2 Weighted-average shares - diluted 232.2 231.6 231.1 Antidilutive share options totaling 800,000 , 400,000 and 300,000 for the years ended December 31, 2015, 2014 and 2013 , respectively, were excluded from the computation of diluted EPS. Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. Loss (income) from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 (Loss) income from continuing operations $ (1,457.3 ) $ (2,689.3 ) $ 1,430.1 Income from continuing operations attributable to noncontrolling interests (8.8 ) (13.8 ) (8.5 ) (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 Loss from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Loss from discontinued operations $ (128.6 ) $ (1,199.2 ) $ (2.2 ) Income from discontinued operations attributable to noncontrolling interests (.1 ) (.3 ) (1.2 ) Loss from discontinued operations attributable to Ensco $ (128.7 ) $ (1,199.5 ) $ (3.4 ) New Accounting Pronouncements In November 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which requires that deferred tax assets and liabilities be classified as noncurrent on the balance sheet. This update is effective for annual and interim periods beginning after December 15, 2016. Early adoption is permitted for all entities as of the beginning of an interim or annual reporting period. This update may be applied either prospectively to all deferred tax assets and liabilities or retrospectively to all periods presented. We elected to early adopt this update on a retrospective basis effective December 31, 2015. Accordingly, all current deferred tax assets and liabilities were reclassified to noncurrent on the balance sheet for all periods presented. As a result of adopting this update retrospectively, we reclassified current deferred tax assets and liabilities of $43.8 million and $2.5 million , respectively, on our consolidated balance sheet as of December 31, 2014. In April 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , as updated by Update 2015-15, Interest - Imputation of Interest (Subtopic 835-30 ): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcements at June 18, 2015 EITF Meeting , which require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Debt issuance costs related to line-of-credit arrangements may be presented as an asset regardless of whether there are any outstanding borrowings on the arrangement. These updates are effective for annual and interim periods for fiscal years beginning after December 15, 2015. Early application is permitted. We will adopt these accounting standards on a retrospective basis effective January 1, 2016. There will be no impact to the manner in which debt issuance costs are amortized on our consolidated financial statements. In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In July 2015, the Financial Accounting Standards Board voted to delay the effective date one year. Update 2014-09 is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or cumulative effect approach. We are currently evaluating the effect that Update 2014-09 will have on our consolidated financial statements and related disclosures. In April 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("Update 2014-08"). The new guidance changes the criteria for reporting discontinued operations and enhances disclosure requirements. Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. We adopted Update 2014-08 effective January 1, 2015. Our adoption will generally reduce the number of rig disposals reported as discontinued operations since only rig disposals representing a strategic shift in operations will be reported as discontinued operations prospectively in our condensed consolidated financial statements. Operating results related to rigs classified as held-for-sale prior to the adoption of Update 2014-08 will continue to be reported as discontinued operations. |
Noncontrolling Interest Disclosure [Text Block] | Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. Loss (income) from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 (Loss) income from continuing operations $ (1,457.3 ) $ (2,689.3 ) $ 1,430.1 Income from continuing operations attributable to noncontrolling interests (8.8 ) (13.8 ) (8.5 ) (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 Loss from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Loss from discontinued operations $ (128.6 ) $ (1,199.2 ) $ (2.2 ) Income from discontinued operations attributable to noncontrolling interests (.1 ) (.3 ) (1.2 ) Loss from discontinued operations attributable to Ensco $ (128.7 ) $ (1,199.5 ) $ (3.4 ) |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2015 Supplemental executive retirement plan assets $ 33.1 $ — $ — $ 33.1 Total financial assets 33.1 — — 33.1 Derivatives, net — (19.7 ) — (19.7 ) Total financial liabilities $ — $ (19.7 ) $ — $ (19.7 ) As of December 31, 2014 Supplemental executive retirement plan assets $ 43.2 $ — $ — $ 43.2 Total financial assets 43.2 — — 43.2 Derivatives, net — (26.3 ) — (26.3 ) Total financial liabilities $ — $ (26.3 ) $ — $ (26.3 ) Supplemental Executive Retirement Plans Our Ensco supplemental executive retirement plans (the "SERP") are non-qualified plans that provide for eligible employees to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our consolidated balance sheets as of December 31, 2015 and 2014 . The fair value measurements of assets held in the SERP were based on quoted market prices. Net unrealized gains of $700,000 , $2.3 million and $6.2 million from marketable securities held in our SERP were included in other, net, in our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , respectively. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs as of December 31, 2015 and 2014 . See "Note 5 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurements of our derivatives were based on market prices that are generally observable for similar assets or liabilities at commonly quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our debt instruments as of December 31, 2015 and 2014 were as follows (in millions): December 31, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,482.7 $ 1,254.0 $ 1,479.9 $ 1,505.3 5.75% Senior notes due 2044 1,004.2 707.1 622.3 615.8 6.875% Senior notes due 2020 990.9 850.5 1,008.2 1,008.5 5.20% Senior notes due 2025 697.6 505.2 — — 4.50% Senior notes due 2024 624.3 417.4 624.2 602.0 8.50% Senior notes due 2019 566.4 510.2 583.8 611.8 7.875% Senior notes due 2040 379.8 244.0 381.2 363.8 7.20% Debentures due 2027 149.2 133.5 149.2 171.4 3.25% Senior notes due 2016 — — 998.0 1,018.3 4.33% MARAD bonds due 2016 — — 46.6 46.8 4.65% MARAD bonds due 2020 — — 27.0 29.7 Total $ 5,895.1 $ 4,621.9 $ 5,920.4 $ 5,973.4 The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our U.S. Maritime Administration ("MARAD") bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of December 31, 2015 and 2014 . See "Note 3 - Property and Equipment" for additional information on the fair value measurement of property and equipment and "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on the fair value measurement of goodwill. |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | PROPERTY AND EQUIPMENT Property and equipment as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Drilling rigs and equipment $ 11,001.8 $ 13,253.2 Other 180.0 135.0 Work in progress 1,537.6 1,587.3 $ 12,719.4 $ 14,975.5 During 2015, drilling rigs and equipment declined $2.3 billion primarily due to a loss on impairment of $2.6 billion and depreciation expense of $572.5 million . These declines were partially offset by ENSCO DS-8 and ENSCO 110, which were placed into service during 2015 , and capital upgrades to the existing rig fleet. Work in progress as of December 31, 2015 primarily consisted of $1.1 billion related to the construction of ultra deepwater drillships ENSCO DS-9 and ENSCO DS-10, $259.8 million related to the construction of ENSCO 140 and ENSCO 141 premium jackups rigs and $71.1 million related to the construction of ENSCO 123, an ultra-premium harsh environment jackup rig. ENSCO DS-9 has been delivered but has not been placed into service. Work in progress as of December 31, 2014 primarily consisted of $820.1 million related to the construction of ENSCO DS-8, ENSCO DS-9 and ENSCO DS-10 ultra-deepwater drillships, $233.1 million related to a capital enhancement project on ENSCO 5006, $179.3 million related to the construction of ENSCO 110, ENSCO 140 and ENSCO 141 premium jackup rigs, $59.2 million related to the construction of ENSCO 123 ultra-premium harsh environment jackup rig and costs associated with various modification and enhancement projects. Impairment of Long-Lived Assets Year Ended December 31, 2015 - During 2015, we recorded a pre-tax, non-cash loss on impairment of long-lived assets of $2,618.9 million , of which $2,470.3 million was included in (loss) income from continuing operations and $148.6 million was included in loss from discontinued operations, net in our consolidated statement of operations. Assets held-for-sale We continually assess our rig portfolio and actively work with our rig broker to market certain rigs that no longer meet our standards for economic returns or are not part of our long-term strategic plan. On a quarterly basis, we assess whether any rig meets the criteria established by Financial Accounting Standards Board 360-10-45 for held-for-sale classification on our balance sheet. All rigs classified as held-for-sale are recorded at fair value, less costs to sell. We measure the fair value of our assets held-for-sale by applying a market approach based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We reassess the fair value of our held-for-sale assets on a quarterly basis and adjust the carrying value, as necessary. During 2015, we adopted the Financial Accounting Standards Board’s Accounting Standards Update 2014-08, Presentation of Financial Statements ( Topic 205 ) and Property, Plant, and Equipment ( Topic 360 ): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (" Update 2014-08 "). Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. As a result, individual assets that were classified as held-for-sale during 2015 are not reported as discontinued operations. Rigs that were classified as held-for-sale prior to 2015 continue to be reported as discontinued operations. During the third quarter, we began marketing for sale ENSCO 91, an older, less capable jackup rig that we cold-stacked during the second quarter. We concluded that the rig met the held-for-sale criteria during the third quarter and its carrying value was reduced to fair value, less costs to sell, based on its estimated sales price. We recorded a pre-tax, non-cash loss on impairment totaling $10.0 million , which was included in loss on impairment within income from continuing operations in our consolidated statement of operations for the year ended December 31, 2015 . Also during the third quarter, we concluded that impairments were required on certain held-for-sale rigs as a result of declines in fair value. We recorded a pre-tax, non-cash loss on impairment totaling $25.6 million , which was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2015 . During the fourth quarter, we concluded that additional impairments were required due to our decision to sell our held-for-sale rigs for scrap value. As a result, we recognized a pre-tax, non-cash loss on impairment of $115.8 million , which was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2015 . See “Note 10 - Discontinued Operations” for additional information on rigs classified as held-for-sale and presented in discontinued operations. Our six held-for-sale rigs have a remaining aggregate carrying value of $5.5 million and are included in other assets, net, on our consolidated balance sheet as of December 31, 2015 . Assets held-for-use On a quarterly basis, we evaluate the carrying value of our property and equipment to identify events or changes in circumstances ("triggering events") that indicate the carrying value may not be recoverable. During the fourth quarter, commodity prices declined with Brent crude oil prices trading around $35 per barrel as of December 31, 2015 . Commodity prices continued to decline further into 2016, and Brent crude oil prices reached a ten-year low of approximately $26 per barrel in January 2016. These prices resulted in significant capital spending reductions by our customers, causing a decline in day rates for the few contracts executed during the fourth quarter. Customers have delayed drilling programs and are exploring subletting opportunities for contracted rigs thereby exacerbating supply pressure. In addition, certain customers are requesting contract concessions or terminating drilling contracts. Customers are expected to continue to operate under reduced budgets until we see a meaningful recovery in commodity prices. The significant supply and demand imbalance will continue to be adversely impacted by future newbuild deliveries, program delays and lower capital spending by operators. These adverse changes resulted in further deterioration in our forecasted day rates and utilization during the fourth quarter. As a result, we concluded that a triggering event had occurred. Based on the asset impairment analysis performed as of December 31, 2015, we recorded a pre-tax, non-cash loss on impairment with respect to certain floaters and jackups totaling $2,460.3 million . The impairment charge was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2015. We measured the fair value of these rigs by applying either an income approach, using projected discounted cash flows, or a market approach. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements. In instances where we applied an income approach, forecasted day rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the business environment observed during the fourth quarter. The day rates reflect contracted rates during the respective contracted periods and our estimate of market day rates in uncontracted periods. The forecasted market day rates were depressed in the near-term but were forecasted to grow in the longer-term and terminal period. Operating costs were forecasted using a combination of our historical average operating costs and expected future costs, adjusted for an estimated inflation factor. Capital requirements were based on our estimates of future capital costs, taking into consideration our historical trends. The estimated capital requirements included cash outflows to maintain the current operating condition of our rigs through their remaining useful lives. In instances where we applied a market approach, the fair value was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We validated all third-party estimated prices using our forecasts of economic returns for the respective rigs or other market data. If the global economy, our overall business outlook, and/or our expectations regarding the marketability of one or more of our drilling rigs deteriorate further, we may conclude that a triggering event has occurred and perform a recoverability test that could lead to a material impairment charge in future periods. Year Ended December 31, 2014 - During 2014, we recorded a pre-tax, non-cash loss on impairment of long-lived assets of $2,463.1 million , of which $1,220.8 million was included in (loss) income from continuing operations and $1,242.3 million was included in loss from discontinued operations, net, in our consolidated statement of operations. These losses were recorded during the second and fourth quarters of 2014. During the second quarter of 2014, demand for floaters deteriorated as a result of continued reductions in capital spending by operators in addition to delays in operators’ drilling programs. The reduction in demand, combined with the increasing supply from newbuild floater deliveries, led to a very competitive market. In general, contracting activity declined significantly, and day rates and utilization came under pressure, especially for older, less capable floaters. In response to the adverse change in the floaters business climate, we evaluated our older, less capable floaters and committed to a plan to sell five rigs. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000 and ENSCO 7500 were removed from our portfolio of rigs marketed for contract drilling services and classified as held-for-sale. These rigs were written down to fair value, less costs to sell. We recorded a pre-tax, non-cash loss on impairment totaling $546.4 million during the second quarter associated with these rigs. The impairment charge was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2014. Also during the second quarter of 2014, as a result of the adverse change in the floater business climate, our decision to sell five floaters and the impairment charge incurred on the held-for-sale floaters, we concluded that a triggering event had occurred and performed an asset impairment analysis on our remaining older, less capable floaters. Based on the analysis performed as of May 31, 2014, we recorded an additional pre-tax, non-cash loss on impairment with respect to four other floaters totaling $991.5 million , of which $288.0 million related to ENSCO DS-2 that was removed from our portfolio of rigs marketed for contract drilling services during the fourth quarter of 2014. The ENSCO DS-2 impairment charge was reclassified to loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2014. The remaining $703.5 million impairment charge was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014. We measured the fair value of these rigs by applying an income approach, using projected discounted cash flows. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements. During the fourth quarter of 2014, Brent crude oil prices declined from approximately $95 per barrel to near $55 per barrel on December 31, 2014 . These declines resulted in further reductions in capital spending by operators, including the cancellation or deferral of planned drilling programs. As a result, day rates and utilization came under further pressure, especially for older, less capable rigs. In response to the adverse change in business climate, we evaluated our aged rigs and committed to a plan to sell one additional floater and two jackups. ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. These rigs were written down to fair value, less costs to sell. In addition to the asset impairment recorded during the second quarter, we recorded an additional pre-tax, non-cash loss on impairment totaling $407.9 million during the fourth quarter on our held-for-sale rigs. The impairment charge was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2014. Also during the fourth quarter of 2014, as a result of the decline in commodity prices and adverse changes in the offshore drilling market, our decision to sell an additional floater and two jackups and the impairment charge incurred on the held-for-sale rigs, we concluded that a triggering event had occurred and performed an asset impairment analysis for all floaters and jackups. Based on the analysis performed as of December 31, 2014, we recorded an additional pre-tax, non-cash loss on impairment with respect to two older, less capable floaters and ten older, less capable jackups totaling $517.3 million . The impairment charge was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014. We measured the fair value of these rigs by applying either an income approach, using projected discounted cash flows, or a market approach. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements. In instances where we applied a market approach, the fair value was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We validated all third-party estimated prices using our forecasts of economic returns for the respective rigs. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Debt | DEBT The carrying value of long-term debt as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 4.70% Senior notes due 2021 $ 1,482.7 $ 1,479.9 5.75% Senior notes due 2044 1,004.2 622.3 6.875% Senior notes due 2020 990.9 1,008.2 5.20% Senior notes due 2025 697.6 — 4.50% Senior notes due 2024 624.3 624.2 8.50% Senior notes due 2019 566.4 583.8 7.875% Senior notes due 2040 379.8 381.2 7.20% Debentures due 2027 149.2 149.2 3.25% Senior notes due 2016 — 998.0 4.33% MARAD bonds due 2016 — 46.6 4.65% MARAD bonds due 2020 — 27.0 Total debt 5,895.1 5,920.4 Less current maturities — (34.8 ) Total long-term debt $ 5,895.1 $ 5,885.6 Senior Notes During the first quarter, we issued $700.0 million aggregate principal amount of unsecured 5.20% senior notes due 2025 (the “2025 Notes”) at a discount of $2.6 million and $400.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the “New 2044 Notes”) at a discount of $18.7 million in a public offering. Interest on the 2025 Notes is payable semiannually on March 15 and September 15 of each year commencing September 15, 2015. Interest on the New 2044 Notes is payable semiannually on April 1 and October 1 of each year commencing on April 1, 2015. During 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% senior notes due 2024 (the "2024 Notes") at a discount of $850,000 and $625.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the "Existing 2044 Notes" and together with the New 2044 Notes, the "2044 Notes") at a discount of $2.8 million . Interest on the 2024 Notes and the Existing 2044 Notes is payable semiannually on April 1 and October 1 of each year commencing on April 1, 2015. The Existing 2044 Notes and the New 2044 Notes are treated as a single series of debt securities under the indenture governing the notes (the "2044 Notes"). During 2011, we issued $1.5 billion aggregate principal amount of unsecured 4.70% senior notes due 2021 (the “2021 Notes”) at a discount of $29.6 million in a public offering. Interest on the 2021 Notes is payable semiannually on March 15 and September 15 of each year. Upon consummation of the Pride acquisition during 2011, we assumed the acquired company's outstanding debt comprised of $900.0 million aggregate principal amount of unsecured 6.875% senior notes due 2020 , $500.0 million aggregate principal amount of unsecured 8.5% senior notes due 2019 and $300.0 million aggregate principal amount of unsecured 7.875% senior notes due 2040 (collectively, the "Acquired Notes" and together with the 2021 Notes, 2024 Notes, 2025 Notes and 2044 Notes, the "Senior Notes"). Ensco plc has fully and unconditionally guaranteed the performance of all Pride obligations with respect to the Acquired Notes. See "Note 15 - Guarantee of Registered Securities" for additional information on the guarantee of the Acquired Notes. We may redeem the 2024 Notes, 2025 Notes and 2044 Notes in whole, at any time or in part from time to time, prior to maturity. If we elect to redeem the 2024 Notes and 2025 Notes before the date that is three months prior to the maturity date or the 2044 Notes before the date that is six months prior to the maturity date, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and a "make-whole" premium. If we elect to redeem the 2024 Notes, 2025 Notes or 2044 Notes on or after the aforementioned dates, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest but we are not required to pay a "make-whole" premium. We may redeem each series of the 2021 Notes and the Acquired Notes, in whole or in part, at any time, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. The indentures governing the Senior Notes contain customary events of default, including failure to pay principal or interest on such notes when due, among others. The indentures governing the Senior Notes also contain certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Debentures Due 2027 During 1997, Ensco Delaware issued $150.0 million of unsecured 7.20% Debentures due November 15, 2027 (the "Debentures") in a public offering. Interest on the Debentures is payable semiannually in May and November. We may redeem the Debentures, in whole or in part, at any time prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. The Debentures are not subject to any sinking fund requirements. During 2009, in connection with the redomestication, Ensco plc entered into a supplemental indenture to unconditionally guarantee the principal and interest payments on the Debentures. The Debentures and the indenture pursuant to which the Debentures were issued also contain customary events of default, including failure to pay principal or interest on the Debentures when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Redemption of 2016 Senior Notes and MARAD Obligations During 2011, we issued $1.0 billion of 3.25% senior notes due 2016 (the “2016 Notes”). In March 2015, we commenced a cash tender offer (the “Tender Offer”) for the 2016 Notes. Tendered notes totaling $854.6 million were settled on March 12, 2015 for $878.0 million (excluding accrued interest) using a portion of the net proceeds from the issuance of the 2025 Notes and New 2044 Notes. Under the terms of the Tender Offer, we paid a premium totaling approximately $23.4 million , which approximates the “make-whole” premium that would have been required had we elected to redeem the debt. Additionally, we recorded charges of $1.7 million for unamortized debt discounts and $1.5 million for unamortized debt issuance costs, resulting in a total pre-tax loss on debt extinguishment of $26.6 million included in other, net, in our consolidated statement of operations for the year ended December 31, 2015 . Concurrent with the settlement of the Tender Offer, we exercised our right to redeem the remaining 2016 Notes. In April 2015, we completed the redemption of the remaining $145.4 million of 2016 Notes using a portion of the net proceeds from the 2025 Notes and New 2044 Notes. The redemption payment included a "make-whole" premium of $3.8 million which was recorded as a loss on debt extinguishment and included in other, net, in our consolidated statement of operations for the year ended December 31, 2015 . In April 2015, we used the remaining net proceeds from the 2025 Notes and New 2044 Notes, together with cash on hand, to redeem $51.0 million of our 4.33% MARAD notes due 2016 and 4.65% MARAD bonds due 2020 (the “MARAD Obligations”). We incurred additional losses on debt extinguishment of $3.1 million , which were included in other, net, in our consolidated statement of operations for the year ended December 31, 2015 . These losses primarily consisted of a "make-whole" premium. In July 2015, we redeemed the remaining $14.3 million aggregate principal amount of the MARAD Obligations. Commercial Paper We participate in a commercial paper program with three commercial paper dealers pursuant to which we may issue, on a private placement basis, unsecured commercial paper notes up to a maximum aggregate amount outstanding at any time of $2.25 billion . Amounts issued under the commercial paper program are supported by the available and unused committed capacity under our credit facility. As a result, amounts issued under the commercial paper program are limited by the amount of our available and unused committed capacity under our credit facility. The proceeds of such financings may be used for capital expenditures and other general corporate purposes. The commercial paper bears interest at rates that vary based on market conditions and the ratings assigned by credit rating agencies at the time of issuance. If we are downgraded below investment grade by one or more credit rating agencies, we may have limited or no access to the commercial paper market. The weighted-average interest rate on our commercial paper borrowings was 0.41% and 0.26% during 2015 and 2014 , respectively. Commercial paper maturities will vary but may not exceed 364 days from the date of issue. The commercial paper is not redeemable or subject to voluntary prepayment by us prior to maturity. We had no amounts outstanding under our commercial paper program as of December 31, 2015 and 2014 . Revolving Credit We have a $2.25 billion senior unsecured revolving credit facility with a syndicate of banks to be used for general corporate purposes with a term expiring on September 30, 2019 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate, depending on our credit ratings. We are required to pay a quarterly commitment fee on the undrawn portion of the $2.25 billion commitment, which is also based on our credit ratings. During the fourth quarter, Moody's and Standard & Poor's downgraded our senior unsecured rating one notch to Baa2 and BBB, respectively. As a result, the applicable margin rate for advances under our Credit Facility and the quarterly commitment fee percentage increased by 0.125% per annum and 0.025% per annum, respectively, under our Credit Facility. Currently, the applicable margin rates are 0.25% per annum for Base Rate advances and 1.25% per annum for LIBOR advances. Also, our quarterly commitment fee is 0.15% per annum on the undrawn portion of the $2.25 billion commitment. Amounts repaid may be re-borrowed during the term of the Credit Facility. There can be no assurance that ratings agencies will not further downgrade our credit ratings, and any such further downgrade, or the perceived risk of further downgrades, may limit our ability to access debt capital markets, restructure or refinance our debt, result in higher borrowing costs or require more restrictive terms and covenants, which may further restrict our operations. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to a specified percentage. In March 2015, we amended the Credit Facility to increase the percentage from 50% to 60% . The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens; entering into certain merger arrangements; selling, leasing, transferring or otherwise disposing of all or substantially all of our assets; making a material change in the nature of the business; and entering into certain transactions with affiliates. We have the right, subject to receipt of commitments from lenders, to increase the commitments under the Credit Agreement to an aggregate amount of up to $2.75 billion and to extend the term of the Credit Agreement by one year on up to two occasions. As of December 31, 2015, we were in compliance in all material respects with our covenants under the Credit Facility. We expect to remain in compliance with our Credit Facility covenants during 2016. We had no amounts outstanding under the Credit Facility as of December 31, 2015 and 2014 . Maturities The aggregate maturities of our debt, excluding net unamortized premiums of $195.1 million , as of December 31, 2015 were as follows (in millions): 2016 $ — 2017 — 2018 — 2019 500.0 2020 900.0 Thereafter 4,300.0 Total $ 5,700.0 Interest expense totaled $216.3 million , $161.4 million and $158.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively, which was net of interest amounts capitalized of $87.4 million , $78.2 million and $67.7 million in connection with newbuild rig construction and other capital projects. