Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 21, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Entity Registrant Name | Ensco plc | ||
Entity Central Index Key | 314,808 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,548,237,000 | ||
Entity Common Shares, Shares Outstanding | 436,009,156 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement [Abstract] | |||
OPERATING REVENUES | $ 1,843 | $ 2,776.4 | $ 4,063.4 |
OPERATING EXPENSES | |||
Contract drilling (exclusive of depreciation) | 1,189.5 | 1,301 | 1,869.6 |
Loss on impairment | 182.9 | 0 | 2,746.4 |
Depreciation | 444.8 | 445.3 | 572.5 |
General and administrative | 157.8 | 100.8 | 118.4 |
Total operating expenses | 1,975 | 1,847.1 | 5,306.9 |
OPERATING INCOME (LOSS) | (132) | 929.3 | (1,243.5) |
OTHER INCOME (EXPENSE) | |||
Interest income | 25.8 | 13.8 | 9.9 |
Interest expense, net | (224.2) | (228.8) | (216.3) |
Other, net | 134.4 | 283.2 | (21.3) |
Other income (expense), net | (64) | 68.2 | (227.7) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (196) | 997.5 | (1,471.2) |
PROVISION FOR INCOME TAXES | |||
Current income tax expense | 54.2 | 79.8 | 144.1 |
Deferred income tax expense (benefit) | 55 | 28.7 | (158) |
Total provision for income taxes | 109.2 | 108.5 | (13.9) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (305.2) | 889 | (1,457.3) |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET | 1 | 8.1 | (128.6) |
NET INCOME (LOSS) | (304.2) | 897.1 | (1,585.9) |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.5 | (6.9) | (8.9) |
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ (303.7) | $ 890.2 | $ (1,594.8) |
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED | |||
Continuing operations | $ (0.91) | $ 3.10 | $ (6.33) |
Discontinued operations | 0 | 0.03 | (0.55) |
Total earnings per share - basic | $ (0.91) | $ 3.13 | $ (6.88) |
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ (304.1) | $ 873.6 | $ (1,596.8) |
WEIGHTED-AVERAGE SHARES OUTSTANDING | |||
Basic and Diluted | 332.5 | 279.1 | 232.2 |
CASH DIVIDENDS PER SHARE | $ 0.04 | $ 0.04 | $ 0.60 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||||||||||
NET INCOME (LOSS) | $ (207.1) | $ (28.2) | $ (44.3) | $ (24.6) | $ 40.5 | $ 87.3 | $ 592.6 | $ 176.7 | $ (304.2) | $ 897.1 | $ (1,585.9) |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 8.5 | (5.4) | (23.6) | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0.4 | 12.4 | 22.2 | ||||||||
Other | 0.7 | (0.5) | 2 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 9.6 | 6.5 | 0.6 | ||||||||
COMPREHENSIVE INCOME (LOSS) | (294.6) | 903.6 | (1,585.3) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.5 | (6.9) | (8.9) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ (294.1) | $ 896.7 | $ (1,594.2) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 445.4 | $ 1,159.7 |
Short-term Investments | 440 | 1,442.6 |
Accounts receivable, net | 345.4 | 361 |
Other | 381.2 | 316 |
Total current assets | 1,612 | 3,279.3 |
PROPERTY AND EQUIPMENT, AT COST | 15,332.1 | 12,992.5 |
Less accumulated depreciation | 2,458.4 | 2,073.2 |
Property and equipment, net | 12,873.7 | 10,919.3 |
OTHER ASSETS, NET | 140.2 | 175.9 |
TOTAL ASSETS | 14,625.9 | 14,374.5 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 432.6 | 145.9 |
Accrued liabilities and other | 325.9 | 376.6 |
Current maturities of long-term debt | 0 | 331.9 |
Total current liabilities | 758.5 | 854.4 |
LONG-TERM DEBT | 4,750.7 | 4,942.6 |
OTHER LIABILITIES | 386.7 | 322.5 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 7,195 | 6,402.2 |
Retained earnings | 1,532.7 | 1,864.1 |
Accumulated other comprehensive income | 28.6 | 19 |
Treasury shares, at cost, 11.1 million and 7.3 million shares as of December 31, 2017 and 2016 | (69) | (65.8) |
Total Ensco shareholders' equity | 8,732.1 | 8,250.6 |
NONCONTROLLING INTERESTS | (2.1) | 4.4 |
Total equity | 8,730 | 8,255 |
Total liabilities and shareholders' equity | 14,625.9 | 14,374.5 |
Class A Ordinary Shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 44.7 | 31 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 0.1 | $ 0.1 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2017£ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016£ / sharesshares | Dec. 31, 2016$ / sharesshares |
Treasury shares, shares held | 11,100,000 | 11,100,000 | 7,300,000 | 7,300,000 |
Class A Ordinary Shares, U.S. [Member] | ||||
Common shares, par value | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares issued | 447,000,000 | 447,000,000 | 310,300,000 | 310,300,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common shares, par value | £ / shares | £ 1 | £ 1 | ||
Common shares, shares issued | 50,000 | 50,000 | 50,000 | 50,000 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
OPERATING ACTIVITIES | |||
Net income (loss) | $ (304.2) | $ 897.1 | $ (1,585.9) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities of continuing operations: | |||
Depreciation expense | 444.8 | 445.3 | 572.5 |
Loss on impairment | 182.9 | 0 | 2,746.4 |
Bargain purchase gain | (140.2) | 0 | 0 |
Amortization | (61.6) | (139.7) | (165) |
Deferred income tax expense (benefit) | 55 | 28.7 | (158) |
Share-based compensation expense | 41.2 | 39.6 | 40.2 |
(Gain) loss on debt extinguishment | 2.6 | (287.8) | 33.5 |
Discontinued operations, net | (1) | (8.1) | 128.6 |
Other | (25.5) | (38.3) | (27.9) |
Changes in operating assets and liabilities, net of acquisition | 65.4 | 140.6 | 113.5 |
Net cash provided by operating activities of continuing operations | 259.4 | 1,077.4 | 1,697.9 |
INVESTING ACTIVITIES | |||
Maturities of short-term investments | 2,042.5 | 2,212 | 1,357.3 |
Purchases of short-term investments | (1,040) | (2,474.6) | (1,780) |
Acquisition of Atwood, net of cash acquired | (871.6) | 0 | 0 |
Additions to property and equipment | (536.7) | (322.2) | (1,619.5) |
Net proceeds from disposition of assets | 2.8 | 9.8 | 1.6 |
Net cash used in investing activities of continuing operations | (403) | (575) | (2,040.6) |
FINANCING ACTIVITIES | |||
Reduction of long-term borrowings | (537) | (863.9) | (1,072.5) |
Cash dividends paid | (13.8) | (11.6) | (141.2) |
Debt financing costs | (12) | (23.4) | (10.5) |
Proceeds from issuance of senior notes | 0 | 849.5 | 1,078.7 |
Proceeds from equity issuance | 0 | 585.5 | 0 |
Premium paid on redemption of debt | 0 | 0 | (30.3) |
Other | (7.7) | (7.1) | (16) |
Net cash provided by (used in) financing activities | (570.5) | 529 | (191.8) |
Net cash provided by (used in) discontinued operations | (0.8) | 8.4 | (8.7) |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (1.4) | (0.3) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (714.3) | 1,038.4 | (543.5) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,159.7 | 121.3 | 664.8 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 445.4 | $ 1,159.7 | $ 121.3 |
Description Of The Business And
Description Of The Business And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Description Of The Business And Summary Of Significant Accounting Policies | DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own and operate an offshore drilling rig fleet of 62 rigs spanning most of the strategic markets around the globe. Our rig fleet includes 12 drillships, 11 dynamically positioned semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including three rigs under construction. We operate the world's largest fleet amongst competitive rigs, including one of the newest ultra-deepwater fleets in the industry and a leading premium jackup fleet. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning 14 countries on six continents. The markets in which we operate include the U.S. Gulf of Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia. We provide drilling services on a day rate contract basis. Under day rate contracts, we provide a drilling rig and rig crews for which we receive a daily rate that may vary throughout the duration of the contractual term. The day rate we earn can vary between the full day rate and zero rate, depending on the operations of the rig. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. In addition, our customers may pay all or a portion of the cost of moving our equipment and personnel to and from the well site. Acquisition of Atwood Oceanics, Inc. On October 6, 2017 (the "Merger Date"), we completed a merger transaction (the "Merger") with Atwood Oceanics, Inc. ("Atwood") and Echo Merger Sub, LLC, a wholly-owned subsidiary of Ensco plc. Pursuant to the merger agreement, Echo Merger Sub, LLC merged with and into Atwood, with Atwood as the surviving entity and an indirect, wholly-owned subsidiary of Ensco plc. Total consideration delivered in the Merger consisted of 132.2 million of our Class A ordinary shares and $11.1 million of cash in settlement of certain share-based payment awards. The total aggregate value of consideration transferred was $781.8 million . Additionally, upon closing of the Merger, we utilized cash acquired of $445.4 million and cash on hand to extinguish Atwood's revolving credit facility, outstanding senior notes and accrued interest totaling $1.3 billion . The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain of $140.2 million that was recognized during the fourth quarter. Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position. The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006 ("Companies Act"), which will be prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders. The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the Companies Act. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Ensco plc, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation. Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. Foreign Currency Remeasurement and Translation Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations. Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet. Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $5.1 million of losses , $6.0 million of losses and $5.4 million of gains , and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 , respectively. Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. Short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year and totaled $440.0 million and $1.4 billion as of December 31, 2017 and 2016 , respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 . To mitigate our credit risk, our investments in time deposits are diversified across multiple, high-quality financial institutions. Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig that are not reimbursed by the customer. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from seven to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from three to six years. We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or fair value less cost to sell. During 2017 and 2015 , we recorded pre-tax, non-cash losses on impairment of long-lived assets of $182.9 million and $2.6 billion . See "Note 4 - Property and Equipment" for additional information on these impairments. If the global economy deteriorates and/or our expectations relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location. Operating Revenues and Expenses Our drilling contracts are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and amortized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $39.9 million and $43.9 million as of December 31, 2017 and 2016 , respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $35.7 million and $62.1 million as of December 31, 2017 and 2016 , respectively. In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and amortized to revenue over the period that the related drilling services are performed, and the cost is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $87.4 million and $165.2 million as of December 31, 2017 and 2016 , respectively. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenues when services have been completed under the terms of the contract, the termination fee can be reasonably measured and collectability is reasonably assured. For the year ended December 31, 2016 , operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby the customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. Operating revenues in 2016 also included $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. For the year ended December 31, 2015, operating revenues included $129.0 million related to the lump-sum payments associated with the ENSCO DS-4 and ENSCO DS-9 contract terminations. We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $15.3 million and $14.9 million as of December 31, 2017 and 2016 , respectively. Derivative Instruments We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 6 - Derivative Instruments" for additional information on how and why we use derivatives. All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("AOCI"). Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction becomes probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations. We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date. Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Prior to our adoption of Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”) on January 1, 2017, income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, were deferred and amortized on a straight-line basis over the remaining useful life of the rig. Subsequent to our adoption of Update 2016-16, the income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized. We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. The U.S. Tax Cuts and Jobs Act (“U.S. tax reform”) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law, including a reduction in the statutory income tax rate from 35% to 21% effective January 1, 2018, a base erosion anti-abuse tax that effectively imposes a minimum tax on certain payments to non-U.S. affiliates and new and revised rules relating to the current taxation of certain income of foreign subsidiaries. See "Note 10 - Income Taxes" for additional information. Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our Long-Term Incentive Plan (the “2012 LTIP”) allows our Board of Directors to authorize share grants to be settled in cash or shares. Compensation expense for share awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for share awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. Any adjustments to the compensation cost recognized in our consolidated statement of operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See "Note 8 - Benefit Plans" for additional information on our share-based compensation. Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See "Note 3 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities. Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. Income (loss) from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from continuing operations $ (305.2 ) $ 889.0 $ (1,457.3 ) (Income) loss from continuing operations attributable to noncontrolling interests .5 (6.9 ) (8.8 ) Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) Income (loss) from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from discontinued operations $ 1.0 $ 8.1 $ (128.6 ) Income from discontinued operations attributable to noncontrolling interests — — (.1 ) Income (loss) from discontinued operations attributable to Ensco $ 1.0 $ 8.1 $ (128.7 ) Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income (loss) attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive performance awards and excludes non-vested shares. In each of the years in the three-year period ended December 31, 2017 , our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of income (loss) from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) Income from continuing operations allocated to non-vested share awards (.4 ) (16.6 ) (2.0 ) Income (loss) from continuing operations attributable to Ensco shares $ (305.1 ) $ 865.5 $ (1,468.1 ) Anti-dilutive share awards totaling 2.0 million , 500,000 and 800,000 for the years ended December 31, 2017, 2016 and 2015 , respectively, were excluded from the computation of diluted EPS. During 2016, we issued our 3.00% exchangeable senior notes due 2024 (the "2024 Convertible Notes"). See "Note 5 - Debt" for additional information on this issuance. We have the option to settle the 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 respective 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 years ended December 31, 2017 and December 31, 2016 . New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (the "FASB") issued Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("Update 2017-12"), which will make more hedging strategies eligible for hedge accounting. It also amends presentation and disclosure requirements and changes how companies assess effectiveness. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that Update 2017-12 will have on our consolidated financial statements and related disclosures. In October 2016, the FASB 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 consolidated balance sheet as of January 1, 2017. In March 2016, the FASB 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 to 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 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 will adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. A substantial portion of our revenues will be recognized under Update 2016-02; therefore, Update 2014-09 will not have a significant impact on our revenue recognition patterns. However, certain additional disclosures will be required upon adoption. During 2016, the FASB 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. During our evaluation of Update 2016-02, we concluded that our drilling contracts contain a lease component. In January 2018, the FASB issued a Proposed Accounting Standard Update to provide targeted improvements to Update 2016-02 which (1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and, (2) provides lessors with a practical expedient to not separate non-lease components from the related lease components, by class of underlying asset. Application of the practical expedient would result in a combined single lease component that, provided specified conditions are met, would be classified as an operating lease for lessors. We expect to elect both provisions afforded under the Proposed Accounting Standard Update. We do not expect a significant cumulative-effect adjustment in the period of adoption, and we do not expect a significant change to our pattern of revenue recognition as compared to current GAAP. However, as a result of the adoption of Update 2016-12, we will be required to present increased disclosures of the nature of our leasing arrangements as well as certain other qualitative and quantitative disclosures. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $70 million to $90 million . With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Acquisition Of Atwood (Notes)
Acquisition Of Atwood (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Business Combination Disclosure | ACQUISITION OF ATWOOD On May 29, 2017, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Atwood and Echo Merger Sub, LLC, our wholly-owned subsidiary, and on October 6, 2017 (the "Merger Date"), we completed our acquisition of Atwood pursuant to the Merger Agreement (the “Merger”). Atwood’s financial results are included in our consolidated results beginning on the Merger Date. The Merger is expected to strengthen our position as the leader in offshore drilling across a wide range of water depths around the world. The Merger significantly enhances the capabilities of our rig fleet and improves our ability to meet future customer demand with the highest-specification assets. Revenues of Atwood from the Merger Date included in our consolidated statements of operations were $23.3 million for the year ended December 31, 2017. Net loss of Atwood from the Merger Date included in our consolidated statements of operations was $70.1 million , inclusive of integration costs of $27.9 million , for the year ended December 31, 2017. Consideration As a result of the Merger, Atwood shareholders received 1.60 Ensco Class A Ordinary shares for each share of Atwood common stock, representing a value of $9.33 per share of Atwood common stock based on a closing price of $5.83 per Class A ordinary share on October 5, 2017, the last trading day before the Merger Date. Total consideration delivered in the Merger consisted of 132.2 million of our Class A ordinary shares and $11.1 million of cash in settlement of certain share-based payment awards. The total aggregate value of consideration transferred was $781.8 million . Additionally, upon closing of the Merger, we utilized cash acquired of $445.4 million and cash on hand to extinguish Atwood's revolving credit facility, outstanding senior notes and accrued interest totaling $1.3 billion . The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain of $140.2 million that was recognized during the fourth quarter. Assets Acquired and Liabilities Assumed Assets acquired and liabilities assumed in the Merger have been recorded at their estimated fair values as of the Merger Date under the acquisition method of accounting. When the fair value of the net assets acquired exceeds the consideration transferred in an acquisition, the difference is recorded as a bargain purchase gain in the period in which the transaction occurs. We have not finalized the fair values of assets acquired and liabilities assumed; therefore, the fair value estimates set forth below are subject to adjustment during a one year measurement period subsequent to the Merger Date. The estimated fair values of certain assets and liabilities including inventory, long-lived assets and contingencies require judgments and assumptions that increase the likelihood that adjustments may be made to these estimates during the measurement period, and those adjustments could be material. The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions): Estimated Fair Value Assets: Cash and cash equivalents (1) $ 445.4 Accounts receivable (2) 62.3 Other current assets 118.1 Property and equipment 1,762.0 Other assets 23.7 Liabilities: Accounts payable and accrued liabilities 64.9 Other liabilities 118.7 Net assets acquired 2,227.9 Less: Merger consideration (781.8 ) Repayment of Atwood debt (1,305.9 ) Bargain purchase gain $ 140.2 (1) Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion . (2) Gross contractual amounts receivable totaled $64.7 million as of the Merger Date. Bargain Purchase Gain The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain primarily due to depressed offshore drilling company valuations. Market capitalizations across the offshore drilling industry have declined significantly since mid-2014 due to the decline in commodity prices and the related imbalance of supply and demand for drilling rigs. The resulting bargain purchase gain was further driven by the decline in our share price from $6.70 to $5.83 between the last trading day prior to the announcement of the Merger and the Merger Date. The gain was included in other, net, in our consolidated statement of operations for the year ended December 31, 2017 . Merger-Related Costs Merger-related costs were expensed as incurred and consisted of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $19.4 million for the year ended December 31, 2017 . These costs are included in general and administrative expense in our consolidated statements of operations. Property and Equipment Property and equipment acquired in connection with the Merger consisted primarily of drilling rigs and related equipment, including four drillships (two of which are under construction), two semisubmersible rigs and five jackup rigs. We recorded property and equipment acquired at its estimated fair value of $1.8 billion . We estimated the fair value of the rigs and equipment by applying an income approach, using projected discounted cash flows, or a market approach. We estimated remaining useful lives for Atwood's drilling rigs, which ranged from 16 to 35 years based on original estimated useful lives of 30 to 35 years. Deferred Taxes The Merger was executed through the acquisition of Atwood's outstanding common stock and, therefore, the historical tax bases of the acquired assets and assumed liabilities, net operating losses and other tax attributes of Atwood were assumed as of the Merger Date. However, adjustments were recorded to recognize deferred tax assets and liabilities for the tax effects of differences between acquisition date fair values and tax bases of assets acquired and liabilities assumed. Additionally, the interaction of our and Atwood's tax attributes that impacted the deferred taxes of the combined entity were also recognized as part of acquisition accounting. As of the Merger Date, an increase of $2.5 million to Atwood’s net deferred tax liability was recognized. Deferred tax assets and liabilities recognized in connection with the Merger were measured at rates enacted as of the Merger Date. Tax rate changes, or any deferred tax adjustments for new tax legislation, following the Merger Date, including the recently enacted U.S. tax reform , will be reflected in our operating results in the period in which the change in tax laws or rate is enacted. Intangible Assets and Liabilities We recorded intangible assets totaling $33.3 million representing the estimated fair value of Atwood's firm drilling contracts in place at the Merger Date with favorable contract terms compared to then-market day rates for comparable drilling rigs. The various factors considered in the determination of these fair values were (1) the contracted day rate for each contract, (2) the remaining term of each contract, (3) the rig class and (4) the market conditions for each respective rig class at the Merger Date. The intangible assets were calculated based on the present value of the difference in cash flows over the remaining contract term as compared to a hypothetical contract with the same remaining term at an estimated then-current market day rate using a risk-adjusted discount rate and an estimated effective income tax rate. Operating revenues included $16.1 million of asset amortization during the year ended December 31, 2017 . The remaining balance of $17.2 million was included in other current assets and other assets, net, on our consolidated balance sheet as of December 31, 2017. These balances will be amortized to operating revenues over the respective remaining drilling contract terms on a straight-line basis. Amortization for these intangible assets is estimated to be $11.4 million and $5.8 million for 2018 and 2019, respectively. We recorded intangible liabilities of $60.0 million for the estimated fair value of unfavorable drillship construction contracts, which were determined by comparing the firm obligations for the remaining construction of ENSCO DS-13 and ENSCO DS-14 to the estimated current market rates for the construction of a comparable drilling rig. The unfavorable construction liability was calculated based on the present value of the difference in cash outflows for the remaining contractual payments as compared to a hypothetical contract with the same remaining contractual payments at estimated then-current market rates using a risk-adjusted discount rate and an estimated effective income tax rate. The liabilities will be amortized over the estimated life of ENSCO DS-13 and ENSCO DS-14 as a reduction of depreciation expense beginning on the date the rig is placed into service. Pro Forma Impact of the Merger The following unaudited supplemental pro forma results present consolidated information as if the Merger was completed on January 1, 2016. The pro forma results include, among others, (i) the amortization associated with acquired intangible assets and liabilities, (ii) a reduction in depreciation expense for adjustments to property and equipment and (iii) a reduction to interest expense resulting from the retirement of Atwood's revolving credit facility and 6.50% senior notes due 2020. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Merger. (in millions, except per share amounts) Twelve Months Ended (Unaudited) 2017 (1) 2016 Revenues $ 2,243.0 $ 3,622.1 Net income (loss) (168.7 ) 1,284.9 Earnings (loss) per share - basic and diluted (.39 ) 3.18 (1) Pro forma net income and earnings per share were adjusted to exclude an aggregate $80.7 million of merger-related and integration costs incurred by Ensco and Atwood during 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 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 as of December 31, 2017 and 2016 (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2017 Supplemental executive retirement plan assets $ 30.9 $ — $ — $ 30.9 Derivatives, net — 6.8 — 6.8 Total financial assets 30.9 6.8 — 37.7 Total financial liabilities — — — — 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 Plans Our Ensco supplemental executive retirement plans (the "SERPs") are non-qualified plans that provide for eligible employees to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our consolidated balance sheets as of December 31, 2017 and 2016 . The fair value measurements of assets held in the SERP were based on quoted market prices. Net unrealized gains of $4.5 million , $1.8 million and $700,000 from marketable securities held in our SERP were included in other, net, in our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 , respectively. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs as of December 31, 2017 and 2016 . See "Note 6 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurements of our derivatives were based on market prices that are generally observable for similar assets or liabilities at commonly quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our debt instruments as of December 31, 2017 and 2016 were as follows (in millions): December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 251.4 $ 252.9 $ 480.2 $ 485.0 6.875% Senior notes due 2020 477.9 473.1 735.9 727.5 4.70% Senior notes due 2021 267.1 265.3 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 635.7 757.1 604.3 874.7 4.50% Senior notes due 2024 619.3 527.1 618.6 536.0 8.00% Senior notes due 2024 337.9 333.8 — — 5.20% Senior notes due 2025 663.6 571.4 662.8 582.3 7.20% Debentures due 2027 149.3 141.9 149.2 138.7 7.875% Senior notes due 2040 376.7 258.8 378.3 270.6 5.75% Senior notes due 2044 971.8 690.4 970.8 728.0 Total $ 4,750.7 $ 4,271.8 $ 5,274.5 $ 5,001.7 (1) Our 2024 Convertible Notes were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount, which will be amortized to interest expense. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $834.0 million and $830.1 million as of December 31, 2017 and 2016 . See "Note 5 - Debt" for additional information on this issuance. The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in the carrying value of long-term debt instruments from December 31, 2016 to December 31, 2017 is primarily due to debt repurchases as discussed in "Note 5 - 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 December 31, 2017 and 2016 . |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property And Equipment | PROPERTY AND EQUIPMENT Property and equipment as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Drilling rigs and equipment $ 12,272.4 $ 11,067.4 Other 183.4 180.8 Work in progress 2,876.3 1,744.3 $ 15,332.1 $ 12,992.5 Work in progress as of December 31, 2017 primarily consisted of $2.0 billion related to the construction of ultra-deepwater drillships ENSCO DS-9, ENSCO DS-10, ENSCO DS-13 and ENSCO DS-14, $423.6 million related to the construction of ENSCO 140 and ENSCO 141 premium jackup rigs and $321.6 million related to the construction of ENSCO 123, an ultra-premium harsh environment jackup rig. ENSCO DS-9, ENSCO DS-10, ENSCO 140 and ENSCO 141 have been delivered by the respective shipyards but have not yet been placed into service as of December 31, 2017 . Work in progress as of December 31, 2016 primarily consisted of $1.1 billion related to the construction of ultra-deepwater drillships ENSCO DS-9 and ENSCO DS-10, $415.4 million related to the construction of ENSCO 140 and ENSCO 141 premium jackup rigs and $85.2 million related to the construction of ENSCO 123, an ultra-premium harsh environment jackup rig. Impairment of Long-Lived Assets On a quarterly basis, we evaluate the carrying value of our property and equipment to identify events or changes in circumstances ("triggering events") that indicate the carrying value may not be recoverable. During 2017, we recognized a pre-tax, non-cash loss on impairment of $182.9 million related to older, less capable, non-core assets in our fleet. During the fourth quarter, we determined that the remaining useful life of certain non-core rigs would not extend substantially beyond their current contracts, resulting in triggering events and the performance of recoverability tests. Our estimates of undiscounted cash flows over the revised estimated remaining useful lives were not sufficient to recover each asset’s carrying value. Accordingly, we concluded that two semisubmersibles and one jackup were impaired as of December 31, 2017. During 2015, we recognized a pre-tax, non-cash loss on impairment of $2.6 billion , of which $2.5 billion was included in income (loss) from continuing operations and $148.6 million was included in income (loss) from discontinued operations, net, in our consolidated statement of operations. The impairments recognized during 2015 resulted from adverse changes in our business climate that led to the conclusion that triggering events had occurred across our fleet. For rigs whose carrying values were determined not to be recoverable during 2017 and 2015, we recorded an impairment for the difference between their fair values and carrying values. We estimated the fair values of these rigs by applying either an income approach, using projected discounted cash flows, or a market approach. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements. In instances where we applied an income approach, forecasted day rates and utilization took into account market conditions and our anticipated business outlook. In instances where we applied a market approach, the fair value was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We validated all third-party estimated prices using our forecasts of economic returns for the respective rigs or other market data. If the global economy, our overall business outlook and/or our expectations regarding the marketability of one or more of our drilling rigs deteriorate further, we may conclude that a triggering event has occurred and perform a recoverability test that could lead to a material impairment charge in future periods. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | DEBT The carrying value of our long-term debt as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 8.50% Senior notes due 2019 $ 251.4 $ 480.2 6.875% Senior notes due 2020 477.9 735.9 4.70% Senior notes due 2021 267.1 674.4 3.00% Exchangeable senior notes due 2024 635.7 604.3 4.50% Senior notes due 2024 619.3 618.6 8.00% Senior notes due 2024 337.9 — 5.20% Senior notes due 2025 663.6 662.8 7.20% Debentures due 2027 149.3 149.2 7.875% Senior notes due 2040 376.7 378.3 5.75% Senior notes due 2044 971.8 970.8 Total debt 4,750.7 5,274.5 Less current maturities (1) — (331.9 ) Total long-term debt $ 4,750.7 $ 4,942.6 (1) In January 2017, we completed 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. As of December 31, 2016, the aggregate amount of principal repurchased with cash, along with associated premiums, was classified as current maturities of long-term debt on our consolidated balance sheet. Convertible Senior Notes In December 2016, Ensco Jersey Finance Limited, a wholly-owned subsidiary of Ensco plc, issued $849.5 million aggregate principal amount of unsecured 2024 Convertible Notes in a private offering. The 2024 Convertible Notes are fully and unconditionally guaranteed, on a senior, unsecured basis, by Ensco plc and are exchangeable into cash, our Class A ordinary shares or a combination thereof, at our election. Interest on the 2024 Convertible Notes is payable semiannually on January 31 and July 31 of each year. The 2024 Convertible Notes will mature on January 31, 2024, unless exchanged, redeemed or repurchased in accordance with their terms prior to such date. Holders may exchange their 2024 Convertible Notes at their option any time prior to July 31, 2023 only under certain circumstances set forth in the indenture governing the 2024 Convertible Notes. On or after July 31, 2023, holders may exchange their 2024 Convertible Notes at any time. The exchange rate is 71.3343 shares per $1,000 principal amount of notes, representing an exchange price of $14.02 per share, and is subject to adjustment upon certain events. The 2024 Convertible Notes may not be redeemed by us except in the event of certain tax law changes. Upon conversion of the 2024 Convertible Notes, holders will receive cash, our Class A ordinary shares or a combination thereof, at our election. 