Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Ensco plc | |
Entity Central Index Key | 314,808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Shares, Shares Outstanding | 301,312,161 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
OPERATING REVENUES | $ 814 | $ 1,163.9 |
OPERATING EXPENSES | ||
Contract drilling (exclusive of depreciation) | 363.7 | 518.3 |
Depreciation | 113.3 | 137.1 |
General and administrative | 23.4 | 30.1 |
Total operating expenses | 500.4 | 685.5 |
OPERATING (LOSS) INCOME | 313.6 | 478.4 |
OTHER INCOME (EXPENSE) | ||
Interest income | 2.3 | 2.4 |
Interest expense, net | (65.1) | (52.4) |
Other, net | (1.8) | (22.6) |
Other income (expense), net | (64.6) | (72.6) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 249 | 405.8 |
PROVISION FOR INCOME TAXES | ||
Current income tax expense | 38.1 | 62.7 |
Deferred income tax expense | 33.3 | 15 |
Total provision for income taxes | 71.4 | 77.7 |
INCOME FROM CONTINUING OPERATIONS | 177.6 | 328.1 |
DISCONTINUED OPERATIONS, NET | (0.9) | (0.2) |
NET INCOME | 176.7 | 327.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ 175.3 | $ 324.7 |
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ 0.74 | $ 1.38 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | 0 | 0 |
Earnings Per Share, Basic and Diluted | $ 0.74 | $ 1.38 |
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ 172.8 | $ 321 |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||
Basic (in shares) | 232.5 | 231.9 |
Diluted (in shares) | 232.5 | 231.9 |
CASH DIVIDENDS PER SHARE (in dollars per share) | $ 0.010 | $ 0.150 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ 176.7 | $ 327.9 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET | ||
Net change in fair value of derivatives | 3.5 | (17.4) |
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | 5.9 | 5 |
Other | (0.1) | 2.6 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 9.3 | (9.8) |
COMPREHENSIVE INCOME | 186 | 318.1 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ 184.6 | $ 314.9 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 1,084 | $ 121.3 |
Short-term Investments | 295 | 1,180 |
Accounts receivable, net | 574 | 582 |
Other | 369.8 | 401.8 |
Total current assets | 2,322.8 | 2,285.1 |
PROPERTY AND EQUIPMENT, AT COST | 12,841.2 | 12,719.4 |
Less accumulated depreciation | 1,744.1 | 1,631.6 |
Property and equipment, net | 11,097.1 | 11,087.8 |
OTHER ASSETS, NET | 190.1 | 237.6 |
TOTAL ASSETS | 13,610 | 13,610.5 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 213 | 224.6 |
Accrued liabilities and other | 424.4 | 550.9 |
Current maturities of long-term debt | 870 | 0 |
Total current liabilities | 1,507.4 | 775.5 |
LONG-TERM DEBT | 4,991 | 5,868.6 |
OTHER LIABILITIES | $ 405.2 | $ 449.2 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | $ 5,560.3 | $ 5,554.5 |
Retained earnings | 1,158.5 | 985.3 |
Accumulated other comprehensive income | 21.8 | 12.5 |
Treasury shares, at cost | (64.3) | (63.8) |
Total Ensco shareholders' equity | 6,700.7 | 6,512.9 |
NONCONTROLLING INTERESTS | 5.7 | 4.3 |
Total equity | 6,706.4 | 6,517.2 |
Total liabilities and shareholders' equity | 13,610 | 13,610.5 |
Class A ordinary shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 24.3 | 24.3 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 0.1 | $ 0.1 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2016£ / sharesshares | Mar. 31, 2016$ / sharesshares | Dec. 31, 2015£ / sharesshares | Dec. 31, 2015$ / sharesshares |
Treasury shares, shares held (in shares) | 7,100,000 | 7,100,000 | 7,800,000 | 7,800,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 |
Common shares, shares issued (in shares) | 242,900,000 | 242,900,000 | 240,700,000 | 240,700,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares | £ 1 | £ 1 | ||
Common shares, shares authorized (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares issued (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 176.7 | $ 327.9 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Discontinued operations, net | 0.9 | 0.2 |
Depreciation expense | 113.3 | 137.1 |
Gains (Losses) on Extinguishment of Debt | 0 | (26.6) |
Share-based compensation expense | (6.9) | (9.5) |
Amortization of Other Deferred Charges | (5) | (4) |
Deferred income tax (benefit) expense | 33.3 | 15 |
Other | 0.6 | (6.8) |
Changes in operating assets and liabilities | (93.6) | (37.8) |
Net cash provided by operating activities of continuing operations | 233.1 | 467.7 |
INVESTING ACTIVITIES | ||
Proceeds from Sale of Short-term Investments | 965 | 12 |
Additions to property and equipment | (158.1) | (397.1) |
Payments for (Proceeds from) Short-term Investments | (80) | 0 |
Other | 0.1 | 0.4 |
Net cash provided by (used in) investing activities of continuing operations | 727 | (384.7) |
FINANCING ACTIVITIES | ||
Cash dividends paid | (2.4) | (35.2) |
Payments of Debt Extinguishment Costs | 0 | (23.4) |
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,078.7 |
Reduction of long-term borrowings | 0 | (861.7) |
Payments of Financing Costs | 0 | (8.9) |
Other | (0.5) | (1.3) |
Net cash provided by (used in) financing activities | (2.9) | 148.2 |
DISCONTINUED OPERATIONS | ||
Operating activities | 5.6 | (8.7) |
Investing activities | 0 | 0.4 |
Net cash provided by discontinued operations | 5.6 | (8.3) |
Effect of exchange rate changes on cash and cash equivalents | (0.1) | 0.1 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 962.7 | 223 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 121.3 | 664.8 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 1,084 | $ 887.8 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2015 condensed consolidated balance sheet data were derived from our 2015 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements 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. The financial data for the quarter s ended March 31, 2016 and 2015 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act of 1933, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the quarter ended March 31, 2016 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2016 . We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 24, 2016 . New Accounting Pronouncements In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Transition methods vary for the related amendments being adopted. We are currently evaluating the effect that Update 2016-09 will have on our condensed consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. We are currently evaluating the effect that Update 2016-02 will have on our condensed consolidated financial statements and related disclosures. During 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 ("Update 2015-03"), 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 ("Update 2015-05"), 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. We adopted Update 2015-03 and Update 2015-15 on a retrospective basis effective January 1, 2016. Accordingly, all debt issuance costs, except for the balance related to our line-of-credit arrangement, were presented as a deduction from the carrying amount of the related debt liability on our condensed consolidated balance sheet for all periods presented. As a result of retrospective application, we reclassified debt issuance costs of $26.5 million on our condensed consolidated balance sheet as of December 31, 2015. There is no impact to the manner in which debt issuance costs are amortized in our consolidated financial statements. During 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 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. During 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ("Update 2016-08") and Accounting Standards Update 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("Update 2016-10"). The amendments in Update 2016-08 and Update 2016-10 do not change the core principle of Update 2014-09 but instead clarify the implementation guidance on principle versus agent considerations and identify performance obligations and the licensing implementation guidance, respectively. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. We are currently evaluating the effect that Update 2014-09 will have on our condensed consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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 (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 March 31, 2016 Supplemental executive retirement plan assets $ 32.7 $ — $ — $ 32.7 Derivatives, net — 0.1 — 0.1 Total financial assets $ 32.7 $ 0.1 $ — $ 32.8 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 ) Supplemental Executive Retirement Plan Assets Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity 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 condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - 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 measurement of our derivatives was 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 were as follows (in millions): March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,477.8 $ 1,048.1 $ 1,476.7 $ 1,254.0 5.75% Senior notes due 2044 993.7 514.6 993.5 707.1 6.875% Senior notes due 2020 986.5 663.8 990.9 850.5 5.20% Senior notes due 2025 692.7 389.4 692.5 505.2 4.50% Senior notes due 2024 619.9 349.7 619.7 417.4 8.50% Senior notes due 2019 561.9 441.8 566.4 510.2 7.875% Senior notes due 2040 379.4 161.6 379.8 244.0 7.20% Debentures due 2027 149.1 79.5 149.1 133.5 Total $ 5,861.0 $ 3,648.5 $ 5,868.6 $ 4,621.9 The estimated fair values of our senior notes and debentures were determined using quoted market prices. 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 March 31, 2016 and December 31, 2015 . |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues 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. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. All of our derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed 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. Net assets of $100,000 and net liabilities of $19.7 million associated with our derivatives were included on our condensed consolidated balance sheets as of March 31, 2016 and December 31, 2015 , respectively. All of our derivatives mature during the next 18 months . See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 3.7 $ .6 $ 10.3 $ 20.7 Foreign currency forward contracts - non-current (2) 1.4 .2 .6 1.5 5.1 .8 10.9 22.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 6.6 2.6 .7 .9 6.6 2.6 .7 .9 Total $ 11.7 $ 3.4 $ 11.6 $ 23.1 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed 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 March 31, 2016 , we had cash flow hedges outstanding to exchange an aggregate $264.2 million for various foreign currencies, including $130.6 million for British pounds, $40.6 million for Brazilian reals, $38.5 million for Australian dollars, $31.7 million for euros, $10.0 million for Singapore dollars, and $12.8 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of income and comprehensive income for the quarter s ended March 31, 2016 and 2015 were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2016 2015 2016 2015 2016 2015 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ (.1 ) $ — $ — Foreign currency forward contracts (4) 3.5 (17.4 ) (5.8 ) (4.9 ) 1.1 (.1 ) Total $ 3.5 $ (17.4 ) $ (5.9 ) $ (5.0 ) $ 1.1 $ (.1 ) (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 condensed consolidated statements of income. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income. (4) During 2016 , $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the prior year quarter, $5.1 million of losses were reclassified from AOCI into contract drilling expense and $ 200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. 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 March 31, 2016 , we held derivatives not designated as hedging instruments to exchange an aggregate $135.4 million for various foreign currencies, including $76.7 million for euros, $12.1 million for Swiss francs, $10.9 million for British pounds, $8.8 million for Indonesian rupiah, $8.4 million for Brazilian reals, $8.0 million for Mexican pesos, $6.2 million for Australian dollars and $4.3 million for other currencies. Net gains of $4.4 million and net losses of $13.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of income for the quarter s ended March 31, 2016 and 2015 , respectively. As of March 31, 2016 , the estimated amount of net losses associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $3.6 million . |