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. We maintain a foreign currency exchange rate risk management strategy that utilizes derivatives to reduce our exposure to unanticipated fluctuations in earnings and cash flows caused by changes in foreign currency exchange rates. We mitigate our credit risk relating to the counterparties of our derivatives by transacting with multiple, high-quality financial institutions, thereby limiting exposure to individual counterparties, and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. See "Note 14 - Supplemental Financial Information" for additional information on the mitigation of credit risk relating to counterparties of our derivatives. We do not enter into derivatives for trading or other speculative purposes. All derivatives were recorded on our consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset on our consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. See "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information on our accounting policy for derivatives and "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. As of December 31, 2015 and 2014 , our consolidated balance sheets included net foreign currency derivative liabilities of $19.7 million and $26.3 million , respectively. All of our derivatives mature during the next 18 months. Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2015 and 2014 consisted of the following (in millions): Derivative Assets Derivative Liabilities 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ .6 $ .4 $ 20.7 $ 17.2 Foreign currency forward contracts - non-current (2) .2 .1 1.5 2.9 .8 .5 22.2 20.1 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 2.6 .2 .9 6.9 2.6 .2 .9 6.9 Total $ 3.4 $ .7 $ 23.1 $ 27.0 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of December 31, 2015 , we had cash flow hedges outstanding to exchange an aggregate $311.6 million for various foreign currencies, including $152.3 million for British pounds, $57.8 million for Brazilian reais, $37.9 million for Australian dollars, $34.1 million for Euros, $13.2 million for Singapore dollars and $16.3 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2015 were as follows (in millions): Loss Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate lock contracts (3) $ — $ — $ — $ (.6 ) $ (.4 ) $ (.4 ) $ — $ — $ — Foreign currency forward contracts (4) (23.6 ) (11.7 ) (5.8 ) (21.6 ) 1.3 (1.6 ) (.1 ) (.7 ) (.3 ) Total $ (23.6 ) $ (11.7 ) $ (5.8 ) $ (22.2 ) $ .9 $ (2.0 ) $ (.1 ) $ (.7 ) $ (.3 ) (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. (4) During the year ended December 31, 2015 , $22.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2014 , $400,000 of gains were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2013 , $2.5 million of losses were reclassified from AOCI into contract drilling and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of December 31, 2015 , we held derivatives not designated as hedging instruments to exchange an aggregate $125.7 million for various foreign currencies, including $73.8 million for Euros, $16.6 million for Swiss francs, $11.1 million for British pounds, $8.7 million for Mexican Pesos, $7.8 million for Australian dollars and $7.7 million for other currencies. Net losses of $17.3 million and $24.8 million and net gains of $3.6 million associated with our derivatives not designated as hedging instruments were included in other, net, in our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , respectively. As of December 31, 2015 , the estimated amount of net losses associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions): Net unrealized losses to be reclassified to contract drilling expense $ (11.2 ) Net realized gains to be reclassified to depreciation expense .9 Net realized losses to be reclassified to interest expense (.4 ) Net losses to be reclassified to earnings $ (10.7 ) |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): Shares Par Value Additional Paid-in Capital Retained Earnings AOCI Treasury Shares Noncontrolling Interest BALANCE, December 31, 2012 237.7 $ 23.9 $ 5,398.7 $ 6,434.7 $ 20.1 $ (31.0 ) $ 5.7 Net income — — — 1,418.2 — — 9.7 Dividends paid — — — (525.6 ) — — — Distributions to noncontrolling interests — — — — — — (8.1 ) Shares issued under share-based compensation plans, net 1.9 .2 21.8 — — (.1 ) — Tax benefits from share-based compensation — — .1 — — — — Repurchase of shares — — — — — (14.1 ) — Share-based compensation cost — — 46.6 — — — — Net other comprehensive loss — — — — (1.9 ) — — BALANCE, December 31, 2013 239.6 24.1 5,467.2 7,327.3 18.2 (45.2 ) 7.3 Net (loss) income — — — (3,902.6 ) — — 14.1 Dividends paid — — — (704.3 ) — — — Distributions to noncontrolling interests — — — — — — (13.5 ) Shares issued in connection with share-based compensation plans, net 1.1 .1 .4 — — (.1 ) — Tax benefit from share-based compensation — — 1.2 — — — — Repurchase of shares — — — — — (13.7 ) — Share-based compensation cost — — 48.7 — — — — Net other comprehensive loss — — — — (6.3 ) — — BALANCE, December 31, 2014 240.7 24.2 5,517.5 2,720.4 11.9 (59.0 ) 7.9 Net (loss) income — — — (1,594.8 ) — — 8.9 Dividends paid — — — (140.3 ) — — — Distributions to noncontrolling interests — — — — — — (12.5 ) Shares issued in connection with share-based compensation plans, net 2.4 .2 — — — (.2 ) — Tax expense from share-based compensation — — (2.4 ) — — — — Repurchase of shares — — — — — (4.6 ) — Share-based compensation cost — — 39.4 — — — — Net other comprehensive income — — — — .6 — — BALANCE, December 31, 2015 243.1 $ 24.4 $ 5,554.5 $ 985.3 $ 12.5 $ (63.8 ) $ 4.3 During 2013, our shareholders approved a new share repurchase program. Subject to certain provisions under English law, including the requirement of Ensco plc to have sufficient distributable reserves, we may purchase up to a maximum of $2.0 billion in the aggregate under the program, but in no case more than 35.0 million shares. The program terminates during 2018. As of December 31, 2015 , there had been no share repurchases under this program. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | BENEFIT PLANS Our shareholders approved the 2012 Long-Term Incentive Plan (the “2012 LTIP”) effective January 1, 2012, to provide for the issuance of non-vested share awards, share option awards and performance awards (collectively "awards"). Under the 2012 LTIP, as amended, 23.0 million shares were reserved for issuance as awards to officers, non-employee directors and key employees who are in a position to contribute materially to our growth, development and long-term success. As of December 31, 2015 , there were 12.9 million shares available for issuance as awards under the 2012 LTIP. Awards may be satisfied by newly issued shares, including shares held by a subsidiary or affiliated entity, or by delivery of shares held in an affiliated employee benefit trust at the Company's discretion. Non-Vested Share Awards and Units Grants of non-vested share awards and non-vested share units generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. Our non-vested share awards have voting and dividend rights effective on the date of grant, and our non-vested share units have dividend rights effective on the date of grant. Compensation expense is measured using the market value of our shares on the date of grant and is recognized on a straight-line basis over the requisite service period (usually the vesting period). The following table summarizes non-vested share award related compensation expense recognized during each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Contract drilling $ 19.5 $ 20.9 $ 21.3 General and administrative 17.8 20.7 21.6 Non-vested share award related compensation expense included in operating expenses 37.3 41.6 42.9 Tax benefit (4.8 ) (5.1 ) (5.4 ) Total non-vested share award related compensation expense included in net income $ 32.5 $ 36.5 $ 37.5 The following table summarizes the value of non-vested shares granted and vested during each of the years in the three-year period ended December 31, 2015 : 2015 2014 2013 Weighted-average grant-date fair value of non-vested share awards granted (per share) $ 23.95 $ 51.22 $ 59.79 Total fair value of non-vested share awards vested during the period (in millions) $ 18.0 $ 46.2 $ 49.6 The following table summarizes non-vested share activity for the year ended December 31, 2015 (shares in thousands): Shares Weighted-Average Grant-Date Fair Value Non-vested share awards as of December 31, 2014 2,641 $ 52.86 Granted 2,116 23.95 Vested (787 ) 51.42 Forfeited (827 ) 41.23 Non-vested share awards as of December 31, 2015 3,143 $ 36.46 As of December 31, 2015 , there was $88.2 million of total unrecognized compensation cost related to non-vested share awards and non-vested share units, which is expected to be recognized over a weighted-average period of 2.0 years. Share Option Awards Share option awards ("options") granted to officers and employees generally become exercisable in 25% increments over a four-year period or 33% increments over a three-year period and, to the extent not exercised, expire on the seventh anniversary of the date of grant. Options granted to non-employee directors are immediately exercisable and, to the extent not exercised, expire on the seventh anniversary of the date of grant. The exercise price of options granted under the 2012 LTIP equals the market value of the underlying shares on the date of grant. As of December 31, 2015 , options granted to purchase 458,000 shares with a weighted average exercise price of $41.51 were outstanding under the 2012 LTIP and predecessor or acquired plans. No options have been granted since 2011, and there were no unrecognized compensation costs related to options as of December 31, 2015. Performance Awards Under the 2012 LTIP, performance awards may be issued to our senior executive officers. Performance awards granted during 2013, 2014 and 2015 are payable in Ensco shares upon attainment of specified performance goals based on relative total shareholder return ("TSR") and relative return on capital employed ("ROCE"). The performance goals are determined by a committee or subcommittee of the Board of Directors. Performance awards generally vest at the end of a three -year measurement period based on attainment of performance goals. Our performance awards are classified as equity awards with compensation expense recognized on a straight-line basis over the requisite service period. The estimated probable outcome of attainment of the specified performance goals is based on historical experience, and any subsequent changes in this estimate for the relative ROCE performance goal are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs. The aggregate grant-date fair value of performance awards granted during 2015, 2014 and 2013 totaled $8.3 million , $7.4 million and $8.2 million , respectively. The aggregate fair value of performance awards vested during 2015, 2014 and 2013 totaled $4.6 million , $6.9 million and $7.4 million , respectively. During the years ended December 31, 2015, 2014 and 2013 , we recognized $2.9 million , $3.4 million and $6.6 million of compensation expense for performance awards, respectively, which was included in general and administrative expense in our consolidated statements of operations. As of December 31, 2015 , there was $6.3 million of total unrecognized compensation cost related to unvested performance awards, which is expected to be recognized over a weighted-average period of 2.0 years. Savings Plans We have profit sharing plans (the "Ensco Savings Plan," the "Ensco Multinational Savings Plan" and the "Ensco Limited Retirement Plan"), which cover eligible employees, as defined within each plan. The Ensco Savings Plan includes a 401(k) savings plan feature which allows eligible employees to make tax-deferred contributions to the plan. The Ensco Limited Retirement Plan also allows eligible employees to make tax-deferred contributions to the plan. Contributions made to the Ensco Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements. We generally make matching cash contributions to the plans. We match 100% of the amount contributed by the employee up to a maximum of 5% of eligible salary. Matching contributions totaled $18.9 million , $20.7 million and $21.1 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Any additional discretionary contributions made into the plans require approval of the Board of Directors and are generally paid in cash. We recorded additional discretionary contribution provisions of $27.5 million , $30.7 million and $55.3 million for the years ended December 31, 2015, 2014 and 2013 , respectively. Matching contributions and additional discretionary contributions become vested in 33% increments upon completion of each initial year of service with all contributions becoming fully vested subsequent to achievement of three or more years of service. We have 1.0 million shares reserved for issuance as matching contributions under the Ensco Savings Plan. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets and Liabilities | GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES Goodwill The carrying amount of goodwill as of December 31, 2015 is detailed below by reporting unit (in millions): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Floaters Balance, beginning of period $ 3,081.4 $ (2,997.9 ) $ 83.5 $ 3,081.4 $ — $ 3,081.4 Loss on impairment — (83.5 ) (83.5 ) — (2,997.9 ) (2,997.9 ) Balance, end of period $ 3,081.4 $ (3,081.4 ) $ — $ 3,081.4 $ (2,997.9 ) $ 83.5 Jackups Balance, beginning of period $ 192.6 $ — $ 192.6 $ 192.6 $ — $ 192.6 Loss on impairment — (192.6 ) (192.6 ) — — — Balance, end of period $ 192.6 $ (192.6 ) $ — $ 192.6 $ — $ 192.6 Impairment of Goodwill Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, represent our reporting units. We test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists. Year Ended December 31, 2015 - As part of our annual goodwill impairment test, we considered the decline in Brent crude oil prices to around $35 per barrel as of December 31, 2015 . Commodity prices continued to decline further into 2016, and Brent crude oil prices reached a ten-year low of approximately $26 per barrel in January 2016. These prices resulted in significant capital spending reductions by our customers, causing a decline in day rates for the few contracts executed during the fourth quarter. Customers have delayed drilling programs and are exploring subletting opportunities for contracted rigs thereby exacerbating supply pressure. In addition, certain customers are requesting contract concessions or terminating drilling contracts. Customers are expected to continue to operate under reduced budgets in the current commodity price environment. The significant supply and demand imbalance will continue to be adversely impacted by future newbuild deliveries, program delays and lower capital spending by operators. These adverse changes resulted in further deterioration in our forecasted day rates and utilization during the fourth quarter. Additionally, during the latter half of 2015, our stock price declined significantly, trading between $13.26 and $22.21 . Our average stock price was $17.21 and $16.34 during the third and fourth quarters, respectively. Our stock price continued to decline during 2016, reaching a 20-year low closing price of approximately $8.00 in February. During the first half of 2015, our average stock price was $25.31 . We considered the deterioration in our forecasted day rates and utilization, the sustained decline in our stock price and the impairment charge on certain rigs during the fourth quarter and concluded it was more-likely-than-not that the fair values of both the Floaters and Jackups reporting units were less than their carrying amounts. We estimated the fair values of each reporting unit using an income approach. In the current market environment, we concluded the income approach provided a better estimate of fair value compared to other valuation approaches. Based on the valuations performed as of December 31, 2015, both the Floater and Jackup reporting unit estimated fair values were less than their carrying values; therefore, we concluded that the Floater and Jackup goodwill balances were impaired. We compared the estimated fair value of each reporting unit to the fair values of all assets and liabilities within the respective reporting unit to calculate the implied fair value of goodwill. As a result, we recorded a non-cash loss on impairment of $192.6 million and $83.5 million for the Jackups and Floaters reporting units, respectively, which was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2015. There is no goodwill on our consolidated balance sheet as of December 31, 2015. The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value and was based on unobservable inputs that require significant judgments for which there is limited information. The future cash flows were projected based on our estimates of future day rates, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted day rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the business environment observed during the fourth quarter. The day rates reflect contracted rates during the respective contracted periods and our estimate of market day rates in uncontracted periods. The forecasted market day rates were depressed in the near-term but were forecasted to grow in the longer-term and terminal period. Operating costs were forecasted using a combination of our historical average operating costs and expected future costs, adjusted for an estimated inflation factor. Capital requirements in the discounted cash flow model were based on our estimates of future capital costs, taking into consideration our historical trends. The estimated capital requirements included cash outflows for new rig construction and cash outflows to maintain the current operating condition of our rigs through their remaining marketable lives. A terminal period was used to reflect our estimate of stable, perpetual growth. The terminal period reflects a terminal growth rate of 3.0% , which includes an estimated inflation factor. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital of 11.5% . These assumptions were derived from unobservable inputs and reflect our judgments and assumptions. We evaluated the estimated fair value of our reporting units compared to our market capitalization as of December 31, 2015. The aggregate fair values of our reporting units exceeded our market capitalization, and we believe the resulting implied control premium was reasonable based on recent market transactions within our industry or other relevant benchmark data. Year Ended December 31, 2014 - As part of our annual goodwill impairment test as of December 31, 2014, we considered the significant decline in commodity prices during the fourth quarter of 2014. Specifically, Brent crude oil prices declined from approximately $95 per barrel at September 30, 2014 to near $55 per barrel at December 31, 2014. These declines resulted in further reductions in capital spending by operators, including the cancellation or deferral of planned drilling programs, which caused further deterioration in forecasted day rates and utilization. Our stock price also declined significantly during the latter half of 2014, reaching a five-year low of $25.88 on December 16th. Our stock traded between $25.88 and $41.99 during the fourth quarter of 2014 and averaged $35.23 during this period. We considered the adverse changes in the floater business climate, the sustained decline in our stock price and the impairment charge on older, less capable floaters during the fourth quarter and concluded it was more-likely-than-not that the fair value of the Floater reporting unit was less than its carrying amount. We estimated the fair value of the Floater reporting unit using a blended income and market approach. Based on the valuation performed as of December 31, 2014, the reporting unit estimated fair value was less than the carrying value; therefore, we concluded that the Floater goodwill balance was impaired. We compared the estimated fair value of the reporting unit to the fair value of all assets and liabilities within the reporting unit to calculate the implied fair value of goodwill. As a result, we recorded a non-cash loss on impairment totaling $ 3.0 billion which was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014. We evaluated the estimated fair value of our reporting units compared to our market capitalization as of December 31, 2014. To perform this assessment, we used a market approach to estimate the fair value of the Jackups reporting unit. The aggregate fair values of our reporting units exceeded our market capitalization, and we believe the resulting implied control premium was reasonable based on recent market transactions within our industry or other relevant benchmark data. We performed a qualitative assessment for our Jackup reporting unit as of December 31, 2014. Goodwill impairment tests performed during prior years indicated that the fair value of the Jackup reporting unit significantly exceeded its carrying amount. Despite the adverse changes in the offshore drilling business climate, we concluded that the fair value remained substantially in excess of the carrying value of the reporting unit, as evidenced by the estimated fair value of the Jackup reporting unit calculated for the purpose of reconciling the fair value of our reporting units to our market capitalization. Therefore, we concluded that it remained more-likely-than-not that the Jackup reporting unit was not impaired. Drilling Contract Intangibles In connection with the Pride acquisition, we recorded intangible assets and liabilities representing the estimated fair values of the acquired company's firm drilling contracts in place at the date of acquisition with favorable or unfavorable contract terms as compared to then-current market day rates for comparable drilling rigs. The gross carrying amounts of our drilling contract intangibles, which we consider to be definite-lived intangibles assets and intangible liabilities, and accumulated amortization as of December 31, 2015 and 2014 were as follows (in millions): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Drilling contract intangible assets Balance, beginning of period $ 209.0 $ (163.3 ) $ 45.7 $ 209.0 $ (130.6 ) $ 78.4 Amortization — (41.4 ) (41.4 ) — (32.7 ) (32.7 ) Balance, end of period $ 209.0 $ (204.7 ) $ 4.3 $ 209.0 $ (163.3 ) $ 45.7 Drilling contract intangible liabilities Balance, beginning of period $ 278.0 $ (237.3 ) $ 40.7 $ 278.0 $ (208.9 ) $ 69.1 Amortization — (28.1 ) (28.1 ) — (28.4 ) (28.4 ) Balance, end of period $ 278.0 $ (265.4 ) $ 12.6 $ 278.0 $ (237.3 ) $ 40.7 The various factors considered in the determination of the fair values of our drilling contract intangibles were (1) the day rate of each contract, (2) the remaining term of each contract, (3) the rig class and (4) the market conditions for each respective rig class at the date of acquisition. The intangible assets and liabilities were calculated based on the present value of the difference in cash inflows over the remaining contract term as compared to a hypothetical contract with the same remaining term at an estimated then-current market day rate using a risk-adjusted discount rate and an estimated effective income tax rate. We amortize the drilling contract intangibles to operating revenues over the respective remaining drilling contract terms on a straight-line basis. The estimated net increase to future operating revenues related to the amortization of these intangible assets and liabilities as of December 31, 2015 , is as follows (in millions): 2016 $ 8.3 Total $ 8.3 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES We generated losses of $578.2 million and $460.3 million from continuing operations before income taxes in the U.S. and losses of $893.0 million and $2.1 billion from continuing operations before income taxes in non-U.S. countries for the years ended December 31, 2015 and 2014, respectively. We generated income of $173.4 million from continuing operations before income taxes in the U.S. and income of $1.5 billion from continuing operations before income taxes in non-U.S. countries for the year ended December 31, 2013. The following table summarizes components of our provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Current income tax expense: U.S. $ 18.7 $ 114.8 $ 94.4 Non-U.S. 125.4 149.2 98.6 144.1 264.0 193.0 Deferred income tax (benefit) expense: U.S. (180.4 ) (86.7 ) 19.2 Non-U.S. 22.4 (36.8 ) (9.1 ) (158.0 ) (123.5 ) 10.1 Total income tax (benefit) expense $ (13.9 ) $ 140.5 $ 203.1 Deferred Taxes The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2015 and 2014 (in millions): 2015 2014 Deferred tax assets : Net operating loss carryforwards $ 228.7 $ 204.5 Premium on long-term debt 86.0 99.2 Foreign tax credits 84.1 98.6 Deferred Revenue 77.7 103.0 Employee benefits, including share-based compensation 40.5 39.5 Other 20.5 16.7 Total deferred tax assets 537.5 561.5 Valuation allowance (266.4 ) (271.3 ) Net deferred tax assets 271.1 290.2 Deferred tax liabilities : Property and equipment (97.1 ) (314.2 ) Intercompany transfers of property (21.2 ) (23.0 ) Deferred costs (15.3 ) (20.2 ) Other (25.8 ) (14.1 ) Total deferred tax liabilities (159.4 ) (371.5 ) Net deferred tax asset (liability) $ 111.7 $ (81.3 ) The realization of substantially all of our deferred tax assets is dependent on generating sufficient taxable income during future periods in various jurisdictions in which we operate. Realization of certain of our deferred tax assets is not assured. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if our estimates of future taxable income change. As of December 31, 2015 , we had deferred tax assets of $84.1 million for U.S. foreign tax credits (“FTC”) and $228.7 million related to $979.2 million of net operating loss (“NOL”) carryforwards, which can be used to reduce our income taxes payable in future years. The FTC expire between 2022 and 2023 . NOL carryforwards, which were generated in various jurisdictions worldwide, include $599.0 million that do not expire and $380.2 million that will expire, if not utilized, beginning in 2016 through 2020 . Due to the uncertainty of realization, we have a $259.8 million valuation allowance on FTC and NOL carryforwards, primarily relating to countries where we no longer operate or do not expect to generate future taxable income. Effective Tax Rate Ensco plc, our parent company, is domiciled and resident in the U.K. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-U.K. subsidiaries is generally not subject to U.K. taxation. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in the overall level of our income and changes in tax laws, our consolidated effective income tax rate may vary substantially from one reporting period to another. Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2015 , differs from the U.K. statutory income tax rate as follows: 2015 2014 2013 U.K. statutory income tax rate 20.2 % 21.5 % 23.3 % Non-U.K. taxes (12.3 ) (1.3 ) (13.2 ) Goodwill and asset impairments (4.0 ) (25.3 ) — Valuation allowance (1.5 ) (1.1 ) 1.0 Other (1.5 ) .7 1.3 Effective income tax rate .9 % (5.5 )% 12.4 % Our 2015 consolidated effective income tax rate includes the impact of various discrete tax items, primarily related to a $192.5 million tax benefit associated with rig impairments and $11.0 million tax benefit resulting from the reduction of a valuation allowance on US foreign tax credits. Our consolidated effective income tax rate for 2014 includes the impact of various discrete tax items, including the recognition of a net $18.4 million tax expense associated with liabilities for unrecognized tax benefits and other adjustments relating to prior years and a $16.4 million tax benefit associated with rig impairments. In addition, we recognized a net $41.4 million tax benefit in connection with the utilization of foreign tax credits that were previously subject to a valuation allowance. The majority of discrete tax expense recognized during 2013 was attributable to the recognition of a $7.4 million liability for taxes associated with a $30.6 million reimbursement from the resolution of a dispute with the Mexican tax authority and a $7.0 million increase in the valuation allowance on U.S. foreign tax credits resulting from a restructuring transaction. Excluding the impact of the aforementioned discrete tax items and goodwill and asset impairments, our consolidated effective income tax rates for the years ended December 31, 2015, 2014 and 2013 were 16.0% , 10.7% and 12.2% , respectively. The changes in our consolidated effective income tax rate excluding discrete tax items during the three years result primarily from changes in the relative components of our earnings from the various taxing jurisdictions in which our drilling rigs are operated and/or owned and the differences in the tax rates in such tax jurisdictions. Unrecognized Tax Benefits Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2015 , we had $140.6 million of unrecognized tax benefits, of which $119.3 million was included in other liabilities on our consolidated balance sheet and the remaining $21.3 million , which is associated with a tax position taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. As of December 31, 2014, we had $134.4 million of unrecognized tax benefits, of which $115.9 million was included in other liabilities on our consolidated balance sheet and the remaining $18.5 million , which is associated with a tax position taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. If recognized, $108.3 million of the $140.6 million unrecognized tax benefits as of December 31, 2015 would impact our consolidated effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 and 2014 is as follows (in millions): 2015 2014 Balance, beginning of year $ 134.4 $ 151.7 Increases in unrecognized tax benefits as a result of tax positions taken during prior years 15.7 16.3 Increases in unrecognized tax benefits as a result of tax positions taken during the current year 6.6 5.5 Decreases in unrecognized tax benefits as a result of tax positions taken during prior years (2.1 ) (15.5 ) Settlements with taxing authorities (0.6 ) (14.2 ) Lapse of applicable statutes of limitations (5.6 ) (.7 ) Impact of foreign currency exchange rates (7.8 ) (8.7 ) Balance, end of year $ 140.6 $ 134.4 Accrued interest and penalties totaled $30.4 million and $26.5 million as of December 31, 2015 and 2014 , respectively, and were included in other liabilities on our consolidated balance sheets. We recognized net expense of $3.9 million and $9.2 million and benefits of $1.6 million associated with interest and penalties during the years ended December 31, 2015, 2014 and 2013 , respectively. Interest and penalties are included in current income tax expense in our consolidated statements of operations. Our 2011 and subsequent years U.S. Federal tax returns remain subject to examination. Tax years as early as 2005 remain subject to examination in the other major tax jurisdictions in which we operated. Statutes of limitations applicable to certain of our tax positions lapsed during 2015, 2014 and 2013 , resulting in net income tax benefits, inclusive of interest and penalties, of $7.6 million , $2.4 million and $3.1 million , respectively. Absent the commencement of examinations by tax authorities, statutes of limitations applicable to certain of our tax positions will lapse during 2016 . Therefore, it is reasonably possible that our unrecognized tax benefits will decline during the next 12 months by $64.9 million , inclusive of $9.5 million of accrued interest and penalties, of which up to $62.2 million would impact our consolidated effective income tax rate if recognized. Intercompany Transfer of Drilling Rigs During the three-year period ended December 31, 2015, we transferred ownership of certain drilling rigs among our subsidiaries, including one semisubmersible rig during 2015, three jackup rigs during 2014 and two semisubmersible rigs during 2013. There were no income tax liabilities or reversing temporary differences associated with the intercompany transfers of drilling rigs during these periods. As of December 31, 2015 and 2014 , the unamortized balance associated with deferred charges for income taxes incurred in connection with intercompany transfers of drilling rigs totaled $37.1 million and $39.7 million , respectively, and was included in other assets, net, on our consolidated balance sheets. Current income tax expense for the years ended December 31, 2015, 2014 and 2013 included $2.6 million , $2.6 million and $4.1 million , respectively, of amortization of income taxes incurred in connection with intercompany transfers of drilling rigs. As of December 31, 2015 and 2014 , the unamortized balance associated with the deferred tax liability for reversing temporary differences of transferred drilling rigs totaled $21.2 million and $23.0 million , respectively, and was included in deferred income taxes on our consolidated balance sheets. Deferred income tax benefit for the years ended December 31, 2015, 2014 and 2013 included benefits of $1.8 million , $1.8 million and $1.9 million , respectively, of amortization of deferred reversing temporary differences associated with intercompany transfers of drilling rigs. Undistributed Earnings Dividend income received by Ensco plc from its subsidiaries is exempt from U.K. taxation. We do not provide deferred taxes on undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Each of the subsidiaries for which we maintain such policy has sufficient net assets, liquidity, contract backlog and/or other financial resources available to meet operational and capital investment requirements and otherwise allow us to continue to maintain our policy of reinvesting the undistributed earnings indefinitely. As of December 31, 2015 and 2014, the aggregate undistributed earnings of the subsidiaries for which we maintain a policy and intention to reinvest earnings indefinitely totaled $2.3 billion . Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we would be subject to additional income taxes. The unrecognized deferred tax liability related to these undistributed earnings was not practicable to estimate as of December 31, 2015 . |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Our business strategy has been to focus on ultra-deepwater floater and premium jackup operations. We continually assess our rig portfolio and actively work with our rig broker to market certain rigs that no longer meet our standards for economic returns or are not part of our long-term strategic plan. Consistent with this strategy, we sold the following rigs during the three-year period ended December 31, 2015 (in millions): Rig (3) Date of Rig Sale Segment (1) Net Proceeds Net Book Value (2) Pre-tax(Loss)/Gain ENSCO 5001 December 2015 Floaters $ 2.4 $ 2.5 $ (.1 ) ENSCO 5002 June 2015 Floaters 1.6 — 1.6 ENSCO 5000 December 2014 Floaters 1.3 .5 .8 ENSCO 93 September 2014 Jackups 51.7 52.9 (1.2 ) ENSCO 85 April 2014 Jackups 64.4 54.1 10.3 ENSCO 69 & Pride Wisconsin January 2014 Jackups 32.2 8.6 23.6 Pride Pennsylvania March 2013 Jackups 15.5 15.7 (.2 ) $ 169.1 $ 134.3 $ 34.8 (1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. (2) Includes the rig's net book value as well as inventory and other assets on the date of the sale. (3) In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015 . Due to our long-term charter agreements with the purchaser, ENSCO 83, ENSCO 89 and ENSCO 98 operating results were included in income from continuing operations. During 2014, we committed to a plan to sell six floaters and two jackups. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. The operating results from these rigs were included in loss from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2015 . On a quarterly basis, we reassess the fair values of our held-for-sale rigs to determine whether any adjustments to the carrying values are necessary. We recorded a non-cash loss on impairment totaling $120.6 million (net of tax benefits of $28.0 million ) and $1.2 billion (net of tax benefits of $83.5 million ), for the years ended December 31, 2015 and 2014 , respectively, as a result of declines in the estimated fair values of our held-for-sale rigs. The loss on impairment was included in loss from discontinued operations, net, in our consolidated statement of operations for the years ended December 31, 2015 and 2014 , respectively. We measured the fair value of held-for-sale rigs by applying a market approach, which was based on an unobservable third-party estimated price that would be received in exchange for the assets in an orderly transaction between market participants. During 2015, we sold ENSCO 5001 and ENSCO 5002 for net proceeds of $2.4 million and $1.6 million , respectively, which were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2015. During 2014, we sold ENSCO 5000 for net proceeds of $1.3 million , which was included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. The remaining three floaters and two jackups that are included in discontinued operations are being actively marketed for sale and were classified as held-for-sale on our December 31, 2015 consolidated balance sheet. During 2014, we sold ENSCO 93, a jackup contracted to Pemex. In connection with this sale, we executed a charter agreement with the purchaser to continue operating the rig for the remainder of the Pemex contract, which ended in July 2015, less than one year from the date of sale. Our management services following the sale did not constitute significant ongoing involvement and therefore, the $1.2 million loss on sale was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2014. ENSCO 93 operating results were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015 . Net proceeds from the sale of $51.7 million were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. See "Note 12 - Sale-leaseback" for additional information. During 2014, we sold ENSCO 85 for net proceeds of $64.4 million and ENSCO 69 and Pride Wisconsin for net proceeds of $32.2 million . The operating results of these rigs were included in loss from discontinued operations, net, in our consolidated statement of operations. The net proceeds from the sale of ENSCO 85 were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. The net proceeds from the sale of ENSCO 69 and Pride Wisconsin were received in December 2013 and included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2013. The following table summarizes (loss) income from discontinued operations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Revenues $ 19.5 $ 325.0 $ 596.4 Operating expenses 39.5 372.0 577.6 Operating (loss) income (20.0 ) (47.0 ) 18.8 Other income — — .3 Income tax benefit (expense) 7.7 (30.7 ) (20.2 ) Loss on impairment, net (120.6 ) (1,158.8 ) — Gain (loss) on disposal of discontinued operations, net 4.3 37.3 (1.1 ) Loss from discontinued operations $ (128.6 ) $ (1,199.2 ) $ (2.2 ) Income tax benefit (expense) from discontinued operations for the year ended December 31, 2015 included $12.6 million of discrete tax benefits. Debt and interest expense are not allocated to our discontinued operations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Leases We are obligated under leases for certain of our offices and equipment. Rental expense relating to operating leases was $50.9 million , $54.4 million and $49.1 million during the years ended December 31, 2015, 2014 and 2013 , respectively. Future minimum rental payments under our noncancellable operating lease obligations are as follows: $45.3 million during 2016 ; $18.3 million during 2017 ; $12.0 million during 2018 ; $10.6 million during 2019 ; $10.1 million during 2020 and $53.4 million thereafter. Capital Commitments The following table summarizes the cumulative amount of contractual payments made as of December 31, 2015 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): Cumulative Paid (1) 2016 2017 2018 Total (2) ENSCO DS-10 $ 236.2 $ 9.3 $ 310.5 $ — $ 556.0 ENSCO 123 53.5 3.2 9.5 215.4 281.6 ENSCO 140 156.8 39.9 — — 196.7 ENSCO 141 78.4 117.2 — — 195.6 $ 524.9 $ 169.6 $ 320.0 $ 215.4 $ 1,229.9 (1) Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2015 . (2) Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. The actual timing of these expenditures may vary based on the completion of various construction milestones, which are, to a large extent, beyond our control. Brazil Internal Investigation Pride International, Inc. (“Pride”), a company we acquired in 2011, commenced drilling operations in Brazil in 2001. In 2008, Pride entered into a drilling services agreement with Petrobras (the "DSA") for ENSCO DS-5, a drillship ordered from Samsung Heavy Industries, a shipyard in South Korea ("SHI"). Beginning in 2006, Pride conducted periodic compliance reviews of its business with Petrobras, and, after the acquisition of Pride, Ensco conducted similar compliance reviews, the most recent of which commenced in early 2015 after media reports were released regarding ongoing investigations of various kickback and bribery schemes in Brazil involving Petrobras. While conducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to the DSA. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, we voluntarily contacted the SEC and the DOJ, respectively, to advise them of this matter and our Audit Committee’s investigation. Independent counsel, under the direction of our Audit Committee, has substantially completed its investigation by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the DSA negotiations and the negotiation of the ENSCO DS-5 construction contract with SHI (the "DS-5 Construction Contract"). To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant. Independent counsel has continued to provide the SEC and DOJ with updates throughout the investigation, including detailed briefings regarding its investigation and findings. On December 21, 2015, we entered into a one-year tolling agreement with the DOJ, at the agency's request. Subsequent to initiating our Audit Committee investigation, the Petrobras internal audit report and the alleged irregularities were referenced in Brazilian court documents connected to the prosecution of former Petrobras directors and employees as well as certain other third parties, including our former marketing consultant who provided services to Pride and Ensco in connection with the DSA. Our former marketing consultant has entered into a plea agreement with the Brazilian authorities. On January 10, 2016, Brazilian authorities filed an indictment against a former Petrobras director. This indictment states that the former Petrobras director received bribes paid out of proceeds from a brokerage agreement entered into for purposes of intermediating a drillship construction contract between SHI and Pride, which we believe to be the DS-5 Construction Contract. The parties to the brokerage agreement were a company affiliated with a person acting on behalf of the former Petrobras director, a company affiliated with our former marketing consultant, and SHI. The indictment alleges that amounts paid by SHI under the brokerage agreement ultimately were used to pay bribes to the former Petrobras director. The indictment does not state that Pride or Ensco or any of their current or former employees were involved in the bribery scheme or had any knowledge of the bribery scheme. On January 4, 2016, we received a notice from Petrobras declaring the DSA void effective immediately. Petrobras’ notice alleges that SHI made improper payments to our former marketing consultant who then shared the improper payments with employees of Petrobras and, without specifying any supporting facts or conduct, that Pride had knowledge of this activity and assisted in the procurement of and/or facilitated these improper payments. We disagree with Petrobras’ assertion that the DSA is void and plan to pursue our legal rights in connection with this dispute, as described further below under "—DSA Dispute." Outside of Petrobras’ allegations, we have not been contacted by any Brazil governmental authority regarding alleged wrongdoing by Pride or Ensco or any of their current or former employees related to this matter. We cannot predict whether any U.S., Brazilian or other governmental authority will seek to investigate this matter, or if a proceeding were opened, the scope or ultimate outcome of any such investigation. If the SEC or DOJ determines that violations of the FCPA have occurred, or if any governmental authority determines that we have violated applicable anti-bribery laws, they could seek civil and criminal sanctions, including monetary penalties, against us, as well as changes to our business practices and compliance programs, any of which could have a material adverse effect on our business and financial condition. Although our internal investigation is substantially complete, we cannot predict whether any additional allegations will be made or whether any additional facts relevant to the investigation will be uncovered during the course of the investigation and what impact those allegations and additional facts will have on the timing or conclusions of the investigation. Our Audit Committee will examine any such additional allegations and additional facts and the circumstances surrounding them. DSA Dispute As described above, on January 4, 2016, Petrobras sent a notice to us declaring the DSA void effective immediately, reserving its rights and stating its intention to seek any restitution to which it may be entitled. We disagree with Petrobras’ assertion that the DSA is void and plan to pursue our legal rights in connection with this dispute. However, at this time, we cannot reasonably determine the validity of Petrobras’ claim or the range of potential exposure, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved. Due to this dispute with Petrobras, we did not recognize revenue for services provided under the DSA during the fourth quarter totaling $44.7 million as we concluded collectability of these amounts was not reasonably assured. Additionally, we recorded a $17.1 million provision for doubtful accounts during the fourth quarter of 2015 for receivables related to services provided under the DSA through September 30, 2015. Our receivables from Petrobras related to the ENSCO DS-5 DSA are fully reserved on our consolidated balance sheet as of December 31, 2015. Asbestos Litigation We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Mississippi and Louisiana by approximately 50 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s. During 2013, we reached an agreement in principle with 58 plaintiffs to settle lawsuits filed in Mississippi for a nominal amount. A special master reviewed all 58 cases and made an allocation of settlement funds among the parties. The District Court Judge reviewed the allocations and accepted the special master’s recommendations and approved the settlements. The settlement documents for most of the individual plaintiffs have been processed, and the cases have been dismissed. The settlement documents for approximately 13 individual plaintiffs are continuing to be processed. We intend to vigorously defend against the remaining claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any. In addition to the pending cases in Mississippi and Louisiana, we have other asbestos or lung injury claims pending against us in litigation from time to time in other jurisdictions. Although we do not expect final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of December 31, 2015 totaled $70.0 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called, as we typically comply with the underlying performance requirement. As of December 31, 2015 , we had not been required to make collateral deposits with respect to these agreements. |
Sale Leaseback (Notes)
Sale Leaseback (Notes) | 12 Months Ended |
Dec. 31, 2015 | |
Sale Leaseback [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | SALE-LEASEBACK During 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which were contracted to Pemex. We received proceeds of $211.8 million and incurred commissions and other incremental, direct costs of $5.3 million . The carrying value of these rigs was $169.6 million . In connection with this sale, we executed charter agreements with the purchaser to continue operating the rigs for the remainder of the Pemex contracts. We accounted for the transaction as a sale-leaseback, whereby we retained a significant portion of the remaining use of the rigs as a result of the charter agreements. We recorded an aggregate gain on sale of $7.5 million at the time of disposal, which represented the portion of the gain that exceeded the present value of payments due under the charter agreements, included in contract drilling expense in our consolidated statement of operations for the year ended December 31, 2014 . The remaining $29.4 million gain was deferred and amortized to contract drilling expense within the Jackup segment over the remaining charter term of each rig. Of the $29.4 million deferred gain, $22.4 million and $7.0 million were recognized in contract drilling expense in our consolidated statement of operations for the years ended December 31, 2015 and December 31, 2014 , respectively, Due to our long-term charter agreements with the purchaser, ENSCO 83, ENSCO 89 and ENSCO 98 operating results for periods beginning after the date of sale (September 30, 2014) were included in income from continuing operations within the Other segment. Operating results for these rigs prior to September 30, 2014 were included in income from continuing operations within the Jackup segment. The ENSCO 93 contract with Pemex ended July 2015, less than one year from the date of sale. Therefore, our rig management operations following the sale did not constitute significant ongoing involvement. As a result, ENSCO 93 operating results were included in loss from discontinued operations, net, in our consolidated statements of operations for the three-year period ended December 31, 2015 . Additionally, the loss on sale of $1.2 million was included in loss from discontinued operations, net in our consolidated statements of operations for the year ended December 31, 2014 . The proceeds from the sale were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014 . See "Note 10 - Discontinued Operations" for additional information. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | SEGMENT INFORMATION Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling. Segment information for each of the years in the three-year period ended December 31, 2015 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Year Ended December 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,466.0 $ 1,445.6 $ 151.8 $ 4,063.4 $ — $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 1,052.8 693.5 123.3 1,869.6 — 1,869.6 Loss on impairment 1,778.4 968.0 2,746.4 — 2,746.4 Depreciation 382.4 175.7 — 558.1 14.4 572.5 General and administrative — — — — 118.4 118.4 Operating (loss) income $ (747.6 ) $ (391.6 ) $ 28.5 $ (1,110.7 ) $ (132.8 ) $ (1,243.5 ) Property and equipment, net $ 8,535.6 $ 2,481.2 $ — $ 11,016.8 $ 71.0 $ 11,087.8 Capital expenditures $ 1,176.6 $ 434.7 $ — $ 1,611.3 $ 8.2 $ 1,619.5 Year Ended December 31, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,697.6 $ 1,774.6 $ 92.3 $ 4,564.5 $ — $ 4,564.5 Operating expenses Contract drilling (exclusive of depreciation) 1,201.2 807.4 68.3 2,076.9 — 2,076.9 Loss on impairment 3,982.3 236.4 — 4,218.7 — 4,218.7 Depreciation 358.1 171.2 — 529.3 8.6 537.9 General and administrative — — — — 131.9 131.9 Operating (loss) income $ (2,844.0 ) $ 559.6 $ 24.0 $ (2,260.4 ) $ (140.5 ) $ (2,400.9 ) Property and equipment, net $ 9,462.3 $ 2,995.3 $ — $ 12,457.6 $ 77.2 $ 12,534.8 Capital expenditures $ 855.5 $ 666.3 $ — $ 1,521.8 $ 44.9 $ 1,566.7 Year Ended December 31, 2013 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,659.6 $ 1,588.7 $ 75.1 $ 4,323.4 $ — $ 4,323.4 Operating expenses Contract drilling (exclusive of depreciation) 1,126.0 762.6 58.5 1,947.1 — 1,947.1 Depreciation 342.2 147.5 — 489.7 6.5 496.2 General and administrative — — — — 146.8 146.8 Operating income (loss) $ 1,191.4 $ 678.6 $ 16.6 $ 1,886.6 $ (153.3 ) $ 1,733.3 Property and equipment, net $ 11,303.4 $ 2,961.6 $ — $ 14,265.0 $ 46.0 $ 14,311.0 Capital expenditures $ 1,028.6 $ 708.3 $ — $ 1,736.9 $ 26.6 $ 1,763.5 Information about Geographic Areas As of December 31, 2015 , our Floaters segment consisted of nine drillships, 13 dynamically positioned semisubmersible rigs and three moored semisubmersible rigs deployed in various locations. Additionally, our Floaters segment included one ultra-deepwater drillship under construction in South Korea. Our Jackups segment consisted of 42 jackup rigs, of which 39 were deployed in various locations, and three of which were under construction in Singapore and the United Arab Emirates. As of December 31, 2015 , the geographic distribution of our drilling rigs by operating segment was as follows: Floaters Jackups Total Middle East, Africa, Asia & Pacific Rim 6 18 24 North & South America 13 7 20 Europe & the Mediterranean 3 11 14 Middle East, Africa, Asia & Pacific Rim (under construction) 1 3 4 Held-For-Sale 3 3 6 Total 26 42 68 We provide management services on three rigs owned by third-parties not included in the table above. For purposes of our long-lived asset geographic disclosure, we attribute assets to the geographic location of the drilling rig as of the end of the applicable year. For new construction projects, assets are attributed to the location of future operation if known or to the location of construction if the ultimate location of operation is undetermined. Information by country for those countries that account for more than 10% of our long-lived assets was as follows (in millions): Long-lived Assets 2015 2014 2013 United States $ 4,731.8 $ 5,240.4 $ 4,617.8 Angola 1,471.1 1,913.5 2,543.7 Brazil 210.8 1,459.0 2,447.5 Other countries 4,674.1 3,921.9 4,702.0 Total $ 11,087.8 $ 12,534.8 $ 14,311.0 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 14. SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Trade $ 595.0 $ 878.8 Other 16.3 15.9 611.3 894.7 Allowance for doubtful accounts (29.3 ) (11.4 ) $ 582.0 $ 883.3 Other current assets as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Inventory $ 235.3 $ 240.3 Prepaid taxes 73.5 90.6 Deferred costs 52.1 61.9 Prepaid expenses 20.5 33.8 Assets held-for-sale 5.5 152.4 Other 14.9 6.6 $ 401.8 $ 585.6 Assets held-for-sale primarily consists of drilling rigs and equipment. See "Note 3 - Property and Equipment" and "Note 10 - Discontinued Operations" for additional information on the assets classified as held-for-sale on our balance sheet as of December 31, 2015 . Other assets, net, as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred tax assets $ 94.8 $ 63.1 Deferred costs 82.3 82.3 Prepaid taxes on intercompany transfers of property 37.1 39.7 Supplemental executive retirement plan assets 33.1 43.2 Intangible assets 5.4 49.0 Unbilled receivables 1.7 18.6 Warranty and other claim receivables — 30.6 Other 9.7 12.4 $ 264.1 $ 338.9 Accrued liabilities and other as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred revenue $ 197.2 $ 241.3 Personnel costs 161.6 214.0 Accrued interest 88.4 83.8 Taxes 70.8 94.5 Derivative liabilities 21.6 24.1 Other 11.3 36.4 $ 550.9 $ 694.1 Other liabilities as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred revenue $ 218.6 $ 373.2 Unrecognized tax benefits (inclusive of interest and penalties) 149.7 142.4 Supplemental executive retirement plan liabilities 34.4 45.1 Personnel costs 17.7 26.1 Intangible liabilities 12.6 40.7 Other 11.8 39.8 $ 444.8 $ 667.3 Accumulated other comprehensive income as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Currency Translation Adjustment $ 7.8 $ 5.1 Derivative Instruments 6.6 8.0 Other (1.9 ) (1.2 ) $ 12.5 $ 11.9 Consolidated Statement of Operations Information Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Repair and maintenance expense $ 270.1 $ 357.2 $ 287.8 Consolidated Statement of Cash Flows Information Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 (Decrease) increase in liabilities (379.2 ) 208.2 (10.3 ) Decrease (increase) in accounts receivable 269.5 (38.5 ) (46.7 ) Decrease (increase) in other assets 25.7 (76.4 ) (94.1 ) $ (84.0 ) $ 93.3 $ (151.1 ) During 2015, the net change in operating assets and liabilities declined by $177.3 million as compared to the prior year. The net change during 2015 was primarily due to a decline in accrued liabilities related to the amortization of deferred revenue, partially offset by a decline in accounts receivable due to lower revenues from contract drilling services. During 2014, the net change in operating assets and liabilities increased by $244.4 million as compared to the prior year due to an increase in accrued liabilities for the receipt of up-front lump-sum fees that were recorded as deferred revenue on our consolidated balance sheet. Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Interest, net of amounts capitalized $ 249.3 $ 170.0 $ 182.2 Income taxes 97.3 218.2 195.4 Capitalized interest totaled $87.4 million , $78.2 million and $67.7 million during the years ended December 31, 2015, 2014 and 2013 , respectively. Capital expenditure accruals totaling $60.9 million , $137.2 million and $111.8 million for the years ended December 31, 2015, 2014 and 2013 , respectively, were excluded from investing activities in our consolidated statements of cash flows. Amortization of intangibles and other, net, included amortization of intangible assets and liabilities related to the estimated fair values of Pride firm drilling contracts in place at the Pride acquisition date, debt premiums related to the fair value adjustment of Pride debt instruments, deferred charges for income taxes incurred on intercompany transfers of drilling rigs and certain other deferred costs. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. During 2014 and 2015, we insured certain receivables deemed to have a higher credit risk. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into ISDA Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. See "Note 5 - Derivative Instruments" for additional information on our derivative activity. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events, or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. Consolidated revenues by customer for the years ended December 31, 2015 , 2014 and 2013 were as follows: 2015 2014 2013 BP (1) 18 % 16 % 10 % Petrobras (2) 14 % 9 % 14 % Other 68 % 75 % 76 % 100 % 100 % 100 % \ (1) For the years ended December 31 2015, 2014 and 2013 , 81% , 80% and 84% of the revenues provided by BP, respectively, were attributable to our Floaters segment. For the year ended December 31, 2015 , revenues provided by BP included $110.6 million for the ENSCO DS-4 lump sum termination fee. (2) For the years ended December 31, 2015, 2014 and 2013 , all Petrobras revenues were attributable to our Floaters segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues by region for the years ended December 31, 2015, 2014 and 2013 were as follows (in millions): 2015 2014 2013 U.S. Gulf of Mexico (1) $ 1,151.5 $ 1,712.4 $ 1,687.2 Angola (2) 586.5 607.9 365.9 Brazil (3) 468.5 459.1 683.7 United Kingdom (4) 400.7 406.2 308.4 Other 1,456.2 1,378.9 1,278.2 $ 4,063.4 $ 4,564.5 $ 4,323.4 (1) For the years ended December 31, 2015, 2014 and 2013 , 86% , 79% and 77% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. (2) For the years ended December 31, 2015, 2014 and 2013 , 88% , 100% and 96% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (3) For the years ended December 31, 2015, 2014 and 2013 , all revenues were attributable to our Floaters segment. (4) For the years ended December 31, 2015, 2014 and 2013 , all were revenues attributable to our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | GUARANTEE OF REGISTERED SECURITIES In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% senior notes due 2019 , 6.875% senior notes due 2020 and 7.875% senior notes due 2040 , which had an aggregate outstanding principal balance of $ 1.7 billion as of December 31, 2015 . The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Ensco plc is also a full and unconditional guarantor of the 7.2% Debentures due 2027 issued by Ensco Delaware in November 1997, which had an aggregate outstanding principal balance of $150.0 million as of December 31, 2015 . All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present our condensed consolidating statements of operations for each of the years in the three-year period ended December 31, 2015 ; our condensed consolidating statements of comprehensive (loss) income for each of the years in the three-year period ended December 31, 2015 ; our condensed consolidating balance sheets as of December 31, 2015 and 2014 ; and our condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2015 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 31.7 $ 163.5 $ — $ 4,199.4 $ (331.2 ) $ 4,063.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 29.2 163.5 — 2,008.1 (331.2 ) 1,869.6 Loss on impairment — — — 2,746.4 — 2,746.4 Depreciation .1 13.8 — 558.6 — 572.5 General and administrative 51.5 .2 — 66.7 — 118.4 OPERATING LOSS (49.1 ) (14.0 ) — (1,180.4 ) — (1,243.5 ) OTHER (EXPENSE) INCOME, NET (169.5 ) (28.6 ) (71.5 ) 41.9 — (227.7 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (218.6 ) (42.6 ) (71.5 ) (1,138.5 ) — (1,471.2 ) INCOME TAX (BENEFIT) EXPENSE — (190.6 ) — 176.7 — (13.9 ) DISCONTINUED OPERATIONS, NET — — — (128.6 ) — (128.6 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (1,376.2 ) (1,672.8 ) (1,771.5 ) — 4,820.5 — NET LOSS (1,594.8 ) (1,524.8 ) (1,843.0 ) (1,443.8 ) 4,820.5 (1,585.