| Document and Entity Information | ||
| 3 Months Ended
Mar. 31, 2010 | Apr. 21, 2010
| |
| Document Type | 10-Q | |
| Amendment Flag | false | |
| Document Period End Date | 2010-03-31 | |
| Entity Registrant Name | Ensco plc | |
| Entity Central Index Key | 0000314808 | |
| Current Fiscal Year End Date | --03-31 | |
| Document Fiscal Year Focus | 2,010 | |
| Document Fiscal Period Focus | Q1 | |
| Entity Well-known Seasoned Issuer | Yes | |
| Entity Voluntary Filers | No | |
| Entity Current Reporting Status | Yes | |
| Entity Filer Category | Large Accelerated Filer | |
| Entity Common Shares, Shares Outstanding | 142,519,853 |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | ||
| In Millions, except Per Share data | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| Operating revenues | 449.4 | 499.9 |
| Operating Expenses | ||
| Contract drilling (exclusive of depreciation) | 184.9 | 157.7 |
| Depreciation expense | 53.9 | 45.1 |
| General and administrative | 20.6 | 12 |
| Total operating expenses | 259.4 | 214.8 |
| Operating income | 190 | 285.1 |
| Other income (expense), net | 3.1 | -4.3 |
| Income from continuing operations before income taxes | 193.1 | 280.8 |
| Provision For Income Taxes | ||
| Current income tax expense | 22.4 | 47.8 |
| Deferred income tax expense | 10.8 | 6.8 |
| Total provision for income taxes | 33.2 | 54.6 |
| Income from continuing operations | 159.9 | 226.2 |
| Discontinued Operations | ||
| Income (loss) from discontinued operations, net | 2.5 | -4.1 |
| Gain on disposal of discontinued operations, net | 29.2 | |
| Total income (loss) from discontinued operations, net | 31.7 | -4.1 |
| Net income | 191.6 | 222.1 |
| Net income attributable to noncontrolling interests | -1.8 | -1.4 |
| Net income attributable to Ensco | 189.8 | 220.7 |
| Earnings (Loss) Per Share - Basic | ||
| Continuing operations | 1.11 | 1.59 |
| Discontinued operations | 0.22 | -0.03 |
| Total earnings per share - basic | 1.33 | 1.56 |
| Earnings (Loss) Per Share - Diluted | ||
| Continuing operations | 1.11 | 1.59 |
| Discontinued operations | 0.22 | -0.03 |
| Total earnings per share - diluted | 1.33 | 1.56 |
| Net Income Attributable To Ensco Shares | ||
| Basic | 187.4 | 218 |
| Diluted | 187.4 | $218 |
| Weighted-Average Shares Outstanding | ||
| Basic | 140.7 | 140.1 |
| Diluted | 140.8 | 140.1 |
| Cash dividends per share | 0.025 | 0.025 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | ||
| In Millions | Mar. 31, 2010
| Dec. 31, 2009
|
| Current Assets | ||
| Cash and cash equivalents | 1229.4 | 1141.4 |
| Accounts receivable, net | 310.6 | 324.6 |
| Other | 160.8 | 186.8 |
| Total current assets | 1700.8 | 1652.8 |
| Property and equipment, at cost | 6132.9 | 6151.2 |
| Less accumulated depreciation | 1650.3 | 1673.9 |
| Property and equipment, net | 4482.6 | 4477.3 |
| Goodwill | 336.2 | 336.2 |
| Long-term investments | 55.4 | 60.5 |
| Other assets, net | 207.7 | 220.4 |
| Total assets | 6782.7 | 6747.2 |
| Current Liabilities | ||
| Accounts payable - trade | 97.6 | 159.1 |
| Accrued liabilities and other | 221.8 | 308.6 |
| Current maturities of long-term debt | 17.2 | 17.2 |
| Total current liabilities | 336.6 | 484.9 |
| Long-term debt | 257.2 | 257.2 |
| Deferred income taxes | 379 | 377.3 |
| Other liabilities | 110.1 | 120.7 |
| Commitments and Contingencies | ||
| Ensco Shareholders' Equity | ||
| Additional paid-in capital | 611.3 | 602.6 |
| Retained earnings | 5065.5 | 4879.2 |
| Accumulated other comprehensive income | 2.5 | 5.2 |
| Treasury shares, at cost, 7.5 million shares | -3.3 | -2.9 |
| Total Ensco shareholders' equity | 5691.1 | 5499.2 |
| Noncontrolling interests | 8.7 | 7.9 |
| Total equity | 5699.8 | 5507.1 |
| Total liabilities and equity | 6782.7 | 6747.2 |
| Common Class A, par value in USD [Member] | ||
| Ensco Shareholders' Equity | ||
| Common shares, value | 15 | 15 |
| Common Class B, par value in GBP [Member] | ||
| Ensco Shareholders' Equity | ||
| Common shares, value | 0.1 | 0.1 |
| CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) | ||
| Mar. 31, 2010
| Dec. 31, 2009
| |
| Treasury shares, shares held | 7,500,000 | 7,500,000 |
| Common Class A, par value in USD [Member] | ||
| Common shares, par value | 0.1 | 0.1 |
| Common shares, shares authorized | 250,000,000 | 250,000,000 |