Noncontrolling Interests (Notes
Noncontrolling Interests (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 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 condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of income. Income from continuing operations attributable to Ensco for the quarter s ended March 31, 2016 and 2015 was as follows (in millions): 2016 2015 Income from continuing operations $ 177.6 $ 328.1 Income from continuing operations attributable to noncontrolling interests (1.4 ) (3.2 ) Income from continuing operations attributable to Ensco $ 176.2 $ 324.9 Loss from discontinued operations attributable to Ensco for the quarter s ended March 31, 2016 and 2015 was as follows (in millions): 2016 2015 Loss from discontinued operations $ (.9 ) $ (.2 ) Loss from discontinued operations attributable to noncontrolling interests — — Loss from discontinued operations attributable to Ensco $ (.9 ) $ (.2 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net 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 excludes non-vested shares. The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the quarter s ended March 31, 2016 and 2015 (in millions): 2016 2015 Income from continuing operations attributable to Ensco $ 176.2 $ 324.9 Income from continuing operations allocated to non-vested share awards (2.5 ) (3.7 ) Income from continuing operations attributable to Ensco shares $ 173.7 $ 321.2 Antidilutive share awards totaling 1.3 million and 500,000 were excluded from the computation of diluted EPS for the quarter s ended March 31, 2016 and 2015 , respectively. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity We filed an automatically effective shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission on January 15, 2015, which provides us the ability to issue debt securities, equity securities, guarantees and/or units of securities in one or more offerings. The registration statement, as amended, expires in January 2018. On April 20, 2016, we closed an underwritten public offering of 65,550,000 Class A ordinary shares at $9.25 per share, inclusive of shares purchased under an underwriters' option. We received net proceeds from the offering of approximately $585.5 million . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt Tender Offers On March 7, 2016, we launched cash tender offers (the "Tender Offers") for up to $750.0 million aggregate purchase price of certain series of senior notes issued by us and Pride International, Inc., our wholly owned subsidiary. The Tender Offers expired on April 1, 2016. On April 5, 2016, we purchased the following amounts (in millions): Aggregate Principal Amount Purchased (1) Aggregate Purchase Price (2) Discount % 8.50% Senior Notes due 2019 $ 45.7 $ 38.3 16.2 % 6.875% Senior Notes due 2020 140.1 103.7 26.0 % 4.70% Senior Notes due 2021 642.5 462.6 28.0 % 4.50% Senior Notes due 2024 1.7 0.9 47.1 % 5.20% Senior Notes due 2025 30.7 16.8 45.3 % Total $ 860.7 $ 622.3 27.7 % (1) As of March 31, 2016, these amounts, along with associated discounts, premiums and debt issuance costs, were classified as current liabilities in our condensed consolidated balance sheet. (2) Excludes accrued interest paid to holders who tendered in connection with the Tender Offers. During the second quarter, we expect to recognize a pre-tax gain from debt extinguishment of approximately $245.0 million related to the Tender Offers, net of discounts, premiums, debt issuance costs and transaction costs. After giving effect to the Tender Offers, our next debt maturity is $454.3 million during 2019, followed by $759.9 million , $857.5 million , $623.3 million and $669.3 million during 2020, 2021, 2024 and 2025, respectively. 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. In February 2016, Moody’s announced a downgrade of our credit rating to B1, which is below investment grade. This downgrade has resulted in an increase in our applicable margin rate by 0.25% per annum and our quarterly commitment fee by 0.075% per annum under our Credit Facility. Following the February 2016 downgrade, the applicable margin rates are 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances. Also, our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment. Any further downgrades will not impact our applicable margin rate on borrowings or our quarterly commitment fee. We have limited or no access to the commercial paper market as a result of our recent downgrade. Our access to credit and capital markets depends on the credit ratings assigned to our debt by independent credit rating agencies. There can be no assurance that we will be able to maintain our credit ratings, and any additional actual or anticipated downgrades in our credit ratings, including any announcement that our ratings are under review for a downgrade, could limit our available options when accessing credit and capital markets, or when restructuring or refinancing our debt. In addition, future financings or refinancings may result in higher borrowing costs and require more restrictive terms and covenants. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal 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 new or existing lenders, to increase the commitments under the Credit Facility to an aggregate amount of up to $2.75 billion and to extend the term of the Credit Facility by one year on up to two occasions. As of March 31, 2016, we were in compliance in all material respects with our covenants under the Credit Facility. We had no amounts outstanding under the Credit Facility as of March 31, 2016 and December 31, 2015 . |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During 2014, ENSCO 5001, ENSCO 5002, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of marketed rigs and reclassified as discontinued operations. The operating results from these rigs were included in loss from discontinued operations, net, in our condensed consolidated statements of income for the quarters ended March 31, 2016 and 2015. In April 2016, we sold ENSCO 6000 for net proceeds of $600,000 . We will recognize the proceeds from the sale and pre-tax loss of $150,000 in connection with the disposal during the second quarter. In December 2015, we sold ENSCO 5001 for net proceeds of $2.4 million . In June 2015, we sold ENSCO 5002 for net proceeds of $1.6 million . The remaining rigs are being actively marketed and were classified as held-for-sale on our March 31, 2016 condensed consolidated balance sheet. In September 2014, we sold ENSCO 93, a jackup contracted to Pemex. In connection with the 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, ENSCO 93 operating results were included in loss from discontinued operations, net, in our condensed consolidated statement of income for the quarter ended March 31, 2015. The following table summarizes loss from discontinued operations, net, for the quarter s ended March 31, 2016 and 2015 (in millions): 2016 2015 Revenues $ — $ 9.6 Operating expenses .8 21.9 Operating loss (.8 ) (12.3 ) Income tax (expense) benefit (.1 ) 12.1 Gain on disposal of discontinued operations, net — — Loss from discontinued operations, net $ (.9 ) $ (.2 ) Income tax benefit from discontinued operations for the quarter ended March 31, 2015 included $13.3 million of discrete tax benefits. Debt and interest expense are not allocated to our discontinued operations. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes Our consolidated effective income tax rate for the quarter ended March 31, 2016 was 28.7% as compared to 19.1% in the prior year quarter. Excluding the impact of discrete tax items, our consolidated effective income tax rate for the quarter s ended March 31, 2016 and 2015 was 27.3% and 17.5% , respectively. The increase is primarily attributable to an increase in the relative components of our estimated 2016 earnings, excluding discrete items, generated in tax jurisdictions with higher tax rates. Discrete tax expenses for the quarter s ended March 31, 2016 and 2015 were primarily attributable to the recognition of liabilities for unrecognized tax benefits associated with tax positions taken in prior years. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies 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, who provided services to Pride and Ensco in connection with the DSA. 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. On March 7, 2016, we entered into a one-year tolling agreement with the SEC. Subsequent to initiating our Audit Committee investigation, 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, referenced the alleged irregularities cited in the Petrobras internal audit report. 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 our former marketing consultant both received and procured the payment to employees of Petrobras of improper payments from SHI and that Pride had knowledge of this activity and assisted in the procurement of and/or facilitated these improper payments. We disagree with Petrobras’ allegations. See "—DSA Dispute" below for additional information. 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 Pride's involvement in 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. Our customers, business partners and other stakeholders could seek to take actions adverse to our interests. Further, investigating and resolving such allegations is expensive and could consume significant management time and attention. 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’ declaration that the DSA is void. We believe that Petrobras has repudiated the DSA and have therefore accepted the DSA as terminated on April 8, 2016 (the "Termination Date"). At this time, we cannot reasonably determine the validity of Petrobras' claim or the range of our potential exposure, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved. We did not recognize revenue for amounts owed to us under the DSA from the beginning of the fourth quarter of 2015 through the Termination Date as we concluded that collectability of these amounts was not reasonably assured. Additionally, our receivables from Petrobras related to the DSA from prior to the fourth quarter of 2015 are fully reserved on our condensed consolidated balance sheet as of March 31, 2016. We have initiated arbitration proceedings in the U.K. against Petrobras seeking payment of all amounts owed to us under the DSA, in addition to any other amounts to which we are entitled, and intend to vigorously pursue our claims. We have also initiated separate arbitration proceedings in the U.K. against SHI for any losses we have incurred in connection with the foregoing. There can be no assurance as to how these arbitration proceedings will ultimately be resolved. 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 47 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 and surety bonds 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 and surety bonds outstanding as of March 31, 2016 totaled $62.5 million and were 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 March 31, 2016 , we had not been required to make collateral deposits with respect to these agreements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2016 | |