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,452.7 ) $ 4,820.5 $ (1,594.8 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 34.5 $ 145.4 $ — $ 4,683.0 $ (298.4 ) $ 4,564.5 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 31.8 145.4 — 2,198.1 (298.4 ) 2,076.9 Loss on impairment — — — 4,218.7 — 4,218.7 Depreciation .2 7.6 — 530.1 — 537.9 General and administrative 52.0 .4 — 79.5 — 131.9 OPERATING LOSS (49.5 ) (8.0 ) — (2,343.4 ) — (2,400.9 ) OTHER (EXPENSE) INCOME, NET (67.0 ) (43.3 ) (54.7 ) 17.1 — (147.9 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (116.5 ) (51.3 ) (54.7 ) (2,326.3 ) — (2,548.8 ) INCOME TAX (BENEFIT) EXPENSE — (44.9 ) — 185.4 — 140.5 DISCONTINUED OPERATIONS, NET — — — (1,199.2 ) — (1,199.2 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (3,786.1 ) (3,651.0 ) (3,744.3 ) — 11,181.4 — NET LOSS (3,902.6 ) (3,657.4 ) (3,799.0 ) (3,710.9 ) 11,181.4 (3,888.5 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (14.1 ) — (14.1 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (3,902.6 ) $ (3,657.4 ) $ (3,799.0 ) $ (3,725.0 ) $ 11,181.4 $ (3,902.6 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 35.0 $ 149.4 $ — $ 4,446.4 $ (307.4 ) $ 4,323.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 27.5 149.4 — 2,077.6 (307.4 ) 1,947.1 Depreciation .3 4.0 — 491.9 — 496.2 General and administrative 63.5 .5 — 82.8 — 146.8 OPERATING (LOSS) INCOME (56.3 ) (4.5 ) — 1,794.1 — 1,733.3 OTHER (EXPENSE) INCOME, NET (65.6 ) (9.4 ) (27.9 ) 2.8 — (100.1 ) (LOSS) INCOME BEFORE INCOME TAXES (121.9 ) (13.9 ) (27.9 ) 1,796.9 — 1,633.2 INCOME TAX EXPENSE — 92.5 — 110.6 — 203.1 DISCONTINUED OPERATIONS, NET — — — (2.2 ) — (2.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 1,540.1 366.2 111.6 — (2,017.9 ) — NET INCOME 1,418.2 259.8 83.7 1,684.1 (2,017.9 ) 1,427.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (9.7 ) — (9.7 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 1,418.2 $ 259.8 $ 83.7 $ 1,674.4 $ (2,017.9 ) $ 1,418.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,443.8 ) $ 4,820.5 $ (1,585.9 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (23.6 ) — — — (23.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 22.2 — — — 22.2 Other — — — 2.0 — 2.0 NET OTHER COMPREHENSIVE (LOSS) INCOME — (1.4 ) — 2.0 — .6 COMPREHENSIVE LOSS (1,594.8 ) (1,526.2 ) (1,843.0 ) (1,441.8 ) 4,820.5 (1,585.3 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,526.2 ) $ (1,843.0 ) $ (1,450.7 ) $ 4,820.5 $ (1,594.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (3,902.6 ) $ (3,657.4 ) $ (3,799.0 ) $ (3,710.9 ) $ 11,181.4 $ (3,888.5 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (11.7 ) — — — (11.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (.9 ) — — — (.9 ) Other — — — 6.3 — 6.3 NET OTHER COMPREHENSIVE (LOSS) INCOME — (12.6 ) — 6.3 — (6.3 ) COMPREHENSIVE LOSS (3,902.6 ) (3,670.0 ) (3,799.0 ) (3,704.6 ) 11,181.4 (3,894.8 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (14.1 ) — (14.1 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (3,902.6 ) $ (3,670.0 ) $ (3,799.0 ) $ (3,718.7 ) $ 11,181.4 $ (3,908.9 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 1,418.2 $ 259.8 $ 83.7 $ 1,684.1 $ (2,017.9 ) $ 1,427.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (5.8 ) — — — (5.8 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 2.0 — — — 2.0 Other — — — 1.9 — 1.9 NET OTHER COMPREHENSIVE (LOSS) INCOME — (3.8 ) — 1.9 — (1.9 ) COMPREHENSIVE INCOME 1,418.2 256.0 83.7 1,686.0 (2,017.9 ) 1,426.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (9.7 ) — (9.7 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 1,418.2 $ 256.0 $ 83.7 $ 1,676.3 $ (2,017.9 ) $ 1,416.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 Short-term investments 1,180.0 — — — — 1,180.0 Accounts receivable, net 1.2 — — 580.8 — 582.0 Accounts receivable from affiliates 808.7 237.3 — 148.1 (1,194.1 ) — Other .2 229.3 — 172.3 — 401.8 Total current assets 2,084.1 466.6 2.0 926.5 (1,194.1 ) 2,285.1 PROPERTY AND EQUIPMENT, AT COST 1.8 117.5 — 12,600.1 — 12,719.4 Less accumulated depreciation 1.8 47.7 — 1,582.1 — 1,631.6 Property and equipment, net — 69.8 — 11,018.0 — 11,087.8 DUE FROM AFFILIATES 1,303.7 5,270.0 2,035.5 6,869.9 (15,479.1 ) — INVESTMENTS IN AFFILIATES 7,743.8 — — — (7,743.8 ) — OTHER ASSETS, NET 26.3 43.3 — 324.9 (130.4 ) 264.1 $ 11,157.9 $ 5,849.7 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,637.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 60.7 $ 69.6 $ 34.8 $ 610.4 $ — $ 775.5 Accounts payable to affiliates 19.4 176.3 — 998.4 (1,194.1 ) — Current maturities of long-term debt — — — — — — Total current liabilities 80.1 245.9 34.8 1,608.8 (1,194.1 ) 775.5 DUE TO AFFILIATES 751.9 4,354.3 1,763.7 8,609.2 (15,479.1 ) — LONG-TERM DEBT 3,808.7 149.2 1,937.2 — — 5,895.1 DEFERRED INCOME TAXES — 130.4 — 4.4 (130.4 ) 4.4 INVESTMENTS IN AFFILIATES — 442.0 1,319.3 — (1,761.3 ) — OTHER LIABILITIES — 5.3 — 439.5 — 444.8 ENSCO SHAREHOLDERS' EQUITY (DEFICIT) 6,517.2 522.6 (3,017.5 ) 8,473.1 (5,982.5 ) 6,512.9 NONCONTROLLING INTERESTS — — — 4.3 — 4.3 Total equity (deficit) 6,517.2 522.6 (3,017.5 ) 8,477.4 (5,982.5 ) 6,517.2 $ 11,157.9 $ 5,849.7 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,637.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 Short-term investments 712.0 — — 45.3 — 757.3 Accounts receivable, net — — — 883.3 — 883.3 Accounts receivable from affiliates 34.5 210.4 — 134.6 (379.5 ) — Other 4.1 68.9 — 512.6 — 585.6 Total current assets 1,038.0 279.3 90.8 1,862.4 (379.5 ) 2,891.0 PROPERTY AND EQUIPMENT, AT COST 2.1 71.5 — 14,901.9 — 14,975.5 Less accumulated depreciation 1.7 34.1 — 2,404.9 — 2,440.7 Property and equipment, net .4 37.4 — 12,497.0 — 12,534.8 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,873.2 4,748.2 1,835.0 6,308.8 (15,765.2 ) — INVESTMENTS IN AFFILIATES 9,084.8 1,233.5 461.6 — (10,779.9 ) — OTHER ASSETS, NET 17.0 47.4 — 274.5 — 338.9 $ 13,013.4 $ 6,345.8 $ 2,387.4 $ 21,218.8 $ (26,924.6 ) $ 16,040.8 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 47.8 $ 42.8 $ 34.3 $ 942.4 $ — $ 1,067.3 Accounts payable to affiliates 23.5 158.3 — 197.7 (379.5 ) — Current maturities of long-term debt — — — 34.8 — 34.8 Total current liabilities 71.3 201.1 34.3 1,174.9 (379.5 ) 1,102.1 DUE TO AFFILIATES 994.8 3,817.4 1,547.7 9,405.3 (15,765.2 ) — LONG-TERM DEBT 3,724.4 149.2 1,973.2 38.8 — 5,885.6 DEFERRED INCOME TAXES — 158.8 — 4.1 — 162.9 OTHER LIABILITIES — 6.1 7.0 654.2 — 667.3 ENSCO SHAREHOLDERS' EQUITY 8,222.9 2,013.2 (1,174.8 ) 9,933.6 (10,779.9 ) 8,215.0 NONCONTROLLING INTERESTS — — — 7.9 — 7.9 Total equity 8,222.9 2,013.2 (1,174.8 ) 9,941.5 (10,779.9 ) 8,222.9 $ 13,013.4 $ 6,345.8 $ 2,387.4 $ 21,218.8 $ (26,924.6 ) $ 16,040.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (71.1 ) $ 2.0 $ (114.0 ) $ 1,881.0 $ — $ 1,697.9 INVESTING ACTIVITIES Purchases of short-term investments (1,780.0 ) — — — — (1,780.0 ) Additions to property and equipment — — — (1,619.5 ) — (1,619.5 ) Maturities of short-term investments 1,312.0 — — 45.3 — 1,357.3 Net proceeds from disposition of assets .3 — — 1.3 — 1.6 Net cash used in investing activities of continuing operations (467.7 ) — — (1,572.9 ) — (2,040.6 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (141.2 ) — — — — (141.2 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Proceeds from exercise of share options .3 — — — — .3 Advances from (to) affiliates 526.2 (2.0 ) 25.2 (549.4 ) — — Other (5.3 ) — — (11.0 ) — (16.3 ) Net cash provided by (used in) financing activities 345.4 (2.0 ) 25.2 (560.4 ) — (191.8 ) DISCONTINUED OPERATIONS Operating activities — — — (10.9 ) — (10.9 ) Investing activities — — — 2.2 — 2.2 Net cash used in discontinued operations — — — (8.7 ) — (8.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (0.3 ) DECREASE IN CASH AND CASH EQUIVALENTS (193.4 ) — (88.8 ) (261.3 ) — (543.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF YEAR $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (63.8 ) $ (167.6 ) $ (90.9 ) $ 2,380.2 $ — $ 2,057.9 INVESTING ACTIVITIES Additions to property and equipment — (37.2 ) — (1,529.5 ) — (1,566.7 ) Purchases of short-term investments (716.1 ) — — (74.5 ) — (790.6 ) Net proceeds from disposition of assets — — — 169.2 — 169.2 Maturities of short-term investments — — — 83.3 — 83.3 Net cash used in investing activities of continuing operations (716.1 ) (37.2 ) — (1,351.5 ) — (2,104.8 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,246.4 — — — — 1,246.4 Cash dividends paid (703.0 ) — — — — (703.0 ) Reduction of long-term borrowings — — — (60.1 ) — (60.1 ) Debt financing costs (13.4 ) — — — — (13.4 ) Proceeds from exercise of share options 2.6 — — — — 2.6 Advances from (to) affiliates 501.9 204.3 176.8 (883.0 ) — — Other (13.7 ) — — (16.1 ) — (29.8 ) Net cash provided by (used in) financing activities 1,020.8 204.3 176.8 (959.2 ) — 442.7 DISCONTINUED OPERATIONS Operating activities — — — (3.8 ) — (3.8 ) Investing activities — — — 107.2 — 107.2 Net cash provided by discontinued operations — — — 103.4 — 103.4 Effect of exchange rate changes on cash and cash equivalents — — — — — — INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 240.9 (.5 ) 85.9 172.9 — 499.2 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 46.5 .5 4.9 113.7 — 165.6 CASH AND CASH EQUIVALENTS, END OF YEAR $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (114.8 ) $ (128.7 ) $ (62.9 ) $ 2,117.6 $ — $ 1,811.2 INVESTING ACTIVITIES Additions to property and equipment — — — (1,763.5 ) — (1,763.5 ) Purchases of short-term investments — — — (50.0 ) — (50.0 ) Maturities of short-term investments — — — 50.0 — 50.0 Net proceeds from disposition of assets — (4.1 ) — 10.1 — 6.0 Net cash used in investing activities of continuing operations — (4.1 ) — (1,753.4 ) — (1,757.5 ) FINANCING ACTIVITIES Cash dividends paid (525.6 ) — — — — (525.6 ) Reduction of long-term borrowing — — — (47.5 ) — (47.5 ) Proceeds from exercise of share options 22.3 — — — — 22.3 Debt financing costs — (4.6 ) — — — (4.6 ) Advances from (to) affiliates 407.2 136.2 (17.2 ) (526.2 ) — — Other (14.4 ) — — (7.3 ) — (21.7 ) Net cash (used in) provided by financing activities (110.5 ) 131.6 (17.2 ) (581.0 ) — (577.1 ) DISCONTINUED OPERATIONS Operating activities — — — 169.3 — 169.3 Investing activities — — — 32.8 — 32.8 Net cash provided by discontinued operations — — — 202.1 — 202.1 Effect of exchange rate changes on cash and cash equivalents — — — (.2 ) — (.2 ) DECREASE IN CASH AND CASH EQUIVALENTS (225.3 ) (1.2 ) (80.1 ) (14.9 ) — (321.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 271.8 1.7 85.0 128.6 — 487.1 CASH AND CASH EQUIVALENTS, END OF YEAR $ 46.5 $ .5 $ 4.9 $ 113.7 $ — $ 165.6 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | UNAUDITED QUARTERLY FINANCIAL DATA The following tables summarize our unaudited quarterly consolidated income statement data for the years ended December 31, 2015 and 2014 (in millions, except per share amounts): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 1,163.9 $ 1,059.0 $ 1,012.2 $ 828.3 $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 518.3 502.6 433.5 415.2 1,869.6 Loss on impairment — — 2.4 2,744.0 2,746.4 Depreciation 137.1 140.5 145.2 149.7 572.5 General and administrative 30.1 29.7 28.4 30.2 118.4 Operating income (loss) 478.4 386.2 402.7 (2,510.8 ) (1,243.5 ) Other expense, net (72.6 ) (55.4 ) (52.4 ) (47.3 ) (227.7 ) Income (loss) from continuing operations before income taxes 405.8 330.8 350.3 (2,558.1 ) (1,471.2 ) Income tax expense (benefit) 77.7 58.0 33.2 (182.8 ) (13.9 ) Income (loss) from continuing operations 328.1 272.8 317.1 (2,375.3 ) (1,457.3 ) Loss from discontinued operations, net (.2 ) (10.1 ) (23.3 ) (95.0 ) (128.6 ) Net income (loss) 327.9 262.7 293.8 (2,470.3 ) (1,585.9 ) Net income attributable to noncontrolling interests (3.2 ) (2.4 ) (1.8 ) (1.5 ) (8.9 ) Net income (loss) attributable to Ensco $ 324.7 $ 260.3 $ 292.0 $ (2,471.8 ) $ (1,594.8 ) Earnings (loss) per share – basic and diluted Continuing operations $ 1.38 $ 1.15 $ 1.34 $ (10.23 ) $ (6.33 ) Discontinued operations — (0.04 ) (0.10 ) (0.41 ) (0.55 ) $ 1.38 $ 1.11 $ 1.24 $ (10.64 ) $ (6.88 ) 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 1,066.7 $ 1,136.6 $ 1,201.4 $ 1,159.8 $ 4,564.5 Operating expenses Contract drilling (exclusive of depreciation) 520.2 542.5 500.2 514.0 2,076.9 Loss on Impairment — 703.5 — 3,515.2 4,218.7 Depreciation 131.1 132.2 135.2 139.4 537.9 General and administrative 38.1 36.2 29.3 28.3 131.9 Operating income (loss) 377.3 (277.8 ) 536.7 (3,037.1 ) (2,400.9 ) Other expense, net (29.1 ) (30.8 ) (38.4 ) (49.6 ) (147.9 ) Income (loss) from continuing operations before income taxes 348.2 (308.6 ) 498.3 (3,086.7 ) (2,548.8 ) Income tax expense (benefit) 49.5 42.6 74.6 (26.2 ) 140.5 Income (loss) from continuing operations 298.7 (351.2 ) 423.7 (3,060.5 ) (2,689.3 ) (Loss) income from discontinued operations, net (2.0 ) (818.4 ) 9.2 (388.0 ) (1,199.2 ) Net income (loss) 296.7 (1,169.6 ) 432.9 (3,448.5 ) (3,888.5 ) Net income attributable to noncontrolling interests (4.2 ) (3.1 ) (3.5 ) (3.3 ) (14.1 ) Net income (loss) attributable to Ensco $ 292.5 $ (1,172.7 ) $ 429.4 $ (3,451.8 ) $ (3,902.6 ) Earnings (loss) per share – basic and diluted Continuing operations $ 1.26 $ (1.53 ) $ 1.79 $ (13.22 ) $ (11.70 ) Discontinued operations (0.01 ) (3.54 ) 0.04 (1.67 ) (5.18 ) $ 1.25 $ (5.07 ) $ 1.83 $ (14.89 ) $ (16.88 ) |
Description Of The Business A23
Description Of The Business And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |
Business | Business We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own and operate an offshore drilling rig fleet of 64 rigs spanning most of the strategic markets around the globe. Our rig fleet includes ten drillships, 13 dynamically positioned semisubmersible rigs, three moored semisubmersible rigs and 42 jackup rigs, including four rigs under construction. Our fleet is the world's second largest amongst competitive rigs, our ultra-deepwater fleet is one of the newest in the industry, and our premium jackup fleet is the largest of any offshore drilling company. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning approximately 15 countries on six continents. The markets in which we operate include the U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia. We provide drilling services on a "day rate" contract basis. Under day rate contracts, we provide a drilling rig and rig crews and receive a fixed amount per day for each day we are performing drilling or related services. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. In addition, our customers may pay all or a portion of the cost of moving our equipment and personnel to and from the well site. |
Redomestication | Redomestication During 2009, we completed a reorganization of the corporate structure of the group of companies controlled by our predecessor, ENSCO International Incorporated ("Ensco Delaware"), pursuant to which an indirect, wholly-owned subsidiary merged with Ensco Delaware, and Ensco plc became our publicly-held parent company incorporated under English law (the "redomestication"). We remain subject to the U.S. Securities and Exchange Commission (the "SEC") reporting requirements, the mandates of the Sarbanes-Oxley Act of 2002, as amended, and the applicable corporate governance rules of the New York Stock Exchange ("NYSE"), and we continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We also comply with additional reporting requirements of English law. |
Basis Of Presentation-U.K. Companies Act 2006 Section 435 Statement | Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position. The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006, which will be prepared in accordance with Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) as issued in August 2014. An explanation of how the transition to FRS 102 has affected financial position and financial performance of the Group will be provided in those statements, which will be delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders. The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the U.K. Companies Act 2006. |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Ensco plc and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation. |
Cash Equivalents And Short-Term Investments | Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. Short-term investments, consisting of time deposits with initial maturities in excess of three months but less than one year, were included in other current assets on our consolidated balance sheets and totaled $1.2 billion and $757.3 million as of December 31, 2015 and 2014 , respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2015, 2014 and 2013 . To mitigate our credit risk, our investments in time deposits are diversified across multiple, high-quality financial institutions. |
Pervasiveness Of Estimates | Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. |
Foreign Currency Remeasurement And Translation | Foreign Currency Remeasurement and Translation Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations. Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet. Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $5.4 million of gains, $2.6 million of losses and $6.4 million of gains, and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2015, 2014 and 2013 , respectively. |
Property And Equipment | Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from two to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from three to six years. On December 31, 2015, we evaluated our current judgments and assumptions used in determining the useful lives of our drilling rigs. We considered both historical experience and expectations of future operations, utilization and performance of our assets based on recent changes in the current market environment. As a result, we reduced the useful lives of certain floaters and jackups effective January 1, 2016. We estimate this reduction in useful lives will increase depreciation expense by approximately $20.0 million for the year ended December 31, 2016. We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or net realizable value. During 2015, we recorded a pre-tax, non cash loss on impairment of long-lived assets of $2.6 billion , of which $2.5 billion related to our long-lived assets held-for-use. See "Note 3 - Property and Equipment" for additional information on these impairments. We estimate the impairment charge on our held-for-use assets will cause a decline in depreciation expense of approximately $170 million for the year ended December 31, 2016. If the global economy deteriorates and/or our expectation relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location. |
Goodwill | Goodwill Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, represent our reporting units. We test goodwill for impairment on an annual basis as of December 31 or when events or changes in circumstances indicate that a potential impairment exists. When testing goodwill for impairment, we first consider whether or not to assess qualitative factors to determine whether the existence of events or circumstances lead to a determination that is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount. If we conclude that the fair value of one or both of our reporting units has more-likely-than-not declined below its carrying amount after qualitatively assessing existing facts and circumstances, or, alternatively, if we elect to forgo the qualitative assessment, we perform a quantitative assessment whereby we estimate the fair value of each reporting unit. In most instances, our calculation of the fair value of our reporting units is based on estimates of future discounted cash flows to be generated by the drilling rigs in the reporting unit. As of December 31, 2015 , given the deterioration in forecasted day rates and utilization, the sustained decline in our stock price and the impairment charge on certain rigs during the fourth quarter, we elected to forgo the qualitative assessment and performed a quantitative assessment on both reporting units. As a result of the quantitative assessment, we concluded that our Floater and Jackup reporting units' goodwill balances were impaired. We recorded a non-cash loss on impairment of $192.6 million and $83.5 million for the Jackups and Floaters reporting units, respectively, which was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2015. There is no remaining goodwill on our consolidated balance sheet as of December 31, 2015. See "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on our goodwill. |
Operating Revenues And Expenses | Operating Revenues and Expenses Our drilling contracts ("contracts") are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. Day rate revenues are typically earned, and contract drilling expense is typically incurred, on a uniform basis over the terms of our contracts. In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and recognized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $77.0 million and $95.7 million as of December 31, 2015 and 2014 , respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $111.8 million and $149.4 million as of December 31, 2015 and 2014 , respectively. In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and recognized as revenue over the period that the related drilling services are performed, and the cost is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $287.2 million and $428.9 million as of December 31, 2015 and 2014 , respectively. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenues when services have been completed under the terms of the contract, the termination fee can be reasonably measured and collectability is reasonably assured. For the year ended December 31, 2015, operating revenues included $110.6 million for the ENSCO DS-4 lump sum termination fee, which we collected in October, as well as $98.3 million related to the ENSCO DS-9 termination, which included an $18.4 million lump-sum fee for mobilization, capital upgrades and day rate revenue earned during initial acceptance testing. Under the terms of the ENSCO DS-9 contract, our customer is obligated to pay us monthly termination fees for a period of two years equal to the operating day rate (approximately $550,000), which will be reduced pursuant to our obligation to mitigate idle rig costs, such as manning and maintenance activity, while the rig is idle and without a contract. We are in discussions with our customer on the amount of this reduction. The day rate may also be adjusted if we recontract the rig. We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $21.2 million and $20.0 million as of December 31, 2015 and 2014 , respectively. In certain countries in which we operate, taxes such as sales, use, value-added, gross receipts and excise may be assessed by the local government on our revenues. We generally record our tax-assessed revenue transactions on a net basis in our consolidated statement of operations. |
Derivative Instruments | Derivative Instruments We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 5 - Derivative Instruments" for additional information on how and why we use derivatives. All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("AOCI"). Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction is probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations. We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date. |
Income Taxes | Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, are deferred and amortized on a straight-line basis over the remaining useful life of the rig. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized. We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. See "Note 9 - Income Taxes" for additional information on our deferred taxes, unrecognized tax benefits, intercompany transfers of drilling rigs and undistributed earnings. |
Share-Based Compensation | Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Share-based compensation cost is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). The amount of compensation cost recognized in our consolidated statement of operations is based on the awards ultimately expected to vest and, therefore, reduced for estimated forfeitures. All changes in estimated forfeitures are based on historical experience and are recognized as a cumulative adjustment to compensation cost in the period in which they occur. See "Note 7 - Benefit Plans" for additional information on our share-based compensation. |
Fair Value Measurements | Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities. |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive performance awards and excludes non-vested shares. The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 Income from continuing operations allocated to non-vested share awards (2.0 ) (7.9 ) (15.1 ) (Loss) income from continuing operations attributable to Ensco shares $ (1,468.1 ) $ (2,711.0 ) $ 1,406.5 The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Weighted-average shares - basic 232.2 231.6 230.9 Potentially dilutive shares — — .2 Weighted-average shares - diluted 232.2 231.6 231.1 Antidilutive share options totaling 800,000 , 400,000 and 300,000 for the years ended December 31, 2015, 2014 and 2013 , respectively, were excluded from the computation of diluted EPS. |
Description Of The Business A24
Description Of The Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |
Reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted EPS Computations | The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 Income from continuing operations allocated to non-vested share awards (2.0 ) (7.9 ) (15.1 ) (Loss) income from continuing operations attributable to Ensco shares $ (1,468.1 ) $ (2,711.0 ) $ 1,406.5 |
Reconciliation Of The Weighted-Average Shares Used In Basic And Diluted Earnings Per Share Computations | The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Weighted-average shares - basic 232.2 231.6 230.9 Potentially dilutive shares — — .2 Weighted-average shares - diluted 232.2 231.6 231.1 |
Schedule Of Income From Continuing Operations Attributable To Ensco | from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 (Loss) income from continuing operations $ (1,457.3 ) $ (2,689.3 ) $ 1,430.1 Income from continuing operations attributable to noncontrolling interests (8.8 ) (13.8 ) (8.5 ) (Loss) income from continuing operations attributable to Ensco $ (1,466.1 ) $ (2,703.1 ) $ 1,421.6 |
Reconciliation of Income (Loss) from Discontinued Operations [Table Text Block] | from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Loss from discontinued operations $ (128.6 ) $ (1,199.2 ) $ (2.2 ) Income from discontinued operations attributable to noncontrolling interests (.1 ) (.3 ) (1.2 ) Loss from discontinued operations attributable to Ensco $ (128.7 ) $ (1,199.5 ) $ (3.4 ) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis as of December 31, 2015 and 2014 (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2015 Supplemental executive retirement plan assets $ 33.1 $ — $ — $ 33.1 Total financial assets 33.1 — — 33.1 Derivatives, net — (19.7 ) — (19.7 ) Total financial liabilities $ — $ (19.7 ) $ — $ (19.7 ) As of December 31, 2014 Supplemental executive retirement plan assets $ 43.2 $ — $ — $ 43.2 Total financial assets 43.2 — — 43.2 Derivatives, net — (26.3 ) — (26.3 ) Total financial liabilities $ — $ (26.3 ) $ — $ (26.3 ) |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our debt instruments as of December 31, 2015 and 2014 were as follows (in millions): December 31, 2015 December 31, 2014 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,482.7 $ 1,254.0 $ 1,479.9 $ 1,505.3 5.75% Senior notes due 2044 1,004.2 707.1 622.3 615.8 6.875% Senior notes due 2020 990.9 850.5 1,008.2 1,008.5 5.20% Senior notes due 2025 697.6 505.2 — — 4.50% Senior notes due 2024 624.3 417.4 624.2 602.0 8.50% Senior notes due 2019 566.4 510.2 583.8 611.8 7.875% Senior notes due 2040 379.8 244.0 381.2 363.8 7.20% Debentures due 2027 149.2 133.5 149.2 171.4 3.25% Senior notes due 2016 — — 998.0 1,018.3 4.33% MARAD bonds due 2016 — — 46.6 46.8 4.65% MARAD bonds due 2020 — — 27.0 29.7 Total $ 5,895.1 $ 4,621.9 $ 5,920.4 $ 5,973.4 |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property And Equipment | Property and equipment as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Drilling rigs and equipment $ 11,001.8 $ 13,253.2 Other 180.0 135.0 Work in progress 1,537.6 1,587.3 $ 12,719.4 $ 14,975.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instruments [Abstract] | |
Schedule Of Long-Term Debt Instruments | The carrying value of long-term debt as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 4.70% Senior notes due 2021 $ 1,482.7 $ 1,479.9 5.75% Senior notes due 2044 1,004.2 622.3 6.875% Senior notes due 2020 990.9 1,008.2 5.20% Senior notes due 2025 697.6 — 4.50% Senior notes due 2024 624.3 624.2 8.50% Senior notes due 2019 566.4 583.8 7.875% Senior notes due 2040 379.8 381.2 7.20% Debentures due 2027 149.2 149.2 3.25% Senior notes due 2016 — 998.0 4.33% MARAD bonds due 2016 — 46.6 4.65% MARAD bonds due 2020 — 27.0 Total debt 5,895.1 5,920.4 Less current maturities — (34.8 ) Total long-term debt $ 5,895.1 $ 5,885.6 |
