Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 21, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Ensco plc | |
Entity Central Index Key | 314,808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Shares, Shares Outstanding | 303,500,188 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
OPERATING REVENUES | $ 471.1 | $ 814 |
OPERATING EXPENSES | ||
Contract drilling (exclusive of depreciation) | 278.1 | 363.7 |
Depreciation | 109.2 | 113.3 |
General and administrative | 26 | 23.4 |
Total operating expenses | 413.3 | 500.4 |
OPERATING (LOSS) INCOME | 57.8 | 313.6 |
OTHER INCOME (EXPENSE) | ||
Interest income | 7.2 | 2.3 |
Interest expense, net | (58.6) | (65.1) |
Other, net | (6.3) | (1.8) |
Other income (expense), net | (57.7) | (64.6) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0.1 | 249 |
PROVISION FOR INCOME TAXES | ||
Current income tax expense | 4.3 | 38.1 |
Deferred income tax expense | 19.8 | 33.3 |
Total provision for income taxes | 24.1 | 71.4 |
INCOME FROM CONTINUING OPERATIONS | (24) | 177.6 |
DISCONTINUED OPERATIONS, NET | (0.6) | (0.9) |
NET INCOME | (24.6) | 176.7 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (25.7) | $ 175.3 |
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED | ||
Income (Loss) from Continuing Operations, Per Basic and Diluted Share | $ (0.09) | $ 0.74 |
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic and Diluted Share | 0 | 0 |
Earnings Per Share, Basic and Diluted | $ (0.09) | $ 0.74 |
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ (25.8) | $ 172.8 |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 300.6 | 232.5 |
CASH DIVIDENDS PER SHARE (in dollars per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
NET INCOME | $ (24.6) | $ 176.7 |
OTHER COMPREHENSIVE (LOSS) INCOME, NET | ||
Net change in fair value of derivatives | 3.1 | 3.5 |
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | 0.9 | 5.9 |
Other | 0.5 | (0.1) |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 4.5 | 9.3 |
COMPREHENSIVE INCOME | (20.1) | 186 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (21.2) | $ 184.6 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 271.7 | $ 1,159.7 |
Short-term Investments | 1,805.6 | 1,442.6 |
Accounts receivable, net | 324.1 | 361 |
Other | 312.2 | 316 |
Total current assets | 2,713.6 | 3,279.3 |
PROPERTY AND EQUIPMENT, AT COST | 13,301.7 | 12,992.5 |
Less accumulated depreciation | 2,181 | 2,073.2 |
Property and equipment, net | 11,120.7 | 10,919.3 |
OTHER ASSETS, NET | 138 | 175.9 |
TOTAL ASSETS | 13,972.3 | 14,374.5 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 165.3 | 145.9 |
Accrued liabilities and other | 343.2 | 376.6 |
Current maturities of long-term debt | 37.6 | 331.9 |
Total current liabilities | 546.1 | 854.4 |
LONG-TERM DEBT | 4,905.9 | 4,942.6 |
OTHER LIABILITIES | 294.5 | 322.5 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 6,412.4 | 6,402.2 |
Retained earnings | 1,821.4 | 1,864.1 |
Accumulated other comprehensive income | 23.5 | 19 |
Treasury shares, at cost | (67.2) | (65.8) |
Total Ensco shareholders' equity | 8,221.2 | 8,250.6 |
NONCONTROLLING INTERESTS | 4.6 | 4.4 |
Total equity | 8,225.8 | 8,255 |
Total liabilities and shareholders' equity | 13,972.3 | 14,374.5 |
Class A ordinary shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 31 | 31 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 0.1 | $ 0.1 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2017£ / sharesshares | Mar. 31, 2017$ / sharesshares | Dec. 31, 2016£ / sharesshares | Dec. 31, 2016$ / sharesshares |
Treasury shares, shares held (in shares) | 6,800,000 | 6,800,000 | 7,300,000 | 7,300,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares issued (in shares) | 310,300,000 | 310,300,000 | 310,300,000 | 310,300,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares | £ 1 | £ 1 | ||
Common shares, shares authorized (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares issued (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ (24.6) | $ 176.7 |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Depreciation expense | 109.2 | 113.3 |
Deferred income tax (benefit) expense | 19.8 | 33.3 |
Share-based compensation expense | 11.3 | 6.9 |
Gain (Loss) on Extinguishment of Debt | 3.4 | 0 |
Amortization of Debt Discount (Premium) | (3.4) | (5) |
Other | 0.4 | 1.5 |
Changes in operating assets and liabilities | (11.5) | (93.6) |
Net cash provided by operating activities of continuing operations | 104.6 | 233.1 |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | (965) | (80) |
Additions to property and equipment | (282.6) | (158.1) |
Proceeds from Sale of Short-term Investments | 602 | 965 |
Other | 0.2 | 0.1 |
Net cash (used in) provided by investing activities of continuing operations | (645.4) | 727 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | (336.6) | 0 |
Payments of Financing Costs | (4.5) | 0 |
Cash dividends paid | (3.2) | (2.4) |
Other | (2.4) | (0.5) |
Net cash used in financing activities | (346.7) | (2.9) |
DISCONTINUED OPERATIONS | ||
Net cash provided by discontinued operations | (0.6) | 5.6 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (0.1) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (888) | 962.7 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 271.7 | $ 1,084 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2017 | |
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, 2016 condensed consolidated balance sheet data were derived from our 2016 audited consolidated financial statements, but do not include all disclosures required by GAAP. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. The financial data for the quarter s ended March 31, 2017 and 2016 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act of 1933, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the quarter ended March 31, 2017 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2017 . 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, 2016 filed with the SEC on February 28, 2017 . New Accounting Pronouncements In October 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. We adopted Update 2016-16 on a modified retrospective basis effective January 1, 2017. As a result of modified retrospective application, we reduced prepaid taxes on intercompany transfers of property and related deferred tax liabilities resulting in the recognition of a cumulative-effect reduction in retained earnings of $14.1 million on our condensed consolidated balance sheet as of January 1, 2017. We do not expect a material impact to our 2017 operating results as a result of the adoption of Update 2016-16. 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. We adopted Update 2016-09 effective January 1, 2017. Our adoption of Update 2016-09 did not result in any cumulative effect on retained earnings and no adjustments have been made to prior periods. The new standard will cause volatility in our effective tax rates primarily due to the new requirement that companies recognize additional tax benefits or expenses in earnings related to the vesting or settlement of employee share-based awards, rather than in additional paid-in capital, during the period in which they occur. Furthermore, forfeitures are now recorded as they occur as opposed to estimating an allowance for future forfeitures. During 2014, the Financial Accounting Standards Board (the "FASB") 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. Update 2014-09 is effective for annual and interim periods for fiscal years beginning after December 15, 2017. Subsequent to the issuance of Update 2014-09, the FASB issued several additional Accounting Standards Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. 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. Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), we expect to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. We are currently evaluating the effect that Update 2014-09 and Update 2016-02 will have on our consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued 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. During our evaluation of Update 2016-02, we have concluded that our drilling contracts contain a lease component, and upon adoption, we will be required to separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. Due to the significant interaction between Update 2016-02 and Update 2014-09, we expect to adopt both updates concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. Adoption will result in increased disclosure of the nature of our leasing arrangements and may result in variability in our revenue recognition patterns relative to current U.S. GAAP based on the provisions in each of our drilling contracts. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $60 million to $80 million upon adoption, based on our portfolio of leases as of March 31, 2017. We are currently evaluating the other impacts that Update 2016-02 and Update 2014-09 will have on our consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of March 31, 2017 Supplemental executive retirement plan assets $ 28.5 $ — $ — $ 28.5 Total financial assets $ 28.5 $ — $ — $ 28.5 Derivatives, net $ — $ (1.6 ) $ — $ (1.6 ) Total financial liabilities $ — $ (1.6 ) $ — $ (1.6 ) As of December 31, 2016 Supplemental executive retirement plan assets $ 27.7 $ — $ — $ 27.7 Total financial assets $ 27.7 $ — $ — $ 27.7 Derivatives, net $ — $ (8.8 ) $ — $ (8.8 ) Total financial liabilities $ — $ (8.8 ) $ — $ (8.8 ) Supplemental Executive Retirement Plan Assets Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our debt instruments were as follows (in millions): March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 317.6 $ 319.5 $ 480.2 $ 485.0 6.875% Senior notes due 2020 592.8 577.0 735.9 727.5 4.70% Senior notes due 2021 301.1 298.0 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 613.5 834.6 604.3 874.7 4.50% Senior notes due 2024 618.7 530.1 618.6 536.0 8.00% Senior notes due 2024 338.7 335.7 — — 5.20% Senior notes due 2025 663.0 583.6 662.8 582.3 7.20% Debentures due 2027 149.2 147.6 149.2 138.7 7.875% Senior notes due 2040 377.9 278.2 378.3 270.6 5.75% Senior notes due 2044 971.0 761.4 970.8 728.0 Total $ 4,943.5 $ 4,665.7 $ 5,274.5 $ 5,001.7 (1) Our exchangeable senior notes due 2024 (the "2024 Convertible Notes") were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $832.5 million as of March 31, 2017 . The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in carrying value of long-term debt from December 31, 2016 to March 31, 2017 is largely due to the January 2017 debt exchange 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 March 31, 2017 and December 31, 2016 . 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 | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. All of our derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Net liabilities of $1.6 million and $8.8 million associated with our derivatives were included on our condensed consolidated balance sheets as of March 31, 2017 and December 31, 2016 , respectively. All of our derivatives mature during the next 18 months . See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 4.4 $ 4.1 $ 5.9 $ 11.4 Foreign currency forward contracts - non-current (2) .3 .2 .1 .8 4.7 4.3 6.0 12.