Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 22, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
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 | 301,337,497 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $ 909.6 | $ 1,059 | $ 1,723.6 | $ 2,222.9 |
OPERATING EXPENSES | ||||
Contract drilling (exclusive of depreciation) | 350.2 | 502.6 | 713.9 | 1,020.9 |
Depreciation | 112.4 | 140.5 | 225.7 | 277.6 |
General and administrative | 27.4 | 29.7 | 50.8 | 59.8 |
Total operating expenses | 490 | 672.8 | 990.4 | 1,358.3 |
OPERATING (LOSS) INCOME | 419.6 | 386.2 | 733.2 | 864.6 |
OTHER INCOME (EXPENSE) | ||||
Interest income | 2.5 | 3.4 | 4.8 | 5.8 |
Interest expense, net | (54) | (51.2) | (119.1) | (103.6) |
Other, net | 261.4 | (7.6) | 259.6 | (30.2) |
Other income (expense), net | 209.9 | (55.4) | 145.3 | (128) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 629.5 | 330.8 | 878.5 | 736.6 |
PROVISION FOR INCOME TAXES | ||||
Current income tax expense | 48.6 | 43.9 | 86.7 | 106.6 |
Deferred income tax (benefit) expense | (11.9) | 14.1 | 21.4 | 29.1 |
Total provision for income taxes | 36.7 | 58 | 108.1 | 135.7 |
INCOME FROM CONTINUING OPERATIONS | 592.8 | 272.8 | 770.4 | 600.9 |
DISCONTINUED OPERATIONS | ||||
Discontinued operations, net | 0.2 | 10.1 | 1.1 | 10.3 |
NET INCOME | 592.6 | 262.7 | 769.3 | 590.6 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ 590.6 | $ 260.3 | $ 765.9 | $ 585 |
EARNINGS PER SHARE - BASIC AND DILUTED | ||||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ 2.04 | $ 1.15 | $ 2.92 | $ 2.53 |
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share | 0 | (0.04) | 0 | (0.04) |
Earnings Per Share, Basic and Diluted | $ 2.04 | $ 1.11 | $ 2.92 | $ 2.49 |
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ 580.8 | $ 256.7 | $ 753.9 | $ 577.7 |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||
Basic (in shares) | 284.6 | 232.1 | 258.5 | 232 |
Diluted (in shares) | 284.6 | 232.2 | 258.5 | 232.1 |
CASH DIVIDENDS PER SHARE (in dollars per share) | $ 0.010 | $ 0.150 | $ 0.020 | $ 0.300 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME | $ 592.6 | $ 262.7 | $ 769.3 | $ 590.6 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET | ||||
Net change in fair value of derivatives | (4.1) | 8.7 | (0.6) | (8.7) |
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | 2 | 5.1 | 7.9 | 10.1 |
Other | 0.1 | (1.3) | 0 | 1.3 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (2) | 12.5 | 7.3 | 2.7 |
COMPREHENSIVE INCOME | 590.6 | 275.2 | 776.6 | 593.3 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ 588.6 | $ 272.8 | $ 773.2 | $ 587.7 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Tax Liabilities, Net, Noncurrent | $ 8.7 | $ 4.4 |
CURRENT ASSETS | ||
Cash and cash equivalents | 790.3 | 121.3 |
Short-term Investments | 1,010 | 1,180 |
Accounts receivable, net | 408 | 582 |
Other | 346.4 | 401.8 |
Total current assets | 2,554.7 | 2,285.1 |
PROPERTY AND EQUIPMENT, AT COST | 12,877.2 | 12,719.4 |
Less accumulated depreciation | 1,856 | 1,631.6 |
Property and equipment, net | 11,021.2 | 11,087.8 |
OTHER ASSETS, NET | 189.1 | 237.6 |
TOTAL ASSETS | 13,765 | 13,610.5 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 152.3 | 224.6 |
Accrued liabilities and other | 458.5 | 550.9 |
Total current liabilities | 610.8 | 775.5 |
LONG-TERM DEBT | 4,905.6 | 5,868.6 |
OTHER LIABILITIES | 361.7 | 449.2 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 6,148.9 | 5,554.5 |
Retained earnings | 1,746 | 985.3 |
Accumulated other comprehensive income | 19.8 | 12.5 |
Treasury shares, at cost | (65.8) | (63.8) |
Total Ensco shareholders' equity | 7,879.9 | 6,512.9 |
NONCONTROLLING INTERESTS | 7 | 4.3 |
Total equity | 7,886.9 | 6,517.2 |
Total liabilities and shareholders' equity | 13,765 | 13,610.5 |
Class A ordinary shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 30.9 | 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) | Jun. 30, 2016£ / sharesshares | Jun. 30, 2016$ / sharesshares | Dec. 31, 2015£ / sharesshares | Dec. 31, 2015$ / sharesshares |
Treasury shares, shares held (in shares) | 7,100,000 | 7,100,000 | 7,600,000 | 7,600,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.1 | $ 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) | 308,500,000 | 308,500,000 | 242,900,000 | 242,900,000 |
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 | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net income | $ 769.3 | $ 590.6 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Discontinued operations, net | 1.1 | 10.3 |
Depreciation expense | 225.7 | 277.6 |
Deferred income tax (benefit) expense | 21.4 | 29.1 |
Share-based compensation expense | 18.6 | 23 |
Amortization of Debt Discount (Premium) | (11.2) | (13) |
Gain (Loss) on Extinguishment of Debt | 260.8 | (33.5) |
Other | (5.5) | (9.9) |
Changes in operating assets and liabilities | 41.6 | (50.2) |
Net cash provided by operating activities of continuing operations | 800.2 | 891 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (209.4) | (913.9) |
Maturities of short-term investments | 1,032 | 757.3 |
Payments to Acquire Marketable Securities | (862) | (650) |
Other | 7.6 | 1.1 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (31.8) | (805.5) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,078.7 |
Cash dividends paid | (5.5) | (70.5) |
Reduction of long-term borrowings | (684.8) | (1,058) |
Proceeds from Issuance or Sale of Equity | 585.5 | 0 |
Payments of Debt Issuance Costs | 0 | (10.5) |
Payments of Debt Extinguishment Costs | 0 | (30.3) |
Other | (1.9) | (6.8) |
Net cash provided by (used in) financing activities | (106.7) | (97.4) |
DISCONTINUED OPERATIONS | ||
Operating activities | 1.4 | (4.2) |
Investing activities | 6.3 | (0.6) |
Net cash provided by discontinued operations | 7.7 | (4.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0.2 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 669 | (16.5) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 121.3 | 664.8 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 790.3 | $ 648.3 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 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 three-month and six-month periods ended June 30, 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, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the three-month and six-month periods ended June 30, 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 and our quarterly report on Form 10-Q filed with the SEC on April 28, 2016 . Operating Revenues and Expenses During the three-month and six-month periods ended June 30, 2016, operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations and $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby our customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. The ENSCO 8503 contract was originally scheduled to expire in August 2017. 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. 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 2015-15"), 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. During 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"), Accounting Standards Update 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("Update 2016-10") and Account Standards Update 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"). The amendments in Update 2016-08, 2016-10 and 2016-12 do not change the core principle of Update 2014-09 but instead clarify the implementation guidance on principle versus agent considerations, identify performance obligations and the licensing implementation guidance, and provide narrow-scope improvements, 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 | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy table categorizes information regarding our financial assets and liabilities 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 June 30, 2016 Supplemental executive retirement plan assets $ 33.3 $ — $ — $ 33.3 Total financial assets $ 33.3 $ — $ — $ 33.3 Derivatives, net $ — $ (8.5 ) $ — $ (8.5 ) Total financial liabilities $ — $ (8.5 ) $ — $ (8.5 ) 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 long-term debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 506.5 $ 467.0 $ 566.4 $ 510.2 6.875% Senior notes due 2020 829.1 747.6 990.9 850.5 4.70% Senior notes due 2021 767.1 653.4 1,476.7 1,254.0 4.50% Senior notes due 2024 618.3 427.0 619.7 417.4 5.20% Senior notes due 2025 662.4 465.2 692.5 505.2 7.20% Debentures due 2027 149.1 115.9 149.1 133.5 7.875% Senior notes due 2040 379.1 210.0 379.8 244.0 5.75% Senior notes due 2044 994.0 620.9 993.5 707.1 Total $ 4,905.6 $ 3,707.0 $ 5,868.6 $ 4,621.9 The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in the carrying value of long-term debt instruments from December 31, 2015 to June 30, 2016 is due to debt repurchases as discussed in "Note 6 - Debt." 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 June 30, 2016 and December 31, 2015 . Our short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year as of each respective balance sheet date. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 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. 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 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 derivative fair value depends on the use of the derivative and whether it qualifies for hedge accounting. Net liabilities of $8.5 million and $19.7 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of June 30, 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 June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 5.0 $ .6 $ 12.7 $ 20.7 Foreign currency forward contracts - non-current (2) 1.0 .2 1.1 1.5 6.0 .8 13.8 22.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 1.5 2.6 2.2 .9 1.5 2.6 2.2 .9 Total $ 7.5 $ 3.4 $ 16.0 $ 23.1 (1) Derivative assets and liabilities with 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 with 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 June 30, 2016 , we had cash flow hedges outstanding to exchange an aggregate $230.3 million for various foreign currencies, including $107.6 million for British pounds, $43.6 million for Australian dollars, $33.8 million for Euros, $28.3 million for Brazilian reais and $17.0 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income were as follows (in millions): Three Months Ended June 30, 2016 and 2015 (Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Gain 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) $ — $ — $ — $ (.4 ) $ — $ — Foreign currency forward contracts (4) (4.1 ) 8.7 (2.0 ) (4.7 ) .8 .3 Total $ (4.1 ) $ 8.7 $ (2.0 ) $ (5.1 ) $ .8 $ .3 Six Months Ended June 30, 2016 and 2015 Loss Recognized in Other Comprehensive Income (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) Gain 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 ) $ (.5 ) $ — $ — Foreign currency forward contracts (5) (.6 ) (8.7 ) (7.8 ) (9.6 ) 1.9 .2 Total $ (.6 ) $ (8.7 ) $ (7.9 ) $ (10.1 ) $ 1.9 $ .2 (1) Changes in the effective portion of cash flow hedge fair values 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 operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the three-month period ended June 30, 2016 , $2.2 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 operations. During the three-month period ended June 30, 2015 , $4.9 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 operations. (5) During the six-month period ended June 30, 2016 , $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2015 , $10.0 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of June 30, 2016 , we held derivatives not designated as hedging instruments to exchange an aggregate $145.2 million for various foreign currencies, including $78.2 million for euros, $16.9 million for British pounds, $16.0 million for Swiss francs, $12.5 million for Indonesian rupiah, $9.9 million for Brazilian reais and $11.7 million for other currencies. Net losses of $3.5 million and net gains of $4.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three-month periods ended June 30, 2016 and 2015 , respectively. Net gains of $900,000 and net losses of $9.0 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the six-month periods ended June 30, 2016 and 2015 , respectively. These gains and losses were largely offset by net foreign currency exchange gains and losses during the respective periods. As of June 30, 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 $4.6 million . |
Noncontrolling Interests (Notes
Noncontrolling Interests (Notes) | 6 Months Ended |