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 the quarters ended March 31, 2016 and 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. Three Months Ended March 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 512.6 $ 277.9 $ 23.5 $ 814.0 $ — $ 814.0 Operating expenses Contract drilling (exclusive of depreciation) 211.3 134.5 17.9 363.7 — 363.7 Depreciation 80.3 28.6 — 108.9 4.4 113.3 General and administrative — — — — 23.4 23.4 Operating income $ 221.0 $ 114.8 $ 5.6 $ 341.4 $ (27.8 ) $ 313.6 Property and equipment, net $ 8,480.6 $ 2,549.8 $ — $ 11,030.4 $ 66.7 $ 11,097.1 Three Months Ended March 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 695.0 $ 428.3 $ 40.6 $ 1,163.9 $ — $ 1,163.9 Operating expenses Contract drilling (exclusive of depreciation) 293.5 191.5 33.3 518.3 — 518.3 Depreciation 93.0 41.5 — 134.5 2.6 137.1 General and administrative — — — — 30.1 30.1 Operating income $ 308.5 $ 195.3 $ 7.3 $ 511.1 $ (32.7 ) $ 478.4 Property and equipment, net $ 9,453.5 $ 3,195.2 $ — $ 12,648.7 $ 76.6 $ 12,725.3 Information about Geographic Areas As of March 31, 2016 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 13 7 20 Europe & Mediterranean 3 11 14 Middle East & Africa 2 11 13 Asia & Pacific Rim 4 7 11 Middle East & Africa (under construction) — 2 2 Asia & Pacific Rim (under construction) 1 1 2 Held-for-Sale 3 3 6 Total 26 42 68 (1) We provide management services on three rigs owned by third-parties not included in the table above. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 590.6 $ 595.0 Other 15.5 16.3 606.1 611.3 Allowance for doubtful accounts (32.1 ) (29.3 ) $ 574.0 $ 582.0 Other current assets consisted of the following (in millions): March 31, December 31, Inventory $ 235.4 $ 235.3 Deferred costs 49.7 52.1 Prepaid taxes 49.2 73.5 Prepaid expenses 12.3 20.5 Assets held-for-sale 5.4 5.5 Other 17.8 14.9 $ 369.8 $ 401.8 Other assets, net, consisted of the following (in millions): March 31, December 31, Deferred tax assets $ 61.6 $ 94.8 Deferred costs 48.4 55.8 Prepaid taxes on intercompany transfers of property 34.2 37.1 Supplemental executive retirement plan assets 32.7 33.1 Other 13.2 16.8 $ 190.1 $ 237.6 Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 189.1 $ 197.2 Personnel costs 107.7 161.6 Taxes 71.5 70.8 Accrued interest 32.1 88.4 Derivative liabilities 10.9 21.6 Other 13.1 11.3 $ 424.4 $ 550.9 Other liabilities consisted of the following (in millions): March 31, December 31, Deferred revenue $ 177.4 $ 218.6 Unrecognized tax benefits (inclusive of interest and penalties) 157.2 149.7 Supplemental executive retirement plan liabilities 33.8 34.4 Personnel costs 11.5 17.7 Deferred income taxes 9.9 4.4 Intangible liabilities 5.8 12.6 Other 9.6 11.8 $ 405.2 $ 449.2 Accumulated other comprehensive income consisted of the following (in millions): March 31, December 31, Currency Translation Adjustment $ 7.7 $ 7.8 Derivative Instruments 16.0 6.6 Other (1.9 ) (1.9 ) $ 21.8 $ 12.5 Concentration of Risk We are exposed to credit risk related to our receivables from customers, our cash and cash equivalents, our short-term 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 management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents 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 derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our 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 almost all of our derivative counterparties. 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. See "Note 3 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the quarters ended March 31, 2016 and 2015 were as follows: March 31, March 31, Petrobras (1) 16 % 11 % Total (1) 15 % 8 % BP (2) 14 % 13 % Other 55 % 68 % 100 % 100 % (1) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Floaters segment. (2) During the quarters ended March 31, 2016 and 2015 , 76% and 85% of the revenues provided by BP, respectively, were attributable to our Floaters segment. Consolidated revenues by region for the quarters ended March 31, 2016 and 2015 were as follows: March 31, March 31, U.S. Gulf of Mexico (1) $ 160.2 $ 338.8 Angola (2) 136.2 169.3 Brazil (3) 121.0 122.7 United Kingdom (4) 73.8 120.6 Other 322.8 412.5 $ 814.0 $ 1,163.9 (1) During the quarters ended March 31, 2016 and 2015 , 84% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. (2) During the quarters ended March 31, 2016 and 2015 , 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (3) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Floaters segment. (4) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities During 2011, Ensco plc completed a merger transaction (the "Merger") with Pride International Inc. ("Pride"). In connection with the Merger, 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% unsecured senior notes due 2019 , 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040 , which had an aggregate outstanding principal balance of $1.7 billion as of March 31, 2016 . 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 International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of March 31, 2016 . 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 the unaudited condensed consolidating statements of income for the three month periods ended March 31, 2016 and 2015 ; the unaudited condensed consolidating statements of comprehensive income for the three month periods ended March 31, 2016 and 2015 ; the condensed consolidating balance sheets as of March 31, 2016 (unaudited) and December 31, 2015 ; and the unaudited condensed consolidating statements of cash flows for the three month periods ended March 31, 2016 and 2015 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.2 $ 35.6 $ — $ 843.3 $ (72.1 ) $ 814.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.2 35.7 — 392.9 (72.1 ) 363.7 Depreciation — 4.3 — 109.0 — 113.3 General and administrative 6.2 .1 — 17.1 — 23.4 OPERATING (LOSS) INCOME (6.2 ) (4.5 ) — 324.3 — 313.6 OTHER (EXPENSE) INCOME, NET (36.8 ) 1.6 (19.1 ) (10.3 ) — (64.6 ) (LOSS) INCOME BEFORE INCOME TAXES (43.0 ) (2.9 ) (19.1 ) 314.0 — 249.0 INCOME TAX PROVISION — 31.0 — 40.4 — 71.4 DISCONTINUED OPERATIONS, NET — — — (.9 ) — (.9 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 218.3 33.5 53.6 — (305.4 ) — NET INCOME (LOSS) 175.3 (0.4 ) 34.5 272.7 (305.4 ) 176.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 175.3 $ (.4 ) $ 34.5 $ 271.3 $ (305.4 ) $ 175.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 8.7 $ 34.8 $ — $ 1,191.6 $ (71.2 ) $ 1,163.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.8 34.8 — 547.9 (71.2 ) 518.3 Depreciation .1 2.5 — 134.5 — 137.1 General and administrative 13.3 .1 — 16.7 — 30.1 OPERATING (LOSS) INCOME (11.5 ) (2.6 ) — 492.5 — 478.4 OTHER (EXPENSE) INCOME, NET (59.9 ) (16.8 ) (15.9 ) 20.0 — (72.6 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (71.4 ) (19.4 ) (15.9 ) 512.5 — 405.8 INCOME TAX PROVISION — 13.8 — 63.9 — 77.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 396.1 45.2 63.9 — (505.2 ) — NET INCOME 324.7 12.0 48.0 448.4 (505.2 ) 327.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.2 ) — (3.2 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 324.7 $ 12.0 $ 48.0 $ 445.2 $ (505.2 ) $ 324.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 175.3 $ (.4 ) $ 34.5 $ 272.7 $ (305.4 ) $ 176.7 OTHER COMPREHENSIVE INCOME, NET Net change in fair value of derivatives — 3.5 — — — 3.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.9 — — — 5.9 Other — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME — 9.4 — (.1 ) — 9.3 COMPREHENSIVE INCOME 175.3 9.0 34.5 272.6 (305.4 ) 186.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 175.3 $ 9.0 $ 34.5 $ 271.2 $ (305.4 ) $ 184.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 324.7 $ 12.0 $ 48.0 $ 448.4 $ (505.2 ) $ 327.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (17.4 ) — — — (17.4 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.0 — — — 5.0 Other — — — 2.6 — 2.6 NET OTHER COMPREHENSIVE (LOSS) INCOME — (12.4 ) — 2.6 — (9.8 ) COMPREHENSIVE INCOME (LOSS) 324.7 (.4 ) 48.0 451.0 (505.2 ) 318.1 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.2 ) — (3.2 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 324.7 $ (.4 ) $ 48.0 $ 447.8 $ (505.2 ) $ 314.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 Short-term investments 295.0 — — — — 295.0 Accounts receivable, net 1.1 — — 572.9 — 574.0 Accounts receivable from affiliates 698.4 735.2 — 648.6 (2,082.2 ) — Other .1 16.3 — 353.4 — 369.8 Total current assets 2,044.3 751.5 2.0 1,607.2 (2,082.2 ) 2,322.8 PROPERTY AND EQUIPMENT, AT COST 1.8 117.5 — 12,721.9 — 12,841.2 Less accumulated depreciation 1.8 52.0 — 1,690.3 — 1,744.1 Property and equipment, net — 65.5 — 11,031.6 — 11,097.1 DUE FROM AFFILIATES 1,315.3 5,018.5 2,039.2 6,664.8 (15,037.8 ) — INVESTMENTS IN AFFILIATES 7,978.8 — — — (7,978.8 ) — OTHER ASSETS, NET — 41.1 — 308.2 (159.2 ) 190.1 $ 11,338.4 $ 5,876.6 $ 2,041.2 $ 19,611.8 $ (25,258.0 ) $ 13,610.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 53.6 $ 23.4 $ 24.1 $ 536.3 $ — $ 637.4 Accounts payable to affiliates 32.9 674.2 — 1,375.1 (2,082.2 ) — Current maturities of long-term debt 665.1 — 204.9 — — 870.0 Total current liabilities 751.6 697.6 229.0 1,911.4 (2,082.2 ) 1,507.4 DUE TO AFFILIATES 761.4 4,096.8 1,806.6 8,373.0 (15,037.8 ) — LONG-TERM DEBT 3,119.0 149.1 1,722.9 — — 4,991.0 INVESTMENTS IN AFFILIATES — 372.5 1,225.8 — (1,598.3 ) — OTHER LIABILITIES — 169.0 — 395.4 (159.2 ) 405.2 ENSCO SHAREHOLDERS' EQUITY 6,706.4 391.6 (2,943.1 ) 8,926.3 (6,380.5 ) 6,700.7 NONCONTROLLING INTERESTS — — — 5.7 — 5.7 Total equity 6,706.4 391.6 (2,943.1 ) 8,932.0 (6,380.5 ) 6,706.4 $ 11,338.4 $ 5,876.6 $ 2,041.2 $ 19,611.8 $ (25,258.0 ) $ 13,610.0 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 — 43.1 — 324.9 (130.4 ) 237.6 $ 11,131.6 $ 5,849.5 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,610.5 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 3,782.4 149.0 1,937.2 — — 5,868.6 INVESTMENTS IN AFFILIATES — 442.0 1,319.3 — (1,761.3 ) — OTHER LIABILITIES — 135.7 — 443.9 (130.4 ) 449.2 ENSCO SHAREHOLDERS' EQUITY 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 6,517.2 522.6 (3,017.5 ) 8,477.4 (5,982.5 ) 6,517.2 $ 11,131.6 $ 5,849.5 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,610.5 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (in millions) (Unaudited) 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 $ (46.3 ) $ 0.7 $ (39.2 ) $ 317.9 $ — $ 233.1 INVESTING ACTIVITIES Additions to property and equipment — — — (158.1 ) — (158.1 ) Purchases of short-term investments 965.0 — — — — 965.0 Maturities of short-term investments (80.0 ) — — — — (80.0 ) Other — — — .1 — .1 Net cash used in investing activities 885.0 — — (158.0 ) — 727.0 FINANCING ACTIVITIES Proceeds from issuance of senior notes — — — — — — Reduction of long-term borrowings — — — — — — Cash dividends paid (2.4 ) — — — — (2.4 ) Premium paid on redemption of debt — — — — — — Debt financing costs — — — — — — Advances (to) from affiliates 119.8 (0.7 ) 39.2 (158.3 ) — — Other (0.4 ) — — (.1 ) — (0.5 ) Net cash provided by (used in) financing activities 117.0 (0.7 ) 39.2 (158.4 ) — (2.9 ) DISCONTINUED OPERATIONS Operating activities — — — 5.6 — 5.6 Investing activities — — — — — — Net cash used in discontinued operations — — — 5.6 — 5.6 Effect of exchange rate changes on cash and cash equivalents — — — (.1 ) — (.1 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 955.7 — — 7.0 — 962.7 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2015 (in millions) (Unaudited) 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 $ (35.4 ) $ (10.8 ) $ (36.3 ) $ 550.2 $ — $ 467.7 INVESTING ACTIVITIES Additions to property and equipment — (5.1 ) — (392.0 ) — (397.1 ) Purchases on short-term investments — — — 12.0 — 12.0 Other — — — .4 — .4 Net cash used in investing activities of continuing operations — (5.1 ) — (379.6 ) — (384.7 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (854.6 ) — — (7.1 ) — (861.7 ) Cash dividends paid (35.2 ) — — — — (35.2 ) Premium paid on redemption of debt (23.4 ) — — — — (23.4 ) Debt financing costs (8.9 ) — — — — (8.9 ) Advances (to) from affiliates (121.1 ) 15.9 194.9 (89.7 ) — — Other (1.0 ) — — (0.3 ) — (1.3 ) Net cash provided by (used in) financing activities 34.5 15.9 194.9 (97.1 ) — 148.2 DISCONTINUED OPERATIONS Operating activities — — — (8.7 ) — (8.7 ) Investing activities — — — 0.4 — 0.4 Net cash used in discontinued operations — — — (8.3 ) — (8.3 ) Effect of exchange rate changes on cash and cash equivalents — — — .1 — .1 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (0.9 ) — 158.6 65.3 — 223.