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 our conversion obligation in excess of the principal amount. During each respective 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 the denominator for our computation of diluted EPS using the treasury stock method. See "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information regarding the impact to our EPS. The 2024 Convertible Notes were separated into their liability and equity components and included in long-term debt and additional paid-in capital on our consolidated balance sheet, respectively. The carrying amount of the liability component was calculated by measuring the estimated fair value of a similar liability that does not include an associated conversion feature. The carrying amount of the equity component representing the conversion feature was determined by deducting the fair value of the liability component from the principal amount of the 2024 Convertible Notes. The difference between the carrying amount of the liability and the principal amount is amortized to interest expense over the term of the 2024 Convertible Notes, together with the coupon interest, resulting in an effective interest rate of approximately 8% per annum. The equity component is not remeasured if we continue to meet certain conditions for equity classification. The costs related to the issuance of the 2024 Convertible Notes were allocated to the liability and equity components based on their relative fair values. Issuance costs attributable to the liability component are amortized to interest expense over the term of the notes and the issuance costs attributable to the equity component were recorded to additional paid-in capital on our consolidated balance sheet. As of December 31, 2017 and 2016 , the 2024 Convertible Notes consist of the following (in millions): Liability component: 2017 2016 Principal $ 849.5 $ 849.5 Less: Unamortized debt discount and issuance costs (213.8 ) (245.2 ) Net carrying amount 635.7 604.3 Equity component, net $ 220.0 $ 220.0 During the year ended December 31, 2017 , we recognized $25.5 million associated with coupon interest and $31.4 million associated with the amortization of debt discount and issuance costs. During the year ended December 31, 2016, we recognized $1.3 million associated with coupon interest and $1.5 million associated the amortization of debt discount and issuance costs. The indenture governing the 2024 Convertible Notes contains customary events of default, including failure to pay principal or interest on such notes when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Senior Notes On January 26, 2018, we issued $1.0 billion aggregate principal amount of unsecured 7.75% senior notes due 2026 at par. Interest on the 2026 Notes is payable semiannually on February 1 and August 1 of each year commencing August 1, 2018. During 2017, we exchanged $332.0 million aggregate principal amount of unsecured 8.00% senior notes due 2024 (the “8 % 2024 Notes”) for certain amounts of our outstanding senior notes due 2019, 2020 and 2021. Interest on the 8% 2024 Notes is payable semiannually on January 31 and July 31 of each year. During 2015, we issued $700.0 million aggregate principal amount of unsecured 5.20% senior notes due 2025 (the “2025 Notes”) at a discount of $2.6 million and $400.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the “New 2044 Notes”) at a discount of $18.7 million in a public offering. Interest on the 2025 Notes is payable semiannually on March 15 and September 15 of each year. Interest on the New 2044 Notes is payable semiannually on April 1 and October 1 of each year. During 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% senior notes due 2024 (the "2024 Notes") at a discount of $850,000 and $625.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 (the "Existing 2044 Notes" and together with the New 2044 Notes, the "2044 Notes") at a discount of $2.8 million . Interest on the 2024 Notes and the Existing 2044 Notes is payable semiannually on April 1 and October 1 of each year. The Existing 2044 Notes and the New 2044 Notes are treated as a single series of debt securities under the indenture governing the notes. During 2011, we issued $1.5 billion aggregate principal amount of unsecured 4.70% senior notes due 2021 (the “2021 Notes”) at a discount of $29.6 million in a public offering. Interest on the 2021 Notes is payable semiannually on March 15 and September 15 of each year. Upon consummation of the Pride acquisition during 2011, we assumed outstanding debt comprised of $900.0 million aggregate principal amount of unsecured 6.875% senior notes due 2020 , $500.0 million aggregate principal amount of unsecured 8.5% senior notes due 2019 and $300.0 million aggregate principal amount of unsecured 7.875% senior notes due 2040 (collectively, the "Acquired Notes" and together with the 2021 Notes, 8% 2024 Notes, 2024 Notes, 2025 Notes, 2026 Notes and 2044 Notes, the "Senior Notes"). Ensco plc has fully and unconditionally guaranteed the performance of all Pride obligations with respect to the Acquired Notes. See " Note 15 - Guarantee of Registered Securities " for additional information on the guarantee of the Acquired Notes. We may redeem the 8% 2024 Notes, 2024 Notes, 2025 Notes, 2026 Notes and 2044 Notes in whole at any time, or in part from time to time, prior to maturity. If we elect to redeem the 8% 2024 Notes, 2024 Notes, 2025 Notes and 2026 Notes before the date that is three months prior to the maturity date or the 2044 Notes before the date that is six months prior to the maturity date, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and a "make-whole" premium. If we elect to redeem the 8% 2024 Notes, 2024 Notes, 2025 Notes, 2026 Notes or 2044 Notes on or after the aforementioned dates, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest but we are not required to pay a "make-whole" premium. We may redeem each series of the 2021 Notes and the Acquired Notes, in whole or in part, at any time at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. The indentures governing the Senior Notes contain customary events of default, including failure to pay principal or interest on such notes when due, among others. The indentures governing the Senior Notes also contain certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Debentures Due 2027 During 1997, Ensco International Incorporated issued $150.0 million of unsecured 7.20% Debentures due 2027 (the "Debentures") in a public offering. Interest on the Debentures is payable semiannually on May 15 and November 15 of each year. We may redeem the Debentures, in whole or in part, at any time prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. The Debentures are not subject to any sinking fund requirements. During 2009, Ensco plc entered into a supplemental indenture to unconditionally guarantee the principal and interest payments on the Debentures. See " Note 15 - Guarantee of Registered Securities " for additional information on the guarantee of the Debentures. The Debentures and the indenture pursuant to which the Debentures were issued also contain customary events of default, including failure to pay principal or interest on the Debentures when due, among others. The indenture also contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions. Tender Offers and Open Market Repurchases During 2017, we repurchased $194.1 million of our outstanding senior notes on the open market for an aggregate purchase price of $204.5 million with cash on hand and recognized an insignificant pre-tax gain, net of discounts, premiums and debt issuance costs. During 2016, we launched cash tender offers for up to $750.0 million aggregate purchase price of our outstanding debt. We received tenders totaling $860.7 million for an aggregate purchase price of $622.3 million . We used cash on hand to settle the tendered debt. Additionally during 2016, we repurchased on the open market $269.9 million of outstanding debt for an aggregate purchase price of $241.6 million . Our tender offers and open market repurchases during the two-year period ended December 31, 2017 were as follows (in millions): Year Ended December 31, 2017 Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 54.6 $ 60.1 6.875% Senior notes due 2020 100.1 105.1 4.70% Senior notes due 2021 39.4 39.3 Total $ 194.1 $ 204.5 (1) Excludes accrued interest paid to holders of the repurchased senior notes. Year Ended December 31, 2016 Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 62.0 $ 55.7 6.875% Senior notes due 2020 219.2 181.5 4.70% Senior notes due 2021 817.0 609.0 4.50% Senior notes due 2024 1.7 .9 5.20% Senior notes due 2025 30.7 16.8 Total $ 1,130.6 $ 863.9 (1) Excludes accrued interest paid to holders of the repurchased senior notes. Exchange Offers During 2017, we completed 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 Repurchased 8% Senior Notes Due 2024 Consideration Cash 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 During the year ended December 31, 2017 , we recognized a pre-tax loss on the exchange offers of approximately $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. Debt to Equity Exchange During 2016, we entered into a privately-negotiated exchange agreement whereby we issued 1,822,432 Class A ordinary shares, representing less than one percent of our outstanding shares, in exchange for $24.5 million principal amount of our 2044 Notes, resulting in a pre-tax gain from debt extinguishment of $8.8 million . 2018 Tender Offers and Redemption Concurrent with the issuance of the 2026 Notes in January 2018, we launched cash tender offers for up to $985.0 million aggregate purchase price on certain series of senior notes issued by us and Pride International LLC, our wholly-owned subsidiary. The tender offers expired February 7, 2018 and we repurchased $182.6 million of the 8.50% senior notes due 2019, $256.6 million of the 6.875% senior notes due 2020 and $156.2 million of the 4.70% senior notes due 2021. We subsequently issued a redemption notice for the remaining outstanding $55.0 million principal amount of the 8.50% senior notes due 2019. The following table sets forth the total principal amounts repurchased as a result of the tender offers and redemption (in millions): Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 237.6 $ 256.8 6.875% Senior notes due 2020 256.6 277.1 4.70% Senior notes due 2021 156.2 159.3 Total $ 650.4 $ 693.2 (1) Excludes accrued interest paid to holders of the repurchased senior notes. During the first quarter of 2018, we expect to recognize a pre-tax loss from debt extinguishment of approximately $18.2 million related to the tender offers, net of discounts, premiums, debt issuance costs and transaction costs. Revolving Credit In October 2017, we amended our revolving credit facility ("Credit Facility") to extend the final maturity date by two years. Previously, our Credit Facility had a borrowing capacity of $2.25 billion through September 2019 that declined to $1.13 billion through September 2020. Subsequent to the amendment, our borrowing capacity is $2.0 billion through September 2019 and declines to $1.3 billion through September 2020 and to $1.2 billion through September 2022. The credit agreement governing our revolving credit facility includes an accordion feature allowing us to increase the commitments expiring in September 2022 up to an aggregate amount not to exceed $1.5 billion . Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate, depending on our credit ratings. We are required to pay a quarterly commitment fee on the undrawn portion of the $2.0 billion commitment, which is also based on our credit ratings. In October 2017, Moody's announced a downgrade of our credit rating from B1 to B2, and Standard & Poor's downgraded our credit rating from BB to B+, which are both ratings below investment grade. Subsequently, in January 2018, Moody's downgraded our senior unsecured bond credit rating from B2 to B3. The Credit Facility amendment and the rating actions resulted in increases to the interest rates applicable to our borrowings and the quarterly commitment fee on the undrawn portion of the $2.0 billion commitment. The applicable margin rates are 3.00% per annum for Base Rate advances and 4.00% per annum for LIBOR advances. The quarterly commitment fee is 0.75% per annum on the undrawn portion of the $2.0 billion commitment. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to 60% and to provide guarantees from certain of our rig-owning subsidiaries sufficient to meet certain guarantee coverage ratios. The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens (subject to customary exceptions, including a permitted lien basket that permits us to raise secured debt up to the lesser of $750 million or 10% of consolidated tangible net worth (as defined in the Credit Facility)); 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; paying or distributing dividends on our ordinary shares (subject to certain exceptions, including the ability to continue paying a quarterly dividend of $0.01 per share); borrowings, if after giving effect to any such borrowings and the application of the proceeds thereof, the aggregate amount of available cash (as defined in the Credit Facility) would exceed $150 million ; and entering into certain transactions with affiliates. The Credit Facility also includes a covenant restricting our ability to repay indebtedness maturing after September 2022, which is the final maturity date of our Credit Facility. This covenant is subject to certain exceptions that permit us to manage our balance sheet, including the ability to make repayments of indebtedness (i) of acquired companies within 90 days of the completion of the acquisition or (ii) if, after giving effect to such repayments, available cash is greater than $250 million and there are no amounts outstanding under the Credit Facility. As of December 31, 2017 , we were in compliance in all material respects with our covenants under the Credit Facility. We expect to remain in compliance with our Credit Facility covenants during 2017. We had no amounts outstanding under the Credit Facility as of December 31, 2017 and 2016 . Our access to credit and capital markets depends on the credit ratings assigned to our debt. As a result of recent rating actions by these agencies, 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. Maturities The descriptions of our senior notes above reflect the original principal amounts issued, which have subsequently changed as a result of our tenders, repurchases, exchanges and new debt issuances such that the maturities of our debt were as follows (in millions): Senior Notes Original Principal 2016 Tenders, Repurchases and Equity Exchange 2017 Exchange Offers 2017 Repurchases Principal Outstanding at December 31, 2017 (1) 2018 Tender Offers, Redemption and Debt Issuance Remaining Principal 8.50% due 2019 $ 500.0 $ (62.0 ) $ (145.8 ) $ (54.6 ) $ 237.6 $ (237.6 ) $ — 6.875% due 2020 900.0 (219.2 ) (129.8 ) (100.1 ) 450.9 (256.6 ) 194.3 4.70% due 2021 1,500.0 (817.0 ) (373.9 ) (39.4 ) 269.7 (156.2 ) 113.5 3.00% due 2024 849.5 — — — 849.5 — 849.5 4.50% due 2024 625.0 (1.7 ) — — 623.3 — 623.3 8.00% due 2024 — — 332.0 — 332.0 — 332.0 5.20% due 2025 700.0 (30.7 ) — — 669.3 — 669.3 7.75% due 2026 — — — — — 1,000.0 1,000.0 7.20% due 2027 150.0 — — — 150.0 — 150.0 7.875% due 2040 300.0 — — — 300.0 — 300.0 5.75% due 2044 1,025.0 (24.5 ) — — 1,000.5 — 1,000.5 Total $ 6,549.5 $ (1,155.1 ) $ (317.5 ) $ (194.1 ) $ 4,882.8 $ 349.6 $ 5,232.4 (1) The aggregate principal amount outstanding as of December 31, 2017 excludes net unamortized discounts and debt issuance costs of $132.1 million . Interest Expense Interest expense totaled $224.2 million , $228.8 million and $216.3 million for the years ended December 31, 2017, 2016 and 2015 , respectively, which was net of interest amounts capitalized of $72.5 million , $45.7 million and $87.4 million in connection with newbuild rig construction and other capital projects. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | DERIVATIVE INSTRUMENTS We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. We maintain a foreign currency exchange rate risk management strategy that utilizes derivatives to reduce our exposure to unanticipated fluctuations in earnings and cash flows caused by changes in foreign currency exchange rates. We mitigate our credit risk relating to the counterparties of our derivatives by transacting with multiple, high-quality financial institutions, thereby limiting exposure to individual counterparties, and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. See "Note 14 - Supplemental Financial Information" for additional information on the mitigation of credit risk relating to counterparties of our derivatives. We do not enter into derivatives for trading or other speculative purposes. All derivatives were recorded on our consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset on our consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. See "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information on our accounting policy for derivatives and "Note 3 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. As of December 31, 2017 and 2016 , our consolidated balance sheets included net foreign currency derivative assets of $6.8 million and liabilities of $8.8 million , respectively. All of our derivatives mature within the next 18 months. Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2017 and 2016 consisted of the following (in millions): Derivative Assets Derivative Liabilities 2017 2016 2017 2016 Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 5.9 $ 4.1 $ .2 $ 11.4 Foreign currency forward contracts - non-current (2) .5 .2 .1 .8 6.4 4.3 .3 12.2 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .9 .4 .2 1.3 .9 .4 .2 1.3 Total $ 7.3 $ 4.7 $ .5 $ 13.5 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of December 31, 2017 , we had cash flow hedges outstanding to exchange an aggregate $188.4 million for various foreign currencies, including $82.2 million for British pounds, $47.8 million for Australian dollars, $27.0 million for euros, $19.9 million for Brazilian reals, $10.4 million for Singapore dollars and $1.1 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2017 were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate lock contracts (3) $ — $ — $ — $ (.2 ) $ (.2 ) $ (.6 ) $ — $ — $ — Foreign currency forward contracts (4) 8.5 (5.4 ) (23.6 ) (.2 ) (12.2 ) (21.6 ) (.7 ) 1.9 (.1 ) Total $ 8.5 $ (5.4 ) $ (23.6 ) $ (.4 ) $ (12.4 ) $ (22.2 ) $ (.7 ) $ 1.9 $ (.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 consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. (4) During the year ended December 31, 2017 , $1.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2016 , $13.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2015 , $22.5 million of losses were reclassified from AOCI into contract drilling and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of December 31, 2017 , we held derivatives not designated as hedging instruments to exchange an aggregate $131.1 million for various foreign currencies, including $93.3 million for euros, $9.6 million for Brazilian reals, $7.4 million for Indonesian rupiah, $5.6 million for British pounds, $5.4 million for Australian dollars and $9.8 million for other currencies. Net gains of $10.0 million , and net losses of $7.0 million and $17.3 million associated with our derivatives not designated as hedging instruments were included in other, net, in our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 , respectively. As of December 31, 2017 , the estimated amount of net gains associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions): Net unrealized gains to be reclassified to contract drilling expense $ 3.1 Net realized gains to be reclassified to depreciation expense .9 Net realized losses to be reclassified to interest expense (.4 ) Net gains to be reclassified to earnings $ 3.6 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | SHAREHOLDERS' EQUITY Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): Shares Par Value Additional Paid-in Capital Retained Earnings AOCI Treasury Shares Noncontrolling Interest BALANCE, December 31, 2014 240.6 $ 24.2 $ 5,517.5 $ 2,720.4 $ 11.9 $ (59.0 ) $ 7.9 Net loss — — — (1,594.8 ) — — 8.9 Dividends paid — — — (140.3 ) — — — Distributions to noncontrolling interests — — — — — — (12.5 ) Shares issued under share-based compensation plans, net 2.3 .2 — — — (.2 ) — Tax expense from share-based compensation — — (2.4 ) — — — — Repurchase of shares — — — — — (4.6 ) — Share-based compensation cost — — 39.4 — — — — Net other comprehensive loss — — — — .6 — — BALANCE, December 31, 2015 242.9 24.4 5,554.5 985.3 12.5 (63.8 ) 4.3 Net income — — — 890.2 — — 6.9 Dividends paid — — — (11.4 ) — — — Distributions to noncontrolling interests — — — — — — (7.8 ) Equity Issuance 65.6 6.5 579.0 — — — — Equity for debt exchange 1.8 .2 14.8 — — — — Equity Component of convertible senior notes issuance, net — — 220.0 — — — — Contributions from noncontrolling interests — — — — — — 1.0 Tax expense on share-based compensation — — (3.4 ) — — — — Repurchase of shares — — — — — (2.0 ) — Share-based compensation cost — — 37.3 — — — — Net other comprehensive income — — — — 6.5 — — BALANCE, December 31, 2016 310.3 31.1 6,402.2 1,864.1 19.0 (65.8 ) 4.4 Net loss — — — (303.7 ) — — (.5 ) Dividends paid — — — (13.6 ) — — — Cumulative-effect adjustment due to ASU 2016-16 — — — (14.1 ) — — — Distributions to noncontrolling interests — — — — — — (6.0 ) Equity issuance in connection with the Atwood Merger 132.2 13.2 757.5 — — — — Shares issued under share-based compensation plans, net 4.5 .5 (.4 ) — — (1.3 ) — Repurchase of shares — — — — — (1.9 ) — Share-based compensation cost — — 35.7 — — — — Net other comprehensive income — — — — 9.6 — — BALANCE, December 31, 2017 447.0 $ 44.8 $ 7,195.0 $ 1,532.7 $ 28.6 $ (69.0 ) $ (2.1 ) In October 2017, as a result of the Merger, we issued 132.2 million of our Class A Ordinary shares, representing total equity consideration of $770.7 million based on a closing price of $5.83 per Class A ordinary share on October 5, 2017, the last trading day before the Merger Date. In April, 2016, we closed an underwritten public offering of 65,550,000 Class A ordinary shares at $9.25 per share. We received net proceeds from the offering of $585.5 million . In October 2016, we entered into a privately-negotiated exchange agreement whereby we issued 1,822,432 Class A ordinary shares, representing less than one percent of our outstanding Class A ordinary shares, in exchange for $24.5 million principal amount of our 2044 Notes, resulting in a pre-tax gain from debt extinguishment of $8.8 million . As a U.K. company governed in part by the Companies Act, we cannot issue new shares (other than in limited circumstances) without being authorized by our shareholders. At our last annual general meeting, our shareholders authorized the allotment of 101.1 million Class A ordinary shares (or 202.2 million Class A ordinary shares in connection with an offer by way of a rights issue or other similar issue). On October 5, 2017, at our general shareholders meeting, our shareholders approved an increase to our allotment in the amount of 45.3 million Class A ordinary shares (or 90.2 million Class A ordinary shares in connection with an offer by way of rights issue or other similar issuance) to reflect the expected enlarged share capital of Ensco immediately following the completion of the Merger. The total allotment of 146.4 million Class A ordinary shares (or 292.4 million Class A ordinary shares in connection with an offer by way of rights issue or similar issuance) is authorized for a period up to the conclusion of our 2018 annual general meeting (or, if earlier, at the close of business on August 22, 2018). Under English law, we are only able to declare dividends and return funds to our shareholders out of the accumulated distributable reserves on our statutory balance sheet. The declaration and amount of future dividends is at the discretion of our Board of Directors and will depend on our profitability, liquidity, financial condition, market outlook, reinvestment opportunities, capital requirements and other factors and restrictions our Board of Directors deems relevant. There can be no assurance that we will pay a dividend in the future. During 2013, our shareholders approved a share repurchase program. Subject to certain provisions under English law, including the requirement of Ensco plc to have sufficient distributable reserves, we may repurchase up to a maximum of $2.0 billion in the aggregate under the program, but in no case more than 35.0 million shares. The program terminates during 2018. As of December 31, 2017 , there had been no share repurchases under this program. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | BENEFIT PLANS Our shareholders approved the 2012 Long-Term Incentive Plan (the “2012 LTIP”) effective January 1, 2012, to provide for the issuance of non-vested share awards, share option awards and performance awards (collectively "awards"). Under the 2012 LTIP, as amended, 32.0 million shares were reserved for issuance as awards to officers, non-employee directors and key employees who are in a position to contribute materially to our growth, development and long-term success. As of December 31, 2017 , there were 18.2 million shares available for issuance as awards under the 2012 LTIP. Awards may be satisfied by newly issued shares, including shares held by a subsidiary or affiliated entity, or by delivery of shares held in an affiliated employee benefit trust at the Company's discretion. In connection with the Merger, we assumed Atwood’s Amended and Restated 2007 Long-Term Incentive Plan (the “Atwood LTIP”) and the options outstanding thereunder. As of December 31, 2017, there were 1.6 million shares remaining available for future issuance as awards under the Atwood LTIP, which may be granted to employees and other service providers who were not employed or engaged with Ensco prior to the Merger. Non-Vested Share Awards and Cash-Settled Awards Grants of share awards and share units (collectively "share awards") and share units to be settled in cash ("cash-settled awards"), generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. During 2017 , we granted 5.0 million cash-settled awards and 1.4 million share awards to our employees and non-employee directors pursuant to the 2012 LTIP. Our non-vested share awards have voting and dividend rights effective on the date of grant, and our non-vested share units have dividend rights effective on the date of grant. Compensation expense for share awards is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for cash-settled awards is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. Our compensation cost is reduced for forfeited awards in the period in which the forfeitures occur. The following table summarizes share award and cash-settled award compensation expense recognized during each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Contract drilling $ 18.3 $ 19.9 $ 19.5 General and administrative 14.5 16.6 17.8 32.8 36.5 37.3 Tax benefit (4.8 ) (5.9 ) (4.8 ) Total $ 28.0 $ 30.6 $ 32.5 The following table summarizes the value of share awards and cash-settled awards granted and vested during each of the years in the three-year period ended December 31, 2017 : Share Awards Cash-Settled Awards 2017 2016 2015 2017 2016 2015 Weighted-average grant-date fair value of share awards granted (per share) $ 7.90 $ 10.42 $ 23.95 $ 6.27 $ 9.64 $ — Total fair value of share awards vested during the period (in millions) $ 8.6 $ 8.8 $ 18.0 $ 3.9 $ — $ — The following table summarizes share awards and cash-settled awards activity for the year ended December 31, 2017 (shares in thousands): Share Awards Cash-settled Awards Awards Weighted-Average Grant-Date Fair Value Awards Weighted-Average Grant-Date Fair Value Share awards and cash-settled awards as of December 31, 2016 3,073 $ 26.02 3,060 $ 9.64 Granted 1,433 7.90 4,968 6.27 Vested (1,123 ) 32.75 (614 ) 9.64 Forfeited (78 ) 31.52 (325 ) 7.77 Share awards and cash-settled awards as of December 31, 2017 3,305 $ 16.06 7,089 $ 7.37 As of December 31, 2017 , there was $74.8 million of total unrecognized compensation cost related to share awards, which is expected to be recognized over a weighted-average period of 2.0 years. Share Option Awards Share option awards ("options") granted to employees generally become exercisable in 25% increments over a four-year period or 33% increments over a three-year period and, to the extent not exercised, expire on either the seventh or tenth anniversary of the date of grant. The exercise price of options granted under the 2012 LTIP equals the market value of the underlying shares on the date of grant. As of December 31, 2017 , options granted to purchase 896,279 shares with a weighted-average exercise price of $25.97 were outstanding under the 2012 LTIP and predecessor or acquired plans. Excluding options assumed under the Atwood LTIP, no options have been granted since 2011, and there was no unrecognized compensation cost related to options as of December 31, 2017 . Performance Awards Under the 2012 LTIP, performance awards may be issued to our senior executive officers. Performance awards are subject to achievement of specified performance goals based on relative total shareholder return ("TSR") and relative return on capital employed ("ROCE"). The performance goals are determined by a committee or subcommittee of the Board of Directors. Awards are payable in either Ensco shares or cash upon attainment of relative TSR and ROCE performance goals. Performance awards granted during 2017 are payable in cash while performance awards granted in 2015 and 2016 are payable in Ensco shares. Our performance awards granted during 2017 are classified as liability awards with compensation expense measured based on the estimated probability of attainment of the specified performance goals and recognized on a straight-line basis over the requisite service period. The estimated probable outcome of attainment of the specified performance goals is based on historical experience, and any subsequent changes in this estimate are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs. Performance awards generally vest at the end of a three -year measurement period based on attainment of performance goals. Our performance awards granted during 2015 and 2016 are classified as equity awards with compensation expense recognized on a straight-line basis over the requisite service period. The estimated probable outcome of attainment of the specified performance goals is based on historical experience, and any subsequent changes in this estimate for the relative ROCE performance goal are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs. The aggregate grant-date fair value of performance awards granted during 2017, 2016 and 2015 totaled $6.7 million , $6.1 million and $8.3 million , respectively. The aggregate fair value of performance awards vested during 2017, 2016 and 2015 totaled $2.9 million , $2.8 million and $4.6 million , respectively. During the years ended December 31, 2017, 2016 and 2015 , we recognized $8.4 million , $3.1 million and $2.9 million of compensation expense for performance awards, respectively, which was included in general and administrative expense in our consolidated statements of operations. As of December 31, 2017 , there was $8.2 million of total unrecognized compensation cost related to unvested performance awards, which is expected to be recognized over a weighted-average period of 1.8 years. Savings Plans We have profit sharing plans (the "Ensco Savings Plan," the "Ensco Multinational Savings Plan" and the "Ensco Limited Retirement Plan"), which cover eligible employees, as defined within each plan. The Ensco Savings Plan includes a 401(k) savings plan feature, which allows eligible employees to make tax-deferred contributions to the plan. The Ensco Limited Retirement Plan also allows eligible employees to make tax-deferred contributions to the plan. Contributions made to the Ensco Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements. We generally make matching cash contributions to the plans. We match 100% of the amount contributed by the employee up to a maximum of 5% of eligible salary. Matching contributions totaled $12.2 million , $16.7 million and $18.9 million for the years ended December 31, 2017, 2016 and 2015 , respectively. Any additional discretionary contributions made into the plans require approval of the Board of Directors and are generally paid in cash. We recorded additional discretionary contribution provisions of $19.2 million and $27.5 million for the years ended December 31, 2016 and 2015, respectively. Matching contributions and additional discretionary contributions become vested in 33% increments upon completion of each initial year of service with all contributions becoming fully vested subsequent to achievement of three or more years of service. We have 1.0 million shares reserved for issuance as matching contributions under the Ensco Savings Plan. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets and Liabilities | GOODWILL Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, represent our reporting units. We have historically tested goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists. All of our goodwill was impaired as of December 31, 2015. At the beginning of 2015, our goodwill balance was $276.1 million , net of accumulated impairment of $3.0 billion . During 2015, we recorded non-cash losses on impairment of $192.6 million and $83.5 million for the Jackups and Floaters reporting units, respectively, which were included in loss on impairment in our consolidated statement of operations. As part of our annual 2015 goodwill impairment test, we considered the decline in oil prices, which resulted in significant capital spending reductions by our customers and corresponding deterioration in our forecasted day rates and utilization. Additionally, our stock price declined significantly from $35 at the end of 2014 to below $15 at the end of 2015. We concluded it was more-likely-than-not that the fair values of our reporting units were less than their carrying amounts. We utilized an income approach that was based on a discounted cash flow model, which included present values of cash flows to estimate the fair value of our reporting units and was based on unobservable inputs that require significant judgments for which there was limited information. The future cash flows were projected based on our estimates of future day rates, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted day rates and utilization took into account market conditions and our anticipated business outlook. We compared the estimated fair value of each reporting unit to the fair values of all assets and liabilities within the respective reporting unit to calculate the implied fair value of goodwill and recorded an impairment to goodwill for the difference. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | INCOME TAXES We generated profits of $6.3 million and losses of $151.6 million and $578.2 million from continuing operations before income taxes in the U.S. and a loss of $202.3 million , profits of $1.1 billion and a loss of $893.0 million from continuing operations before income taxes in non-U.S. jurisdictions for the years ended December 31, 2017 , 2016 and 2015 , respectively. The following table summarizes components of our provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Current income tax (benefit) expense: U.S. $ (2.2 ) $ (6.6 ) $ 18.7 Non-U.S. 56.4 86.4 125.4 54.2 79.8 144.1 Deferred income tax expense (benefit): U.S. 36.0 15.9 (180.4 ) Non-U.S. 19.0 12.8 22.4 55.0 28.7 (158.0 ) Total income tax expense (benefit) $ 109.2 $ 108.5 $ (13.9 ) U.S. Tax Reform U.S. tax reform was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law, including a reduction in the statutory income tax rate from 35% to 21% effective January 1, 2018, a base erosion anti-abuse tax that effectively imposes a minimum tax on certain payments to non-U.S. affiliates and new and revised rules relating to the current taxation of certain income of foreign subsidiaries. We recognized a net tax expense of $16.5 million during the fourth quarter of 2017 in connection with enactment of U.S. tax reform, consisting of a $38.5 million tax expense associated with the one-time transition tax on deemed repatriation of the deferred foreign income of our U.S. subsidiaries, a $17.3 million tax expense associated with revisions to rules over the taxation of income of foreign subsidiaries, a $20.0 million tax benefit resulting from the re-measurement of our deferred tax assets and liabilities as of December 31, 2017 to reflect the reduced tax rate and a $19.3 million tax benefit resulting from adjustments to the valuation allowance on deferred tax assets. Due to the timing of the enactment of U.S. tax reform and the complexity involved in applying its provisions, we have made reasonable estimates of its effects and recorded such amounts in our consolidated financial statements as of December 31, 2017 on a provisional basis. As we continue to analyze applicable information and data, and interpret any additional guidance issued by the U.S. Treasury Department, the Internal Revenue Service and others, we may make adjustments to the provisional amounts throughout the one-year measurement period as provided by Staff Accounting Bulletin No. 118. Our accounting for the enactment of U.S. tax reform will be completed during 2018 and any adjustments we recognize could be material. The ongoing impact of U.S. tax reform may result in an increase in our consolidated effective income tax rate in future periods. Deferred Taxes The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2017 and 2016 (in millions): 2017 2016 Deferred tax assets : Net operating loss carryforwards $ 187.1 $ 197.9 Foreign tax credits 132.3 91.7 Premiums on long-term debt 36.1 72.7 Deferred revenue 26.0 55.7 Employee benefits, including share-based compensation 20.7 30.6 Other 12.8 17.2 Total deferred tax assets 415.0 465.8 Valuation allowance (278.8 ) (238.8 ) Net deferred tax assets 136.2 227.0 Deferred tax liabilities : Property and equipment (51.5 ) (103.3 ) Deferred U.S. tax on foreign income (24.8 ) (15.2 ) Deferred transition tax (13.7 ) — Deferred costs (9.1 ) (11.4 ) Intercompany transfers of property — (18.9 ) Other (8.7 ) (8.4 ) Total deferred tax liabilities (107.8 ) (157.2 ) Net deferred tax asset $ 28.4 $ 69.8 The realization of substantially all of our deferred tax assets is dependent on generating sufficient taxable income during future periods in various jurisdictions in which we operate. Realization of certain of our deferred tax assets is not assured. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near term if our estimates of future taxable income change. As of December 31, 2017 , we had deferred tax assets of $132.3 million for U.S. foreign tax credits (“FTC”) and $187.1 million related to $844.1 million of net operating loss (“NOL”) carryforwards, which can be used to reduce our income taxes payable in future years. The FTCs expire between 2022 and 2038 . NOL carryforwards, which were generated in various jurisdictions worldwide, include $429.2 million that do not expire and $414.9 million that will expire, if not utilized, beginning in 2018 through 2037 . Due to the uncertainty of realization, we have a $250.3 million valuation allowance on FTC and NOL carryforwards. Effective Tax Rate Ensco plc, our parent company, is domiciled and resident in the U.K. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-U.K. subsidiaries is generally not subject to U.K. taxation. Income tax rates imposed in the tax jurisdictions in which our subsidiaries conduct operations vary, as does the tax base to which the rates are applied. In some cases, tax rates may be applicable to gross revenues, statutory or negotiated deemed profits or other bases utilized under local tax laws, rather than to net income. Our drilling rigs frequently move from one taxing jurisdiction to another to perform contract drilling services. In some instances, the movement of drilling rigs among taxing jurisdictions will involve the transfer of ownership of the drilling rigs among our subsidiaries. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in profitability levels and changes in tax laws, our annual effective income tax rate may vary substantially from one reporting period to another. In periods of declining profitability, our income tax expense may not decline proportionally with income, which could result in higher effective income tax rates. Further, we may continue to incur income tax expense in periods in which we operate at a loss. Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2017 , differs from the U.K. statutory income tax rate as follows: 2017 2016 2015 U.K. statutory income tax rate 19.2 % 20.0 % 20.2 % Non-U.K. taxes (40.4 ) (7.9 ) (12.3 ) Valuation allowance (18.0 ) 2.6 (1.5 ) Goodwill and asset impairments (17.1 ) — (4.0 ) Bargain purchase gain 13.8 — — U.S. tax reform (8.4 ) — — Debt repurchases (2.8 ) (4.1 ) — Other (2.0 ) .3 (1.5 ) Effective income tax rate (55.7 )% 10.9 % .9 % Our 2017 consolidated effective income tax rate includes $32.2 million associated with the impact of various discrete tax items, including $16.5 million of tax expense associated with U.S. tax reform and $15.7 million of tax expense associated with the exchange offers and debt repurchases, rig sales, a restructuring transaction, settlement of a previously disclosed legal contingency, the effective settlement of a liability for unrecognized tax benefits associated with a tax position taken in prior years and other resolutions of prior year tax matters. Our 2016 consolidated effective income tax rate includes the impact of various discrete tax items, including a $16.9 million tax expense resulting from net gains on the repurchase of various debt during the year, the recognition of an $8.4 million net tax benefit relating to the sale of various rigs, a $5.5 million tax benefit resulting from a net reduction in the valuation allowance on U.S. foreign tax credits and a net $5.3 million tax benefit associated with liabilities for unrecognized tax benefits and other adjustments relating to prior years. Our consolidated effective income tax rate for 2015 includes the impact of various discrete tax items, primarily related to a $192.5 million tax benefit associated with rig impairments and an $11.0 million tax benefit resulting from the reduction of a valuation allowance on U.S. foreign tax credits. Excluding the impact of the aforementioned discrete tax items, our consolidated effective income tax rates for the years ended December 31, 2017 , 2016 and 2015 were (96.0)% , 20.3% and 16.0% , respectively. The changes in our consolidated effective income tax rate, excluding discrete tax items, during the three-year period result primarily from changes in the relative components of our earnings from the various taxing jurisdictions in which our drilling rigs are operated and/or owned and differences in tax rates in such taxing jurisdictions. Unrecognized Tax Benefits Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. As of December 31, 2017 , we had $147.6 million of unrecognized tax benefits, of which $139.4 million was included in other liabilities on our consolidated balance sheet and the remaining $8.2 million , which is associated with a tax position taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. As of December 31, 2016 , we had $122.0 million of unrecognized tax benefits, of which $116.3 million was included in other liabilities on our consolidated balance sheet and the remaining $5.7 million , which is associated with a tax position taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. If recognized, $130.3 million of the $147.6 million unrecognized tax benefits as of December 31, 2017 would impact our consolidated effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 and 2016 is as follows (in millions): 2017 2016 Balance, beginning of year $ 122.0 $ 140.6 Increases in unrecognized tax benefits as a result of the Merger 22.2 — Increases in unrecognized tax benefits as a result of tax positions taken during the current year 5.4 7.6 Increases in unrecognized tax benefits as a result of tax positions taken during prior years .7 4.9 Settlements with taxing authorities (10.2 ) (27.6 ) Lapse of applicable statutes of limitations (.4 ) (.2 ) Decreases in unrecognized tax benefits as a result (.2 ) (.5 ) Impact of foreign currency exchange rates 8.1 (2.8 ) Balance, end of year $ 147.6 $ 122.0 Accrued interest and penalties totaled $38.6 million and $26.6 million as of December 31, 2017 and 2016 , respectively, and were included in other liabilities on our consolidated balance sheets. Accrued interest and penalties included $7.7 million as a result of the Merger as of December 31, 2017. We recognized a net expense of $4.4 million , a net benefit of $3.8 million and a net expense of $3.9 million associated with interest and penalties during the years ended December 31, 2017, 2016 and 2015 , respectively. Interest and penalties are included in current income tax expense in our consolidated statements of operations. Our 2011 and subsequent years remain subject to examination for U.S. federal tax returns. Tax years as early as 2005 remain subject to examination in the other major tax jurisdictions in which we operated. Statutes of limitations applicable to certain of our tax positions lapsed during 2017, 2016 and 2015 , resulting in net income tax benefits, inclusive of interest and penalties, of $1.1 million , $0.6 million and $7.6 million , respectively. Absent the commencement of examinations by tax authorities, statutes of limitations applicable to certain of our tax positions will lapse during 2018 . Therefore, it is reasonably possible that our unrecognized tax benefits will decline during the next 12 months by $3.6 million , inclusive of $1.0 million of accrued interest and penalties, all of which would impact our consolidated effective income tax rate if recognized. Intercompany Transfer of Drilling Rigs In October 2016, the FASB 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 consolidated balance sheet as of January 1, 2017. As of December 31, 2016 , the unamortized balance associated with deferred charges for income taxes incurred in connection with intercompany transfers of drilling rigs totaled $33.0 million and was included in other assets, net, on our consolidated balance sheet. Current income tax expense for the years ended December 31, 2016 and 2015 included $4.1 million and $2.6 million , respectively, of amortization of income taxes incurred in connection with intercompany transfers of drilling rigs. As of December 31, 2016 , the unamortized balance associated with the deferred tax liability for reversing temporary differences of transferred drilling rigs totaled $18.9 million , respectively, and was included in other liabilities on our consolidated balance sheet. Deferred income tax benefit for the years ended December 31, 2016 and 2015 included benefits of $2.3 million and $1.8 million , respectively, of amortization of deferred reversing temporary differences associated with intercompany transfers of drilling rigs. Undistributed Earnings Dividend income received by Ensco plc from its subsidiaries is exempt from U.K. taxation. We do not provide deferred taxes on undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Each of the subsidiaries for which we maintain such policy has sufficient net assets, liquidity, contract backlog and/or other financial resources available to meet operational and capital investment requirements, which allows us to continue to maintain our policy of reinvesting the undistributed earnings indefinitely. The deferred foreign income of our U.S. subsidiaries was deemed to be repatriated under U.S. tax reform, and we recognized a $38.5 million tax expense associated with the repatriation on a provisional basis. We are currently analyzing the potential non-U.S. tax liabilities that would arise on an actual repatriation, and we have not changed our prior assertion regarding the foreign earnings of our U.S. subsidiaries. We will record the tax effects of any change in our prior assertion upon completion of our analysis during the measurement period provided in Staff Accounting Bulletin No. 118 and disclose any unrecognized deferred tax liability associated with our assertion, if practicable. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Our business strategy has been to focus on ultra-deepwater floater and premium jackup operations and de-emphasize other assets and operations that are not part of our long-term strategic plan or that no longer meet our standards for economic returns. Consistent with this strategy, we sold nine jackup rigs, three dynamically positioned semisubmersible rigs, two moored semisubmersible rigs and two drillships during the three-year period ended December 31, 2017 . We are marketing for sale ENSCO 7500, which was classified as held-for-sale in our consolidated financial statements as of December 31, 2017 . Following the Merger, we continue to focus on our fleet management strategy in light of the new composition of our rig fleet and are reviewing our fleet composition as we continue positioning Ensco for the future. As part of this strategy, we may act opportunistically from time to time to monetize assets to enhance shareholder value and improve our liquidity profile, in addition to selling or disposing of older, lower-specification or non-core rigs. Prior to 2015, individual rig disposals were classified as discontinued operations once the rigs met the criteria to be classified as held-for-sale. The operating results of the rigs through the date the rig was sold as well as the gain or loss on sale were included in results from discontinued operations, net, in our consolidated statement of operations. Net proceeds from the sales of the rigs were included in investing activities of discontinued operations in our consolidated statement of cash flows in the period in which the proceeds were received. During 2015, we adopted the Financial Accounting Standards Board’s Accounting Standards Update 2014-08, Presentation of Financial Statements ( Topic 205 ) and Property, Plant, and Equipment ( Topic 360 ): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (" Update 2014-08 "). Under the new guidance, only disposals representing a strategic shift in operations should be presented as discontinued operations. As a result, individual assets that are classified as held-for-sale beginning in 2015 are not reported as discontinued operations and their operating results and gain or loss on sale of these rigs are included in contract drilling expense in our consolidated statements of operations. Rigs that were classified as held-for-sale prior to 2015 continue to be reported as discontinued operations. During 2014, we committed to a plan to sell various non-core floaters and jackups. The operating results for these rigs and any related gain or loss on sale were included in income (loss) from discontinued operations, net, in our consolidated statements of operations. ENSCO 7500 continues to be actively marketed for sale and was classified as held-for-sale on our December 31, 2017 consolidated balance sheet. In September 2014, we sold ENSCO 93, a jackup contracted to Pemex. In connection with this sale, we executed a charter agreement with the purchaser to continue operating the rig for the remainder of the Pemex contract, which ended in July 2015, less than one year from the date of sale. Our management services following the sale did not constitute significant ongoing involvement and therefore, the rig's operating results through the term of the contract and loss on sale were included in results from discontinued operations, net, in our consolidated statements of operations. The following rig sales were included in discontinued operations during the three-year period ended December 31, 2017 (in millions): Rig Date of Sale Segment (1) Net Proceeds Net Book Value (2) Pre-tax Gain/(Loss) ENSCO 90 June 2017 Jackups $ .3 $ .3 $ — ENSCO DS-2 May 2016 Floaters 5.0 4.0 1.0 ENSCO 58 April 2016 Jackups .7 .3 .4 ENSCO 6000 April 2016 Floaters .6 .8 (.2 ) ENSCO 5001 December 2015 Floaters 2.4 2.5 (.1 ) ENSCO 5002 June 2015 Floaters 1.6 — 1.6 $ 10.6 $ 7.9 $ 2.7 (1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2017 and were previously included within the specified operating segment. (2) Includes the rig's net book value as well as inventory and other assets on the date of the sale. The following table summarizes income (loss) from discontinued operations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Revenues $ — $ — $ 19.5 Operating expenses 1.5 3.1 39.5 Operating loss (1.5 ) (3.1 ) (20.0 ) Income tax benefit (2.1 ) (10.1 ) (7.7 ) Loss on impairment, net — — (120.6 ) Gain on disposal of discontinued operations, net .4 1.1 4.3 Income (loss) from discontinued operations $ 1.0 $ 8.1 $ (128.6 ) On a quarterly basis, we reassess the fair values of our held-for-sale rigs to determine whether any adjustments to the carrying values are necessary. We recorded a non-cash loss on impairment totaling $120.6 million (net of tax benefits of $28.0 million ), for the year ended December 31, 2015 , as a result of declines in the estimated fair values of our held-for-sale rigs. The loss on impairment was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2015 . We measured the fair value of held-for-sale rigs by applying a market approach, which was based on an unobservable third-party estimated price that would be received in exchange for the assets in an orderly transaction between market participants. Income tax benefit from discontinued operations for the years ended December 31, 2017 and 2016 included $2.1 million and $10.2 million of discrete tax benefits, respectively. Debt and interest expense are not allocated to our discontinued operations. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments And Contingencies | COMMITMENTS AND CONTINGENCIES Leases We are obligated under leases for certain of our offices and equipment. Rental expense relating to operating leases was $29.0 million , $32.6 million and $50.9 million during the years ended December 31, 2017, 2016 and 2015 , respectively. Future minimum rental payments under our noncancellable operating lease obligations are as follows: $22.6 million during 2018 ; $15.3 million during 2019 ; $11.7 million during 2020 ; $10.5 million during 2021 ; $10.8 million during 2022 and $24.6 million thereafter. Capital Commitments The following table summarizes the cumulative amount of contractual payments made as of December 31, 2017 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): Cumulative Paid (1) 2018 and 2019 2020 and 2021 Thereafter Total (2) ENSCO 123 (3) $ 67.1 $ 218.3 $ — $ — $ 285.4 ENSCO DS-14 (4) — 15.0 165.0 — 180.0 ENSCO DS-13 (4) — 83.9 — — 83.9 $ 67.1 $ 317.2 $ 165.0 $ — $ 549.3 (1) Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2017 . Contractual payments made by Atwood prior to the Merger for ENSCO DS-13 (formerly Atwood Admiral) and ENSCO DS-14 (formerly Atwood Archer) are excluded. (2) Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management, holding costs and interest. (3) In January 2018, we paid $207.4 million of the $218.3 million unpaid balance. The remaining $10.9 million is due upon delivery. The $207.4 million milestone payment was invoiced and included in accounts payable - trade as of December 31, 2017 on our consolidated balance sheet. (4) The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 bear interest at a rate of 4.5% per annum, which accrues during the holding period until delivery. Delivery is scheduled for September 2019 and June 2020 for ENSCO DS-13 and ENSCO DS-14, respectively. Upon delivery, the remaining milestone payments and accrued interest thereon may be financed through a promissory note with the shipyard for each rig. The promissory notes will bear interest at a rate of 5% per annum with a maturity date of December 31, 2022 and will be secured by a mortgage on each respective rig. The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 are included in the table above in the period in which we expect to take delivery of the rig. However, we may elect to execute the promissory notes and defer payment until December 2022. The actual timing of these expenditures may vary based on the completion of various construction milestones, which are, to a large extent, beyond our control. Brazil Internal Investigation Pride International 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. We commenced a compliance review in early 2015 after the release of media reports 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 of 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 credible 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 credible 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. We, through independent counsel, have continued to cooperate with the SEC and DOJ, including providing detailed briefings regarding our investigation and findings and responding to inquiries as they arise. We entered into a one-year tolling agreement with the DOJ that expired in December 2016. We extended our tolling agreement with the SEC for 12 months until March 2018. 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. In August 2017, one of our Brazilian subsidiaries was contacted by the Office of the Attorney General for the Brazilian state of Paraná in connection with a criminal investigation procedure initiated against agents of both SHI and Pride in relation to the DSA. The Brazilian authorities requested information regarding our compliance program and the findings of our internal investigations. We are cooperating with the Office of the Attorney General and have provided documents in response to their request. We cannot predict the scope or ultimate outcome of this procedure or whether any other governmental authority will open an investigation into 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 consolidated balance sheet as of December 31, 2017 and 2016 . In August 2016, we 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. There can be no assurance as to how this arbitration proceeding will ultimately be resolved. In November 2016, we initiated separate arbitration proceedings in the U.K. against SHI for any losses we incur in connection with the foregoing Petrobras arbitration. SHI subsequently filed a statement of defense disputing our claim. In January 2018, the arbitration tribunal for the SHI matter issued an award on liability fully in Ensco’s favor. SHI is liable to us for $10 million or damages that we can prove. As the losses suffered by us will depend in part on the outcome of the Petrobras arbitration described above, the amount of damages to be paid by SHI will be determined after the conclusion of the Petrobras arbitration. We are unable to estimate the ultimate outcome of recovery for damages at this time. 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 and cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of December 31, 2017 totaled $75.7 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called, as we typically comply with the underlying performance requirement. As of December 31, 2017 , we had not been required to make collateral deposits with respect to these agreements. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 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 each of the years in the three-year period ended December 31, 2017 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Year Ended December 31, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,143.5 $ 640.3 $ 59.2 $ 1,843.0 $ — $ 1,843.0 Operating expenses Contract drilling (exclusive of depreciation) 624.2 512.1 53.2 1,189.5 — 1,189.5 Loss on impairment 174.7 8.2 — 182.9 — 182.9 Depreciation 297.4 131.5 — 428.9 15.9 444.8 General and administrative — — — — 157.8 157.8 Operating income $ 47.2 $ (11.5 ) $ 6.0 $ 41.7 $ (173.7 ) $ (132.0 ) Property and equipment, net $ 9,650.9 $ 3,177.6 $ — $ 12,828.5 $ 45.2 $ 12,873.7 Capital expenditures $ 470.3 $ 62.1 $ — $ 532.4 $ 4.3 $ 536.7 Year Ended December 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,771.1 $ 929.5 $ 75.8 $ 2,776.4 $ — $ 2,776.4 Operating expenses Contract drilling (exclusive of depreciation) 725.0 516.8 59.2 1,301.0 — 1,301.0 Depreciation 304.1 123.7 — 427.8 17.5 445.3 General and administrative — — — — 100.8 100.8 Operating income (loss) $ 742.0 $ 289.0 $ 16.6 $ 1,047.6 $ (118.3 ) $ 929.3 Property and equipment, net $ 8,300.4 $ 2,561.0 $ — $ 10,861.4 $ 57.9 $ 10,919.3 Capital expenditures $ 110.3 $ 206.2 $ — $ 316.5 $ 5.7 $ 322.2 Year Ended December 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,466.0 $ 1,445.6 $ 151.8 $ 4,063.4 $ — $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 1,052.8 693.5 123.3 1,869.6 — 1,869.6 Loss on impairment 1,778.4 968.0 2,746.4 — 2,746.4 Depreciation 382.4 175.7 — 558.1 14.4 572.5 General and administrative — — — — 118.4 118.4 Operating income (loss) $ (747.6 ) $ (391.6 ) $ 28.5 $ (1,110.7 ) $ (132.8 ) $ (1,243.5 ) Property and equipment, net $ 8,535.6 $ 2,481.2 $ — $ 11,016.8 $ 71.0 $ 11,087.8 Capital expenditures $ 1,176.6 $ 434.7 $ — $ 1,611.3 $ 8.2 $ 1,619.5 Information about Geographic Areas As of December 31, 2017 , our Floaters segment consisted of ten drillships, ten dynamically positioned semisubmersible rigs and four moored semisubmersible rigs deployed in various locations. Additionally, our Floaters segment included two ultra-deepwater drillships under construction in South Korea and one semisubmersible rig held-for-sale. Our Jackups segment consisted of 38 jackup rigs, of which 37 were deployed in various locations and one was under construction in Singapore. As of December 31, 2017 , the geographic distribution of our drilling rigs by operating segment was as follows: Floaters Jackups Total North & South America 8 6 14 Europe & the Mediterranean 6 12 18 Middle East & Africa 4 11 15 Asia & Pacific Rim 6 8 14 Asia & Pacific Rim (under construction) 2 1 3 Held-For-Sale 1 — 1 Total 27 38 65 We provide management services on two rigs owned by third-parties not included in the table above. For purposes of our long-lived asset geographic disclosure, we attribute assets to the geographic location of the drilling rig as of the end of the applicable year. For new construction projects, assets are attributed to the location of future operation if known or to the location of construction if the ultimate location of operation is undetermined. Information by country for those countries that account for more than 10% of our long-lived assets as well as the United Kingdom, our country of domicile, was as follows (in millions): Long-lived Assets 2017 2016 2015 Singapore $ 2,859.3 $ 1,388.4 $ 832.9 United States 2,764.9 2,898.3 4,731.8 Spain 2,004.2 2,334.5 757.0 Angola 795.9 821.7 1,471.1 United Kingdom 609.4 409.0 462.4 Other countries 3,840.0 3,067.4 2,832.6 Total $ 12,873.7 $ 10,919.3 $ 11,087.8 |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | 14. SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Trade $ 335.4 $ 358.4 Other 33.6 24.5 369.0 382.9 Allowance for doubtful accounts (23.6 ) (21.9 ) $ 345.4 $ 361.0 Other current assets as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Inventory $ 278.8 $ 225.2 Prepaid taxes 43.5 30.7 Deferred costs 29.7 32.4 Prepaid expenses 14.2 7.9 Other 15.0 19.8 $ 381.2 $ 316.0 Other assets, net, as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Deferred tax assets $ 38.8 $ 69.3 Deferred costs 37.4 35.7 Supplemental executive retirement plan assets 30.9 27.7 Intangible assets 15.7 0.3 Prepaid taxes on intercompany transfers of property — 33.0 Other 17.4 9.9 $ 140.2 $ 175.9 Accrued liabilities and other as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Personnel costs $ 112.0 $ 124.0 Accrued interest 83.1 71.7 Deferred revenue 73.0 116.7 Taxes 46.4 40.7 Derivative liabilities .4 12.7 Other 11.0 10.8 $ 325.9 $ 376.6 Other liabilities as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Unrecognized tax benefits (inclusive of interest and penalties) $ 178.0 $ 142.9 Intangible liabilities 59.6 — Deferred revenue 51.2 120.9 Supplemental executive retirement plan liabilities 32.0 28.9 Deferred tax liabilities 18.5 5.2 Personnel costs 18.1 13.5 Deferred rent 17.1 9.4 Other 12.2 1.7 $ 386.7 $ 322.5 Accumulated other comprehensive income as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Derivative instruments $ 22.5 $ 13.6 Currency translation adjustment 7.8 7.6 Other (1.7 ) (2.2 ) $ 28.6 $ 19.0 Consolidated Statement of Operations Information Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Repair and maintenance expense $ 188.7 $ 151.1 $ 270.1 Consolidated Statement of Cash Flows Information Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Decrease in accounts receivable $ 83.2 $ 222.4 $ 246.1 (Increase) decrease in other assets (14.0 ) 44.0 25.7 Decrease in liabilities (3.8 ) (125.8 ) (158.3 ) $ 65.4 $ 140.6 $ 113.5 During 2017, the net change in operating assets and liabilities declined by $75.2 million as compared to the prior year. The net change during 2017 was primarily due to a decline in accounts receivable due to lower revenues from contract drilling services, partially offset by an increase in prepaid taxes primarily due to the U.S. tax reform and a decline in liabilities related to lower operating levels across the fleet. During 2016, the net change in operating assets and liabilities increased by $27.1 million as compared to the prior year. The net change during 2016 was primarily due to a decline in accounts receivable related to lower revenues from contract drilling services and a decline in prepaid taxes and other assets due to collections during the year, partially offset by a decline in liabilities related to lower operating levels across the fleet. Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Interest, net of amounts capitalized $ 199.8 $ 264.8 $ 249.3 Income taxes 62.8 56.4 97.3 Capitalized interest totaled $72.5 million , $45.7 million and $87.4 million during the years ended December 31, 2017, 2016 and 2015 , respectively. Capital expenditure accruals totaling $234.3 million , $11.5 million and $60.9 million for the years ended December 31, 2017, 2016 and 2015 , respectively, were excluded from investing activities in our consolidated statements of cash flows. In January 2018, we paid $207.4 million of the $218.3 million unpaid balance for ENSCO 123. The $207.4 million milestone payment was invoiced and included in accounts payable - trade as of December 31, 2017 on our consolidated balance sheet. Amortization, net, includes amortization of deferred mobilization revenues and costs, deferred capital upgrade revenues, intangible amortization and other amortization. Other includes amortization of debt discounts and premiums, deferred financing costs, deferred charges for income taxes incurred on intercompany transfers of drilling rigs and other items. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within our expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into ISDA Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. See "Note 6 - Derivative Instruments" for additional information on our derivative activity. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. Consolidated revenues by customer for the years ended December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Total (1) 22 % 13 % 9 % BP (2) 15 % 12 % 18 % Petrobras (3) 11 % 9 % 14 % Other 52 % 66 % 59 % 100 % 100 % 100 % (1) For the years ended December 31, 2017, 2016 and 2015 , all Total revenues were attributable to the Floater segment. (2) For the years ended December 31, 2017 and 2015, 78% and 81% , respectively, of the revenues provided by BP were attributable to our Floaters segment and the remaining revenues were attributable to our Other segment. For the year ended December 31, 2016, 76% , 17% and 7% of the revenues provided by BP were attributable to our Floaters, Other and Jackups segments, respectively. For the year ended December 31, 2015 , excluding the impact of ENSCO DS-4 lump-sum termination payments of $110.6 million , revenues from BP represented 15% of total revenue. (3) For the years ended December 31, 2017, 2016 and 2015 , all Petrobras revenues were attributable to our Floaters segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues by region, including the United Kingdom, our country of domicile, for the years ended December 31, 2017, 2016 and 2015 were as follows (in millions): 2017 2016 2015 Angola (1) $ 445.7 $ 552.1 $ 586.5 Egypt (2) 214.8 141.2 — Australia (3) 206.7 222.8 223.2 Brazil (2) 196.2 298.0 468.5 Saudi Arabia (4) 171.8 210.6 255.2 United Kingdom (4) 164.6 246.2 400.7 U.S. Gulf of Mexico (5) 149.8 531.7 1,151.5 Other 293.4 573.8 977.8 $ 1,843.0 $ 2,776.4 $ 4,063.4 (1) For the years ended December 31, 2017, 2016 and 2015 , 88% , 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment. (2) For the years ended December 31, 2017, 2016 and 2015 , all revenues were attributable to our Floaters segment. (3) For the years ended December 31, 2017, 2016 and 2015 , 87% , 95% and 100% of the revenues earned in Australia, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment. (4) For the years ended December 31, 2017, 2016 and 2015 , all revenues were attributable to our Jackups segment. (5) For the years ended December 31, 2017, 2016 and 2015 , 29% , 82% and 86% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. For the years ended December 31, 2017, 2016 and 2015 , 31% , 7% and 9% of revenues were attributable to our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 12 Months Ended |