| Common shares, shares issued | 150,000,000 | 150,000,000 |
| Common Class B, par value in GBP [Member] | ||
| Common shares, par value | 1 | 1 |
| Common shares, shares authorized | 50,000 | 50,000 |
| Common shares, shares issued | 50,000 | 50,000 |
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | ||
| In Millions | 3 Months Ended
Mar. 31, 2010 | 3 Months Ended
Mar. 31, 2009 |
| Operating Activities | ||
| Net income | 191.6 | 222.1 |
| Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
| Depreciation expense | 53.9 | 45.1 |
| Amortization expense | 10.9 | 7.9 |
| Deferred income tax expense | 10.8 | 6.8 |
| Share-based compensation expense | 10.7 | 7 |
| (Income) loss from discontinued operations, net | -2.5 | 4.1 |
| Gain on disposal of discontinued operations, net | -29.2 | |
| Other | 0.3 | 6 |
| Changes in operating assets and liabilities: | ||
| (Increase) decrease in accounts receivable | -3.5 | 6.5 |
| Decrease (increase) in other assets | 6.4 | -25.2 |
| (Decrease) increase in liabilities | -105.3 | 47.4 |
| Net cash provided by operating activities of continuing operations | 144.1 | 327.7 |
| Investing Activities | ||
| Additions to property and equipment | -167.7 | -183.9 |
| Proceeds from disposal of discontinued operations | 90 | 4.9 |
| Proceeds from disposition of assets | 0.2 | 0.8 |
| Net cash used in investing activities | -77.5 | -178.2 |
| Financing Activities | ||
| Cash dividends paid | -3.5 | -3.5 |
| Other | -1.3 | -1.1 |
| Net cash used in financing activities | -4.8 | -4.6 |
| Effect of exchange rate changes on cash and cash equivalents | -0.5 | -0.3 |
| Net cash provided by (used in) operating activities of discontinued operations | 26.7 | -6.9 |
| Increase in cash and cash equivalents | 88 | 137.7 |
| Cash and cash equivalents, beginning of period | 1141.4 | 789.6 |
| Cash and cash equivalents, end of period | 1229.4 | 927.3 |
| Unaudited Condensed Consolidated Financial Statements | |
| 3 Months Ended
Mar. 31, 2010 | |
| Unaudited Condensed Consolidated Financial Statements | Note 1 - Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company", "Ensco", "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2009 condensed consolidated balance sheet data were derived from our 2009 audited consolidated financial statements but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. The financial data for the quarters ended March 31, 2010 and 2009 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act of 1933, and the independent registered public accounting firm's liability under Section 11 does not extend to it. Results of operations for the quarter ended March 31, 2010 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2010. It is recommended that these condensed consolidated financial statements be read in conjunction with our audited consolidated financial statements and notes thereto for the year ended December 31, 2009 included in our Annual Report on Form 10-K filed with the SEC on February 25, 2010. |
| Noncontrolling Interests | |
| 3 Months Ended
Mar. 31, 2010 | |
| Noncontrolling Interests | Note 2 - Noncontrolling Interests Noncontrolling interests are classified as equity on our consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately on our consolidated statements of income. In our Asia Pacific operating segment, local third parties hold a noncontrolling ownership interest in three of our subsidiaries. No changes in the ownership interests of these subsidiaries occurred during the quarters ended March 31, 2010 and 2009 The following table is a reconciliation of income from continuing operations attributable to Ensco for the quarters ended March 31, 2010 and 2009 (in millions): 2010 2009 Income from continuing operations $159.9 $226.2 Income from continuing operations attributable to noncontrolling interests (1.8 ) (1.4 ) Income from continuing operations attributable to Ensco $158.1 $224.8 Income (loss) from discontinued operations, net, for the quarters ended March 31, 2010 and 2009 was attributable to Ensco. |
| Earnings Per Share | |
| 3 Months Ended
Mar. 31, 2010 | |