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 286.5 $ — $ 249.4 $ 351.9 $ — $ 887.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 (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 March 31, 2016 Supplemental executive retirement plan assets $ 32.7 $ — $ — $ 32.7 Derivatives, net — 0.1 — 0.1 Total financial assets $ 32.7 $ 0.1 $ — $ 32.8 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 ) |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our debt instruments were as follows (in millions): March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,477.8 $ 1,048.1 $ 1,476.7 $ 1,254.0 5.75% Senior notes due 2044 993.7 514.6 993.5 707.1 6.875% Senior notes due 2020 986.5 663.8 990.9 850.5 5.20% Senior notes due 2025 692.7 389.4 692.5 505.2 4.50% Senior notes due 2024 619.9 349.7 619.7 417.4 8.50% Senior notes due 2019 561.9 441.8 566.4 510.2 7.875% Senior notes due 2040 379.4 161.6 379.8 244.0 7.20% Debentures due 2027 149.1 79.5 149.1 133.5 Total $ 5,861.0 $ 3,648.5 $ 5,868.6 $ 4,621.9 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 3.7 $ .6 $ 10.3 $ 20.7 Foreign currency forward contracts - non-current (2) 1.4 .2 .6 1.5 5.1 .8 10.9 22.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 6.6 2.6 .7 .9 6.6 2.6 .7 .9 Total $ 11.7 $ 3.4 $ 11.6 $ 23.1 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed 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 condensed consolidated statements of income and comprehensive income for the quarter s ended March 31, 2016 and 2015 were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2016 2015 2016 2015 2016 2015 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ (.1 ) $ — $ — Foreign currency forward contracts (4) 3.5 (17.4 ) (5.8 ) (4.9 ) 1.1 (.1 ) Total $ 3.5 $ (17.4 ) $ (5.9 ) $ (5.0 ) $ 1.1 $ (.1 ) (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 condensed consolidated statements of income. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income. (4) During 2016 , $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the prior year quarter, $5.1 million of losses were reclassified from AOCI into contract drilling expense and $ 200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of Income from Continuing Operations | Income from continuing operations attributable to Ensco for the quarter s ended March 31, 2016 and 2015 was as follows (in millions): 2016 2015 Income from continuing operations $ 177.6 $ 328.1 Income from continuing operations attributable to noncontrolling interests (1.4 ) (3.2 ) Income from continuing operations attributable to Ensco $ 176.2 $ 324.9 |
Reconciliation of Income (Loss) from Discontinued Operations [Table Text Block] | Loss from discontinued operations attributable to Ensco for the quarter s ended March 31, 2016 and 2015 was as follows (in millions): 2016 2015 Loss from discontinued operations $ (.9 ) $ (.2 ) Loss from discontinued operations attributable to noncontrolling interests — — Loss from discontinued operations attributable to Ensco $ (.9 ) $ (.2 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the quarter s ended March 31, 2016 and 2015 (in millions): 2016 2015 Income from continuing operations attributable to Ensco $ 176.2 $ 324.9 Income from continuing operations allocated to non-vested share awards (2.5 ) (3.7 ) Income from continuing operations attributable to Ensco shares $ 173.7 $ 321.2 |
Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations | Anti |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Extinguishment of Debt | On April 5, 2016, we purchased the following amounts (in millions): Aggregate Principal Amount Purchased (1) Aggregate Purchase Price (2) Discount % 8.50% Senior Notes due 2019 $ 45.7 $ 38.3 16.2 % 6.875% Senior Notes due 2020 140.1 103.7 26.0 % 4.70% Senior Notes due 2021 642.5 462.6 28.0 % 4.50% Senior Notes due 2024 1.7 0.9 47.1 % 5.20% Senior Notes due 2025 30.7 16.8 45.3 % Total $ 860.7 $ 622.3 27.7 % (1) As of March 31, 2016, these amounts, along with associated discounts, premiums and debt issuance costs, were classified as current liabilities in our condensed consolidated balance sheet. (2) Excludes accrued interest paid to holders who tendered in connection with the Tender Offers |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Loss from Discontinued Operations | The following table summarizes loss from discontinued operations, net, for the quarter s ended March 31, 2016 and 2015 (in millions): 2016 2015 Revenues $ — $ 9.6 Operating expenses .8 21.9 Operating loss (.8 ) (12.3 ) Income tax (expense) benefit (.1 ) 12.1 Gain on disposal of discontinued operations, net — — Loss from discontinued operations, net $ (.9 ) $ (.2 ) |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Ended March 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 512.6 $ 277.9 $ 23.5 $ 814.0 $ — $ 814.0 Operating expenses Contract drilling (exclusive of depreciation) 211.3 134.5 17.9 363.7 — 363.7 Depreciation 80.3 28.6 — 108.9 4.4 113.3 General and administrative — — — — 23.4 23.4 Operating income $ 221.0 $ 114.8 $ 5.6 $ 341.4 $ (27.8 ) $ 313.6 Property and equipment, net $ 8,480.6 $ 2,549.8 $ — $ 11,030.4 $ 66.7 $ 11,097.1 Three Months Ended March 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 695.0 $ 428.3 $ 40.6 $ 1,163.9 $ — $ 1,163.9 Operating expenses Contract drilling (exclusive of depreciation) 293.5 191.5 33.3 518.3 — 518.3 Depreciation 93.0 41.5 — 134.5 2.6 137.1 General and administrative — — — — 30.1 30.1 Operating income $ 308.5 $ 195.3 $ 7.3 $ 511.1 $ (32.7 ) $ 478.4 Property and equipment, net $ 9,453.5 $ 3,195.2 $ — $ 12,648.7 $ 76.6 $ 12,725.3 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of March 31, 2016 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 13 7 20 Europe & Mediterranean 3 11 14 Middle East & Africa 2 11 13 Asia & Pacific Rim 4 7 11 Middle East & Africa (under construction) — 2 2 Asia & Pacific Rim (under construction) 1 1 2 Held-for-Sale 3 3 6 Total 26 42 68 (1) We provide management services on three rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform27
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 590.6 $ 595.0 Other 15.5 16.3 606.1 611.3 Allowance for doubtful accounts (32.1 ) (29.3 ) $ 574.0 $ 582.0 |
Other Current Assets | Other current assets consisted of the following (in millions): March 31, December 31, Inventory $ 235.4 $ 235.3 Deferred costs 49.7 52.1 Prepaid taxes 49.2 73.5 Prepaid expenses 12.3 20.5 Assets held-for-sale 5.4 5.5 Other 17.8 14.9 $ 369.8 $ 401.8 |
Other Assets, Net | Other assets, net, consisted of the following (in millions): March 31, December 31, Deferred tax assets $ 61.6 $ 94.8 Deferred costs 48.4 55.8 Prepaid taxes on intercompany transfers of property 34.2 37.1 Supplemental executive retirement plan assets 32.7 33.1 Other 13.2 16.8 $ 190.1 $ 237.6 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 189.1 $ 197.2 Personnel costs 107.7 161.6 Taxes 71.5 70.8 Accrued interest 32.1 88.4 Derivative liabilities 10.9 21.6 Other 13.1 11.3 $ 424.4 $ 550.9 |
Other Liabilities | Other liabilities consisted of the following (in millions): March 31, December 31, Deferred revenue $ 177.4 $ 218.6 Unrecognized tax benefits (inclusive of interest and penalties) 157.2 149.7 Supplemental executive retirement plan liabilities 33.8 34.4 Personnel costs 11.5 17.7 Deferred income taxes 9.9 4.4 Intangible liabilities 5.8 12.6 Other 9.6 11.8 $ 405.2 $ 449.2 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions): March 31, December 31, Currency Translation Adjustment $ 7.7 $ 7.8 Derivative Instruments 16.0 6.6 Other (1.9 ) (1.9 ) $ 21.8 $ 12.5 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Consolidated revenues by customer for the quarters ended March 31, 2016 and 2015 were as follows: March 31, March 31, Petrobras (1) 16 % 11 % Total (1) 15 % 8 % BP (2) 14 % 13 % Other 55 % 68 % 100 % 100 % (1) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Floaters segment. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Consolidated revenues by region for the quarters ended March 31, 2016 and 2015 were as follows: March 31, March 31, U.S. Gulf of Mexico (1) $ 160.2 $ 338.8 Angola (2) 136.2 169.3 Brazil (3) 121.0 122.7 United Kingdom (4) 73.8 120.6 Other 322.8 412.5 $ 814.0 $ 1,163.9 (1) During the quarters ended March 31, 2016 and 2015 , 84% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. (2) During the quarters ended March 31, 2016 and 2015 , 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (3) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Floaters segment. (4) During the quarters ended March 31, 2016 and 2015 , all revenues were provided by our Jackups segment. |
Guarantee Of Registered Secur28
Guarantee Of Registered Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.2 $ 35.6 $ — $ 843.3 $ (72.1 ) $ 814.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.2 35.7 — 392.9 (72.1 ) 363.7 Depreciation — 4.3 — 109.0 — 113.3 General and administrative 6.2 .1 — 17.1 — 23.4 OPERATING (LOSS) INCOME (6.2 ) (4.5 ) — 324.3 — 313.6 OTHER (EXPENSE) INCOME, NET (36.8 ) 1.6 (19.1 ) (10.3 ) — (64.6 ) (LOSS) INCOME BEFORE INCOME TAXES (43.0 ) (2.9 ) (19.1 ) 314.0 — 249.0 INCOME TAX PROVISION — 31.0 — 40.4 — 71.4 DISCONTINUED OPERATIONS, NET — — — (.9 ) — (.9 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 218.3 33.5 53.6 — (305.4 ) — NET INCOME (LOSS) 175.3 (0.4 ) 34.5 272.7 (305.4 ) 176.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 175.3 $ (.4 ) $ 34.5 $ 271.3 $ (305.4 ) $ 175.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 8.7 $ 34.8 $ — $ 1,191.6 $ (71.2 ) $ 1,163.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.8 34.8 — 547.9 (71.2 ) 518.3 Depreciation .1 2.5 — 134.5 — 137.1 General and administrative 13.3 .1 — 16.7 — 30.1 OPERATING (LOSS) INCOME (11.5 ) (2.6 ) — 492.5 — 478.4 OTHER (EXPENSE) INCOME, NET (59.9 ) (16.8 ) (15.9 ) 20.0 — (72.6 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (71.4 ) (19.4 ) (15.9 ) 512.5 — 405.8 INCOME TAX PROVISION — 13.8 — 63.9 — 77.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 396.1 45.2 63.9 — (505.2 ) — NET INCOME 324.7 12.0 48.0 448.4 (505.2 ) 327.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.2 ) — (3.2 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 324.7 $ 12.0 $ 48.0 $ 445.2 $ (505.2 ) $ 324.7 |