Jun. 30, 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 operations. Income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2016 and 2015 was as follows (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income from continuing operations $ 592.8 $ 272.8 $ 770.4 $ 600.9 Income from continuing operations attributable to noncontrolling interests (2.0 ) (2.4 ) (3.4 ) (5.6 ) Income from continuing operations attributable to Ensco $ 590.8 $ 270.4 $ 767.0 $ 595.3 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income from continuing operations attributable to Ensco $ 590.8 $ 270.4 $ 767.0 $ 595.3 Income from continuing operations allocated to non-vested share awards (9.8 ) (3.7 ) (12.0 ) (7.4 ) Income from continuing operations attributable to Ensco shares $ 581.0 $ 266.7 $ 755.0 $ 587.9 The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Weighted-average shares - basic 284.6 232.1 258.5 232.0 Potentially dilutive shares — .1 — .1 Weighted-average shares - diluted 284.6 232.2 258.5 232.1 Antidilutive share awards totaling 500,000 and 600,000 were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2016 . Antidilutive share awards totaling 500,000 were excluded from the computation of diluted EPS for the three-month and six-month ended June 30, 2015 . |
Debt (Notes)
Debt (Notes) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Instruments [Abstract] | |
Debt Disclosure [Text Block] | Debt Tender Offers and Open Market Repurchases In March 2016, we launched cash tender offers (the "Tender Offers") to repurchase up to $750.0 million aggregate purchase price of our outstanding debt. The Tender Offers expired on April 1, 2016. We received tenders totaling $860.7 million for an aggregate purchase price of $622.3 million . In April, we used cash on-hand to settle the tendered debt. In addition, during the second quarter, we repurchased $79.5 million of our 4.70% Senior Notes due 2021 for $ 62.5 million on the open market. Our Tender Offers and open market repurchases during the quarter were as follows (in millions): Aggregate Principal Amount Purchased Aggregate Purchase Price (1) 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 722.0 525.1 27.3 % 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 $ 940.2 $ 684.8 27.2 % (1) Excludes accrued interest paid to holders who tendered in connection with the Tender Offers. During the second quarter, we recognized a pre-tax gain from debt extinguishment of $260.8 million included in other, net, in our consolidated statements of operations, related to the Tender Offers and open market repurchases, net of discounts, premiums, debt issuance costs and transaction costs. After giving effect to the Tender Offers and open market repurchases, our next debt maturity is $454.3 million during 2019, followed by $759.9 million , $778.0 million , $623.2 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 rating. In February, Moody’s announced a downgrade of our credit rating to B1, which is below investment grade. Following the downgrade, the applicable margin rates are 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances. Our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment. In July, Standard & Poor's downgraded our credit rating one notch to BBB-, which maintains our investment grade rating with the rating agency. As previous rating actions resulted in the highest applicable margin rate and commitment fees under our Credit Facility, the July downgrade does 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 current credit ratings. Our access to credit and capital markets depends on the credit ratings assigned to our debt. 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 June 30, 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 June 30, 2016 and December 31, 2015 . |
Shareholders' Equity (Notes)
Shareholders' Equity (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 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 $585.5 million . The offering resulted in an increase in Class A ordinary shares and Additional Paid in Capital on our condensed consolidated balance sheet of $6.6 million and $578.9 million , respectively. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | During the quarter ended June 30, 2016 , we granted 3.4 million non-vested share units to our employees pursuant to our 2012 Long-Term Incentive Plan, which will be settled in cash upon vesting. Grants of our non-vested share units generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. The non-vested share units have dividend rights effective on the date of grant. Compensation expense for awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. The weighted-average grant date fair value for our non-vested share units to be settled in cash that were granted during the quarter ended June 30, 2016 was $9.65 . |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations The following table summarizes loss from discontinued operations, net, for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues $ — $ 8.1 $ — $ 17.7 Operating expenses 1.6 11.3 2.4 33.2 Operating loss (1.6 ) (3.2 ) (2.4 ) (15.5 ) Income tax benefit (expense) 0.4 (2.9 ) 0.3 9.2 Loss on impairment, net — (7.2 ) — (7.2 ) Gain on disposal of discontinued operations, net 1.0 3.2 1.0 3.2 Loss from discontinued operations, net $ (.2 ) $ (10.1 ) $ (1.1 ) $ (10.3 ) During the second quarter of 2016, we sold ENSCO DS-2, ENSCO 6000 and ENSCO 58 for scrap value resulting in a net pre-tax gain on sale of $1.2 million included in loss from discontinued operations, net, on our condensed consolidated statements of operations. ENSCO 7500 and ENSCO 90 remain classified as held-for-sale on our June 30, 2016 condensed consolidated balance sheet and are included in discontinued operations. For the three-month and six-month periods ended June 30, 2015, loss from discontinued operations, net, included the operating results of ENSCO 93 and ENSCO 58, stacking costs for uncontracted rigs included in discontinued operations, a pre-tax impairment of $7.2 million on ENSCO 6000 and a pre-tax gain of $1.6 million on the sale of ENSCO 5002. A discrete tax benefit of $13.3 million was included in loss from discontinued operations, net, in the first quarter of 2015. Debt and interest expense are not allocated to our discontinued operations. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes Our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2016 was 5.8% and 12.3% , respectively. Excluding the impact of discrete tax items, our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2016 was 19.9% and 24.3% , respectively. Discrete tax items for the three-month period ended June 30, 2016 resulted primarily from the gain on debt extinguishment, income from the ENSCO DS-9 lump-sum consideration and restructuring transactions involving certain of our subsidiaries. Our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2015 was 17.5% and 18.4% , respectively. There were no material discrete tax items for the three-month period ended June 30, 2015 . Excluding the impact of discrete income tax items for the six-month period ended June 30, 2015 , our consolidated effective income tax rate was 17.5% . These discrete tax items were primarily attributable to the recognition of liabilities for unrecognized tax benefits associated with tax positions taken in prior years. The increase in our consolidated effective tax rate, excluding discrete items, for the three-month and six-month periods ended June 30, 2016 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, partially offset by the impact of restructuring transactions involving certain of our subsidiaries. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | nducting 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 improper payments from SHI for employees of Petrobras 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. 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 June 30, 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. Petrobras subsequently filed a counterclaim seeking restitution of certain sums paid under the DSA less value received by Petrobras under the DSA. 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 46 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 dismissed. The settlement documents for approximately 13 individual plaintiffs continue 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 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 June 30, 2016 totaled $72.3 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 June 30, 2016 , we were not required to make collateral deposits with respect to these agreements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 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 three-month and six-month periods ended 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 are included in "Reconciling Items." We measure segment assets as property and equipment. Three Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 636.4 $ 251.3 $ 21.9 $ 909.6 $ — $ 909.6 Operating expenses Contract drilling (exclusive of depreciation) 208.6 122.3 19.3 350.2 — 350.2 Depreciation 77.8 30.1 — 107.9 4.5 112.4 General and administrative — — — — 27.4 27.4 Operating income $ 350.0 $ 98.9 $ 2.6 $ 451.5 $ (31.9 ) $ 419.6 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Three Months Ended June 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 634.3 $ 384.1 $ 40.6 $ 1,059.0 $ — $ 1,059.0 Operating expenses Contract drilling (exclusive of depreciation) 277.7 192.7 32.2 502.6 — 502.6 Depreciation 94.4 43.6 — 138.0 2.5 140.5 General and administrative — — — — 29.7 29.7 Operating income $ 262.2 $ 147.8 $ 8.4 $ 418.4 $ (32.2 ) $ 386.2 Property and equipment, net $ 9,870.7 $ 3,223.4 $ — $ 13,094.1 $ 75.8 $ 13,169.9 Six Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,149.0 $ 529.2 $ 45.4 $ 1,723.6 $ — $ 1,723.6 Operating expenses Contract drilling (exclusive of depreciation) 419.9 256.8 37.2 713.9 — 713.9 Depreciation 158.1 58.7 — 216.8 8.9 225.7 General and administrative — — — — 50.8 50.8 Operating income $ 571.0 $ 213.7 $ 8.2 $ 792.9 $ (59.7 ) $ 733.2 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Six Months Ended June 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,329.3 $ 812.4 $ 81.2 $ 2,222.9 $ — $ 2,222.9 Operating expenses Contract drilling (exclusive of depreciation) 571.2 384.2 65.5 1,020.9 — 1,020.9 Depreciation 187.4 85.1 — 272.5 5.1 277.6 General and administrative — — — — 59.8 59.8 Operating income $ 570.7 $ 343.1 $ 15.7 $ 929.5 $ (64.9 ) $ 864.6 Property and equipment, net $ 9,870.7 $ 3,223.4 $ — $ 13,094.1 $ 75.8 $ 13,169.9 Information about Geographic Areas As of June 30, 2016 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 9 7 16 Europe & Mediterranean 4 11 15 Middle East & Africa 2 11 13 Asia & Pacific Rim 4 7 11 Asia & Pacific Rim (under construction) 1 1 2 Middle East & Africa (under construction) — 2 2 Held-for-sale 1 1 2 Total 21 40 61 (1) We provide management services on two rigs owned by third-parties not included in the table above. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 415.8 $ 595.0 Other 16.7 16.3 432.5 611.3 Allowance for doubtful accounts (24.5 ) (29.3 ) $ 408.0 $ 582.0 Other current assets consisted of the following (in millions): June 30, December 31, Inventory $ 231.4 $ 235.3 Prepaid taxes 50.0 73.5 Deferred costs 40.2 52.1 Prepaid expenses 8.0 20.5 Assets held-for-sale 1.8 5.5 Other 15.0 14.9 $ 346.4 $ 401.8 Other assets, net, consisted of the following (in millions): June 30, December 31, Deferred tax assets $ 69.8 $ 94.8 Deferred costs 42.6 55.8 Prepaid taxes on intercompany transfers of property 33.8 37.1 Supplemental executive retirement plan assets 33.3 33.1 Other 9.6 16.8 $ 189.1 $ 237.6 Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Deferred revenue $ 172.9 $ 197.2 Personnel costs 104.2 161.6 Taxes 79.6 70.8 Accrued interest 74.3 88.4 Derivative liabilities 14.9 21.6 Other 12.6 11.3 $ 458.5 $ 550.9 Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 153.4 $ 149.7 Deferred revenue 143.5 218.6 Supplemental executive retirement plan liabilities 34.5 34.4 Personnel costs 11.4 17.7 Deferred tax liabilities 8.7 4.4 Other 10.2 24.4 $ 361.7 $ 449.2 Accumulated other comprehensive income consisted of the following (in millions): June 30, December 31, Currency translation adjustment $ 7.6 $ 7.8 Derivative instruments 13.9 6.6 Other (1.7 ) (1.9 ) $ 19.8 $ 12.5 Concentration of Risk We are exposed to credit risk relating 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 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 three-month and six-month periods ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 ConocoPhillips (1) 23 % 3 % 15 % 3 % Total (2) 13 % 10 % 14 % 9 % BP (3) 10 % 16 % 12 % 14 % Petrobras (2) 9 % 15 % 12 % 13 % Other 45 % 56 % 47 % 61 % 100 % 100 % 100 % 100 % (1) During the three-month and six-month periods ended June 30, 2016 , excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4% , respectively, of our consolidated revenues. (2) During the three-month and six-month periods ended June 30, 2016 and 2015 , all revenues were attributable to our Floater segment. (3) During the three-month periods ended June 30, 2016 and 2015 , 75% and 79% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the six-month periods ended June 30, 2016 and 2015 , 76% and 82% of the revenues provided by BP, respectively, were attributable to our Floaters segment. Consolidated revenues by region for the three-month and six-month periods ended June 30, 2016 and 2015 were as follows: Three Months Ended Six Months Ended 2016 2015 2016 2015 U.S. Gulf of Mexico (1) $ 304.5 $ 271.0 $ 464.7 $ 609.8 Angola (2) 132.4 182.4 268.6 351.7 Brazil (3) 81.7 115.7 202.7 238.4 United Kingdom (4) 69.7 104.3 143.5 224.9 Other 321.3 385.6 644.1 798.1 $ 909.6 $ 1,059.0 $ 1,723.6 $ 2,222.9 (1) During the three-month periods ended June 30, 2016 and 2015 , 92% and 83% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2016 and 2015 , 89% and 84% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. (2) During the three-month periods ended June 30, 2016 and 2015 , 88% and 91% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2016 and 2015 , 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (3) During the three-month and six-month periods ended June 30, 2016 and 2015 , all revenues were attributable to our Floaters segment. (4) During the three-month and six-month periods ended June 30, 2016 and 2015 , all revenues were attributable to our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities Ensco plc provides for the full and unconditional guarantee of Pride International, Inc.'s, a wholly-owned subsidiary of Ensco plc, 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 $1.5 billion as of June 30, 2016 . The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the note holders. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated, a wholly-owned subsidiary of Ensco plc, during 1997, which had an aggregate outstanding principal balance of $150.0 million as of June 30, 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 operations for the three-month and six-month periods ended June 30, 2016 and 2015 ; the unaudited condensed consolidating statements of comprehensive income for the three-month and six-month periods ended June 30, 2016 and 2015 ; the condensed consolidating balance sheets as of June 30, 2016 (unaudited) and December 31, 2015 ; and the unaudited condensed consolidating statements of cash flows for the six-month periods ended June 30, 2016 and 2015 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.6 $ 36.5 $ — $ 937.4 $ (71.9 ) $ 909.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.7 36.4 — 379.0 (71.9 ) 350.2 Depreciation — 4.4 — 108.0 — 112.4 General and administrative 10.5 — — 16.9 — 27.4 OPERATING (LOSS) INCOME (9.6 ) (4.3 ) — 433.5 — 419.6 OTHER INCOME (EXPENSE), NET 175.8 (8.3 ) (18.8 ) 1.3 59.9 209.9 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 166.2 (12.6 ) (18.8 ) 434.8 59.9 629.5 INCOME TAX PROVISION — (15.6 ) — 52.3 — 36.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 424.4 20.0 10.2 — (454.6 ) — NET INCOME (LOSS) 590.6 23.0 (8.6 ) 382.3 (394.7 ) 592.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) NET INCOME (LOSS)ATTRIBUTABLE TO ENSCO $ 590.6 $ 23.0 $ (8.6 ) $ 380.3 $ (394.7 ) $ 590.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 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 $ 34.5 $ — $ 1,086.6 $ (70.8 ) $ 1,059.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.3 34.5 — 532.6 (70.8 ) 502.6 Depreciation — 2.4 — 138.1 — 140.5 General and administrative 13.7 — — 16.0 — 29.7 OPERATING (LOSS) INCOME (11.3 ) (2.4 ) — 399.9 — 386.2 OTHER (EXPENSE) INCOME, NET (36.3 ) 2.4 (15.2 ) (6.3 ) — (55.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (47.6 ) — (15.2 ) 393.6 — 330.8 INCOME TAX PROVISION — 14.1 — 43.9 — 58.0 DISCONTINUED OPERATIONS, NET — — — (10.1 ) — (10.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 307.9 47.5 71.4 — (426.8 ) — NET INCOME 260.3 33.4 56.2 339.6 (426.8 ) 262.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.4 ) — (2.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 260.3 $ 33.4 $ 56.2 $ 337.2 $ (426.8 ) $ 260.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 14.8 $ 72.1 $ — $ 1,780.7 $ (144.0 ) $ 1,723.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.9 72.1 — 771.9 (144.0 ) 713.9 Depreciation — 8.7 — 217.0 — 225.7 General and administrative 16.7 .1 — 34.0 — 50.8 OPERATING (LOSS) INCOME (15.8 ) (8.8 ) — 757.8 — 733.2 OTHER INCOME (EXPENSE), NET 139.0 (6.7 ) (37.9 ) (9.0 ) 59.9 145.3 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 123.2 (15.5 ) (37.9 ) 748.8 59.9 878.5 INCOME TAX PROVISION — 15.4 — 92.7 — 108.1 DISCONTINUED OPERATIONS, NET — — — (1.1 ) — (1.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 642.7 53.5 63.8 — (760.0 ) — NET INCOME 765.9 22.6 25.9 655.0 (700.1 ) 769.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 22.6 $ 25.9 $ 651.6 $ (700.1 ) $ 765.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 17.4 $ 69.3 $ — $ 2,278.2 $ (142.0 ) $ 2,222.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.1 69.3 — 1,080.5 (142.0 ) 1,020.9 Depreciation .1 4.9 — 272.6 — 277.6 General and administrative 27.0 .1 — 32.7 — 59.8 OPERATING (LOSS) INCOME (22.8 ) (5.0 ) — 892.4 — 864.6 OTHER (EXPENSE) INCOME, NET (96.2 ) (14.4 ) (31.1 ) 13.7 — (128.0 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (119.0 ) (19.4 ) (31.1 ) 906.1 — 736.6 INCOME TAX PROVISION — 27.9 — 107.8 — 135.7 DISCONTINUED OPERATIONS, NET — — — (10.3 ) — (10.3 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 704.0 92.7 135.3 — (932.0 ) — NET INCOME 585.0 45.4 104.2 788.0 (932.0 ) 590.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (5.6 ) — (5.6 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 585.0 $ 45.4 $ 104.2 $ 782.4 $ (932.0 ) $ 585.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 590.6 $ 23.0 $ (8.6 ) $ 382.3 $ (394.7 ) $ 592.6 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — (4.1 ) — — — (4.1 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 2.0 — — — 2.0 Other — — — .1 — .1 NET OTHER COMPREHENSIVE (LOSS) INCOME — (2.1 ) — .1 — (2.0 ) COMPREHENSIVE INCOME (LOSS) 590.6 20.9 (8.6 ) 382.4 (394.7 ) 590.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 20.9 $ (8.6 ) $ 380.4 $ (394.7 ) $ 588.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 260.3 $ 33.4 $ 56.2 $ 339.6 $ (426.8 ) $ 262.7 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — 8.7 — — — 8.7 Reclassification of net gains on derivative instruments from other comprehensive income into net income — 5.1 — — — 5.1 Other — — — (1.3 ) — (1.3 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 13.8 — (1.3 ) — 12.5 COMPREHENSIVE INCOME 260.3 47.2 56.2 338.3 (426.8 ) 275.2 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.4 ) — (2.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 260.3 $ 47.2 $ 56.2 $ 335.9 $ (426.8 ) $ 272.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 765.9 $ 22.6 $ 25.9 $ 655.0 $ (700.1 ) $ 769.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (.6 ) — — — (.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 7.9 — — — 7.9 Other — — — — — — NET OTHER COMPREHENSIVE INCOME — 7.3 — — — 7.3 COMPREHENSIVE INCOME 765.9 29.9 25.9 655.0 (700.1 ) 776.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 29.9 $ 25.9 $ 651.6 $ (700.1 ) $ 773.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 585.0 $ 45.4 $ 104.2 $ 788.0 $ (932.0 ) $ 590.6 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (8.7 ) — — — (8.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — 10.1 — — — 10.1 Other — — — 1.3 — 1.3 NET OTHER COMPREHENSIVE INCOME — 1.4 — 1.3 — 2.7 COMPREHENSIVE INCOME 585.0 46.8 104.2 789.3 (932.0 ) 593.3 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (5.6 ) — (5.6 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 585.0 $ 46.8 $ 104.2 $ 783.7 $ (932.0 ) $ 587.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 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 $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 Short-term investments 1,010.0 — — — — 1,010.0 Accounts receivable, net 5.2 — — 402.8 — 408.0 Accounts receivable from affiliates 245.7 637.7 — 565.8 (1,449.2 ) — Other .1 10.1 — 336.2 — 346.4 Total current assets 1,973.8 647.8 26.1 1,356.2 (1,449.2 ) 2,554.7 PROPERTY AND EQUIPMENT, AT COST 1.8 118.8 — 12,756.6 — 12,877.2 Less accumulated depreciation 1.8 55.7 — 1,798.5 — 1,856.0 Property and equipment, net — 63.1 — 10,958.1 — 11,021.2 DUE FROM AFFILIATES 1,428.5 5,069.7 2,043.1 6,731.5 (15,272.8 ) — INVESTMENTS IN AFFILIATES 8,412.1 1,717.2 — — (10,129.3 ) — OTHER ASSETS, NET — 40.0 — 290.5 (141.4 ) 189.1 $ 11,814.4 $ 7,537.8 $ 2,069.2 $ 19,336.3 $ (26,992.7 ) $ 13,765.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 48.0 $ 32.1 $ 30.9 $ 499.8 $ — $ 610.8 Accounts payable to affiliates 46.4 591.2 3.8 807.8 (1,449.2 ) $ — Total current liabilities 94.4 623.3 34.7 1,307.6 (1,449.2 ) 610.8 DUE TO AFFILIATES 791.1 5,391.6 2,056.0 7,034.1 (15,272.8 ) — LONG-TERM DEBT 3,041.8 149.1 1,714.7 — — 4,905.6 INVESTMENTS IN AFFILIATES — — 1,215.2 (1,215.2 ) — OTHER LIABILITIES — 150.2 — 352.9 (141.4 ) 361.7 ENSCO SHAREHOLDERS' EQUITY 7,887.1 1,223.6 (2,951.4 ) 10,634.7 (8,914.1 ) 7,879.9 NONCONTROLLING INTERESTS — — — 7.0 — 7.0 Total equity 7,887.1 1,223.6 (2,951.4 ) 10,641.7 (8,914.1 ) 7,886.9 $ 11,814.4 $ 7,537.8 $ 2,069.2 $ 19,336.3 $ (26,992.7 ) $ 13,765.0 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 ) — 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 AFFILIAITES — 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 Six Months Ended June 30, 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 of continuing operations $ (83.4 ) $ 130.8 $ (60.4 ) $ 813.2 $ — $ 800.2 INVESTING ACTIVITIES Maturities of short-term investments 1,032.0 — — — — 1,032.0 Purchases of short-term investments (862.0 ) — — — — (862.0 ) Additions to property and equipment — — — (209.4 ) — (209.4 ) Purchase of affiliate debt (142.0 ) — — — 142.0 — Other — — — 7.6 — 7.6 Net cash provided by (used in) investing activities of continuing operations 28.0 — — (201.8 ) 142.0 (31.8 ) FINANCING ACTIVITIES Reduction of long-term borrowings (542.8 ) — — — (142.0 ) (684.8 ) Proceeds from equity issuance 585.5 — — — — 585.5 Cash dividends paid (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 638.9 (130.8 ) 84.5 (592.6 ) — — Other (1.9 ) — — — — (1.9 ) Net cash provided by (used in) financing activities 674.2 (130.8 ) 84.5 (592.6 ) (142.0 ) (106.7 ) DISCONTINUED OPERATIONS Operating activities — — — 1.4 — 1.4 Investing activities — — — 6.3 — 6.3 Net cash used in discontinued operations — — — 7.7 — 7.7 Effect of exchange rate changes on cash and cash equivalents — — — (.4 ) — (.4 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 618.8 — 24.1 26.1 — 669.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 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 $ (66.2 ) $ (19.7 ) $ (49.9 ) $ 1,026.8 $ — $ 891.0 INVESTING ACTIVITIES Additions to property and equipment — (5.1 ) — (908.8 ) — (913.9 ) Maturities of short-term investments 712.0 — — 45.3 757.3 Purchases of short-term investments (650.0 ) — — — — (650.0 ) Other — — — 1.1 — 1.1 Net cash provided by (used in) investing activities of continuing operations 62 (5.1 ) — (862.4 ) — (805.5 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (998.3 ) — — (59.7 ) — (1,058.0 ) Cash dividends paid (70.5 ) — — — — (70.5 ) Premium paid on redemption of debt (27.2 ) — — (3.1 ) — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 88.2 24.8 63.5 (176.5 ) — — Other (9.0 ) — — 2.2 — (6.8 ) Net cash provided by (used in) financing activities 51.4 24.8 63.5 (237.1 ) — (97.4 ) DISCONTINUED OPERATIONS Operating activities — — — (4.2 ) — (4.2 ) Investing activities — — — (0.6 ) — (0.6 ) Net cash used in discontinued operations — — — (4.8 ) — (4.8 ) Effect of exchange rate changes on cash and cash equivalents — — — .2 — .2 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 47.2 — 13.6 (77.3 ) — (16.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 334.6 $ — $ 104.4 $ 209.3 $ — $ 648.3 |