Aggregate Maturities Of Long-Term Debt | The aggregate maturities of our debt, excluding net unamortized premiums of $195.1 million , as of December 31, 2015 were as follows (in millions): 2016 $ — 2017 — 2018 — 2019 500.0 2020 900.0 Thereafter 4,300.0 Total $ 5,700.0 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2015 and 2014 consisted of the following (in millions): Derivative Assets Derivative Liabilities 2015 2014 2015 2014 Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ .6 $ .4 $ 20.7 $ 17.2 Foreign currency forward contracts - non-current (2) .2 .1 1.5 2.9 .8 .5 22.2 20.1 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 2.6 .2 .9 6.9 2.6 .2 .9 6.9 Total $ 3.4 $ .7 $ 23.1 $ 27.0 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2015 were as follows (in millions): Loss Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2013 2015 2014 2013 2015 2014 2013 Interest rate lock contracts (3) $ — $ — $ — $ (.6 ) $ (.4 ) $ (.4 ) $ — $ — $ — Foreign currency forward contracts (4) (23.6 ) (11.7 ) (5.8 ) (21.6 ) 1.3 (1.6 ) (.1 ) (.7 ) (.3 ) Total $ (23.6 ) $ (11.7 ) $ (5.8 ) $ (22.2 ) $ .9 $ (2.0 ) $ (.1 ) $ (.7 ) $ (.3 ) (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. (4) During the year ended December 31, 2015 , $22.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Schedule Of Estimated Amount Of Net Gains Associated With Derivatives | As of December 31, 2015 , the estimated amount of net losses associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions): Net unrealized losses to be reclassified to contract drilling expense $ (11.2 ) Net realized gains to be reclassified to depreciation expense .9 Net realized losses to be reclassified to interest expense (.4 ) Net losses to be reclassified to earnings $ (10.7 ) |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Activity In Our Various Shareholders' Equity | Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): Shares Par Value Additional Paid-in Capital Retained Earnings AOCI Treasury Shares Noncontrolling Interest BALANCE, December 31, 2012 237.7 $ 23.9 $ 5,398.7 $ 6,434.7 $ 20.1 $ (31.0 ) $ 5.7 Net income — — — 1,418.2 — — 9.7 Dividends paid — — — (525.6 ) — — — Distributions to noncontrolling interests — — — — — — (8.1 ) Shares issued under share-based compensation plans, net 1.9 .2 21.8 — — (.1 ) — Tax benefits from share-based compensation — — .1 — — — — Repurchase of shares — — — — — (14.1 ) — Share-based compensation cost — — 46.6 — — — — Net other comprehensive loss — — — — (1.9 ) — — BALANCE, December 31, 2013 239.6 24.1 5,467.2 7,327.3 18.2 (45.2 ) 7.3 Net (loss) income — — — (3,902.6 ) — — 14.1 Dividends paid — — — (704.3 ) — — — Distributions to noncontrolling interests — — — — — — (13.5 ) Shares issued in connection with share-based compensation plans, net 1.1 .1 .4 — — (.1 ) — Tax benefit from share-based compensation — — 1.2 — — — — Repurchase of shares — — — — — (13.7 ) — Share-based compensation cost — — 48.7 — — — — Net other comprehensive loss — — — — (6.3 ) — — BALANCE, December 31, 2014 240.7 24.2 5,517.5 2,720.4 11.9 (59.0 ) 7.9 Net (loss) income — — — (1,594.8 ) — — 8.9 Dividends paid — — — (140.3 ) — — — Distributions to noncontrolling interests — — — — — — (12.5 ) Shares issued in connection with share-based compensation plans, net 2.4 .2 — — — (.2 ) — Tax expense from share-based compensation — — (2.4 ) — — — — Repurchase of shares — — — — — (4.6 ) — Share-based compensation cost — — 39.4 — — — — Net other comprehensive income — — — — .6 — — BALANCE, December 31, 2015 243.1 $ 24.4 $ 5,554.5 $ 985.3 $ 12.5 $ (63.8 ) $ 4.3 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Non-Vested Share Award Related Compensation Expense Recognized | The following table summarizes non-vested share award related compensation expense recognized during each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Contract drilling $ 19.5 $ 20.9 $ 21.3 General and administrative 17.8 20.7 21.6 Non-vested share award related compensation expense included in operating expenses 37.3 41.6 42.9 Tax benefit (4.8 ) (5.1 ) (5.4 ) Total non-vested share award related compensation expense included in net income $ 32.5 $ 36.5 $ 37.5 |
Summary Of Value Of Non-Vested Share Awards Granted And Vested | The following table summarizes the value of non-vested shares granted and vested during each of the years in the three-year period ended December 31, 2015 : 2015 2014 2013 Weighted-average grant-date fair value of non-vested share awards granted (per share) $ 23.95 $ 51.22 $ 59.79 Total fair value of non-vested share awards vested during the period (in millions) $ 18.0 $ 46.2 $ 49.6 |
Summary Of Non-Vested Share Award Activity | The following table summarizes non-vested share activity for the year ended December 31, 2015 (shares in thousands): Shares Weighted-Average Grant-Date Fair Value Non-vested share awards as of December 31, 2014 2,641 $ 52.86 Granted 2,116 23.95 Vested (787 ) 51.42 Forfeited (827 ) 41.23 Non-vested share awards as of December 31, 2015 3,143 $ 36.46 |
Goodwill and Other Intangible31
Goodwill and Other Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amount Of Goodwill | The carrying amount of goodwill as of December 31, 2015 is detailed below by reporting unit (in millions): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Gross Carrying Amount Accumulated Impairment Losses Net Carrying Amount Floaters Balance, beginning of period $ 3,081.4 $ (2,997.9 ) $ 83.5 $ 3,081.4 $ — $ 3,081.4 Loss on impairment — (83.5 ) (83.5 ) — (2,997.9 ) (2,997.9 ) Balance, end of period $ 3,081.4 $ (3,081.4 ) $ — $ 3,081.4 $ (2,997.9 ) $ 83.5 Jackups Balance, beginning of period $ 192.6 $ — $ 192.6 $ 192.6 $ — $ 192.6 Loss on impairment — (192.6 ) (192.6 ) — — — Balance, end of period $ 192.6 $ (192.6 ) $ — $ 192.6 $ — $ 192.6 |
Schedule of Other Intangible Assets and Liabilities | The gross carrying amounts of our drilling contract intangibles, which we consider to be definite-lived intangibles assets and intangible liabilities, and accumulated amortization as of December 31, 2015 and 2014 were as follows (in millions): December 31, 2015 December 31, 2014 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Drilling contract intangible assets Balance, beginning of period $ 209.0 $ (163.3 ) $ 45.7 $ 209.0 $ (130.6 ) $ 78.4 Amortization — (41.4 ) (41.4 ) — (32.7 ) (32.7 ) Balance, end of period $ 209.0 $ (204.7 ) $ 4.3 $ 209.0 $ (163.3 ) $ 45.7 Drilling contract intangible liabilities Balance, beginning of period $ 278.0 $ (237.3 ) $ 40.7 $ 278.0 $ (208.9 ) $ 69.1 Amortization — (28.1 ) (28.1 ) — (28.4 ) (28.4 ) Balance, end of period $ 278.0 $ (265.4 ) $ 12.6 $ 278.0 $ (237.3 ) $ 40.7 |
Schedule of Expected Amortization Income (Expense) | We amortize the drilling contract intangibles to operating revenues over the respective remaining drilling contract terms on a straight-line basis. The estimated net increase to future operating revenues related to the amortization of these intangible assets and liabilities as of December 31, 2015 , is as follows (in millions): 2016 $ 8.3 Total $ 8.3 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Summary Of Components Of Provision For Income Taxes From Continuing Operations | The following table summarizes components of our provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Current income tax expense: U.S. $ 18.7 $ 114.8 $ 94.4 Non-U.S. 125.4 149.2 98.6 144.1 264.0 193.0 Deferred income tax (benefit) expense: U.S. (180.4 ) (86.7 ) 19.2 Non-U.S. 22.4 (36.8 ) (9.1 ) (158.0 ) (123.5 ) 10.1 Total income tax (benefit) expense $ (13.9 ) $ 140.5 $ 203.1 |
Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities) | The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2015 and 2014 (in millions): 2015 2014 Deferred tax assets : Net operating loss carryforwards $ 228.7 $ 204.5 Premium on long-term debt 86.0 99.2 Foreign tax credits 84.1 98.6 Deferred Revenue 77.7 103.0 Employee benefits, including share-based compensation 40.5 39.5 Other 20.5 16.7 Total deferred tax assets 537.5 561.5 Valuation allowance (266.4 ) (271.3 ) Net deferred tax assets 271.1 290.2 Deferred tax liabilities : Property and equipment (97.1 ) (314.2 ) Intercompany transfers of property (21.2 ) (23.0 ) Deferred costs (15.3 ) (20.2 ) Other (25.8 ) (14.1 ) Total deferred tax liabilities (159.4 ) (371.5 ) Net deferred tax asset (liability) $ 111.7 $ (81.3 ) |
Summary Of Effective Income Tax Rate On Continuing Operations | Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2015 , differs from the U.K. statutory income tax rate as follows: 2015 2014 2013 U.K. statutory income tax rate 20.2 % 21.5 % 23.3 % Non-U.K. taxes (12.3 ) (1.3 ) (13.2 ) Goodwill and asset impairments (4.0 ) (25.3 ) — Valuation allowance (1.5 ) (1.1 ) 1.0 Other (1.5 ) .7 1.3 Effective income tax rate .9 % (5.5 )% 12.4 % |
Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2015 and 2014 is as follows (in millions): 2015 2014 Balance, beginning of year $ 134.4 $ 151.7 Increases in unrecognized tax benefits as a result of tax positions taken during prior years 15.7 16.3 Increases in unrecognized tax benefits as a result of tax positions taken during the current year 6.6 5.5 Decreases in unrecognized tax benefits as a result of tax positions taken during prior years (2.1 ) (15.5 ) Settlements with taxing authorities (0.6 ) (14.2 ) Lapse of applicable statutes of limitations (5.6 ) (.7 ) Impact of foreign currency exchange rates (7.8 ) (8.7 ) Balance, end of year $ 140.6 $ 134.4 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary Of Rig Sales and Income From Discontinued Operations | Rig (3) Date of Rig Sale Segment (1) Net Proceeds Net Book Value (2) Pre-tax(Loss)/Gain ENSCO 5001 December 2015 Floaters $ 2.4 $ 2.5 $ (.1 ) ENSCO 5002 June 2015 Floaters 1.6 — 1.6 ENSCO 5000 December 2014 Floaters 1.3 .5 .8 ENSCO 93 September 2014 Jackups 51.7 52.9 (1.2 ) ENSCO 85 April 2014 Jackups 64.4 54.1 10.3 ENSCO 69 & Pride Wisconsin January 2014 Jackups 32.2 8.6 23.6 Pride Pennsylvania March 2013 Jackups 15.5 15.7 (.2 ) $ 169.1 $ 134.3 $ 34.8 (1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. (2) Includes the rig's net book value as well as inventory and other assets on the date of the sale. (3) In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015 . Due to our long-term charter agreements with the purchaser, ENSCO 83, ENSCO 89 and ENSCO 98 operating results were included in income from continuing operations. The following table summarizes (loss) income from discontinued operations for each of the years in the three-year period ended December 31, 2015 (in millions): 2015 2014 2013 Revenues $ 19.5 $ 325.0 $ 596.4 Operating expenses 39.5 372.0 577.6 Operating (loss) income (20.0 ) (47.0 ) 18.8 Other income — — .3 Income tax benefit (expense) 7.7 (30.7 ) (20.2 ) Loss on impairment, net (120.6 ) (1,158.8 ) — Gain (loss) on disposal of discontinued operations, net 4.3 37.3 (1.1 ) Loss from discontinued operations $ (128.6 ) $ (1,199.2 ) $ (2.2 ) |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Commitments | The following table summarizes the cumulative amount of contractual payments made as of December 31, 2015 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): Cumulative Paid (1) 2016 2017 2018 Total (2) ENSCO DS-10 $ 236.2 $ 9.3 $ 310.5 $ — $ 556.0 ENSCO 123 53.5 3.2 9.5 215.4 281.6 ENSCO 140 156.8 39.9 — — 196.7 ENSCO 141 78.4 117.2 — — 195.6 $ 524.9 $ 169.6 $ 320.0 $ 215.4 $ 1,229.9 (1) Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2015 . (2) Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Year Ended December 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,466.0 $ 1,445.6 $ 151.8 $ 4,063.4 $ — $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 1,052.8 693.5 123.3 1,869.6 — 1,869.6 Loss on impairment 1,778.4 968.0 2,746.4 — 2,746.4 Depreciation 382.4 175.7 — 558.1 14.4 572.5 General and administrative — — — — 118.4 118.4 Operating (loss) income $ (747.6 ) $ (391.6 ) $ 28.5 $ (1,110.7 ) $ (132.8 ) $ (1,243.5 ) Property and equipment, net $ 8,535.6 $ 2,481.2 $ — $ 11,016.8 $ 71.0 $ 11,087.8 Capital expenditures $ 1,176.6 $ 434.7 $ — $ 1,611.3 $ 8.2 $ 1,619.5 Year Ended December 31, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,697.6 $ 1,774.6 $ 92.3 $ 4,564.5 $ — $ 4,564.5 Operating expenses Contract drilling (exclusive of depreciation) 1,201.2 807.4 68.3 2,076.9 — 2,076.9 Loss on impairment 3,982.3 236.4 — 4,218.7 — 4,218.7 Depreciation 358.1 171.2 — 529.3 8.6 537.9 General and administrative — — — — 131.9 131.9 Operating (loss) income $ (2,844.0 ) $ 559.6 $ 24.0 $ (2,260.4 ) $ (140.5 ) $ (2,400.9 ) Property and equipment, net $ 9,462.3 $ 2,995.3 $ — $ 12,457.6 $ 77.2 $ 12,534.8 Capital expenditures $ 855.5 $ 666.3 $ — $ 1,521.8 $ 44.9 $ 1,566.7 Year Ended December 31, 2013 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,659.6 $ 1,588.7 $ 75.1 $ 4,323.4 $ — $ 4,323.4 Operating expenses Contract drilling (exclusive of depreciation) 1,126.0 762.6 58.5 1,947.1 — 1,947.1 Depreciation 342.2 147.5 — 489.7 6.5 496.2 General and administrative — — — — 146.8 146.8 Operating income (loss) $ 1,191.4 $ 678.6 $ 16.6 $ 1,886.6 $ (153.3 ) $ 1,733.3 Property and equipment, net $ 11,303.4 $ 2,961.6 $ — $ 14,265.0 $ 46.0 $ 14,311.0 Capital expenditures $ 1,028.6 $ 708.3 $ — $ 1,736.9 $ 26.6 $ 1,763.5 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of December 31, 2015 , the geographic distribution of our drilling rigs by operating segment was as follows: Floaters Jackups Total Middle East, Africa, Asia & Pacific Rim 6 18 24 North & South America 13 7 20 Europe & the Mediterranean 3 11 14 Middle East, Africa, Asia & Pacific Rim (under construction) 1 3 4 Held-For-Sale 3 3 6 Total 26 42 68 |
Schedule Of Revenues And Long-Lived Assets By Geographical Segment | Information by country for those countries that account for more than 10% of our long-lived assets was as follows (in millions): Long-lived Assets 2015 2014 2013 United States $ 4,731.8 $ 5,240.4 $ 4,617.8 Angola 1,471.1 1,913.5 2,543.7 Brazil 210.8 1,459.0 2,447.5 Other countries 4,674.1 3,921.9 4,702.0 Total $ 11,087.8 $ 12,534.8 $ 14,311.0 |
Supplemental Financial Inform36
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Trade $ 595.0 $ 878.8 Other 16.3 15.9 611.3 894.7 Allowance for doubtful accounts (29.3 ) (11.4 ) $ 582.0 $ 883.3 |
Other Current Assets | Other current assets as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Inventory $ 235.3 $ 240.3 Prepaid taxes 73.5 90.6 Deferred costs 52.1 61.9 Prepaid expenses 20.5 33.8 Assets held-for-sale 5.5 152.4 Other 14.9 6.6 $ 401.8 $ 585.6 |
Other Assets, Net | Other assets, net, as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred tax assets $ 94.8 $ 63.1 Deferred costs 82.3 82.3 Prepaid taxes on intercompany transfers of property 37.1 39.7 Supplemental executive retirement plan assets 33.1 43.2 Intangible assets 5.4 49.0 Unbilled receivables 1.7 18.6 Warranty and other claim receivables — 30.6 Other 9.7 12.4 $ 264.1 $ 338.9 |
Accrued Liabilities And Other | Accrued liabilities and other as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred revenue $ 197.2 $ 241.3 Personnel costs 161.6 214.0 Accrued interest 88.4 83.8 Taxes 70.8 94.5 Derivative liabilities 21.6 24.1 Other 11.3 36.4 $ 550.9 $ 694.1 |
Other Liabilities | Other liabilities as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Deferred revenue $ 218.6 $ 373.2 Unrecognized tax benefits (inclusive of interest and penalties) 149.7 142.4 Supplemental executive retirement plan liabilities 34.4 45.1 Personnel costs 17.7 26.1 Intangible liabilities 12.6 40.7 Other 11.8 39.8 $ 444.8 $ 667.3 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income as of December 31, 2015 and 2014 consisted of the following (in millions): 2015 2014 Currency Translation Adjustment $ 7.8 $ 5.1 Derivative Instruments 6.6 8.0 Other (1.9 ) (1.2 ) $ 12.5 $ 11.9 |
Repair And Maintenance Expense Related To Continuing Operations | Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Repair and maintenance expense $ 270.1 $ 357.2 $ 287.8 |
Schedule of Cash Flows Information | Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 (Decrease) increase in liabilities (379.2 ) 208.2 (10.3 ) Decrease (increase) in accounts receivable 269.5 (38.5 ) (46.7 ) Decrease (increase) in other assets 25.7 (76.4 ) (94.1 ) $ (84.0 ) $ 93.3 $ (151.1 ) |
Cash Paid For Interest And Income Taxes | Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2015 was as follows (in millions): 2015 2014 2013 Interest, net of amounts capitalized $ 249.3 $ 170.0 $ 182.2 Income taxes 97.3 218.2 195.4 |
Revenue from External Customers by Products and Services [Table Text Block] | Consolidated revenues by customer for the years ended December 31, 2015 , 2014 and 2013 were as follows: 2015 2014 2013 BP (1) 18 % 16 % 10 % Petrobras (2) 14 % 9 % 14 % Other 68 % 75 % 76 % 100 % 100 % 100 % |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Consolidated revenues by region for the years ended December 31, 2015, 2014 and 2013 were as follows (in millions): 2015 2014 2013 U.S. Gulf of Mexico (1) $ 1,151.5 $ 1,712.4 $ 1,687.2 Angola (2) 586.5 607.9 365.9 Brazil (3) 468.5 459.1 683.7 United Kingdom (4) 400.7 406.2 308.4 Other 1,456.2 1,378.9 1,278.2 $ 4,063.4 $ 4,564.5 $ 4,323.4 |
Guarantee Of Registered Secur37
Guarantee Of Registered Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 31.7 $ 163.5 $ — $ 4,199.4 $ (331.2 ) $ 4,063.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 29.2 163.5 — 2,008.1 (331.2 ) 1,869.6 Loss on impairment — — — 2,746.4 — 2,746.4 Depreciation .1 13.8 — 558.6 — 572.5 General and administrative 51.5 .2 — 66.7 — 118.4 OPERATING LOSS (49.1 ) (14.0 ) — (1,180.4 ) — (1,243.5 ) OTHER (EXPENSE) INCOME, NET (169.5 ) (28.6 ) (71.5 ) 41.9 — (227.7 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (218.6 ) (42.6 ) (71.5 ) (1,138.5 ) — (1,471.2 ) INCOME TAX (BENEFIT) EXPENSE — (190.6 ) — 176.7 — (13.9 ) DISCONTINUED OPERATIONS, NET — — — (128.6 ) — (128.6 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (1,376.2 ) (1,672.8 ) (1,771.5 ) — 4,820.5 — NET LOSS (1,594.8 ) (1,524.8 ) (1,843.0 ) (1,443.8 ) 4,820.5 (1,585.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,452.7 ) $ 4,820.5 $ (1,594.8 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 34.5 $ 145.4 $ — $ 4,683.0 $ (298.4 ) $ 4,564.5 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 31.8 145.4 — 2,198.1 (298.4 ) 2,076.9 Loss on impairment — — — 4,218.7 — 4,218.7 Depreciation .2 7.6 — 530.1 — 537.9 General and administrative 52.0 .4 — 79.5 — 131.9 OPERATING LOSS (49.5 ) (8.0 ) — (2,343.4 ) — (2,400.9 ) OTHER (EXPENSE) INCOME, NET (67.0 ) (43.3 ) (54.7 ) 17.1 — (147.9 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (116.5 ) (51.3 ) (54.7 ) (2,326.3 ) — (2,548.8 ) INCOME TAX (BENEFIT) EXPENSE — (44.9 ) — 185.4 — 140.5 DISCONTINUED OPERATIONS, NET — — — (1,199.2 ) — (1,199.2 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (3,786.1 ) (3,651.0 ) (3,744.3 ) — 11,181.4 — NET LOSS (3,902.6 ) (3,657.4 ) (3,799.0 ) (3,710.9 ) 11,181.4 (3,888.5 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (14.1 ) — (14.1 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (3,902.6 ) $ (3,657.4 ) $ (3,799.0 ) $ (3,725.0 ) $ 11,181.4 $ (3,902.6 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 35.0 $ 149.4 $ — $ 4,446.4 $ (307.4 ) $ 4,323.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 27.5 149.4 — 2,077.6 (307.4 ) 1,947.1 Depreciation .3 4.0 — 491.9 — 496.2 General and administrative 63.5 .5 — 82.8 — 146.8 OPERATING (LOSS) INCOME (56.3 ) (4.5 ) — 1,794.1 — 1,733.3 OTHER (EXPENSE) INCOME, NET (65.6 ) (9.4 ) (27.9 ) 2.8 — (100.1 ) (LOSS) INCOME BEFORE INCOME TAXES (121.9 ) (13.9 ) (27.9 ) 1,796.9 — 1,633.2 INCOME TAX EXPENSE — 92.5 — 110.6 — 203.1 DISCONTINUED OPERATIONS, NET — — — (2.2 ) — (2.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 1,540.1 366.2 111.6 — (2,017.9 ) — NET INCOME 1,418.2 259.8 83.7 1,684.1 (2,017.9 ) 1,427.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (9.7 ) — (9.7 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 1,418.2 $ 259.8 $ 83.7 $ 1,674.4 $ (2,017.9 ) $ 1,418.2 |
Schedule of Condensed Consolidated Statements of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,443.8 ) $ 4,820.5 $ (1,585.9 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (23.6 ) — — — (23.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 22.2 — — — 22.2 Other — — — 2.0 — 2.0 NET OTHER COMPREHENSIVE (LOSS) INCOME — (1.4 ) — 2.0 — .6 COMPREHENSIVE LOSS (1,594.8 ) (1,526.2 ) (1,843.0 ) (1,441.8 ) 4,820.5 (1,585.3 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,526.2 ) $ (1,843.0 ) $ (1,450.7 ) $ 4,820.5 $ (1,594.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (3,902.6 ) $ (3,657.4 ) $ (3,799.0 ) $ (3,710.9 ) $ 11,181.4 $ (3,888.5 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (11.7 ) — — — (11.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (.9 ) — — — (.9 ) Other — — — 6.3 — 6.3 NET OTHER COMPREHENSIVE (LOSS) INCOME — (12.6 ) — 6.3 — (6.3 ) COMPREHENSIVE LOSS (3,902.6 ) (3,670.0 ) (3,799.0 ) (3,704.6 ) 11,181.4 (3,894.8 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (14.1 ) — (14.1 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (3,902.6 ) $ (3,670.0 ) $ (3,799.0 ) $ (3,718.7 ) $ 11,181.4 $ (3,908.9 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 1,418.2 $ 259.8 $ 83.7 $ 1,684.1 $ (2,017.9 ) $ 1,427.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (5.8 ) — — — (5.8 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 2.0 — — — 2.0 Other — — — 1.9 — 1.9 NET OTHER COMPREHENSIVE (LOSS) INCOME — (3.8 ) — 1.9 — (1.9 ) COMPREHENSIVE INCOME 1,418.2 256.0 83.7 1,686.0 (2,017.9 ) 1,426.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (9.7 ) — (9.7 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 1,418.2 $ 256.0 $ 83.7 $ 1,676.3 $ (2,017.9 ) $ 1,416.3 |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 Short-term investments 1,180.0 — — — — 1,180.0 Accounts receivable, net 1.2 — — 580.8 — 582.0 Accounts receivable from affiliates 808.7 237.3 — 148.1 (1,194.1 ) — Other .2 229.3 — 172.3 — 401.8 Total current assets 2,084.1 466.6 2.0 926.5 (1,194.1 ) 2,285.1 PROPERTY AND EQUIPMENT, AT COST 1.8 117.5 — 12,600.1 — 12,719.4 Less accumulated depreciation 1.8 47.7 — 1,582.1 — 1,631.6 Property and equipment, net — 69.8 — 11,018.0 — 11,087.8 DUE FROM AFFILIATES 1,303.7 5,270.0 2,035.5 6,869.9 (15,479.1 ) — INVESTMENTS IN AFFILIATES 7,743.8 — — — (7,743.8 ) — OTHER ASSETS, NET 26.3 43.3 — 324.9 (130.4 ) 264.1 $ 11,157.9 $ 5,849.7 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,637.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 60.7 $ 69.6 $ 34.8 $ 610.4 $ — $ 775.5 Accounts payable to affiliates 19.4 176.3 — 998.4 (1,194.1 ) — Current maturities of long-term debt — — — — — — Total current liabilities 80.1 245.9 34.8 1,608.8 (1,194.1 ) 775.5 DUE TO AFFILIATES 751.9 4,354.3 1,763.7 8,609.2 (15,479.1 ) — LONG-TERM DEBT 3,808.7 149.2 1,937.2 — — 5,895.1 DEFERRED INCOME TAXES — 130.4 — 4.4 (130.4 ) 4.4 INVESTMENTS IN AFFILIATES — 442.0 1,319.3 — (1,761.3 ) — OTHER LIABILITIES — 5.3 — 439.5 — 444.8 ENSCO SHAREHOLDERS' EQUITY (DEFICIT) 6,517.2 522.6 (3,017.5 ) 8,473.1 (5,982.5 ) 6,512.9 NONCONTROLLING INTERESTS — — — 4.3 — 4.3 Total equity (deficit) 6,517.2 522.6 (3,017.5 ) 8,477.4 (5,982.5 ) 6,517.2 $ 11,157.9 $ 5,849.7 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,637.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 Short-term investments 712.0 — — 45.3 — 757.3 Accounts receivable, net — — — 883.3 — 883.3 Accounts receivable from affiliates 34.5 210.4 — 134.6 (379.5 ) — Other 4.1 68.9 — 512.6 — 585.6 Total current assets 1,038.0 279.3 90.8 1,862.4 (379.5 ) 2,891.0 PROPERTY AND EQUIPMENT, AT COST 2.1 71.5 — 14,901.9 — 14,975.5 Less accumulated depreciation 1.7 34.1 — 2,404.9 — 2,440.7 Property and equipment, net .4 37.4 — 12,497.0 — 12,534.8 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,873.2 4,748.2 1,835.0 6,308.8 (15,765.2 ) — INVESTMENTS IN AFFILIATES 9,084.8 1,233.5 461.6 — (10,779.9 ) — OTHER ASSETS, NET 17.0 47.4 — 274.5 — 338.9 $ 13,013.4 $ 6,345.8 $ 2,387.4 $ 21,218.8 $ (26,924.6 ) $ 16,040.8 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 47.8 $ 42.8 $ 34.3 $ 942.4 $ — $ 1,067.3 Accounts payable to affiliates 23.5 158.3 — 197.7 (379.5 ) — Current maturities of long-term debt — — — 34.8 — 34.8 Total current liabilities 71.3 201.1 34.3 1,174.9 (379.5 ) 1,102.1 DUE TO AFFILIATES 994.8 3,817.4 1,547.7 9,405.3 (15,765.2 ) — LONG-TERM DEBT 3,724.4 149.2 1,973.2 38.8 — 5,885.6 DEFERRED INCOME TAXES — 158.8 — 4.1 — 162.9 OTHER LIABILITIES — 6.1 7.0 654.2 — 667.3 ENSCO SHAREHOLDERS' EQUITY 8,222.9 2,013.2 (1,174.8 ) 9,933.6 (10,779.9 ) 8,215.0 NONCONTROLLING INTERESTS — — — 7.9 — 7.9 Total equity 8,222.9 2,013.2 (1,174.8 ) 9,941.5 (10,779.9 ) 8,222.9 $ 13,013.4 $ 6,345.8 $ 2,387.4 $ 21,218.8 $ (26,924.6 ) $ 16,040.8 |
Condensed Consolidating Statements Of Cash Flows | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (71.1 ) $ 2.0 $ (114.0 ) $ 1,881.0 $ — $ 1,697.9 INVESTING ACTIVITIES Purchases of short-term investments (1,780.0 ) — — — — (1,780.0 ) Additions to property and equipment — — — (1,619.5 ) — (1,619.5 ) Maturities of short-term investments 1,312.0 — — 45.3 — 1,357.3 Net proceeds from disposition of assets .3 — — 1.3 — 1.6 Net cash used in investing activities of continuing operations (467.7 ) — — (1,572.9 ) — (2,040.6 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (141.2 ) — — — — (141.2 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Proceeds from exercise of share options .3 — — — — .3 Advances from (to) affiliates 526.2 (2.0 ) 25.2 (549.4 ) — — Other (5.3 ) — — (11.0 ) — (16.3 ) Net cash provided by (used in) financing activities 345.4 (2.0 ) 25.2 (560.4 ) — (191.8 ) DISCONTINUED OPERATIONS Operating activities — — — (10.9 ) — (10.9 ) Investing activities — — — 2.2 — 2.2 Net cash used in discontinued operations — — — (8.7 ) — (8.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (0.3 ) DECREASE IN CASH AND CASH EQUIVALENTS (193.4 ) — (88.8 ) (261.3 ) — (543.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF YEAR $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (63.8 ) $ (167.6 ) $ (90.9 ) $ 2,380.2 $ — $ 2,057.9 INVESTING ACTIVITIES Additions to property and equipment — (37.2 ) — (1,529.5 ) — (1,566.7 ) Purchases of short-term investments (716.1 ) — — (74.5 ) — (790.6 ) Net proceeds from disposition of assets — — — 169.2 — 169.2 Maturities of short-term investments — — — 83.3 — 83.3 Net cash used in investing activities of continuing operations (716.1 ) (37.2 ) — (1,351.5 ) — (2,104.8 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,246.4 — — — — 1,246.4 Cash dividends paid (703.0 ) — — — — (703.0 ) Reduction of long-term borrowings — — — (60.1 ) — (60.1 ) Debt financing costs (13.4 ) — — — — (13.4 ) Proceeds from exercise of share options 2.6 — — — — 2.6 Advances from (to) affiliates 501.9 204.3 176.8 (883.0 ) — — Other (13.7 ) — — (16.1 ) — (29.8 ) Net cash provided by (used in) financing activities 1,020.8 204.3 176.8 (959.2 ) — 442.7 DISCONTINUED OPERATIONS Operating activities — — — (3.8 ) — (3.8 ) Investing activities — — — 107.2 — 107.2 Net cash provided by discontinued operations — — — 103.4 — 103.4 Effect of exchange rate changes on cash and cash equivalents — — — — — — INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 240.9 (.5 ) 85.9 172.9 — 499.2 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 46.5 .5 4.9 113.7 — 165.6 CASH AND CASH EQUIVALENTS, END OF YEAR $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (114.8 ) $ (128.7 ) $ (62.9 ) $ 2,117.6 $ — $ 1,811.2 INVESTING ACTIVITIES Additions to property and equipment — — — (1,763.5 ) — (1,763.5 ) Purchases of short-term investments — — — (50.0 ) — (50.0 ) Maturities of short-term investments — — — 50.0 — 50.0 Net proceeds from disposition of assets — (4.1 ) — 10.1 — 6.0 Net cash used in investing activities of continuing operations — (4.1 ) — (1,753.4 ) — (1,757.5 ) FINANCING ACTIVITIES Cash dividends paid (525.6 ) — — — — (525.6 ) Reduction of long-term borrowing — — — (47.5 ) — (47.5 ) Proceeds from exercise of share options 22.3 — — — — 22.3 Debt financing costs — (4.6 ) — — — (4.6 ) Advances from (to) affiliates 407.2 136.2 (17.2 ) (526.2 ) — — Other (14.4 ) — — (7.3 ) — (21.7 ) Net cash (used in) provided by financing activities (110.5 ) 131.6 (17.2 ) (581.0 ) — (577.1 ) DISCONTINUED OPERATIONS Operating activities — — — 169.3 — 169.3 Investing activities — — — 32.8 — 32.8 Net cash provided by discontinued operations — — — 202.1 — 202.1 Effect of exchange rate changes on cash and cash equivalents — — — (.2 ) — (.2 ) DECREASE IN CASH AND CASH EQUIVALENTS (225.3 ) (1.2 ) (80.1 ) (14.9 ) — (321.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 271.8 1.7 85.0 128.6 — 487.1 CASH AND CASH EQUIVALENTS, END OF YEAR $ 46.5 $ .5 $ 4.9 $ 113.7 $ — $ 165.6 |
Unaudited Quarterly Financial38
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Summary Of Unaudited Quarterly Consolidated Income Statement | The following tables summarize our unaudited quarterly consolidated income statement data for the years ended December 31, 2015 and 2014 (in millions, except per share amounts): 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 1,163.9 $ 1,059.0 $ 1,012.2 $ 828.3 $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 518.3 502.6 433.5 415.2 1,869.6 Loss on impairment — — 2.4 2,744.0 2,746.4 Depreciation 137.1 140.5 145.2 149.7 572.5 General and administrative 30.1 29.7 28.4 30.2 118.4 Operating income (loss) 478.4 386.2 402.7 (2,510.8 ) (1,243.5 ) Other expense, net (72.6 ) (55.4 ) (52.4 ) (47.3 ) (227.7 ) Income (loss) from continuing operations before income taxes 405.8 330.8 350.3 (2,558.1 ) (1,471.2 ) Income tax expense (benefit) 77.7 58.0 33.2 (182.8 ) (13.9 ) Income (loss) from continuing operations 328.1 272.8 317.1 (2,375.3 ) (1,457.3 ) Loss from discontinued operations, net (.2 ) (10.1 ) (23.3 ) (95.0 ) (128.6 ) Net income (loss) 327.9 262.7 293.8 (2,470.3 ) (1,585.9 ) Net income attributable to noncontrolling interests (3.2 ) (2.4 ) (1.8 ) (1.5 ) (8.9 ) Net income (loss) attributable to Ensco $ 324.7 $ 260.3 $ 292.0 $ (2,471.8 ) $ (1,594.8 ) Earnings (loss) per share – basic and diluted Continuing operations $ 1.38 $ 1.15 $ 1.34 $ (10.23 ) $ (6.33 ) Discontinued operations — (0.04 ) (0.10 ) (0.41 ) (0.55 ) $ 1.38 $ 1.11 $ 1.24 $ (10.64 ) $ (6.88 ) 2014 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 1,066.7 $ 1,136.6 $ 1,201.4 $ 1,159.8 $ 4,564.5 Operating expenses Contract drilling (exclusive of depreciation) 520.2 542.5 500.2 514.0 2,076.9 Loss on Impairment — 703.5 — 3,515.2 4,218.7 Depreciation 131.1 132.2 135.2 139.4 537.9 General and administrative 38.1 36.2 29.3 28.3 131.9 Operating income (loss) 377.3 (277.8 ) 536.7 (3,037.1 ) (2,400.9 ) Other expense, net (29.1 ) (30.8 ) (38.4 ) (49.6 ) (147.9 ) Income (loss) from continuing operations before income taxes 348.2 (308.6 ) 498.3 (3,086.7 ) (2,548.8 ) Income tax expense (benefit) 49.5 42.6 74.6 (26.2 ) 140.5 Income (loss) from continuing operations 298.7 (351.2 ) 423.7 (3,060.5 ) (2,689.3 ) (Loss) income from discontinued operations, net (2.0 ) (818.4 ) 9.2 (388.0 ) (1,199.2 ) Net income (loss) 296.7 (1,169.6 ) 432.9 (3,448.5 ) (3,888.5 ) Net income attributable to noncontrolling interests (4.2 ) (3.1 ) (3.5 ) (3.3 ) (14.1 ) Net income (loss) attributable to Ensco $ 292.5 $ (1,172.7 ) $ 429.4 $ (3,451.8 ) $ (3,902.6 ) Earnings (loss) per share – basic and diluted Continuing operations $ 1.26 $ (1.53 ) $ 1.79 $ (13.22 ) $ (11.70 ) Discontinued operations (0.01 ) (3.54 ) 0.04 (1.67 ) (5.18 ) $ 1.25 $ (5.07 ) $ 1.83 $ (14.89 ) $ (16.88 ) |
Description Of The Business A39
Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details) shares in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)segmentscontinentcountryserviceshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of contract drilling rigs | 64 | |||||||||||
Number of rigs under construction | 4 | |||||||||||
Number of different countries having drilling contracts spanning | country | 15 | |||||||||||
Number of different continents having drilling contracts | continent | 6 | |||||||||||
Net foreign currency exchange gains (losses) | $ 5,400,000 | $ (2,600,000) | $ 6,400,000 | |||||||||
Short-term Investments | $ 1,180,000,000 | $ 757,300,000 | 1,180,000,000 | 757,300,000 | ||||||||
Cost of Services, Depreciation | 149,700,000 | $ 145,200,000 | $ 140,500,000 | $ 137,100,000 | 139,400,000 | $ 135,200,000 | $ 132,200,000 | $ 131,100,000 | $ 572,500,000 | $ 537,900,000 | $ 496,200,000 | |
Number of operating segments | segments | 3 | |||||||||||
Number of reportable segments | segments | 2 | |||||||||||
Number of services | service | 1 | |||||||||||
Antidilutive share options excluded from computation of diluted earnings per share | shares | 0.8 | 0.4 | 0.3 | |||||||||
Impairment of Long Lived Assets | $ 2,618,900,000 | $ 2,463,100,000 | ||||||||||
Deferred tax assets, noncurrent | 94,800,000 | 63,100,000 | 94,800,000 | 63,100,000 | ||||||||
Deferred tax liabilities, noncurrent | 4,400,000 | 162,900,000 | 4,400,000 | 162,900,000 | ||||||||