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 175.3 $ (.4 ) $ 34.5 $ 272.7 $ (305.4 ) $ 176.7 OTHER COMPREHENSIVE INCOME, NET Net change in fair value of derivatives — 3.5 — — — 3.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.9 — — — 5.9 Other — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME — 9.4 — (.1 ) — 9.3 COMPREHENSIVE INCOME 175.3 9.0 34.5 272.6 (305.4 ) 186.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 175.3 $ 9.0 $ 34.5 $ 271.2 $ (305.4 ) $ 184.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 324.7 $ 12.0 $ 48.0 $ 448.4 $ (505.2 ) $ 327.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (17.4 ) — — — (17.4 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.0 — — — 5.0 Other — — — 2.6 — 2.6 NET OTHER COMPREHENSIVE (LOSS) INCOME — (12.4 ) — 2.6 — (9.8 ) COMPREHENSIVE INCOME (LOSS) 324.7 (.4 ) 48.0 451.0 (505.2 ) 318.1 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.2 ) — (3.2 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 324.7 $ (.4 ) $ 48.0 $ 447.8 $ (505.2 ) $ 314.9 |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 Short-term investments 295.0 — — — — 295.0 Accounts receivable, net 1.1 — — 572.9 — 574.0 Accounts receivable from affiliates 698.4 735.2 — 648.6 (2,082.2 ) — Other .1 16.3 — 353.4 — 369.8 Total current assets 2,044.3 751.5 2.0 1,607.2 (2,082.2 ) 2,322.8 PROPERTY AND EQUIPMENT, AT COST 1.8 117.5 — 12,721.9 — 12,841.2 Less accumulated depreciation 1.8 52.0 — 1,690.3 — 1,744.1 Property and equipment, net — 65.5 — 11,031.6 — 11,097.1 DUE FROM AFFILIATES 1,315.3 5,018.5 2,039.2 6,664.8 (15,037.8 ) — INVESTMENTS IN AFFILIATES 7,978.8 — — — (7,978.8 ) — OTHER ASSETS, NET — 41.1 — 308.2 (159.2 ) 190.1 $ 11,338.4 $ 5,876.6 $ 2,041.2 $ 19,611.8 $ (25,258.0 ) $ 13,610.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 53.6 $ 23.4 $ 24.1 $ 536.3 $ — $ 637.4 Accounts payable to affiliates 32.9 674.2 — 1,375.1 (2,082.2 ) — Current maturities of long-term debt 665.1 — 204.9 — — 870.0 Total current liabilities 751.6 697.6 229.0 1,911.4 (2,082.2 ) 1,507.4 DUE TO AFFILIATES 761.4 4,096.8 1,806.6 8,373.0 (15,037.8 ) — LONG-TERM DEBT 3,119.0 149.1 1,722.9 — — 4,991.0 INVESTMENTS IN AFFILIATES — 372.5 1,225.8 — (1,598.3 ) — OTHER LIABILITIES — 169.0 — 395.4 (159.2 ) 405.2 ENSCO SHAREHOLDERS' EQUITY 6,706.4 391.6 (2,943.1 ) 8,926.3 (6,380.5 ) 6,700.7 NONCONTROLLING INTERESTS — — — 5.7 — 5.7 Total equity 6,706.4 391.6 (2,943.1 ) 8,932.0 (6,380.5 ) 6,706.4 $ 11,338.4 $ 5,876.6 $ 2,041.2 $ 19,611.8 $ (25,258.0 ) $ 13,610.0 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 — 43.1 — 324.9 (130.4 ) 237.6 $ 11,131.6 $ 5,849.5 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,610.5 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 3,782.4 149.0 1,937.2 — — 5,868.6 INVESTMENTS IN AFFILIATES — 442.0 1,319.3 — (1,761.3 ) — OTHER LIABILITIES — 135.7 — 443.9 (130.4 ) 449.2 ENSCO SHAREHOLDERS' EQUITY 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 6,517.2 522.6 (3,017.5 ) 8,477.4 (5,982.5 ) 6,517.2 $ 11,131.6 $ 5,849.5 $ 2,037.5 $ 19,139.3 $ (24,547.4 ) $ 13,610.5 |
Condensed Consolidating Statements Of Cash Flows | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (in millions) (Unaudited) 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 $ (46.3 ) $ 0.7 $ (39.2 ) $ 317.9 $ — $ 233.1 INVESTING ACTIVITIES Additions to property and equipment — — — (158.1 ) — (158.1 ) Purchases of short-term investments 965.0 — — — — 965.0 Maturities of short-term investments (80.0 ) — — — — (80.0 ) Other — — — .1 — .1 Net cash used in investing activities 885.0 — — (158.0 ) — 727.0 FINANCING ACTIVITIES Proceeds from issuance of senior notes — — — — — — Reduction of long-term borrowings — — — — — — Cash dividends paid (2.4 ) — — — — (2.4 ) Premium paid on redemption of debt — — — — — — Debt financing costs — — — — — — Advances (to) from affiliates 119.8 (0.7 ) 39.2 (158.3 ) — — Other (0.4 ) — — (.1 ) — (0.5 ) Net cash provided by (used in) financing activities 117.0 (0.7 ) 39.2 (158.4 ) — (2.9 ) DISCONTINUED OPERATIONS Operating activities — — — 5.6 — 5.6 Investing activities — — — — — — Net cash used in discontinued operations — — — 5.6 — 5.6 Effect of exchange rate changes on cash and cash equivalents — — — (.1 ) — (.1 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 955.7 — — 7.0 — 962.7 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2015 (in millions) (Unaudited) 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 $ (35.4 ) $ (10.8 ) $ (36.3 ) $ 550.2 $ — $ 467.7 INVESTING ACTIVITIES Additions to property and equipment — (5.1 ) — (392.0 ) — (397.1 ) Purchases on short-term investments — — — 12.0 — 12.0 Other — — — .4 — .4 Net cash used in investing activities of continuing operations — (5.1 ) — (379.6 ) — (384.7 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (854.6 ) — — (7.1 ) — (861.7 ) Cash dividends paid (35.2 ) — — — — (35.2 ) Premium paid on redemption of debt (23.4 ) — — — — (23.4 ) Debt financing costs (8.9 ) — — — — (8.9 ) Advances (to) from affiliates (121.1 ) 15.9 194.9 (89.7 ) — — Other (1.0 ) — — (0.3 ) — (1.3 ) Net cash provided by (used in) financing activities 34.5 15.9 194.9 (97.1 ) — 148.2 DISCONTINUED OPERATIONS Operating activities — — — (8.7 ) — (8.7 ) Investing activities — — — 0.4 — 0.4 Net cash used in discontinued operations — — — (8.3 ) — (8.3 ) Effect of exchange rate changes on cash and cash equivalents — — — .1 — .1 NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (0.9 ) — 158.6 65.3 — 223.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 286.5 $ — $ 249.4 $ 351.9 $ — $ 887.8 |
Unaudited Condensed Consolida29
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements (Details) $ in Millions | Dec. 31, 2015USD ($) |
Accounting Changes and Error Corrections [Abstract] | |
Deferred Finance Costs, Noncurrent, Gross | $ 26.5 |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | $ 32.7 | $ 33.1 |
Derivative, Fair Value, Net | 0.1 | |
Total financial assets | 32.8 | 33.1 |
Derivative Assets (Liabilities), at Fair Value, Net | (19.7) | |
Financial Liabilities Fair Value Disclosure | (19.7) | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 32.7 | 33.1 |
Derivative, Fair Value, Net | 0 | |
Total financial assets | 32.7 | 33.1 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Derivative, Fair Value, Net | 0.1 | |
Total financial assets | 0.1 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (19.7) | |
Financial Liabilities Fair Value Disclosure | (19.7) | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Derivative, Fair Value, Net | 0 | |
Total financial assets | $ 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Financial Liabilities Fair Value Disclosure | $ 0 |
Fair Value Measurements (Sche31
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 5,861 | $ 5,868.6 |
Estimated Fair Value | 3,648.5 | 4,621.9 |
4.70% Senior notes due 2021 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | 1,477.8 | 1,476.7 |
Estimated Fair Value | $ 1,048.1 | $ 1,254 |
Debt instrument, interest rate, stated percentage | 4.70% | 4.70% |
5.75% Senior notes due 2044 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 993.7 | $ 993.5 |
Estimated Fair Value | $ 514.6 | $ 707.1 |
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% |
6.875% Senior Notes due 2020 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 986.5 | $ 990.9 |
Estimated Fair Value | $ 663.8 | $ 850.5 |
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% |
5.20% Senior Notes due 2025 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 692.7 | $ 692.5 |
Estimated Fair Value | $ 389.4 | $ 505.2 |
Debt instrument, interest rate, stated percentage | 5.20% | 5.20% |
4.50% Senior Notes due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 619.9 | $ 619.7 |
Estimated Fair Value | $ 349.7 | $ 417.4 |
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% |
8.50% Senior notes due 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 561.9 | $ 566.4 |
Estimated Fair Value | $ 441.8 | $ 510.2 |
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% |
7.875% Senior notes due 2040 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 379.4 | $ 379.8 |
Estimated Fair Value | $ 161.6 | $ 244 |
Debt instrument, interest rate, stated percentage | 7.875% | 7.875% |
7.20% Debentures due 2027 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 149.1 | $ 149.1 |
Estimated Fair Value | $ 79.5 | $ 133.5 |
Debt instrument, interest rate, stated percentage | 7.20% | 7.20% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (19.7) | ||
Derivative, Fair Value, Net | $ 0.1 | ||
Maturity period of derivatives (in months) | 18 months | ||
Estimated amount of net gains associated with derivative instruments, net of tax | $ (3.6) | ||
Foreign Exchange [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 264.2 | ||
Hedges outstanding for British pounds | 130.6 | ||
Hedges outstanding for Brazilian reals | 40.6 | ||
Hedges outstanding for Australian dollars | 38.5 | ||
Hedges outstanding for euros | 31.7 | ||
Singapore Dollars Hedges Outstanding | 10 | ||
Hedges outstanding for other currencies | 12.8 | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 4.4 | $ (13.5) | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 135.4 | ||
Hedges outstanding for British pounds | 10.9 | ||
Hedges outstanding for Brazilian reals | 8.4 | ||
Hedges outstanding for Australian dollars | 6.2 | ||
Hedges outstanding for Indonesian rupiah | 8.8 | ||
Mexican Pesos Hedges Outstanding | 8 | ||
Hedges outstanding for euros | 76.7 | ||
Hedges outstanding for Swiss francs | 12.1 | ||
Hedges outstanding for other currencies | $ 4.3 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 11.7 | $ 3.4 | |
Total fair value of derivative liabilities | 11.6 | 23.1 | |
Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 5.1 | 0.8 | |
Total fair value of derivative liabilities | 10.9 | 22.2 | |
Designated As Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 3.7 | 0.6 |
Total fair value of derivative liabilities | [1] | 10.3 | 20.7 |
Designated As Hedging Instrument [Member] | Foreign Currency Forward Contracts - Non-Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [2] | 1.4 | 0.2 |
Total fair value of derivative liabilities | [2] | 0.6 | 1.5 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 6.6 | 2.6 | |
Total fair value of derivative liabilities | 0.7 | 0.9 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 6.6 | 2.6 |
Total fair value of derivative liabilities | [1] | $ 0.7 | $ 0.9 |
[1] | Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. | ||
[2] | Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Derivative Instruments (Gains A
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | ||
Interest Rate Lock Contracts [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [1] | $ 0 | $ 0 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [1],[2] | (0.1) | (0.1) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 |
Foreign Currency Forward Contracts [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [4] | 3.5 | (17.4) |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2],[4] | (5.8) | (4.9) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3],[4] | 1.1 | (0.1) |
Foreign Currency Forward Contracts [Member] | Contract Drilling [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (6) | ||
Foreign Currency Forward Contracts [Member] | Depreciation Expense [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 0.2 | 0.2 | |
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 3.5 | (17.4) | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (5.9) | (5) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | 1.1 | (0.1) |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (5.1) | ||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $ 4.4 | $ (13.5) | |
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income. | ||
[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 condensed consolidated statements of income. | ||
[4] | During 2016, $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the prior year quarter, $5.1 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. |
Noncontrolling Interests Reconc
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Noncontrolling Interest [Abstract] | |||
Income from continuing operations | $ 177.6 | $ 328.1 | |
Income from continuing operations attributable to noncontrolling interests | (1.4) | (3.2) | |
Income (Loss) from Continuing Operations Attributable to Parent | $ 176.2 | $ 324.9 | $ 324.9 |
Noncontrolling Interests Reco36
Noncontrolling Interests Reconciliation of loss from discontinued operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Noncontrolling Interest [Abstract] | ||