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .5 .4 .8 1.3 .5 .4 .8 1.3 Total $ 5.2 $ 4.7 $ 6.8 $ 13.5 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of March 31, 2017 , we had cash flow hedges outstanding to exchange an aggregate $176.6 million for various foreign currencies, including $76.2 million for British pounds, $37.6 million for Australian dollars, $27.5 million for euros, $20.3 million for Brazilian reals, $11.8 million for Singapore dollars and $3.2 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 (loss) income for the quarter s ended March 31, 2017 and 2016 were as follows (in millions): Gain Recognized in Other Comprehensive (Loss) Income ("OCI") (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) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ (.1 ) $ — $ — Foreign currency forward contracts (4) 3.1 3.5 (.8 ) (5.8 ) .1 1.1 Total $ 3.1 $ 3.5 $ (.9 ) $ (5.9 ) $ .1 $ 1.1 (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of operations. (4) During 2017 , $1.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the prior year quarter, $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of 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 March 31, 2017 , we held derivatives not designated as hedging instruments to exchange an aggregate $122.4 million for various foreign currencies, including $82.8 million for euros, $12.9 million for Indonesian rupiah, $5.9 million for Australian dollars and $20.8 million for other currencies. Net gains of $500,000 and $4.4 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the quarter s ended March 31, 2017 and 2016 , respectively. As of March 31, 2017 , 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 $1.1 million . |
Noncontrolling Interests (Notes
Noncontrolling Interests (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
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. (Loss) income from continuing operations attributable to Ensco for the quarter s ended March 31, 2017 and 2016 was as follows (in millions): 2017 2016 (Loss) income from continuing operations $ (24.0 ) $ 177.6 Income from continuing operations attributable to noncontrolling interests (1.1 ) (1.4 ) (Loss) income from continuing operations attributable to Ensco $ (25.1 ) $ 176.2 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares. The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the quarter s ended March 31, 2017 and 2016 (in millions): 2017 2016 (Loss) income from continuing operations attributable to Ensco $ (25.1 ) $ 176.2 Income from continuing operations allocated to non-vested share awards (.1 ) (2.5 ) (Loss) income from continuing operations attributable to Ensco shares $ (25.2 ) $ 173.7 Antidilutive share awards totaling 1.4 million and 1.3 million were excluded from the computation of diluted EPS for the quarter s ended March 31, 2017 and 2016 , respectively. We have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. Our intent is to settle the principal amount of the 2024 Convertible Notes in cash upon conversion. If the conversion value exceeds the principal amount, (i.e., our share price exceeds the exchange price on the date of conversion), we expect to deliver shares equal to the remainder of our conversion obligation in excess of the principal amount. During each reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. Our average share price did not exceed the exchange price during the quarter ended March 31, 2017 . |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt Exchange Offers In January 2017, we completed exchange offers (the "Exchange Offers") to exchange our outstanding 8.50% senior notes due 2019, 6.875% senior notes due 2020 and 4.70% senior notes due 2021 for 8.00% senior notes due 2024 and cash. The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding notes that were settled and exchanged as follows (in millions): Aggregate Principal Amount Purchased 8.00% Senior notes due 2024 Consideration Cash Consideration (1) Total Consideration 8.50% Senior Notes due 2019 $ 145.8 $ 81.6 $ 81.7 $ 163.3 6.875% Senior Notes due 2020 129.8 69.3 69.4 138.7 4.70% Senior Notes due 2021 373.9 181.1 181.4 362.5 Total $ 649.5 $ 332.0 $ 332.5 $ 664.5 (1) As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million , along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. During the first quarter of 2017, we recognized a net pre-tax loss on the Exchange Offers of $6.2 million , consisting of a loss of $3.5 million that includes the write-off of premiums on tendered debt and $2.7 million of transaction costs. Open Market Repurchases In March 2017, we repurchased $4.4 million of our 4.70% senior notes due 2021 for $4.2 million of cash on the open market and recognized an insignificant pre-tax gain. In April 2017, we repurchased $34.8 million of our 8.50% senior notes due 2019, 6.875% senior notes due 2020 and 4.70% senior notes due 2021 for $37.9 million of cash. As of March 31, 2017, the aggregate principal amount, along with associated discounts, premiums and debt issuance costs, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. We expect to recognize an insignificant loss from debt extinguishment during the second quarter. Maturities After giving effect to the Exchange Offers and open market repurchases, our next debt maturity is $261.0 million during 2019, followed by $550.1 million , $302.0 million and $1.8 billion during 2020, 2021 and 2024, 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, of which $1.12 billion of availability expires on September 30, 2019 and $1.13 billion expires on September 30, 2020 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances) depending on our credit rating. Also, our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment, which is also based on our credit rating. Recent credit rating actions have resulted in the highest applicable margin rate on borrowings and our quarterly commitment fee. 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 by an amount not exceeding $500 million and to extend the maturity of the commitments under the Credit Facility by one additional year. As of March 31, 2017 , we were in compliance in all material respects with our covenants under the Credit Facility. We had no amounts outstanding under the Credit Facility as of March 31, 2017 and December 31, 2016 . Our access to credit and capital markets depends on the credit ratings assigned to our debt. As a result of recent rating actions, we no longer maintain an investment-grade status. Our current credit ratings, and any additional actual or anticipated downgrades in our credit ratings, 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, which may further restrict our operations. With a credit rating below investment grade, we have no access to the commercial paper market. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes We have historically calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in the estimated annual effective tax rate, the historical method would not provide a reliable estimate of income taxes for the quarter ended March 31, 2017 . We used a discrete effective tax rate method to calculate income taxes for the quarter ended March 31, 2017 . We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. Discrete income tax expense for the quarter ended March 31, 2017 was $7.6 million and was primarily attributable to the Exchange Offers, a restructuring transaction and the effective settlement of a liability for unrecognized tax benefits associated with a tax position taken in prior years. Discrete income tax expense for the quarter ended March 31, 2016 was $3.4 million and was primarily attributable to the recognition of liabilities for unrecognized tax benefits associated with tax positions taken in prior years. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Brazil Internal Investigation Pride International LLC, formerly Pride International, Inc. (“Pride”), a company we acquired in 2011, commenced drilling operations in Brazil in 2001. In 2008, Pride entered into a drilling services agreement with Petrobras (the "DSA") for ENSCO DS-5, a drillship ordered from Samsung Heavy Industries, a shipyard in South Korea ("SHI"). Beginning in 2006, Pride conducted periodic compliance reviews of its business with Petrobras, and, after the acquisition of Pride, Ensco conducted similar compliance reviews, the most recent of which commenced in early 2015 after media reports were released regarding ongoing investigations of various kickback and bribery schemes in Brazil involving Petrobras. While conducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to the DSA. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, we voluntarily contacted the SEC and the DOJ, respectively, to advise them of this matter and our Audit Committee’s investigation. Independent counsel, under the direction of our Audit Committee, has substantially completed its investigation by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the DSA negotiations and the negotiation of the ENSCO DS-5 construction contract with SHI (the "DS-5 Construction Contract"). To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant, who provided services to Pride and Ensco in connection with the DSA. Independent counsel has continued to provide the SEC and DOJ with updates throughout the investigation, including detailed briefings regarding its investigation and findings. We entered into one-year tolling agreements with the DOJ and SEC that expired in December 2016 and March 2017, respectively. We are in discussions with the SEC regarding an extension of its tolling agreement for an additional 12 months. 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 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 in our condensed consolidated balance sheet as of March 31, 2017 . 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. SHI subsequently filed a statement of defense disputing our claim. There can be no assurance as to how these arbitration proceedings will ultimately be resolved. Customer Dispute A customer filed a lawsuit in Texas federal court against one of our subsidiaries claiming damages based on allegations that our subsidiary breached and was negligent in the performance of a drilling contract during the period beginning in mid-2011 through May 2012. The customer's court documents allege damages totaling approximately $40 million . Although we are vigorously defending this lawsuit, we do not have sufficient information at this time to provide a reasonable estimate of potential liability, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit and surety bonds outstanding as of March 31, 2017 totaled $52.5 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of March 31, 2017 , we had not been required to make collateral deposits with respect to these agreements. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | Segment Information Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling. Segment information for the quarters ended March 31, 2017 and 2016 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Three Months Ended March 31, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 284.8 $ 171.8 $ 14.5 $ 471.1 $ — $ 471.1 Operating expenses Contract drilling (exclusive of depreciation) 146.4 118.6 13.1 278.1 — 278.1 Depreciation 72.8 32.1 — 104.9 4.3 109.2 General and administrative — — — — 26.0 26.0 Operating income $ 65.6 $ 21.1 $ 1.4 $ 88.1 $ (30.3 ) $ 57.8 Property and equipment, net $ 8,534.3 $ 2,532.4 $ — $ 11,066.7 $ 54.0 $ 11,120.7 Three Months Ended March 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 512.6 $ 277.9 $ 23.5 $ 814.0 $ — $ 814.0 Operating expenses Contract drilling (exclusive of depreciation) 211.3 134.5 17.9 363.7 — 363.7 Depreciation 80.3 28.6 — 108.9 4.4 113.3 General and administrative — — — — 23.4 23.4 Operating income $ 221.0 $ 114.8 $ 5.6 $ 341.4 $ (27.8 ) $ 313.6 Property and equipment, net $ 8,480.6 $ 2,549.8 $ — $ 11,030.4 $ 66.7 $ 11,097.1 Information about Geographic Areas As of March 31, 2017 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 8 5 13 Europe & Mediterranean 6 11 17 Middle East & Africa 1 11 12 Asia & Pacific Rim 4 6 10 Asia & Pacific Rim (under construction) 1 1 2 Held-for-Sale 1 4 5 Total 21 38 59 (1) We provide management services on two rigs owned by third-parties in the Gulf of Mexico and not included in the table above. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 322.7 $ 358.4 Other 22.9 24.5 345.6 382.9 Allowance for doubtful accounts (21.5 ) (21.9 ) $ 324.1 $ 361.0 Other current assets consisted of the following (in millions): March 31, December 31, Inventory $ 220.9 $ 225.2 Prepaid taxes 38.1 30.7 Deferred costs 29.7 32.4 Prepaid expenses 7.9 7.9 Other 15.6 19.8 $ 312.2 $ 316.0 Other assets, net, consisted of the following (in millions): March 31, December 31, Deferred tax assets $ 67.6 $ 69.3 Deferred costs 32.5 35.7 Supplemental executive retirement plan assets 28.5 27.7 Prepaid taxes on intercompany transfers of property — 33.0 Other 9.4 10.2 $ 138.0 $ 175.9 Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 109.8 $ 116.7 Personnel costs 93.3 124.0 Taxes 44.0 40.7 Accrued interest 78.2 71.7 Derivative liabilities 6.7 12.7 Other 11.2 10.8 $ 343.2 $ 376.6 Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 134.7 $ 142.9 Deferred revenue 97.1 120.9 Supplemental executive retirement plan liabilities 29.6 28.9 Personnel costs 13.3 13.5 Other 19.8 16.3 $ 294.5 $ 322.5 Accumulated other comprehensive income consisted of the following (in millions): March 31, December 31, Derivative instruments $ 17.6 $ 13.6 Currency translation adjustment 7.6 7.6 Other (1.7 ) (2.2 ) $ 23.5 $ 19.0 Concentration of Risk We are exposed to credit risk related to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all of our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See "Note 3 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the quarters ended March 31, 2017 and 2016 were as follows: March 31, March 31, Total (1) 22 % 15 % BP (2) 14 % 14 % Petrobras (1) 10 % 16 % Other 54 % 55 % 100 % 100 % (1) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Floaters segment. (2) During the quarters ended March 31, 2017 and 2016 , 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. Consolidated revenues by region for the quarters ended March 31, 2017 and 2016 were as follows: March 31, March 31, Angola (1) $ 121.7 $ 136.2 Australia (2) 54.6 62.5 Brazil (3) 47.8 121.0 U.S. Gulf of Mexico (4) 44.3 160.2 United Kingdom (5) 31.2 73.8 Other 171.5 260.3 $ 471.1 $ 814.0 (1) During the quarters ended March 31, 2017 and 2016 , 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (2) During the quarters ended March 31, 2017 and 2016 , 78% and 100% of the revenues earned in Australia, respectively, were attributable to our Floaters segment. (3) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Floaters segment. (4) During the quarters ended March 31, 2017 and 2016 , 37% and 84% of the revenues earned, respectively, were attributable to our Floaters segment and 30% and 6% of revenues earned, respectively, were attributable to our Jackups segment. (5) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% 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 $1.1 billion as of March 31, 2017 . The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of March 31, 2017 . Pride International LLC (formerly Pride International, Inc.) and Ensco International Incorporated are 100% owned subsidiaries of Ensco plc. 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 periods ended March 31, 2017 and 2016 ; the unaudited condensed consolidating statements of comprehensive (loss) income for the three month periods ended March 31, 2017 and 2016 ; the condensed consolidating balance sheets as of March 31, 2017 (unaudited) and December 31, 2016 ; and the unaudited condensed consolidating statements of cash flows for the three month periods ended March 31, 2017 and 2016 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 12.7 $ 46.0 $ — $ 500.7 $ (88.3 ) $ 471.1 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 11.3 42.0 — 313.1 (88.3 ) 278.1 Depreciation — 4.2 — 105.0 — 109.2 General and administrative 11.5 .1 — 14.4 — 26.0 OPERATING (LOSS) INCOME (10.1 ) (.3 ) — 68.2 — 57.8 OTHER (EXPENSE) INCOME, NET (6.5 ) (31.3 ) (18.7 ) (7.7 ) 6.5 (57.7 ) (LOSS) INCOME BEFORE INCOME TAXES (16.6 ) (31.6 ) (18.7 ) 60.5 6.5 .1 INCOME TAX PROVISION — 14.6 — 9.5 — 24.1 DISCONTINUED OPERATIONS, NET — — — (.6 ) — (.6 ) EQUITY IN (LOSSES) EARNINGS OF AFFILIATES, NET OF TAX (9.1 ) 54.9 26.3 — (72.1 ) — NET (LOSS) INCOME (25.7 ) 8.7 7.6 50.4 (65.6 ) (24.6 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.1 ) — (1.1 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (25.7 ) $ 8.7 $ 7.6 $ 49.3 $ (65.6 ) $ (25.7 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.2 $ 35.6 $ — $ 843.3 $ (72.1 ) $ 814.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.2 35.7 — 392.9 (72.1 ) 363.7 Depreciation — 4.3 — 109.0 — 113.3 General and administrative 6.2 .1 — 17.1 — 23.4 OPERATING (LOSS) INCOME (6.2 ) (4.5 ) — 324.3 — 313.6 OTHER (EXPENSE) INCOME, NET (36.8 ) 1.6 (19.1 ) (10.3 ) — (64.6 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (43.0 ) (2.9 ) (19.1 ) 314.0 — 249.0 INCOME TAX PROVISION — 31.0 — 40.4 — 71.4 DISCONTINUED OPERATIONS, NET — — — (.9 ) — (.9 ) EQUITY IN EARNINGS OF AFFILIATES, NET OF TAX 218.3 33.5 53.6 — (305.4 ) — NET INCOME (LOSS) 175.3 (.4 ) 34.5 272.7 (305.4 ) 176.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 175.3 $ (.4 ) $ 34.5 $ 271.3 $ (305.4 ) $ 175.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (25.7 ) $ 8.7 $ 7.6 $ 50.4 $ (65.6 ) $ (24.6 ) OTHER COMPREHENSIVE INCOME, NET Net change in fair value of derivatives — 3.1 — — — 3.1 Reclassification of net losses on derivative instruments from other comprehensive income into net income — .9 — — — .9 Other — — — .5 — .5 NET OTHER COMPREHENSIVE INCOME — 4.0 — .5 — 4.5 COMPREHENSIVE (LOSS) INCOME (25.7 ) 12.7 7.6 50.9 (65.6 ) (20.1 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.1 ) — (1.1 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (25.7 ) $ 12.7 $ 7.6 $ 49.8 $ (65.6 ) $ (21.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 175.3 $ (.4 ) $ 34.5 $ 272.7 $ (305.4 ) $ 176.7 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — 3.5 — — — 3.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.9 — — — 5.9 Other — — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 9.4 — (.1 ) — 9.3 COMPREHENSIVE INCOME 175.3 9.0 34.5 272.6 (305.4 ) 186.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 175.3 $ 9.0 $ 34.5 $ 271.2 $ (305.4 ) $ 184.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 180.2 $ — $ 15.5 $ 76.0 $ — $ 271.7 Short-term investments 1,800.1 5.5 — — — 1,805.6 Accounts receivable, net 7.2 — — 316.9 — 324.1 Accounts receivable from affiliates 418.3 298.0 — 373.0 (1,089.3 ) — Other .4 9.9 — 301.9 — 312.2 Total current assets 2,406.2 313.4 15.5 1,067.8 (1,089.3 ) 2,713.6 PROPERTY AND EQUIPMENT, AT COST 1.8 121.6 — 13,178.3 — 13,301.7 Less accumulated depreciation 1.8 68.1 — 2,111.1 — 2,181.0 Property and equipment, net — 53.5 — 11,067.2 — 11,120.7 DUE FROM AFFILIATES 1,814.0 4,100.5 1,982.4 6,890.5 (14,787.4 ) — INVESTMENTS IN AFFILIATES 8,549.6 3,517.2 1,087.6 — (13,154.4 ) — OTHER ASSETS, NET — 49.0 — 175.8 (86.8 ) 138.0 $ 12,769.8 $ 8,033.6 $ 3,085.5 $ 19,201.3 $ (29,117.9 ) $ 13,972.3 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 55.4 $ 32.1 $ 15.3 $ 405.7 $ — $ 508.5 Accounts payable to affiliates 233.1 279.7 8.1 568.4 (1,089.3 ) — Current maturities of long-term debt 2.7 — 34.9 — — 37.6 Total current liabilities 291.2 311.8 58.3 974.1 (1,089.3 ) 546.1 DUE TO AFFILIATES 1,382.5 4,957.8 2,375.5 6,071.6 (14,787.4 ) — LONG-TERM DEBT 2,870.3 149.2 1,253.3 633.1 — 4,905.9 OTHER LIABILITIES — 4.7 — 376.6 (86.8 ) 294.5 ENSCO SHAREHOLDERS' EQUITY 8,225.8 2,610.1 (601.6 ) 11,141.3 (13,154.4 ) 8,221.2 NONCONTROLLING INTERESTS — — — 4.6 — 4.6 Total equity 8,225.8 2,610.1 (601.6 ) 11,145.9 (13,154.4 ) 8,225.8 $ 12,769.8 $ 8,033.6 $ 3,085.5 $ 19,201.3 $ (29,117.9 ) $ 13,972.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 Short-term investments 1,165.1 5.5 — 272.0 — 1,442.6 Accounts receivable, net 6.8 — — 354.2 — 361.0 Accounts receivable from affiliates 486.5 251.2 — 152.2 (889.9 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.8 (889.9 ) 3,279.3 PROPERTY AND EQUIPMENT, AT COST 1.8 121.0 — 12,869.7 — 12,992.5 Less accumulated depreciation 1.8 63.8 — 2,007.6 — 2,073.2 Property and equipment, net — 57.2 — 10,862.1 — 10,919.3 DUE FROM AFFILIATES 1,512.2 4,513.8 1,978.8 7,234.4 (15,239.2 ) — INVESTMENTS IN AFFILIATES 8,557.7 3,462.3 1,061.3 — (13,081.3 ) — OTHER ASSETS, NET — 81.5 — 181.1 (86.7 ) 175.9 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 44.1 $ 45.2 $ 28.3 $ 404.9 $ — $ 522.5 Accounts payable to affiliates 38.8 208.4 5.9 636.8 (889.9 ) — Current maturities of long-term debt 187.1 — 144.8 — — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.7 (889.9 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.1 (15,239.2 ) — LONG-TERM DEBT 2,720.2 149.2 1,449.5 623.7 — 4,942.6 OTHER LIABILITIES — 2.9 — 406.3 (86.7 ) 322.5 ENSCO SHAREHOLDERS' EQUITY 8,255.0 2,605.0 (609.3 ) 11,081.2 (13,081.3 ) 8,250.6 NONCONTROLLING INTERESTS — — — 4.4 — 4.4 Total equity 8,255.0 2,605.0 (609.3 ) 11,085.6 (13,081.3 ) 8,255.0 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ .2 $ (19.5 ) $ (41.3 ) $ 165.2 $ — $ 104.6 INVESTING ACTIVITIES Purchases of short-term investments (965.0 ) — — — — (965.0 ) Maturities of short-term investments 330.0 — — 272.0 — 602.0 Additions to property and equipment — — — (282.6 ) — (282.6 ) Repurchase of affiliate debt (151.1 ) — — — 151.1 — Other — — — .2 — .2 Net cash used in investing activities (786.1 ) — — (10.4 ) 151.1 (645.4 ) FINANCING ACTIVITIES Reduction of long-term borrowings (185.5 ) — — — (151.1 ) (336.6 ) Debt financing costs (4.5 ) — — — — (4.5 ) Cash dividends paid (3.2 ) — — — — (3.2 ) Advances from (to) affiliates 268.2 19.5 37.0 (324.7 ) — — Other (1.5 ) — — (.9 ) — (2.4 ) Net cash provided by (used in) financing activities 73.5 19.5 37.0 (325.6 ) (151.1 ) (346.7 ) Net cash used in discontinued operations — — — (.6 ) — (.6 ) Effect of exchange rate changes on cash and cash equivalents — — — .1 — .1 NET DECREASE IN CASH AND CASH EQUIVALENTS (712.4 ) — (4.3 ) (171.3 ) — (888.0 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 180.2 $ — $ 15.5 $ 76.0 $ — $ 271.