Impairment of Long-Lived Assets Held-for-use | 2,460,300,000 | 517,300,000 | 2,470,300,000 | 1,220,800,000 | ||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Deferred tax assets, current | (43,800,000) | (43,800,000) | ||||||||||
Deferred tax assets, noncurrent | 43,800,000 | 43,800,000 | ||||||||||
Deferred tax liabilities, current | 2,500,000 | 2,500,000 | ||||||||||
Deferred tax liabilities, noncurrent | 2,500,000 | 2,500,000 | ||||||||||
Deferred Mobilization Costs [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Other assets | 77,000,000 | 95,700,000 | 77,000,000 | 95,700,000 | ||||||||
Deferred Regulatory Certification And Compliance Costs [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Other assets | $ 21,200,000 | $ 20,000,000 | $ 21,200,000 | $ 20,000,000 | ||||||||
Ultra Deepwater Drillships [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of contract drilling rigs | 10 | |||||||||||
Semisubmersible Rigs [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of contract drilling rigs | 13 | |||||||||||
Moored Semisubmersible Rigs [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of contract drilling rigs | 3 | |||||||||||
Jackup Rigs [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Number of contract drilling rigs | 42 | |||||||||||
Ensco DS-9 [Member] | Sales Revenue, Net [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | $ 98,300,000 | |||||||||||
Other Nonrecurring Income | 18,400,000 | |||||||||||
Ensco DS-4 [Member] | Sales Revenue, Net [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Gain (Loss) on Contract Termination | $ 110,600,000 | |||||||||||
Minimum [Member] | Drilling rigs and equipment [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||||||||
Minimum [Member] | Building and Building Improvements [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 2 years | |||||||||||
Minimum [Member] | Other Equipment And Computer Hardware Software [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||||
Maximum [Member] | Drilling rigs and equipment [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||||||||
Maximum [Member] | Building and Building Improvements [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||||||
Maximum [Member] | Other Equipment And Computer Hardware Software [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Property, Plant and Equipment, Useful Life | 6 years | |||||||||||
Change in useful lives [Member] | Scenario, Forecast [Member] | Change in depreciation expense [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cost of Services, Depreciation | $ 20,000,000 | |||||||||||
Impairment impact [Member] | Scenario, Forecast [Member] | Change in depreciation expense [Member] | ||||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||||
Cost of Services, Depreciation | $ 170,000,000 |
Description Of The Business A40
Description Of The Business And Summary Of Significant Accounting Policies Description Of The Business And Summary Of Significant Accounting Policies (Reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted EPS Computations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |||
Income (Loss) from Continuing Operations Attributable to Parent | $ (1,466.1) | $ (2,703.1) | $ 1,421.6 |
Other Preferred Stock Dividends and Adjustments | 2 | 7.9 | 15.1 |
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders | $ (1,468.1) | $ (2,711) | $ 1,406.5 |
Description Of The Business A41
Description Of The Business And Summary Of Significant Accounting Policies (Reconciliation Of The Weighted-Average Shares Used In Basic And Diluted Earnings Per Share Computations) (Details) - shares shares in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |||
Weighted-average shares - basic | 232.2 | 231.6 | 230.9 |
Potentially dilutive share options | 0 | 0 | 0.2 |
Weighted-average shares - diluted | 232.2 | 231.6 | 231.1 |
Description Of The Business A42
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Continuing Operations Attributable To Ensco) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |||||||||||
Income from continuing operations | $ (2,375.3) | $ 317.1 | $ 272.8 | $ 328.1 | $ (3,060.5) | $ 423.7 | $ (351.2) | $ 298.7 | $ (1,457.3) | $ (2,689.3) | $ 1,430.1 |
Income (Loss) from Continuing Operations, Portion Attributable to Noncontrolling Interest | (8.8) | (13.8) | (8.5) | ||||||||
Income from continuing operations attributable to Ensco | $ (1,466.1) | $ (2,703.1) | $ 1,421.6 |
Description Of The Business A43
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Discontinued Operations Attributable To Ensco) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Description Of The Business And Summary Of Significant Accounting Policies [Abstract] | |||||||||||
(Loss) income from discontinued operations | $ (95) | $ (23.3) | $ (10.1) | $ (0.2) | $ (388) | $ 9.2 | $ (818.4) | $ (2) | $ (128.6) | $ (1,199.2) | $ (2.2) |
Income from discontinued operations attributable to noncontrolling interests | (0.1) | (0.3) | (1.2) | ||||||||
(Loss) income from discontinued operations attributable to Ensco | $ (128.7) | $ (1,199.5) | $ (3.4) |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Executive Retirement Plans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in unrealized gains (losses) included in other income | $ 0.7 | $ 2.3 | $ 6.2 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | $ 33.1 | $ 43.2 |
Total financial assets | 33.1 | 43.2 |
Derivative Assets (Liabilities), at Fair Value, Net | (19.7) | (26.3) |
Financial Liabilities Fair Value Disclosure | (19.7) | (26.3) |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 33.1 | 43.2 |
Total financial assets | 33.1 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (19.7) | (26.3) |
Financial Liabilities Fair Value Disclosure | (19.7) | (26.3) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements (Sche46
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 5,895.1 | $ 5,920.4 |
Debt instrument | 4,621.9 | 5,973.4 |
4.70% Senior notes due 2021 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | 1,482.7 | 1,479.9 |
Debt instrument | $ 1,254 | 1,505.3 |
Debt instrument, interest rate, stated percentage | 4.70% | |
Debt instrument maturity period | 2,021 | |
6.875% Senior notes due 2020 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 990.9 | 1,008.2 |
Debt instrument | $ 850.5 | 1,008.5 |
Debt instrument, interest rate, stated percentage | 6.875% | |
Debt instrument maturity period | 2,020 | |
3.25% Senior notes due 2016 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 0 | 998 |
Debt instrument | $ 0 | 1,018.3 |
Debt instrument, interest rate, stated percentage | 3.25% | |
Debt instrument maturity period | 2,016 | |
Four Point Five Percent Senior Notes Member [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 624.3 | 624.2 |
Debt instrument | $ 417.4 | 602 |
Debt instrument, interest rate, stated percentage | 4.50% | |
Debt instrument maturity period | 2,024 | |
Five Point Seven Five Percent Senior Notes [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 1,004.2 | 622.3 |
Debt instrument | $ 707.1 | 615.8 |
Debt instrument, interest rate, stated percentage | 5.75% | |
Debt instrument maturity period | 2,044 | |
8.50% Senior notes due 2019 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 566.4 | 583.8 |
Debt instrument | $ 510.2 | 611.8 |
Debt instrument, interest rate, stated percentage | 8.50% | |
Debt instrument maturity period | 2,019 | |
7.875% Senior notes due 2040 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 379.8 | 381.2 |
Debt instrument | $ 244 | 363.8 |
Debt instrument, interest rate, stated percentage | 7.875% | |
Debt instrument maturity period | 2,040 | |
7.20% Debentures due 2027 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 149.2 | 149.2 |
Debt instrument | $ 133.5 | 171.4 |
Debt instrument, interest rate, stated percentage | 7.20% | |
Debt instrument maturity period | 2,027 | |
4.33% MARAD bonds due 2016 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 0 | 46.6 |
Debt instrument | $ 0 | 46.8 |
Debt instrument, interest rate, stated percentage | 4.33% | |
Debt instrument maturity period | 2,016 | |
4.33% MARAD bonds, including current maturities, due 2016 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 697.6 | 0 |
Debt instrument | $ 505.2 | 0 |
Debt instrument, interest rate, stated percentage | 5.20% | |
Debt instrument maturity period | 2,025 | |
4.65% MARAD bonds, including current maturities, due 2020 [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Debt Instrument Carrying Value | $ 0 | 27 |
Debt instrument | $ 0 | $ 29.7 |
Debt instrument, interest rate, stated percentage | 4.65% | |
Debt instrument maturity period | 2,020 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015USD ($)rigs$ / bbl | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($)rigs$ / bbl | Sep. 30, 2014USD ($)$ / bbl | Jun. 30, 2014USD ($)rigs | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)rigs$ / bbl | Dec. 31, 2014USD ($)rigs$ / bbl | Dec. 31, 2013USD ($) | Jan. 31, 2016$ / bbl | |
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 2,460,300 | $ 517,300 | $ 2,470,300 | $ 1,220,800 | ||||||||
Cost of Services, Depreciation | 149,700 | $ 145,200 | $ 140,500 | $ 137,100 | 139,400 | $ 135,200 | $ 132,200 | $ 131,100 | 572,500 | 537,900 | $ 496,200 | |
Assets held for sale | 5,500 | 152,400 | 5,500 | 152,400 | ||||||||
Property and equipment | $ 12,719,400 | $ 14,975,500 | 12,719,400 | 14,975,500 | ||||||||
Impairment of Long Lived Assets | 2,618,900 | 2,463,100 | ||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 148,600 | $ 1,242,300 | ||||||||||
Number of Rigs Committed to be Sold | rigs | 6 | 5 | ||||||||||
Price Per Barrel | $ / bbl | 35 | 55 | 95 | 35 | 55 | |||||||
Asset Impairment Charges | $ 2,744,000 | 2,400 | $ 0 | $ 0 | $ 3,515,200 | $ 0 | $ 703,500 | $ 0 | $ 2,746,400 | $ 4,218,700 | 0 | |
Drilling rigs and equipment [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Increase in drilling rigs and equipment | (2,300,000) | |||||||||||
Property and equipment | 11,001,800 | 13,253,200 | 11,001,800 | 13,253,200 | ||||||||
Work in progress [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property and equipment | 1,537,600 | 1,587,300 | 1,537,600 | 1,587,300 | ||||||||
Work in progress [Member] | Jackup Rigs [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property and equipment | 259,800 | 179,300 | 259,800 | 179,300 | ||||||||
Work in progress [Member] | Ultra Deepwater Drillships [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property and equipment | 1,085,200 | 820,100 | 1,085,200 | 820,100 | ||||||||
Work in progress [Member] | Semisubmersible Rigs [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property and equipment | 233,100 | 233,100 | ||||||||||
Work in progress [Member] | Premium Jackup Rigs [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Property and equipment | 71,100 | 59,200 | 71,100 | $ 59,200 | ||||||||
ENSCO DS-2 [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | (288,000) | |||||||||||
Discontinued Operations [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 115,800 | $ 25,600 | $ 407,900 | 546,400 | ||||||||
Floaters [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment of Long-Lived Assets Held-for-use | $ 991,500 | |||||||||||
Impaired Long-Lived Assets Held and Used, Asset Description | 2 | |||||||||||
Cost of Services, Depreciation | $ 382,400 | $ 358,100 | 342,200 | |||||||||
Number of Rigs Committed to be Sold | rigs | 3 | 6 | ||||||||||
Asset Impairment Charges | $ 1,778,400 | $ 3,982,300 | ||||||||||
Number Of Additional Rigs Committed To Be Sold | rigs | 1 | |||||||||||
Jackups [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impaired Long-Lived Assets Held and Used, Asset Description | 10 | |||||||||||
Cost of Services, Depreciation | $ 175,700 | $ 171,200 | $ 147,500 | |||||||||
Number of Rigs Committed to be Sold | rigs | 2 | 2 | ||||||||||
Asset Impairment Charges | $ 968,000 | $ 236,400 | ||||||||||
ensco 91 [Member] | Continuing Operations [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 10,000 | |||||||||||
Scenario, Forecast [Member] | ||||||||||||
Property, Plant and Equipment [Line Items] | ||||||||||||
Price Per Barrel | $ / bbl | 26 |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 12,719.4 | $ 14,975.5 |
Drilling rigs and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 11,001.8 | 13,253.2 |
Other [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 180 | 135 |
Work in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 1,537.6 | $ 1,587.3 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 10 Months Ended | 12 Months Ended | |||||||
Mar. 08, 2015 | Sep. 30, 2014 | Dec. 31, 2011 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Mar. 17, 2011 | |
Debt Instrument [Line Items] | ||||||||||||
Commercial paper | $ 0 | $ 0 | $ 0 | |||||||||
Gains (Losses) on Extinguishment of Debt | (33,500,000) | 0 | $ 0 | |||||||||
Net unamortized premiums | 195,100,000 | 195,100,000 | ||||||||||
Interest Expense | 216,300,000 | 161,400,000 | 158,800,000 | |||||||||
Capitalized interest | $ 87,400,000 | $ 78,200,000 | $ 67,700,000 | |||||||||
Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 0.00% | |||||||||||
Commercial Paper Program [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Commercial paper, capacity | $ 2,250,000,000 | $ 2,250,000,000 | ||||||||||
Maximum days of maturity of notes | 364 | |||||||||||
Weighted-average interest rate | 0.41% | 0.41% | 0.26% | |||||||||
Debentures Due 2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Redemption Price, Percentage | 0.00% | |||||||||||
Five Point Two Percent Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 5.20% | 5.20% | ||||||||||
Debt instrument maturity period | 2,025 | |||||||||||
Four Point Five Percent Senior Notes Member [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 4.50% | 4.50% | ||||||||||
Debt instrument maturity period | 2,024 | |||||||||||
Five Point Seven Five Percent Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 5.75% | 5.75% | ||||||||||
Debt instrument maturity period | 2,044 | |||||||||||
6.875% Senior notes due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Note Maturity Year | 2,020 | |||||||||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||||||||||
Debt instrument maturity period | 2,020 | |||||||||||
8.50% Senior notes due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 8.50% | 8.50% | ||||||||||
Debt instrument maturity period | 2,019 | |||||||||||
7.875% Senior notes due 2040 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 7.875% | 7.875% | ||||||||||
Debt instrument maturity period | 2,040 | |||||||||||
7.20% Debentures due 2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Note Maturity Year | 2,027 | |||||||||||
Unsecured debt instruments issued | $ 150,000,000 | |||||||||||
Debt instrument interest rate stated percentage | 7.20% | 7.20% | ||||||||||
Debt instrument maturity period | 2,027 | |||||||||||
4.33% MARAD bonds due 2016 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 4.33% | 4.33% | ||||||||||
Debt instrument maturity period | 2,016 | |||||||||||
3.25% Senior notes due 2016 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 3.25% | 3.25% | ||||||||||
Debt instrument maturity period | 2,016 | |||||||||||
4.70% Senior notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt instrument interest rate stated percentage | 4.70% | 4.70% | ||||||||||
Debt instrument maturity period | 2,021 | |||||||||||
Five Year Credit Facility Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Total facility fee commitment | $ 0 | $ 0 | $ 0 | |||||||||
Amounts outstanding | 0 | 0 | 0 | |||||||||
Bonds [Member] | Four Point Three Three Percent and Four Point Six Five Percent Maritime Administration Bonds [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | $ 3,100,000 | |||||||||||
Debt Instrument, Repurchased Face Amount | $ 51,000,000 | |||||||||||
Debt Instrument, Repurchase Amount | $ 14,300,000 | |||||||||||
Bonds [Member] | Four Point Six Five Percent Marine Administration Bonds Including Current Maturities Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Note Maturity Year | 2,020 | |||||||||||
Debt instrument interest rate stated percentage | 4.65% | |||||||||||
Acquired Debt [Member] | Four Point Three Three Percent Marine Administration Bonds Including Current Maturities Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Senior Note Maturity Year | 2,016 | |||||||||||
Debt instrument interest rate stated percentage | 4.33% | |||||||||||
Senior Notes [Member] | Five Point Two Percent Senior Notes [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||||||
Senior Note Maturity Year | 2,025 | |||||||||||
Debt instrument interest rate stated percentage | 5.20% | |||||||||||
Discount to senior notes | $ 2,600,000 | |||||||||||
Senior Notes [Member] | Four Point Five Percent Senior Notes Member [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 625,000,000 | |||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||
Debt instrument interest rate stated percentage | 4.50% | |||||||||||
Discount to senior notes | $ 900,000 | |||||||||||
Senior Notes [Member] | 6.875% Senior notes due 2020 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 900,000,000 | $ 900,000,000 | ||||||||||
Senior Note Maturity Year | 2,020 | |||||||||||
Debt instrument interest rate stated percentage | 6.875% | 6.875% | ||||||||||
Senior Notes [Member] | 8.50% Senior notes due 2019 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | $ 500,000,000 | ||||||||||
Senior Note Maturity Year | 2,019 | |||||||||||
Debt instrument interest rate stated percentage | 8.50% | 8.50% | ||||||||||
Senior Notes [Member] | 7.875% Senior notes due 2040 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | $ 300,000,000 | ||||||||||
Senior Note Maturity Year | 2,040 | |||||||||||
Debt instrument interest rate stated percentage | 7.88% | 7.88% | ||||||||||
Senior Notes [Member] | 7.20% Debentures due 2027 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | ||||||||||
Debt instrument interest rate stated percentage | 7.20% | 7.20% | ||||||||||
Senior Notes [Member] | 4.70% Senior notes due 2021 [Member] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 1,500,000,000 | |||||||||||
Senior Note Maturity Year | 2,021 | |||||||||||
Debt instrument interest rate stated percentage | 4.70% | |||||||||||
Discount to senior notes | $ 29,600,000 | |||||||||||
Senior Notes [Member] | Five Point Seven Five Percent Senior Notes Member [Domain] | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 625,000,000 | $ 400,000,000 | ||||||||||
Senior Note Maturity Year | 2,044 | |||||||||||
Debt instrument interest rate stated percentage | 5.75% | 5.75% | ||||||||||
Discount to senior notes | $ 2,800,000 | $ 18,700,000 | ||||||||||
Senior Notes [Member] | Three Point Two Five Percent Senior Notes Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | |||||||||||
Senior Note Maturity Year | 2,016 | |||||||||||
Debt instrument interest rate stated percentage | 3.25% | |||||||||||
Gains (Losses) on Extinguishment of Debt | $ 3,800,000 | |||||||||||
Debt Instrument, Repurchased Face Amount | $ 145,400,000 | 854,600,000 | ||||||||||
Debt Instrument, Repurchase Amount | $ 878,000,000 | |||||||||||
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | 23,400,000 | |||||||||||
Amortization of Debt Discount (Premium) | 1,700,000 | |||||||||||
Write off of Deferred Debt Issuance Cost | 1,500,000 | |||||||||||
Senior Notes [Member] | TenderOffer [Member] | Three Point Two Five Percent Senior Notes Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Gains (Losses) on Extinguishment of Debt | (26,600,000) | |||||||||||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Current borrowing capacity | $ 2,250,000,000 | $ 2,250,000,000 | ||||||||||
Line of Credit Facility, Commitment fee Percentage, Effect of One Notch Change in Rating | 0.025% | |||||||||||
Maximum amount of right to increase the commitment | 2,750,000,000 | $ 2,750,000,000 | ||||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.15% | |||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | ||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread on variable rate | 0.25% | |||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five Year Credit Facility Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate, Effect of One Notch Change in Rating | 0.125% | |||||||||||
Basis spread on variable rate | 1.25% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Five Year Credit Facility Member | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Maximum Percent of Debt to Total Capitalization Ratio | 50.00% | 60.00% |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 4,621.9 | $ 5,973.4 |
Total | 5,895.1 | 5,920.4 |
Less current maturities | 0 | (34.8) |
Total long-term debt | 5,895.1 | 5,885.6 |
4.70% Senior notes due 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 1,254 | 1,505.3 |
Debt instrument interest rate stated percentage | 4.70% | |
Debt instrument maturity period | 2,021 | |
6.875% Senior notes due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 850.5 | 1,008.5 |
Debt instrument interest rate stated percentage | 6.875% | |
Debt instrument maturity period | 2,020 | |
3.25% Senior notes due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | 1,018.3 |
Debt instrument interest rate stated percentage | 3.25% | |
Debt instrument maturity period | 2,016 | |
Five Point Two Percent Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 505.2 | 0 |
Debt instrument interest rate stated percentage | 5.20% | |
Debt instrument maturity period | 2,025 | |
Four Point Five Percent Senior Notes Member [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 417.4 | 602 |
Debt instrument interest rate stated percentage | 4.50% | |
Debt instrument maturity period | 2,024 | |
Five Point Seven Five Percent Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 707.1 | 615.8 |
Debt instrument interest rate stated percentage | 5.75% | |
Debt instrument maturity period | 2,044 | |
8.50% Senior notes due 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 510.2 | 611.8 |
Debt instrument interest rate stated percentage | 8.50% | |
Debt instrument maturity period | 2,019 | |
7.875% Senior notes due 2040 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 244 | 363.8 |
Debt instrument interest rate stated percentage | 7.875% | |
Debt instrument maturity period | 2,040 | |
7.20% Debentures due 2027 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 133.5 | 171.4 |
Debt instrument interest rate stated percentage | 7.20% | |
Debt instrument maturity period | 2,027 | |
4.33% MARAD bonds due 2016 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | 46.8 |
Debt instrument interest rate stated percentage | 4.33% | |
Debt instrument maturity period | 2,016 | |
4.65% MARAD bonds due 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Fair Value Disclosure | $ 0 | $ 29.7 |
Debt instrument interest rate stated percentage | 4.65% | |
Debt instrument maturity period | 2,020 |
Debt (Aggregate Maturities Of L
Debt (Aggregate Maturities Of Long-Term Debt) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instruments [Abstract] | |
2,016 | $ 0 |
2,017 | 0 |
2,018 | 0 |
2,019 | 500 |
2,020 | 900 |
Thereafter | 4,300 |
Total | $ 5,700 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (19.7) | $ (26.3) | ||
Maximum maturity period for all derivatives | 18 months | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains on derivatives not designated as hedging instruments | $ (17.3) | (24.8) | $ 3.6 | |
Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (22.2) | 0.9 | (2) | |
Foreign Currency Derivative [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Assets (Liabilities), at Fair Value, Net | (19.7) | (26.3) | ||
Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1],[2] | (21.6) | 1.3 | (1.6) |
Foreign Exchange [Member] | Not Designated as Hedging Instrument [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate cash flow hedges outstanding | 125.7 | |||
British pounds | 11.1 | |||
Australian dollars | 7.8 | |||
Euros | 73.8 | |||
Swiss francs | 16.6 | |||
Mexican Pesos Hedges Outstanding | 8.7 | |||
Other currencies | 7.7 | |||
Foreign Exchange [Member] | Cash Flow Hedges [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Aggregate cash flow hedges outstanding | 311.6 | |||
British pounds | 152.3 | |||
Brazilian reais | 57.8 | |||
Singapore dollars | 13.2 | |||
Australian dollars | 37.9 | |||
Euros | 34.1 | |||
Other currencies | 16.3 | |||
Contract Drilling [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (22.5) | 0.4 | (2.5) | |
Depreciation Expense [Member] | Foreign Exchange Forward [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0.9 | $ 0.9 | $ 0.9 | |
[1] | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | |||
[2] | During the year ended December 31, 2015, $22.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2014, $400,000 of gains were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 3.4 | $ 0.7 | |
Total fair value of derivative liabilities | 23.1 | 27 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 0.8 | 0.5 | |
Total fair value of derivative liabilities | 22.2 | 20.1 | |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.6 | 0.4 |
Total fair value of derivative liabilities | [1] | 20.7 | 17.2 |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Non-Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [2] | 0.2 | 0.1 |
Total fair value of derivative liabilities | [2] | 1.5 | 2.9 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 2.6 | 0.2 | |
Total fair value of derivative liabilities | 0.9 | 6.9 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 2.6 | 0.2 |
Total fair value of derivative liabilities | [1] | $ 0.9 | $ 6.9 |
[1] | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. | ||
[2] | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
Derivative Instruments (Gains A
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - Designated as Hedging Instrument [Member] - Cash Flow Hedges [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | $ 23.6 | $ 11.7 | $ 5.8 | |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (22.2) | 0.9 | (2) | |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (0.1) | (0.7) | (0.3) | |
Interest Rate Lock Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | [1] | 0 | 0 | 0 |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | [1],[2] | (0.6) | (0.4) | (0.4) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 |
Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | [2],[4] | (21.6) | 1.3 | (1.6) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3],[4] | (0.1) | (0.7) | (0.3) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [4] | $ (23.6) | $ (11.7) | $ (5.8) |
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. | |||
[2] | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | |||
[3] | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. | |||
[4] | During the year ended December 31, 2015, $22.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2014, $400,000 of gains were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Derivative Instruments (Sched55
Derivative Instruments (Schedule Of Estimated Amount Of Net Gains Associated With Derivatives) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net unrealized gains to be reclassified to contract drilling expense | $ (11.2) |
Net realized gains to be reclassified to depreciation expense | 0.9 |
Net realized (losses) to be reclassified to interest expense | (0.4) |
Net gains to be reclassified to earnings | $ (10.7) |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ | $ 2,000,000,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 |
Stock Repurchased During Period, Shares | 0 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Activity In Our Various Shareholders' Equity) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | $ 8,222.9 | $ 8,222.9 | |||||||||
Net income | $ (2,470.3) | $ 293.8 | $ 262.7 | $ 327.9 | $ (3,448.5) | $ 432.9 | $ (1,169.6) | $ 296.7 | (1,585.9) | $ (3,888.5) | $ 1,427.9 |
Net other comprehensive income (loss) | 0.6 | (6.3) | $ (1.9) | ||||||||
BALANCE | $ 6,517.2 | $ 8,222.9 | $ 6,517.2 | $ 8,222.9 | |||||||
Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE, shares | 240.7 | 239.6 | 240.7 | 239.6 | 237.7 | ||||||
BALANCE | $ 24.2 | $ 24.1 | $ 24.2 | $ 24.1 | $ 23.9 | ||||||
Shares issued under share-based compensation plans, net, shares | 2.4 | 1.1 | 1.9 | ||||||||
Shares issued under share-based compensation plans, net | $ 0.2 | $ 0.1 | $ 0.2 | ||||||||
BALANCE, shares | 243.1 | 240.7 | 243.1 | 240.7 | 239.6 | ||||||
BALANCE | $ 24.4 | $ 24.2 | $ 24.4 | $ 24.2 | $ 24.1 | ||||||
Additional Paid-In Capital [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 5,517.5 | 5,467.2 | 5,517.5 | 5,467.2 | 5,398.7 | ||||||
Shares issued under share-based compensation plans, net | 0 | 0.4 | 21.8 | ||||||||
Tax benefit (deficiency) from share-based compensation | (2.4) | 1.2 | 0.1 | ||||||||
Share-based compensation cost | 39.4 | 48.7 | 46.6 | ||||||||
BALANCE | 5,554.5 | 5,517.5 | 5,554.5 | 5,517.5 | 5,467.2 | ||||||
Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 2,720.4 | 7,327.3 | 2,720.4 | 7,327.3 | 6,434.7 | ||||||
Net income | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
Cash dividends paid | (140.3) | (704.3) | (525.6) | ||||||||
BALANCE | 985.3 | 2,720.4 | 985.3 | 2,720.4 | 7,327.3 | ||||||
AOCI [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 11.9 | 18.2 | 11.9 | 18.2 | 20.1 | ||||||
Net other comprehensive income (loss) | 0.6 | (6.3) | (1.9) | ||||||||
BALANCE | 12.5 | 11.9 | 12.5 | 11.9 | 18.2 | ||||||
Treasury Shares [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | (59) | (45.2) | (59) | (45.2) | (31) | ||||||
Shares issued under share-based compensation plans, net | (0.2) | (0.1) | (0.1) | ||||||||
Repurchase of shares | (4.6) | (13.7) | (14.1) | ||||||||
BALANCE | (63.8) | (59) | (63.8) | (59) | (45.2) | ||||||
Noncontrolling Interest [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | $ 7.9 | $ 7.3 | 7.9 | 7.3 | 5.7 | ||||||
Net income | 8.9 | 14.1 | 9.7 | ||||||||
Distributions to noncontrolling interests | (12.5) | (13.5) | (8.1) | ||||||||
BALANCE | $ 4.3 | $ 7.9 | $ 4.3 | $ 7.9 | $ 7.3 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance as awards | 23,000 | ||
Non-Vested Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost on awards | $ 88,200 | ||
Recognized compensation cost, weighted-average period, years | 2 years 15 days | ||
Non-Vested Share Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 33.00% | ||
Non-Vested Share Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 20.00% | ||
Share Options Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance as awards | 12,900 | ||
Unrecognized compensation cost on awards | $ 0 | ||
Share options award, outstanding | 458 | ||
Exercisable In Increments Over Four-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 25.00% | ||