Unaudited Condensed Consolida21
Unaudited Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
New Accounting Pronouncements | 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. 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 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 financial assets and liabilities 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 June 30, 2016 Supplemental executive retirement plan assets $ 33.3 $ — $ — $ 33.3 Total financial assets $ 33.3 $ — $ — $ 33.3 Derivatives, net $ — $ (8.5 ) $ — $ (8.5 ) Total financial liabilities $ — $ (8.5 ) $ — $ (8.5 ) 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 long-term debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 506.5 $ 467.0 $ 566.4 $ 510.2 6.875% Senior notes due 2020 829.1 747.6 990.9 850.5 4.70% Senior notes due 2021 767.1 653.4 1,476.7 1,254.0 4.50% Senior notes due 2024 618.3 427.0 619.7 417.4 5.20% Senior notes due 2025 662.4 465.2 692.5 505.2 7.20% Debentures due 2027 149.1 115.9 149.1 133.5 7.875% Senior notes due 2040 379.1 210.0 379.8 244.0 5.75% Senior notes due 2044 994.0 620.9 993.5 707.1 Total $ 4,905.6 $ 3,707.0 $ 5,868.6 $ 4,621.9 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 5.0 $ .6 $ 12.7 $ 20.7 Foreign currency forward contracts - non-current (2) 1.0 .2 1.1 1.5 6.0 .8 13.8 22.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 1.5 2.6 2.2 .9 1.5 2.6 2.2 .9 Total $ 7.5 $ 3.4 $ 16.0 $ 23.1 (1) Derivative assets and liabilities with 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 with 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 operations and comprehensive income were as follows (in millions): Three Months Ended June 30, 2016 and 2015 (Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Gain 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) $ — $ — $ — $ (.4 ) $ — $ — Foreign currency forward contracts (4) (4.1 ) 8.7 (2.0 ) (4.7 ) .8 .3 Total $ (4.1 ) $ 8.7 $ (2.0 ) $ (5.1 ) $ .8 $ .3 Six Months Ended June 30, 2016 and 2015 Loss Recognized in Other Comprehensive Income (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) Gain 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 ) $ (.5 ) $ — $ — Foreign currency forward contracts (5) (.6 ) (8.7 ) (7.8 ) (9.6 ) 1.9 .2 Total $ (.6 ) $ (8.7 ) $ (7.9 ) $ (10.1 ) $ 1.9 $ .2 (1) Changes in the effective portion of cash flow hedge fair values 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 operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the three-month period ended June 30, 2016 , $2.2 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 operations. During the three-month period ended June 30, 2015 , $4.9 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 operations. (5) During the six-month period ended June 30, 2016 , $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2015 , $10.0 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of Income from Continuing Operations | Income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2016 and 2015 was as follows (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income from continuing operations $ 592.8 $ 272.8 $ 770.4 $ 600.9 Income from continuing operations attributable to noncontrolling interests (2.0 ) (2.4 ) (3.4 ) (5.6 ) Income from continuing operations attributable to Ensco $ 590.8 $ 270.4 $ 767.0 $ 595.3 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Income from continuing operations attributable to Ensco $ 590.8 $ 270.4 $ 767.0 $ 595.3 Income from continuing operations allocated to non-vested share awards (9.8 ) (3.7 ) (12.0 ) (7.4 ) Income from continuing operations attributable to Ensco shares $ 581.0 $ 266.7 $ 755.0 $ 587.9 |
Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations | The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Weighted-average shares - basic 284.6 232.1 258.5 232.0 Potentially dilutive shares — .1 — .1 Weighted-average shares - diluted 284.6 232.2 258.5 232.1 |
Debt Schedule of Extinguishment
Debt Schedule of Extinguishment of Debt (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Extinguishment of Debt [Table Text Block] | Aggregate Principal Amount Purchased Aggregate Purchase Price (1) 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 722.0 525.1 27.3 % 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 $ 940.2 $ 684.8 27.2 % (1) Excludes accrued interest paid to holders who tendered in connection with the Tender Offers. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Loss from Discontinued Operations | The following table summarizes loss from discontinued operations, net, for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions): Three Months Ended Six Months Ended 2016 2015 2016 2015 Revenues $ — $ 8.1 $ — $ 17.7 Operating expenses 1.6 11.3 2.4 33.2 Operating loss (1.6 ) (3.2 ) (2.4 ) (15.5 ) Income tax benefit (expense) 0.4 (2.9 ) 0.3 9.2 Loss on impairment, net — (7.2 ) — (7.2 ) Gain on disposal of discontinued operations, net 1.0 3.2 1.0 3.2 Loss from discontinued operations, net $ (.2 ) $ (10.1 ) $ (1.1 ) $ (10.3 ) |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Three Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 636.4 $ 251.3 $ 21.9 $ 909.6 $ — $ 909.6 Operating expenses Contract drilling (exclusive of depreciation) 208.6 122.3 19.3 350.2 — 350.2 Depreciation 77.8 30.1 — 107.9 4.5 112.4 General and administrative — — — — 27.4 27.4 Operating income $ 350.0 $ 98.9 $ 2.6 $ 451.5 $ (31.9 ) $ 419.6 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Three Months Ended June 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 634.3 $ 384.1 $ 40.6 $ 1,059.0 $ — $ 1,059.0 Operating expenses Contract drilling (exclusive of depreciation) 277.7 192.7 32.2 502.6 — 502.6 Depreciation 94.4 43.6 — 138.0 2.5 140.5 General and administrative — — — — 29.7 29.7 Operating income $ 262.2 $ 147.8 $ 8.4 $ 418.4 $ (32.2 ) $ 386.2 Property and equipment, net $ 9,870.7 $ 3,223.4 $ — $ 13,094.1 $ 75.8 $ 13,169.9 Six Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,149.0 $ 529.2 $ 45.4 $ 1,723.6 $ — $ 1,723.6 Operating expenses Contract drilling (exclusive of depreciation) 419.9 256.8 37.2 713.9 — 713.9 Depreciation 158.1 58.7 — 216.8 8.9 225.7 General and administrative — — — — 50.8 50.8 Operating income $ 571.0 $ 213.7 $ 8.2 $ 792.9 $ (59.7 ) $ 733.2 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Six Months Ended June 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,329.3 $ 812.4 $ 81.2 $ 2,222.9 $ — $ 2,222.9 Operating expenses Contract drilling (exclusive of depreciation) 571.2 384.2 65.5 1,020.9 — 1,020.9 Depreciation 187.4 85.1 — 272.5 5.1 277.6 General and administrative — — — — 59.8 59.8 Operating income $ 570.7 $ 343.1 $ 15.7 $ 929.5 $ (64.9 ) $ 864.6 Property and equipment, net $ 9,870.7 $ 3,223.4 $ — $ 13,094.1 $ 75.8 $ 13,169.9 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of June 30, 2016 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 9 7 16 Europe & Mediterranean 4 11 15 Middle East & Africa 2 11 13 Asia & Pacific Rim 4 7 11 Asia & Pacific Rim (under construction) 1 1 2 Middle East & Africa (under construction) — 2 2 Held-for-sale 1 1 2 Total 21 40 61 (1) We provide management services on two rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform29
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 415.8 $ 595.0 Other 16.7 16.3 432.5 611.3 Allowance for doubtful accounts (24.5 ) (29.3 ) $ 408.0 $ 582.0 |
Other Current Assets | Other current assets consisted of the following (in millions): June 30, December 31, Inventory $ 231.4 $ 235.3 Prepaid taxes 50.0 73.5 Deferred costs 40.2 52.1 Prepaid expenses 8.0 20.5 Assets held-for-sale 1.8 5.5 Other 15.0 14.9 $ 346.4 $ 401.8 |
Other Assets, Net | Other assets, net, consisted of the following (in millions): June 30, December 31, Deferred tax assets $ 69.8 $ 94.8 Deferred costs 42.6 55.8 Prepaid taxes on intercompany transfers of property 33.8 37.1 Supplemental executive retirement plan assets 33.3 33.1 Other 9.6 16.8 $ 189.1 $ 237.6 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Deferred revenue $ 172.9 $ 197.2 Personnel costs 104.2 161.6 Taxes 79.6 70.8 Accrued interest 74.3 88.4 Derivative liabilities 14.9 21.6 Other 12.6 11.3 $ 458.5 $ 550.9 |
Other Liabilities | Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 153.4 $ 149.7 Deferred revenue 143.5 218.6 Supplemental executive retirement plan liabilities 34.5 34.4 Personnel costs 11.4 17.7 Deferred tax liabilities 8.7 4.4 Other 10.2 24.4 $ 361.7 $ 449.2 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions): June 30, December 31, Currency translation adjustment $ 7.6 $ 7.8 Derivative instruments 13.9 6.6 Other (1.7 ) (1.9 ) $ 19.8 $ 12.5 |
Guarantee Of Registered Secur30
Guarantee Of Registered Securities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.6 $ 36.5 $ — $ 937.4 $ (71.9 ) $ 909.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.7 36.4 — 379.0 (71.9 ) 350.2 Depreciation — 4.4 — 108.0 — 112.4 General and administrative 10.5 — — 16.9 — 27.4 OPERATING (LOSS) INCOME (9.6 ) (4.3 ) — 433.5 — 419.6 OTHER INCOME (EXPENSE), NET 175.8 (8.3 ) (18.8 ) 1.3 59.9 209.9 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 166.2 (12.6 ) (18.8 ) 434.8 59.9 629.5 INCOME TAX PROVISION — (15.6 ) — 52.3 — 36.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 424.4 20.0 10.2 — (454.6 ) — NET INCOME (LOSS) 590.6 23.0 (8.6 ) 382.3 (394.7 ) 592.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) NET INCOME (LOSS)ATTRIBUTABLE TO ENSCO $ 590.6 $ 23.0 $ (8.6 ) $ 380.3 $ (394.7 ) $ 590.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 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 $ 34.5 $ — $ 1,086.6 $ (70.8 ) $ 1,059.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.3 34.5 — 532.6 (70.8 ) 502.6 Depreciation — 2.4 — 138.1 — 140.5 General and administrative 13.7 — — 16.0 — 29.7 OPERATING (LOSS) INCOME (11.3 ) (2.4 ) — 399.9 — 386.2 OTHER (EXPENSE) INCOME, NET (36.3 ) 2.4 (15.2 ) (6.3 ) — (55.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (47.6 ) — (15.2 ) 393.6 — 330.8 INCOME TAX PROVISION — 14.1 — 43.9 — 58.0 DISCONTINUED OPERATIONS, NET — — — (10.1 ) — (10.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 307.9 47.5 71.4 — (426.8 ) — NET INCOME 260.3 33.4 56.2 339.6 (426.8 ) 262.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.4 ) — (2.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 260.3 $ 33.4 $ 56.2 $ 337.2 $ (426.8 ) $ 260.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 14.8 $ 72.1 $ — $ 1,780.7 $ (144.0 ) $ 1,723.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.9 72.1 — 771.9 (144.0 ) 713.9 Depreciation — 8.7 — 217.0 — 225.7 General and administrative 16.7 .1 — 34.0 — 50.8 OPERATING (LOSS) INCOME (15.8 ) (8.8 ) — 757.8 — 733.2 OTHER INCOME (EXPENSE), NET 139.0 (6.7 ) (37.9 ) (9.0 ) 59.9 145.3 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 123.2 (15.5 ) (37.9 ) 748.8 59.9 878.5 INCOME TAX PROVISION — 15.4 — 92.7 — 108.1 DISCONTINUED OPERATIONS, NET — — — (1.1 ) — (1.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 642.7 53.5 63.8 — (760.0 ) — NET INCOME 765.9 22.6 25.9 655.0 (700.1 ) 769.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 22.6 $ 25.9 $ 651.6 $ (700.1 ) $ 765.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 17.4 $ 69.3 $ — $ 2,278.2 $ (142.0 ) $ 2,222.9 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.1 69.3 — 1,080.5 (142.0 ) 1,020.9 Depreciation .1 4.9 — 272.6 — 277.6 General and administrative 27.0 .1 — 32.7 — 59.8 OPERATING (LOSS) INCOME (22.8 ) (5.0 ) — 892.4 — 864.6 OTHER (EXPENSE) INCOME, NET (96.2 ) (14.4 ) (31.1 ) 13.7 — (128.0 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (119.0 ) (19.4 ) (31.1 ) 906.1 — 736.6 INCOME TAX PROVISION — 27.9 — 107.8 — 135.7 DISCONTINUED OPERATIONS, NET — — — (10.3 ) — (10.3 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 704.0 92.7 135.3 — (932.0 ) — NET INCOME 585.0 45.4 104.2 788.0 (932.0 ) 590.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (5.6 ) — (5.6 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 585.0 $ 45.4 $ 104.2 $ 782.4 $ (932.0 ) $ 585.0 |