DISCONTINUED OPERATIONS, NET | $ (0.9) | $ (0.2) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0 | 0 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (0.9) | $ (0.2) |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | |||
Income (Loss) from Continuing Operations Attributable to Parent | $ 176.2 | $ 324.9 | $ 324.9 |
Net income allocated to non-vested share awards | (2.5) | (3.7) | |
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders | $ 173.7 | $ 321.2 |
Earnings Per Share (Reconcili38
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Weighted-average shares - basic (in shares) | 232.5 | 231.9 |
Weighted-average shares - diluted (in shares) | 232.5 | 231.9 |
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 1.3 | 0.5 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Apr. 20, 2016USD ($)$ / sharesshares |
Shareholders' Equity, public offering [Line Items] | |
Stock Issued During Period, Shares, New Issues | shares | 65,550,000 |
Shares Issued, Price Per Share | $ / shares | $ 9.25 |
Proceeds from (Repurchase of) Equity | $ | $ 585.5 |
Debt (Details)
Debt (Details) - USD ($) | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2015 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Apr. 05, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||||||
Gains (Losses) on Extinguishment of Debt | $ 0 | $ 26,600,000 | ||||
8.50% Senior Notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 454,300,000 | |||||
Debt instrument, interest rate, stated percentage | 8.50% | |||||
6.875% Senior Notes due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 759,900,000 | |||||
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% | ||||
4.70% Senior Notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 857,500,000 | |||||
Debt instrument, interest rate, stated percentage | 4.70% | |||||
4.50% Senior Notes due 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | $ 623,300,000 | |||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | ||||
5.20% Senior Notes due 2025 | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt and Capital Lease Obligations, Maturities, Repayments of Principal after Year Five | $ 669,300,000 | |||||
Debt instrument, interest rate, stated percentage | 5.20% | 5.20% | ||||
Five year credit facility | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate, Effect of One Notch Change in Rating | 0.25% | |||||
Five year credit facility | Revolving Credit Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, 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 | 0.075% | |||||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | |||||
Line of Credit Facility, Commitment Fee Percentage | 0.225% | |||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000,000 | |||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | ||||
Five year credit facility | Revolving Credit Facility [Member] | Base Rate [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||
Five year credit facility | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||||
Scenario, Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Tender Offer | $ 750,000,000 | |||||
Gains (Losses) on Extinguishment of Debt | $ (245,000,000) |
Debt Tender Offers (Details)
Debt Tender Offers (Details) - USD ($) | Apr. 05, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
8.50% Senior Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | ||
6.875% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |
4.70% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | ||
4.50% Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |
5.20% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% | |
Subsequent Event [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 860,700,000 | ||
Debt Instrument, Repurchase Amount | 622,300,000 | ||
Discount on Principal | 0.277 | ||
Subsequent Event [Member] | 8.50% Senior Notes due 2019 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 45,700,000 | ||
Debt Instrument, Repurchase Amount | 38,300,000 | ||
Discount on Principal | 0.162 | ||
Subsequent Event [Member] | 6.875% Senior Notes due 2020 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 140,100,000 | ||
Debt Instrument, Repurchase Amount | 103,700,000 | ||
Discount on Principal | 0.260 | ||
Subsequent Event [Member] | 4.70% Senior Notes due 2021 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 642,500,000 | ||
Debt Instrument, Repurchase Amount | 462,600,000 | ||
Discount on Principal | 0.280 | ||
Subsequent Event [Member] | 4.50% Senior Notes due 2024 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 1,700,000 | ||
Debt Instrument, Repurchase Amount | 900,000 | ||
Discount on Principal | 0.471 | ||
Subsequent Event [Member] | 5.20% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 30,700,000 | ||
Debt Instrument, Repurchase Amount | 16,800,000 | ||
Discount on Principal | $ 0.453 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||||
Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Discontinued Operations, Income Tax Expense (Benefit), Discrete Item | $ (13.3) | ||||
Gain (loss) on disposal of discontinued operations, net | $ 0 | $ 0 | |||
Floaters [Member] | ENSCO 5001 [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from rig sale | $ 2.4 | ||||
Floaters [Member] | ENSCO 5002 [Member] [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from rig sale | $ 1.6 | ||||
Scenario, Forecast [Member] | Floaters [Member] | Ensco 6000 [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from rig sale | $ 0.6 | ||||
Gain (Loss) on Sale of Assets and Asset Impairment Charges | $ 0.2 |
Discontinued Operations (Summar
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||
Revenues | $ 0 | $ 9.6 |
Operating expenses | 0.8 | 21.9 |
Operating loss before income taxes | (0.8) | (12.3) |
Income tax benefit | (0.1) | 12.1 |
Gain (loss) on disposal of discontinued operations, net | 0 | 0 |
DISCONTINUED OPERATIONS, NET | $ (0.9) | $ (0.2) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Consolidated effective income tax rate including tax expense attributable to prior periods | 28.70% | 19.10% |
Effective Income Tax Rate Reconciliation, Percent | 27.30% | 17.50% |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016plaintiffs | Dec. 31, 2013plaintiffs | Mar. 31, 2015USD ($) | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |||
Loss Contingency, Number of Plaintiffs | 47 | ||
Loss Contingency, Claims Settled, Number | 58 | ||
Loss Contingency, Claims Settled Pending Documentation, Number | 13 | ||
Letters of Credit Outstanding, Amount | $ | $ 62.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2016segmentscontract | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Number of drilling management contracts (in contracts) | contract | 3 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 814,000,000 | $ 1,163,900,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 363,700,000 | 518,300,000 | |
Depreciation | 113,300,000 | 137,100,000 | |
General and administrative | 23,400,000 | 30,100,000 | |
OPERATING (LOSS) INCOME | 313,600,000 | 478,400,000 | |
Property and equipment, net | 11,097,100,000 | 12,725,300,000 | $ 11,087,800,000 |
Floaters [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 512,600,000 | 695,000,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 211,300,000 | 293,500,000 | |
Depreciation | 80,300,000 | 93,000,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 221,000,000 | 308,500,000 | |
Property and equipment, net | 8,480,600,000 | 9,453,500,000 | |
Jackups Member | |||
Segment Reporting Information [Line Items] | |||
Revenues | 277,900,000 | 428,300,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 134,500,000 | 191,500,000 | |
Depreciation | 28,600,000 | 41,500,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 114,800,000 | 195,300,000 | |
Property and equipment, net | 2,549,800,000 | 3,195,200,000 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 23,500,000 | 40,600,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 17,900,000 | 33,300,000 | |
Depreciation | 0 | 0 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 5,600,000 | 7,300,000 | |
Property and equipment, net | 0 | 0 | |
Operating Segments Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 814,000,000 | 1,163,900,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 363,700,000 | 518,300,000 | |
Depreciation | 108,900,000 | 134,500,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 341,400,000 | 511,100,000 | |
Property and equipment, net | 11,030,400,000 | 12,648,700,000 | |
Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 0 | 0 | |
Depreciation | 4,400,000 | 2,600,000 | |
General and administrative | 23,400,000 | 30,100,000 | |
OPERATING (LOSS) INCOME | (27,800,000) | (32,700,000) | |
Property and equipment, net | $ 66,700,000 | $ 76,600,000 |
Segment Information (Schedule48
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Mar. 31, 2016rigs | |
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 68 | [1] |
Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 26 | |
Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 42 | |
North South America Incl Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 20 | [1] |
North South America Incl Brazil [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | |
North South America Incl Brazil [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | |
Europe & Mediterranean [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 14 | [1] |
Europe & Mediterranean [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 3 | |
Europe & Mediterranean [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Middle East [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | [1] |
Middle East [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Middle East [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | [1] |
Asia Pacific [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Asia Pacific [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | |
Middle East Under Construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Middle East Under Construction [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 0 | |
Middle East Under Construction [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Middle East Under Construction [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 6 | [1] |
Middle East Under Construction [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 3 | |
Middle East Under Construction [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 3 | |
Asia & Pacific Rim (under construction) [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Asia & Pacific Rim (under construction) [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Asia & Pacific Rim (under construction) [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
[1] | We provide management services on three rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform49
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) - Sales Revenue, Services, Net [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Customer Concentration Risk [Member] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | BP [Member] | ||
Concentration Risk, Percentage | 14.00% | 13.00% |
Geographic Concentration Risk [Member] | ||
Revenues | $ 814 | $ 1,163.9 |
Floaters [Member] | Customer Concentration Risk [Member] | BP [Member] | ||
Concentration Risk, Percentage | 76.00% | 85.00% |
US Gulf Of Mexico [Member] | Geographic Concentration Risk [Member] | ||
Revenues | $ 160.2 | $ 338.8 |
US Gulf Of Mexico [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | ||
Concentration Risk, Percentage | 84.00% | 84.00% |
ANGOLA | Geographic Concentration Risk [Member] | ||
Revenues | $ 136.2 | $ 169.3 |
ANGOLA | Floaters [Member] | Geographic Concentration Risk [Member] | ||
Concentration Risk, Percentage | 87.00% | 90.00% |
Brazil [Member] | Floaters [Member] | Geographic Concentration Risk [Member] | ||
Revenues | $ 121 | $ 122.7 |