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (46.3 ) $ .7 $ (39.2 ) $ 317.9 $ — $ 233.1 INVESTING ACTIVITIES Additions to property and equipment — — — (158.1 ) — (158.1 ) Purchases of short-term investments 965.0 — — — — 965.0 Maturities on short-term investments (80.0 ) — — — — (80.0 ) Other — — — .1 — .1 Net cash provided by (used in) investing activities of continuing operations 885.0 — — (158.0 ) — 727.0 FINANCING ACTIVITIES Cash dividends paid (2.4 ) — — — — (2.4 ) Advances from (to) affiliates 119.8 (.7 ) 39.2 (158.3 ) — — Other (.4 ) — — (.1 ) — (.5 ) Net cash provided by (used in) financing activities 117.0 (.7 ) 39.2 (158.4 ) — (2.9 ) Net cash provided by discontinued operations — — — 5.6 — 5.6 Effect of exchange rate changes on cash and cash equivalents — — — (.1 ) — (.1 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 955.7 — — 7.0 — 962.7 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of March 31, 2017 Supplemental executive retirement plan assets $ 28.5 $ — $ — $ 28.5 Total financial assets $ 28.5 $ — $ — $ 28.5 Derivatives, net $ — $ (1.6 ) $ — $ (1.6 ) Total financial liabilities $ — $ (1.6 ) $ — $ (1.6 ) As of December 31, 2016 Supplemental executive retirement plan assets $ 27.7 $ — $ — $ 27.7 Total financial assets $ 27.7 $ — $ — $ 27.7 Derivatives, net $ — $ (8.8 ) $ — $ (8.8 ) Total financial liabilities $ — $ (8.8 ) $ — $ (8.8 ) |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our debt instruments were as follows (in millions): March 31, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 317.6 $ 319.5 $ 480.2 $ 485.0 6.875% Senior notes due 2020 592.8 577.0 735.9 727.5 4.70% Senior notes due 2021 301.1 298.0 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 613.5 834.6 604.3 874.7 4.50% Senior notes due 2024 618.7 530.1 618.6 536.0 8.00% Senior notes due 2024 338.7 335.7 — — 5.20% Senior notes due 2025 663.0 583.6 662.8 582.3 7.20% Debentures due 2027 149.2 147.6 149.2 138.7 7.875% Senior notes due 2040 377.9 278.2 378.3 270.6 5.75% Senior notes due 2044 971.0 761.4 970.8 728.0 Total $ 4,943.5 $ 4,665.7 $ 5,274.5 $ 5,001.7 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities March 31, December 31, March 31, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 4.4 $ 4.1 $ 5.9 $ 11.4 Foreign currency forward contracts - non-current (2) .3 .2 .1 .8 4.7 4.3 6.0 12.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .5 .4 .8 1.3 .5 .4 .8 1.3 Total $ 5.2 $ 4.7 $ 6.8 $ 13.5 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive (loss) income for the quarter s ended March 31, 2017 and 2016 were as follows (in millions): Gain Recognized in Other Comprehensive (Loss) Income ("OCI") (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) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ (.1 ) $ — $ — Foreign currency forward contracts (4) 3.1 3.5 (.8 ) (5.8 ) .1 1.1 Total $ 3.1 $ 3.5 $ (.9 ) $ (5.9 ) $ .1 $ 1.1 (1) Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of operations. (4) During 2017 , $1.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the prior year quarter, $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of Income from Continuing Operations | (Loss) income from continuing operations attributable to Ensco for the quarter s ended March 31, 2017 and 2016 was as follows (in millions): 2017 2016 (Loss) income from continuing operations $ (24.0 ) $ 177.6 Income from continuing operations attributable to noncontrolling interests (1.1 ) (1.4 ) (Loss) income from continuing operations attributable to Ensco $ (25.1 ) $ 176.2 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the quarter s ended March 31, 2017 and 2016 (in millions): 2017 2016 (Loss) income from continuing operations attributable to Ensco $ (25.1 ) $ 176.2 Income from continuing operations allocated to non-vested share awards (.1 ) (2.5 ) (Loss) income from continuing operations attributable to Ensco shares $ (25.2 ) $ 173.7 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Extinguishment of Debt | The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding notes that were settled and exchanged as follows (in millions): Aggregate Principal Amount Purchased 8.00% Senior notes due 2024 Consideration Cash Consideration (1) Total Consideration 8.50% Senior Notes due 2019 $ 145.8 $ 81.6 $ 81.7 $ 163.3 6.875% Senior Notes due 2020 129.8 69.3 69.4 138.7 4.70% Senior Notes due 2021 373.9 181.1 181.4 362.5 Total $ 649.5 $ 332.0 $ 332.5 $ 664.5 (1) As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million , along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Three Months Ended March 31, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 284.8 $ 171.8 $ 14.5 $ 471.1 $ — $ 471.1 Operating expenses Contract drilling (exclusive of depreciation) 146.4 118.6 13.1 278.1 — 278.1 Depreciation 72.8 32.1 — 104.9 4.3 109.2 General and administrative — — — — 26.0 26.0 Operating income $ 65.6 $ 21.1 $ 1.4 $ 88.1 $ (30.3 ) $ 57.8 Property and equipment, net $ 8,534.3 $ 2,532.4 $ — $ 11,066.7 $ 54.0 $ 11,120.7 Three Months Ended March 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 512.6 $ 277.9 $ 23.5 $ 814.0 $ — $ 814.0 Operating expenses Contract drilling (exclusive of depreciation) 211.3 134.5 17.9 363.7 — 363.7 Depreciation 80.3 28.6 — 108.9 4.4 113.3 General and administrative — — — — 23.4 23.4 Operating income $ 221.0 $ 114.8 $ 5.6 $ 341.4 $ (27.8 ) $ 313.6 Property and equipment, net $ 8,480.6 $ 2,549.8 $ — $ 11,030.4 $ 66.7 $ 11,097.1 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of March 31, 2017 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 8 5 13 Europe & Mediterranean 6 11 17 Middle East & Africa 1 11 12 Asia & Pacific Rim 4 6 10 Asia & Pacific Rim (under construction) 1 1 2 Held-for-Sale 1 4 5 Total 21 38 59 (1) We provide management services on two rigs owned by third-parties in the Gulf of Mexico and not included in the table above. |
Supplemental Financial Inform24
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions): March 31, December 31, Trade $ 322.7 $ 358.4 Other 22.9 24.5 345.6 382.9 Allowance for doubtful accounts (21.5 ) (21.9 ) $ 324.1 $ 361.0 |
Other Current Assets | Other current assets consisted of the following (in millions): March 31, December 31, Inventory $ 220.9 $ 225.2 Prepaid taxes 38.1 30.7 Deferred costs 29.7 32.4 Prepaid expenses 7.9 7.9 Other 15.6 19.8 $ 312.2 $ 316.0 |
Other Assets, Net | Other assets, net, consisted of the following (in millions): March 31, December 31, Deferred tax assets $ 67.6 $ 69.3 Deferred costs 32.5 35.7 Supplemental executive retirement plan assets 28.5 27.7 Prepaid taxes on intercompany transfers of property — 33.0 Other 9.4 10.2 $ 138.0 $ 175.9 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions): March 31, December 31, Deferred revenue $ 109.8 $ 116.7 Personnel costs 93.3 124.0 Taxes 44.0 40.7 Accrued interest 78.2 71.7 Derivative liabilities 6.7 12.7 Other 11.2 10.8 $ 343.2 $ 376.6 |
Other Liabilities | Other liabilities consisted of the following (in millions): March 31, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 134.7 $ 142.9 Deferred revenue 97.1 120.9 Supplemental executive retirement plan liabilities 29.6 28.9 Personnel costs 13.3 13.5 Other 19.8 16.3 $ 294.5 $ 322.5 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions): March 31, December 31, Derivative instruments $ 17.6 $ 13.6 Currency translation adjustment 7.6 7.6 Other (1.7 ) (2.2 ) $ 23.5 $ 19.0 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Consolidated revenues by customer for the quarters ended March 31, 2017 and 2016 were as follows: March 31, March 31, Total (1) 22 % 15 % BP (2) 14 % 14 % Petrobras (1) 10 % 16 % Other 54 % 55 % 100 % 100 % (1) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Floaters segment. (2) During the quarters ended March 31, 2017 and 2016 , 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Consolidated revenues by region for the quarters ended March 31, 2017 and 2016 were as follows: March 31, March 31, Angola (1) $ 121.7 $ 136.2 Australia (2) 54.6 62.5 Brazil (3) 47.8 121.0 U.S. Gulf of Mexico (4) 44.3 160.2 United Kingdom (5) 31.2 73.8 Other 171.5 260.3 $ 471.1 $ 814.0 (1) During the quarters ended March 31, 2017 and 2016 , 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (2) During the quarters ended March 31, 2017 and 2016 , 78% and 100% of the revenues earned in Australia, respectively, were attributable to our Floaters segment. (3) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Floaters segment. (4) During the quarters ended March 31, 2017 and 2016 , 37% and 84% of the revenues earned, respectively, were attributable to our Floaters segment and 30% and 6% of revenues earned, respectively, were attributable to our Jackups segment. (5) During the quarters ended March 31, 2017 and 2016 , all revenues were provided by our Jackups segment. |
Guarantee Of Registered Secur25
Guarantee Of Registered Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 12.7 $ 46.0 $ — $ 500.7 $ (88.3 ) $ 471.1 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 11.3 42.0 — 313.1 (88.3 ) 278.1 Depreciation — 4.2 — 105.0 — 109.2 General and administrative 11.5 .1 — 14.4 — 26.0 OPERATING (LOSS) INCOME (10.1 ) (.3 ) — 68.2 — 57.8 OTHER (EXPENSE) INCOME, NET (6.5 ) (31.3 ) (18.7 ) (7.7 ) 6.5 (57.7 ) (LOSS) INCOME BEFORE INCOME TAXES (16.6 ) (31.6 ) (18.7 ) 60.5 6.5 .1 INCOME TAX PROVISION — 14.6 — 9.5 — 24.1 DISCONTINUED OPERATIONS, NET — — — (.6 ) — (.6 ) EQUITY IN (LOSSES) EARNINGS OF AFFILIATES, NET OF TAX (9.1 ) 54.9 26.3 — (72.1 ) — NET (LOSS) INCOME (25.7 ) 8.7 7.6 50.4 (65.6 ) (24.6 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.1 ) — (1.1 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (25.7 ) $ 8.7 $ 7.6 $ 49.3 $ (65.6 ) $ (25.7 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.2 $ 35.6 $ — $ 843.3 $ (72.1 ) $ 814.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.2 35.7 — 392.9 (72.1 ) 363.7 Depreciation — 4.3 — 109.0 — 113.3 General and administrative 6.2 .1 — 17.1 — 23.4 OPERATING (LOSS) INCOME (6.2 ) (4.5 ) — 324.3 — 313.6 OTHER (EXPENSE) INCOME, NET (36.8 ) 1.6 (19.1 ) (10.3 ) — (64.6 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (43.0 ) (2.9 ) (19.1 ) 314.0 — 249.0 INCOME TAX PROVISION — 31.0 — 40.4 — 71.4 DISCONTINUED OPERATIONS, NET — — — (.9 ) — (.9 ) EQUITY IN EARNINGS OF AFFILIATES, NET OF TAX 218.3 33.5 53.6 — (305.4 ) — NET INCOME (LOSS) 175.3 (.4 ) 34.5 272.7 (305.4 ) 176.7 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 175.3 $ (.4 ) $ 34.5 $ 271.3 $ (305.4 ) $ 175.3 |