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 590.6 $ 23.0 $ (8.6 ) $ 382.3 $ (394.7 ) $ 592.6 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — (4.1 ) — — — (4.1 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 2.0 — — — 2.0 Other — — — .1 — .1 NET OTHER COMPREHENSIVE (LOSS) INCOME — (2.1 ) — .1 — (2.0 ) COMPREHENSIVE INCOME (LOSS) 590.6 20.9 (8.6 ) 382.4 (394.7 ) 590.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 20.9 $ (8.6 ) $ 380.4 $ (394.7 ) $ 588.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 260.3 $ 33.4 $ 56.2 $ 339.6 $ (426.8 ) $ 262.7 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in derivative fair value — 8.7 — — — 8.7 Reclassification of net gains on derivative instruments from other comprehensive income into net income — 5.1 — — — 5.1 Other — — — (1.3 ) — (1.3 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 13.8 — (1.3 ) — 12.5 COMPREHENSIVE INCOME 260.3 47.2 56.2 338.3 (426.8 ) 275.2 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.4 ) — (2.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 260.3 $ 47.2 $ 56.2 $ 335.9 $ (426.8 ) $ 272.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 765.9 $ 22.6 $ 25.9 $ 655.0 $ (700.1 ) $ 769.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (.6 ) — — — (.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 7.9 — — — 7.9 Other — — — — — — NET OTHER COMPREHENSIVE INCOME — 7.3 — — — 7.3 COMPREHENSIVE INCOME 765.9 29.9 25.9 655.0 (700.1 ) 776.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 29.9 $ 25.9 $ 651.6 $ (700.1 ) $ 773.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 585.0 $ 45.4 $ 104.2 $ 788.0 $ (932.0 ) $ 590.6 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (8.7 ) — — — (8.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — 10.1 — — — 10.1 Other — — — 1.3 — 1.3 NET OTHER COMPREHENSIVE INCOME — 1.4 — 1.3 — 2.7 COMPREHENSIVE INCOME 585.0 46.8 104.2 789.3 (932.0 ) 593.3 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (5.6 ) — (5.6 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 585.0 $ 46.8 $ 104.2 $ 783.7 $ (932.0 ) $ 587.7 |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 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 $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 Short-term investments 1,010.0 — — — — 1,010.0 Accounts receivable, net 5.2 — — 402.8 — 408.0 Accounts receivable from affiliates 245.7 637.7 — 565.8 (1,449.2 ) — Other .1 10.1 — 336.2 — 346.4 Total current assets 1,973.8 647.8 26.1 1,356.2 (1,449.2 ) 2,554.7 PROPERTY AND EQUIPMENT, AT COST 1.8 118.8 — 12,756.6 — 12,877.2 Less accumulated depreciation 1.8 55.7 — 1,798.5 — 1,856.0 Property and equipment, net — 63.1 — 10,958.1 — 11,021.2 DUE FROM AFFILIATES 1,428.5 5,069.7 2,043.1 6,731.5 (15,272.8 ) — INVESTMENTS IN AFFILIATES 8,412.1 1,717.2 — — (10,129.3 ) — OTHER ASSETS, NET — 40.0 — 290.5 (141.4 ) 189.1 $ 11,814.4 $ 7,537.8 $ 2,069.2 $ 19,336.3 $ (26,992.7 ) $ 13,765.0 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 48.0 $ 32.1 $ 30.9 $ 499.8 $ — $ 610.8 Accounts payable to affiliates 46.4 591.2 3.8 807.8 (1,449.2 ) $ — Total current liabilities 94.4 623.3 34.7 1,307.6 (1,449.2 ) 610.8 DUE TO AFFILIATES 791.1 5,391.6 2,056.0 7,034.1 (15,272.8 ) — LONG-TERM DEBT 3,041.8 149.1 1,714.7 — — 4,905.6 INVESTMENTS IN AFFILIATES — — 1,215.2 (1,215.2 ) — OTHER LIABILITIES — 150.2 — 352.9 (141.4 ) 361.7 ENSCO SHAREHOLDERS' EQUITY 7,887.1 1,223.6 (2,951.4 ) 10,634.7 (8,914.1 ) 7,879.9 NONCONTROLLING INTERESTS — — — 7.0 — 7.0 Total equity 7,887.1 1,223.6 (2,951.4 ) 10,641.7 (8,914.1 ) 7,886.9 $ 11,814.4 $ 7,537.8 $ 2,069.2 $ 19,336.3 $ (26,992.7 ) $ 13,765.0 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 ) — 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 AFFILIAITES — 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 Six Months Ended June 30, 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 of continuing operations $ (83.4 ) $ 130.8 $ (60.4 ) $ 813.2 $ — $ 800.2 INVESTING ACTIVITIES Maturities of short-term investments 1,032.0 — — — — 1,032.0 Purchases of short-term investments (862.0 ) — — — — (862.0 ) Additions to property and equipment — — — (209.4 ) — (209.4 ) Purchase of affiliate debt (142.0 ) — — — 142.0 — Other — — — 7.6 — 7.6 Net cash provided by (used in) investing activities of continuing operations 28.0 — — (201.8 ) 142.0 (31.8 ) FINANCING ACTIVITIES Reduction of long-term borrowings (542.8 ) — — — (142.0 ) (684.8 ) Proceeds from equity issuance 585.5 — — — — 585.5 Cash dividends paid (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 638.9 (130.8 ) 84.5 (592.6 ) — — Other (1.9 ) — — — — (1.9 ) Net cash provided by (used in) financing activities 674.2 (130.8 ) 84.5 (592.6 ) (142.0 ) (106.7 ) DISCONTINUED OPERATIONS Operating activities — — — 1.4 — 1.4 Investing activities — — — 6.3 — 6.3 Net cash used in discontinued operations — — — 7.7 — 7.7 Effect of exchange rate changes on cash and cash equivalents — — — (.4 ) — (.4 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 618.8 — 24.1 26.1 — 669.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 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 $ (66.2 ) $ (19.7 ) $ (49.9 ) $ 1,026.8 $ — $ 891.0 INVESTING ACTIVITIES Additions to property and equipment — (5.1 ) — (908.8 ) — (913.9 ) Maturities of short-term investments 712.0 — — 45.3 757.3 Purchases of short-term investments (650.0 ) — — — — (650.0 ) Other — — — 1.1 — 1.1 Net cash provided by (used in) investing activities of continuing operations 62 (5.1 ) — (862.4 ) — (805.5 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (998.3 ) — — (59.7 ) — (1,058.0 ) Cash dividends paid (70.5 ) — — — — (70.5 ) Premium paid on redemption of debt (27.2 ) — — (3.1 ) — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 88.2 24.8 63.5 (176.5 ) — — Other (9.0 ) — — 2.2 — (6.8 ) Net cash provided by (used in) financing activities 51.4 24.8 63.5 (237.1 ) — (97.4 ) DISCONTINUED OPERATIONS Operating activities — — — (4.2 ) — (4.2 ) Investing activities — — — (0.6 ) — (0.6 ) Net cash used in discontinued operations — — — (4.8 ) — (4.8 ) Effect of exchange rate changes on cash and cash equivalents — — — .2 — .2 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 47.2 — 13.6 (77.3 ) — (16.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 334.6 $ — $ 104.4 $ 209.3 $ — $ 648.3 |
Unaudited Condensed Consolida31
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements (Narrative) (Details) - Sales Revenue, Net [Member] $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Revenue from External Customer [Line Items] | |
Gain (Loss) on Contract Termination | $ 205 |
ENSCO DS-9 [Member] | |
Revenue from External Customer [Line Items] | |
Gain (Loss) on Contract Termination | 185 |
ENSCO 8503 [Member] | |
Revenue from External Customer [Line Items] | |
Gain (Loss) on Contract Termination | $ 20 |
Unaudited Condensed Consolida32
Unaudited Condensed Consolidated Financial Statements New Accounting Pronouncements (Details) $ in Millions | Dec. 31, 2015USD ($) |
New Accounting Pronouncements [Abstract] | |
Debt Issuance Cost, Gross, Noncurrent | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | $ 33.3 | $ 33.1 |
Total financial assets | 33.3 | 33.1 |
Derivative Assets (Liabilities), at Fair Value, Net | (8.5) | (19.7) |
Financial Liabilities Fair Value Disclosure | (8.5) | (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 | 33.3 | 33.1 |
Total financial assets | 33.3 | 33.1 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (8.5) | (19.7) |
Financial Liabilities Fair Value Disclosure | (8.5) | (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 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements (Sche34
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 4,905.6 | $ 5,868.6 |
Estimated Fair Value | $ 3,707 | $ 4,621.9 |
Seven Point Two Zero Percent Debentures Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% |
Carrying Value | $ 149.1 | $ 149.1 |
Estimated Fair Value | $ 115.9 | $ 133.5 |
Seven Point Eight Seven Five Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% |
Carrying Value | $ 379.1 | $ 379.8 |
Estimated Fair Value | $ 210 | $ 244 |
Eight Point Five Zero Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% |
Carrying Value | $ 506.5 | $ 566.4 |
Estimated Fair Value | $ 467 | $ 510.2 |
Four Point Five Percent Senior Notes Member [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% |
Carrying Value | $ 618.3 | $ 619.7 |
Estimated Fair Value | $ 427 | $ 417.4 |
Five Point Two Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% |
Carrying Value | $ 662.4 | $ 692.5 |
Estimated Fair Value | $ 465.2 | $ 505.2 |
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Carrying Value | $ 829.1 | $ 990.9 |
Estimated Fair Value | $ 747.6 | $ 850.5 |
Five Point Seven Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% |
Carrying Value | $ 994 | $ 993.5 |
Estimated Fair Value | $ 620.9 | $ 707.1 |
Four Point Seven Zero Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Carrying Value | $ 767.1 | $ 1,476.7 |
Estimated Fair Value | $ 653.4 | $ 1,254 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net assets associated with foreign currency derivatives | $ (8.5) | $ (8.5) | $ (19.7) | ||
Maturity period of derivatives (in months) | 18 months | ||||
Estimated amount of net gains (losses) associated with derivative instruments, net of tax, in next twelve months | $ (4.6) | ||||
Not Designated [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives not designated as hedging instruments | (3.5) | $ 4.5 | 0.9 | $ (9) | |
Foreign Exchange [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Aggregate cash flow hedges outstanding | 230.3 | 230.3 | |||
Cash flow hedges outstanding for British pounds | 107.6 | 107.6 | |||
Cash flow hedges outstanding for Brazilian reals | 28.3 | 28.3 | |||
Cash flow hedges outstanding for euros | 33.8 | 33.8 | |||
Cash flow hedges outstanding for Australian dollars | 43.6 | 43.6 | |||
Cash flow hedges outstanding for other currencies | 17 | 17 | |||
Foreign Exchange [Member] | Not Designated [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Aggregate cash flow hedges outstanding | 145.2 | 145.2 | |||
Cash flow hedges outstanding for British pounds | 16.9 | 16.9 | |||
Cash flow hedges outstanding for Brazilian reals | 9.9 | 9.9 | |||
Cash flow hedges outstanding for euros | 78.2 | 78.2 | |||
Cash flow hedges outstanding for Indonesian rupiah | 12.5 | 12.5 | |||
Cash flow hedges outstanding for Swiss francs | 16 | 16 | |||
Cash flow hedges outstanding for other currencies | $ 11.7 | $ 11.7 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 7.5 | $ 3.4 | |
Total fair value of derivative liabilities | 16 | 23.1 | |
Designated As Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 6 | 0.8 | |
Total fair value of derivative liabilities | 13.8 | 22.2 | |
Designated As Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 5 | 0.6 |
Total fair value of derivative liabilities | [1] | 12.7 | 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 | 0.2 |
Total fair value of derivative liabilities | [2] | 1.1 | 1.5 |
Not Designated [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 1.5 | 2.6 | |
Total fair value of derivative liabilities | 2.2 | 0.9 | |
Not Designated [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 1.5 | 2.6 |
Total fair value of derivative liabilities | [1] | $ 2.2 | $ 0.9 |
[1] | Derivative assets and liabilities with 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 with 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 ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||||||
Interest Rate Lock Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [1],[2] | 0 | (400,000) | (100,000) | (500,000) | ||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 | 0 | ||||
Foreign Currency Forward Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (4,100,000) | [4] | 8,700,000 | [4] | (600,000) | [5] | (8,700,000) | [5] | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (2,000,000) | [4] | (4,700,000) | [4] | (7,800,000) | [5] | (9,600,000) | [5] |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | 800,000 | [4] | 300,000 | [4] | 1,900,000 | [5] | 200,000 | [5] |
Foreign Currency Forward Contracts [Member] | Contract Drilling [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (2,200,000) | (4,900,000) | (8,200,000) | (10,000,000) | |||||
Foreign Currency Forward Contracts [Member] | Depreciation Expense [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 200,000 | 200,000 | 400,000 | 400,000 | |||||
Cash Flow Hedges [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (4,100,000) | 8,700,000 | (600,000) | (8,700,000) | |||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (2,000,000) | (5,100,000) | (7,900,000) | (10,100,000) | ||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | $ 800,000 | $ 300,000 | $ 1,900,000 | $ 200,000 | ||||
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. | ||||||||
[2] | Changes in the effective portion of cash flow hedge fair values 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 operations. | ||||||||