Dec. 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% senior notes due 2019 , 6.875% senior notes due 2020 and 7.875% senior notes due 2040 , which had an aggregate outstanding principal balance of $ 1.0 billion as of December 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 in November 1997, which had an aggregate outstanding principal balance of $150.0 million as of December 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 our condensed consolidating statements of operations for each of the years in the three-year period ended December 31, 2017 ; our condensed consolidating statements of comprehensive income (loss) for each of the years in the three-year period ended December 31, 2017 ; our condensed consolidating balance sheets as of December 31, 2017 and 2016 ; and our condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2017 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2017 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 52.9 $ 163.3 $ — $ 1,941.2 $ (314.4 ) $ 1,843.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 50.0 149.9 — 1,304.0 (314.4 ) 1,189.5 Loss on impairment — — — 182.9 — 182.9 Depreciation — 15.9 — 428.9 — 444.8 General and administrative 45.4 50.8 — 61.6 — 157.8 OPERATING LOSS (42.5 ) (53.3 ) — (36.2 ) — (132.0 ) OTHER INCOME (EXPENSE), NET (6.8 ) (110.5 ) (71.7 ) 110.5 14.5 (64.0 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (49.3 ) (163.8 ) (71.7 ) 74.3 14.5 (196.0 ) INCOME TAX EXPENSE — 45.0 — 64.2 — 109.2 DISCONTINUED OPERATIONS, NET — — — 1.0 — 1.0 EQUITY EARNINGS IN AFFILIATES, NET OF TAX (254.4 ) 129.6 84.2 — 40.6 — NET INCOME (LOSS) (303.7 ) (79.2 ) 12.5 11.1 55.1 (304.2 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — .5 — .5 NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ (303.7 ) $ (79.2 ) $ 12.5 $ 11.6 $ 55.1 $ (303.7 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 27.9 $ 144.4 $ — $ 2,897.4 $ (293.3 ) $ 2,776.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 27.3 144.8 .1 1,422.1 (293.3 ) 1,301.0 Depreciation — 17.2 .4 427.7 — 445.3 General and administrative 36.2 .2 — 64.4 — 100.8 OPERATING INCOME (LOSS) (35.6 ) (17.8 ) (0.5 ) 983.2 — 929.3 OTHER INCOME (EXPENSE), NET 152.9 (79.0 ) (76.6 ) 7.8 63.1 68.2 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 117.3 (96.8 ) (77.1 ) 991.0 63.1 997.5 INCOME TAX EXPENSE (BENEFIT) — .7 (.6 ) 108.4 — 108.5 DISCONTINUED OPERATIONS, NET — — — 8.1 — 8.1 EQUITY EARNINGS IN AFFILIATES, NET OF TAX 772.9 205.7 125.7 — (1,104.3 ) — NET INCOME 890.2 108.2 49.2 890.7 (1,041.2 ) 897.1 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (6.9 ) — (6.9 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 890.2 $ 108.2 $ 49.2 $ 883.8 $ (1,041.2 ) $ 890.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 31.7 $ 163.5 $ — $ 4,199.4 $ (331.2 ) $ 4,063.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 29.2 163.5 — 2,008.1 (331.2 ) 1,869.6 Loss on impairment — — — 2,746.4 — 2,746.4 Depreciation .1 13.8 — 558.6 — 572.5 General and administrative 51.5 .2 — 66.7 — 118.4 OPERATING LOSS (49.1 ) (14.0 ) — (1,180.4 ) — (1,243.5 ) OTHER INCOME (EXPENSE), NET (169.5 ) (28.6 ) (71.5 ) 41.9 — (227.7 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (218.6 ) (42.6 ) (71.5 ) (1,138.5 ) — (1,471.2 ) INCOME TAX EXPENSE (BENEFIT) — (190.6 ) — 176.7 185.4 — (13.9 ) DISCONTINUED OPERATIONS, NET — — — (128.6 ) — (128.6 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (1,376.2 ) (1,672.8 ) (1,771.5 ) — 4,820.5 — NET LOSS (1,594.8 ) (1,524.8 ) (1,843.0 ) (1,443.8 ) 4,820.5 (1,585.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,452.7 ) $ 4,820.5 $ (1,594.8 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2017 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ (303.7 ) $ (79.2 ) $ 12.5 $ 11.1 $ 55.1 $ (304.2 ) OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — 8.5 — — — 8.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) — .4 — — — .4 Other — — — .7 — .7 NET OTHER COMPREHENSIVE INCOME — 8.9 — .7 — 9.6 COMPREHENSIVE INCOME (LOSS) (303.7 ) (70.3 ) 12.5 11.8 55.1 (294.6 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — .5 — .5 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ (303.7 ) $ (70.3 ) $ 12.5 $ 12.3 $ 55.1 $ (294.1 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 890.2 $ 108.2 $ 49.2 $ 890.7 $ (1,041.2 ) $ 897.1 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — (5.4 ) — — — (5.4 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 12.4 — — — 12.4 Other — — — (.5 ) — (.5 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 7.0 — (.5 ) — 6.5 COMPREHENSIVE INCOME 890.2 115.2 49.2 890.2 (1,041.2 ) 903.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (6.9 ) — (6.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 890.2 $ 115.2 $ 49.2 $ 883.3 $ (1,041.2 ) $ 896.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,443.8 ) $ 4,820.5 $ (1,585.9 ) OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — (23.6 ) — — — (23.6 ) Reclassification of net gains on derivative instruments from other comprehensive income into net loss — 22.2 — — — 22.2 Other — — — 2.0 — 2.0 NET OTHER COMPREHENSIVE INCOME (LOSS) — (1.4 ) — 2.0 — .6 COMPREHENSIVE LOSS (1,594.8 ) (1,526.2 ) (1,843.0 ) (1,441.8 ) 4,820.5 (1,585.3 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,526.2 ) $ (1,843.0 ) $ (1,450.7 ) $ 4,820.5 $ (1,594.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 (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 $ 185.2 $ — $ 25.6 $ 234.6 $ — $ 445.4 Short-term investments 440.0 — — — — 440.0 Accounts receivable, net 6.9 .4 — 338.1 — 345.4 Accounts receivable from affiliates 351.8 492.7 — 424.3 (1,268.8 ) — Other — 8.8 — 372.4 — 381.2 Total current assets 983.9 501.9 25.6 1,369.4 (1,268.8 ) 1,612.0 PROPERTY AND EQUIPMENT, AT COST 1.8 120.8 — 15,209.5 — 15,332.1 Less accumulated depreciation 1.8 77.1 — 2,379.5 — 2,458.4 Property and equipment, net — 43.7 — 12,830.0 — 12,873.7 DUE FROM AFFILIATES 3,002.1 2,618.0 165.1 3,736.1 (9,521.3 ) — INVESTMENTS IN AFFILIATES 9,098.5 3,591.9 1,106.6 — (13,797.0 ) — OTHER ASSETS, NET 12.9 5.0 — 226.5 (104.2 ) 140.2 $ 13,097.4 $ 6,760.5 $ 1,297.3 $ 18,162.0 $ (24,691.3 ) $ 14,625.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 55.4 $ 39.0 $ 21.7 $ 642.4 $ — $ 758.5 Accounts payable to affiliates 67.3 458.3 12.4 730.8 (1,268.8 ) — Current maturities of long-term debt — — — — — — Total current liabilities 122.7 497.3 34.1 1,373.2 (1,268.8 ) 758.5 DUE TO AFFILIATES 1,402.9 3,559.2 753.9 3,805.3 (9,521.3 ) — LONG-TERM DEBT 2,841.8 149.2 1,106.0 653.7 — 4,750.7 OTHER LIABILITIES — 3.1 — 487.8 (104.2 ) 386.7 ENSCO SHAREHOLDERS' EQUITY (DEFICIT) 8,730.0 2,551.7 (596.7 ) 11,844.1 (13,797.0 ) 8,732.1 NONCONTROLLING INTERESTS — — — (2.1 ) — (2.1 ) Total equity (deficit) 8,730.0 2,551.7 (596.7 ) 11,842.0 (13,797.0 ) 8,730.0 $ 13,097.4 $ 6,760.5 $ 1,297.3 $ 18,162.0 $ (24,691.3 ) $ 14,625.9 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 — 152.3 (890.0 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.9 (890.0 ) 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 7,234.3 (15,239.1 ) — 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 5.9 636.9 (890.0 ) — Current maturities of long-term debt 187.1 — 144.8 — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.8 (890.0 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.0 (15,239.1 ) — 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 (deficit) 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 Year Ended December 31, 2017 (in millions) 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 $ (18.2 ) $ (117.6 ) $ (100.1 ) $ 495.3 $ — $ 259.4 INVESTING ACTIVITIES Maturities of short-term investments 1,748.0 5.5 — 289.0 — 2,042.5 Purchases of short-term investments (1,022.9 ) — — (17.1 ) — (1,040.0 ) Purchase of affiliate debt (316.3 ) — — — 316.3 — Acquisition of Atwood Oceanics, Inc. — — — (871.6 ) — (871.6 ) Additions to property and equipment — — — (536.7 ) — (536.7 ) Net proceeds from disposition of assets — — — 2.8 — 2.8 Net cash (used in) provided by investing activities of continuing operations 408.8 5.5 — (1,133.6 ) 316.3 (403.0 ) FINANCING ACTIVITIES Advances from (to) affiliates (848.9 ) 112.1 105.9 630.9 — — Reduction of long-term borrowings (220.7 ) — — — (316.3 ) (537.0 ) Cash dividends paid (13.8 ) — — — — (13.8 ) Debt financing costs (12.0 ) — — — — (12.0 ) Other (2.6 ) — — (5.1 ) — (7.7 ) Net cash provided by (used in) financing activities (1,098.0 ) 112.1 105.9 625.8 (316.3 ) (570.5 ) Net cash used in discontinued operations — — — (.8 ) — (.8 ) Effect of exchange rate changes on cash and cash equivalents — — — .6 — 0.6 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (707.4 ) — 5.8 (12.7 ) — (714.3 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF YEAR $ 185.2 $ — $ 25.6 $ 234.6 $ — $ 445.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 (in millions) 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 $ (101.3 ) $ (46.5 ) $ (116.9 ) $ 1,342.1 $ — $ 1,077.4 INVESTING ACTIVITIES Purchases of short-term investments (2,047.1 ) (5.5 ) — (422.0 ) — (2,474.6 ) Maturities of short-term investments 2,062.0 — — 150.0 — 2,212.0 Additions to property and equipment — — — (322.2 ) — (322.2 ) Net proceeds from disposition of assets — — — 9.8 — 9.8 Purchase of affiliate debt (237.9 ) — — — 237.9 — Net cash used in investing activities of continuing operations (223 ) (5.5 ) — (584.4 ) 237.9 (575.0 ) FINANCING ACTIVITIES Reduction of long-term borrowings (626.0 ) — — — (237.9 ) (863.9 ) Proceeds from debt issuance — — — 849.5 — 849.5 Proceeds from equity issuance 585.5 — — — — 585.5 Debt financing costs (23.4 ) — — — — (23.4 ) Cash dividends paid (11.6 ) — — — — (11.6 ) Advances from (to) affiliates 1,200.6 52.0 134.7 (1,387.3 ) — — Other (2.2 ) — — (4.9 ) — (7.1 ) Net cash provided by (used in) financing activities 1,122.9 52.0 134.7 (542.7 ) (237.9 ) 529.0 Net cash provided by discontinued operations — — — 8.4 — 8.4 Effect of exchange rate changes on cash and cash equivalents — — — (1.4 ) — (1.4 ) INCREASE IN CASH AND CASH EQUIVALENTS 798.6 — 17.8 222.0 — 1,038.4 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF YEAR $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 (in millions) 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 $ (71.1 ) $ 2.0 $ (114.0 ) $ 1,881.0 $ — $ 1,697.9 INVESTING ACTIVITIES Purchases of short-term investments (1,780.0 ) — — — — (1,780.0 ) Additions to property and equipment — — — (1,619.5 ) — (1,619.5 ) Maturities of short-term investments 1,312.0 — 45.3 — 1,357.3 Net proceeds from disposition of assets .3 — — 1.3 — 1.6 Net cash used in investing activities of continuing operations (467.7 ) — — (1,572.9 ) — (2,040.6 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,078.7 — — — — 1,078.7 Reduction of long-term borrowing (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (141.2 ) — — — — (141.2 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 526.2 (2.0 ) 25.2 (549.4 ) — — Other (5.0 ) — — (11.0 ) — (16.0 ) Net cash provided by (used in) financing activities 345.4 (2.0 ) 25.2 (560.4 ) — (191.8 ) Net cash used in discontinued operations — — — (8.7 ) — (8.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (.3 ) DECREASE IN CASH AND CASH EQUIVALENTS (193.4 ) — (88.8 ) (261.3 ) — (543.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF YEAR $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 |
Unaudited Quarterly Financial D
Unaudited Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Unaudited Quarterly Financial Data | UNAUDITED QUARTERLY FINANCIAL DATA The following tables summarize our unaudited quarterly condensed consolidated income statement data for the years ended December 31, 2017 and 2016 (in millions, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 471.1 $ 457.5 $ 460.2 $ 454.2 $ 1,843.0 Operating expenses Contract drilling (exclusive of depreciation) (1) 278.1 291.3 285.8 334.3 1,189.5 Loss on impairment (2) — — — 182.9 182.9 Depreciation 109.2 107.9 108.2 119.5 444.8 General and administrative (3) 26.0 30.5 30.4 70.9 157.8 Operating income (loss) 57.8 27.8 35.8 (253.4 ) (132.0 ) Other income (expense), net (4) (57.7 ) (53.2 ) (40.4 ) 87.3 (64.0 ) Income (loss) from continuing operations before income taxes .1 (25.4 ) (4.6 ) (166.1 ) (196.0 ) Income tax expense (5) 24.1 19.3 23.4 42.4 109.2 Loss from continuing operations (24.0 ) (44.7 ) (28.0 ) (208.5 ) (305.2 ) Income (loss) from discontinued operations, net (.6 ) .4 (.2 ) 1.4 1.0 Net loss (24.6 ) (44.3 ) (28.2 ) (207.1 ) (304.2 ) Net (income) loss attributable to noncontrolling interests (1.1 ) (1.2 ) 2.8 — .5 Net loss attributable to Ensco $ (25.7 ) $ (45.5 ) $ (25.4 ) $ (207.1 ) $ (303.7 ) Loss per share – basic and diluted Continuing operations $ (.09 ) $ (.15 ) $ (.08 ) $ (.49 ) $ (.91 ) Discontinued operations — — — — — $ (.09 ) $ (.15 ) $ (.08 ) $ (.49 ) $ (.91 ) (1) Fourth quarter included $7.0 million of integration costs associated with the Merger. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. (2) Fourth quarter included an aggregate loss of $182.9 million associated with the impairment of certain rigs. See "Note 4 - Property and Equipment" for additional information. (3) Fourth quarter included integration costs of $30.9 million and merger-related costs consisting of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $11.5 million . See "Note 2 - Acquisition of Atwood" for additional information. (4) Fourth quarter included a bargain purchase gain of $140.2 million related to the Merger. See "Note 2 - Acquisition of Atwood" for additional information. (5) Fourth quarter included net discrete tax expense of $16.5 million in connection with enactment of U.S. tax reform. See "Note 10 - Income taxes" for additional information. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues (1) $ 814.0 $ 909.6 $ 548.2 $ 504.6 $ 2,776.4 Operating expenses Contract drilling (exclusive of depreciation) 363.7 350.2 298.1 289.0 1,301.0 Depreciation 113.3 112.4 109.4 110.2 445.3 General and administrative 23.4 27.4 25.3 24.7 100.8 Operating income 313.6 419.6 115.4 80.7 929.3 Other income (expense), net (2) (64.6 ) 209.9 (30.9 ) (46.2 ) 68.2 Income from continuing operations before income taxes 249.0 629.5 84.5 34.5 997.5 Income tax expense (benefit) 71.4 36.7 (3.5 ) 3.9 108.5 Income from continuing operations 177.6 592.8 88.0 30.6 889.0 Income (loss) from discontinued operations, net (.9 ) (.2 ) (.7 ) 9.9 8.1 Net income 176.7 592.6 87.3 40.5 897.1 Net income attributable to noncontrolling interests (1.4 ) (2.0 ) (2.0 ) (1.5 ) (6.9 ) Net income attributable to Ensco $ 175.3 $ 590.6 $ 85.3 $ 39.0 $ 890.2 Earnings per share – basic and diluted Continuing operations $ .74 $ 2.04 $ .28 $ .10 $ 3.10 Discontinued operations — — — .03 .03 $ .74 $ 2.04 $ .28 $ .13 $ 3.13 (1) Second quarter includes lump-sum termination payments for ENSCO DS-9 and ENSCO 8503 totaling $205.0 million . See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. (2) Second quarter included pre-tax gains on debt extinguishment totaling $287.8 million . See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. |
Description Of The Business A23
Description Of The Business And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business | Business We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own and operate an offshore drilling rig fleet of 62 rigs spanning most of the strategic markets around the globe. Our rig fleet includes 12 drillships, 11 dynamically positioned semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including three rigs under construction. We operate the world's largest fleet amongst competitive rigs, including one of the newest ultra-deepwater fleets in the industry and a leading premium jackup fleet. Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations spanning 14 countries on six continents. The markets in which we operate include the U.S. Gulf of Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia. We provide drilling services on a day rate contract basis. Under day rate contracts, we provide a drilling rig and rig crews for which we receive a daily rate that may vary throughout the duration of the contractual term. The day rate we earn can vary between the full day rate and zero rate, depending on the operations of the rig. Our customers bear substantially all of the costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. In addition, our customers may pay all or a portion of the cost of moving our equipment and personnel to and from the well site. |
Acquisition [Policy Text Block] | Acquisition of Atwood Oceanics, Inc. On October 6, 2017 (the "Merger Date"), we completed a merger transaction (the "Merger") with Atwood Oceanics, Inc. ("Atwood") and Echo Merger Sub, LLC, a wholly-owned subsidiary of Ensco plc. Pursuant to the merger agreement, Echo Merger Sub, LLC merged with and into Atwood, with Atwood as the surviving entity and an indirect, wholly-owned subsidiary of Ensco plc. Total consideration delivered in the Merger consisted of 132.2 million of our Class A ordinary shares and $11.1 million of cash in settlement of certain share-based payment awards. The total aggregate value of consideration transferred was $781.8 million . Additionally, upon closing of the Merger, we utilized cash acquired of $445.4 million and cash on hand to extinguish Atwood's revolving credit facility, outstanding senior notes and accrued interest totaling $1.3 billion . The estimated fair values assigned to assets acquired net of liabilities assumed exceeded the consideration transferred, resulting in a bargain purchase gain of $140.2 million that was recognized during the fourth quarter. |
Basis Of Presentation-U.K. Companies Act 2006 Section 435 Statement | Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position. The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006 ("Companies Act"), which will be prepared in accordance with Financial Reporting Standard 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”) and delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders. The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the Companies Act. |
Principles Of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Ensco plc, those of our wholly-owned subsidiaries and entities in which we hold a controlling financial interest. All intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation. |
Pervasiveness Of Estimates | Pervasiveness of Estimates The preparation of financial statements in conformity with U.S. GAAP requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. |
Foreign Currency Remeasurement And Translation | Foreign Currency Remeasurement and Translation Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations. Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet. Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $5.1 million of losses , $6.0 million of losses and $5.4 million of gains , and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2017, 2016 and 2015 , respectively. |
Cash Equivalents And Short-Term Investments | Cash Equivalents and Short-Term Investments Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments. Short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year and totaled $440.0 million and $1.4 billion as of December 31, 2017 and 2016 , respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2017, 2016 and 2015 . To mitigate our credit risk, our investments in time deposits are diversified across multiple, high-quality financial institutions. |
Property And Equipment | Property and Equipment All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Costs incurred to place an asset into service are capitalized, including costs related to the initial mobilization of a newbuild drilling rig that are not reimbursed by the customer. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations. Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years. Buildings and improvements are depreciated over estimated useful lives ranging from seven to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from three to six years. We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held-for-sale is recorded at the lower of net book value or fair value less cost to sell. During 2017 and 2015 , we recorded pre-tax, non-cash losses on impairment of long-lived assets of $182.9 million and $2.6 billion . See "Note 4 - Property and Equipment" for additional information on these impairments. If the global economy deteriorates and/or our expectations relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location. |
Operating Revenues And Expenses | Operating Revenues and Expenses Our drilling contracts are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense. Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and amortized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred. Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $39.9 million and $43.9 million as of December 31, 2017 and 2016 , respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $35.7 million and $62.1 million as of December 31, 2017 and 2016 , respectively. In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and amortized to revenue over the period that the related drilling services are performed, and the cost is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $87.4 million and $165.2 million as of December 31, 2017 and 2016 , respectively. We may receive termination fees if certain drilling contracts are terminated by the customer prior to the end of the contractual term. Such compensation is recognized as revenues when services have been completed under the terms of the contract, the termination fee can be reasonably measured and collectability is reasonably assured. For the year ended December 31, 2016 , operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby the customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. Operating revenues in 2016 also included $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. For the year ended December 31, 2015, operating revenues included $129.0 million related to the lump-sum payments associated with the ENSCO DS-4 and ENSCO DS-9 contract terminations. We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $15.3 million and $14.9 million as of December 31, 2017 and 2016 , respectively. |
Derivative Instruments | Derivative Instruments We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 6 - Derivative Instruments" for additional information on how and why we use derivatives. All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis. Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("AOCI"). Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transactions. Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction becomes probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations. We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, a natural hedging relationship generally exists where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations. Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date. |
Income Taxes | Income Taxes We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned. Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions. We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations. Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Prior to our adoption of Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”) on January 1, 2017, income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, were deferred and amortized on a straight-line basis over the remaining useful life of the rig. Subsequent to our adoption of Update 2016-16, the income tax effects resulting from intercompany rig sales are recognized in earnings in the period in which the sale occurs. In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized. We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. The U.S. Tax Cuts and Jobs Act (“U.S. tax reform”) was enacted on December 22, 2017 and introduced significant changes to U.S. income tax law, including a reduction in the statutory income tax rate from 35% to 21% effective January 1, 2018, a base erosion anti-abuse tax that effectively imposes a minimum tax on certain payments to non-U.S. affiliates and new and revised rules relating to the current taxation of certain income of foreign subsidiaries. See "Note 10 - Income Taxes" for additional information |
Share-Based Compensation | Share-Based Compensation We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Our Long-Term Incentive Plan (the “2012 LTIP”) allows our Board of Directors to authorize share grants to be settled in cash or shares. Compensation expense for share awards to be settled in shares is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). Compensation expense for share awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. Any adjustments to the compensation cost recognized in our consolidated statement of operations for awards that are forfeited are recognized in the period in which the forfeitures occur. See "Note 8 - Benefit Plans" for additional information on our share-based compensation. |
Fair Value Measurements | Fair Value Measurements We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3"). Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1. See "Note 3 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities. |
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 consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. Income (loss) from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from continuing operations $ (305.2 ) $ 889.0 $ (1,457.3 ) (Income) loss from continuing operations attributable to noncontrolling interests .5 (6.9 ) (8.8 ) Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) Income (loss) from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from discontinued operations $ 1.0 $ 8.1 $ (128.6 ) Income from discontinued operations attributable to noncontrolling interests — — (.1 ) Income (loss) from discontinued operations attributable to Ensco $ 1.0 $ 8.1 $ (128.7 ) |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income (loss) attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and includes the effect of all potentially dilutive performance awards and excludes non-vested shares. In each of the years in the three-year period ended December 31, 2017 , our potentially dilutive instruments were not included in the computation of diluted EPS as the effect of including these shares in the calculation would have been anti-dilutive. The following table is a reconciliation of income (loss) from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) Income from continuing operations allocated to non-vested share awards (.4 ) (16.6 ) (2.0 ) Income (loss) from continuing operations attributable to Ensco shares $ (305.1 ) $ 865.5 $ (1,468.1 ) Anti-dilutive share awards totaling 2.0 million , 500,000 and 800,000 for the years ended December 31, 2017, 2016 and 2015 , respectively, were excluded from the computation of diluted EPS. During 2016, we issued our 3.00% exchangeable senior notes due 2024 (the "2024 Convertible Notes"). See "Note 5 - Debt" for additional information on this issuance. We have the option to settle the 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 respective 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 years ended December 31, 2017 and December 31, 2016 . |
New Accounting Pronouncements | New Accounting Pronouncements In August 2017, the Financial Accounting Standards Board (the "FASB") issued Update 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities ("Update 2017-12"), which will make more hedging strategies eligible for hedge accounting. It also amends presentation and disclosure requirements and changes how companies assess effectiveness. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. We are currently evaluating the effect that Update 2017-12 will have on our consolidated financial statements and related disclosures. In October 2016, the FASB 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 consolidated balance sheet as of January 1, 2017. In March 2016, the FASB 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 to 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 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 will adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. A substantial portion of our revenues will be recognized under Update 2016-02; therefore, Update 2014-09 will not have a significant impact on our revenue recognition patterns. However, certain additional disclosures will be required upon adoption. During 2016, the FASB 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. During our evaluation of Update 2016-02, we concluded that our drilling contracts contain a lease component. In January 2018, the FASB issued a Proposed Accounting Standard Update to provide targeted improvements to Update 2016-02 which (1) provides for a new transition method whereby entities may elect to adopt the Update using a prospective with cumulative catch-up approach and, (2) provides lessors with a practical expedient to not separate non-lease components from the related lease components, by class of underlying asset. Application of the practical expedient would result in a combined single lease component that, provided specified conditions are met, would be classified as an operating lease for lessors. We expect to elect both provisions afforded under the Proposed Accounting Standard Update. We do not expect a significant cumulative-effect adjustment in the period of adoption, and we do not expect a significant change to our pattern of revenue recognition as compared to current GAAP. However, as a result of the adoption of Update 2016-12, we will be required to present increased disclosures of the nature of our leasing arrangements as well as certain other qualitative and quantitative disclosures. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $70 million to $90 million . With the exception of the updated standards discussed above, there have been no accounting pronouncements issued and not yet effective that have significance, or potential significance, to our consolidated financial statements. |
Description Of The Business A24
Description Of The Business And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule Of Income From Continuing Operations Attributable To Ensco | Income (loss) from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from continuing operations $ (305.2 ) $ 889.0 $ (1,457.3 ) (Income) loss from continuing operations attributable to noncontrolling interests .5 (6.9 ) (8.8 ) Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) |
Reconciliation of Income (Loss) from Discontinued Operations | Income (loss) from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Income (loss) from discontinued operations $ 1.0 $ 8.1 $ (128.6 ) Income from discontinued operations attributable to noncontrolling interests — — (.1 ) Income (loss) from discontinued operations attributable to Ensco $ 1.0 $ 8.1 $ (128.7 ) |
Reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted EPS Computations | The following table is a reconciliation of income (loss) from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Income (loss) from continuing operations attributable to Ensco $ (304.7 ) $ 882.1 $ (1,466.1 ) Income from continuing operations allocated to non-vested share awards (.4 ) (16.6 ) (2.0 ) Income (loss) from continuing operations attributable to Ensco shares $ (305.1 ) $ 865.5 $ (1,468.1 ) |
Acquisition Of Atwood Acquisiti
Acquisition Of Atwood Acquisition Of Atwood (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Combinations [Abstract] | |
Schedule of Provisional Amounts for Assets Acquired and Liabilities Assumed | The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and were as follows (in millions): Estimated Fair Value Assets: Cash and cash equivalents (1) $ 445.4 Accounts receivable (2) 62.3 Other current assets 118.1 Property and equipment 1,762.0 Other assets 23.7 Liabilities: Accounts payable and accrued liabilities 64.9 Other liabilities 118.7 Net assets acquired 2,227.9 Less: Merger consideration (781.8 ) Repayment of Atwood debt (1,305.9 ) Bargain purchase gain $ 140.2 (1) Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion . (2) Gross contractual amounts receivable totaled $64.7 million as of the Merger Date. |
Business Acquisition, Pro Forma Information | The following unaudited supplemental pro forma results present consolidated information as if the Merger was completed on January 1, 2016. The pro forma results include, among others, (i) the amortization associated with acquired intangible assets and liabilities, (ii) a reduction in depreciation expense for adjustments to property and equipment and (iii) a reduction to interest expense resulting from the retirement of Atwood's revolving credit facility and 6.50% senior notes due 2020. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Merger. (in millions, except per share amounts) Twelve Months Ended (Unaudited) 2017 (1) 2016 Revenues $ 2,243.0 $ 3,622.1 Net income (loss) (168.7 ) 1,284.9 Earnings (loss) per share - basic and diluted (.39 ) 3.18 (1) Pro forma net income and earnings per share were adjusted to exclude an aggregate $80.7 million of merger-related and integration costs incurred by Ensco and Atwood during 2017. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 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 as of December 31, 2017 and 2016 (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of December 31, 2017 Supplemental executive retirement plan assets $ 30.9 $ — $ — $ 30.9 Derivatives, net — 6.8 — 6.8 Total financial assets 30.9 6.8 — 37.7 Total financial liabilities — — — — 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 as of December 31, 2017 and 2016 were as follows (in millions): December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 251.4 $ 252.9 $ 480.2 $ 485.0 6.875% Senior notes due 2020 477.9 473.1 735.9 727.5 4.70% Senior notes due 2021 267.1 265.3 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 635.7 757.1 604.3 874.7 4.50% Senior notes due 2024 619.3 527.1 618.6 536.0 8.00% Senior notes due 2024 337.9 333.8 — — 5.20% Senior notes due 2025 663.6 571.4 662.8 582.3 7.20% Debentures due 2027 149.3 141.9 149.2 138.7 7.875% Senior notes due 2040 376.7 258.8 378.3 270.6 5.75% Senior notes due 2044 971.8 690.4 970.8 728.0 Total $ 4,750.7 $ 4,271.8 $ 5,274.5 $ 5,001.7 (1) Our 2024 Convertible Notes were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount, which will be amortized to interest expense. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $834.0 million and $830.1 million as of December 31, 2017 and 2016 . See "Note 5 - Debt" for additional information on this issuance. |
Property And Equipment (Tables)
Property And Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule Of Property And Equipment | Property and equipment as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Drilling rigs and equipment $ 12,272.4 $ 11,067.4 Other 183.4 180.8 Work in progress 2,876.3 1,744.3 $ 15,332.1 $ 12,992.5 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Long-Term Debt Instruments | The carrying value of our long-term debt as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 8.50% Senior notes due 2019 $ 251.4 $ 480.2 6.875% Senior notes due 2020 477.9 735.9 4.70% Senior notes due 2021 267.1 674.4 3.00% Exchangeable senior notes due 2024 635.7 604.3 4.50% Senior notes due 2024 619.3 618.6 8.00% Senior notes due 2024 337.9 — 5.20% Senior notes due 2025 663.6 662.8 7.20% Debentures due 2027 149.3 149.2 7.875% Senior notes due 2040 376.7 378.3 5.75% Senior notes due 2044 971.8 970.8 Total debt 4,750.7 5,274.5 Less current maturities (1) — (331.9 ) Total long-term debt $ 4,750.7 $ 4,942.6 (1) In January 2017, we completed 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. As of December 31, 2016, the aggregate amount of principal repurchased with cash, along with associated premiums, was classified as current maturities of long-term debt on our consolidated balance sheet. |
Convertible Debt | As of December 31, 2017 and 2016 , the 2024 Convertible Notes consist of the following (in millions): Liability component: 2017 2016 Principal $ 849.5 $ 849.5 Less: Unamortized debt discount and issuance costs (213.8 ) (245.2 ) Net carrying amount 635.7 604.3 Equity component, net $ 220.0 $ 220.0 |
Schedule of Extinguishment of Debt | The following table sets forth the total principal amounts repurchased as a result of the tender offers and redemption (in millions): Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 237.6 $ 256.8 6.875% Senior notes due 2020 256.6 277.1 4.70% Senior notes due 2021 156.2 159.3 Total $ 650.4 $ 693.2 (1) Excludes accrued interest paid to holders of the repurchased senior notes. 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 Repurchased 8% Senior Notes Due 2024 Consideration Cash 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 Our tender offers and open market repurchases during the two-year period ended December 31, 2017 were as follows (in millions): Year Ended December 31, 2017 Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 54.6 $ 60.1 6.875% Senior notes due 2020 100.1 105.1 4.70% Senior notes due 2021 39.4 39.3 Total $ 194.1 $ 204.5 (1) Excludes accrued interest paid to holders of the repurchased senior notes. Year Ended December 31, 2016 Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 62.0 $ 55.7 6.875% Senior notes due 2020 219.2 181.5 4.70% Senior notes due 2021 817.0 609.0 4.50% Senior notes due 2024 1.7 .9 5.20% Senior notes due 2025 30.7 16.8 Total $ 1,130.6 $ 863.9 (1) Excludes accrued interest paid to holders of the repurchased senior notes. |