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (25.7 ) $ 8.7 $ 7.6 $ 50.4 $ (65.6 ) $ (24.6 ) OTHER COMPREHENSIVE INCOME, NET Net change in fair value of derivatives — 3.1 — — — 3.1 Reclassification of net losses on derivative instruments from other comprehensive income into net income — .9 — — — .9 Other — — — .5 — .5 NET OTHER COMPREHENSIVE INCOME — 4.0 — .5 — 4.5 COMPREHENSIVE (LOSS) INCOME (25.7 ) 12.7 7.6 50.9 (65.6 ) (20.1 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.1 ) — (1.1 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (25.7 ) $ 12.7 $ 7.6 $ 49.8 $ (65.6 ) $ (21.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 175.3 $ (.4 ) $ 34.5 $ 272.7 $ (305.4 ) $ 176.7 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — 3.5 — — — 3.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.9 — — — 5.9 Other — — — (.1 ) — (.1 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 9.4 — (.1 ) — 9.3 COMPREHENSIVE INCOME 175.3 9.0 34.5 272.6 (305.4 ) 186.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.4 ) — (1.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 175.3 $ 9.0 $ 34.5 $ 271.2 $ (305.4 ) $ 184.6 |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 180.2 $ — $ 15.5 $ 76.0 $ — $ 271.7 Short-term investments 1,800.1 5.5 — — — 1,805.6 Accounts receivable, net 7.2 — — 316.9 — 324.1 Accounts receivable from affiliates 418.3 298.0 — 373.0 (1,089.3 ) — Other .4 9.9 — 301.9 — 312.2 Total current assets 2,406.2 313.4 15.5 1,067.8 (1,089.3 ) 2,713.6 PROPERTY AND EQUIPMENT, AT COST 1.8 121.6 — 13,178.3 — 13,301.7 Less accumulated depreciation 1.8 68.1 — 2,111.1 — 2,181.0 Property and equipment, net — 53.5 — 11,067.2 — 11,120.7 DUE FROM AFFILIATES 1,814.0 4,100.5 1,982.4 6,890.5 (14,787.4 ) — INVESTMENTS IN AFFILIATES 8,549.6 3,517.2 1,087.6 — (13,154.4 ) — OTHER ASSETS, NET — 49.0 — 175.8 (86.8 ) 138.0 $ 12,769.8 $ 8,033.6 $ 3,085.5 $ 19,201.3 $ (29,117.9 ) $ 13,972.3 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 55.4 $ 32.1 $ 15.3 $ 405.7 $ — $ 508.5 Accounts payable to affiliates 233.1 279.7 8.1 568.4 (1,089.3 ) — Current maturities of long-term debt 2.7 — 34.9 — — 37.6 Total current liabilities 291.2 311.8 58.3 974.1 (1,089.3 ) 546.1 DUE TO AFFILIATES 1,382.5 4,957.8 2,375.5 6,071.6 (14,787.4 ) — LONG-TERM DEBT 2,870.3 149.2 1,253.3 633.1 — 4,905.9 OTHER LIABILITIES — 4.7 — 376.6 (86.8 ) 294.5 ENSCO SHAREHOLDERS' EQUITY 8,225.8 2,610.1 (601.6 ) 11,141.3 (13,154.4 ) 8,221.2 NONCONTROLLING INTERESTS — — — 4.6 — 4.6 Total equity 8,225.8 2,610.1 (601.6 ) 11,145.9 (13,154.4 ) 8,225.8 $ 12,769.8 $ 8,033.6 $ 3,085.5 $ 19,201.3 $ (29,117.9 ) $ 13,972.3 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 Short-term investments 1,165.1 5.5 — 272.0 — 1,442.6 Accounts receivable, net 6.8 — — 354.2 — 361.0 Accounts receivable from affiliates 486.5 251.2 — 152.2 (889.9 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.8 (889.9 ) 3,279.3 PROPERTY AND EQUIPMENT, AT COST 1.8 121.0 — 12,869.7 — 12,992.5 Less accumulated depreciation 1.8 63.8 — 2,007.6 — 2,073.2 Property and equipment, net — 57.2 — 10,862.1 — 10,919.3 DUE FROM AFFILIATES 1,512.2 4,513.8 1,978.8 7,234.4 (15,239.2 ) — INVESTMENTS IN AFFILIATES 8,557.7 3,462.3 1,061.3 — (13,081.3 ) — OTHER ASSETS, NET — 81.5 — 181.1 (86.7 ) 175.9 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 44.1 $ 45.2 $ 28.3 $ 404.9 $ — $ 522.5 Accounts payable to affiliates 38.8 208.4 5.9 636.8 (889.9 ) — Current maturities of long-term debt 187.1 — 144.8 — — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.7 (889.9 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.1 (15,239.2 ) — LONG-TERM DEBT 2,720.2 149.2 1,449.5 623.7 — 4,942.6 OTHER LIABILITIES — 2.9 — 406.3 (86.7 ) 322.5 ENSCO SHAREHOLDERS' EQUITY 8,255.0 2,605.0 (609.3 ) 11,081.2 (13,081.3 ) 8,250.6 NONCONTROLLING INTERESTS — — — 4.4 — 4.4 Total equity 8,255.0 2,605.0 (609.3 ) 11,085.6 (13,081.3 ) 8,255.0 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 |
Condensed Consolidating Statements Of Cash Flows | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash provided by (used in) operating activities $ .2 $ (19.5 ) $ (41.3 ) $ 165.2 $ — $ 104.6 INVESTING ACTIVITIES Purchases of short-term investments (965.0 ) — — — — (965.0 ) Maturities of short-term investments 330.0 — — 272.0 — 602.0 Additions to property and equipment — — — (282.6 ) — (282.6 ) Repurchase of affiliate debt (151.1 ) — — — 151.1 — Other — — — .2 — .2 Net cash used in investing activities (786.1 ) — — (10.4 ) 151.1 (645.4 ) FINANCING ACTIVITIES Reduction of long-term borrowings (185.5 ) — — — (151.1 ) (336.6 ) Debt financing costs (4.5 ) — — — — (4.5 ) Cash dividends paid (3.2 ) — — — — (3.2 ) Advances from (to) affiliates 268.2 19.5 37.0 (324.7 ) — — Other (1.5 ) — — (.9 ) — (2.4 ) Net cash provided by (used in) financing activities 73.5 19.5 37.0 (325.6 ) (151.1 ) (346.7 ) Net cash used in discontinued operations — — — (.6 ) — (.6 ) Effect of exchange rate changes on cash and cash equivalents — — — .1 — .1 NET DECREASE IN CASH AND CASH EQUIVALENTS (712.4 ) — (4.3 ) (171.3 ) — (888.0 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 180.2 $ — $ 15.5 $ 76.0 $ — $ 271.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2016 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (46.3 ) $ .7 $ (39.2 ) $ 317.9 $ — $ 233.1 INVESTING ACTIVITIES Additions to property and equipment — — — (158.1 ) — (158.1 ) Purchases of short-term investments 965.0 — — — — 965.0 Maturities on short-term investments (80.0 ) — — — — (80.0 ) Other — — — .1 — .1 Net cash provided by (used in) investing activities of continuing operations 885.0 — — (158.0 ) — 727.0 FINANCING ACTIVITIES Cash dividends paid (2.4 ) — — — — (2.4 ) Advances from (to) affiliates 119.8 (.7 ) 39.2 (158.3 ) — — Other (.4 ) — — (.1 ) — (.5 ) Net cash provided by (used in) financing activities 117.0 (.7 ) 39.2 (158.4 ) — (2.9 ) Net cash provided by discontinued operations — — — 5.6 — 5.6 Effect of exchange rate changes on cash and cash equivalents — — — (.1 ) — (.1 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 955.7 — — 7.0 — 962.7 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 1,049.7 $ — $ 2.0 $ 32.3 $ — $ 1,084.0 |
Unaudited Condensed Consolida26
Unaudited Condensed Consolidated Financial Statements New Accounting Pronouncements or Changes in Accounting Principle (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Mar. 31, 2017 |
Accounting Standards Update 2016-16 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 14.1 | |
Adjustments for New Accounting Pronouncement [Member] | Accounting Standards Update 2016-02 [Member] | Minimum [Member] | Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 60 | |
Adjustments for New Accounting Pronouncement [Member] | Accounting Standards Update 2016-02 [Member] | Maximum [Member] | Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 80 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | $ 28.5 | $ 27.7 |
Total financial assets | 28.5 | 27.7 |
Derivative Assets (Liabilities), at Fair Value, Net | (1.6) | (8.8) |
Financial Liabilities Fair Value Disclosure | (1.6) | (8.8) |
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 | 28.5 | 27.7 |
Total financial assets | 28.5 | 27.7 |
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 | (1.6) | (8.8) |
Financial Liabilities Fair Value Disclosure | (1.6) | (8.8) |
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 (Sche28
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Jan. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 4,943.5 | $ 5,274.5 | |
Estimated Fair Value | 4,665.7 | 5,001.7 | |
8.50% Senior Notes due 2019 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 317.6 | 480.2 | |
Estimated Fair Value | $ 319.5 | $ 485 | |
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | |
6.875% Senior Notes due 2020 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 592.8 | $ 735.9 | |
Estimated Fair Value | $ 577 | $ 727.5 | |
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% | |
4.70% Senior notes due 2021 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 301.1 | $ 674.4 | |
Estimated Fair Value | $ 298 | $ 658.9 | |
Debt instrument, interest rate, stated percentage | 4.70% | 4.70% | |
3.00% Exchangeable senior notes due 2024(1) | Convertible Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
3.00% exchangeable senior notes, excluding discount and net of debt issuance costs | $ 832.5 | ||
Carrying Value | 613.5 | $ 604.3 | |
Estimated Fair Value | 834.6 | 874.7 | |
4.50% Senior Notes due 2024 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | 618.7 | 618.6 | |
Estimated Fair Value | $ 530.1 | $ 536 | |
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | |
8.00% Senior notes due 2024 [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 338.7 | $ 0 | |
Estimated Fair Value | $ 335.7 | 0 | |
Debt instrument, interest rate, stated percentage | 8.00% | ||
8.00% Senior notes due 2024 [Member] | Convertible Debt [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Debt instrument, interest rate, stated percentage | 8.00% | ||
5.20% Senior Notes due 2025 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 663 | 662.8 | |
Estimated Fair Value | $ 583.6 | $ 582.3 | |
Debt instrument, interest rate, stated percentage | 5.20% | 5.20% | |
7.20% Debentures due 2027 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 149.2 | $ 149.2 | |
Estimated Fair Value | $ 147.6 | $ 138.7 | |
Debt instrument, interest rate, stated percentage | 7.20% | 7.20% | |
7.875% Senior notes due 2040 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 377.9 | $ 378.3 | |
Estimated Fair Value | $ 278.2 | $ 270.6 | |
Debt instrument, interest rate, stated percentage | 7.875% | 7.875% | |
5.75% Senior notes due 2044 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Carrying Value | $ 971 | $ 970.8 | |
Estimated Fair Value | $ 761.4 | $ 728 | |
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | $ (1.6) | $ (8.8) | |
Maturity period of derivatives (in months) | 18 months | ||
Estimated amount of net gains associated with derivative instruments, net of tax | $ (1.1) | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0.5 | $ 4.4 | |
Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 176.6 | ||
Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 122.4 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 76.2 | ||
Australia, Dollars | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 37.6 | ||
Australia, Dollars | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 5.9 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 27.5 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 82.8 | ||
Brazil, Brazil Real | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 20.3 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 11.8 | ||