[4] | During the three-month period ended June 30, 2016, $2.2 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 operations. During the three-month period ended June 30, 2015, $4.9 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 operations. | ||||||||
[5] | During the six-month period ended June 30, 2016, $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2015, $10.0 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests Reconc
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Noncontrolling Interest [Abstract] | ||||
Income (loss) from continuing operations | $ 592.8 | $ 272.8 | $ 770.4 | $ 600.9 |
Income from continuing operations attributable to noncontrolling interests | (2) | (2.4) | (3.4) | (5.6) |
Income (loss) from continuing operations attributable to Ensco | $ 590.8 | $ 270.4 | $ 767 | $ 595.3 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations attributable to Ensco | $ 590.8 | $ 270.4 | $ 767 | $ 595.3 |
Other Preferred Stock Dividends and Adjustments | 9.8 | 3.7 | 12 | 7.4 |
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders | $ 581 | $ 266.7 | $ 755 | $ 587.9 |
Earnings Per Share (Reconcili40
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares - basic (in shares) | 284,600,000 | 232,100,000 | 258,500,000 | 232,000,000 |
Potentially dilutive share options (in shares) | 0 | 100,000 | 0 | 100,000 |
Weighted-average shares - diluted (in shares) | 284,600,000 | 232,200,000 | 258,500,000 | 232,100,000 |
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 500,000 | 500,000 | 600,000 | 500,000 |
Debt (Details)
Debt (Details) - USD ($) | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | $ 260,800,000 | $ (33,500,000) | |
Debt Instrument, Repurchased Face Amount | 940,200,000 | ||
Debt Instrument, Repurchase Amount | 684,800,000 | ||
Five Point Two Percent Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 669,300,000 | ||
Debt Instrument, Repurchased Face Amount | $ 30,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% | |
Debt Instrument, Repurchase Amount | $ 16,800,000 | ||
Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Gain (Loss) on Extinguishment of Debt | 260,800,000 | ||
Four Point Seven Zero Percent Senior Notes Member | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 722,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | |
Debt Instrument, Repurchase Amount | $ 525,100,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Five | 778,000,000 | ||
Eight Point Five Zero Percent Senior Notes Member | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 45,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | |
Debt Instrument, Repurchase Amount | $ 38,300,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 454,300,000 | ||
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 140,100,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | |
Debt Instrument, Repurchase Amount | $ 103,700,000 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 759,900,000 | ||
Four Point Five Percent Senior Notes Member [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 623,200,000 | ||
Debt Instrument, Repurchased Face Amount | $ 1,700,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | |
Debt Instrument, Repurchase Amount | $ 900,000 | ||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | |||
Debt Instrument [Line Items] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 2,750,000,000 | ||
Line of Credit Facility, Current Borrowing Capacity | $ 2,250,000,000 | ||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | ||
Line of Credit Facility, Commitment Fee Percentage | 0.225% | ||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | |
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five Year Credit Facility Member | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.50% |
Debt Tender Offers (Details)
Debt Tender Offers (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Extinguishment of Debt [Line Items] | ||
Tender Offer | $ 750 | |
Debt Instrument, Repurchased Face Amount | 940.2 | |
Debt Instrument, Repurchase Amount | $ 684.8 | |
Discount on Principal | 27.16443% | |
Tender Offer [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 860.7 | |
Debt Instrument, Repurchase Amount | $ 622.3 | |
Eight Point Five Zero Percent Senior Notes Member | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% |
Debt Instrument, Repurchased Face Amount | $ 45.7 | |
Debt Instrument, Repurchase Amount | $ 38.3 | |
Discount on Principal | 16.19256% | |
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Debt Instrument, Repurchased Face Amount | $ 140.1 | |
Debt Instrument, Repurchase Amount | $ 103.7 | |
Discount on Principal | 25.98144% | |
Four Point Seven Zero Percent Senior Notes Member | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Debt Instrument, Repurchased Face Amount | $ 722 | |
Debt Instrument, Repurchase Amount | $ 525.1 | |
Discount on Principal | 27.27147% | |
Four Point Five Percent Senior Notes Member [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% |
Debt Instrument, Repurchased Face Amount | $ 1.7 | |
Debt Instrument, Repurchase Amount | $ 0.9 | |
Discount on Principal | 47.05882% | |
Five Point Two Percent Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% |
Debt Instrument, Repurchased Face Amount | $ 30.7 | |
Debt Instrument, Repurchase Amount | $ 16.8 | |
Discount on Principal | 45.27687% | |
Open Market Repurchase [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 79.5 | |
Debt Instrument, Repurchase Amount | $ 62.5 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, $ in Millions | 3 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Equity [Abstract] | |
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 |
Increase in Common Stock, value due to Equity Issuance | 6.6 |
Increase in Additional Paid in Capital due to Equity Issuance | $ 578.9 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2016$ / sharesshares | Jun. 30, 2016$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement to be paid in Cash, Liability Award, Grants in period, Weighted Average Grant Date Fair Value | $ / shares | $ 9.65 | $ 9.65 |
Cash-based restricted share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted | shares | 3.4 | |
Restricted share awards and share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 20.00% | |
Vesting rate for certain officers and non-employee directors | 33.00% |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 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 | ||||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | $ 0 | $ 7.2 | $ 0 | $ 7.2 | |
Net proceeds from rig sale | 1.2 | ||||
ENSCO 6000 [Member] | Floaters [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Impairment of Long-Lived Assets to be Disposed of | 7.2 | ||||
ENSCO 5002 [Member] [Member] | Floaters [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Net proceeds from rig sale | $ 1.6 |
Discontinued Operations (Summar
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Revenues | $ 0 | $ 8.1 | $ 0 | $ 17.7 | ||||
Operating expenses | 1.6 | 11.3 | 2.4 | 33.2 | ||||
Operating loss before income taxes | (1.6) | (3.2) | (2.4) | (15.5) | ||||
Income tax (expense) benefit | 0.4 | (2.9) | 0.3 | 9.2 | ||||
Loss on impairment, net | 0 | (7.2) | 0 | (7.2) | ||||
Gain (loss) on disposal of discontinued operations, net | 1 | 3.2 | 1 | 3.2 | ||||
Income (loss) from discontinued operations | $ (0.2) | $ (0.2) | $ (10.1) | $ (10.1) | $ (1.1) | $ (10.3) | $ (1.1) | $ (10.3) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Examination [Line Items] | ||||||
Consolidated effective income tax rate including tax expense attributable to prior periods | 5.80% | 12.30% | ||||
Effective Income Tax Rate Reconciliation, Percent | 19.90% | 17.50% | 17.50% | 24.30% | 18.40% |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2016USD ($)plaintiffs | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | |
Loss Contingency, Number of Plaintiffs | 46 |
Loss Contingency, Claims Settled, Number | 58 |
Loss Contingency, Claims Settled Pending Documentation, Number | 13 |
Letters of Credit Outstanding, Amount | $ | $ 72.3 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2016segments | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 909,600,000 | $ 1,059,000,000 | $ 1,723,600,000 | $ 2,222,900,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 350,200,000 | 502,600,000 | 713,900,000 | 1,020,900,000 | |
Depreciation | 112,400,000 | 140,500,000 | 225,700,000 | 277,600,000 | |
General and administrative | 27,400,000 | 29,700,000 | 50,800,000 | 59,800,000 | |
OPERATING (LOSS) INCOME | 419,600,000 | 386,200,000 | 733,200,000 | 864,600,000 | |
Property and equipment, net | 11,021,200,000 | 13,169,900,000 | 11,021,200,000 | 13,169,900,000 | $ 11,087,800,000 |
Floaters [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 636,400,000 | 634,300,000 | 1,149,000,000 | 1,329,300,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 208,600,000 | 277,700,000 | 419,900,000 | 571,200,000 | |
Depreciation | 77,800,000 | 94,400,000 | 158,100,000 | 187,400,000 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 350,000,000 | 262,200,000 | 571,000,000 | 570,700,000 | |
Property and equipment, net | 8,414,100,000 | 9,870,700,000 | 8,414,100,000 | 9,870,700,000 | |
Jackup [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 251,300,000 | 384,100,000 | 529,200,000 | 812,400,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 122,300,000 | 192,700,000 | 256,800,000 | 384,200,000 | |
Depreciation | 30,100,000 | 43,600,000 | 58,700,000 | 85,100,000 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 98,900,000 | 147,800,000 | 213,700,000 | 343,100,000 | |
Property and equipment, net | 2,543,000,000 | 3,223,400,000 | 2,543,000,000 | 3,223,400,000 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 21,900,000 | 40,600,000 | 45,400,000 | 81,200,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 19,300,000 | 32,200,000 | 37,200,000 | 65,500,000 | |
Depreciation | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 2,600,000 | 8,400,000 | 8,200,000 | 15,700,000 | |
Property and equipment, net | 0 | 0 | 0 | 0 | |
Operating Segments Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 909,600,000 | 1,059,000,000 | 1,723,600,000 | 2,222,900,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 350,200,000 | 502,600,000 | 713,900,000 | 1,020,900,000 | |
Depreciation | 107,900,000 | 138,000,000 | 216,800,000 | 272,500,000 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 451,500,000 | 418,400,000 | 792,900,000 | 929,500,000 | |
Property and equipment, net | 10,957,100,000 | 13,094,100,000 | 10,957,100,000 | 13,094,100,000 | |
Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | 0 | |
Depreciation | 4,500,000 | 2,500,000 | 8,900,000 | 5,100,000 | |
General and administrative | 27,400,000 | 29,700,000 | 50,800,000 | 59,800,000 | |
OPERATING (LOSS) INCOME | (31,900,000) | (32,200,000) | (59,700,000) | (64,900,000) | |
Property and equipment, net | $ 64,100,000 | $ 75,800,000 | $ 64,100,000 | $ 75,800,000 |
Segment Information (Schedule51
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Jun. 30, 2016 | |
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 61 | [1] |
Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 21 | |
Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 40 | |
North & South America (Excl. Brazil) [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 16 | [1] |
North & South America (Excl. Brazil) [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 9 | |
North & South America (Excl. Brazil) [Member] | Jackup [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) | 15 | [1] |
Europe & Mediterranean [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Europe & Mediterranean [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Middle East & Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | [1] |
Middle East & Africa [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Middle East & Africa [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Asia & Pacific Rim [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | [1] |
Asia & Pacific Rim [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Asia & Pacific Rim [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | |
Middle East Under Construction Member [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Middle East Under Construction Member [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 0 | |