Exercisable In Increments Over Three-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 33.00% | ||
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost on awards | $ 6,300 | ||
Recognized compensation cost, weighted-average period, years | 2 years | ||
Share option awards, exercisable, increment | 3 years | ||
Performance awards, granted, aggregate grant-date fair value | $ 8,300 | $ 7,400 | $ 8,200 |
Performance awards, vested, aggregate fair value | 4,600 | 6,900 | 7,400 |
Recognized compensation expense | $ 2,900 | 3,400 | 6,600 |
Savings Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance as awards | 1,000 | ||
Share awards, vest rate | 33.00% | ||
Share option awards, exercisable, increment | 3 years | ||
Employee match | 100.00% | ||
Total matching contributions | $ 18,900 | 20,700 | 21,100 |
Profit sharing contribution provisions | $ 27,500 | $ 30,700 | $ 55,300 |
Savings Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of eligible employee compensation to be matched by employer | 5.00% |
Benefit Plans (Summary Of Non-V
Benefit Plans (Summary Of Non-Vested Share Award Related Compensation Expense Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Tax benefit | $ (4.8) | $ (5.1) | $ (5.4) |
Total non-vested share award related compensation expense included in net income | 32.5 | 36.5 | 37.5 |
Contract Drilling [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | 19.5 | 20.9 | 21.3 |
General And Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | 17.8 | 20.7 | 21.6 |
Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | $ 37.3 | $ 41.6 | $ 42.9 |
Benefit Plans (Summary Of Value
Benefit Plans (Summary Of Value Of Non-Vested Share Awards Granted And Vested) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ 23.95 | $ 51.22 | $ 59.79 |
Total fair value of non-vested share awards vested during the period (in millions) | $ 18 | $ 46.2 | $ 49.6 |
Benefit Plans (Summary Of Non61
Benefit Plans (Summary Of Non-Vested Share Award Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Non-vested as of December 31, 2011, Shares | 2,641 | ||
Non-vested Granted, Shares | 2,116 | ||
Non-vested Vested, Shares | (787) | ||
Non-vested Forfeited, Shares | (827) | ||
Non-vested as of December 31, 2012, Shares | 3,143 | 2,641 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested as of December 31, 2011, Weighted-Average Grant-Date Fair Value | $ 52.86 | ||
Non-vested Granted, Weighted-Average Grant-Date Fair Value | 23.95 | $ 51.22 | $ 59.79 |
Non-vested Vested, Weighted-Average Grant-Date Fair Value | 51.42 | ||
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value | 41.23 | ||
Non-vested as of December 31, 2012, Weighted-Average Grant-Date Fair Value | $ 36.46 | $ 52.86 |
Benefit Plans (Summary Of Optio
Benefit Plans (Summary Of Option Activity) (Details) | Dec. 31, 2015$ / shares |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | |
Exercisable as of December 31, 2012, Weighted-Average Exercise Price | $ 41.51 |
Goodwill and Other Intangible63
Goodwill and Other Intangible Assets and Liabilities (Details) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 29, 2016$ / shares | Dec. 31, 2015USD ($)$ / shares$ / bbl | Sep. 30, 2015$ / shares | Dec. 31, 2015USD ($)$ / shares$ / bbl | Dec. 31, 2014USD ($)$ / shares$ / bbl | Jan. 31, 2016$ / bbl | Jun. 30, 2015$ / shares | Dec. 02, 2014$ / shares | Sep. 30, 2014$ / bbl | Dec. 31, 2013USD ($) | |
Goodwill [Line Items] | ||||||||||
Finite-Lived Intangible Assets, Expense (Income), Net, Next Twelve Months | $ (8.3) | $ (8.3) | ||||||||
Asset Impairment Charges, Assumptions Used, Weighted Average Capital Cost | 11.50% | |||||||||
Price Per Barrel | $ / bbl | 35 | 35 | 55 | 95 | ||||||
Goodwill | $ 0 | $ 0 | $ 276.1 | |||||||
Drilling contract intangible assets, Gross Carrying Amount | 209 | 209 | 209 | $ 209 | ||||||
Intangible Assets, Accumulated Amortization [Roll Forward] | ||||||||||
Balance, beginning of period | (163.3) | (130.6) | ||||||||
Amortization | (41.4) | (32.7) | ||||||||
Balance, end of period | (204.7) | (204.7) | (163.3) | |||||||
Intangible Assets, Net Carrying Amount [Roll Forward] | ||||||||||
Balance, beginning of period | 45.7 | 78.4 | ||||||||
Amortization | (41.4) | (32.7) | ||||||||
Balance, end of period | 4.3 | 4.3 | 45.7 | |||||||
Drilling contract intangible liabilities, Gross Carrying Amount | 278 | 278 | 278 | 278 | ||||||
Intangible Liabilities, Accumulated Amortization [Roll Forward] | ||||||||||
Balance, beginning of period | (237.3) | (208.9) | ||||||||
Amortization | (28.1) | (28.4) | ||||||||
Balance, end of period | (265.4) | (265.4) | (237.3) | |||||||
Intangible Liabilities, Net Carrying Amount [Roll Forward] | ||||||||||
Balance, beginning of period | 40.7 | 69.1 | ||||||||
Amortization | (28.1) | (28.4) | ||||||||
Balance, end of period | 12.6 | 12.6 | 40.7 | |||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Total | $ 8.3 | $ 8.3 | ||||||||
Share Price | $ / shares | $ 25.88 | |||||||||
Average Share Price | $ / shares | $ 16.34 | $ 17.21 | ||||||||
Asset Impairment Charges, Assumptions Used, Terminal Growth Rate | 3.00% | |||||||||
Floaters [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, Gross | $ 3,081.4 | $ 3,081.4 | 3,081.4 | 3,081.4 | ||||||
Goodwill | 0 | 0 | 83.5 | 3,081.4 | ||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Goodwill, Impaired, Accumulated Impairment Loss | (3,081.4) | (3,081.4) | (2,997.9) | 0 | ||||||
Goodwill, Impairment Loss | (83.5) | (2,997.9) | ||||||||
Jackups [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Goodwill, Gross | 192.6 | 192.6 | 192.6 | 192.6 | ||||||
Goodwill | 0 | 0 | 192.6 | 192.6 | ||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Goodwill, Impaired, Accumulated Impairment Loss | $ (192.6) | (192.6) | $ 0 | $ 0 | ||||||
Goodwill, Impairment Loss | $ (192.6) | |||||||||
Minimum [Member] | ||||||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Share Price During The Period | $ / shares | $ 13.26 | $ 25.88 | ||||||||
Maximum [Member] | ||||||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Share Price During The Period | $ / shares | $ 22.21 | 41.99 | ||||||||
Weighted Average [Member] | ||||||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Share Price | $ / shares | $ 35.23 | $ 25.31 | ||||||||
Scenario, Forecast [Member] | ||||||||||
Goodwill [Line Items] | ||||||||||
Price Per Barrel | $ / bbl | 26 | |||||||||
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract] | ||||||||||
Share Price During The Period | $ / shares | $ 8 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)jackup | Dec. 31, 2014USD ($)jackup | Dec. 31, 2013USD ($)jackup | |
Income Tax Expense (Benefit), Discrete Item | $ 18.4 | |||||||||||
Income from continuing operations before income taxes in the U.S. countries | $ (578.2) | (460.3) | $ 173.4 | |||||||||
Income from continuing operations before income taxes in the non-U.S. countries | (893) | (2,100) | 1,500 | |||||||||
Deferred tax assets related to U.S. foreign tax credits | $ 84.1 | $ 98.6 | 84.1 | 98.6 | ||||||||
Deferred tax assets related to net operating loss carryforwards | 228.7 | 204.5 | 228.7 | 204.5 | ||||||||
Net operating loss carryforwards | 979.2 | 979.2 | ||||||||||
Operating loss carryforwards, Not subject to expiration | 599 | 599 | ||||||||||
Operating loss carryforwards, Subject to expiration | 380.2 | 380.2 | ||||||||||
Valuation allowance on NOL carryforwards and FTC | 259.8 | 259.8 | ||||||||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | $ 7 | 11 | 41.4 | |||||||||
Asset Impairment Charges | 2,744 | $ 2.4 | $ 0 | $ 0 | 3,515.2 | $ 0 | $ 703.5 | $ 0 | $ 2,746.4 | $ 4,218.7 | $ 0 | |
Consilidated effective income tax rate excluding discrete items | 16.00% | 10.70% | 12.20% | |||||||||
Minimum percentage threshold for recognition of tax benefits | 50.00% | |||||||||||
Total unrecognized tax benefits | 151.7 | 140.6 | 134.4 | $ 140.6 | $ 134.4 | $ 151.7 | ||||||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions With Net Operating Loss Carryforwards | 21.3 | 18.5 | ||||||||||
Amount of unrecognized tax benefits affecting the consolidated effective income tax rate if recognized | 62.2 | 108.3 | 62.2 | 108.3 | ||||||||
Amount of accrued interest and penalties included in other liabilities | 30.4 | 26.5 | 30.4 | 26.5 | ||||||||
Amount of interest and penalties recognized in net tax expense | (3.9) | 9.2 | 1.6 | |||||||||
Income tax benefits, inclusive of interest and penalties due to lapses in statute of limitations | 3.1 | 7.6 | 2.4 | 7.6 | $ 2.4 | $ 3.1 | ||||||
Decline in unrecognized tax benefits during next twelve months | 64.9 | 64.9 | ||||||||||
Accrued interest and penalty assessments related to the decline in unrecognized tax benefits | 9.5 | $ 9.5 | ||||||||||
Number of assets transferred (in drillships or jackups) | jackup | 1 | 3 | 2 | |||||||||
Income tax liability from gain on intercompany transfers | 0 | $ 0 | ||||||||||
Unamortized deferred charges related to intercompany transfers | 37.1 | 39.7 | 37.1 | $ 39.7 | ||||||||
Amount included in current income taxes for amortization of deferred income taxes related to intercompany transfers | 2.6 | 2.6 | $ 4.1 | |||||||||
Deferred tax liability related to temporary difference from transferred drilling rigs | $ 23 | 21.2 | 21.2 | 23 | ||||||||
Tax benefits included in deferred income tax expense related to amortization of deferred reversing temporary differences from intercompany transfers | 1.8 | 1.8 | 1.9 | |||||||||
Undistributed Earnings of Foreign Subsidiaries | 2,300 | 2,300 | ||||||||||
Other Liabilities [Member] | ||||||||||||
Total unrecognized tax benefits | $ 119.3 | $ 115.9 | $ 119.3 | 115.9 | ||||||||
Minimum [Member] | ||||||||||||
Deferred Tax Assets, Foreign, Expiration Date | 2,022 | |||||||||||
Operating loss carryforwards tax credits expiration year | 2,016 | |||||||||||
Maximum [Member] | ||||||||||||
Deferred Tax Assets, Foreign, Expiration Date | 2,023 | |||||||||||
Operating loss carryforwards tax credits expiration year | 2,020 | |||||||||||
Mexican Tax Authority [Member] | ||||||||||||
Deferred Tax Liabilities, Gross | 7.4 | |||||||||||
Proceeds from Income Tax Refunds | $ 30.6 | |||||||||||
Rig Impairments [Member] | ||||||||||||
Income Tax Expense (Benefit), Discrete Item | $ 192.5 | $ 16.4 |
Income Taxes (Summary Of Compon
Income Taxes (Summary Of Components Of Provision For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current income tax expense, U.S. | $ 18.7 | $ 114.8 | $ 94.4 | ||||||||
Current income tax expense, Non-U.S. | 125.4 | 149.2 | 98.6 | ||||||||
Current Income Tax Expense, Total | 144.1 | 264 | 193 | ||||||||
Deferred income tax expense (benefit), U.S. | (180.4) | (86.7) | 19.2 | ||||||||
Deferred income tax expense (benefit), Non-U.S. | 22.4 | (36.8) | (9.1) | ||||||||
Deferred income tax expense | (158) | (123.5) | 10.1 | ||||||||
Income Tax Expense (Benefit) | $ (182.8) | $ 33.2 | $ 58 | $ 77.7 | $ (26.2) | $ 74.6 | $ 42.6 | $ 49.5 | $ (13.9) | $ 140.5 | $ 203.1 |
Income Taxes (Summary Of Signif
Income Taxes (Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Foreign tax credits | $ 84.1 | $ 98.6 |
Premium on long-term debt | 86 | 99.2 |
Net operating loss carryfowards | 228.7 | 204.5 |
Employee benefits, including share-based compensation | 40.5 | 39.5 |
Deferred Tax Assets, Deferred Income | 77.7 | 103 |
Other | 20.5 | 16.7 |
Total deferred tax assets | 537.5 | 561.5 |
Valuation allowance | (266.4) | (271.3) |
Net deferred tax assets | 271.1 | 290.2 |
Property and equipment | (97.1) | (314.2) |
Intercompany transfers of property | (21.2) | (23) |
Deferred costs | (15.3) | (20.2) |
Other | (25.8) | (14.1) |
Total deferred tax liabilities | 159.4 | 371.5 |
Net deferred tax liability | $ 111.7 | |
Deferred Tax Liabilities, Net, Noncurrent | $ (81.3) |
Income Taxes (Summary Of Effect
Income Taxes (Summary Of Effective Income Tax Rate On Continuing Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.K. statutory income tax rate | 20.20% | 21.50% | 23.30% |
Assets impairment | (4.00%) | (25.30%) | 0.00% |
Non-U.K. taxes | (12.30%) | (1.30%) | (13.20%) |
Valuation allowance | (1.50%) | (1.10%) | 1.00% |
Other | (1.50%) | 0.70% | 1.30% |
Effective income tax rate | 0.90% | (5.50%) | 12.40% |
Income Taxes (Summary Of Reconc
Income Taxes (Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Balance, beginning of year | $ 134.4 | $ 151.7 |
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 15.7 | 16.3 |
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 6.6 | 5.5 |
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (2.1) | (15.5) |
Settlements with taxing authorities | (0.6) | (14.2) |
Lapse of applicable statutes of limitations | (5.6) | (0.7) |
Impact of foreign currency exchange rates | (7.8) | (8.7) |
Balance, end of year | $ 140.6 | $ 134.4 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Rig Sales) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 134.3 | $ 134.3 | |||||||||
Pre-tax Gain/(Loss) | [2],[3] | 34.8 | ||||||||||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | [2] | 169.1 | ||||||||||
Net Cash Provided by (Used in) Discontinued Operations | (8.7) | $ 103.4 | $ 202.1 | |||||||||
Floaters [Member] | ENSCO 5001 [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | 2.5 | $ 2.5 | |||||||||
Pre-tax Gain/(Loss) | (0.1) | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | 2.4 | ||||||||||
Floaters [Member] | ENSCO 5002 [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 0 | ||||||||||
Pre-tax Gain/(Loss) | 1.6 | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 1.6 | $ 1.6 | |||||||||
Floaters [Member] | ENSCO 5000 [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 0.5 | 0.5 | |||||||||
Pre-tax Gain/(Loss) | 0.8 | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | 1.3 | ||||||||||
Jackups [Member] | ENSCO 93 [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 52.9 | ||||||||||
Pre-tax Gain/(Loss) | (1.2) | 1.2 | ||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 51.7 | 51.7 | |||||||||
Jackups [Member] | ENSCO 69 And Wisconsin [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 8.6 | $ 8.6 | |||||||||
Pre-tax Gain/(Loss) | $ 23.6 | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 32.2 | ||||||||||
Jackups [Member] | ENSCO 85 [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 54.1 | ||||||||||
Pre-tax Gain/(Loss) | $ 10.3 | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 64.4 | ||||||||||
Jackups [Member] | Pride Pennsylvania Rig [Member] | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||||
Net Book Value | [1],[2] | $ 15.7 | ||||||||||
Pre-tax Gain/(Loss) | (0.2) | |||||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 15.5 | ||||||||||
[1] | Includes the rig's net book value as well as inventory and other assets on the date of the sale. | |||||||||||
[2] | The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. | |||||||||||
[3] | In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015. |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2015USD ($)rigs | Jun. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($)rigs | Mar. 31, 2014USD ($) | Mar. 31, 2013USD ($) | Dec. 31, 2015USD ($)rigs | Dec. 31, 2014USD ($)rigs | Dec. 31, 2013USD ($) | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Discontinued Operations, Income Tax Expense (Benefit), Discrete Item | $ 12.6 | |||||||||
Number of Rigs Committed to be Sold | rigs | 6 | 5 | ||||||||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | 120.6 | $ 1,158.8 | $ 0 | |||||||
Pre-tax Gain/(Loss) | [1],[2] | 34.8 | ||||||||
Net Cash Provided by (Used in) Discontinued Operations | $ (8.7) | $ 103.4 | $ 202.1 | |||||||
Jackups [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of Rigs Committed to be Sold | rigs | 2 | 2 | ||||||||
Jackups [Member] | ENSCO 69 And Wisconsin [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | $ 23.6 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 32.2 | ||||||||
Jackups [Member] | ENSCO 93 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | $ (1.2) | $ 1.2 | ||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 51.7 | $ 51.7 | |||||||
Jackups [Member] | ENSCO 85 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | $ 10.3 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 64.4 | ||||||||
Jackups [Member] | Pride Pennsylvania Rig [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | $ (0.2) | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 15.5 | ||||||||
Floaters [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Number of Rigs Committed to be Sold | rigs | 3 | 6 | ||||||||
Floaters [Member] | ENSCO 5002 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | $ 1.6 | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 1.6 | $ 1.6 | |||||||
Floaters [Member] | ENSCO 5001 [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Pre-tax Gain/(Loss) | (0.1) | |||||||||
Net Cash Provided by (Used in) Discontinued Operations | [2] | $ 2.4 | ||||||||
Discontinued Operations [Member] | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
Impairment of Long-Lived Assets to be Disposed of, Tax Benefit | $ 28 | $ 83.5 | ||||||||
[1] | In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015. | |||||||||
[2] | The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Revenues | $ 19.5 | $ 325 | $ 596.4 | ||||||||
Operating expenses | 39.5 | 372 | 577.6 | ||||||||
Operating (loss) income before income taxes | (20) | (47) | 18.8 | ||||||||
Other income (expense) | 0 | 0 | 0.3 | ||||||||
Income tax benefit | 7.7 | (30.7) | (20.2) | ||||||||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | (120.6) | (1,158.8) | 0 | ||||||||
Gain on disposal of discontinued operations, net | 4.3 | 37.3 | (1.1) | ||||||||
DISCONTINUED OPERATIONS, NET | $ (95) | $ (23.3) | $ (10.1) | $ (0.2) | $ (388) | $ 9.2 | $ (818.4) | $ (2) | $ (128.6) | $ (1,199.2) | $ (2.2) |
Commitments And Contingencies72
Commitments And Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($) | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($)plaintiffs | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||||||
OPERATING REVENUES | $ 828.3 | $ 1,012.2 | $ 1,059 | $ 1,163.9 | $ 1,159.8 | $ 1,201.4 | $ 1,136.6 | $ 1,066.7 | $ 4,063.4 | $ 4,564.5 | $ 4,323.4 |
Provision for Doubtful Accounts | 24.1 | (5) | 11.7 | ||||||||
Aggregate Contractual Capital Commitments Due In One Year | 169.6 | 169.6 | |||||||||
Rental expenses | 50.9 | $ 54.4 | $ 49.1 | ||||||||
2,016 | 45.3 | 45.3 | |||||||||
2,017 | 18.3 | 18.3 | |||||||||
2,018 | 12 | 12 | |||||||||
2,019 | 10.6 | 10.6 | |||||||||
2,020 | 10.1 | 10.1 | |||||||||
Thereafter | 53.4 | $ 53.4 | |||||||||
Loss Contingency, Claims Settled, Number | plaintiffs | 58 | ||||||||||
Letters of Credit Outstanding, Amount | 70 | $ 70 | |||||||||
Petrobras [Member] | ENSCO DS-5 [Member] | |||||||||||
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||||||||||
OPERATING REVENUES | 44.7 | ||||||||||
Provision for Doubtful Accounts | $ 17.1 |
Commitments And Contingencies73
Commitments And Contingencies (Capital Commitments) (Details) $ in Millions | Dec. 31, 2015USD ($) | |
Property, Plant and Equipment [Line Items] | ||
Cumulative Paid | $ 524.9 | [1] |
2,016 | 169.6 | |
2,017 | 320 | |
2,018 | 215.4 | |
Total | 1,229.9 | [2] |
ENSCO DS-10 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cumulative Paid | 236.2 | [1] |
2,016 | 9.3 | |
2,017 | 310.5 | |
2,018 | 0 | |
Total | 556 | [2] |
ENSCO 123 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cumulative Paid | 53.5 | [1] |
2,016 | 3.2 | |
2,017 | 9.5 | |
2,018 | 215.4 | |
Total | 281.6 | |
ENSCO 140 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cumulative Paid | 156.8 | [1] |
2,016 | 39.9 | |
2,017 | 0 | |
2,018 | 0 | |
Total | 196.7 | |
ENSCO 141 [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cumulative Paid | 78.4 | [1] |
2,016 | 117.2 | |
2,017 | 0 | |
2,018 | 0 | |
Total | $ 195.6 | |
[1] | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2015. | |
[2] | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
Sale Leaseback (Details)
Sale Leaseback (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | ||
Sale Leaseback Transaction [Line Items] | |||
Deferred Gain on Sale of Property | $ 0.3 | ||
Other Accrued Liabilities, Noncurrent | 11.8 | $ 39.8 | |
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | [1],[2] | 34.8 | |
ENSCO 83, 89, 93 and 98 [Member] | |||
Sale Leaseback Transaction [Line Items] | |||
Proceeds from Sale of Other Property, Plant, and Equipment | 211.8 | ||
Sales Commissions and Fees | 5.3 | ||
Sale Leaseback Transaction, Net Book Value | 169.6 | ||
Gain (Loss) on Disposition of Property Plant Equipment | 7.5 | ||
Sale Leaseback Transaction, Deferred Gain, Net | 29.4 | ||
Deferred Gain on Sale of Property | $ 22.4 | $ 7 | |
[1] | In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015. | ||
[2] | The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015segmentsservicecontract | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 2 |
Number of services | service | 1 |
Number of contract drilling rigs | 64 |
Number of drilling management contracts | contract | 3 |
Moored Semisubmersible Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 3 |
Jackup Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 42 |
Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Number of drillships | 9 |
Floaters [Member] | Dynamically Positioned Semisubmersible [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 13 |
Floaters [Member] | Moored Semisubmersible Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 3 |
Floaters [Member] | Ultra-Deepwater [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 1 |
Jackups [Member] | Jackup Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 42 |
Jackups [Member] | Asset under Construction [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 3 |
Asia Pacific, Europe and Mediterranean, Middle East and Africa and North and South America [Member] | Jackups [Member] | Jackup Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 39 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 828.3 | $ 1,012.2 | $ 1,059 | $ 1,163.9 | $ 1,159.8 | $ 1,201.4 | $ 1,136.6 | $ 1,066.7 | $ 4,063.4 | $ 4,564.5 | $ 4,323.4 |
Operating expenses - Contract drilling (exclusive of depreciation) | 415.2 | 433.5 | 502.6 | 518.3 | 514 | 500.2 | 542.5 | 520.2 | 1,869.6 | 2,076.9 | 1,947.1 |
Asset Impairment Charges | 2,744 | 2.4 | 0 | 0 | 3,515.2 | 0 | 703.5 | 0 | 2,746.4 | 4,218.7 | 0 |
Depreciation | 149.7 | 145.2 | 140.5 | 137.1 | 139.4 | 135.2 | 132.2 | 131.1 | 572.5 | 537.9 | 496.2 |
General and administrative | 30.2 | 28.4 | 29.7 | 30.1 | 28.3 | 29.3 | 36.2 | 38.1 | 118.4 | 131.9 | 146.8 |
OPERATING INCOME | (2,510.8) | $ 402.7 | $ 386.2 | $ 478.4 | (3,037.1) | $ 536.7 | $ (277.8) | $ 377.3 | (1,243.5) | (2,400.9) | 1,733.3 |
Property and equipment, net | 11,087.8 | 12,534.8 | 11,087.8 | 12,534.8 | 14,311 | ||||||
Capital expenditures | 1,619.5 | 1,566.7 | 1,763.5 | ||||||||
Floaters [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 2,466 | 2,697.6 | 2,659.6 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 1,052.8 | 1,201.2 | 1,126 | ||||||||
Asset Impairment Charges | 1,778.4 | 3,982.3 | |||||||||
Depreciation | 382.4 | 358.1 | 342.2 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | (747.6) | (2,844) | 1,191.4 | ||||||||
Property and equipment, net | 8,535.6 | 9,462.3 | 8,535.6 | 9,462.3 | 11,303.4 | ||||||
Capital expenditures | 1,176.6 | 855.5 | 1,028.6 | ||||||||
Jackups [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 1,445.6 | 1,774.6 | 1,588.7 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 693.5 | 807.4 | 762.6 | ||||||||
Asset Impairment Charges | 968 | 236.4 | |||||||||
Depreciation | 175.7 | 171.2 | 147.5 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | (391.6) | 559.6 | 678.6 | ||||||||
Property and equipment, net | 2,481.2 | 2,995.3 | 2,481.2 | 2,995.3 | 2,961.6 | ||||||
Capital expenditures | 434.7 | 666.3 | 708.3 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 151.8 | 92.3 | 75.1 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | $ 123.3 | 68.3 | 58.5 | ||||||||
Asset Impairment Charges | 0 | ||||||||||
Depreciation | $ 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | 28.5 | 24 | 16.6 | ||||||||
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Operating Segments Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 4,063.4 | 4,564.5 | 4,323.4 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 1,869.6 | 2,076.9 | 1,947.1 | ||||||||
Asset Impairment Charges | 2,746.4 | 4,218.7 | |||||||||
Depreciation | 558.1 | 529.3 | 489.7 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | (1,110.7) | (2,260.4) | 1,886.6 | ||||||||
Property and equipment, net | 11,016.8 | 12,457.6 | 11,016.8 | 12,457.6 | 14,265 | ||||||
Capital expenditures | 1,611.3 | 1,521.8 | 1,736.9 | ||||||||
Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 0 | 0 | 0 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | ||||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Depreciation | 14.4 | 8.6 | 6.5 | ||||||||
General and administrative | 118.4 | 131.9 | 146.8 | ||||||||
OPERATING INCOME | (132.8) | (140.5) | (153.3) | ||||||||
Property and equipment, net | $ 71 | $ 77.2 | 71 | 77.2 | 46 | ||||||
Capital expenditures | $ 8.2 | $ 44.9 | $ 26.6 |
Segment Information (Schedule77
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Dec. 31, 2015rigscontract |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 68 |
Number of drilling management contracts | contract | 3 |
Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 26 |
Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 42 |
Middle East, Africa, Asia & Pacific Rim [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 24 |
Middle East, Africa, Asia & Pacific Rim [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 6 |
Middle East, Africa, Asia & Pacific Rim [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 18 |
North & South America (Excluding Brazil) [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 20 |
North & South America (Excluding Brazil) [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 13 |
North & South America (Excluding Brazil) [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 7 |
Europe & Mediterranean [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 14 |
Europe & Mediterranean [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 3 |
Europe & Mediterranean [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 11 |
Asia & Pacific Rim (Under Construction) [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 4 |
Asia & Pacific Rim (Under Construction) [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 1 |
Asia & Pacific Rim (Under Construction) [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 3 |
Middle East Under Construction [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 6 |
Middle East Under Construction [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 3 |
Middle East Under Construction [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 3 |
Segment Information (Schedule78
Segment Information (Schedule Of Long-Lived Assets By Geographical Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Segment Reporting Information [Line Items] | |||
Long-lived Assets | $ 11,087.8 | $ 12,534.8 | $ 14,311 |
Geographic Areas [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 11,087.8 | 12,534.8 | 14,311 |
Geographic Areas [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 4,731.8 | 5,240.4 | 4,617.8 |
Geographic Areas [Member] | Brazil [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 210.8 | 1,459 | 2,447.5 |
Geographic Areas [Member] | Angola [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 1,471.1 | 1,913.5 | 2,543.7 |
Geographic Areas [Member] | Other countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | $ 4,674.1 | $ 3,921.9 | $ 4,702 |
Supplemental Financial Inform79
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Financial Information [Abstract] | |||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | $ (177.3) | $ 244.4 | |
Capitalized interest | 87.4 | 78.2 | $ 67.7 |
Capital expenditure accruals | $ 60.9 | $ 137.2 | $ 111.8 |
Supplemental Financial Inform80
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 611.3 | $ 894.7 |
Allowance for doubtful accounts | (29.3) | (11.4) |
Accounts receivable, net | 582 | 883.3 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 595 | 878.8 |
Other Credit Derivatives [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 16.3 | $ 15.9 |
Supplemental Financial Inform81
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Inventory | $ 235.3 | $ 240.3 |
Prepaid taxes | 73.5 | 90.6 |
Deferred mobilization costs | 52.1 | 61.9 |
Prepaid expenses | 20.5 | 33.8 |
Assets held for sale | 5.5 | 152.4 |
Other | 14.9 | 6.6 |
Other current assets | $ 401.8 | $ 585.6 |
Supplemental Financial Inform82
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Intangible assets | $ 5.4 | $ 49 |
Unbilled reimbursable receivables | 1.7 | 18.6 |
Prepaid taxes on intercompany transfers of property | 37.1 | 39.7 |
Supplemental executive retirement plan assets | 33.1 | 43.2 |
Contracts Receivable, Claims and Uncertain Amounts | 0 | 30.6 |
Deferred mobilization costs | 82.3 | 82.3 |
Deferred tax assets | 94.8 | 63.1 |
Other | 9.7 | 12.4 |
Other assets, net | $ 264.1 | $ 338.9 |
Supplemental Financial Inform83
Supplemental Financial Information (Accrued Liabilities And Other) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Personnel costs | $ 161.6 | $ 214 |
Deferred revenue | 197.2 | 241.3 |
Taxes | 70.8 | 94.5 |
Accrued interest | 88.4 | 83.8 |
Derivative Liability | 21.6 | 24.1 |
Other | 11.3 | 36.4 |
Accrued liabilities and other | $ 550.9 | $ 694.1 |
Supplemental Financial Inform84
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 218.6 | $ 373.2 |
Intangible liabilities | 12.6 | 40.7 |
Unrecognized tax benefits (inclusive of interest and penalties) | 149.7 | 142.4 |
Supplemental executive retirement plan liabilities | 34.4 | 45.1 |
Personnel costs | 17.7 | 26.1 |
Other Accrued Liabilities, Noncurrent | 11.8 | 39.8 |
Other liabilities | $ 444.8 | $ 667.3 |
Supplemental Financial Inform85
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 7.8 | $ 5.1 |
Derivative Instruments | 6.6 | 8 |
Other | (1.9) | (1.2) |
Accumulated other comprehensive income | $ 12.5 | $ 11.9 |
Supplemental Financial Inform86
Supplemental Financial Information (Repair And Maintenance Expense Related To Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Financial Information [Abstract] | |||
Repair and maintenance expense | $ 270.1 | $ 357.2 | $ 287.8 |
Supplemental Financial Inform87
Supplemental Financial Information (Cash Flows Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Financial Information [Abstract] | |||
(Increase) decrease in other assets | $ 25.7 | $ (76.4) | $ (94.1) |
(Decrease) increase in liabilities | (379.2) | 208.2 | (10.3) |
(Increase) decrease in accounts receivable | 269.5 | (38.5) | (46.7) |
Changes in operating assets and liabilities | $ 84 | $ (93.3) | $ 151.1 |