No currency | Foreign Exchange Forward [Member] | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 3.2 | ||
No currency | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 20.8 | ||
Indonesia, Rupiahs | Foreign Exchange Forward [Member] | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 12.9 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 5.2 | $ 4.7 | |
Total fair value of derivative liabilities | 6.8 | 13.5 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 4.7 | 4.3 | |
Total fair value of derivative liabilities | 6 | 12.2 | |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 0.5 | 0.4 | |
Total fair value of derivative liabilities | 0.8 | 1.3 | |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 4.4 | 4.1 |
Other Current Assets [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.5 | 0.4 |
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [1] | 5.9 | 11.4 |
Other Current Liabilities [Member] | Not Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [1] | 0.8 | 1.3 |
Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.3 | 0.2 |
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [1] | $ 0.1 | $ 0.8 |
[1] | Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
Derivative Instruments (Gains A
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Interest Rate Lock Contracts [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [1] | $ 0 | $ 0 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [1],[2] | (0.1) | (0.1) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 |
Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [4] | 3.1 | 3.5 |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2],[4] | (0.8) | (5.8) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3],[4] | 0.1 | 1.1 |
Foreign Exchange Forward [Member] | Contract Drilling [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (1) | (6) | |
Foreign Exchange Forward [Member] | Depreciation Expense [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 0.2 | 0.2 | |
Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 3.1 | 3.5 | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (0.9) | (5.9) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | $ 0.1 | $ 1.1 |
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of operations. | ||
[2] | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | ||
[3] | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. | ||
[4] | During 2017, $1.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the prior year quarter, $6.0 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests Reconc
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Noncontrolling Interest [Abstract] | ||
Income from continuing operations | $ (24) | $ 177.6 |
Income from continuing operations attributable to noncontrolling interests | (1.1) | (1.4) |
Income (Loss) from Continuing Operations Attributable to Parent | $ (25.1) | $ 176.2 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Income (Loss) from Continuing Operations Attributable to Parent | $ (25.1) | $ 176.2 |
Net income allocated to non-vested share awards | (0.1) | (2.5) |
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders | $ (25.2) | $ 173.7 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.4 | 1.3 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | |||
Mar. 31, 2017 | Apr. 30, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | $ 649,500,000 | |||
Debt Instrument, Repurchase Amount | 664,500,000 | |||
8.50% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 145,800,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 261,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
6.875% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 129,800,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | $ 550,100,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||
4.70% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | $ 373,900,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 302,000,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
All Senior Notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Maturities, Repayments of Principal in Year Five | $ 1,800,000,000 | |||
Five year credit facility | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,250,000,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.225% | |||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | ||
Five year credit facility | Revolving Credit Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
Five year credit facility | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |||
Credit Facility maturing in 2019 [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,120,000,000 | |||
Credit Facility maturing in 2020 [Member] | Revolving Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,130,000,000 | |||
Scenario, Forecast [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | $ 34,800,000 | |||
Debt Instrument, Repurchase Amount | $ 37,900,000 | |||
Senior Notes [Member] | 8.50% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
Senior Notes [Member] | 6.875% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||
Senior Notes [Member] | 4.70% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||
Senior Notes [Member] | Scenario, Forecast [Member] | 8.50% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
Senior Notes [Member] | Scenario, Forecast [Member] | 6.875% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||
Senior Notes [Member] | Scenario, Forecast [Member] | 4.70% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
Open Market Repurchases [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | $ 4,400,000 | |||
Debt Instrument, Repurchase Amount | $ 4,200,000 |
Debt Schedule of Extinguishment
Debt Schedule of Extinguishment of Debt - Exchange Offers (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Jan. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | $ 649.5 | |||
Debt Instrument, Repurchased Amount Paid in Cash | 332.5 | $ 332.5 | ||
Debt Instrument, Repurchase Amount | 664.5 | |||
Gain (Loss) on Extinguishment of Debt | $ 6.2 | |||
Amortization of Debt Discount (Premium) | $ 3.4 | $ 5 | ||
8.50% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 145.8 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
8.50% Senior notes due 2019 exchanged for 8.00% Senior notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 81.6 | |||
Debt Instrument, Repurchased Amount Paid in Cash | 81.7 | |||
Debt Instrument, Repurchase Amount | 163.3 | |||
6.875% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 129.8 | |||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||
6.875% Senior notes due 2020 exchanged for 8.00% Senior notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 69.3 | |||
Debt Instrument, Repurchased Amount Paid in Cash | 69.4 | |||
Debt Instrument, Repurchase Amount | 138.7 | |||
4.70% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Repurchased Face Amount | 373.9 | |||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | |||
4.70% Senior notes due 2021 exchanged for 8.00% Senior notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | 181.1 | |||
Debt Instrument, Repurchased Amount Paid in Cash | 181.4 | |||
Debt Instrument, Repurchase Amount | 362.5 | |||
8.00% Senior notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Face Amount | $ 332 | |||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Senior Notes [Member] | 8.50% Senior Notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |||
Senior Notes [Member] | 6.875% Senior Notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | |||
Senior Notes [Member] | 4.70% Senior Notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||
Convertible Debt [Member] | 8.00% Senior notes due 2024 [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of Debt Discount (Premium) | $ 3.5 | |||
Amortization of Debt Issuance Costs | $ 2.7 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Other Tax Expense (Benefit) | $ 7.6 | $ 3.4 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 40 |
Letters of Credit Outstanding, Amount | $ 52.5 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2017segmentscontract | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Number of drilling management contracts (in contracts) | contract | 2 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 471,100,000 | $ 814,000,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 278,100,000 | 363,700,000 | |
Depreciation | 109,200,000 | 113,300,000 | |
General and administrative | 26,000,000 | 23,400,000 | |
OPERATING (LOSS) INCOME | 57,800,000 | 313,600,000 | |
Property and equipment, net | 11,120,700,000 | 11,097,100,000 | $ 10,919,300,000 |
Floaters [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 284,800,000 | 512,600,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 146,400,000 | 211,300,000 | |
Depreciation | 72,800,000 | 80,300,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 65,600,000 | 221,000,000 | |
Property and equipment, net | 8,534,300,000 | 8,480,600,000 | |
Jackups Member | |||
Segment Reporting Information [Line Items] | |||
Revenues | 171,800,000 | 277,900,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 118,600,000 | 134,500,000 | |
Depreciation | 32,100,000 | 28,600,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 21,100,000 | 114,800,000 | |
Property and equipment, net | 2,532,400,000 | 2,549,800,000 | |
Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,500,000 | 23,500,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 13,100,000 | 17,900,000 | |
Depreciation | 0 | 0 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 1,400,000 | 5,600,000 | |
Property and equipment, net | 0 | 0 | |
Operating Segments Total [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 471,100,000 | 814,000,000 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 278,100,000 | 363,700,000 | |
Depreciation | 104,900,000 | 108,900,000 | |
General and administrative | 0 | 0 | |
OPERATING (LOSS) INCOME | 88,100,000 | 341,400,000 | |
Property and equipment, net | 11,066,700,000 | 11,030,400,000 | |
Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Operating Expenses [Abstract] | |||
Contract drilling (exclusive of depreciation) | 0 | 0 | |
Depreciation | 4,300,000 | 4,400,000 | |
General and administrative | 26,000,000 | 23,400,000 | |
OPERATING (LOSS) INCOME | (30,300,000) | (27,800,000) | |
Property and equipment, net | $ 54,000,000 | $ 66,700,000 |
Segment Information (Schedule40
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Mar. 31, 2017rigs | |
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 59 | [1] |
Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 21 | |
Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 38 | |
North South America Incl Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | [1] |
North South America Incl Brazil [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 8 | |
North South America Incl Brazil [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 5 | |
Europe & Mediterranean [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 17 | [1] |