Middle East Under Construction Member [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Discontinued Operations, Held-for-sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Discontinued Operations, Held-for-sale [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Discontinued Operations, Held-for-sale [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
[1] | We provide management services on two rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform52
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Proceeds from Sale of Property, Plant, and Equipment | $ 1,200,000 | |||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Total S.A. [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 13.00% | 10.00% | 14.00% | 9.00% |
Customer Concentration Risk [Member] | BP [Member] | Sales Revenue, Services, Net [Member] | ||||
Concentration Risk, Percentage | 10.00% | 16.00% | 12.00% | 14.00% |
Customer Concentration Risk [Member] | BP [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 75.00% | 79.00% | 76.00% | 82.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | ||||
Revenues | $ 909,600,000 | $ 1,059,000,000 | $ 1,723,600,000 | $ 2,222,900,000 |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | US Gulf Of Mexico [Member] | ||||
Revenues | 304,500,000 | 271,000,000 | 464,700,000 | 609,800,000 |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Angola [Member] | ||||
Revenues | $ 132,400,000 | $ 182,400,000 | $ 268,600,000 | $ 351,700,000 |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | US Gulf Of Mexico [Member] | ||||
Concentration Risk, Percentage | 92.00% | 83.00% | 89.00% | 84.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | Angola [Member] | ||||
Concentration Risk, Percentage | 88.00% | 91.00% | 87.00% | 90.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | Floaters [Member] | Brazil [Member] | ||||
Revenues | $ 81,700,000 | $ 115,700,000 | $ 202,700,000 | $ 238,400,000 |
Supplemental Financial Inform53
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 432.5 | $ 611.3 |
Allowance for doubtful accounts | (24.5) | (29.3) |
Accounts receivable, net | 408 | 582 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 415.8 | 595 |
Other [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 16.7 | $ 16.3 |
Supplemental Financial Inform54
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Assets held for sale | $ 1.8 | $ 5.5 |
Inventory | 231.4 | 235.3 |
Deferred costs | 40.2 | 52.1 |
Prepaid Expense | 8 | 20.5 |
Prepaid taxes | 50 | 73.5 |
Other | 15 | 14.9 |
Other current assets | $ 346.4 | $ 401.8 |
Supplemental Financial Inform55
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Deferred costs | $ 42.6 | $ 55.8 |
Deferred tax assets | 69.8 | 94.8 |
Supplemental executive retirement plan assets | 33.3 | 33.1 |
Prepaid taxes on intercompany transfers of property | 33.8 | 37.1 |
Other | 9.6 | 16.8 |
Other Assets, Net | $ 189.1 | $ 237.6 |
Supplemental Financial Inform56
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Personnel costs | $ 104.2 | $ 161.6 |
Deferred revenue | 172.9 | 197.2 |
Taxes | 79.6 | 70.8 |
Accrued interest | 74.3 | 88.4 |
Derivative Liability, Current | 14.9 | 21.6 |
Other | 12.6 | 11.3 |
Accrued liabilities and other | $ 458.5 | $ 550.9 |
Supplemental Financial Inform57
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 143.5 | $ 218.6 |
Unrecognized tax benefits (inclusive of interest and penalties) | 153.4 | 149.7 |
Supplemental executive retirement plan liabilities | 34.5 | 34.4 |
Deferred Tax Liabilities, Net, Noncurrent | 8.7 | 4.4 |
Personnel costs | 11.4 | 17.7 |
Other | 10.2 | 24.4 |
Other liabilities | $ 361.7 | $ 449.2 |
Supplemental Financial Inform58
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 |
Supplemental Financial Information [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 7.6 | $ 7.8 |
Derivative Instruments | 13.9 | 6.6 |
Other | (1.7) | (1.9) |
Accumulated other comprehensive income | $ 19.8 | $ 12.5 |
Supplemental Financial Inform59
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | ConocoPhillips [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 3.00% | 4.00% | ||
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | ConocoPhillips [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 23.00% | 3.00% | 15.00% | 3.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Petrobras [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 9.00% | 15.00% | 12.00% | 13.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Total S.A. [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 13.00% | 10.00% | 14.00% | 9.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 16.00% | 12.00% | 14.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | BP [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 75.00% | 79.00% | 76.00% | 82.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Other Customers [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 45.00% | 56.00% | 47.00% | 61.00% |
Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 205 | |||
ENSCO DS-9 [Member] | Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 185 |
Supplemental Financial Inform60
Supplemental Financial Information Revenue from External Customers by Geographic Areas - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 909,600,000 | $ 1,059,000,000 | $ 1,723,600,000 | $ 2,222,900,000 |
United Kingdom [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 69,700,000 | 104,300,000 | 143,500,000 | 224,900,000 |
US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 304,500,000 | $ 271,000,000 | $ 464,700,000 | $ 609,800,000 |
US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 92.00% | 83.00% | 89.00% | 84.00% |
Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 132,400,000 | $ 182,400,000 | $ 268,600,000 | $ 351,700,000 |
Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 88.00% | 91.00% | 87.00% | 90.00% |
Brazil [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 81,700,000 | $ 115,700,000 | $ 202,700,000 | $ 238,400,000 |
Other Geographic Areas [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 321,300,000 | $ 385,600,000 | 644,100,000 | $ 798,100,000 |
Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 205,000,000 |
Guarantee Of Registered Secur61
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | ||
Senior notes aggregate outstanding principal balance | $ 1,500 | |
8.50% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 8.50% | 8.50% |
Senior note, maturity year | 2,019 | |
6.875% Senior Notes due 2020 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 6.875% | 6.875% |
Senior note, maturity year | 2,020 | |
7.875% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.875% | 7.875% |
Senior note, maturity year | 2,040 | |
7.20% Debentures Due 2027 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.20% | |
Senior note, maturity year | 2,027 | |
Senior notes aggregate outstanding principal balance | $ 150 |
Guarantee Of Registered Secur62
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | $ 909.6 | $ 1,059 | $ 1,723.6 | $ 2,222.9 | ||||
Contract drilling (exclusive of depreciation) | 350.2 | 502.6 | 713.9 | 1,020.9 | ||||
Depreciation | 112.4 | 140.5 | 225.7 | 277.6 | ||||
General and administrative | 27.4 | 29.7 | 50.8 | 59.8 | ||||
OPERATING (LOSS) INCOME | 419.6 | 386.2 | 733.2 | 864.6 | ||||
OTHER INCOME (EXPENSE), NET | 209.9 | (55.4) | 145.3 | (128) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 629.5 | 330.8 | 878.5 | 736.6 | ||||
INCOME TAX PROVISION | 36.7 | 58 | 108.1 | 135.7 | ||||
DISCONTINUED OPERATIONS, NET | $ (0.2) | (0.2) | $ (10.1) | (10.1) | (1.1) | (10.3) | $ (1.1) | $ (10.3) |
NET INCOME | 592.6 | 262.7 | 769.3 | 590.6 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) | ||||
NET INCOME ATTRIBUTABLE TO ENSCO | 590.6 | 260.3 | 765.9 | 585 | ||||
Ensco Plc [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | 7.6 | 8.7 | 14.8 | 17.4 | ||||
Contract drilling (exclusive of depreciation) | 6.7 | 6.3 | 13.9 | 13.1 | ||||
Depreciation | 0 | 0 | 0.1 | |||||
General and administrative | 10.5 | 13.7 | 16.7 | 27 | ||||
OPERATING (LOSS) INCOME | (9.6) | (11.3) | (15.8) | (22.8) | ||||
OTHER INCOME (EXPENSE), NET | 175.8 | (36.3) | 139 | (96.2) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 166.2 | (47.6) | 123.2 | (119) | ||||
INCOME TAX PROVISION | 0 | |||||||
DISCONTINUED OPERATIONS, NET | 0 | |||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 424.4 | 307.9 | 642.7 | 704 | ||||
NET INCOME | 590.6 | 260.3 | 765.9 | 585 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||||||
NET INCOME ATTRIBUTABLE TO ENSCO | 590.6 | 260.3 | 765.9 | 585 | ||||
ENSCO International Inc. [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | 36.5 | 34.5 | 72.1 | 69.3 | ||||
Contract drilling (exclusive of depreciation) | 36.4 | 34.5 | 72.1 | 69.3 | ||||
Depreciation | 4.4 | 2.4 | 8.7 | 4.9 | ||||
General and administrative | 0 | 0 | 0.1 | 0.1 | ||||
OPERATING (LOSS) INCOME | (4.3) | (2.4) | (8.8) | (5) | ||||
OTHER INCOME (EXPENSE), NET | (8.3) | 2.4 | (6.7) | (14.4) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (12.6) | 0 | (15.5) | (19.4) | ||||
INCOME TAX PROVISION | (15.6) | 14.1 | 15.4 | 27.9 | ||||
DISCONTINUED OPERATIONS, NET | 0 | |||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 20 | 47.5 | 53.5 | 92.7 | ||||
NET INCOME | 23 | 33.4 | 22.6 | 45.4 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||||||
NET INCOME ATTRIBUTABLE TO ENSCO | 23 | 33.4 | 22.6 | 45.4 | ||||
Pride International, Inc. [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | 0 | 0 | ||||||
Contract drilling (exclusive of depreciation) | 0 | |||||||
Depreciation | 0 | |||||||
General and administrative | 0 | |||||||
OTHER INCOME (EXPENSE), NET | (18.8) | (15.2) | (37.9) | (31.1) | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (18.8) | (15.2) | (37.9) | (31.1) | ||||
INCOME TAX PROVISION | 0 | 0 | ||||||
DISCONTINUED OPERATIONS, NET | 0 | |||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 10.2 | 71.4 | 63.8 | 135.3 | ||||
NET INCOME | (8.6) | 56.2 | 25.9 | 104.2 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||||||
NET INCOME ATTRIBUTABLE TO ENSCO | (8.6) | 56.2 | 25.9 | 104.2 | ||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | 937.4 | 1,086.6 | 1,780.7 | 2,278.2 | ||||
Contract drilling (exclusive of depreciation) | 379 | 532.6 | 771.9 | 1,080.5 | ||||
Depreciation | 108 | 138.1 | 217 | 272.6 | ||||
General and administrative | 16.9 | 16 | 34 | 32.7 | ||||
OPERATING (LOSS) INCOME | 433.5 | 399.9 | 757.8 | 892.4 | ||||
OTHER INCOME (EXPENSE), NET | 1.3 | (6.3) | (9) | 13.7 | ||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 434.8 | 393.6 | 748.8 | 906.1 | ||||
INCOME TAX PROVISION | 52.3 | 43.9 | 92.7 | 107.8 | ||||
DISCONTINUED OPERATIONS, NET | (0.2) | (10.1) | (1.1) | (10.3) | ||||
NET INCOME | 382.3 | 339.6 | 655 | 788 | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) | ||||
NET INCOME ATTRIBUTABLE TO ENSCO | 380.3 | 337.2 | 651.6 | 782.4 | ||||
Consolidating Adjustments [Member] | ||||||||
Guarantor Obligations [Line Items] | ||||||||
OPERATING REVENUES | (71.9) | (70.8) | (144) | (142) | ||||
Contract drilling (exclusive of depreciation) | (71.9) | (70.8) | (144) | (142) | ||||
Depreciation | 0 | |||||||
General and administrative | 0 | |||||||
OPERATING (LOSS) INCOME | 0 | |||||||
OTHER INCOME (EXPENSE), NET | 59.9 | 59.9 | ||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 59.9 | 59.9 | ||||||
INCOME TAX PROVISION | 0 | |||||||
DISCONTINUED OPERATIONS, NET | 0 | |||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (454.6) | (426.8) | (760) | (932) | ||||
NET INCOME | (394.7) | (426.8) | (700.1) | (932) | ||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ (394.7) | $ (426.8) | $ (700.1) | $ (932) |
Guarantee Of Registered Secur63
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
NET INCOME | $ 592.6 | $ 262.7 | $ 769.3 | $ 590.6 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in fair value of derivatives | (4.1) | 8.7 | (0.6) | (8.7) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 2 | 5.1 | 7.9 | 10.1 |
Other | 0.1 | (1.3) | 0 | 1.3 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (2) | 12.5 | 7.3 | 2.7 |
COMPREHENSIVE INCOME | 590.6 | 275.2 | 776.6 | 593.3 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 588.6 | 272.8 | 773.2 | 587.7 |
Ensco Plc [Member] | ||||
NET INCOME | 590.6 | 260.3 | 765.9 | 585 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | 590.6 | 260.3 | 765.9 | 585 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 590.6 | 260.3 | 765.9 | 585 |
ENSCO International Inc. [Member] | ||||