| Earnings Per Share | Note 3 - Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS includes the dilutive effect of share options using the treasury stock method and excludes non-vested shares. The following table is a reconciliation of net income attributable to Ensco shares used in our basic and diluted EPS computations for the quarters ended March 31, 2010 and 2009 (in millions): 2010 2009 Net income attributable to Ensco $189.8 $220.7 Net income allocated to non-vested share awards (2.4 ) (2.7 ) Net income attributable to Ensco shares $187.4 $218.0 The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the quarters ended March 31, 2010 and 2009 (in millions): 2010 2009 Weighted-average shares - basic 140.7 140.1 Potentially dilutive share options .1 .0 Weighted-average shares - diluted 140.8 140.1 Antidilutive share options totaling 1.0 million and 1.5 million were excluded from the computation of diluted EPS for the quarters ended March 31, 2010 and 2009, respectively. |
| Derivative Instruments | |
| 3 Months Ended
Mar. 31, 2010 | |
| Derivative Instruments | Note 4 - Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars, however, a portion of the revenues earned and expenses incurred by some of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts ("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. Although no interest rate related derivatives were outstanding as of March 31, 2010 and December 31, 2009, we occasionally employ an interest rate risk management strategy that utilizes derivatives to minimize or eliminate unanticipated fluctuations in earnings and cash flows arising from changes in, and volatility of, interest rates. We minimize 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 monitoring the financial condition of our counterparties. We do not enter into derivatives for trading or other speculative purposes. All derivatives were recorded on our condensed consolidated balance sheets at fair value. 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. As of March 31, 2010 and December 31, 2009, our condensed consolidated balance sheets included net foreign currency derivative assets of $7.0 million and $13.2 million, respectively. See "Note 7 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value in our condensed consolidated balance sheets as of March 31, 2010 and December 31, 2009 consisted of the following (in millions): Derivative Assets Derivative Liabilities March 31, December 31, March 31, December 31, 2010 2009 2010 2009 Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $6.8 $10.2 $3.3 $1.1 Foreign currency forward contracts - non-current (2) 3.4 3.8 -- -- 10.2 14.0 3.3 1.1 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .2 .3 .1 .0 .2 .3 .1 .0 Total $10.4 $14.3 $3.4 $1.1 (1) Deri |
| Accrued Liabilities and Other | |
| 3 Months Ended
Mar. 31, 2010 | |
| Accrued Liabilities and Other | Note 5 - Accrued Liabilities and Other Accrued liabilities and other as of March 31, 2010 and December 31, 2009 consisted of the following (in millions): 2010 2009 Deferred revenue $63.6 $89.0 Wreckage and debris removal 50.3 50.3 Taxes 49.7 97.3 Personnel costs 29.2 48.6 Other 29.0 23.4 $221.8 $308.6 |
| Comprehensive Income | |
| 3 Months Ended
Mar. 31, 2010 | |
| Comprehensive Income | Note 6 - Comprehensive Income Accumulated other comprehensive income as of March 31, 2010 and December 31, 2009 was comprised of net gains and losses on derivative instruments, net of tax. The components of other comprehensive loss, net of tax, for the quarters ended March 31, 2010 and 2009 were as follows (in millions): 2010 2009 Net income $191.6 $222.1 Other comprehensive (loss) income: Net change in fair value of derivatives (1.4 ) (15.4 ) Reclassification of gains and losses onderivative instruments from other comprehensive(income) loss into net income (1.3 ) 10.0 Net other comprehensive loss (2.7 ) (5.4 ) Comprehensive income 188.9 216.7 Comprehensive income attributable to noncontrolling interests (1.8 ) (1.4 ) Comprehensive income attributable to Ensco $187.1 $215.3 |
| Fair Value Measurements | |
| 3 Months Ended
Mar. 31, 2010 | |