Europe & Mediterranean [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 6 | |
Europe & Mediterranean [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Middle East [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 12 | [1] |
Middle East [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Middle East [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Asia Pacific [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 10 | [1] |
Asia Pacific [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Asia Pacific [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 6 | |
Asia & Pacific Rim (under construction) [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Asia & Pacific Rim (under construction) [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Asia & Pacific Rim (under construction) [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 5 | [1] |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Discontinued Operations, Held-for-sale or Disposed of by Sale [Member] | Jackups Member | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
[1] | We provide management services on two rigs owned by third-parties in the Gulf of Mexico and not included in the table above. |
Supplemental Financial Inform41
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 345.6 | $ 382.9 |
Allowance for doubtful accounts | (21.5) | (21.9) |
Accounts receivable, net | 324.1 | 361 |
Trade [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | 322.7 | 358.4 |
Other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 22.9 | $ 24.5 |
Supplemental Financial Inform42
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Inventory | $ 220.9 | $ 225.2 |
Prepaid taxes | 38.1 | 30.7 |
Deferred costs | 29.7 | 32.4 |
Prepaid expenses | 7.9 | 7.9 |
Other | 15.6 | 19.8 |
Other current assets | $ 312.2 | $ 316 |
Supplemental Financial Inform43
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Deferred tax assets | $ 67.6 | $ 69.3 |
Deferred costs | 32.5 | 35.7 |
Supplemental executive retirement plan assets | 28.5 | 27.7 |
Prepaid taxes on intercompany transfers of property | 0 | 33 |
Other | 9.4 | 10.2 |
Other Assets, Net | $ 138 | $ 175.9 |
Supplemental Financial Inform44
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 109.8 | $ 116.7 |
Personnel costs | 93.3 | 124 |
Taxes | 44 | 40.7 |
Interest | 78.2 | 71.7 |
Derivative Liability | 6.7 | 12.7 |
Other | 11.2 | 10.8 |
Accrued liabilities and other | $ 343.2 | $ 376.6 |
Supplemental Financial Inform45
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Unrecognized tax benefits (inclusive of interest and penalties) | $ 134.7 | $ 142.9 |
Deferred revenue | 97.1 | 120.9 |
Supplemental executive retirement plan liabilities | 29.6 | 28.9 |
Personnel costs | 13.3 | 13.5 |
Other | 19.8 | 16.3 |
Other liabilities | $ 294.5 | $ 322.5 |
Supplemental Financial Inform46
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Derivative Instruments | $ 17.6 | $ 13.6 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7.6 | 7.6 |
Other | (1.7) | (2.2) |
Accumulated other comprehensive income | $ 23.5 | $ 19 |
Supplemental Financial Inform47
Supplemental Financial Information Schedule of Revenues by Major Customer (Details) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 100.00% | 100.00% |
TOTAL [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 22.00% | 15.00% |
BP [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 14.00% | 14.00% |
BP [Member] | Floaters [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 79.00% | 76.00% |
Petrobras [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.00% | 16.00% |
Other Customers [Member] | ||
Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 54.00% | 55.00% |
Supplemental Financial Inform48
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - Geographic Concentration Risk [Member] - Sales Revenue, Services, Net [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 471.1 | $ 814 |
ANGOLA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 121.7 | 136.2 |
AUSTRALIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 54.6 | 62.5 |
Brazil [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 47.8 | 121 |
US Gulf Of Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 44.3 | 160.2 |
UNITED KINGDOM | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | 31.2 | 73.8 |
Other Geographic Areas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenues | $ 171.5 | $ 260.3 |
Floaters [Member] | ANGOLA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 86.00% | 87.00% |
Floaters [Member] | AUSTRALIA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 78.00% | 100.00% |
Floaters [Member] | US Gulf Of Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 37.00% | 84.00% |
Jackups Member | US Gulf Of Mexico [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Concentration Risk, Percentage | 30.00% | 6.00% |
Guarantee Of Registered Secur49
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Senior notes aggregate outstanding principal balance | $ 1,100 | |
8.50% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | |
Debt Instrument, Maturity Date | 2,019 | |
6.875% Senior Notes due 2020 | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Debt Instrument, Maturity Date | 2,020 | |
7.875% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% |
Debt Instrument, Maturity Date | 2,040 | |
7.20% Debentures due 2027 | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% |
Debt Instrument, Maturity Date | 2,027 | |
Senior notes aggregate outstanding principal balance | $ 150 | |
Pride International Inc and Ensco International Inc [Member] | ||
Guarantor Obligations [Line Items] | ||
Subsidiary, Ownership Percentage by Parent | 100.00% |
Guarantee Of Registered Secur50
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | $ 471.1 | $ 814 |
Contract drilling (exclusive of depreciation) | 278.1 | 363.7 |
Depreciation | 109.2 | 113.3 |
General and administrative | 26 | 23.4 |
OPERATING (LOSS) INCOME | 57.8 | 313.6 |
OTHER INCOME (EXPENSE), NET | (57.7) | (64.6) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0.1 | 249 |
INCOME TAX PROVISION | 24.1 | 71.4 |
DISCONTINUED OPERATIONS, NET | (0.6) | (0.9) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 |
NET INCOME | (24.6) | 176.7 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
NET INCOME ATTRIBUTABLE TO ENSCO | (25.7) | 175.3 |
Ensco Plc [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 12.7 | 7.2 |
Contract drilling (exclusive of depreciation) | 11.3 | 7.2 |
Depreciation | 0 | 0 |
General and administrative | 11.5 | 6.2 |
OPERATING (LOSS) INCOME | (10.1) | (6.2) |
OTHER INCOME (EXPENSE), NET | (6.5) | (36.8) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.6) | (43) |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (9.1) | 218.3 |
NET INCOME | (25.7) | 175.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | (25.7) | 175.3 |
ENSCO International Inc. [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 46 | 35.6 |
Contract drilling (exclusive of depreciation) | 42 | 35.7 |
Depreciation | 4.2 | 4.3 |
General and administrative | 0.1 | 0.1 |
OPERATING (LOSS) INCOME | (0.3) | (4.5) |
OTHER INCOME (EXPENSE), NET | (31.3) | 1.6 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (31.6) | (2.9) |
INCOME TAX PROVISION | 14.6 | 31 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 54.9 | 33.5 |
NET INCOME | 8.7 | (0.4) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | 8.7 | (0.4) |
Pride International, Inc. [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 0 | 0 |
Contract drilling (exclusive of depreciation) | 0 | 0 |
Depreciation | 0 | 0 |
General and administrative | 0 | 0 |
OPERATING (LOSS) INCOME | 0 | 0 |
OTHER INCOME (EXPENSE), NET | (18.7) | (19.1) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (18.7) | (19.1) |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 26.3 | 53.6 |
NET INCOME | 7.6 | 34.5 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | 7.6 | 34.5 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | 500.7 | 843.3 |
Contract drilling (exclusive of depreciation) | 313.1 | 392.9 |
Depreciation | 105 | 109 |
General and administrative | 14.4 | 17.1 |
OPERATING (LOSS) INCOME | 68.2 | 324.3 |
OTHER INCOME (EXPENSE), NET | (7.7) | (10.3) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 60.5 | 314 |
INCOME TAX PROVISION | 9.5 | 40.4 |
DISCONTINUED OPERATIONS, NET | (0.6) | (0.9) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 |
NET INCOME | 50.4 | 272.7 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
NET INCOME ATTRIBUTABLE TO ENSCO | 49.3 | 271.3 |
Consolidating Adjustments [Member] | ||
Guarantor Obligations [Line Items] | ||
OPERATING REVENUES | (88.3) | (72.1) |
Contract drilling (exclusive of depreciation) | (88.3) | (72.1) |
Depreciation | 0 | 0 |
General and administrative | 0 | 0 |
OPERATING (LOSS) INCOME | 0 | 0 |
OTHER INCOME (EXPENSE), NET | 6.5 | 0 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 6.5 | 0 |
INCOME TAX PROVISION | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (72.1) | (305.4) |
NET INCOME | (65.6) | (305.4) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
NET INCOME ATTRIBUTABLE TO ENSCO | $ (65.6) | $ (305.4) |
Guarantee Of Registered Secur51
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
NET INCOME | $ (24.6) | $ 176.7 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 3.1 | 3.5 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.9 | 5.9 |
Other | 0.5 | (0.1) |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 4.5 | 9.3 |
COMPREHENSIVE INCOME | (20.1) | 186 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (21.2) | 184.6 |
Ensco Plc [Member] | ||
NET INCOME | (25.7) | 175.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0 | 0 |
COMPREHENSIVE INCOME | (25.7) | 175.3 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (25.7) | 175.3 |
ENSCO International Inc. [Member] | ||
NET INCOME | 8.7 | (0.4) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 3.1 | 3.5 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.9 | 5.9 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 4 | 9.4 |
COMPREHENSIVE INCOME | 12.7 | 9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 12.7 | 9 |
Pride International, Inc. [Member] | ||
NET INCOME | 7.6 | 34.5 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0 | 0 |
COMPREHENSIVE INCOME | 7.6 | 34.5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 7.6 | 34.5 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
NET INCOME | 50.4 | 272.7 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0.5 | (0.1) |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0.5 | (0.1) |
COMPREHENSIVE INCOME | 50.9 | 272.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.1) | (1.4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 49.8 | 271.2 |
Consolidating Adjustments [Member] | ||
NET INCOME | (65.6) | (305.4) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||
Net change in fair value of derivatives | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 |
Other | 0 | 0 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 0 | 0 |