NET INCOME | 23 | 33.4 | 22.6 | 45.4 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in fair value of derivatives | (4.1) | 8.7 | (0.6) | (8.7) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 2 | 5.1 | 7.9 | 10.1 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (2.1) | 13.8 | 7.3 | 1.4 |
COMPREHENSIVE INCOME | 20.9 | 47.2 | 29.9 | 46.8 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 20.9 | 47.2 | 29.9 | 46.8 |
Pride International, Inc. [Member] | ||||
NET INCOME | (8.6) | 56.2 | 25.9 | 104.2 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | (8.6) | 56.2 | 25.9 | 104.2 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (8.6) | 56.2 | 25.9 | 104.2 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
NET INCOME | 382.3 | 339.6 | 655 | 788 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Other | 0.1 | (1.3) | 0 | 1.3 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0.1 | (1.3) | 0 | 1.3 |
COMPREHENSIVE INCOME | 382.4 | 338.3 | 655 | 789.3 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (2) | (2.4) | (3.4) | (5.6) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 380.4 | 335.9 | 651.6 | 783.7 |
Consolidating Adjustments [Member] | ||||
NET INCOME | (394.7) | (426.8) | (700.1) | (932) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | (394.7) | (426.8) | (700.1) | (932) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (394.7) | $ (426.8) | $ (700.1) | $ (932) |
Guarantee Of Registered Secur64
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 790.3 | $ 121.3 | $ 648.3 | $ 664.8 |
Short-term Investments | 1,010 | 1,180 | ||
Accounts receivable, net | 408 | 582 | ||
Other | 346.4 | 401.8 | ||
Total current assets | 2,554.7 | 2,285.1 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,877.2 | 12,719.4 | ||
Less accumulated depreciation | 1,856 | 1,631.6 | ||
Property and equipment, net | 11,021.2 | 11,087.8 | 13,169.9 | |
OTHER ASSETS, NET | 189.1 | 237.6 | ||
TOTAL ASSETS | 13,765 | 13,610.5 | ||
Accounts payable and accrued liabilities | 610.8 | 775.5 | ||
Total current liabilities | 610.8 | 775.5 | ||
LONG-TERM DEBT | 4,905.6 | 5,868.6 | ||
Due to Related Parties, Noncurrent | 0 | |||
Due to Related Parties | 0 | |||
OTHER LIABILITIES | 361.7 | 449.2 | ||
ENSCO SHAREHOLDERS' EQUITY | 7,879.9 | 6,512.9 | ||
NONCONTROLLING INTERESTS | 7 | 4.3 | ||
Total equity | 7,886.9 | 6,517.2 | ||
Total liabilities and shareholders' equity | 13,765 | 13,610.5 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 712.8 | 94 | 334.6 | 287.4 |
Short-term Investments | 1,010 | 1,180 | ||
Accounts receivable, net | 5.2 | 1.2 | ||
Accounts receivable from affiliates | 245.7 | 808.7 | ||
Other | 0.1 | 0.2 | ||
Total current assets | 1,973.8 | 2,084.1 | ||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 1.8 | ||
Less accumulated depreciation | 1.8 | 1.8 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 1,428.5 | 1,303.7 | ||
INVESTMENTS IN AFFILIATES | 8,412.1 | 7,743.8 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 11,814.4 | 11,131.6 | ||
Accounts payable and accrued liabilities | 48 | 60.7 | ||
Accounts payable to affiliates | 46.4 | 19.4 | ||
Total current liabilities | 94.4 | 80.1 | ||
Due to Affiliate | 791.1 | 751.9 | ||
LONG-TERM DEBT | 3,041.8 | 3,782.4 | ||
Due to Related Parties, Noncurrent | 0 | |||
Due to Related Parties | 0 | |||
OTHER LIABILITIES | 0 | |||
ENSCO SHAREHOLDERS' EQUITY | 7,887.1 | 6,517.2 | ||
Total equity | 7,887.1 | 6,517.2 | ||
Total liabilities and shareholders' equity | 11,814.4 | 11,131.6 | ||
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 | |||
Accounts receivable from affiliates | 637.7 | 237.3 | ||
Other | 10.1 | 229.3 | ||
Total current assets | 647.8 | 466.6 | ||
PROPERTY AND EQUIPMENT, AT COST | 118.8 | 117.5 | ||
Less accumulated depreciation | 55.7 | 47.7 | ||
Property and equipment, net | 63.1 | 69.8 | ||
DUE FROM AFFILIATES | 5,069.7 | 5,270 | ||
INVESTMENTS IN AFFILIATES | 1,717.2 | 0 | ||
OTHER ASSETS, NET | 40 | 43.1 | ||
TOTAL ASSETS | 7,537.8 | 5,849.5 | ||
Accounts payable and accrued liabilities | 32.1 | 69.6 | ||
Accounts payable to affiliates | 591.2 | 176.3 | ||
Total current liabilities | 623.3 | 245.9 | ||
Due to Affiliate | 5,391.6 | 4,354.3 | ||
LONG-TERM DEBT | 149.1 | 149 | ||
Due to Related Parties, Noncurrent | 0 | |||
Due to Related Parties | 442 | |||
OTHER LIABILITIES | 150.2 | 135.7 | ||
ENSCO SHAREHOLDERS' EQUITY | 1,223.6 | 522.6 | ||
Total equity | 1,223.6 | 522.6 | ||
Total liabilities and shareholders' equity | 7,537.8 | 5,849.5 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 26.1 | 2 | 104.4 | 90.8 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | 0 | 0 | ||
Total current assets | 26.1 | 2 | ||
DUE FROM AFFILIATES | 2,043.1 | 2,035.5 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
TOTAL ASSETS | 2,069.2 | 2,037.5 | ||
Accounts payable and accrued liabilities | 30.9 | 34.8 | ||
Accounts payable to affiliates | 3.8 | |||
Total current liabilities | 34.7 | 34.8 | ||
Due to Affiliate | 2,056 | 1,763.7 | ||
LONG-TERM DEBT | 1,714.7 | 1,937.2 | ||
Due to Related Parties, Noncurrent | 1,215.2 | |||
Due to Related Parties | 1,319.3 | |||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | (2,951.4) | (3,017.5) | ||
Total equity | (2,951.4) | (3,017.5) | ||
Total liabilities and shareholders' equity | 2,069.2 | 2,037.5 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 51.4 | 25.3 | $ 209.3 | $ 286.6 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 402.8 | 580.8 | ||
Accounts receivable from affiliates | 565.8 | 148.1 | ||
Other | 336.2 | 172.3 | ||
Total current assets | 1,356.2 | 926.5 | ||
PROPERTY AND EQUIPMENT, AT COST | 12,756.6 | 12,600.1 | ||
Less accumulated depreciation | 1,798.5 | 1,582.1 | ||
Property and equipment, net | 10,958.1 | 11,018 | ||
DUE FROM AFFILIATES | 6,731.5 | 6,869.9 | ||
OTHER ASSETS, NET | 290.5 | 324.9 | ||
TOTAL ASSETS | 19,336.3 | 19,139.3 | ||
Accounts payable and accrued liabilities | 499.8 | 610.4 | ||
Accounts payable to affiliates | 807.8 | 998.4 | ||
Total current liabilities | 1,307.6 | 1,608.8 | ||
Due to Affiliate | 7,034.1 | 8,609.2 | ||
LONG-TERM DEBT | 0 | 0 | ||
Due to Related Parties | 0 | |||
OTHER LIABILITIES | 352.9 | 443.9 | ||
ENSCO SHAREHOLDERS' EQUITY | 10,634.7 | 8,473.1 | ||
NONCONTROLLING INTERESTS | 7 | 4.3 | ||
Total equity | 10,641.7 | 8,477.4 | ||
Total liabilities and shareholders' equity | 19,336.3 | 19,139.3 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | (1,449.2) | (1,194.1) | ||
Total current assets | (1,449.2) | (1,194.1) | ||
DUE FROM AFFILIATES | (15,272.8) | (15,479.1) | ||
INVESTMENTS IN AFFILIATES | (10,129.3) | (7,743.8) | ||
OTHER ASSETS, NET | (141.4) | (130.4) | ||
TOTAL ASSETS | (26,992.7) | (24,547.4) | ||
Accounts payable to affiliates | (1,449.2) | (1,194.1) | ||
Total current liabilities | (1,449.2) | (1,194.1) | ||
Due to Affiliate | (15,272.8) | (15,479.1) | ||
Due to Related Parties, Noncurrent | (1,215.2) | |||
Due to Related Parties | (1,761.3) | |||
OTHER LIABILITIES | (141.4) | (130.4) | ||
ENSCO SHAREHOLDERS' EQUITY | (8,914.1) | (5,982.5) | ||
Total equity | (8,914.1) | (5,982.5) | ||
Total liabilities and shareholders' equity | $ (26,992.7) | $ (24,547.4) |
Guarantee Of Registered Secur65
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 800.2 | $ 891 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (209.4) | (913.9) |
Purchase of Affiliate Debt | 0 | |
Maturities of short-term investments | 1,032 | 757.3 |
Payments to Acquire Marketable Securities | (862) | (650) |
Other | 7.6 | 1.1 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (31.8) | (805.5) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 585.5 | 0 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,078.7 |
Cash dividends paid | (5.5) | (70.5) |
Payments for Advance to Affiliate | 0 | |
Reduction of long-term borrowings | (684.8) | (1,058) |
Payments of Debt Issuance Costs | 0 | (10.5) |
Advances from (to) affiliates | 0 | |
Payments of Debt Extinguishment Costs | 0 | (30.3) |
Other | (1.9) | (6.8) |
Net cash provided by (used in) financing activities | (106.7) | (97.4) |
DISCONTINUED OPERATIONS | ||
Operating activities | 1.4 | (4.2) |
Investing activities | 6.3 | (0.6) |
Net cash provided by discontinued operations | 7.7 | (4.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0.2 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 669 | (16.5) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 121.3 | 664.8 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 790.3 | 648.3 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (83.4) | (66.2) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | |
Purchase of Affiliate Debt | (142) | |
Maturities of short-term investments | 1,032 | 712 |
Payments to Acquire Marketable Securities | (862) | (650) |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 28 | 62 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 585.5 | |
Proceeds from Issuance of Senior Long-term Debt | 1,078.7 | |
Cash dividends paid | (5.5) | (70.5) |
Reduction of long-term borrowings | (542.8) | (998.3) |
Payments of Debt Issuance Costs | (10.5) | |
Advances from (to) affiliates | (638.9) | (88.2) |
Payments of Debt Extinguishment Costs | (27.2) | |
Other | (1.9) | (9) |
Net cash provided by (used in) financing activities | 674.2 | 51.4 |
DISCONTINUED OPERATIONS | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 618.8 | 47.2 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94 | 287.4 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 712.8 | 334.6 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 130.8 | (19.7) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | (5.1) |
Payments to Acquire Marketable Securities | 0 | |
Other | 0 | 0 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | (5.1) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 0 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Payments for Advance to Affiliate | (130.8) | |
Reduction of long-term borrowings | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | (24.8) | |
Payments of Debt Extinguishment Costs | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | (130.8) | 24.8 |
DISCONTINUED OPERATIONS | ||
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 | (60.4) | (49.9) |
INVESTING ACTIVITIES | ||
Purchase of Affiliate Debt | 0 | |
Payments to Acquire Marketable Securities | 0 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 0 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | (84.5) | (63.5) |
Payments of Debt Extinguishment Costs | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | 84.5 | 63.5 |
DISCONTINUED OPERATIONS | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 24.1 | 13.6 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 2 | 90.8 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 26.1 | 104.4 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 813.2 | 1,026.8 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (209.4) | (908.8) |
Purchase of Affiliate Debt | 0 | |
Maturities of short-term investments | 0 | 45.3 |
Payments to Acquire Marketable Securities | 0 | 0 |
Other | 7.6 | 1.1 |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | (201.8) | (862.4) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 0 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Payments for Advance to Affiliate | (592.6) | (176.5) |
Reduction of long-term borrowings | 0 | (59.7) |
Payments of Debt Issuance Costs | 0 | |
Payments of Debt Extinguishment Costs | (3.1) | |
Other | 0 | 2.2 |
Net cash provided by (used in) financing activities | (592.6) | (237.1) |
DISCONTINUED OPERATIONS | ||
Operating activities | 1.4 | (4.2) |
Investing activities | 6.3 | (0.6) |
Net cash provided by discontinued operations | 7.7 | (4.8) |
Effect of exchange rate changes on cash and cash equivalents | (0.4) | 0.2 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 26.1 | (77.3) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 25.3 | 286.6 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 51.4 | 209.3 |
Consolidating Adjustments [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0 | |
INVESTING ACTIVITIES | ||
Purchase of Affiliate Debt | 142 | |
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 142 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance or Sale of Equity | 0 | |
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Payments for Advance to Affiliate | 0 | |
Reduction of long-term borrowings | (142) | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | 0 | |
Payments of Debt Extinguishment Costs | 0 | |
Other | 0 | 0 |
Net cash provided by (used in) financing activities | $ (142) | $ 0 |