Supplemental Financial Inform50
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 606.1 | $ 611.3 |
Allowance for doubtful accounts | (32.1) | (29.3) |
Accounts receivable, net | 574 | 582 |
Trade [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 590.6 | 595 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 15.5 | $ 16.3 |
Supplemental Financial Inform51
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Inventory | $ 235.4 | $ 235.3 |
Disposal Group, Including Discontinued Operation, Assets, Current | 5.4 | 5.5 |
Prepaid taxes | 49.2 | 73.5 |
Deferred costs | 49.7 | 52.1 |
Prepaid expenses | 12.3 | 20.5 |
Other | 17.8 | 14.9 |
Other current assets | $ 369.8 | $ 401.8 |
Supplemental Financial Inform52
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Prepaid taxes on intercompany transfers of property | $ 34.2 | $ 37.1 |
Deferred costs | 48.4 | 55.8 |
Supplemental executive retirement plan assets | 32.7 | 33.1 |
Deferred tax assets | 61.6 | 94.8 |
Other | 13.2 | 16.8 |
Other Assets, Net | $ 190.1 | $ 237.6 |
Supplemental Financial Inform53
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 189.1 | $ 197.2 |
Personnel costs | 107.7 | 161.6 |
Taxes | 71.5 | 70.8 |
Interest | 32.1 | 88.4 |
Derivative Liability | 10.9 | 21.6 |
Other | 13.1 | 11.3 |
Accrued liabilities and other | $ 424.4 | $ 550.9 |
Supplemental Financial Inform54
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 177.4 | $ 218.6 |
Unrecognized tax benefits (inclusive of interest and penalties) | 157.2 | 149.7 |
Intangible liabilities | 5.8 | 12.6 |
Supplemental executive retirement plan liabilities | 33.8 | 34.4 |
Personnel costs | 11.5 | 17.7 |
Deferred Tax Liabilities, Net, Noncurrent | 9.9 | 4.4 |
Other | 9.6 | 11.8 |
Other liabilities | $ 405.2 | $ 449.2 |
Supplemental Financial Inform55
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Mar. 31, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 7.7 | $ 7.8 |
Derivative Instruments | 16 | 6.6 |
Other | (1.9) | (1.9) |
Accumulated other comprehensive income | $ 21.8 | $ 12.5 |
Supplemental Financial Inform56
Supplemental Financial Information Schedule of Revenues by Major Customer (Details) - Sales Revenue, Services, Net [Member] | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Customer Concentration Risk [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
Customer Concentration Risk [Member] | BP [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 13.00% |
Customer Concentration Risk [Member] | BP [Member] | Floaters [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 76.00% | 85.00% |
Customer Concentration Risk [Member] | Other Customers [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 55.00% | 68.00% |
Customer Concentration Risk [Member] | TOTAL [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 15.00% | 8.00% |
Customer Concentration Risk [Member] | Petrobras [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 16.00% | 11.00% |
US Gulf Of Mexico [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 84.00% | 84.00% |
Supplemental Financial Inform57
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - Geographic Concentration Risk [Member] - Sales Revenue, Services, Net [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 814 | $ 1,163.9 |
US Gulf Of Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 160.2 | 338.8 |
Other Geographic Areas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 322.8 | 412.5 |
ANGOLA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 136.2 | 169.3 |
UNITED KINGDOM | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 73.8 | $ 120.6 |
Floaters [Member] | US Gulf Of Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 84.00% | 84.00% |
Floaters [Member] | ANGOLA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 87.00% | 90.00% |
Floaters [Member] | Brazil [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 121 | $ 122.7 |
Guarantee Of Registered Secur58
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | ||
Senior notes aggregate outstanding principal balance | $ 1,700 | |
8.50% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |
Debt Instrument, Maturity Date | 2,019 | |
6.875% Senior Notes due 2020 | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Debt Instrument, Maturity Date | 2,020 | |
7.875% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% |
Debt Instrument, Maturity Date | 2,040 | |
7.20% Debentures due 2027 | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% |
Debt Instrument, Maturity Date | 2,027 | |
Senior notes aggregate outstanding principal balance | $ 150 |
Guarantee Of Registered Secur59
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | $ 814 | $ 1,163.9 |
Contract drilling (exclusive of depreciation) | 363.7 | 518.3 |
Depreciation | 113.3 | 137.1 |
General and administrative | 23.4 | 30.1 |
OPERATING (LOSS) INCOME | 313.6 | 478.4 |
OTHER INCOME (EXPENSE), NET | (64.6) | (72.6) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 249 | 405.8 |
INCOME TAX PROVISION | 71.4 | 77.7 |
DISCONTINUED OPERATIONS, NET | (0.9) | (0.2) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 |
NET INCOME | 176.7 | 327.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
NET INCOME ATTRIBUTABLE TO ENSCO | 175.3 | 324.7 |
Ensco Plc [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 7.2 | 8.7 |
Contract drilling (exclusive of depreciation) | 7.2 | 6.8 |
Depreciation | 0 | 0.1 |
General and administrative | 6.2 | 13.3 |
OPERATING (LOSS) INCOME | (6.2) | (11.5) |
OTHER INCOME (EXPENSE), NET | (36.8) | (59.9) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (43) | (71.4) |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 218.3 | 396.1 |
NET INCOME | 175.3 | 324.7 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | 175.3 | 324.7 |
ENSCO International Inc. [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 35.6 | 34.8 |
Contract drilling (exclusive of depreciation) | 35.7 | 34.8 |
Depreciation | 4.3 | 2.5 |
General and administrative | 0.1 | 0.1 |
OPERATING (LOSS) INCOME | (4.5) | (2.6) |
OTHER INCOME (EXPENSE), NET | 1.6 | (16.8) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2.9) | (19.4) |
INCOME TAX PROVISION | 31 | 13.8 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 33.5 | 45.2 |
NET INCOME | (0.4) | 12 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | (0.4) | 12 |
Pride International, Inc. [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 0 | 0 |
Contract drilling (exclusive of depreciation) | 0 | 0 |
Depreciation | 0 | 0 |
General and administrative | 0 | 0 |
OPERATING (LOSS) INCOME | 0 | 0 |
OTHER INCOME (EXPENSE), NET | (19.1) | (15.9) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (19.1) | (15.9) |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 53.6 | 63.9 |
NET INCOME | 34.5 | 48 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | 34.5 | 48 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 843.3 | 1,191.6 |
Contract drilling (exclusive of depreciation) | 392.9 | 547.9 |
Depreciation | 109 | 134.5 |
General and administrative | 17.1 | 16.7 |
OPERATING (LOSS) INCOME | 324.3 | 492.5 |
OTHER INCOME (EXPENSE), NET | (10.3) | 20 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 314 | 512.5 |
INCOME TAX PROVISION | 40.4 | 63.9 |
DISCONTINUED OPERATIONS, NET | (0.9) | (0.2) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 |
NET INCOME | 272.7 | 448.4 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
NET INCOME ATTRIBUTABLE TO ENSCO | 271.3 | 445.2 |
Consolidating Adjustments [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | (72.1) | (71.2) |
Contract drilling (exclusive of depreciation) | (72.1) | (71.2) |
Depreciation | 0 | 0 |
General and administrative | 0 | 0 |
OPERATING (LOSS) INCOME | 0 | 0 |
OTHER INCOME (EXPENSE), NET | 0 | 0 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0 | 0 |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (305.4) | (505.2) |
NET INCOME | (305.4) | (505.2) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (305.4) | $ (505.2) |
Guarantee Of Registered Secur60
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
NET INCOME | $ 176.7 | $ 327.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 3.5 | (17.4) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 5.9 | 5 |
Other | (0.1) | 2.6 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 9.3 | (9.8) |
COMPREHENSIVE INCOME | 186 | 318.1 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 184.6 | 314.9 |
Ensco Plc [Member] | ||
NET INCOME | 175.3 | 324.7 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0 | 0 |
COMPREHENSIVE INCOME | 175.3 | 324.7 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 175.3 | 324.7 |
ENSCO International Inc. [Member] | ||
NET INCOME | (0.4) | 12 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 3.5 | (17.4) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 5.9 | 5 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 9.4 | (12.4) |
COMPREHENSIVE INCOME | 9 | (0.4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 9 | (0.4) |
Pride International, Inc. [Member] | ||
NET INCOME | 34.5 | 48 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | $ 0 | 0 |
Other | 0 | |
NET OTHER COMPREHENSIVE (LOSS) INCOME | $ 0 | 0 |
COMPREHENSIVE INCOME | 34.5 | 48 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 34.5 | 48 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
NET INCOME | 272.7 | 448.4 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | (0.1) | 2.6 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (0.1) | 2.6 |
COMPREHENSIVE INCOME | 272.6 | 451 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.4) | (3.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 271.2 | 447.8 |
Consolidating Adjustments [Member] | ||
NET INCOME | (305.4) | (505.2) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0 | 0 |
COMPREHENSIVE INCOME | (305.4) | (505.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (305.4) | $ (505.2) |
Guarantee Of Registered Secur61
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 1,084,000,000 | $ 121,300,000 | $ 887,800,000 | $ 664,800,000 |
Short-term Investments | 295,000,000 | 1,180,000,000 | ||
Accounts receivable, net | 574,000,000 | 582,000,000 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 369,800,000 | 401,800,000 | ||
Total current assets | 2,322,800,000 | 2,285,100,000 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,841,200,000 | 12,719,400,000 | ||
Less accumulated depreciation | 1,744,100,000 | 1,631,600,000 | ||
Property and equipment, net | 11,097,100,000 | 11,087,800,000 | 12,725,300,000 | |
DUE FROM AFFILIATES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 190,100,000 | 237,600,000 | ||
TOTAL ASSETS | 13,610,000,000 | 13,610,500,000 | ||
Accounts payable and accrued liabilities | 637,400,000 | 775,500,000 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 870,000,000 | 0 | ||
Total current liabilities | 1,507,400,000 | 775,500,000 | ||
Due to Affiliate, Noncurrent | 0 | 0 | ||
DUE TO AFFILIATES | 0 | 0 | ||
LONG-TERM DEBT | 4,991,000,000 | 5,868,600,000 | ||
OTHER LIABILITIES | 405,200,000 | 449,200,000 | ||
ENSCO SHAREHOLDERS' EQUITY | 6,700,700,000 | 6,512,900,000 | ||
NONCONTROLLING INTERESTS | 5,700,000 | 4,300,000 | ||
Total equity | 6,706,400,000 | 6,517,200,000 | ||
Total liabilities and shareholders' equity | 13,610,000,000 | 13,610,500,000 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 1,049,700,000 | 94,000,000 | 286,500,000 | 287,400,000 |
Short-term Investments | 295,000,000 | 1,180,000,000 | ||
Accounts receivable, net | 1,100,000 | 1,200,000 | ||
Accounts receivable from affiliates | 698,400,000 | 808,700,000 | ||
Other | 100,000 | 200,000 | ||
Total current assets | 2,044,300,000 | 2,084,100,000 | ||
PROPERTY AND EQUIPMENT, AT COST | 1,800,000 | 1,800,000 | ||
Less accumulated depreciation | 1,800,000 | 1,800,000 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 1,315,300,000 | 1,303,700,000 | ||