Supplemental Financial Inform88
Supplemental Financial Information (Cash Paid For Interest And Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Supplemental Financial Information [Abstract] | |||
Interest, net of amounts capitalized | $ 249.3 | $ 170 | $ 182.2 |
Income taxes | $ 97.3 | $ 218.2 | $ 195.4 |
Supplemental Financial Inform89
Supplemental Financial Information Supplemental Financial Information (Major Customers) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | |
BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration Risk, Percentage | [1] | 18.00% | 16.00% | 10.00% |
Petrobras [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration Risk, Percentage | [2] | 14.00% | 9.00% | 14.00% |
Other Customers [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration Risk, Percentage | 68.00% | 75.00% | 76.00% | |
Floaters [Member] | BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Concentration Risk, Percentage | 80.00% | 84.00% | 81.00% | |
Sales Revenue, Net [Member] | Ensco DS-4 [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 110,600,000 | |||
[1] | (1) For the years ended December 31 2015, 2014 and 2013, 81%, 80% and 84% of the revenues provided by BP, respectively, were attributable to our Floaters segment.For the year ended December 31, 2015, revenues provided by BP included $110.6 million for the ENSCO DS-4 lump sum termination fee. | |||
[2] | (2) For the years ended December 31, 2015, 2014 and 2013, all Petrobras revenues were attributable to our Floaters segment. |
Supplemental Financial Inform90
Supplemental Financial Information Supplemental Financial Information (Revenue by region) (Details) - Geographic Concentration Risk [Member] - Sales Revenue, Services, Net [Member] - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 4,063,400,000 | $ 4,564,500,000 | $ 4,323,400,000 | |
Us Gulf Of Mexico [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [1] | 1,151,500,000 | 1,712,400,000 | 1,687,200,000 |
Angola [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [2] | 586,500,000 | 607,900,000 | 365,900,000 |
Brazil [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [3] | 468,500,000 | 459,100,000 | 683,700,000 |
United Kingdom [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [4] | 400,700,000 | 406,200,000 | 308,400,000 |
Other Geographic Areas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 1,456,200,000 | $ 1,378,900,000 | $ 1,278,200,000 | |
Floaters [Member] | Us Gulf Of Mexico [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 86.00% | 79.00% | 77.00% | |
Floaters [Member] | Angola [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 88.00% | 100.00% | 96.00% | |
[1] | For the years ended December 31, 2015, 2014 and 2013, 86%, 79% and 77% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. | |||
[2] | For the years ended December 31, 2015, 2014 and 2013, 88%, 100% and 96% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. | |||
[3] | For the years ended December 31, 2015, 2014 and 2013, all revenues were attributable to our Floaters segment. | |||
[4] | For the years ended December 31, 2015, 2014 and 2013, all were revenues attributable to our Jackups segment. |
Guarantee Of Registered Secur91
Guarantee Of Registered Securities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Guarantor Obligations [Line Items] | |
Senior notes aggregate outstanding principal balance | $ 1,700,000,000 |
8.50% Senior Notes Due 2019 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,019 |
Debt instrument interest rate stated percentage | 8.50% |
6.875% Senior notes due 2020 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,020 |
Debt instrument interest rate stated percentage | 6.875% |
7.875% Senior Notes Due 2040 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,040 |
Debt instrument interest rate stated percentage | 7.875% |
7.20% Debentures due 2027 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,027 |
Debt instrument interest rate stated percentage | 7.20% |
Notes Issued | $ 150,000,000 |
Guarantee Of Registered Secur92
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | $ 828.3 | $ 1,012.2 | $ 1,059 | $ 1,163.9 | $ 1,159.8 | $ 1,201.4 | $ 1,136.6 | $ 1,066.7 | $ 4,063.4 | $ 4,564.5 | $ 4,323.4 |
Contract drilling (exclusive of depreciation) | 415.2 | 433.5 | 502.6 | 518.3 | 514 | 500.2 | 542.5 | 520.2 | 1,869.6 | 2,076.9 | 1,947.1 |
Asset Impairment Charges | 2,744 | 2.4 | 0 | 0 | 3,515.2 | 0 | 703.5 | 0 | 2,746.4 | 4,218.7 | 0 |
Depreciation | 149.7 | 145.2 | 140.5 | 137.1 | 139.4 | 135.2 | 132.2 | 131.1 | 572.5 | 537.9 | 496.2 |
General and administrative | 30.2 | 28.4 | 29.7 | 30.1 | 28.3 | 29.3 | 36.2 | 38.1 | 118.4 | 131.9 | 146.8 |
OPERATING INCOME | (2,510.8) | 402.7 | 386.2 | 478.4 | (3,037.1) | 536.7 | (277.8) | 377.3 | (1,243.5) | (2,400.9) | 1,733.3 |
OTHER (EXPENSE) INCOME, NET | (47.3) | (52.4) | (55.4) | (72.6) | (49.6) | (38.4) | (30.8) | (29.1) | (227.7) | (147.9) | (100.1) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2,558.1) | 350.3 | 330.8 | 405.8 | (3,086.7) | 498.3 | (308.6) | 348.2 | (1,471.2) | (2,548.8) | 1,633.2 |
Total provision for income taxes | (182.8) | 33.2 | 58 | 77.7 | (26.2) | 74.6 | 42.6 | 49.5 | (13.9) | 140.5 | 203.1 |
DISCONTINUED OPERATIONS, NET | (95) | (23.3) | (10.1) | (0.2) | (388) | 9.2 | (818.4) | (2) | (128.6) | (1,199.2) | (2.2) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | ||||||||
NET INCOME | (2,470.3) | 293.8 | 262.7 | 327.9 | (3,448.5) | 432.9 | (1,169.6) | 296.7 | (1,585.9) | (3,888.5) | 1,427.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.5) | (1.8) | (2.4) | (3.2) | (3.3) | (3.5) | (3.1) | (4.2) | (8.9) | (14.1) | (9.7) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (2,471.8) | $ 292 | $ 260.3 | $ 324.7 | $ (3,451.8) | $ 429.4 | $ (1,172.7) | $ 292.5 | (1,594.8) | (3,902.6) | 1,418.2 |
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 31.7 | 34.5 | 35 | ||||||||
Contract drilling (exclusive of depreciation) | 29.2 | 31.8 | 27.5 | ||||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Depreciation | 0.1 | 0.2 | 0.3 | ||||||||
General and administrative | 51.5 | 52 | 63.5 | ||||||||
OPERATING INCOME | (49.1) | (49.5) | (56.3) | ||||||||
OTHER (EXPENSE) INCOME, NET | (169.5) | (67) | (65.6) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (218.6) | (116.5) | (121.9) | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (1,376.2) | (3,786.1) | 1,540.1 | ||||||||
NET INCOME | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 163.5 | 145.4 | 149.4 | ||||||||
Contract drilling (exclusive of depreciation) | 163.5 | 145.4 | 149.4 | ||||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Depreciation | 13.8 | 7.6 | 4 | ||||||||
General and administrative | 0.2 | 0.4 | 0.5 | ||||||||
OPERATING INCOME | (14) | (8) | (4.5) | ||||||||
OTHER (EXPENSE) INCOME, NET | (28.6) | (43.3) | (9.4) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (42.6) | (51.3) | (13.9) | ||||||||
Total provision for income taxes | (190.6) | (44.9) | 92.5 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (1,672.8) | (3,651) | 366.2 | ||||||||
NET INCOME | (1,524.8) | (3,657.4) | 259.8 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | (1,524.8) | (3,657.4) | 259.8 | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 0 | 0 | 0 | ||||||||
Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | ||||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | 0 | 0 | 0 | ||||||||
OTHER (EXPENSE) INCOME, NET | (71.5) | (54.7) | (27.9) | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (71.5) | (54.7) | (27.9) | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (1,771.5) | (3,744.3) | 111.6 | ||||||||
NET INCOME | (1,843) | (3,799) | 83.7 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | (1,843) | (3,799) | 83.7 | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 4,199.4 | 4,683 | 4,446.4 | ||||||||
Contract drilling (exclusive of depreciation) | 2,008.1 | 2,198.1 | 2,077.6 | ||||||||
Asset Impairment Charges | 2,746.4 | 4,218.7 | |||||||||
Depreciation | 558.6 | 530.1 | 491.9 | ||||||||
General and administrative | 66.7 | 79.5 | 82.8 | ||||||||
OPERATING INCOME | (1,180.4) | (2,343.4) | 1,794.1 | ||||||||
OTHER (EXPENSE) INCOME, NET | 41.9 | 17.1 | 2.8 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (1,138.5) | (2,326.3) | 1,796.9 | ||||||||
Total provision for income taxes | 176.7 | 185.4 | 110.6 | ||||||||
DISCONTINUED OPERATIONS, NET | (128.6) | (1,199.2) | (2.2) | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | ||||||||
NET INCOME | (1,443.8) | (3,710.9) | 1,684.1 | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (8.9) | (14.1) | (9.7) | ||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | (1,452.7) | (3,725) | 1,674.4 | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | (331.2) | (298.4) | (307.4) | ||||||||
Contract drilling (exclusive of depreciation) | (331.2) | (298.4) | (307.4) | ||||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME | 0 | 0 | 0 | ||||||||
OTHER (EXPENSE) INCOME, NET | 0 | 0 | 0 | ||||||||
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0 | 0 | 0 | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 4,820.5 | 11,181.4 | (2,017.9) | ||||||||
NET INCOME | 4,820.5 | 11,181.4 | (2,017.9) | ||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ 4,820.5 | $ 11,181.4 | $ (2,017.9) |
Guarantee Of Registered Secur93
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | $ (2,470.3) | $ 293.8 | $ 262.7 | $ 327.9 | $ (3,448.5) | $ 432.9 | $ (1,169.6) | $ 296.7 | $ (1,585.9) | $ (3,888.5) | $ 1,427.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | (23.6) | (11.7) | (5.8) | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 22.2 | (0.9) | 2 | ||||||||
Other | 2 | 6.3 | 1.9 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.6 | (6.3) | (1.9) | ||||||||
COMPREHENSIVE INCOME | (1,585.3) | (3,894.8) | 1,426 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (8.9) | (14.1) | (9.7) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1,594.2) | (3,908.9) | 1,416.3 | ||||||||
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,524.8) | (3,657.4) | 259.8 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | (23.6) | (11.7) | (5.8) | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 22.2 | (0.9) | 2 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | (1.4) | (12.6) | (3.8) | ||||||||
COMPREHENSIVE INCOME | (1,526.2) | (3,670) | 256 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1,526.2) | (3,670) | 256 | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,843) | (3,799) | 83.7 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME | (1,843) | (3,799) | 83.7 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1,843) | (3,799) | 83.7 | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,443.8) | (3,710.9) | 1,684.1 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 0 | 0 | 0 | ||||||||
Other | 2 | 6.3 | 1.9 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 2 | 6.3 | 1.9 | ||||||||
COMPREHENSIVE INCOME | (1,441.8) | (3,704.6) | 1,686 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (8.9) | (14.1) | (9.7) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1,450.7) | (3,718.7) | 1,676.3 | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | 4,820.5 | 11,181.4 | (2,017.9) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME | 4,820.5 | 11,181.4 | (2,017.9) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ 4,820.5 | $ 11,181.4 | $ (2,017.9) |
Guarantee Of Registered Secur94
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 121.3 | $ 664.8 | $ 165.6 | $ 487.1 |
Short-term Investments | 1,180 | 757.3 | ||
Accounts receivable | 582 | 883.3 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 401.8 | 585.6 | ||
Total current assets | 2,285.1 | 2,891 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,719.4 | 14,975.5 | ||
Less accumulated depreciation | 1,631.6 | 2,440.7 | ||
Property and equipment, net | 11,087.8 | 12,534.8 | 14,311 | |
GOODWILL | 0 | 276.1 | ||
DUE FROM AFFILIATES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 264.1 | 338.9 | ||
TOTAL ASSETS | 13,637 | 16,040.8 | ||
Accounts payable and accrued liabilities | 775.5 | 1,067.3 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 34.8 | ||
Total current liabilities | 775.5 | 1,102.1 | ||
DUE TO AFFILIATES | 0 | 0 | ||
LONG-TERM DEBT | 5,895.1 | 5,885.6 | ||
DEFERRED INCOME TAXES | 4.4 | 162.9 | ||
INVESTMENTS IN AFFILIATES | 0 | |||
OTHER LIABILITIES | 444.8 | 667.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 6,512.9 | 8,215 | ||
NONCONTROLLING INTERESTS | 4.3 | 7.9 | ||
Total equity | 6,517.2 | 8,222.9 | ||
Total liabilities and shareholders' equity | 13,637 | 16,040.8 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 94 | 287.4 | 46.5 | 271.8 |
Short-term Investments | 1,180 | 712 | ||
Accounts receivable | 1.2 | 0 | ||
Accounts receivable from affiliates | 808.7 | 34.5 | ||
Other | 0.2 | 4.1 | ||
Total current assets | 2,084.1 | 1,038 | ||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 2.1 | ||
Less accumulated depreciation | 1.8 | 1.7 | ||
Property and equipment, net | 0 | 0.4 | ||
GOODWILL | 0 | |||
DUE FROM AFFILIATES | 1,303.7 | 2,873.2 | ||
INVESTMENTS IN AFFILIATES | 7,743.8 | 9,084.8 | ||
OTHER ASSETS, NET | 26.3 | 17 | ||
TOTAL ASSETS | 11,157.9 | 13,013.4 | ||
Accounts payable and accrued liabilities | 60.7 | 47.8 | ||
Accounts payable to affiliates | 19.4 | 23.5 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 80.1 | 71.3 | ||
DUE TO AFFILIATES | 751.9 | 994.8 | ||
LONG-TERM DEBT | 3,808.7 | 3,724.4 | ||
DEFERRED INCOME TAXES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | |||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | 6,517.2 | 8,222.9 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 6,517.2 | 8,222.9 | ||
Total liabilities and shareholders' equity | 11,157.9 | 13,013.4 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0.5 | 1.7 |
Short-term Investments | 0 | 0 | ||
Accounts receivable | 0 | 0 | ||
Accounts receivable from affiliates | 237.3 | 210.4 | ||
Other | 229.3 | 68.9 | ||
Total current assets | 466.6 | 279.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 117.5 | 71.5 | ||
Less accumulated depreciation | 47.7 | 34.1 | ||
Property and equipment, net | 69.8 | 37.4 | ||
GOODWILL | 0 | |||
DUE FROM AFFILIATES | 5,270 | 4,748.2 | ||
INVESTMENTS IN AFFILIATES | 0 | 1,233.5 | ||
OTHER ASSETS, NET | 43.3 | 47.4 | ||
TOTAL ASSETS | 5,849.7 | 6,345.8 | ||
Accounts payable and accrued liabilities | 69.6 | 42.8 | ||
Accounts payable to affiliates | 176.3 | 158.3 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 245.9 | 201.1 | ||
DUE TO AFFILIATES | 4,354.3 | 3,817.4 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
DEFERRED INCOME TAXES | 130.4 | 158.8 | ||
INVESTMENTS IN AFFILIATES | 442 | |||
OTHER LIABILITIES | 5.3 | 6.1 | ||
ENSCO SHAREHOLDERS' EQUITY | 522.6 | 2,013.2 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 522.6 | 2,013.2 | ||
Total liabilities and shareholders' equity | 5,849.7 | 6,345.8 | ||
Pride International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 2 | 90.8 | 4.9 | 85 |
Short-term Investments | 0 | 0 | ||
Accounts receivable | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 2 | 90.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
GOODWILL | 0 | |||
DUE FROM AFFILIATES | 2,035.5 | 1,835 | ||
INVESTMENTS IN AFFILIATES | 0 | 461.6 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 2,037.5 | 2,387.4 | ||
Accounts payable and accrued liabilities | 34.8 | 34.3 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 34.8 | 34.3 | ||
DUE TO AFFILIATES | 1,763.7 | 1,547.7 | ||
LONG-TERM DEBT | 1,937.2 | 1,973.2 | ||
DEFERRED INCOME TAXES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 1,319.3 | |||
OTHER LIABILITIES | 0 | 7 | ||
ENSCO SHAREHOLDERS' EQUITY | (3,017.5) | (1,174.8) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (3,017.5) | (1,174.8) | ||
Total liabilities and shareholders' equity | 2,037.5 | 2,387.4 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 25.3 | 286.6 | 113.7 | 128.6 |
Short-term Investments | 0 | 45.3 | ||
Accounts receivable | 580.8 | 883.3 | ||
Accounts receivable from affiliates | 148.1 | 134.6 | ||
Other | 172.3 | 512.6 | ||
Total current assets | 926.5 | 1,862.4 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,600.1 | 14,901.9 | ||
Less accumulated depreciation | 1,582.1 | 2,404.9 | ||
Property and equipment, net | 11,018 | 12,497 | ||
GOODWILL | 276.1 | |||
DUE FROM AFFILIATES | 6,869.9 | 6,308.8 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 324.9 | 274.5 | ||
TOTAL ASSETS | 19,139.3 | 21,218.8 | ||
Accounts payable and accrued liabilities | 610.4 | 942.4 | ||
Accounts payable to affiliates | 998.4 | 197.7 | ||
Current maturities of long-term debt | 0 | 34.8 | ||
Total current liabilities | 1,608.8 | 1,174.9 | ||
DUE TO AFFILIATES | 8,609.2 | 9,405.3 | ||
LONG-TERM DEBT | 0 | 38.8 | ||
DEFERRED INCOME TAXES | 4.4 | 4.1 | ||
INVESTMENTS IN AFFILIATES | 0 | |||
OTHER LIABILITIES | 439.5 | 654.2 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,473.1 | 9,933.6 | ||
NONCONTROLLING INTERESTS | 4.3 | 7.9 | ||
Total equity | 8,477.4 | 9,941.5 | ||
Total liabilities and shareholders' equity | 19,139.3 | 21,218.8 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term Investments | 0 | 0 | ||
Accounts receivable | 0 | 0 | ||
Accounts receivable from affiliates | (1,194.1) | (379.5) | ||
Other | 0 | 0 | ||
Total current assets | (1,194.1) | (379.5) | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
GOODWILL | 0 | |||
DUE FROM AFFILIATES | (15,479.1) | (15,765.2) | ||
INVESTMENTS IN AFFILIATES | (7,743.8) | (10,779.9) | ||
OTHER ASSETS, NET | (130.4) | 0 | ||
TOTAL ASSETS | (24,547.4) | (26,924.6) | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable to affiliates | (1,194.1) | (379.5) | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (1,194.1) | (379.5) | ||
DUE TO AFFILIATES | (15,479.1) | (15,765.2) | ||
LONG-TERM DEBT | 0 | 0 | ||
DEFERRED INCOME TAXES | (130.4) | 0 | ||
INVESTMENTS IN AFFILIATES | (1,761.3) | |||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | (5,982.5) | (10,779.9) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (5,982.5) | (10,779.9) | ||
Total liabilities and shareholders' equity | $ (24,547.4) | $ (26,924.6) |
Guarantee Of Registered Secur95
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | $ (2,470.3) | $ 293.8 | $ 262.7 | $ 327.9 | $ (3,448.5) | $ 432.9 | $ (1,169.6) | $ 296.7 | $ (1,585.9) | $ (3,888.5) | $ 1,427.9 |
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 1,697.9 | 2,057.9 | 1,811.2 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | (1,619.5) | (1,566.7) | (1,763.5) | ||||||||
Purchases of short-term investments | (1,780) | (790.6) | (50) | ||||||||
Maturities of short-term investments | 1,357.3 | 83.3 | 50 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 6 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 1.6 | 169.2 | 6 | ||||||||
Net cash used in investing activities of continuing operations | (2,040.6) | (2,104.8) | (1,757.5) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 1,078.7 | 1,246.4 | 0 | ||||||||
Cash dividends paid | (141.2) | (703) | (525.6) | ||||||||
Reduction of long-term borrowings | (1,072.5) | (60.1) | (47.5) | ||||||||
Proceeds from exercise of share options | 0.3 | 2.6 | 22.3 | ||||||||
Payments of Debt Extinguishment Costs | (30.3) | 0 | 0 | ||||||||
Debt financing costs | (10.5) | (13.4) | (4.6) | ||||||||
Advances (to) from affiliates | 0 | 0 | 0 | ||||||||
Other | (16.3) | (29.8) | (21.7) | ||||||||
Net cash (used in) provided by financing activities of continuing operations | (191.8) | 442.7 | (577.1) | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | (10.9) | (3.8) | 169.3 | ||||||||
Investing activities | 2.2 | 107.2 | 32.8 | ||||||||
Net cash provided by discontinued operations | (8.7) | 103.4 | 202.1 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.3) | 0 | (0.2) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (543.5) | 499.2 | (321.5) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 664.8 | 165.6 | 664.8 | 165.6 | 487.1 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 121.3 | 664.8 | 121.3 | 664.8 | 165.6 | ||||||
Asset Impairment Charges | 2,744 | 2.4 | 0 | 0 | 3,515.2 | 0 | 703.5 | 0 | 2,746.4 | 4,218.7 | 0 |
Cost of Services, Depreciation | 149.7 | 145.2 | 140.5 | 137.1 | 139.4 | 135.2 | 132.2 | 131.1 | 572.5 | 537.9 | 496.2 |
Deferred income tax expense (benefit) | (158) | (123.5) | 10.1 | ||||||||
DISCONTINUED OPERATIONS, NET | (95) | $ (23.3) | $ (10.1) | (0.2) | (388) | $ 9.2 | $ (818.4) | (2) | (128.6) | (1,199.2) | (2.2) |
Share-based compensation expense | 40.2 | 45.1 | 50.3 | ||||||||
Gains (Losses) on Extinguishment of Debt | (33.5) | 0 | 0 | ||||||||
Provision for Doubtful Accounts | 24.1 | (5) | 11.7 | ||||||||
Amortization of intangibles and other, net | (1.4) | (7.9) | (28.4) | ||||||||
Other Noncash Income (Expense) | 18.1 | 11.4 | 7.7 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | 84 | (93.3) | 151.1 | ||||||||
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,594.8) | (3,902.6) | 1,418.2 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | (71.1) | (63.8) | (114.8) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Purchases of short-term investments | (1,780) | (716.1) | 0 | ||||||||
Maturities of short-term investments | 1,312 | 0 | 0 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 0.3 | 0 | |||||||||
Net cash used in investing activities of continuing operations | (467.7) | (716.1) | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 1,078.7 | 1,246.4 | |||||||||
Cash dividends paid | (141.2) | (703) | (525.6) | ||||||||
Reduction of long-term borrowings | (1,072.5) | 0 | 0 | ||||||||
Proceeds from exercise of share options | 0.3 | 2.6 | 22.3 | ||||||||
Payments of Debt Extinguishment Costs | (30.3) | ||||||||||
Debt financing costs | (10.5) | (13.4) | 0 | ||||||||
Advances (to) from affiliates | 526.2 | 501.9 | 407.2 | ||||||||
Other | (5.3) | (13.7) | (14.4) | ||||||||
Net cash (used in) provided by financing activities of continuing operations | 345.4 | 1,020.8 | (110.5) | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | 0 | 0 | 0 | ||||||||
Investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (193.4) | 240.9 | (225.3) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 287.4 | 46.5 | 287.4 | 46.5 | 271.8 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 94 | 287.4 | 94 | 287.4 | 46.5 | ||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Cost of Services, Depreciation | 0.1 | 0.2 | 0.3 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,524.8) | (3,657.4) | 259.8 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 2 | (167.6) | (128.7) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | 0 | (37.2) | 0 | ||||||||
Purchases of short-term investments | 0 | 0 | 0 | ||||||||
Maturities of short-term investments | 0 | 0 | 0 | ||||||||
Payments for (Proceeds from) Other Investing Activities | (4.1) | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||||||||
Net cash used in investing activities of continuing operations | 0 | (37.2) | (4.1) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from exercise of share options | 0 | 0 | 0 | ||||||||
Payments of Debt Extinguishment Costs | 0 | ||||||||||
Debt financing costs | 0 | 0 | (4.6) | ||||||||
Advances (to) from affiliates | (2) | 204.3 | 136.2 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities of continuing operations | (2) | 204.3 | 131.6 | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | 0 | 0 | 0 | ||||||||
Investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | (0.5) | (1.2) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 0.5 | 0 | 0.5 | 1.7 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 0 | 0 | 0 | 0 | 0.5 | ||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Cost of Services, Depreciation | 13.8 | 7.6 | 4 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,843) | (3,799) | 83.7 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | (114) | (90.9) | (62.9) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Purchases of short-term investments | 0 | 0 | 0 | ||||||||
Maturities of short-term investments | 0 | 0 | 0 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||||||||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from exercise of share options | 0 | 0 | 0 | ||||||||
Payments of Debt Extinguishment Costs | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Advances (to) from affiliates | 25.2 | 176.8 | (17.2) | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities of continuing operations | 25.2 | 176.8 | (17.2) | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | 0 | 0 | 0 | ||||||||
Investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (88.8) | 85.9 | (80.1) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 90.8 | 4.9 | 90.8 | 4.9 | 85 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 2 | 90.8 | 2 | 90.8 | 4.9 | ||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Cost of Services, Depreciation | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | (1,443.8) | (3,710.9) | 1,684.1 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 1,881 | 2,380.2 | 2,117.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | (1,619.5) | (1,529.5) | (1,763.5) | ||||||||
Purchases of short-term investments | 0 | (74.5) | (50) | ||||||||
Maturities of short-term investments | 45.3 | 83.3 | 50 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 10.1 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 1.3 | 169.2 | |||||||||
Net cash used in investing activities of continuing operations | (1,572.9) | (1,351.5) | (1,753.4) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Reduction of long-term borrowings | 0 | (60.1) | (47.5) | ||||||||
Proceeds from exercise of share options | 0 | 0 | 0 | ||||||||
Payments of Debt Extinguishment Costs | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Advances (to) from affiliates | (549.4) | (883) | (526.2) | ||||||||
Other | (11) | (16.1) | (7.3) | ||||||||
Net cash (used in) provided by financing activities of continuing operations | (560.4) | (959.2) | (581) | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | (10.9) | (3.8) | 169.3 | ||||||||
Investing activities | 2.2 | 107.2 | 32.8 | ||||||||
Net cash provided by discontinued operations | (8.7) | 103.4 | 202.1 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | (0.3) | 0 | (0.2) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (261.3) | 172.9 | (14.9) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 286.6 | 113.7 | 286.6 | 113.7 | 128.6 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 25.3 | 286.6 | 25.3 | 286.6 | 113.7 | ||||||
Asset Impairment Charges | 2,746.4 | 4,218.7 | |||||||||
Cost of Services, Depreciation | 558.6 | 530.1 | 491.9 | ||||||||
DISCONTINUED OPERATIONS, NET | (128.6) | (1,199.2) | (2.2) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME | 4,820.5 | 11,181.4 | (2,017.9) | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 0 | 0 | 0 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Purchases of short-term investments | 0 | 0 | 0 | ||||||||
Maturities of short-term investments | 0 | 0 | 0 | ||||||||
Payments for (Proceeds from) Other Investing Activities | 0 | ||||||||||
Proceeds from Sale of Property, Plant, and Equipment | 0 | 0 | |||||||||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from exercise of share options | 0 | 0 | 0 | ||||||||
Payments of Debt Extinguishment Costs | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Advances (to) from affiliates | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash (used in) provided by financing activities of continuing operations | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS | |||||||||||
Operating activities | 0 | 0 | 0 | ||||||||
Investing activities | 0 | 0 | 0 | ||||||||
Net cash provided by discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Asset Impairment Charges | 0 | 0 | |||||||||
Cost of Services, Depreciation | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | $ 0 | $ 0 | $ 0 |
Unaudited Quarterly Financial96
Unaudited Quarterly Financial Data (Summary Of Unaudited Quarterly Consolidated Income Statement) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
OPERATING REVENUES | $ 828.3 | $ 1,012.2 | $ 1,059 | $ 1,163.9 | $ 1,159.8 | $ 1,201.4 | $ 1,136.6 | $ 1,066.7 | $ 4,063.4 | $ 4,564.5 | $ 4,323.4 |
Contract drilling (exclusive of depreciation) | 415.2 | 433.5 | 502.6 | 518.3 | 514 | 500.2 | 542.5 | 520.2 | 1,869.6 | 2,076.9 | 1,947.1 |
Asset Impairment Charges | 2,744 | 2.4 | 0 | 0 | 3,515.2 | 0 | 703.5 | 0 | 2,746.4 | 4,218.7 | 0 |
Depreciation | 149.7 | 145.2 | 140.5 | 137.1 | 139.4 | 135.2 | 132.2 | 131.1 | 572.5 | 537.9 | 496.2 |
General and administrative | 30.2 | 28.4 | 29.7 | 30.1 | 28.3 | 29.3 | 36.2 | 38.1 | 118.4 | 131.9 | 146.8 |
OPERATING INCOME | (2,510.8) | 402.7 | 386.2 | 478.4 | (3,037.1) | 536.7 | (277.8) | 377.3 | (1,243.5) | (2,400.9) | 1,733.3 |
Other income (expense), net | (47.3) | (52.4) | (55.4) | (72.6) | (49.6) | (38.4) | (30.8) | (29.1) | (227.7) | (147.9) | (100.1) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2,558.1) | 350.3 | 330.8 | 405.8 | (3,086.7) | 498.3 | (308.6) | 348.2 | (1,471.2) | (2,548.8) | 1,633.2 |
Provision for income taxes | (182.8) | 33.2 | 58 | 77.7 | (26.2) | 74.6 | 42.6 | 49.5 | (13.9) | 140.5 | 203.1 |
Income from continuing operations | (2,375.3) | 317.1 | 272.8 | 328.1 | (3,060.5) | 423.7 | (351.2) | 298.7 | (1,457.3) | (2,689.3) | 1,430.1 |
DISCONTINUED OPERATIONS, NET | (95) | (23.3) | (10.1) | (0.2) | (388) | 9.2 | (818.4) | (2) | (128.6) | (1,199.2) | (2.2) |
NET INCOME | (2,470.3) | 293.8 | 262.7 | 327.9 | (3,448.5) | 432.9 | (1,169.6) | 296.7 | (1,585.9) | (3,888.5) | 1,427.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.5) | (1.8) | (2.4) | (3.2) | (3.3) | (3.5) | (3.1) | (4.2) | (8.9) | (14.1) | (9.7) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (2,471.8) | $ 292 | $ 260.3 | $ 324.7 | $ (3,451.8) | $ 429.4 | $ (1,172.7) | $ 292.5 | $ (1,594.8) | $ (3,902.6) | $ 1,418.2 |
EARNINGS PER SHARE - BASIC | |||||||||||
Continuing operations | $ (10.23) | $ 1.34 | $ 1.15 | $ 1.38 | $ (13.22) | $ 1.79 | $ (1.53) | $ 1.26 | $ (6.33) | $ (11.70) | |
Discontinued operations | (0.41) | (0.10) | (0.04) | 0 | (1.67) | 0.04 | (3.54) | (0.01) | (0.55) | (5.18) | |
Total earnings per share - basic | $ (10.64) | $ 1.24 | $ 1.11 | $ 1.38 | $ (14.89) | $ 1.83 | $ (5.07) | $ 1.25 | (6.88) | (16.88) | |
EARNINGS PER SHARE - DILUTED | |||||||||||
Continuing operations | (6.33) | (11.70) | $ 6.08 | ||||||||
Discontinued operations | (0.55) | (5.18) | (0.01) | ||||||||
Total earnings per share - diluted | $ (6.88) | $ (16.88) | $ 6.07 |
Uncategorized Items - esv-20151
Label | Element | Value |
Capital Reimbursements [Member] | ||
Deferred Revenue | us-gaap_DeferredRevenue | $ 428,900,000 |
Deferred Revenue | us-gaap_DeferredRevenue | 287,200,000 |
Mobilization Revenue [Member] | ||
Deferred Revenue | us-gaap_DeferredRevenue | 149,400,000 |
Deferred Revenue | us-gaap_DeferredRevenue | $ 111,800,000 |