Aggregate Maturities Of Long-Term Debt | s The descriptions of our senior notes above reflect the original principal amounts issued, which have subsequently changed as a result of our tenders, repurchases, exchanges and new debt issuances such that the maturities of our debt were as follows (in millions): Senior Notes Original Principal 2016 Tenders, Repurchases and Equity Exchange 2017 Exchange Offers 2017 Repurchases Principal Outstanding at December 31, 2017 (1) 2018 Tender Offers, Redemption and Debt Issuance Remaining Principal 8.50% due 2019 $ 500.0 $ (62.0 ) $ (145.8 ) $ (54.6 ) $ 237.6 $ (237.6 ) $ — 6.875% due 2020 900.0 (219.2 ) (129.8 ) (100.1 ) 450.9 (256.6 ) 194.3 4.70% due 2021 1,500.0 (817.0 ) (373.9 ) (39.4 ) 269.7 (156.2 ) 113.5 3.00% due 2024 849.5 — — — 849.5 — 849.5 4.50% due 2024 625.0 (1.7 ) — — 623.3 — 623.3 8.00% due 2024 — — 332.0 — 332.0 — 332.0 5.20% due 2025 700.0 (30.7 ) — — 669.3 — 669.3 7.75% due 2026 — — — — — 1,000.0 1,000.0 7.20% due 2027 150.0 — — — 150.0 — 150.0 7.875% due 2040 300.0 — — — 300.0 — 300.0 5.75% due 2044 1,025.0 (24.5 ) — — 1,000.5 — 1,000.5 Total $ 6,549.5 $ (1,155.1 ) $ (317.5 ) $ (194.1 ) $ 4,882.8 $ 349.6 $ 5,232.4 (1) The aggregate principal amount outstanding as of December 31, 2017 excludes net unamortized discounts and debt issuance costs of $132.1 million . |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2017 and 2016 consisted of the following (in millions): Derivative Assets Derivative Liabilities 2017 2016 2017 2016 Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 5.9 $ 4.1 $ .2 $ 11.4 Foreign currency forward contracts - non-current (2) .5 .2 .1 .8 6.4 4.3 .3 12.2 Derivatives not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .9 .4 .2 1.3 .9 .4 .2 1.3 Total $ 7.3 $ 4.7 $ .5 $ 13.5 (1) Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2017 were as follows (in millions): Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2015 2017 2016 2015 2017 2016 2015 Interest rate lock contracts (3) $ — $ — $ — $ (.2 ) $ (.2 ) $ (.6 ) $ — $ — $ — Foreign currency forward contracts (4) 8.5 (5.4 ) (23.6 ) (.2 ) (12.2 ) (21.6 ) (.7 ) 1.9 (.1 ) Total $ 8.5 $ (5.4 ) $ (23.6 ) $ (.4 ) $ (12.4 ) $ (22.2 ) $ (.7 ) $ 1.9 $ (.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 consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. (4) During the year ended December 31, 2017 , $1.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2016 , $13.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2015 , $22.5 million of losses were reclassified from AOCI into contract drilling and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Schedule Of Estimated Amount Of Net Gains Associated With Derivatives | As of December 31, 2017 , the estimated amount of net gains associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions): Net unrealized gains to be reclassified to contract drilling expense $ 3.1 Net realized gains to be reclassified to depreciation expense .9 Net realized losses to be reclassified to interest expense (.4 ) Net gains to be reclassified to earnings $ 3.6 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule Of Activity In Our Various Shareholders' Equity | Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): Shares Par Value Additional Paid-in Capital Retained Earnings AOCI Treasury Shares Noncontrolling Interest BALANCE, December 31, 2014 240.6 $ 24.2 $ 5,517.5 $ 2,720.4 $ 11.9 $ (59.0 ) $ 7.9 Net loss — — — (1,594.8 ) — — 8.9 Dividends paid — — — (140.3 ) — — — Distributions to noncontrolling interests — — — — — — (12.5 ) Shares issued under share-based compensation plans, net 2.3 .2 — — — (.2 ) — Tax expense from share-based compensation — — (2.4 ) — — — — Repurchase of shares — — — — — (4.6 ) — Share-based compensation cost — — 39.4 — — — — Net other comprehensive loss — — — — .6 — — BALANCE, December 31, 2015 242.9 24.4 5,554.5 985.3 12.5 (63.8 ) 4.3 Net income — — — 890.2 — — 6.9 Dividends paid — — — (11.4 ) — — — Distributions to noncontrolling interests — — — — — — (7.8 ) Equity Issuance 65.6 6.5 579.0 — — — — Equity for debt exchange 1.8 .2 14.8 — — — — Equity Component of convertible senior notes issuance, net — — 220.0 — — — — Contributions from noncontrolling interests — — — — — — 1.0 Tax expense on share-based compensation — — (3.4 ) — — — — Repurchase of shares — — — — — (2.0 ) — Share-based compensation cost — — 37.3 — — — — Net other comprehensive income — — — — 6.5 — — BALANCE, December 31, 2016 310.3 31.1 6,402.2 1,864.1 19.0 (65.8 ) 4.4 Net loss — — — (303.7 ) — — (.5 ) Dividends paid — — — (13.6 ) — — — Cumulative-effect adjustment due to ASU 2016-16 — — — (14.1 ) — — — Distributions to noncontrolling interests — — — — — — (6.0 ) Equity issuance in connection with the Atwood Merger 132.2 13.2 757.5 — — — — Shares issued under share-based compensation plans, net 4.5 .5 (.4 ) — — (1.3 ) — Repurchase of shares — — — — — (1.9 ) — Share-based compensation cost — — 35.7 — — — — Net other comprehensive income — — — — 9.6 — — BALANCE, December 31, 2017 447.0 $ 44.8 $ 7,195.0 $ 1,532.7 $ 28.6 $ (69.0 ) $ (2.1 ) |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary Of Non-Vested Share Award Related Compensation Expense Recognized | The following table summarizes share award and cash-settled award compensation expense recognized during each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Contract drilling $ 18.3 $ 19.9 $ 19.5 General and administrative 14.5 16.6 17.8 32.8 36.5 37.3 Tax benefit (4.8 ) (5.9 ) (4.8 ) Total $ 28.0 $ 30.6 $ 32.5 |
Summary Of Value Of Non-Vested Share Awards Granted And Vested | The following table summarizes the value of share awards and cash-settled awards granted and vested during each of the years in the three-year period ended December 31, 2017 : Share Awards Cash-Settled Awards 2017 2016 2015 2017 2016 2015 Weighted-average grant-date fair value of share awards granted (per share) $ 7.90 $ 10.42 $ 23.95 $ 6.27 $ 9.64 $ — Total fair value of share awards vested during the period (in millions) $ 8.6 $ 8.8 $ 18.0 $ 3.9 $ — $ — |
Summary Of Non-Vested Share Award Activity | The following table summarizes share awards and cash-settled awards activity for the year ended December 31, 2017 (shares in thousands): Share Awards Cash-settled Awards Awards Weighted-Average Grant-Date Fair Value Awards Weighted-Average Grant-Date Fair Value Share awards and cash-settled awards as of December 31, 2016 3,073 $ 26.02 3,060 $ 9.64 Granted 1,433 7.90 4,968 6.27 Vested (1,123 ) 32.75 (614 ) 9.64 Forfeited (78 ) 31.52 (325 ) 7.77 Share awards and cash-settled awards as of December 31, 2017 3,305 $ 16.06 7,089 $ 7.37 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Summary Of Components Of Provision For Income Taxes From Continuing Operations | The following table summarizes components of our provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Current income tax (benefit) expense: U.S. $ (2.2 ) $ (6.6 ) $ 18.7 Non-U.S. 56.4 86.4 125.4 54.2 79.8 144.1 Deferred income tax expense (benefit): U.S. 36.0 15.9 (180.4 ) Non-U.S. 19.0 12.8 22.4 55.0 28.7 (158.0 ) Total income tax expense (benefit) $ 109.2 $ 108.5 $ (13.9 ) |
Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities) | The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2017 and 2016 (in millions): 2017 2016 Deferred tax assets : Net operating loss carryforwards $ 187.1 $ 197.9 Foreign tax credits 132.3 91.7 Premiums on long-term debt 36.1 72.7 Deferred revenue 26.0 55.7 Employee benefits, including share-based compensation 20.7 30.6 Other 12.8 17.2 Total deferred tax assets 415.0 465.8 Valuation allowance (278.8 ) (238.8 ) Net deferred tax assets 136.2 227.0 Deferred tax liabilities : Property and equipment (51.5 ) (103.3 ) Deferred U.S. tax on foreign income (24.8 ) (15.2 ) Deferred transition tax (13.7 ) — Deferred costs (9.1 ) (11.4 ) Intercompany transfers of property — (18.9 ) Other (8.7 ) (8.4 ) Total deferred tax liabilities (107.8 ) (157.2 ) Net deferred tax asset $ 28.4 $ 69.8 |
Summary Of Effective Income Tax Rate On Continuing Operations | Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2017 , differs from the U.K. statutory income tax rate as follows: 2017 2016 2015 U.K. statutory income tax rate 19.2 % 20.0 % 20.2 % Non-U.K. taxes (40.4 ) (7.9 ) (12.3 ) Valuation allowance (18.0 ) 2.6 (1.5 ) Goodwill and asset impairments (17.1 ) — (4.0 ) Bargain purchase gain 13.8 — — U.S. tax reform (8.4 ) — — Debt repurchases (2.8 ) (4.1 ) — Other (2.0 ) .3 (1.5 ) Effective income tax rate (55.7 )% 10.9 % .9 % |
Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 and 2016 is as follows (in millions): 2017 2016 Balance, beginning of year $ 122.0 $ 140.6 Increases in unrecognized tax benefits as a result of the Merger 22.2 — Increases in unrecognized tax benefits as a result of tax positions taken during the current year 5.4 7.6 Increases in unrecognized tax benefits as a result of tax positions taken during prior years .7 4.9 Settlements with taxing authorities (10.2 ) (27.6 ) Lapse of applicable statutes of limitations (.4 ) (.2 ) Decreases in unrecognized tax benefits as a result (.2 ) (.5 ) Impact of foreign currency exchange rates 8.1 (2.8 ) Balance, end of year $ 147.6 $ 122.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary Of Rig Sales and Income From Discontinued Operations | The following table summarizes income (loss) from discontinued operations for each of the years in the three-year period ended December 31, 2017 (in millions): 2017 2016 2015 Revenues $ — $ — $ 19.5 Operating expenses 1.5 3.1 39.5 Operating loss (1.5 ) (3.1 ) (20.0 ) Income tax benefit (2.1 ) (10.1 ) (7.7 ) Loss on impairment, net — — (120.6 ) Gain on disposal of discontinued operations, net .4 1.1 4.3 Income (loss) from discontinued operations $ 1.0 $ 8.1 $ (128.6 ) The following rig sales were included in discontinued operations during the three-year period ended December 31, 2017 (in millions): Rig Date of Sale Segment (1) Net Proceeds Net Book Value (2) Pre-tax Gain/(Loss) ENSCO 90 June 2017 Jackups $ .3 $ .3 $ — ENSCO DS-2 May 2016 Floaters 5.0 4.0 1.0 ENSCO 58 April 2016 Jackups .7 .3 .4 ENSCO 6000 April 2016 Floaters .6 .8 (.2 ) ENSCO 5001 December 2015 Floaters 2.4 2.5 (.1 ) ENSCO 5002 June 2015 Floaters 1.6 — 1.6 $ 10.6 $ 7.9 $ 2.7 (1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2017 and were previously included within the specified operating segment. (2) Includes the rig's net book value as well as inventory and other assets on the date of the sale. |
Commitments And Contingencies (
Commitments And Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Capital Commitments | The following table summarizes the cumulative amount of contractual payments made as of December 31, 2017 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): Cumulative Paid (1) 2018 and 2019 2020 and 2021 Thereafter Total (2) ENSCO 123 (3) $ 67.1 $ 218.3 $ — $ — $ 285.4 ENSCO DS-14 (4) — 15.0 165.0 — 180.0 ENSCO DS-13 (4) — 83.9 — — 83.9 $ 67.1 $ 317.2 $ 165.0 $ — $ 549.3 (1) Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2017 . Contractual payments made by Atwood prior to the Merger for ENSCO DS-13 (formerly Atwood Admiral) and ENSCO DS-14 (formerly Atwood Archer) are excluded. (2) Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management, holding costs and interest. (3) In January 2018, we paid $207.4 million of the $218.3 million unpaid balance. The remaining $10.9 million is due upon delivery. The $207.4 million milestone payment was invoiced and included in accounts payable - trade as of December 31, 2017 on our consolidated balance sheet. (4) The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 bear interest at a rate of 4.5% per annum, which accrues during the holding period until delivery. Delivery is scheduled for September 2019 and June 2020 for ENSCO DS-13 and ENSCO DS-14, respectively. Upon delivery, the remaining milestone payments and accrued interest thereon may be financed through a promissory note with the shipyard for each rig. The promissory notes will bear interest at a rate of 5% per annum with a maturity date of December 31, 2022 and will be secured by a mortgage on each respective rig. The remaining milestone payments for ENSCO DS-13 and ENSCO DS-14 are included in the table above in the period in which we expect to take delivery of the rig. However, we may elect to execute the promissory notes and defer payment until December 2022. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Year Ended December 31, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,143.5 $ 640.3 $ 59.2 $ 1,843.0 $ — $ 1,843.0 Operating expenses Contract drilling (exclusive of depreciation) 624.2 512.1 53.2 1,189.5 — 1,189.5 Loss on impairment 174.7 8.2 — 182.9 — 182.9 Depreciation 297.4 131.5 — 428.9 15.9 444.8 General and administrative — — — — 157.8 157.8 Operating income $ 47.2 $ (11.5 ) $ 6.0 $ 41.7 $ (173.7 ) $ (132.0 ) Property and equipment, net $ 9,650.9 $ 3,177.6 $ — $ 12,828.5 $ 45.2 $ 12,873.7 Capital expenditures $ 470.3 $ 62.1 $ — $ 532.4 $ 4.3 $ 536.7 Year Ended December 31, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,771.1 $ 929.5 $ 75.8 $ 2,776.4 $ — $ 2,776.4 Operating expenses Contract drilling (exclusive of depreciation) 725.0 516.8 59.2 1,301.0 — 1,301.0 Depreciation 304.1 123.7 — 427.8 17.5 445.3 General and administrative — — — — 100.8 100.8 Operating income (loss) $ 742.0 $ 289.0 $ 16.6 $ 1,047.6 $ (118.3 ) $ 929.3 Property and equipment, net $ 8,300.4 $ 2,561.0 $ — $ 10,861.4 $ 57.9 $ 10,919.3 Capital expenditures $ 110.3 $ 206.2 $ — $ 316.5 $ 5.7 $ 322.2 Year Ended December 31, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,466.0 $ 1,445.6 $ 151.8 $ 4,063.4 $ — $ 4,063.4 Operating expenses Contract drilling (exclusive of depreciation) 1,052.8 693.5 123.3 1,869.6 — 1,869.6 Loss on impairment 1,778.4 968.0 2,746.4 — 2,746.4 Depreciation 382.4 175.7 — 558.1 14.4 572.5 General and administrative — — — — 118.4 118.4 Operating income (loss) $ (747.6 ) $ (391.6 ) $ 28.5 $ (1,110.7 ) $ (132.8 ) $ (1,243.5 ) Property and equipment, net $ 8,535.6 $ 2,481.2 $ — $ 11,016.8 $ 71.0 $ 11,087.8 Capital expenditures $ 1,176.6 $ 434.7 $ — $ 1,611.3 $ 8.2 $ 1,619.5 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of December 31, 2017 , the geographic distribution of our drilling rigs by operating segment was as follows: Floaters Jackups Total North & South America 8 6 14 Europe & the Mediterranean 6 12 18 Middle East & Africa 4 11 15 Asia & Pacific Rim 6 8 14 Asia & Pacific Rim (under construction) 2 1 3 Held-For-Sale 1 — 1 Total 27 38 65 |
Schedule Of Revenues And Long-Lived Assets By Geographical Segment | Information by country for those countries that account for more than 10% of our long-lived assets as well as the United Kingdom, our country of domicile, was as follows (in millions): Long-lived Assets 2017 2016 2015 Singapore $ 2,859.3 $ 1,388.4 $ 832.9 United States 2,764.9 2,898.3 4,731.8 Spain 2,004.2 2,334.5 757.0 Angola 795.9 821.7 1,471.1 United Kingdom 609.4 409.0 462.4 Other countries 3,840.0 3,067.4 2,832.6 Total $ 12,873.7 $ 10,919.3 $ 11,087.8 |
Supplemental Financial Inform36
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Trade $ 335.4 $ 358.4 Other 33.6 24.5 369.0 382.9 Allowance for doubtful accounts (23.6 ) (21.9 ) $ 345.4 $ 361.0 |
Other Current Assets | Other current assets as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Inventory $ 278.8 $ 225.2 Prepaid taxes 43.5 30.7 Deferred costs 29.7 32.4 Prepaid expenses 14.2 7.9 Other 15.0 19.8 $ 381.2 $ 316.0 |
Other Assets, Net | Other assets, net, as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Deferred tax assets $ 38.8 $ 69.3 Deferred costs 37.4 35.7 Supplemental executive retirement plan assets 30.9 27.7 Intangible assets 15.7 0.3 Prepaid taxes on intercompany transfers of property — 33.0 Other 17.4 9.9 $ 140.2 $ 175.9 |
Accrued Liabilities And Other | Accrued liabilities and other as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Personnel costs $ 112.0 $ 124.0 Accrued interest 83.1 71.7 Deferred revenue 73.0 116.7 Taxes 46.4 40.7 Derivative liabilities .4 12.7 Other 11.0 10.8 $ 325.9 $ 376.6 |
Other Liabilities | Other liabilities as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Unrecognized tax benefits (inclusive of interest and penalties) $ 178.0 $ 142.9 Intangible liabilities 59.6 — Deferred revenue 51.2 120.9 Supplemental executive retirement plan liabilities 32.0 28.9 Deferred tax liabilities 18.5 5.2 Personnel costs 18.1 13.5 Deferred rent 17.1 9.4 Other 12.2 1.7 $ 386.7 $ 322.5 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Accumulated other comprehensive income as of December 31, 2017 and 2016 consisted of the following (in millions): 2017 2016 Derivative instruments $ 22.5 $ 13.6 Currency translation adjustment 7.8 7.6 Other (1.7 ) (2.2 ) $ 28.6 $ 19.0 |
Repair And Maintenance Expense Related To Continuing Operations | Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Repair and maintenance expense $ 188.7 $ 151.1 $ 270.1 |
Schedule of Cash Flows Information | Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Decrease in accounts receivable $ 83.2 $ 222.4 $ 246.1 (Increase) decrease in other assets (14.0 ) 44.0 25.7 Decrease in liabilities (3.8 ) (125.8 ) (158.3 ) $ 65.4 $ 140.6 $ 113.5 |
Cash Paid For Interest And Income Taxes | Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2017 was as follows (in millions): 2017 2016 2015 Interest, net of amounts capitalized $ 199.8 $ 264.8 $ 249.3 Income taxes 62.8 56.4 97.3 |
Revenue from External Customers by Products and Services [Table Text Block] | Consolidated revenues by customer for the years ended December 31, 2017 , 2016 and 2015 were as follows: 2017 2016 2015 Total (1) 22 % 13 % 9 % BP (2) 15 % 12 % 18 % Petrobras (3) 11 % 9 % 14 % Other 52 % 66 % 59 % 100 % 100 % 100 % (1) For the years ended December 31, 2017, 2016 and 2015 , all Total revenues were attributable to the Floater segment. (2) For the years ended December 31, 2017 and 2015, 78% and 81% , respectively, of the revenues provided by BP were attributable to our Floaters segment and the remaining revenues were attributable to our Other segment. For the year ended December 31, 2016, 76% , 17% and 7% of the revenues provided by BP were attributable to our Floaters, Other and Jackups segments, respectively. For the year ended December 31, 2015 , excluding the impact of ENSCO DS-4 lump-sum termination payments of $110.6 million , revenues from BP represented 15% of total revenue. (3) For the years ended December 31, 2017, 2016 and 2015 , all Petrobras revenues were attributable to our Floaters segment. |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Consolidated revenues by region, including the United Kingdom, our country of domicile, for the years ended December 31, 2017, 2016 and 2015 were as follows (in millions): 2017 2016 2015 Angola (1) $ 445.7 $ 552.1 $ 586.5 Egypt (2) 214.8 141.2 — Australia (3) 206.7 222.8 223.2 Brazil (2) 196.2 298.0 468.5 Saudi Arabia (4) 171.8 210.6 255.2 United Kingdom (4) 164.6 246.2 400.7 U.S. Gulf of Mexico (5) 149.8 531.7 1,151.5 Other 293.4 573.8 977.8 $ 1,843.0 $ 2,776.4 $ 4,063.4 (1) For the years ended December 31, 2017, 2016 and 2015 , 88% , 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment. (2) For the years ended December 31, 2017, 2016 and 2015 , all revenues were attributable to our Floaters segment. (3) For the years ended December 31, 2017, 2016 and 2015 , 87% , 95% and 100% of the revenues earned in Australia, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment. (4) For the years ended December 31, 2017, 2016 and 2015 , all revenues were attributable to our Jackups segment. (5) For the years ended December 31, 2017, 2016 and 2015 , 29% , 82% and 86% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. For the years ended December 31, 2017, 2016 and 2015 , 31% , 7% and 9% of revenues were attributable to our Jackups segment. |
Guarantee Of Registered Secur37
Guarantee Of Registered Securities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2017 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 52.9 $ 163.3 $ — $ 1,941.2 $ (314.4 ) $ 1,843.0 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 50.0 149.9 — 1,304.0 (314.4 ) 1,189.5 Loss on impairment — — — 182.9 — 182.9 Depreciation — 15.9 — 428.9 — 444.8 General and administrative 45.4 50.8 — 61.6 — 157.8 OPERATING LOSS (42.5 ) (53.3 ) — (36.2 ) — (132.0 ) OTHER INCOME (EXPENSE), NET (6.8 ) (110.5 ) (71.7 ) 110.5 14.5 (64.0 ) INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (49.3 ) (163.8 ) (71.7 ) 74.3 14.5 (196.0 ) INCOME TAX EXPENSE — 45.0 — 64.2 — 109.2 DISCONTINUED OPERATIONS, NET — — — 1.0 — 1.0 EQUITY EARNINGS IN AFFILIATES, NET OF TAX (254.4 ) 129.6 84.2 — 40.6 — NET INCOME (LOSS) (303.7 ) (79.2 ) 12.5 11.1 55.1 (304.2 ) NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — .5 — .5 NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ (303.7 ) $ (79.2 ) $ 12.5 $ 11.6 $ 55.1 $ (303.7 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 27.9 $ 144.4 $ — $ 2,897.4 $ (293.3 ) $ 2,776.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 27.3 144.8 .1 1,422.1 (293.3 ) 1,301.0 Depreciation — 17.2 .4 427.7 — 445.3 General and administrative 36.2 .2 — 64.4 — 100.8 OPERATING INCOME (LOSS) (35.6 ) (17.8 ) (0.5 ) 983.2 — 929.3 OTHER INCOME (EXPENSE), NET 152.9 (79.0 ) (76.6 ) 7.8 63.1 68.2 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 117.3 (96.8 ) (77.1 ) 991.0 63.1 997.5 INCOME TAX EXPENSE (BENEFIT) — .7 (.6 ) 108.4 — 108.5 DISCONTINUED OPERATIONS, NET — — — 8.1 — 8.1 EQUITY EARNINGS IN AFFILIATES, NET OF TAX 772.9 205.7 125.7 — (1,104.3 ) — NET INCOME 890.2 108.2 49.2 890.7 (1,041.2 ) 897.1 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (6.9 ) — (6.9 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 890.2 $ 108.2 $ 49.2 $ 883.8 $ (1,041.2 ) $ 890.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 31.7 $ 163.5 $ — $ 4,199.4 $ (331.2 ) $ 4,063.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 29.2 163.5 — 2,008.1 (331.2 ) 1,869.6 Loss on impairment — — — 2,746.4 — 2,746.4 Depreciation .1 13.8 — 558.6 — 572.5 General and administrative 51.5 .2 — 66.7 — 118.4 OPERATING LOSS (49.1 ) (14.0 ) — (1,180.4 ) — (1,243.5 ) OTHER INCOME (EXPENSE), NET (169.5 ) (28.6 ) (71.5 ) 41.9 — (227.7 ) LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (218.6 ) (42.6 ) (71.5 ) (1,138.5 ) — (1,471.2 ) INCOME TAX EXPENSE (BENEFIT) — (190.6 ) — 176.7 185.4 — (13.9 ) DISCONTINUED OPERATIONS, NET — — — (128.6 ) — (128.6 ) EQUITY LOSS IN AFFILIATES, NET OF TAX (1,376.2 ) (1,672.8 ) (1,771.5 ) — 4,820.5 — NET LOSS (1,594.8 ) (1,524.8 ) (1,843.0 ) (1,443.8 ) 4,820.5 (1,585.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,452.7 ) $ 4,820.5 $ (1,594.8 ) |
Schedule of Condensed Consolidated Statements of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2017 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ (303.7 ) $ (79.2 ) $ 12.5 $ 11.1 $ 55.1 $ (304.2 ) OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — 8.5 — — — 8.5 Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) — .4 — — — .4 Other — — — .7 — .7 NET OTHER COMPREHENSIVE INCOME — 8.9 — .7 — 9.6 COMPREHENSIVE INCOME (LOSS) (303.7 ) (70.3 ) 12.5 11.8 55.1 (294.6 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — .5 — .5 COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ (303.7 ) $ (70.3 ) $ 12.5 $ 12.3 $ 55.1 $ (294.1 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2016 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 890.2 $ 108.2 $ 49.2 $ 890.7 $ (1,041.2 ) $ 897.1 OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — (5.4 ) — — — (5.4 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 12.4 — — — 12.4 Other — — — (.5 ) — (.5 ) NET OTHER COMPREHENSIVE INCOME (LOSS) — 7.0 — (.5 ) — 6.5 COMPREHENSIVE INCOME 890.2 115.2 49.2 890.2 (1,041.2 ) 903.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (6.9 ) — (6.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 890.2 $ 115.2 $ 49.2 $ 883.3 $ (1,041.2 ) $ 896.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2015 (in millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (1,594.8 ) $ (1,524.8 ) $ (1,843.0 ) $ (1,443.8 ) $ 4,820.5 $ (1,585.9 ) OTHER COMPREHENSIVE INCOME (LOSS), NET Net change in fair value of derivatives — (23.6 ) — — — (23.6 ) Reclassification of net gains on derivative instruments from other comprehensive income into net loss — 22.2 — — — 22.2 Other — — — 2.0 — 2.0 NET OTHER COMPREHENSIVE INCOME (LOSS) — (1.4 ) — 2.0 — .6 COMPREHENSIVE LOSS (1,594.8 ) (1,526.2 ) (1,843.0 ) (1,441.8 ) 4,820.5 (1,585.3 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (8.9 ) — (8.9 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (1,594.8 ) $ (1,526.2 ) $ (1,843.0 ) $ (1,450.7 ) $ 4,820.5 $ (1,594.2 ) |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 (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 $ 185.2 $ — $ 25.6 $ 234.6 $ — $ 445.4 Short-term investments 440.0 — — — — 440.0 Accounts receivable, net 6.9 .4 — 338.1 — 345.4 Accounts receivable from affiliates 351.8 492.7 — 424.3 (1,268.8 ) — Other — 8.8 — 372.4 — 381.2 Total current assets 983.9 501.9 25.6 1,369.4 (1,268.8 ) 1,612.0 PROPERTY AND EQUIPMENT, AT COST 1.8 120.8 — 15,209.5 — 15,332.1 Less accumulated depreciation 1.8 77.1 — 2,379.5 — 2,458.4 Property and equipment, net — 43.7 — 12,830.0 — 12,873.7 DUE FROM AFFILIATES 3,002.1 2,618.0 165.1 3,736.1 (9,521.3 ) — INVESTMENTS IN AFFILIATES 9,098.5 3,591.9 1,106.6 — (13,797.0 ) — OTHER ASSETS, NET 12.9 5.0 — 226.5 (104.2 ) 140.2 $ 13,097.4 $ 6,760.5 $ 1,297.3 $ 18,162.0 $ (24,691.3 ) $ 14,625.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 55.4 $ 39.0 $ 21.7 $ 642.4 $ — $ 758.5 Accounts payable to affiliates 67.3 458.3 12.4 730.8 (1,268.8 ) — Current maturities of long-term debt — — — — — — Total current liabilities 122.7 497.3 34.1 1,373.2 (1,268.8 ) 758.5 DUE TO AFFILIATES 1,402.9 3,559.2 753.9 3,805.3 (9,521.3 ) — LONG-TERM DEBT 2,841.8 149.2 1,106.0 653.7 — 4,750.7 OTHER LIABILITIES — 3.1 — 487.8 (104.2 ) 386.7 ENSCO SHAREHOLDERS' EQUITY (DEFICIT) 8,730.0 2,551.7 (596.7 ) 11,844.1 (13,797.0 ) 8,732.1 NONCONTROLLING INTERESTS — — — (2.1 ) — (2.1 ) Total equity (deficit) 8,730.0 2,551.7 (596.7 ) 11,842.0 (13,797.0 ) 8,730.0 $ 13,097.4 $ 6,760.5 $ 1,297.3 $ 18,162.0 $ (24,691.3 ) $ 14,625.9 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 — 152.3 (890.0 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.9 (890.0 ) 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 7,234.3 (15,239.1 ) — 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 5.9 636.9 (890.0 ) — Current maturities of long-term debt 187.1 — 144.8 — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.8 (890.0 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.0 (15,239.1 ) — 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 (deficit) 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 Year Ended December 31, 2017 (in millions) 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 $ (18.2 ) $ (117.6 ) $ (100.1 ) $ 495.3 $ — $ 259.4 INVESTING ACTIVITIES Maturities of short-term investments 1,748.0 5.5 — 289.0 — 2,042.5 Purchases of short-term investments (1,022.9 ) — — (17.1 ) — (1,040.0 ) Purchase of affiliate debt (316.3 ) — — — 316.3 — Acquisition of Atwood Oceanics, Inc. — — — (871.6 ) — (871.6 ) Additions to property and equipment — — — (536.7 ) — (536.7 ) Net proceeds from disposition of assets — — — 2.8 — 2.8 Net cash (used in) provided by investing activities of continuing operations 408.8 5.5 — (1,133.6 ) 316.3 (403.0 ) FINANCING ACTIVITIES Advances from (to) affiliates (848.9 ) 112.1 105.9 630.9 — — Reduction of long-term borrowings (220.7 ) — — — (316.3 ) (537.0 ) Cash dividends paid (13.8 ) — — — — (13.8 ) Debt financing costs (12.0 ) — — — — (12.0 ) Other (2.6 ) — — (5.1 ) — (7.7 ) Net cash provided by (used in) financing activities (1,098.0 ) 112.1 105.9 625.8 (316.3 ) (570.5 ) Net cash used in discontinued operations — — — (.8 ) — (.8 ) Effect of exchange rate changes on cash and cash equivalents — — — .6 — 0.6 INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (707.4 ) — 5.8 (12.7 ) — (714.3 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF YEAR $ 185.2 $ — $ 25.6 $ 234.6 $ — $ 445.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2016 (in millions) 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 $ (101.3 ) $ (46.5 ) $ (116.9 ) $ 1,342.1 $ — $ 1,077.4 INVESTING ACTIVITIES Purchases of short-term investments (2,047.1 ) (5.5 ) — (422.0 ) — (2,474.6 ) Maturities of short-term investments 2,062.0 — — 150.0 — 2,212.0 Additions to property and equipment — — — (322.2 ) — (322.2 ) Net proceeds from disposition of assets — — — 9.8 — 9.8 Purchase of affiliate debt (237.9 ) — — — 237.9 — Net cash used in investing activities of continuing operations (223 ) (5.5 ) — (584.4 ) 237.9 (575.0 ) FINANCING ACTIVITIES Reduction of long-term borrowings (626.0 ) — — — (237.9 ) (863.9 ) Proceeds from debt issuance — — — 849.5 — 849.5 Proceeds from equity issuance 585.5 — — — — 585.5 Debt financing costs (23.4 ) — — — — (23.4 ) Cash dividends paid (11.6 ) — — — — (11.6 ) Advances from (to) affiliates 1,200.6 52.0 134.7 (1,387.3 ) — — Other (2.2 ) — — (4.9 ) — (7.1 ) Net cash provided by (used in) financing activities 1,122.9 52.0 134.7 (542.7 ) (237.9 ) 529.0 Net cash provided by discontinued operations — — — 8.4 — 8.4 Effect of exchange rate changes on cash and cash equivalents — — — (1.4 ) — (1.4 ) INCREASE IN CASH AND CASH EQUIVALENTS 798.6 — 17.8 222.0 — 1,038.4 CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF YEAR $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2015 (in millions) 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 $ (71.1 ) $ 2.0 $ (114.0 ) $ 1,881.0 $ — $ 1,697.9 INVESTING ACTIVITIES Purchases of short-term investments (1,780.0 ) — — — — (1,780.0 ) Additions to property and equipment — — — (1,619.5 ) — (1,619.5 ) Maturities of short-term investments 1,312.0 — 45.3 — 1,357.3 Net proceeds from disposition of assets .3 — — 1.3 — 1.6 Net cash used in investing activities of continuing operations (467.7 ) — — (1,572.9 ) — (2,040.6 ) FINANCING ACTIVITIES Proceeds from debt issuance 1,078.7 — — — — 1,078.7 Reduction of long-term borrowing (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (141.2 ) — — — — (141.2 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 526.2 (2.0 ) 25.2 (549.4 ) — — Other (5.0 ) — — (11.0 ) — (16.0 ) Net cash provided by (used in) financing activities 345.4 (2.0 ) 25.2 (560.4 ) — (191.8 ) Net cash used in discontinued operations — — — (8.7 ) — (8.7 ) Effect of exchange rate changes on cash and cash equivalents — — — (.3 ) — (.3 ) DECREASE IN CASH AND CASH EQUIVALENTS (193.4 ) — (88.8 ) (261.3 ) — (543.5 ) CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF YEAR $ 94.0 $ — $ 2.0 $ 25.3 $ — $ 121.3 |
Unaudited Quarterly Financial38
Unaudited Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Data [Abstract] | |
Summary Of Unaudited Quarterly Consolidated Income Statement | The following tables summarize our unaudited quarterly condensed consolidated income statement data for the years ended December 31, 2017 and 2016 (in millions, except per share amounts): 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues $ 471.1 $ 457.5 $ 460.2 $ 454.2 $ 1,843.0 Operating expenses Contract drilling (exclusive of depreciation) (1) 278.1 291.3 285.8 334.3 1,189.5 Loss on impairment (2) — — — 182.9 182.9 Depreciation 109.2 107.9 108.2 119.5 444.8 General and administrative (3) 26.0 30.5 30.4 70.9 157.8 Operating income (loss) 57.8 27.8 35.8 (253.4 ) (132.0 ) Other income (expense), net (4) (57.7 ) (53.2 ) (40.4 ) 87.3 (64.0 ) Income (loss) from continuing operations before income taxes .1 (25.4 ) (4.6 ) (166.1 ) (196.0 ) Income tax expense (5) 24.1 19.3 23.4 42.4 109.2 Loss from continuing operations (24.0 ) (44.7 ) (28.0 ) (208.5 ) (305.2 ) Income (loss) from discontinued operations, net (.6 ) .4 (.2 ) 1.4 1.0 Net loss (24.6 ) (44.3 ) (28.2 ) (207.1 ) (304.2 ) Net (income) loss attributable to noncontrolling interests (1.1 ) (1.2 ) 2.8 — .5 Net loss attributable to Ensco $ (25.7 ) $ (45.5 ) $ (25.4 ) $ (207.1 ) $ (303.7 ) Loss per share – basic and diluted Continuing operations $ (.09 ) $ (.15 ) $ (.08 ) $ (.49 ) $ (.91 ) Discontinued operations — — — — — $ (.09 ) $ (.15 ) $ (.08 ) $ (.49 ) $ (.91 ) (1) Fourth quarter included $7.0 million of integration costs associated with the Merger. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. (2) Fourth quarter included an aggregate loss of $182.9 million associated with the impairment of certain rigs. See "Note 4 - Property and Equipment" for additional information. (3) Fourth quarter included integration costs of $30.9 million and merger-related costs consisting of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $11.5 million . See "Note 2 - Acquisition of Atwood" for additional information. (4) Fourth quarter included a bargain purchase gain of $140.2 million related to the Merger. See "Note 2 - Acquisition of Atwood" for additional information. (5) Fourth quarter included net discrete tax expense of $16.5 million in connection with enactment of U.S. tax reform. See "Note 10 - Income taxes" for additional information. 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Year Operating revenues (1) $ 814.0 $ 909.6 $ 548.2 $ 504.6 $ 2,776.4 Operating expenses Contract drilling (exclusive of depreciation) 363.7 350.2 298.1 289.0 1,301.0 Depreciation 113.3 112.4 109.4 110.2 445.3 General and administrative 23.4 27.4 25.3 24.7 100.8 Operating income 313.6 419.6 115.4 80.7 929.3 Other income (expense), net (2) (64.6 ) 209.9 (30.9 ) (46.2 ) 68.2 Income from continuing operations before income taxes 249.0 629.5 84.5 34.5 997.5 Income tax expense (benefit) 71.4 36.7 (3.5 ) 3.9 108.5 Income from continuing operations 177.6 592.8 88.0 30.6 889.0 Income (loss) from discontinued operations, net (.9 ) (.2 ) (.7 ) 9.9 8.1 Net income 176.7 592.6 87.3 40.5 897.1 Net income attributable to noncontrolling interests (1.4 ) (2.0 ) (2.0 ) (1.5 ) (6.9 ) Net income attributable to Ensco $ 175.3 $ 590.6 $ 85.3 $ 39.0 $ 890.2 Earnings per share – basic and diluted Continuing operations $ .74 $ 2.04 $ .28 $ .10 $ 3.10 Discontinued operations — — — .03 .03 $ .74 $ 2.04 $ .28 $ .13 $ 3.13 (1) Second quarter includes lump-sum termination payments for ENSCO DS-9 and ENSCO 8503 totaling $205.0 million . See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. (2) Second quarter included pre-tax gains on debt extinguishment totaling $287.8 million . See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information. |
Description Of The Business A39
Description Of The Business And Summary Of Significant Accounting Policies Description Of The Business And Summary Of Significant Accounting Policies (Reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted EPS Computations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Income (loss) from continuing operations attributable to Ensco | $ (304.7) | $ 882.1 | $ (1,466.1) |
Income from continuing operations allocated to non-vested share awards | (0.4) | (16.6) | (2) |
Income (loss) from continuing operations attributable to Ensco shares | $ (305.1) | $ 865.5 | $ (1,468.1) |
Description Of The Business A40
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Continuing Operations Attributable To Ensco) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
Income (loss) from continuing operations | $ (208.5) | $ (28) | $ (44.7) | $ (24) | $ 30.6 | $ 88 | $ 592.8 | $ 177.6 | $ (305.2) | $ 889 | $ (1,457.3) |
Income from continuing operations attributable to noncontrolling interests | 0.5 | (6.9) | (8.8) | ||||||||
Income (loss) from continuing operations attributable to Ensco | $ (304.7) | $ 882.1 | $ (1,466.1) |
Description Of The Business A41
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Discontinued Operations Attributable To Ensco) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||||||||||
(Loss) income from discontinued operations | $ 1.4 | $ (0.2) | $ 0.4 | $ (0.6) | $ 9.9 | $ (0.7) | $ (0.2) | $ (0.9) | $ 1 | $ 8.1 | $ (128.6) |
Income from discontinued operations attributable to noncontrolling interests | 0 | 0 | (0.1) | ||||||||
(Loss) income from discontinued operations attributable to Ensco | $ 1 | $ 8.1 | $ (128.7) |
Description Of The Business A42
Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details) $ in Millions | Oct. 06, 2017USD ($) | Oct. 05, 2017USD ($)shares | Dec. 31, 2017USD ($)continentcountry | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)continentcountryshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 62 | |||||||||
Number of different countries having drilling contracts spanning | country | 14 | 14 | ||||||||
Number of different continents having drilling contracts | continent | 6 | 6 | ||||||||
Bargain purchase gain | $ 140.2 | $ 140.2 | $ 0 | $ 0 | ||||||
Net foreign currency exchange gains (losses) | (5.1) | (6) | 5.4 | |||||||
Short-term Investments | 440 | 440 | 1,442.6 | |||||||
Asset Impairment Charges | $ 182.9 | $ 0 | $ 0 | $ 0 | $ 182.9 | $ 0 | $ 2,746.4 | |||
Gain (Loss) on Contract Termination | $ 205 | |||||||||
Antidilutive share options excluded from computation of diluted earnings per share | shares | 2,000,000 | 500,000 | 800,000 | |||||||
Three Percent Senior Notes Due Two Thousand Twenty Four [Member] | Senior Notes [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Debt instrument, interest rate, stated percentage | 3.00% | 3.00% | ||||||||
Deferred Mobilization Costs [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Other assets | $ 39.9 | $ 39.9 | $ 43.9 | |||||||
Deferred Regulatory Certification And Compliance Costs [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Other assets | 15.3 | 15.3 | 14.9 | |||||||
Mobilization Revenue [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Other Liabilities | 35.7 | 35.7 | 62.1 | |||||||
Capital Reimbursements [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Other Liabilities | $ 87.4 | $ 87.4 | $ 165.2 | |||||||
Atwood Oceanics, Inc. | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Cash settlement for business acquisitions | $ 11.1 | |||||||||
Consideration transferred | $ 770.7 | 781.8 | ||||||||
Cash and cash equivalents | $ 445.4 | |||||||||
Payments to extinguish acquiree liabilities | $ 1,300 | |||||||||
Atwood Oceanics, Inc. | Common Class A [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of ordinary shares | shares | 132,200,000 | |||||||||
Ultra Deepwater Drillships [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 12 | |||||||||
Semisubmersible Rigs [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 11 | |||||||||
Moored Semisubmersible Rigs [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 4 | |||||||||
Jackup Rigs [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 38 | |||||||||