INVESTMENTS IN AFFILIATES | 7,978,800,000 | 7,743,800,000 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 11,338,400,000 | 11,131,600,000 | ||
Accounts payable and accrued liabilities | 53,600,000 | 60,700,000 | ||
Accounts payable to affiliates | 32,900,000 | 19,400,000 | ||
Current maturities of long-term debt | 665,100,000 | 0 | ||
Total current liabilities | 751,600,000 | 80,100,000 | ||
Due to Affiliate, Noncurrent | 761,400,000 | 751,900,000 | ||
DUE TO AFFILIATES | 0 | 0 | ||
LONG-TERM DEBT | 3,119,000,000 | 3,782,400,000 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | 6,706,400,000 | 6,517,200,000 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 6,706,400,000 | 6,517,200,000 | ||
Total liabilities and shareholders' equity | 11,338,400,000 | 11,131,600,000 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 735,200,000 | 237,300,000 | ||
Other | 16,300,000 | 229,300,000 | ||
Total current assets | 751,500,000 | 466,600,000 | ||
PROPERTY AND EQUIPMENT, AT COST | 117,500,000 | 117,500,000 | ||
Less accumulated depreciation | 52,000,000 | 47,700,000 | ||
Property and equipment, net | 65,500,000 | 69,800,000 | ||
DUE FROM AFFILIATES | 5,018,500,000 | 5,270,000,000 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 41,100,000 | 43,100,000 | ||
TOTAL ASSETS | 5,876,600,000 | 5,849,500,000 | ||
Accounts payable and accrued liabilities | 23,400,000 | 69,600,000 | ||
Accounts payable to affiliates | 674,200,000 | 176,300,000 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 697,600,000 | 245,900,000 | ||
Due to Affiliate, Noncurrent | 4,096,800,000 | 4,354,300,000 | ||
DUE TO AFFILIATES | 372,500,000 | 442,000,000 | ||
LONG-TERM DEBT | 149,100,000 | 149,000,000 | ||
OTHER LIABILITIES | 169,000,000 | 135,700,000 | ||
ENSCO SHAREHOLDERS' EQUITY | 391,600,000 | 522,600,000 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 391,600,000 | 522,600,000 | ||
Total liabilities and shareholders' equity | 5,876,600,000 | 5,849,500,000 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 2,000,000 | 2,000,000 | 249,400,000 | 90,800,000 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 2,000,000 | 2,000,000 | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 2,039,200,000 | 2,035,500,000 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 2,041,200,000 | 2,037,500,000 | ||
Accounts payable and accrued liabilities | 24,100,000 | 34,800,000 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 204,900,000 | 0 | ||
Total current liabilities | 229,000,000 | 34,800,000 | ||
Due to Affiliate, Noncurrent | 1,806,600,000 | 1,763,700,000 | ||
DUE TO AFFILIATES | 1,225,800,000 | 1,319,300,000 | ||
LONG-TERM DEBT | 1,722,900,000 | 1,937,200,000 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | (2,943,100,000) | (3,017,500,000) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (2,943,100,000) | (3,017,500,000) | ||
Total liabilities and shareholders' equity | 2,041,200,000 | 2,037,500,000 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 32,300,000 | 25,300,000 | 351,900,000 | 286,600,000 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 572,900,000 | 580,800,000 | ||
Accounts receivable from affiliates | 648,600,000 | 148,100,000 | ||
Other | 353,400,000 | 172,300,000 | ||
Total current assets | 1,607,200,000 | 926,500,000 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,721,900,000 | 12,600,100,000 | ||
Less accumulated depreciation | 1,690,300,000 | 1,582,100,000 | ||
Property and equipment, net | 11,031,600,000 | 11,018,000,000 | ||
DUE FROM AFFILIATES | 6,664,800,000 | 6,869,900,000 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 308,200,000 | 324,900,000 | ||
TOTAL ASSETS | 19,611,800,000 | 19,139,300,000 | ||
Accounts payable and accrued liabilities | 536,300,000 | 610,400,000 | ||
Accounts payable to affiliates | 1,375,100,000 | 998,400,000 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 1,911,400,000 | 1,608,800,000 | ||
Due to Affiliate, Noncurrent | 8,373,000,000 | 8,609,200,000 | ||
DUE TO AFFILIATES | 0 | 0 | ||
LONG-TERM DEBT | 0 | 0 | ||
OTHER LIABILITIES | 395,400,000 | 443,900,000 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,926,300,000 | 8,473,100,000 | ||
NONCONTROLLING INTERESTS | 5,700,000 | 4,300,000 | ||
Total equity | 8,932,000,000 | 8,477,400,000 | ||
Total liabilities and shareholders' equity | 19,611,800,000 | 19,139,300,000 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | (2,082,200,000) | (1,194,100,000) | ||
Other | 0 | 0 | ||
Total current assets | (2,082,200,000) | (1,194,100,000) | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | (15,037,800,000) | (15,479,100,000) | ||
INVESTMENTS IN AFFILIATES | (7,978,800,000) | (7,743,800,000) | ||
OTHER ASSETS, NET | (159,200,000) | (130,400,000) | ||
TOTAL ASSETS | (25,258,000,000) | (24,547,400,000) | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable to affiliates | (2,082,200,000) | (1,194,100,000) | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (2,082,200,000) | (1,194,100,000) | ||
Due to Affiliate, Noncurrent | (15,037,800,000) | (15,479,100,000) | ||
DUE TO AFFILIATES | (1,598,300,000) | (1,761,300,000) | ||
LONG-TERM DEBT | 0 | 0 | ||
OTHER LIABILITIES | (159,200,000) | (130,400,000) | ||
ENSCO SHAREHOLDERS' EQUITY | (6,380,500,000) | (5,982,500,000) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (6,380,500,000) | (5,982,500,000) | ||
Total liabilities and shareholders' equity | $ (25,258,000,000) | $ (24,547,400,000) |
Guarantee Of Registered Secur62
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 233,100,000 | $ 467,700,000 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (158,100,000) | (397,100,000) |
Proceeds from Sale of Short-term Investments | 965,000,000 | 12,000,000 |
Payments for (Proceeds from) Short-term Investments | (80,000,000) | 0 |
Other | 100,000 | 400,000 |
Net cash provided by (used in) investing activities of continuing operations | 727,000,000 | (384,700,000) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,078,700,000 |
Cash dividends paid | (2,400,000) | (35,200,000) |
Payments of Debt Extinguishment Costs | 0 | (23,400,000) |
Payments of Financing Costs | 0 | (8,900,000) |
Reduction of long-term borrowings | 0 | (861,700,000) |
Advances from (to) affiliates | 0 | 0 |
Other | (500,000) | (1,300,000) |
Net cash provided by (used in) financing activities | (2,900,000) | 148,200,000 |
DISCONTINUED OPERATIONS | ||
Operating activities | 5,600,000 | (8,700,000) |
Investing activities | 0 | 400,000 |
Net cash provided by discontinued operations | 5,600,000 | (8,300,000) |
Effect of exchange rate changes on cash and cash equivalents | (100,000) | 100,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 962,700,000 | 223,000,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 121,300,000 | 664,800,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,084,000,000 | 887,800,000 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (46,300,000) | (35,400,000) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | 0 |
Proceeds from Sale of Short-term Investments | 965,000,000 | 0 |
Payments for (Proceeds from) Short-term Investments | (80,000,000) | |
Other | 0 | 0 |
Net cash provided by (used in) investing activities of continuing operations | 885,000,000 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,078,700,000 |
Cash dividends paid | (2,400,000) | (35,200,000) |
Payments of Debt Extinguishment Costs | 0 | (23,400,000) |
Payments of Financing Costs | 0 | (8,900,000) |
Reduction of long-term borrowings | 0 | 854,600,000 |
Advances from (to) affiliates | 119,800,000 | (121,100,000) |
Other | (400,000) | (1,000,000) |
Net cash provided by (used in) financing activities | 117,000,000 | 34,500,000 |
DISCONTINUED OPERATIONS | ||
Operating activities | 0 | 0 |
Investing activities | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 955,700,000 | (900,000) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94,000,000 | 287,400,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,049,700,000 | 286,500,000 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 700,000 | (10,800,000) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | (5,100,000) |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Payments for (Proceeds from) Short-term Investments | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) investing activities of continuing operations | 0 | (5,100,000) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 |
Cash dividends paid | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | 0 |
Payments of Financing Costs | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Advances from (to) affiliates | (700,000) | 15,900,000 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | (700,000) | 15,900,000 |
DISCONTINUED OPERATIONS | ||
Operating activities | 0 | 0 |
Investing activities | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0 | 0 |
Pride International, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (39,200,000) | (36,300,000) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | 0 |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Payments for (Proceeds from) Short-term Investments | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 |
Cash dividends paid | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | 0 |
Payments of Financing Costs | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Advances from (to) affiliates | 39,200,000 | 194,900,000 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 39,200,000 | 194,900,000 |
DISCONTINUED OPERATIONS | ||
Operating activities | 0 | 0 |
Investing activities | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 158,600,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2,000,000 | 90,800,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 2,000,000 | 249,400,000 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 317,900,000 | 550,200,000 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (158,100,000) | (392,000,000) |
Proceeds from Sale of Short-term Investments | 0 | 12,000,000 |
Payments for (Proceeds from) Short-term Investments | 0 | |
Other | 100,000 | 400,000 |
Net cash provided by (used in) investing activities of continuing operations | (158,000,000) | (379,600,000) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 |
Cash dividends paid | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | 0 |
Payments of Financing Costs | 0 | 0 |
Reduction of long-term borrowings | 0 | (7,100,000) |
Advances from (to) affiliates | (158,300,000) | (89,700,000) |
Other | (100,000) | (300,000) |
Net cash provided by (used in) financing activities | (158,400,000) | (97,100,000) |
DISCONTINUED OPERATIONS | ||
Operating activities | 5,600,000 | (8,700,000) |
Investing activities | 0 | 400,000 |
Net cash provided by discontinued operations | 5,600,000 | (8,300,000) |
Effect of exchange rate changes on cash and cash equivalents | (100,000) | 100,000 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,000,000 | 65,300,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 25,300,000 | 286,600,000 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 32,300,000 | 351,900,000 |
Consolidating Adjustments [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0 | 0 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | 0 |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Payments for (Proceeds from) Short-term Investments | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 0 |
Cash dividends paid | 0 | 0 |
Payments of Debt Extinguishment Costs | 0 | 0 |
Payments of Financing Costs | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Advances from (to) affiliates | 0 | 0 |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 0 | 0 |
DISCONTINUED OPERATIONS | ||
Operating activities | 0 | 0 |
Investing activities | 0 | 0 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 0 | $ 0 |