COMPREHENSIVE INCOME | (65.6) | (305.4) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (65.6) | $ (305.4) |
Guarantee Of Registered Secur52
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 271.7 | $ 1,159.7 | $ 1,084 | $ 121.3 |
Short-term Investments | 1,805.6 | 1,442.6 | ||
Accounts receivable, net | 324.1 | 361 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 312.2 | 316 | ||
Total current assets | 2,713.6 | 3,279.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,301.7 | 12,992.5 | ||
Less accumulated depreciation | 2,181 | 2,073.2 | ||
Property and equipment, net | 11,120.7 | 10,919.3 | 11,097.1 | |
DUE FROM AFFILIATES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 138 | 175.9 | ||
TOTAL ASSETS | 13,972.3 | 14,374.5 | ||
Accounts payable and accrued liabilities | 508.5 | 522.5 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 37.6 | 331.9 | ||
Total current liabilities | 546.1 | 854.4 | ||
Due to Affiliate, Noncurrent | 0 | 0 | ||
LONG-TERM DEBT | 4,905.9 | 4,942.6 | ||
OTHER LIABILITIES | 294.5 | 322.5 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,221.2 | 8,250.6 | ||
NONCONTROLLING INTERESTS | 4.6 | 4.4 | ||
Total equity | 8,225.8 | 8,255 | ||
Total liabilities and shareholders' equity | 13,972.3 | 14,374.5 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 180.2 | 892.6 | 1,049.7 | 94 |
Short-term Investments | 1,800.1 | 1,165.1 | ||
Accounts receivable, net | 7.2 | 6.8 | ||
Accounts receivable from affiliates | 418.3 | 486.5 | ||
Other | 0.4 | 0.1 | ||
Total current assets | 2,406.2 | 2,551.1 | ||
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 | 1,814 | 1,512.2 | ||
INVESTMENTS IN AFFILIATES | 8,549.6 | 8,557.7 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 12,769.8 | 12,621 | ||
Accounts payable and accrued liabilities | 55.4 | 44.1 | ||
Accounts payable to affiliates | 233.1 | 38.8 | ||
Current maturities of long-term debt | 2.7 | 187.1 | ||
Total current liabilities | 291.2 | 270 | ||
Due to Affiliate, Noncurrent | 1,382.5 | 1,375.8 | ||
LONG-TERM DEBT | 2,870.3 | 2,720.2 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,225.8 | 8,255 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 8,225.8 | 8,255 | ||
Total liabilities and shareholders' equity | 12,769.8 | 12,621 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term Investments | 5.5 | 5.5 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 298 | 251.2 | ||
Other | 9.9 | 6.8 | ||
Total current assets | 313.4 | 263.5 | ||
PROPERTY AND EQUIPMENT, AT COST | 121.6 | 121 | ||
Less accumulated depreciation | 68.1 | 63.8 | ||
Property and equipment, net | 53.5 | 57.2 | ||
DUE FROM AFFILIATES | 4,100.5 | 4,513.8 | ||
INVESTMENTS IN AFFILIATES | 3,517.2 | 3,462.3 | ||
OTHER ASSETS, NET | 49 | 81.5 | ||
TOTAL ASSETS | 8,033.6 | 8,378.3 | ||
Accounts payable and accrued liabilities | 32.1 | 45.2 | ||
Accounts payable to affiliates | 279.7 | 208.4 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 311.8 | 253.6 | ||
Due to Affiliate, Noncurrent | 4,957.8 | 5,367.6 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
OTHER LIABILITIES | 4.7 | 2.9 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,610.1 | 2,605 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 2,610.1 | 2,605 | ||
Total liabilities and shareholders' equity | 8,033.6 | 8,378.3 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 15.5 | 19.8 | 2 | 2 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 15.5 | 19.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 1,982.4 | 1,978.8 | ||
INVESTMENTS IN AFFILIATES | 1,087.6 | 1,061.3 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 3,085.5 | 3,059.9 | ||
Accounts payable and accrued liabilities | 15.3 | 28.3 | ||
Accounts payable to affiliates | 8.1 | 5.9 | ||
Current maturities of long-term debt | 34.9 | 144.8 | ||
Total current liabilities | 58.3 | 179 | ||
Due to Affiliate, Noncurrent | 2,375.5 | 2,040.7 | ||
LONG-TERM DEBT | 1,253.3 | 1,449.5 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | (601.6) | (609.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (601.6) | (609.3) | ||
Total liabilities and shareholders' equity | 3,085.5 | 3,059.9 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 76 | 247.3 | 32.3 | 25.3 |
Short-term Investments | 0 | 272 | ||
Accounts receivable, net | 316.9 | 354.2 | ||
Accounts receivable from affiliates | 373 | 152.2 | ||
Other | 301.9 | 309.1 | ||
Total current assets | 1,067.8 | 1,334.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,178.3 | 12,869.7 | ||
Less accumulated depreciation | 2,111.1 | 2,007.6 | ||
Property and equipment, net | 11,067.2 | 10,862.1 | ||
DUE FROM AFFILIATES | 6,890.5 | 7,234.4 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 175.8 | 181.1 | ||
TOTAL ASSETS | 19,201.3 | 19,612.4 | ||
Accounts payable and accrued liabilities | 405.7 | 404.9 | ||
Accounts payable to affiliates | 568.4 | 636.8 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 974.1 | 1,041.7 | ||
Due to Affiliate, Noncurrent | 6,071.6 | 6,455.1 | ||
LONG-TERM DEBT | 633.1 | 623.7 | ||
OTHER LIABILITIES | 376.6 | 406.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,141.3 | 11,081.2 | ||
NONCONTROLLING INTERESTS | 4.6 | 4.4 | ||
Total equity | 11,145.9 | 11,085.6 | ||
Total liabilities and shareholders' equity | 19,201.3 | 19,612.4 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | (1,089.3) | (889.9) | ||
Other | 0 | 0 | ||
Total current assets | (1,089.3) | (889.9) | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | (14,787.4) | (15,239.2) | ||
INVESTMENTS IN AFFILIATES | (13,154.4) | (13,081.3) | ||
OTHER ASSETS, NET | (86.8) | (86.7) | ||
TOTAL ASSETS | (29,117.9) | (29,297.1) | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable to affiliates | (1,089.3) | (889.9) | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (1,089.3) | (889.9) | ||
Due to Affiliate, Noncurrent | (14,787.4) | (15,239.2) | ||
LONG-TERM DEBT | 0 | 0 | ||
OTHER LIABILITIES | (86.8) | (86.7) | ||
ENSCO SHAREHOLDERS' EQUITY | (13,154.4) | (13,081.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (13,154.4) | (13,081.3) | ||
Total liabilities and shareholders' equity | $ (29,117.9) | $ (29,297.1) |
Guarantee Of Registered Secur53
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 104.6 | $ 233.1 |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | (965) | (80) |
Proceeds from Sale of Short-term Investments | 602 | 965 |
Additions to property and equipment | (282.6) | (158.1) |
Purchase of Affiliate Debt | 0 | |
Other | 0.2 | 0.1 |
Net cash (used in) provided by investing activities of continuing operations | (645.4) | 727 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | (336.6) | 0 |
Payments of Financing Costs | (4.5) | 0 |
Cash dividends paid | (3.2) | (2.4) |
Advances from (to) affiliates | 0 | 0 |
Other | (2.4) | (0.5) |
Net cash used in financing activities | (346.7) | (2.9) |
Net cash provided by discontinued operations | (0.6) | 5.6 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (0.1) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (888) | 962.7 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 271.7 | 1,084 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0.2 | (46.3) |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | (965) | (80) |
Proceeds from Sale of Short-term Investments | 330 | 965 |
Additions to property and equipment | 0 | 0 |
Purchase of Affiliate Debt | (151.1) | |
Other | 0 | 0 |
Net cash (used in) provided by investing activities of continuing operations | (786.1) | 885 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | (185.5) | |
Payments of Financing Costs | (4.5) | |
Cash dividends paid | (3.2) | (2.4) |
Advances from (to) affiliates | 268.2 | 119.8 |
Other | (1.5) | (0.4) |
Net cash used in financing activities | 73.5 | 117 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (712.4) | 955.7 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 892.6 | 94 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 180.2 | 1,049.7 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (19.5) | 0.7 |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | 0 | 0 |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of Affiliate Debt | 0 | |
Other | 0 | 0 |
Net cash (used in) provided by investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | 0 | |
Payments of Financing Costs | 0 | |
Cash dividends paid | 0 | 0 |
Advances from (to) affiliates | 19.5 | (0.7) |
Other | 0 | 0 |
Net cash used in financing activities | 19.5 | (0.7) |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE 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 | (41.3) | (39.2) |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | 0 | 0 |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of Affiliate Debt | 0 | |
Other | 0 | 0 |
Net cash (used in) provided by investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | 0 | |
Payments of Financing Costs | 0 | |
Cash dividends paid | 0 | 0 |
Advances from (to) affiliates | 37 | 39.2 |
Other | 0 | 0 |
Net cash used in financing activities | 37 | 39.2 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (4.3) | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19.8 | 2 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 15.5 | 2 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 165.2 | 317.9 |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | 0 | 0 |
Proceeds from Sale of Short-term Investments | 272 | 0 |
Additions to property and equipment | (282.6) | (158.1) |
Purchase of Affiliate Debt | 0 | |
Other | 0.2 | 0.1 |
Net cash (used in) provided by investing activities of continuing operations | (10.4) | (158) |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | 0 | |
Payments of Financing Costs | 0 | |
Cash dividends paid | 0 | 0 |
Advances from (to) affiliates | (324.7) | (158.3) |
Other | (0.9) | (0.1) |
Net cash used in financing activities | (325.6) | (158.4) |
Net cash provided by discontinued operations | (0.6) | 5.6 |
Effect of exchange rate changes on cash and cash equivalents | 0.1 | (0.1) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (171.3) | 7 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 247.3 | 25.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 76 | 32.3 |
Consolidating Adjustments [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0 | 0 |
INVESTING ACTIVITIES | ||
Payments for (Proceeds from) Short-term Investments | 0 | 0 |
Proceeds from Sale of Short-term Investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of Affiliate Debt | 151.1 | |
Other | 0 | 0 |
Net cash (used in) provided by investing activities of continuing operations | 151.1 | 0 |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | (151.1) | |
Payments of Financing Costs | 0 | |
Cash dividends paid | 0 | 0 |
Advances from (to) affiliates | 0 | 0 |
Other | 0 | 0 |
Net cash used in financing activities | (151.1) | 0 |
Net cash provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE 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 |