Construction in Progress [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Number of contract drilling rigs | 3 | |||||||||
Drilling rigs and equipment [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Asset Impairment Charges | $ 2,600 | |||||||||
Drilling rigs and equipment [Member] | Minimum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||||||
Drilling rigs and equipment [Member] | Maximum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||||||
Drilling rigs and equipment [Member] | Atwood Oceanics, Inc. | Minimum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 16 years | |||||||||
Drilling rigs and equipment [Member] | Atwood Oceanics, Inc. | Maximum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||||||
Building and Building Improvements [Member] | Minimum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||||
Building and Building Improvements [Member] | Maximum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||||
Equipment [Member] | Minimum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||||
Equipment [Member] | Maximum [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Property, Plant and Equipment, Useful Life | 6 years | |||||||||
ENSCO DS-9 [Member] | Sales Revenue, Net [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Gain (Loss) on Contract Termination | $ 185 | |||||||||
ENSCO 8503 [Member] | Sales Revenue, Net [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Gain (Loss) on Contract Termination | 20 | |||||||||
ENSCO DS-4 and ENSCO DS-9 [Member] | Sales Revenue, Net [Member] | ||||||||||
Description Of The Business And Summary Of Significant Accounting Policies [Line Items] | ||||||||||
Gain (Loss) on Contract Termination | $ 129 |
Description Of The Business A43
Description Of The Business And Summary Of Significant Accounting Policies New Accounting Pronouncements or Changes in Accounting Principle (Narrative) (Details) - New Accounting Pronouncement, Early Adoption, Effect [Member] - 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] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 14.1 | |
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast | Maximum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 90 | |
Accounting Standards Update 2016-02 [Member] | Scenario, Forecast | Minimum [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 70 |
Acquisition Of Atwood Narrative
Acquisition Of Atwood Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 06, 2017 | Oct. 05, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | May 26, 2017 |
Business Acquisition [Line Items] | ||||||||||||||
Revenues | $ 454.2 | $ 460.2 | $ 457.5 | $ 471.1 | $ 504.6 | $ 548.2 | $ 909.6 | $ 814 | $ 1,843 | $ 2,776.4 | $ 4,063.4 | |||
Net Income (Loss) Attributable to Parent | (207.1) | $ (25.4) | $ (45.5) | $ (25.7) | $ 39 | $ 85.3 | $ 590.6 | $ 175.3 | (303.7) | 890.2 | (1,594.8) | |||
Shares Issued, Price Per Share | $ 9.25 | |||||||||||||
Bargain purchase gain | 140.2 | 140.2 | $ 0 | $ 0 | ||||||||||
Merger related costs | 11.5 | |||||||||||||
Intangible liabilities | 60 | |||||||||||||
Atwood Oceanics, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Revenues | 23.3 | |||||||||||||
Net Income (Loss) Attributable to Parent | 70.1 | |||||||||||||
Business Acquisition, Transaction Costs | 27.9 | 27.9 | ||||||||||||
Common stock, value (in usd per share) | $ 9.33 | |||||||||||||
Cash settlement for business acquisitions | $ 11.1 | |||||||||||||
Consideration transferred | $ 770.7 | 781.8 | ||||||||||||
Cash and cash equivalents | 445.4 | |||||||||||||
Payments to extinguish acquiree liabilities | $ 1,300 | |||||||||||||
Merger related costs | 19.4 | |||||||||||||
Property and equipment | $ 1,762 | |||||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities Noncurrent | 2.5 | 2.5 | ||||||||||||
Intangible assets acquired | 33.3 | |||||||||||||
Asset amortization | 16.1 | |||||||||||||
Intangible assets, net | 17.2 | 17.2 | ||||||||||||
Amortization expense, in 2018 | 11.4 | 11.4 | ||||||||||||
Amortization expense, in 2019 | $ 5.8 | $ 5.8 | ||||||||||||
Atwood Oceanics, Inc. | Class A Ordinary Shares, U.S. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Entity shares issued per acquiree share | 1.60 | |||||||||||||
Shares Issued, Price Per Share | $ 5.83 | |||||||||||||
Share Price | $ 6.70 | |||||||||||||
Number of ordinary shares | 132,200,000 | |||||||||||||
Minimum [Member] | Drilling rigs and equipment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 4 years | |||||||||||||
Minimum [Member] | Drilling rigs and equipment [Member] | Atwood Oceanics, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 16 years | |||||||||||||
Maximum [Member] | Drilling rigs and equipment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 35 years | |||||||||||||
Maximum [Member] | Drilling rigs and equipment [Member] | Atwood Oceanics, Inc. | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Property, Plant and Equipment, Useful Life | 35 years |
Acquisition Of Atwood Assets Ac
Acquisition Of Atwood Assets Acquired Liabilities Assumed (Details) - USD ($) $ in Millions | Oct. 06, 2017 | Oct. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities: | ||||||
Repayment of Atwood debt | $ (1,305.9) | |||||
Bargain purchase gain | $ 140.2 | $ 140.2 | $ 0 | $ 0 | ||
Atwood Oceanics, Inc. | ||||||
Business Acquisition [Line Items] | ||||||
Business Combination, Acquired Receivables, Gross Contractual Amount | $ 64.7 | |||||
Assets: | ||||||
Cash and cash equivalents | 445.4 | |||||
Accounts Receivable | 62.3 | |||||
Other current assets | 118.1 | |||||
Property and equipment | 1,762 | |||||
Other assets | 23.7 | |||||
Liabilities: | ||||||
Accounts payable and accrued liabilities | 64.9 | |||||
Other liabilities | 118.7 | |||||
Net assets acquired | 2,227.9 | |||||
Merger consideration | $ (770.7) | $ (781.8) |
Acquisition Of Atwood Pro Forma
Acquisition Of Atwood Pro Forma (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | |||||||||||
Earnings per share - basic and diluted (in usd per share) | $ (0.49) | $ (0.08) | $ (0.15) | $ (0.09) | $ 0.13 | $ 0.28 | $ 2.04 | $ 0.74 | $ (0.91) | $ 3.13 | $ (6.88) |
Merger-related costs, excluded from revenue and EPS | $ 80.7 | ||||||||||
Atwood Oceanics, Inc. | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenues | 2,243 | $ 3,622.1 | |||||||||
Net income (loss) | $ (168.7) | $ 1,284.9 | |||||||||
Earnings per share - basic and diluted (in usd per share) | $ (0.39) | $ 3.18 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Executive Retirement Plans [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Change in unrealized gains (losses) included in other income | $ 4,500,000 | $ 1,800,000 | $ 700,000 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | $ 30.9 | $ 27.7 |
Derivative Asset | 6.8 | |
Total financial assets | 37.7 | 27.7 |
Derivative Assets (Liabilities), at Fair Value, Net | (8.8) | |
Financial Liabilities Fair Value Disclosure | 0 | (8.8) |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 30.9 | 27.7 |
Derivative Asset | 0 | |
Total financial assets | 30.9 | |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Derivative Asset | 6.8 | |
Total financial assets | 6.8 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (8.8) | |
Financial Liabilities Fair Value Disclosure | 0 | (8.8) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Derivative Asset | 0 | |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | |
Financial Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements (Sche49
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 4,750.7 | $ 5,274.5 | |
Debt instrument, Fair Value Disclosure | 4,271.8 | 5,001.7 | |
8.50% Senior notes due 2019 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | 251.4 | 480.2 | |
Debt instrument, Fair Value Disclosure | $ 252.9 | 485 | |
Debt instrument, interest rate, stated percentage | 8.50% | ||
Senior Note Maturity Year | 2,019 | ||
6.875% Senior notes due 2020 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 477.9 | 735.9 | |
Debt instrument, Fair Value Disclosure | $ 473.1 | 727.5 | |
Debt instrument, interest rate, stated percentage | 6.875% | ||
Senior Note Maturity Year | 2,020 | ||
4.70% Senior notes due 2021 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 267.1 | 674.4 | |
Debt instrument, Fair Value Disclosure | $ 265.3 | 658.9 | |
Debt instrument, interest rate, stated percentage | 4.70% | ||
Senior Note Maturity Year | 2,021 | ||
3.00% Exchangeable senior notes due 2024 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt instrument, interest rate, stated percentage | 3.00% | ||
Senior Note Maturity Year | 2,024 | ||
3.00% Exchangeable senior notes due 2024 | Convertible Debt [Member] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 635.7 | 604.3 | |
Convertible Debt, Fair Value Disclosures | [1] | 757.1 | 874.7 |
3.00% exchangeable senior notes, excluding discount and net of debt issuance costs | $ 834 | 830.1 | |
Debt instrument, interest rate, stated percentage | 8.00% | ||
Senior Note Maturity Year | 2,024 | ||
4.50% Senior notes due 2024 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 619.3 | 618.6 | |
Debt instrument, Fair Value Disclosure | $ 527.1 | 536 | |
Debt instrument, interest rate, stated percentage | 4.50% | ||
Senior Note Maturity Year | 2,024 | ||
8.00% Senior notes due 2024 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 337.9 | 0 | |
Debt instrument, Fair Value Disclosure | $ 333.8 | 0 | |
Debt instrument, interest rate, stated percentage | 8.00% | ||
Senior Note Maturity Year | 2,024 | ||
5.20% Senior notes due 2025 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 663.6 | 662.8 | |
Debt instrument, Fair Value Disclosure | $ 571.4 | 582.3 | |
Debt instrument, interest rate, stated percentage | 5.20% | ||
Senior Note Maturity Year | 2,025 | ||
7.20% Senior notes due 2027 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 149.3 | 149.2 | |
Debt instrument, Fair Value Disclosure | $ 141.9 | 138.7 | |
Debt instrument, interest rate, stated percentage | 7.20% | ||
Senior Note Maturity Year | 2,027 | ||
7.875% Senior notes due 2040 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 376.7 | 378.3 | |
Debt instrument, Fair Value Disclosure | $ 258.8 | 270.6 | |
Debt instrument, interest rate, stated percentage | 7.875% | ||
Senior Note Maturity Year | 2,040 | ||
5.75% Senior notes due 2044 | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Debt Instrument Carrying Value | $ 971.8 | 970.8 | |
Debt instrument, Fair Value Disclosure | $ 690.4 | $ 728 | |
Debt instrument, interest rate, stated percentage | 5.75% | ||
Senior Note Maturity Year | 2,044 | ||
[1] | Our 2024 Convertible Notes were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount, which will be amortized to interest expense. Excluding the unamortized discount, the carrying value of the 2024 Convertible Notes was $834.0 million and $830.1 million as of December 31, 2017 and 2016. See "Note 5 - Debt" for additional information on this issuance. |
Property And Equipment (Schedul
Property And Equipment (Schedule Of Property And Equipment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 15,332.1 | $ 12,992.5 |
Drilling rigs and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 12,272.4 | 11,067.4 |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 183.4 | 180.8 |
Work in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 2,876.3 | $ 1,744.3 |
Property And Equipment (Narrati
Property And Equipment (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | $ 15,332.1 | $ 12,992.5 | $ 15,332.1 | $ 12,992.5 | |||||||
Loss on impairment | 182.9 | $ 0 | $ 0 | $ 0 | 182.9 | 0 | $ 2,746.4 | ||||
Depreciation expense | 119.5 | $ 108.2 | $ 107.9 | $ 109.2 | 110.2 | $ 109.4 | $ 112.4 | $ 113.3 | 444.8 | 445.3 | 572.5 |
Continuing Operations [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of Long-Lived Assets Held-for-use | 2,500 | ||||||||||
Discontinued Operations [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Impairment of Long-Lived Assets to be Disposed of | $ 148.6 | ||||||||||
Work in progress | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | 2,876.3 | 1,744.3 | 2,876.3 | 1,744.3 | |||||||
Work in progress | Jackup Rigs [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | 423.6 | 415.4 | 423.6 | 415.4 | |||||||
Work in progress | Ultra Deepwater Drillships [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | 2,000 | 1,100 | 2,000 | 1,100 | |||||||
Work in progress | Premium Jackup Rigs [Member] | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | 321.6 | 85.2 | 321.6 | 85.2 | |||||||
Drilling rigs and equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property and equipment | $ 12,272.4 | $ 11,067.4 | $ 12,272.4 | $ 11,067.4 |
Debt (Schedule Of Long-Term Deb
Debt (Schedule Of Long-Term Debt Instruments) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 4,750.7 | $ 5,274.5 |
Debt, Long-term and Short-term, Combined Amount | 4,750.7 | 5,274.5 |
Long-term Debt, Current Maturities | 0 | (331.9) |
Long-term Debt, Excluding Current Maturities | 4,750.7 | 4,942.6 |
8.50% Senior notes due 2019 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 251.4 | 480.2 |
Debt instrument, interest rate, stated percentage | 8.50% | |
Senior Note Maturity Year | 2,019 | |
6.875% Senior notes due 2020 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 477.9 | 735.9 |
Debt instrument, interest rate, stated percentage | 6.875% | |
Senior Note Maturity Year | 2,020 | |
4.70% Senior notes due 2021 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 267.1 | 674.4 |
Debt instrument, interest rate, stated percentage | 4.70% | |
Senior Note Maturity Year | 2,021 | |
3.00% Exchangeable senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt instrument, interest rate, stated percentage | 3.00% | |
Senior Note Maturity Year | 2,024 | |
3.00% Exchangeable senior notes due 2024 | Convertible Debt [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 635.7 | 604.3 |
Debt instrument, interest rate, stated percentage | 8.00% | |
Senior Note Maturity Year | 2,024 | |
4.50% Senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 619.3 | 618.6 |
Debt instrument, interest rate, stated percentage | 4.50% | |
Senior Note Maturity Year | 2,024 | |
8.00% Senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 337.9 | 0 |
Debt instrument, interest rate, stated percentage | 8.00% | |
Senior Note Maturity Year | 2,024 | |
5.20% Senior notes due 2025 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 663.6 | 662.8 |
Debt instrument, interest rate, stated percentage | 5.20% | |
Senior Note Maturity Year | 2,025 | |
7.20% Senior notes due 2027 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 149.3 | 149.2 |
Debt instrument, interest rate, stated percentage | 7.20% | |
Senior Note Maturity Year | 2,027 | |
7.875% Senior notes due 2040 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 376.7 | 378.3 |
Debt instrument, interest rate, stated percentage | 7.875% | |
Senior Note Maturity Year | 2,040 | |
5.75% Senior notes due 2044 | ||
Debt Instrument [Line Items] | ||
Debt Instrument Carrying Value | $ 971.8 | $ 970.8 |
Debt instrument, interest rate, stated percentage | 5.75% | |
Senior Note Maturity Year | 2,044 |
Debt (Schedule of Convertible D
Debt (Schedule of Convertible Debt) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ 132.1 | |
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | 849.5 | $ 849.5 |
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | (213.8) | (245.2) |
Convertible Debt | 635.7 | 604.3 |
Debt Instrument, Convertible, Carrying Amount of Equity Component | $ 220 | $ 220 |
Debt (Schedule of Extinguishmen
Debt (Schedule of Extinguishment of Debt - Tender and OMR) (Details) - Senior Notes [Member] - USD ($) $ in Millions | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 194.1 | $ 1,130.6 | |
Debt Instrument, Repurchase Amount | 204.5 | 863.9 | |
8.50% Senior notes due 2019 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 54.6 | $ 145.8 | 62 |
Debt Instrument, Repurchase Amount | 60.1 | 55.7 | |
6.875% Senior notes due 2020 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 | 219.2 |
Debt Instrument, Repurchase Amount | 105.1 | 181.5 | |
4.70% Senior notes due 2021 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 39.4 | $ 373.9 | 817 |
Debt Instrument, Repurchase Amount | $ 39.3 | 609 | |
4.50% Senior notes due 2024 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 1.7 | ||
Debt Instrument, Repurchase Amount | 0.9 | ||
5.20% Senior notes due 2025 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 30.7 | ||
Debt Instrument, Repurchase Amount | $ 16.8 |
Debt (Schedule of Extinguishm55
Debt (Schedule of Extinguishment of Debt - Exchange Offers) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Mar. 31, 2017 | Jan. 05, 2017 | Dec. 31, 2016 | Dec. 31, 2011 |
Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | $ 194.1 | $ 1,130.6 | |||
Debt Instrument, Repurchase Amount | 204.5 | 863.9 | |||
Senior Notes [Member] | 8.50% Senior notes due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 54.6 | $ 145.8 | 62 | ||
Debt Instrument, Face Amount | $ 500 | ||||
Debt Instrument, Repurchase Amount | 60.1 | 55.7 | |||
Senior Notes [Member] | 6.875% Senior notes due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 | 219.2 | ||
Debt Instrument, Face Amount | 900 | ||||
Debt Instrument, Repurchase Amount | 105.1 | 181.5 | |||
Senior Notes [Member] | 4.70% Senior notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 39.4 | 373.9 | 817 | ||
Debt Instrument, Face Amount | $ 1,500 | ||||
Debt Instrument, Repurchase Amount | 39.3 | $ 609 | |||
Senior Notes [Member] | 8.00% Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 332 | $ 332 | |||
Exchange Offers [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Amount Paid in Cash | $ 332.5 | ||||
Exchange Offers [Member] | 8.50% Senior notes due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Amount Paid in Cash | 81.7 | ||||
Exchange Offers [Member] | 6.875% Senior notes due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Amount Paid in Cash | 69.4 | ||||
Exchange Offers [Member] | 4.70% Senior notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Amount Paid in Cash | 181.4 | ||||
Exchange Offers [Member] | Senior Notes [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 649.5 | ||||
Debt Instrument, Repurchase Amount | 664.5 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 8.50% Senior notes due 2019 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 145.8 | ||||
Debt Instrument, Repurchase Amount | 163.3 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 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 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 6.875% Senior notes due 2020 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 129.8 | ||||
Debt Instrument, Repurchase Amount | 138.7 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 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 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 4.70% Senior notes due 2021 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Repurchased Face Amount | 373.9 | ||||
Debt Instrument, Repurchase Amount | 362.5 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 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 | ||||
Exchange Offers [Member] | Senior Notes [Member] | 8.00% Senior notes due 2024 | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | $ 332 |
Debt (Schedule of Extinguishm56
Debt (Schedule of Extinguishment of Debt - 2018 Tender Offers) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Feb. 28, 2018 | Feb. 09, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||||||
Tender Offer | $ 750 | |||||
Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | $ 194.1 | 1,130.6 | ||||
Debt Instrument, Repurchase Amount | 204.5 | 863.9 | ||||
Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 54.6 | $ 145.8 | 62 | |||
Debt Instrument, Repurchase Amount | 60.1 | 55.7 | ||||
Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 | 219.2 | |||
Debt Instrument, Repurchase Amount | 105.1 | 181.5 | ||||
Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 39.4 | $ 373.9 | 817 | |||
Debt Instrument, Repurchase Amount | $ 39.3 | $ 609 | ||||
Scenario, Forecast | ||||||
Debt Instrument [Line Items] | ||||||
Tender Offer | $ 985 | |||||
Scenario, Forecast | Senior Notes [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 650.4 | |||||
Debt Instrument, Repurchase Amount | 693.2 | |||||
Scenario, Forecast | Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 237.6 | $ 55 | $ 182.6 | |||
Debt Instrument, Repurchase Amount | 256.8 | |||||
Scenario, Forecast | Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 256.6 | |||||
Debt Instrument, Repurchase Amount | 277.1 | |||||
Scenario, Forecast | Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Repurchased Face Amount | 156.2 | |||||
Debt Instrument, Repurchase Amount | $ 159.3 |
(Aggregate Maturities Of Long-T
(Aggregate Maturities Of Long-Term Debt) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Feb. 28, 2018 | Feb. 09, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2011 |
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Gross | $ 4,882.8 | $ 6,549.5 | ||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | 132.1 | |||||||||
Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (194.1) | (1,130.6) | ||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (1,155.1) | |||||||||
Debt Instrument, Repurchased Face Amount Net of Exchanged Notes | $ (317.5) | |||||||||
Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (54.6) | (145.8) | (62) | |||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Three | 500 | |||||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Four | 237.6 | |||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (62) | |||||||||
Debt Instrument, Face Amount | $ 500 | |||||||||
Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (100.1) | (129.8) | (219.2) | |||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Four | 900 | |||||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Five | 450.9 | |||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (219.2) | |||||||||
Debt Instrument, Face Amount | 900 | |||||||||
Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (39.4) | (373.9) | (817) | |||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Five | 1,500 | |||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 269.7 | |||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (817) | |||||||||
Debt Instrument, Face Amount | 1,500 | |||||||||
Senior Notes [Member] | 4.50% Senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (1.7) | |||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 623.3 | 625 | ||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (1.7) | |||||||||
Debt Instrument, Face Amount | $ 625 | |||||||||
Senior Notes [Member] | 8.00% Senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 332 | 0 | ||||||||
Debt Instrument, Face Amount | 332 | $ 332 | ||||||||
Senior Notes [Member] | 5.20% Senior notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (30.7) | |||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 669.3 | 700 | ||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (30.7) | |||||||||
Debt Instrument, Face Amount | $ 700 | |||||||||
Senior Notes [Member] | 7.20% Senior notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 150 | 150 | ||||||||
Debt Instrument, Face Amount | 150 | |||||||||
Senior Notes [Member] | 7.875% Senior notes due 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 300 | 300 | ||||||||
Debt Instrument, Face Amount | $ 300 | |||||||||
Senior Notes [Member] | 5.75% Senior notes due 2044 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (24.5) | |||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 1,000.5 | 1,025 | ||||||||
Face (Par) Amount of the Original Debt Instrument, Including Repurchases and Equity Exchanges | (24.5) | |||||||||
Debt Instrument, Face Amount | $ 400 | $ 625 | ||||||||
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 849.5 | 849.5 | ||||||||
Debt Instrument, Face Amount | 849.5 | 849.5 | ||||||||
Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $ (213.8) | $ (245.2) | ||||||||
Scenario, Forecast | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Gross | $ 5,232.4 | |||||||||
Scenario, Forecast | Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (650.4) | |||||||||
Debt Instrument, Repurchased Face Amount Net of Debt Issuance | 349.6 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (237.6) | $ (55) | $ (182.6) | |||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Four | 0 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (256.6) | |||||||||
Long-Term Debt, Maturities, Repayments of Principal in Year Five | 194.3 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Debt Instrument, Repurchased Face Amount | (156.2) | |||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 113.5 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 4.50% Senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 623.3 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 8.00% Senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 332 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 5.20% Senior notes due 2025 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 669.3 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 7.75% Senior notes due 2026 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 1,000 | |||||||||
Debt Instrument, Face Amount | 1,000 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 7.20% Senior notes due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 150 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 7.875% Senior notes due 2040 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 300 | |||||||||
Scenario, Forecast | Senior Notes [Member] | 5.75% Senior notes due 2044 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | 1,000.5 | |||||||||
Scenario, Forecast | Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-Term Debt, Maturities, Repayments of Principal after Year Five | $ 849.5 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2015 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2018 | Feb. 28, 2018 | Feb. 09, 2018 | Oct. 31, 2017 | Jan. 05, 2017 | Mar. 31, 2016 | |
Debt Instrument [Line Items] | ||||||||||||||||
Tender Offer | $ 750,000,000 | $ 750,000,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues | 65,550,000 | 1,822,432 | 1,822,432 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 6,200,000 | $ (2,600,000) | $ 287,800,000 | $ (33,500,000) | ||||||||||||
Interest Expense | 224,200,000 | 228,800,000 | 216,300,000 | |||||||||||||
Capitalized interest | $ 72,500,000 | $ 45,700,000 | $ 87,400,000 | |||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.04 | $ 0.04 | $ 0.60 | |||||||||||||
Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 0.00% | |||||||||||||||
Debentures Due 2027 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Redemption Price, Percentage | 0.00% | |||||||||||||||
3.00% Exchangeable senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 3.00% | |||||||||||||||
5.20% Senior notes due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,025 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 5.20% | |||||||||||||||
5.75% Senior notes due 2044 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,044 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | |||||||||||||||
4.50% Senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 4.50% | |||||||||||||||
4.70% Senior notes due 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,021 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 4.70% | |||||||||||||||
6.875% Senior notes due 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,020 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 6.875% | |||||||||||||||
8.50% Senior notes due 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,019 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | |||||||||||||||
7.875% Senior notes due 2040 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,040 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 7.875% | |||||||||||||||
7.20% Senior notes due 2027 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,027 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 7.20% | |||||||||||||||
8.00% Senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||
Tender Offer [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 860,700,000 | $ 860,700,000 | ||||||||||||||
Debt Instrument, Repurchase Amount | 622,300,000 | 622,300,000 | ||||||||||||||
Open Market Repurchases [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 269,900,000 | $ 194,100,000 | 269,900,000 | |||||||||||||
Debt Instrument, Repurchase Amount | 241,600,000 | 204,500,000 | 241,600,000 | |||||||||||||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Current borrowing capacity | 2,000,000,000 | 2,000,000,000 | $ 2,000,000,000 | $ 2,250,000,000 | ||||||||||||
Potential_Additional_Revolver_Capacity | $ 1,500,000,000 | |||||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.75% | |||||||||||||||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | |||||||||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | $ 0 | ||||||||||||||
Debt Covenant, Additional Secured Debt, Value | $ 750,000,000 | |||||||||||||||
Debt Covenant, Additional Secured Debt, Percent Of Tangible Net Worth | 10.00% | |||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $ 0.01 | |||||||||||||||
Debt Covenant, Aggregate Amount Of Available Cash | $ 150,000,000 | |||||||||||||||
Revolving Credit Facility [Member] | Credit Facility due 2020 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Current borrowing capacity | 1,300,000,000 | $ 1,130,000,000 | ||||||||||||||
Revolving Credit Facility [Member] | Credit Facility due 2019 [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Current borrowing capacity | $ 1,200,000,000 | |||||||||||||||
Debt Covenant, Period For Repayment Of Acquired Companies | 90 days | |||||||||||||||
Debt Covenant, Aggregate Amount Of Available Cash, After Repayments | $ 250,000,000 | |||||||||||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 3.00% | |||||||||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five Year Credit Facility Member | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Basis spread on variable rate | 4.00% | |||||||||||||||
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Interest Expense, Debt, Excluding Amortization | 25,500,000 | $ 1,300,000 | ||||||||||||||
Amortization of Debt Issuance Costs and Discounts | 31,400,000 | 1,500,000 | ||||||||||||||
Debt Instrument, Face Amount | 849,500,000 | $ 849,500,000 | 849,500,000 | |||||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||||||
Conversion rate per $1,000 principal amount of shares | 71.3343 | |||||||||||||||
Debt Instrument, Convertible, Conversion Price | $ 14.02 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | |||||||||||||||
Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 1,130,600,000 | $ 194,100,000 | 1,130,600,000 | |||||||||||||
Debt Instrument, Repurchase Amount | 863,900,000 | 204,500,000 | 863,900,000 | |||||||||||||
Gain (Loss) on Extinguishment of Debt | $ 18,200,000 | |||||||||||||||
Senior Notes [Member] | 5.20% Senior notes due 2025 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 700,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,025 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 5.20% | |||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 2,600,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | 30,700,000 | 30,700,000 | ||||||||||||||
Debt Instrument, Repurchase Amount | 16,800,000 | 16,800,000 | ||||||||||||||
Senior Notes [Member] | 5.75% Senior notes due 2044 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 625,000,000 | $ 400,000,000 | ||||||||||||||
Senior Note Maturity Year | 2,044 | 2,044 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | ||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 2,800,000 | $ 18,700,000 | ||||||||||||||
Debt Instrument, Repurchased Face Amount | 24,500,000 | 24,500,000 | ||||||||||||||
Gain (Loss) on Extinguishment of Debt | 8,800,000 | |||||||||||||||
Senior Notes [Member] | 4.50% Senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 625,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,024 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 4.50% | |||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 850,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | 1,700,000 | 1,700,000 | ||||||||||||||
Debt Instrument, Repurchase Amount | 900,000 | 900,000 | ||||||||||||||
Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 1,500,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,021 | 2,021 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 4.70% | 4.70% | ||||||||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 29,600,000 | |||||||||||||||
Debt Instrument, Repurchased Face Amount | 373,900,000 | 817,000,000 | $ 39,400,000 | 817,000,000 | ||||||||||||
Debt Instrument, Repurchase Amount | 609,000,000 | 39,300,000 | 609,000,000 | |||||||||||||
Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 900,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,020 | 2,020 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 6.875% | 6.875% | ||||||||||||||
Debt Instrument, Repurchased Face Amount | 129,800,000 | 219,200,000 | 100,100,000 | 219,200,000 | ||||||||||||
Debt Instrument, Repurchase Amount | $ 181,500,000 | 105,100,000 | $ 181,500,000 | |||||||||||||
Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 500,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,019 | 2,019 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 8.50% | 8.50% | 8.50% | |||||||||||||
Debt Instrument, Repurchased Face Amount | 145,800,000 | $ 62,000,000 | 54,600,000 | $ 62,000,000 | ||||||||||||
Debt Instrument, Repurchase Amount | 55,700,000 | 60,100,000 | 55,700,000 | |||||||||||||
Senior Notes [Member] | 7.875% Senior notes due 2040 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 300,000,000 | |||||||||||||||
Senior Note Maturity Year | 2,040 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 7.875% | |||||||||||||||
Senior Notes [Member] | 7.20% Senior notes due 2027 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 150,000,000 | $ 150,000,000 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 7.20% | 7.20% | ||||||||||||||
Senior Notes [Member] | 8.00% Senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | 332,000,000 | $ 332,000,000 | ||||||||||||||
Senior Note Maturity Year | 2,024 | 2,024 | ||||||||||||||
Debt instrument, interest rate, stated percentage | 8.00% | 8.00% | 8.00% | |||||||||||||
Scenario, Forecast | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Tender Offer | $ 985,000,000 | |||||||||||||||
Scenario, Forecast | Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 650,400,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 693,200,000 | |||||||||||||||
Scenario, Forecast | Senior Notes [Member] | 7.75% Senior notes due 2026 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | |||||||||||||||
Debt instrument, interest rate, stated percentage | 7.75% | |||||||||||||||
Scenario, Forecast | Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 156,200,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 159,300,000 | |||||||||||||||
Scenario, Forecast | Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 256,600,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 277,100,000 | |||||||||||||||
Scenario, Forecast | Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 237,600,000 | $ 55,000,000 | $ 182,600,000 | |||||||||||||
Debt Instrument, Repurchase Amount | $ 256,800,000 | |||||||||||||||
Exchange Offers [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Amortization of Debt Discount (Premium) | 3,500,000 | |||||||||||||||
Amortization of Debt Issuance Costs | $ 2,700,000 | |||||||||||||||
Exchange Offers [Member] | Senior Notes [Member] | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | $ 649,500,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 664,500,000 | |||||||||||||||
Exchange Offers [Member] | Senior Notes [Member] | 4.70% Senior notes due 2021 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 373,900,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 362,500,000 | |||||||||||||||
Exchange Offers [Member] | Senior Notes [Member] | 6.875% Senior notes due 2020 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 129,800,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 138,700,000 | |||||||||||||||
Exchange Offers [Member] | Senior Notes [Member] | 8.50% Senior notes due 2019 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Repurchased Face Amount | 145,800,000 | |||||||||||||||
Debt Instrument, Repurchase Amount | 163,300,000 | |||||||||||||||
Exchange Offers [Member] | Senior Notes [Member] | 8.00% Senior notes due 2024 | ||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||
Debt Instrument, Face Amount | $ 332,000,000 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Maximum maturity period for all derivatives | 18 months | ||
Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains on derivatives not designated as hedging instruments | $ 10 | $ (7) | $ (17.3) |
Foreign Currency Derivative [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative Assets (Liabilities), at Fair Value, Net | 6.8 | $ (8.8) | |
Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 188.4 | ||
Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 131.1 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 82.2 | ||
United Kingdom, Pounds | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 5.6 | ||
Australia, Dollars | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 47.8 | ||
Australia, Dollars | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 5.4 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 27 | ||
Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 93.3 | ||
Brazil, Brazil Real | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 19.9 | ||
Brazil, Brazil Real | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 9.6 | ||
Singapore, Dollars | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 10.4 | ||
No currency | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 1.1 | ||
No currency | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | 9.8 | ||
Indonesia, Rupiahs | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | Not Designated as Hedging Instrument [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Derivative, Notional Amount | $ 7.4 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 7.3 | $ 4.7 | |
Total fair value of derivative liabilities | 0.5 | 13.5 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 6.4 | 4.3 | |
Total fair value of derivative liabilities | 0.3 | 12.2 | |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 5.9 | 4.1 |
Total fair value of derivative liabilities | [1] | 0.2 | 11.4 |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Non-Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [2] | 0.5 | 0.2 |
Total fair value of derivative liabilities | [2] | 0.1 | 0.8 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 0.9 | 0.4 | |
Total fair value of derivative liabilities | 0.2 | 1.3 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.9 | 0.4 |
Total fair value of derivative liabilities | [1] | $ 0.2 | $ 1.3 |
[1] | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. | ||
[2] | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
Derivative Instruments (Gains A
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | $ 8,500,000 | $ 5,400,000 | $ 23,600,000 | |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (400,000) | (12,400,000) | (22,200,000) | |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | (700,000) | 1,900,000 | (100,000) | |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Interest Rate Lock Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | [1] | 0 | 0 | 0 |
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | [1],[2] | (200,000) | (200,000) | (600,000) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 |
Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | [2],[4] | (200,000) | (12,200,000) | (21,600,000) |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3],[4] | (700,000) | 1,900,000 | (100,000) |
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net | [4] | 8,500,000 | (5,400,000) | (23,600,000) |
Derivative, Notional Amount | 188,400,000 | |||
Not Designated as Hedging Instrument [Member] | ||||
Derivative [Line Items] | ||||
Net gains on derivatives not designated as hedging instruments | 10,000,000 | (7,000,000) | (17,300,000) | |
Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 131,100,000 | |||
Contract Drilling [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | (1,100,000) | (13,100,000) | (22,500,000) | |
Depreciation Expense [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | 900,000 | $ 900,000 | $ 900,000 | |
Euro Member Countries, Euro | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 27,000,000 | |||
Euro Member Countries, Euro | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 93,300,000 | |||
Brazil, Brazil Real | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 19,900,000 | |||
Brazil, Brazil Real | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 9,600,000 | |||
Indonesia, Rupiahs | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 7,400,000 | |||
United Kingdom, Pounds | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 82,200,000 | |||
United Kingdom, Pounds | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 5,600,000 | |||
Australia, Dollars | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 47,800,000 | |||
Australia, Dollars | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 5,400,000 | |||
No currency | Designated as Hedging Instrument [Member] | Cash Flow Hedges [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | 1,100,000 | |||
No currency | Not Designated as Hedging Instrument [Member] | Fair Value Hedging [Member] | Foreign Currency Forward Contracts [Member] | ||||
Derivative [Line Items] | ||||
Derivative, Notional Amount | $ 9,800,000 | |||
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our consolidated statements of operations. | |||
[2] | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | |||
[3] | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. | |||
[4] | During the year ended December 31, 2017, $1.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2016, $13.1 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2015, $22.5 million of losses were reclassified from AOCI into contract drilling and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Derivative Instruments (Sched62
Derivative Instruments (Schedule Of Estimated Amount Of Net Gains Associated With Derivatives) (Details) $ in Millions | Dec. 31, 2017USD ($) |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Net unrealized gains to be reclassified to contract drilling expense | $ 3.1 |
Net realized gains to be reclassified to depreciation expense | 0.9 |
Net realized (losses) to be reclassified to interest expense | (0.4) |
Net gains to be reclassified to earnings | $ 3.6 |
Shareholders' Equity (Narrative
Shareholders' Equity (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2016USD ($)shares | |
Stockholders' Equity Note [Abstract] | |
Stock Repurchase Program, Authorized Amount | $ | $ 2,000,000,000 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 35,000,000 |
Stock Repurchased During Period, Shares | 0 |
Shareholders' Equity Shareholde
Shareholders' Equity Shareholders' Equity (Share Issuance Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 06, 2017 | Oct. 05, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Shares Issuance [Line Items] | ||||||||
Stock Issued During Period, Shares, New Issues | 65,550,000 | 1,822,432 | 1,822,432 | |||||
Shares Issued, Price Per Share | $ 9.25 | |||||||
Proceeds from (Repurchase of) Equity | $ 585.5 | |||||||
Gain (Loss) on Extinguishment of Debt | $ 6.2 | $ (2.6) | $ 287.8 | $ (33.5) | ||||
Atwood Oceanics, Inc. | ||||||||
Shares Issuance [Line Items] | ||||||||
Business Combination, Consideration Transferred | $ 770.7 | $ 781.8 | ||||||
Class A Ordinary Shares, U.S. [Member] | Atwood Oceanics, Inc. | ||||||||
Shares Issuance [Line Items] | ||||||||
Number of ordinary shares | 132,200,000 | |||||||
Shares Issued, Price Per Share | $ 5.83 | |||||||
Senior Notes [Member] | ||||||||
Shares Issuance [Line Items] | ||||||||
Debt Instrument, Repurchased Face Amount | $ 1,130.6 | 194.1 | 1,130.6 | |||||
Gain (Loss) on Extinguishment of Debt | $ 18.2 | |||||||
Senior Notes [Member] | 5.75% Senior notes due 2044 | ||||||||
Shares Issuance [Line Items] | ||||||||
Debt Instrument, Repurchased Face Amount | $ 24.5 | 24.5 | ||||||
Gain (Loss) on Extinguishment of Debt | $ 8.8 |
Shareholders' Equity (Schedule
Shareholders' Equity (Schedule Of Activity In Our Various Shareholders' Equity) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | $ 8,255 | $ 8,255 | |||||||||
Net income (loss) | $ (207.1) | $ (28.2) | $ (44.3) | $ (24.6) | $ 40.5 | $ 87.3 | $ 592.6 | $ 176.7 | (304.2) | $ 897.1 | $ (1,585.9) |
Stock Issued During Period, Shares, New Issues | 65,550,000 | 1,822,432 | 1,822,432 | ||||||||
Net other comprehensive income (loss) | 9.6 | $ 6.5 | $ 0.6 | ||||||||
BALANCE | $ 8,730 | $ 8,255 | $ 8,730 | $ 8,255 | |||||||
Common Stock [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE, shares | 310,300,000 | 242,900,000 | 310,300,000 | 242,900,000 | 240,600,000 | ||||||
BALANCE | $ 31.1 | $ 24.4 | $ 31.1 | $ 24.4 | $ 24.2 | ||||||
Stock Issued During Period, Shares, New Issues | 132,200,000 | 65,600,000 | |||||||||
Stock Issued During Period, Value, New Issues | $ 13.2 | $ 6.5 | |||||||||
Conversion of Stock, Shares Issued | 1,800,000 | ||||||||||
Conversion of Stock, Amount Issued | $ 0.2 | ||||||||||
Shares issued under share-based compensation plans, net, shares | 4,500,000 | 2,300,000 | |||||||||
Shares issued under share-based compensation plans, net | $ 0.5 | $ 0.2 | |||||||||
BALANCE, shares | 447,000,000 | 310,300,000 | 447,000,000 | 310,300,000 | 242,900,000 | ||||||
BALANCE | $ 44.8 | $ 31.1 | $ 44.8 | $ 31.1 | $ 24.4 | ||||||
Additional Paid-In Capital [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 6,402.2 | 5,554.5 | 6,402.2 | 5,554.5 | 5,517.5 | ||||||
Stock Issued During Period, Value, New Issues | 757.5 | 579 | |||||||||
Conversion of Stock, Amount Issued | 14.8 | ||||||||||
Debt Instrument, Convertible, Carrying Amount of Equity Component | 220 | 220 | |||||||||
Shares issued under share-based compensation plans, net | (0.4) | 0 | |||||||||
Tax benefit (deficiency) from share-based compensation | (3.4) | (2.4) | |||||||||
Share-based compensation cost | 35.7 | 37.3 | 39.4 | ||||||||
BALANCE | 7,195 | 6,402.2 | 7,195 | 6,402.2 | 5,554.5 | ||||||
Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 1,864.1 | 985.3 | 1,864.1 | 985.3 | 2,720.4 | ||||||
Net income (loss) | (303.7) | 890.2 | (1,594.8) | ||||||||
Cash dividends paid | (13.6) | (11.4) | (140.3) | ||||||||
BALANCE | 1,532.7 | 1,864.1 | 1,532.7 | 1,864.1 | 985.3 | ||||||
AOCI [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 19 | 12.5 | 19 | 12.5 | 11.9 | ||||||
Net other comprehensive income (loss) | 9.6 | 6.5 | 0.6 | ||||||||
BALANCE | 28.6 | 19 | 28.6 | 19 | 12.5 | ||||||
Treasury Shares [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | (65.8) | (63.8) | (65.8) | (63.8) | (59) | ||||||
Shares issued under share-based compensation plans, net | (1.3) | (0.2) | |||||||||
Repurchase of shares | (1.9) | (2) | (4.6) | ||||||||
BALANCE | (69) | (65.8) | (69) | (65.8) | (63.8) | ||||||
Noncontrolling Interest [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
BALANCE | 4.4 | $ 4.3 | 4.4 | 4.3 | 7.9 | ||||||
Net income (loss) | (0.5) | 6.9 | 8.9 | ||||||||
Distributions to noncontrolling interests | (6) | (7.8) | (12.5) | ||||||||
Proceeds from Noncontrolling Interests | 1 | ||||||||||
BALANCE | $ (2.1) | $ 4.4 | $ (2.1) | $ 4.4 | $ 4.3 | ||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-16 [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | (14.1) | ||||||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | Accounting Standards Update 2016-16 [Member] | Retained Earnings [Member] | |||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ (14.1) |
Benefit Plans (Summary Of Non-V
Benefit Plans (Summary Of Non-Vested Share Award Related Compensation Expense Recognized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Tax benefit | $ (4.8) | $ (5.9) | $ (4.8) |
Total non-vested share award related compensation expense included in net income | 28 | 30.6 | 32.5 |
Contract Drilling [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | 18.3 | 19.9 | 19.5 |
General And Administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | 14.5 | 16.6 | 17.8 |
Operating Expenses [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Non-vested share award related compensation expense | $ 32.8 | $ 36.5 | $ 37.3 |
Benefit Plans (Summary Of Value
Benefit Plans (Summary Of Value Of Non-Vested Share Awards Granted And Vested) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non Vested Share Awards, Equity Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ 7.90 | $ 10.42 | $ 23.95 |
Total fair value of non-vested share awards vested during the period (in millions) | $ 8.6 | $ 8.8 | $ 18 |
Non-Vested Share Awards, Liability Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ 6.27 | $ 9.64 | $ 0 |
Total fair value of non-vested share awards vested during the period (in millions) | $ 3.9 | $ 0 | $ 0 |
Benefit Plans (Summary Of Non68
Benefit Plans (Summary Of Non-Vested Share Award Activity) (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non Vested Share Awards, Equity Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share awards and cash-settled awards as of December 31, 2016 | 3,073 | ||
Non-vested Granted, Shares | 1,433 | ||
Non-vested Vested, Shares | (1,123) | ||
Non-vested Forfeited, Shares | (78) | ||
Share awards and cash-settled awards as of December 31, 2017 | 3,305 | 3,073 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested as of December 31, 2016, Weighted-Average Grant-Date Fair Value | $ 26.02 | ||
Non-vested Granted, Weighted-Average Grant-Date Fair Value | 7.90 | $ 10.42 | $ 23.95 |
Non-vested Vested, Weighted-Average Grant-Date Fair Value | 32.75 | ||
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value | 31.52 | ||
Non-vested as of December 31, 2017, Weighted-Average Grant-Date Fair Value | $ 16.06 | $ 26.02 | |
Non-Vested Share Awards, Liability Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Share awards and cash-settled awards as of December 31, 2016 | 3,060 | ||
Non-vested Granted, Shares | 4,968 | ||
Non-vested Vested, Shares | (614) | ||
Non-vested Forfeited, Shares | (325) | ||
Share awards and cash-settled awards as of December 31, 2017 | 7,089 | 3,060 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | |||
Non-vested as of December 31, 2016, Weighted-Average Grant-Date Fair Value | $ 9.64 | ||
Non-vested Granted, Weighted-Average Grant-Date Fair Value | 6.27 | $ 9.64 | $ 0 |
Non-vested Vested, Weighted-Average Grant-Date Fair Value | 9.64 | ||
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value | 7.77 | ||
Non-vested as of December 31, 2017, Weighted-Average Grant-Date Fair Value | $ 7.37 | $ 9.64 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 25.97 | ||
Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common Stock, Shares Authorized | 32,000,000 | ||
Shares reserved for issuance as awards | 18,200,000 | ||
Share Options Award [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost on awards | $ 0 | ||
Share options award, outstanding | 896,279 | ||
Non-Vested Share Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost on awards | $ 74,800 | ||
Recognized compensation cost, weighted-average period, years | 1 year 11 months 19 days | ||
Non-Vested Share Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 33.00% | ||
Non-Vested Share Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 20.00% | ||
Non-Vested Share Awards, Liability Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period | 4,968,000 | ||
Non Vested Share Awards, Equity Classified [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Granted in Period | 1,433,000 | ||
Exercisable In Increments Over Three-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 33.00% | ||
Exercisable In Increments Over Four-Year Period [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share awards, vest rate | 25.00% | ||
Performance Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation cost on awards | $ 8,200 | ||
Recognized compensation cost, weighted-average period, years | 1 year 9 months 18 days | ||
Share option awards, exercisable, increment | 3 years | ||
Performance awards, granted, aggregate grant-date fair value | $ 6,700 | $ 6,100 | $ 8,300 |
Performance awards, vested, aggregate fair value | 2,900 | 2,800 | 4,600 |
Recognized compensation expense | $ 8,400 | 3,100 | 2,900 |
Savings Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance as awards | 1,000,000 | ||
Share awards, vest rate | 33.00% | ||
Share option awards, exercisable, increment | 3 years | ||
Employee match | 100.00% | ||
Total matching contributions | $ 12,200 | 16,700 | 18,900 |
Profit sharing contribution provisions | $ 19,200 | $ 27,500 | |
Savings Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of eligible employee compensation to be matched by employer | 5.00% | ||
Atwood Oceanics, Inc. | Long-Term Incentive Plan (LTIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares reserved for issuance as awards | 1,600,000 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets and Liabilities (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)$ / bbl | Dec. 31, 2014$ / bbl | |
Goodwill [Line Items] | ||
Goodwill | $ 276.1 | |
Accumulated impairment of goodwill | $ (3,000) | |
Price per barrel | $ / bbl | 15 | 35 |
Floaters [Member] | ||
Goodwill [Line Items] | ||
Goodwill, impairment loss | $ (83.5) | |
Jackups [Member] | ||
Goodwill [Line Items] | ||
Goodwill, impairment loss | $ (192.6) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2018 | |
Income from continuing operations before income taxes in the U.S. countries | $ 6.3 | $ (151.6) | $ (578.2) | |||
Income from continuing operations before income taxes in the non-U.S. countries | (202.3) | 1,100 | (893) | |||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 16.5 | |||||
Tax Cuts and Jobs Act of 2017, transition tax | 38.5 | |||||
Tax Cuts and Jobs Act of 2017, tax benefit on re-measurement on deferred tax assets and liabilities | 17.3 | |||||
Tax Cuts and Jobs Act of 2017, tax benefit from adjustment to valuation allowance | 20 | |||||
Tax Cuts and Jobs Act of 2017, tax benefit on valuation allowance | 19.3 | |||||
Deferred tax assets related to U.S. foreign tax credits | 132.3 | 132.3 | 91.7 | |||
Deferred tax assets related to net operating loss carryforwards | 187.1 | 187.1 | 197.9 | |||
Net operating loss carryforwards | 844.1 | 844.1 | ||||
Operating loss carryforwards, Not subject to expiration | 429.2 | 429.2 | ||||
Operating loss carryforwards, Subject to expiration | 414.9 | 414.9 | ||||
Valuation allowance on NOL carryforwards and FTC | 250.3 | 250.3 | ||||
Income Tax Expense (Benefit), Discrete Item | 32.2 | 8.4 | ||||
Other discrete income tax expenses | $ 15.7 | |||||
Valuation Allowance, Deferred Tax Asset, Change in Amount | 5.5 | $ 11 | ||||
Unrecognized Tax Benefits Associated with Liabilities for Unrecognized Tax Benefits | $ 5.3 | |||||
Consilidated effective income tax rate excluding discrete items | (96.00%) | 20.30% | 16.00% | |||
Minimum percentage threshold for recognition of tax benefits | 50.00% | |||||
Total unrecognized tax benefits | 147.6 | $ 147.6 | $ 122 | $ 140.6 | ||
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions With Net Operating Loss Carryforwards | 8.2 | 5.7 | ||||
Amount of unrecognized tax benefits affecting the consolidated effective income tax rate if recognized | 130.3 | 130.3 | ||||
Amount of accrued interest and penalties included in other liabilities | 38.6 | 38.6 | 26.6 | |||
Amount of interest and penalties recognized in net tax expense | 4.4 | 3.8 | 3.9 | |||
Income tax benefits, inclusive of interest and penalties due to lapses in statute of limitations | 1.1 | 1.1 | 0.6 | 7.6 | ||
Unamortized deferred charges related to intercompany transfers | 33 | |||||
Amount included in current income taxes for amortization of deferred income taxes related to intercompany transfers | 4.1 | 2.6 | ||||
Deferred tax liability related to temporary difference from transferred drilling rigs | 18.9 | |||||
Tax benefits included in deferred income tax expense related to amortization of deferred reversing temporary differences from intercompany transfers | 2.3 | 1.8 | ||||
Other Liabilities [Member] | ||||||
Total unrecognized tax benefits | 139.4 | $ 139.4 | 116.3 | |||
Rig Impairments [Member] | ||||||
Income Tax Expense (Benefit), Discrete Item | $ 192.5 | |||||
Minimum [Member] | ||||||
Deferred Tax Assets, Foreign, Expiration Date | 2,022 | |||||
Operating loss carryforwards tax credits expiration year | 2,018 | |||||
Maximum [Member] | ||||||
Deferred Tax Assets, Foreign, Expiration Date | 2,038 | |||||
Operating loss carryforwards tax credits expiration year | 2,037 | |||||
Other Operating Income (Expense) [Member] | ||||||
Income Tax Expense (Benefit), Discrete Item | $ 16.9 | |||||
Scenario, Forecast | ||||||
Decline in unrecognized tax benefits during next twelve months | $ 3.6 | |||||
Accrued interest and penalty assessments related to the decline in unrecognized tax benefits | $ 1 | |||||
Accounting Standards Update 2016-16 [Member] | New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 14.1 | |||||
Atwood Oceanics, Inc. | ||||||
Amount of accrued interest and penalties included in other liabilities | $ 7.7 | $ 7.7 |
Income Taxes (Summary Of Compon
Income Taxes (Summary Of Components Of Provision For Income Taxes From Continuing Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||||||||||
Current income tax expense, U.S. | $ (2.2) | $ (6.6) | $ 18.7 | ||||||||
Current income tax expense, Non-U.S. | 56.4 | 86.4 | 125.4 | ||||||||
Current Income Tax Expense, Total | 54.2 | 79.8 | 144.1 | ||||||||
Deferred income tax expense (benefit), U.S. | 36 | 15.9 | (180.4) | ||||||||
Deferred income tax expense (benefit), Non-U.S. | 19 | 12.8 | 22.4 | ||||||||
Deferred income tax expense | 55 | 28.7 | (158) | ||||||||
Income Tax Expense (Benefit) | $ 42.4 | $ 23.4 | $ 19.3 | $ 24.1 | $ 3.9 | $ (3.5) | $ 36.7 | $ 71.4 | $ 109.2 | $ 108.5 | $ (13.9) |
Income Taxes (Summary Of Effect
Income Taxes (Summary Of Effective Income Tax Rate On Continuing Operations) (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
U.K. statutory income tax rate | 19.20% | 20.00% | 20.20% |
Non-U.K. taxes | (40.40%) | (7.90%) | (12.30%) |
Valuation allowance | (18.00%) | 2.60% | (1.50%) |
Assets impairment | (17.10%) | 0.00% | (4.00%) |
Bargain purchase gain | 13.80% | 0.00% | 0.00% |
U.S. tax reform | (8.40%) | 0.00% | 0.00% |
Debt repurchases | (2.80%) | (4.10%) | (0.00%) |
Other | (2.00%) | 0.30% | (1.50%) |
Effective income tax rate | (55.70%) | 10.90% | 0.90% |
Income Taxes (Summary Of Signif
Income Taxes (Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||
Net operating loss carryfowards | $ 187.1 | $ 197.9 |
Foreign tax credits | 132.3 | 91.7 |
Premium on long-term debt | 36.1 | 72.7 |
Deferred Tax Assets, Deferred Income | 26 | 55.7 |
Employee benefits, including share-based compensation | 20.7 | 30.6 |
Other | 12.8 | 17.2 |
Total deferred tax assets | 415 | 465.8 |
Valuation allowance | (278.8) | (238.8) |
Net deferred tax assets | 136.2 | 227 |
Property and equipment | (51.5) | (103.3) |
Deferred U.S. tax on foreign income | (24.8) | (15.2) |
Deferred transition tax | (13.7) | 0 |
Deferred costs | (9.1) | (11.4) |
Intercompany transfers of property | 0 | (18.9) |
Other | (8.7) | (8.4) |
Total deferred tax liabilities | (107.8) | (157.2) |
Net deferred tax asset | $ 28.4 | $ 69.8 |
Income Taxes (Summary Of Reconc
Income Taxes (Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||
Balance, beginning of year | $ 122 | $ 140.6 |
Increases in unrecognized tax benefits as a result of Atwood acquisition | 22.2 | 0 |
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 5.4 | 7.6 |
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 0.7 | 4.9 |
Settlements with taxing authorities | (10.2) | (27.6) |
Lapse of applicable statutes of limitations | (0.4) | (0.2) |
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (0.2) | (0.5) |
Impact of foreign currency exchange rates | 8.1 | (2.8) |
Balance, end of year | $ 147.6 | $ 122 |
Discontinued Operations (Schedu
Discontinued Operations (Schedule of Rig Sales) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | $ (0.8) | $ 8.4 | $ (8.7) | |
Net Book Value | [1],[2] | 7.9 | ||
Pre-tax Gain/(Loss) | [2] | 2.7 | ||
Disposal Group, Including Discontinued Operation, Gross Profit (Loss) | [2] | 10.6 | ||
Floaters [Member] | ENSCO DS-2 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 5 | ||
Net Book Value | [1],[2] | 4 | ||
Pre-tax Gain/(Loss) | 1 | |||
Floaters [Member] | ENSCO 6000 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 0.6 | ||
Net Book Value | [1],[2] | 0.8 | ||
Pre-tax Gain/(Loss) | (0.2) | |||
Floaters [Member] | ENSCO 5001 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 2.4 | ||
Net Book Value | [1],[2] | 2.5 | ||
Pre-tax Gain/(Loss) | (0.1) | |||
Floaters [Member] | ENSCO 5002 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 1.6 | ||
Net Book Value | [1],[2] | 0 | ||
Pre-tax Gain/(Loss) | $ 1.6 | |||
Jackups [Member] | ENSCO 90 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 0.3 | ||
Net Book Value | [1],[2] | 0.3 | ||
Pre-tax Gain/(Loss) | 0 | |||
Jackups [Member] | ENSCO 58 [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net cash provided by (used in) discontinued operations | [2] | 0.7 | ||
Net Book Value | [1],[2] | 0.3 | ||
Pre-tax Gain/(Loss) | $ 0.4 | |||
[1] | Includes the rig's net book value as well as inventory and other assets on the date of the sale. | |||
[2] | The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2017 and were previously included within the specified operating segment. |
Discontinued Operations (Summar
Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |||||||||||
Revenues | $ 0 | $ 0 | $ 19.5 | ||||||||
Operating expenses | 1.5 | 3.1 | 39.5 | ||||||||
Operating (loss) income before income taxes | (1.5) | (3.1) | (20) | ||||||||
Income tax benefit | (2.1) | (10.1) | (7.7) | ||||||||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | 0 | (120.6) | |||||||||
Gain on disposal of discontinued operations, net | 0.4 | 1.1 | 4.3 | ||||||||
DISCONTINUED OPERATIONS, NET | $ 1.4 | $ (0.2) | $ 0.4 | $ (0.6) | $ 9.9 | $ (0.7) | $ (0.2) | $ (0.9) | $ 1 | $ 8.1 | $ (128.6) |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | $ 0 | $ 120.6 | |
Discontinued Operations, Income Tax Expense (Benefit), Discrete Item | $ 2.1 | $ 10.2 | |
Discontinued Operations [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | $ 0 | ||
Impairment of Long-Lived Assets to be Disposed of, Tax Benefit | $ 28 |
Commitments And Contingencies79
Commitments And Contingencies (Capital Commitments) (Details) - USD ($) $ in Millions | Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Cumulative Paid | [1] | $ 67.1 | |
Aggregate Contractual Capital Commitments Due In One Year | 317.2 | ||
Aggregate Contractual Capital Commitments Due in Three Years | 165 | ||
Aggregate Contractual Capital Commitments Due Thereafter | 0 | ||
Total | [2] | 549.3 | |
ENSCO 123 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cumulative Paid | [1] | 67.1 | |
Aggregate Contractual Capital Commitments Due In One Year | 218.3 | ||
Aggregate Contractual Capital Commitments Due In Two Years | 10.9 | ||
Aggregate Contractual Capital Commitments Due in Three Years | 0 | ||
Aggregate Contractual Capital Commitments Due Thereafter | 0 | ||
Total | [2] | 285.4 | |
ENSCO DS-14 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cumulative Paid | [1] | 0 | |
Aggregate Contractual Capital Commitments Due In One Year | 15 | ||
Aggregate Contractual Capital Commitments Due in Three Years | 165 | ||
Aggregate Contractual Capital Commitments Due Thereafter | 0 | ||
Total | [2] | 180 | |
ENSCO DS-13 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cumulative Paid | [1] | 0 | |
Aggregate Contractual Capital Commitments Due In One Year | 83.9 | ||
Aggregate Contractual Capital Commitments Due in Three Years | 0 | ||
Aggregate Contractual Capital Commitments Due Thereafter | 0 | ||
Total | [2] | $ 83.9 | |
Scenario, Forecast | ENSCO 123 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Aggregate Contractual Capital Commitments Paid | $ 207.4 | ||
[1] | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2017. Contractual payments made by Atwood prior to the Merger for ENSCO DS-13 (formerly Atwood Admiral) and ENSCO DS-14 (formerly Atwood Archer) are excluded. | ||
[2] | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management, holding costs and interest. |
Commitments And Contingencies80
Commitments And Contingencies (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Rental expenses | $ 29 | $ 32.6 | $ 50.9 |
2,018 | 22.6 | ||
2,019 | 15.3 | ||
2,020 | 11.7 | ||
2,021 | 10.5 | ||
2,022 | 10.8 | ||
Thereafter | 24.6 | ||
Loss Contingency, Damages Sought, Value | 10 | ||
Letters of Credit Outstanding, Amount | $ 75.7 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017servicecontractsegments | |
Segment Reporting Information [Line Items] | |
Number of operating segments | 3 |
Number of reportable segments | 2 |
Number of services | service | 1 |
Number of contract drilling rigs | 62 |
Number of drilling management contracts | contract | 2 |
Ultra Deepwater Drillships [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 12 |
Moored Semisubmersible Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 4 |
Jackup Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 38 |
Floaters [Member] | Ultra Deepwater Drillships [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 10 |
Floaters [Member] | Dynamically Positioned Semisubmersible [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 10 |
Floaters [Member] | Moored Semisubmersible Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 4 |
Floaters [Member] | Asset under Construction [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 2 |
Floaters [Member] | Discontinued Operations, Held-for-sale [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 1 |
Jackups [Member] | Jackup Rigs [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 38 |
Jackups [Member] | Jackup Rigs Deployed [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 37 |
Jackups [Member] | Asset under Construction [Member] | |
Segment Reporting Information [Line Items] | |
Number of contract drilling rigs | 1 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | $ 454.2 | $ 460.2 | $ 457.5 | $ 471.1 | $ 504.6 | $ 548.2 | $ 909.6 | $ 814 | $ 1,843 | $ 2,776.4 | $ 4,063.4 |
Operating expenses - Contract drilling (exclusive of depreciation) | 334.3 | 285.8 | 291.3 | 278.1 | 289 | 298.1 | 350.2 | 363.7 | 1,189.5 | 1,301 | 1,869.6 |
Loss on impairment | 182.9 | 0 | 0 | 0 | 182.9 | 0 | 2,746.4 | ||||
Depreciation | 119.5 | 108.2 | 107.9 | 109.2 | 110.2 | 109.4 | 112.4 | 113.3 | 444.8 | 445.3 | 572.5 |
General and administrative | 70.9 | 30.4 | 30.5 | 26 | 24.7 | 25.3 | 27.4 | 23.4 | 157.8 | 100.8 | 118.4 |
OPERATING INCOME (LOSS) | (253.4) | $ 35.8 | $ 27.8 | $ 57.8 | 80.7 | $ 115.4 | $ 419.6 | $ 313.6 | (132) | 929.3 | (1,243.5) |
Property and equipment, net | 12,873.7 | 10,919.3 | 12,873.7 | 10,919.3 | 11,087.8 | ||||||
Capital expenditures | 536.7 | 322.2 | 1,619.5 | ||||||||
Floaters [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | 1,143.5 | 1,771.1 | 2,466 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 624.2 | 725 | 1,052.8 | ||||||||
Loss on impairment | 174.7 | 1,778.4 | |||||||||
Depreciation | 297.4 | 304.1 | 382.4 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | 47.2 | 742 | (747.6) | ||||||||
Property and equipment, net | 9,650.9 | 8,300.4 | 9,650.9 | 8,300.4 | 8,535.6 | ||||||
Capital expenditures | 470.3 | 110.3 | 1,176.6 | ||||||||
Jackups [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | 640.3 | 929.5 | 1,445.6 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 512.1 | 516.8 | 693.5 | ||||||||
Loss on impairment | 8.2 | 968 | |||||||||
Depreciation | 131.5 | 123.7 | 175.7 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | (11.5) | 289 | (391.6) | ||||||||
Property and equipment, net | 3,177.6 | 2,561 | 3,177.6 | 2,561 | 2,481.2 | ||||||
Capital expenditures | 62.1 | 206.2 | 434.7 | ||||||||
Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | 59.2 | 75.8 | 151.8 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 53.2 | 59.2 | 123.3 | ||||||||
Loss on impairment | 0 | ||||||||||
Depreciation | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | 6 | 16.6 | 28.5 | ||||||||
Property and equipment, net | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures | 0 | 0 | 0 | ||||||||
Operating Segments Total [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | 1,843 | 2,776.4 | 4,063.4 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 1,189.5 | 1,301 | 1,869.6 | ||||||||
Loss on impairment | 182.9 | 2,746.4 | |||||||||
Depreciation | 428.9 | 427.8 | 558.1 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | 41.7 | 1,047.6 | (1,110.7) | ||||||||
Property and equipment, net | 12,828.5 | 10,861.4 | 12,828.5 | 10,861.4 | 11,016.8 | ||||||
Capital expenditures | 532.4 | 316.5 | 1,611.3 | ||||||||
Reconciling Items [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
OPERATING REVENUES | 0 | 0 | 0 | ||||||||
Operating expenses - Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation | 15.9 | 17.5 | 14.4 | ||||||||
General and administrative | 157.8 | 100.8 | 118.4 | ||||||||
OPERATING INCOME (LOSS) | (173.7) | (118.3) | (132.8) | ||||||||
Property and equipment, net | $ 45.2 | $ 57.9 | 45.2 | 57.9 | 71 | ||||||
Capital expenditures | $ 4.3 | $ 5.7 | $ 8.2 |
Segment Information (Schedule83
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Dec. 31, 2017rigscontract |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 65 |
Number of drilling management contracts | contract | 2 |
Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 27 |
Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 38 |
North & South America (Excluding Brazil) [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 14 |
North & South America (Excluding Brazil) [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 8 |
North & South America (Excluding Brazil) [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 6 |
Europe & Mediterranean [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 18 |
Europe & Mediterranean [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 6 |
Europe & Mediterranean [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 12 |
Middle East & Africa [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 15 |
Middle East & Africa [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 4 |
Middle East & Africa [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 11 |
Asia Pacific [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 14 |
Asia Pacific [Member] | Construction in Progress [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 3 |
Asia Pacific [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 6 |
Asia Pacific [Member] | Floaters [Member] | Construction in Progress [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 2 |
Asia Pacific [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 8 |
Asia Pacific [Member] | Jackups [Member] | Construction in Progress [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 1 |
Discontinued Operations, Held-for-sale [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 1 |
Discontinued Operations, Held-for-sale [Member] | Floaters [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 1 |
Discontinued Operations, Held-for-sale [Member] | Jackups [Member] | |
Segment Reporting Information [Line Items] | |
Total number of contract drilling rigs | 0 |
Segment Information (Schedule84
Segment Information (Schedule Of Long-Lived Assets By Geographical Segment) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Long-lived Assets | $ 12,873.7 | $ 10,919.3 | $ 11,087.8 |
Geographic Areas [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 12,873.7 | 10,919.3 | 11,087.8 |
Geographic Areas [Member] | United States [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 2,764.9 | 2,898.3 | 4,731.8 |
Geographic Areas [Member] | SPAIN | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 2,004.2 | 2,334.5 | 757 |
Geographic Areas [Member] | SINGAPORE | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 2,859.3 | 1,388.4 | 832.9 |
Geographic Areas [Member] | Angola [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 795.9 | 821.7 | 1,471.1 |
Geographic Areas [Member] | United Kingdom [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | 609.4 | 409 | 462.4 |
Geographic Areas [Member] | Other countries [Member] | |||
Segment Reporting Information [Line Items] | |||
Long-lived Assets | $ 3,840 | $ 3,067.4 | $ 2,832.6 |
Supplemental Financial Inform85
Supplemental Financial Information (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2018 | |
Segment Reporting Information [Line Items] | ||||
Aggregate Contractual Capital Commitments Due In One Year | $ 317.2 | |||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (75.2) | $ 27.1 | ||
Capitalized interest | 72.5 | 45.7 | $ 87.4 | |
Capital expenditure accruals | 234.3 | $ 11.5 | $ 60.9 | |
ENSCO 123 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Aggregate Contractual Capital Commitments Due In One Year | $ 218.3 | |||
Scenario, Forecast | ENSCO 123 [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Aggregate Contractual Capital Commitments Paid | $ 207.4 |
Supplemental Financial Inform86
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 369 | $ 382.9 |
Allowance for doubtful accounts | (23.6) | (21.9) |
Accounts receivable, net | 345.4 | 361 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 335.4 | 358.4 |
Other Credit Derivatives [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 33.6 | $ 24.5 |
Supplemental Financial Inform87
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Inventory | $ 278.8 | $ 225.2 |
Deferred mobilization costs | 29.7 | 32.4 |
Prepaid taxes | 43.5 | 30.7 |
Prepaid expenses | 14.2 | 7.9 |
Other | 15 | 19.8 |
Other current assets | $ 381.2 | $ 316 |
Supplemental Financial Inform88
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Deferred tax assets | $ 38.8 | $ 69.3 |
Deferred mobilization costs | 37.4 | 35.7 |
Prepaid taxes on intercompany transfers of property | 0 | 33 |
Supplemental executive retirement plan assets | 30.9 | 27.7 |
Finite-Lived Intangible Assets, Net | 15.7 | 0.3 |
Other | 17.4 | 9.9 |
Other assets, net | $ 140.2 | $ 175.9 |
Supplemental Financial Inform89
Supplemental Financial Information (Accrued Liabilities And Other) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Personnel costs | $ 112 | $ 124 |
Deferred revenue | 73 | 116.7 |
Accrued interest | 83.1 | 71.7 |
Taxes | 46.4 | 40.7 |
Derivative Liability | 0.4 | 12.7 |
Other | 11 | 10.8 |
Accrued liabilities and other | $ 325.9 | $ 376.6 |
Supplemental Financial Inform90
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Unrecognized tax benefits (inclusive of interest and penalties) | $ 178 | $ 142.9 |
Intangible Liabilities Noncurrent | 59.6 | 0 |
Deferred revenue | 51.2 | 120.9 |
Supplemental executive retirement plan liabilities | 32 | 28.9 |
Deferred Tax Liabilities, Net, Noncurrent | 18.5 | 5.2 |
Personnel costs | 18.1 | 13.5 |
Deferred Rent Credit | 17.1 | 9.4 |
Other Accrued Liabilities, Noncurrent | 12.2 | 1.7 |
Other liabilities | $ 386.7 | $ 322.5 |
Supplemental Financial Inform91
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Derivative Instruments | $ 22.5 | $ 13.6 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7.8 | 7.6 |
Other | (1.7) | (2.2) |
Accumulated other comprehensive income | $ 28.6 | $ 19 |
Supplemental Financial Inform92
Supplemental Financial Information (Repair And Maintenance Expense Related To Continuing Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||
Repair and maintenance expense | $ 188.7 | $ 151.1 | $ 270.1 |
Supplemental Financial Inform93
Supplemental Financial Information (Cash Flows Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||
(Decrease) increase in liabilities | $ (3.8) | $ (125.8) | $ (158.3) |
(Increase) decrease in accounts receivable | 83.2 | 222.4 | 246.1 |
(Increase) decrease in other assets | (14) | 44 | 25.7 |
Changes in operating assets and liabilities | $ 65.4 | $ 140.6 | $ 113.5 |
Supplemental Financial Inform94
Supplemental Financial Information (Cash Paid For Interest And Income Taxes) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Supplemental Financial Information [Abstract] | |||
Interest, net of amounts capitalized | $ 199.8 | $ 264.8 | $ 249.3 |
Income taxes | $ 62.8 | $ 56.4 | $ 97.3 |
Supplemental Financial Inform95
Supplemental Financial Information Supplemental Financial Information (Major Customers) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Revenue from External Customer [Line Items] | |||||
Gain (Loss) on Contract Termination | $ 205 | ||||
Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | ||
TOTAL [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | [1] | 22.00% | 13.00% | 9.00% | |
BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | [1] | 15.00% | 12.00% | 18.00% | |
concentration risk, percentage excl termination fees | 15.00% | ||||
Petrobras [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | [2] | 11.00% | 9.00% | 14.00% | |
Other Customers [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | 52.00% | 66.00% | 59.00% | ||
Floaters [Member] | BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | 78.00% | 76.00% | 81.00% | ||
Other Rigs [Member] | BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | 17.00% | ||||
Jackups Member | BP [Member] | Customer Concentration Risk [Member] | Sales Revenue, Services, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Concentration Risk, Percentage | 7.00% | ||||
ENSCO DS-4 [Member] | Sales Revenue, Net [Member] | |||||
Revenue from External Customer [Line Items] | |||||
Gain (Loss) on Contract Termination | $ 110.6 | ||||
[1] | (1) For the years ended December 31, 2017, 2016 and 2015, all Total revenues were attributable to the Floater segment.(2) For the years ended December 31, 2017 and 2015, 78% and 81%, respectively, of the revenues provided by BP were attributable to our Floaters segment and the remaining revenues were attributable to our Other segment. For the year ended December 31, 2016, 76%, 17% and 7% of the revenues provided by BP were attributable to our Floaters, Other and Jackups segments, respectively.For the year ended December 31, 2015, excluding the impact of ENSCO DS-4 lump-sum termination payments of $110.6 million | ||||
[2] | For the years ended December 31, 2017, 2016 and 2015, all Petrobras revenues were attributable to our Floaters segment. |
Supplemental Financial Inform96
Supplemental Financial Information Supplemental Financial Information (Revenue by region) (Details) - Geographic Concentration Risk [Member] - Sales Revenue, Services, Net [Member] - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 1,843 | $ 2,776.4 | $ 4,063.4 | |
Angola [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [1] | $ 445.7 | $ 552.1 | $ 586.5 |
Angola [Member] | Floaters [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 88.00% | 87.00% | 88.00% | |
EGYPT | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [1] | $ 214.8 | $ 141.2 | $ 0 |
AUSTRALIA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [1] | $ 206.7 | $ 222.8 | $ 223.2 |
AUSTRALIA | Floaters [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 87.00% | 95.00% | 100.00% | |
Brazil [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [2] | $ 196.2 | $ 298 | $ 468.5 |
SAUDI ARABIA | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [1] | 171.8 | 210.6 | 255.2 |
United Kingdom [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [3] | 164.6 | 246.2 | 400.7 |
Us Gulf Of Mexico [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | [4] | $ 149.8 | $ 531.7 | $ 1,151.5 |
Us Gulf Of Mexico [Member] | Floaters [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 29.00% | 82.00% | 86.00% | |
Us Gulf Of Mexico [Member] | Jackups Member | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Concentration Risk, Percentage | 31.00% | 7.00% | 9.00% | |
Other Geographic Areas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Revenues | $ 293.4 | $ 573.8 | $ 977.8 | |
[1] | (1) For the years ended December 31, 2017, 2016 and 2015, 88%, 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment. | |||
[2] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjBmY2EyMzIyZGIxZTQwYmRiNmQwODBhNzVkMDBhM2ZifFRleHRTZWxlY3Rpb246NDNBMjdEQTQ0OEU4RjQ2NEM2Rjg0Njc3QzNDQjAyRTcM} | |||
[3] | 5) For the years ended December 31, 2017, 2016 and 2015, 29%, 82% and 86% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. For the years ended December 31, 2017, 2016 and 2015, 31%, 7% and 9% of revenues were attributable to our Jackups segment. | |||
[4] | (2) For the years ended December 31, 2017, 2016 and 2015, all revenues were attributable to our Floaters segment.(3) For the years ended December 31, 2017, 2016 and 2015, 87%, 95% and 100% of the revenues earned in Australia, respectively, were attributable to our Floaters segment with the remaining revenues attributable to our Jackups segment.(4) For the years ended December 31, 2017, 2016 and 2015, all revenues were attributable to our Jackups segment.(5) For the years ended December 31, 2017, 2016 and 2015, 29%, 82% and 86% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. For the years ended December 31, 2017, 2016 and 2015, 31%, 7% and 9% of revenues were attributable to our Jackups segment. |
Guarantee Of Registered Secur97
Guarantee Of Registered Securities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Guarantor Obligations [Line Items] | |
Senior notes aggregate outstanding principal balance | $ 1,000,000,000 |
8.50% Senior Notes Due 2019 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,019 |
Debt instrument interest rate stated percentage | 8.50% |
6.875% Senior notes due 2020 | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,020 |
Debt instrument interest rate stated percentage | 6.875% |
7.875% Senior Notes Due 2040 [Member] | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,040 |
Debt instrument interest rate stated percentage | 7.875% |
7.20% Senior notes due 2027 | |
Guarantor Obligations [Line Items] | |
Senior Note Maturity Year | 2,027 |
Debt instrument interest rate stated percentage | 7.20% |
Notes Issued | $ 150,000,000 |
Guarantee Of Registered Secur98
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | $ 454.2 | $ 460.2 | $ 457.5 | $ 471.1 | $ 504.6 | $ 548.2 | $ 909.6 | $ 814 | $ 1,843 | $ 2,776.4 | $ 4,063.4 |
Contract drilling (exclusive of depreciation) | 334.3 | 285.8 | 291.3 | 278.1 | 289 | 298.1 | 350.2 | 363.7 | 1,189.5 | 1,301 | 1,869.6 |
Loss on impairment | 182.9 | 0 | 0 | 0 | 182.9 | 0 | 2,746.4 | ||||
Depreciation | 119.5 | 108.2 | 107.9 | 109.2 | 110.2 | 109.4 | 112.4 | 113.3 | 444.8 | 445.3 | 572.5 |
General and administrative | 70.9 | 30.4 | 30.5 | 26 | 24.7 | 25.3 | 27.4 | 23.4 | 157.8 | 100.8 | 118.4 |
OPERATING INCOME (LOSS) | (253.4) | 35.8 | 27.8 | 57.8 | 80.7 | 115.4 | 419.6 | 313.6 | (132) | 929.3 | (1,243.5) |
OTHER (EXPENSE) INCOME, NET | 87.3 | (40.4) | (53.2) | (57.7) | (46.2) | (30.9) | 209.9 | (64.6) | (64) | 68.2 | (227.7) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (166.1) | (4.6) | (25.4) | 0.1 | 34.5 | 84.5 | 629.5 | 249 | (196) | 997.5 | (1,471.2) |
Total provision for income taxes | 42.4 | 23.4 | 19.3 | 24.1 | 3.9 | (3.5) | 36.7 | 71.4 | 109.2 | 108.5 | (13.9) |
DISCONTINUED OPERATIONS, NET | 1.4 | (0.2) | 0.4 | (0.6) | 9.9 | (0.7) | (0.2) | (0.9) | 1 | 8.1 | (128.6) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) | (207.1) | (28.2) | (44.3) | (24.6) | 40.5 | 87.3 | 592.6 | 176.7 | (304.2) | 897.1 | (1,585.9) |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 2.8 | (1.2) | (1.1) | (1.5) | (2) | (2) | (1.4) | 0.5 | (6.9) | (8.9) |
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ (207.1) | $ (25.4) | $ (45.5) | $ (25.7) | $ 39 | $ 85.3 | $ 590.6 | $ 175.3 | (303.7) | 890.2 | (1,594.8) |
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 52.9 | 27.9 | 31.7 | ||||||||
Contract drilling (exclusive of depreciation) | 50 | 27.3 | 29.2 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0.1 | ||||||||
General and administrative | 45.4 | 36.2 | 51.5 | ||||||||
OPERATING INCOME (LOSS) | (42.5) | (35.6) | (49.1) | ||||||||
OTHER (EXPENSE) INCOME, NET | (6.8) | 152.9 | (169.5) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (49.3) | 117.3 | (218.6) | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (254.4) | 772.9 | (1,376.2) | ||||||||
NET INCOME (LOSS) | (303.7) | 890.2 | (1,594.8) | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | (303.7) | 890.2 | (1,594.8) | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 163.3 | 144.4 | 163.5 | ||||||||
Contract drilling (exclusive of depreciation) | 149.9 | 144.8 | 163.5 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation | 15.9 | 17.2 | 13.8 | ||||||||
General and administrative | 50.8 | 0.2 | 0.2 | ||||||||
OPERATING INCOME (LOSS) | (53.3) | (17.8) | (14) | ||||||||
OTHER (EXPENSE) INCOME, NET | (110.5) | (79) | (28.6) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (163.8) | (96.8) | (42.6) | ||||||||
Total provision for income taxes | 45 | 0.7 | (190.6) | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 129.6 | 205.7 | (1,672.8) | ||||||||
NET INCOME (LOSS) | (79.2) | 108.2 | (1,524.8) | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | (79.2) | 108.2 | (1,524.8) | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 0 | 0 | 0 | ||||||||
Contract drilling (exclusive of depreciation) | 0 | 0.1 | 0 | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation | 0 | 0.4 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | 0 | (0.5) | 0 | ||||||||
OTHER (EXPENSE) INCOME, NET | (71.7) | (76.6) | (71.5) | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (71.7) | (77.1) | (71.5) | ||||||||
Total provision for income taxes | 0 | (0.6) | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 84.2 | 125.7 | (1,771.5) | ||||||||
NET INCOME (LOSS) | 12.5 | 49.2 | (1,843) | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | 12.5 | 49.2 | (1,843) | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | 1,941.2 | 2,897.4 | 4,199.4 | ||||||||
Contract drilling (exclusive of depreciation) | 1,304 | 1,422.1 | 2,008.1 | ||||||||
Loss on impairment | 182.9 | 2,746.4 | |||||||||
Depreciation | 428.9 | 427.7 | 558.6 | ||||||||
General and administrative | 61.6 | 64.4 | 66.7 | ||||||||
OPERATING INCOME (LOSS) | (36.2) | 983.2 | (1,180.4) | ||||||||
OTHER (EXPENSE) INCOME, NET | 110.5 | 7.8 | 41.9 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 74.3 | 991 | (1,138.5) | ||||||||
Total provision for income taxes | 64.2 | 108.4 | 176.7 | ||||||||
DISCONTINUED OPERATIONS, NET | 1 | 8.1 | (128.6) | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) | 11.1 | 890.7 | (1,443.8) | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.5 | (6.9) | (8.9) | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | 11.6 | 883.8 | (1,452.7) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
OPERATING REVENUES | (314.4) | (293.3) | (331.2) | ||||||||
Contract drilling (exclusive of depreciation) | (314.4) | (293.3) | (331.2) | ||||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation | 0 | 0 | 0 | ||||||||
General and administrative | 0 | 0 | 0 | ||||||||
OPERATING INCOME (LOSS) | 0 | 0 | 0 | ||||||||
OTHER (EXPENSE) INCOME, NET | 14.5 | 63.1 | 0 | ||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 14.5 | 63.1 | 0 | ||||||||
Total provision for income taxes | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 40.6 | (1,104.3) | 4,820.5 | ||||||||
NET INCOME (LOSS) | 55.1 | (1,041.2) | 4,820.5 | ||||||||
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ 55.1 | $ (1,041.2) | $ 4,820.5 |
Guarantee Of Registered Secur99
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | $ (207.1) | $ (28.2) | $ (44.3) | $ (24.6) | $ 40.5 | $ 87.3 | $ 592.6 | $ 176.7 | $ (304.2) | $ 897.1 | $ (1,585.9) |
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 8.5 | (5.4) | (23.6) | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0.4 | 12.4 | 22.2 | ||||||||
Other | 0.7 | (0.5) | 2 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 9.6 | 6.5 | 0.6 | ||||||||
COMPREHENSIVE INCOME (LOSS) | (294.6) | 903.6 | (1,585.3) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.5 | (6.9) | (8.9) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | (294.1) | 896.7 | (1,594.2) | ||||||||
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | (303.7) | 890.2 | (1,594.8) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) | (303.7) | 890.2 | (1,594.8) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | (303.7) | 890.2 | (1,594.8) | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | (79.2) | 108.2 | (1,524.8) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 8.5 | (5.4) | (23.6) | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0.4 | 12.4 | 22.2 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 8.9 | 7 | (1.4) | ||||||||
COMPREHENSIVE INCOME (LOSS) | (70.3) | 115.2 | (1,526.2) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | (70.3) | 115.2 | (1,526.2) | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 12.5 | 49.2 | (1,843) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) | 12.5 | 49.2 | (1,843) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | 12.5 | 49.2 | (1,843) | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 11.1 | 890.7 | (1,443.8) | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0 | 0 | 0 | ||||||||
Other | 0.7 | (0.5) | 2 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.7 | (0.5) | 2 | ||||||||
COMPREHENSIVE INCOME (LOSS) | 11.8 | 890.2 | (1,441.8) | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0.5 | (6.9) | (8.9) | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | 12.3 | 883.3 | (1,450.7) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 55.1 | (1,041.2) | 4,820.5 | ||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||
Net change in fair value of derivatives | 0 | 0 | 0 | ||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) | 55.1 | (1,041.2) | 4,820.5 | ||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | ||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ 55.1 | $ (1,041.2) | $ 4,820.5 |
Guarantee Of Registered Secu100
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 445.4 | $ 1,159.7 | $ 121.3 | $ 664.8 |
Short-term Investments | 440 | 1,442.6 | ||
Accounts receivable | 345.4 | 361 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 381.2 | 316 | ||
Total current assets | 1,612 | 3,279.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 15,332.1 | 12,992.5 | ||
Less accumulated depreciation | 2,458.4 | 2,073.2 | ||
Property and equipment, net | 12,873.7 | 10,919.3 | 11,087.8 | |
DUE FROM AFFILIATES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 140.2 | 175.9 | ||
TOTAL ASSETS | 14,625.9 | 14,374.5 | ||
Accounts payable and accrued liabilities | 758.5 | 522.5 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 331.9 | ||
Total current liabilities | 758.5 | 854.4 | ||
DUE TO AFFILIATES | 0 | 0 | ||
LONG-TERM DEBT | 4,750.7 | 4,942.6 | ||
OTHER LIABILITIES | 386.7 | 322.5 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,732.1 | 8,250.6 | ||
NONCONTROLLING INTERESTS | (2.1) | 4.4 | ||
Total equity | 8,730 | 8,255 | ||
Total liabilities and shareholders' equity | 14,625.9 | 14,374.5 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 185.2 | 892.6 | 94 | 287.4 |
Short-term Investments | 440 | 1,165.1 | ||
Accounts receivable | 6.9 | 6.8 | ||
Accounts receivable from affiliates | 351.8 | 486.5 | ||
Other | 0 | 0.1 | ||
Total current assets | 983.9 | 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 | 3,002.1 | 1,512.2 | ||
INVESTMENTS IN AFFILIATES | 9,098.5 | 8,557.7 | ||
OTHER ASSETS, NET | 12.9 | 0 | ||
TOTAL ASSETS | 13,097.4 | 12,621 | ||
Accounts payable and accrued liabilities | 55.4 | 44.1 | ||
Accounts payable to affiliates | 67.3 | 38.8 | ||
Current maturities of long-term debt | 0 | 187.1 | ||
Total current liabilities | 122.7 | 270 | ||
DUE TO AFFILIATES | 1,402.9 | 1,375.8 | ||
LONG-TERM DEBT | 2,841.8 | 2,720.2 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,730 | 8,255 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 8,730 | 8,255 | ||
Total liabilities and shareholders' equity | 13,097.4 | 12,621 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term Investments | 0 | 5.5 | ||
Accounts receivable | 0.4 | 0 | ||
Accounts receivable from affiliates | 492.7 | 251.2 | ||
Other | 8.8 | 6.8 | ||
Total current assets | 501.9 | 263.5 | ||
PROPERTY AND EQUIPMENT, AT COST | 120.8 | 121 | ||
Less accumulated depreciation | 77.1 | 63.8 | ||
Property and equipment, net | 43.7 | 57.2 | ||
DUE FROM AFFILIATES | 2,618 | 4,513.8 | ||
INVESTMENTS IN AFFILIATES | 3,591.9 | 3,462.3 | ||
OTHER ASSETS, NET | 5 | 81.5 | ||
TOTAL ASSETS | 6,760.5 | 8,378.3 | ||
Accounts payable and accrued liabilities | 39 | 45.2 | ||
Accounts payable to affiliates | 458.3 | 208.4 | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | 497.3 | 253.6 | ||
DUE TO AFFILIATES | 3,559.2 | 5,367.6 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
OTHER LIABILITIES | 3.1 | 2.9 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,551.7 | 2,605 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 2,551.7 | 2,605 | ||
Total liabilities and shareholders' equity | 6,760.5 | 8,378.3 | ||
Pride International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 25.6 | 19.8 | 2 | 90.8 |
Short-term Investments | 0 | 0 | ||
Accounts receivable | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 25.6 | 19.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 165.1 | 1,978.8 | ||
INVESTMENTS IN AFFILIATES | 1,106.6 | 1,061.3 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 1,297.3 | 3,059.9 | ||
Accounts payable and accrued liabilities | 21.7 | 28.3 | ||
Accounts payable to affiliates | 12.4 | 5.9 | ||
Current maturities of long-term debt | 0 | 144.8 | ||
Total current liabilities | 34.1 | 179 | ||
DUE TO AFFILIATES | 753.9 | 2,040.7 | ||
LONG-TERM DEBT | 1,106 | 1,449.5 | ||
OTHER LIABILITIES | 0 | |||
ENSCO SHAREHOLDERS' EQUITY | (596.7) | (609.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (596.7) | (609.3) | ||
Total liabilities and shareholders' equity | 1,297.3 | 3,059.9 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 234.6 | 247.3 | 25.3 | 286.6 |
Short-term Investments | 0 | 272 | ||
Accounts receivable | 338.1 | 354.2 | ||
Accounts receivable from affiliates | 424.3 | 152.3 | ||
Other | 372.4 | 309.1 | ||
Total current assets | 1,369.4 | 1,334.9 | ||
PROPERTY AND EQUIPMENT, AT COST | 15,209.5 | 12,869.7 | ||
Less accumulated depreciation | 2,379.5 | 2,007.6 | ||
Property and equipment, net | 12,830 | 10,862.1 | ||
DUE FROM AFFILIATES | 3,736.1 | 7,234.3 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 226.5 | 181.1 | ||
TOTAL ASSETS | 18,162 | 19,612.4 | ||
Accounts payable and accrued liabilities | 642.4 | 404.9 | ||
Accounts payable to affiliates | 730.8 | 636.9 | ||
Current maturities of long-term debt | 0 | |||
Total current liabilities | 1,373.2 | 1,041.8 | ||
DUE TO AFFILIATES | 3,805.3 | 6,455 | ||
LONG-TERM DEBT | 653.7 | 623.7 | ||
OTHER LIABILITIES | 487.8 | 406.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,844.1 | 11,081.2 | ||
NONCONTROLLING INTERESTS | (2.1) | 4.4 | ||
Total equity | 11,842 | 11,085.6 | ||
Total liabilities and shareholders' equity | 18,162 | 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 | 0 | 0 | ||
Accounts receivable from affiliates | (1,268.8) | (890) | ||
Other | 0 | 0 | ||
Total current assets | (1,268.8) | (890) | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | (9,521.3) | (15,239.1) | ||
INVESTMENTS IN AFFILIATES | (13,797) | (13,081.3) | ||
OTHER ASSETS, NET | (104.2) | (86.7) | ||
TOTAL ASSETS | (24,691.3) | (29,297.1) | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable to affiliates | (1,268.8) | (890) | ||
Current maturities of long-term debt | 0 | 0 | ||
Total current liabilities | (1,268.8) | (890) | ||
DUE TO AFFILIATES | (9,521.3) | (15,239.1) | ||
LONG-TERM DEBT | 0 | 0 | ||
OTHER LIABILITIES | (104.2) | (86.7) | ||
ENSCO SHAREHOLDERS' EQUITY | (13,797) | (13,081.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (13,797) | (13,081.3) | ||
Total liabilities and shareholders' equity | $ (24,691.3) | $ (29,297.1) |
Guarantee Of Registered Secu101
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | $ (207.1) | $ (28.2) | $ (44.3) | $ (24.6) | $ 40.5 | $ 87.3 | $ 592.6 | $ 176.7 | $ (304.2) | $ 897.1 | $ (1,585.9) |
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 259.4 | 1,077.4 | 1,697.9 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 2,042.5 | 2,212 | 1,357.3 | ||||||||
Purchases of short-term investments | (1,040) | (2,474.6) | (1,780) | ||||||||
Purchase of Affiliate Debt | 0 | 0 | |||||||||
Acquisition of Atwood, net of cash acquired | (871.6) | 0 | 0 | ||||||||
Additions to property and equipment | (536.7) | (322.2) | (1,619.5) | ||||||||
Net proceeds from disposition of assets | 2.8 | 9.8 | 1.6 | ||||||||
Net cash used in investing activities of continuing operations | (403) | (575) | (2,040.6) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | (537) | (863.9) | (1,072.5) | ||||||||
Proceeds from issuance of senior notes | 0 | 849.5 | 1,078.7 | ||||||||
Proceeds from equity issuance | 0 | 585.5 | 0 | ||||||||
Debt financing costs | (12) | (23.4) | (10.5) | ||||||||
Cash dividends paid | (13.8) | (11.6) | (141.2) | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | 0 | (30.3) | ||||||||
Advances (to) from affiliates | 0 | 0 | 0 | ||||||||
Other | (7.7) | (7.1) | (16) | ||||||||
Net cash provided by (used in) financing activities | (570.5) | 529 | (191.8) | ||||||||
Net cash provided by (used in) discontinued operations | (0.8) | 8.4 | (8.7) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (1.4) | (0.3) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (714.3) | 1,038.4 | (543.5) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,159.7 | 121.3 | 1,159.7 | 121.3 | 664.8 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 445.4 | 1,159.7 | 445.4 | 1,159.7 | 121.3 | ||||||
Loss on impairment | 182.9 | 0 | 0 | 0 | 182.9 | 0 | 2,746.4 | ||||
Depreciation expense | 119.5 | 108.2 | 107.9 | 109.2 | 110.2 | 109.4 | 112.4 | 113.3 | 444.8 | 445.3 | 572.5 |
Deferred income tax expense (benefit) | 55 | 28.7 | (158) | ||||||||
DISCONTINUED OPERATIONS, NET | 1.4 | $ (0.2) | $ 0.4 | (0.6) | 9.9 | $ (0.7) | $ (0.2) | (0.9) | 1 | 8.1 | (128.6) |
Share-based compensation expense | 41.2 | 39.6 | 40.2 | ||||||||
Gain (Loss) on Extinguishment of Debt | 6.2 | (2.6) | 287.8 | (33.5) | |||||||
Other Noncash Income (Expense) | 25.5 | 38.3 | 27.9 | ||||||||
Increase (Decrease) in Other Operating Assets and Liabilities, Net | (65.4) | (140.6) | (113.5) | ||||||||
Ensco Plc [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | (303.7) | 890.2 | (1,594.8) | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | (18.2) | (101.3) | (71.1) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 1,748 | 2,062 | 1,312 | ||||||||
Purchases of short-term investments | (1,022.9) | (2,047.1) | (1,780) | ||||||||
Purchase of Affiliate Debt | (316.3) | (237.9) | |||||||||
Acquisition of Atwood, net of cash acquired | 0 | ||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Net proceeds from disposition of assets | 0 | 0 | 0.3 | ||||||||
Net cash used in investing activities of continuing operations | 408.8 | (223) | (467.7) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | (220.7) | (626) | (1,072.5) | ||||||||
Proceeds from issuance of senior notes | 0 | 1,078.7 | |||||||||
Proceeds from equity issuance | 585.5 | ||||||||||
Debt financing costs | (12) | (23.4) | (10.5) | ||||||||
Cash dividends paid | (13.8) | (11.6) | (141.2) | ||||||||
Proceeds from Contributions from Affiliates | 1,200.6 | 526.2 | |||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | (30.3) | ||||||||||
Advances (to) from affiliates | (848.9) | ||||||||||
Other | (2.6) | (2.2) | (5) | ||||||||
Net cash provided by (used in) financing activities | (1,098) | 1,122.9 | 345.4 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (707.4) | 798.6 | (193.4) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 892.6 | 94 | 892.6 | 94 | 287.4 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 185.2 | 892.6 | 185.2 | 892.6 | 94 | ||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation expense | 0 | 0 | 0.1 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
ENSCO International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | (79.2) | 108.2 | (1,524.8) | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | (117.6) | (46.5) | 2 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 5.5 | 0 | |||||||||
Purchases of short-term investments | 0 | (5.5) | 0 | ||||||||
Purchase of Affiliate Debt | 0 | 0 | |||||||||
Acquisition of Atwood, net of cash acquired | 0 | ||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Net proceeds from disposition of assets | 0 | 0 | 0 | ||||||||
Net cash used in investing activities of continuing operations | 5.5 | (5.5) | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Proceeds from equity issuance | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Proceeds from Contributions from Affiliates | 112.1 | 52 | |||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||||||||||
Advances (to) from affiliates | (2) | ||||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 112.1 | 52 | (2) | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 0 | 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 0 | 0 | 0 | 0 | 0 | ||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation expense | 15.9 | 17.2 | 13.8 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
Pride International Inc. [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 12.5 | 49.2 | (1,843) | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | (100.1) | (116.9) | (114) | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 0 | 0 | 0 | ||||||||
Purchases of short-term investments | 0 | 0 | 0 | ||||||||
Purchase of Affiliate Debt | 0 | 0 | |||||||||
Acquisition of Atwood, net of cash acquired | 0 | ||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Net proceeds from disposition of assets | 0 | 0 | 0 | ||||||||
Net cash used in investing activities of continuing operations | 0 | 0 | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Proceeds from equity issuance | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Proceeds from Contributions from Affiliates | 105.9 | 134.7 | 25.2 | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | 105.9 | 134.7 | 25.2 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 5.8 | 17.8 | (88.8) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 19.8 | 2 | 19.8 | 2 | 90.8 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 25.6 | 19.8 | 25.6 | 19.8 | 2 | ||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation expense | 0 | 0.4 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | ||||||||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 11.1 | 890.7 | (1,443.8) | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 495.3 | 1,342.1 | 1,881 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 289 | 150 | 45.3 | ||||||||
Purchases of short-term investments | (17.1) | (422) | 0 | ||||||||
Purchase of Affiliate Debt | 0 | 0 | |||||||||
Acquisition of Atwood, net of cash acquired | (871.6) | ||||||||||
Additions to property and equipment | (536.7) | (322.2) | (1,619.5) | ||||||||
Net proceeds from disposition of assets | 2.8 | 9.8 | 1.3 | ||||||||
Net cash used in investing activities of continuing operations | (1,133.6) | (584.4) | (1,572.9) | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | 0 | 0 | 0 | ||||||||
Proceeds from issuance of senior notes | 849.5 | 0 | |||||||||
Proceeds from equity issuance | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Proceeds from Contributions from Affiliates | 630.9 | ||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||||||||||
Advances (to) from affiliates | (1,387.3) | (549.4) | |||||||||
Other | (5.1) | (4.9) | (11) | ||||||||
Net cash provided by (used in) financing activities | 625.8 | (542.7) | (560.4) | ||||||||
Net cash provided by (used in) discontinued operations | (0.8) | 8.4 | (8.7) | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (1.4) | (0.3) | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (12.7) | 222 | (261.3) | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 247.3 | 25.3 | 247.3 | 25.3 | 286.6 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | 234.6 | 247.3 | 234.6 | 247.3 | 25.3 | ||||||
Loss on impairment | 182.9 | 2,746.4 | |||||||||
Depreciation expense | 428.9 | 427.7 | 558.6 | ||||||||
DISCONTINUED OPERATIONS, NET | 1 | 8.1 | (128.6) | ||||||||
Consolidating Adjustments [Member] | |||||||||||
Guarantor Obligations [Line Items] | |||||||||||
NET INCOME (LOSS) | 55.1 | (1,041.2) | 4,820.5 | ||||||||
OPERATING ACTIVITIES | |||||||||||
Net cash provided by operating activities of continuing operations | 0 | 0 | 0 | ||||||||
INVESTING ACTIVITIES | |||||||||||
Maturities of short-term investments | 0 | 0 | 0 | ||||||||
Purchases of short-term investments | 0 | 0 | 0 | ||||||||
Purchase of Affiliate Debt | 316.3 | 237.9 | |||||||||
Acquisition of Atwood, net of cash acquired | 0 | ||||||||||
Additions to property and equipment | 0 | 0 | 0 | ||||||||
Net proceeds from disposition of assets | 0 | 0 | 0 | ||||||||
Net cash used in investing activities of continuing operations | 316.3 | 237.9 | 0 | ||||||||
FINANCING ACTIVITIES | |||||||||||
Reduction of long-term borrowings | (316.3) | (237.9) | 0 | ||||||||
Proceeds from issuance of senior notes | 0 | 0 | |||||||||
Proceeds from equity issuance | 0 | ||||||||||
Debt financing costs | 0 | 0 | 0 | ||||||||
Cash dividends paid | 0 | 0 | 0 | ||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 0 | ||||||||||
Advances (to) from affiliates | 0 | 0 | 0 | ||||||||
Other | 0 | 0 | 0 | ||||||||
Net cash provided by (used in) financing activities | (316.3) | (237.9) | 0 | ||||||||
Net cash provided by (used in) discontinued operations | 0 | 0 | 0 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 | 0 | ||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0 | 0 | 0 | ||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Loss on impairment | 0 | 0 | |||||||||
Depreciation expense | 0 | 0 | 0 | ||||||||
DISCONTINUED OPERATIONS, NET | $ 0 | $ 0 | $ 0 |
Unaudited Quarterly Financia102
Unaudited Quarterly Financial Data (Summary Of Unaudited Quarterly Consolidated Income Statement) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenues | $ 454.2 | $ 460.2 | $ 457.5 | $ 471.1 | $ 504.6 | $ 548.2 | $ 909.6 | $ 814 | $ 1,843 | $ 2,776.4 | $ 4,063.4 |
Contract drilling (exclusive of depreciation) | 334.3 | 285.8 | 291.3 | 278.1 | 289 | 298.1 | 350.2 | 363.7 | 1,189.5 | 1,301 | 1,869.6 |
Loss on impairment | 182.9 | 0 | 0 | 0 | 182.9 | 0 | 2,746.4 | ||||
Depreciation | 119.5 | 108.2 | 107.9 | 109.2 | 110.2 | 109.4 | 112.4 | 113.3 | 444.8 | 445.3 | 572.5 |
General and administrative | 70.9 | 30.4 | 30.5 | 26 | 24.7 | 25.3 | 27.4 | 23.4 | 157.8 | 100.8 | 118.4 |
OPERATING INCOME (LOSS) | (253.4) | 35.8 | 27.8 | 57.8 | 80.7 | 115.4 | 419.6 | 313.6 | (132) | 929.3 | (1,243.5) |
Other income (expense), net(4) | 87.3 | (40.4) | (53.2) | (57.7) | (46.2) | (30.9) | 209.9 | (64.6) | (64) | 68.2 | (227.7) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (166.1) | (4.6) | (25.4) | 0.1 | 34.5 | 84.5 | 629.5 | 249 | (196) | 997.5 | (1,471.2) |
Provision for income taxes | 42.4 | 23.4 | 19.3 | 24.1 | 3.9 | (3.5) | 36.7 | 71.4 | 109.2 | 108.5 | (13.9) |
INCOME (LOSS) FROM CONTINUING OPERATIONS | (208.5) | (28) | (44.7) | (24) | 30.6 | 88 | 592.8 | 177.6 | (305.2) | 889 | (1,457.3) |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET | 1.4 | (0.2) | 0.4 | (0.6) | 9.9 | (0.7) | (0.2) | (0.9) | 1 | 8.1 | (128.6) |
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 2.8 | (1.2) | (1.1) | (1.5) | (2) | (2) | (1.4) | 0.5 | (6.9) | (8.9) |
NET INCOME (LOSS) | (207.1) | (28.2) | (44.3) | (24.6) | 40.5 | 87.3 | 592.6 | 176.7 | (304.2) | 897.1 | (1,585.9) |
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ (207.1) | $ (25.4) | $ (45.5) | $ (25.7) | $ 39 | $ 85.3 | $ 590.6 | $ 175.3 | $ (303.7) | $ 890.2 | $ (1,594.8) |
Loss per share – basic and diluted | |||||||||||
Continuing operations | $ (0.49) | $ (0.08) | $ (0.15) | $ (0.09) | $ 0.10 | $ 0.28 | $ 2.04 | $ 0.74 | $ (0.91) | $ 3.10 | $ (6.33) |
Discontinued operations | 0 | 0 | 0 | 0 | 0.03 | 0 | 0 | 0 | 0 | 0.03 | (0.55) |
Total earnings per share - basic | $ (0.49) | $ (0.08) | $ (0.15) | $ (0.09) | $ 0.13 | $ 0.28 | $ 2.04 | $ 0.74 | $ (0.91) | $ 3.13 | $ (6.88) |
Business Combination, Integration Related Costs, Contract Dilling Expense | $ 7 | ||||||||||
Business Combination, Integration Related Costs, G&A | 30.9 | ||||||||||
Merger related costs | 11.5 | ||||||||||
Bargain purchase gain | 140.2 | $ 140.2 | $ 0 | $ 0 | |||||||
Tax Cuts and Jobs Act of 2017, Incomplete Accounting, Provisional Income Tax Expense (Benefit) | $ 16.5 | ||||||||||
Gain (Loss) on Contract Termination | $ 205 | ||||||||||
Gain (Loss) on Extinguishment of Debt | $ 6.2 | $ (2.6) | $ 287.8 | $ (33.5) |