| Fair Value Measurements | Note 7 - Fair Value Measurements The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2010 and December 31, 2009 (in millions): Quoted Prices in Significant Active Markets Other Significant for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Total As of March 31, 2010 Auction rate securities $-- $-- $55.4 $55.4 Supplemental executive retirement plan assets 20.4 -- -- 20.4 Derivatives, net -- 7.0 -- 7.0 Total financial assets $20.4 $7.0 $55.4 $82.8 As of December 31, 2009 Auction rate securities $-- $-- $60.5 $60.5 Supplemental executive retirement plan assets 18.7 -- -- 18.7 Derivatives, net -- 13.2 -- 13.2 Total financial assets $18.7 $13.2 $60.5 $92.4 Auction Rate Securities As of March 31, 2010 and December 31, 2009, we held long-term debt instruments with variable interest rates that periodically reset through an auction process ("auction rate securities") totaling $61.4 million and $66.8 million (par value), respectively. These auction rate securities were classified as long-term investments on our condensed consolidated balance sheets. Our auction rate securities were originally acquired in January 2008 and have maturity dates ranging from 2025 to 2047. Our auction rate securities were measured at fair value on a recurring basis using significant Level 3 inputs as of March 31, 2010 and December 31, 2009. The following table summarizes the fair value measurements of our auction rate securities using significant Level 3 inputs, and changes therein, for the quarters ended March 31, 2010 and 2009 (in millions): 2010 2009 Beginning Balance $60.5 $64.2 Sales (5.4) (2.3) Unrealized gains* .3 .0 Transfers in and/or out of Level 3 -- -- Ending balance $55.4 $61.9 * Unrealized gains are included in other income (expense), net, in our condensed consolidated statements of income. Before utilizing Level 3 inputs in our fair value measurements, we considered whether observable inputs were available. As a result of continued auction failures, quoted prices for our auction rate securities did not exist as of March 31, 2010. Accordingly, we concluded that Level 1 inputs were not available. Brokerage statements received from the four broker/dealers that held our auction rate securities included their estimated market value as of March 31, 2010. Three broker/dealers valued our auction rate securities at par and the fourth valued our auction rate securities at 91% of par. Due to the lack of transp |
| Discontinued Operations | |
| 3 Months Ended
Mar. 31, 2010 | |
| Discontinued Operations | Note 8 - Discontinued Operations ENSCO 50 and ENSCO 51 In March 2010, we sold ENSCO 50 and ENSCO 51 for an aggregate $94.7 million, of which $4.7 million was received in December 2009. We recognized an aggregate pre-tax gain of $33.9 million in connection with the disposals of ENSCO 50 and ENSCO 51, which was included in gain on disposal of discontinued operations, net, in our condensed consolidated statement of income for the quarter ended March 31, 2010. The rigs' aggregate net book value and inventory and other assets on the date of sale totaled $60.8 million. ENSCO 50 and ENSCO 51 operating results were reclassified as discontinued operations in our condensed consolidated statements of income for the quarters ended March 31, 2010 and 2009. ENSCO 69 From May 2007 to June 2009, ENSCO 69 was contracted to Petrosucre, a subsidiary of Petroleos de Venezuela S.A., the national oil company of Venezuela ("PDVSA"). In January 2009, we suspended drilling operations on ENSCO 69 after Petrosucre failed to satisfy its contractual obligations and meet commitments relative to the payment of past due invoices. Petrosucre then took over complete control of ENSCO 69 drilling operations utilizing Petrosucre employees and a portion of the Venezuelan rig crews we had utilized. On June 4, 2009, after Petrosucre's failure to satisfy its contractual payment obligations, failure to reach a mutually acceptable agreement with us and denial of our request to demobilize ENSCO 69 from Venezuela, Petrosucre advised that it would not return the rig and would continue to operate it without our consent. Petrosucre further advised that it would release ENSCO 69 after a six-month period, subject to a mutually agreed accord addressing the resolution of all remaining obligations under the ENSCO 69 drilling contract. On June 6, 2009, we terminated our contract with Petrosucre and removed all remaining Ensco employees from the rig. Due to Petrosucre's failure to satisfy its contractual obligations and meet payment commitments, and in consideration of the Venezuelan government's nationalization of assets owned by international oil and gas companies and oilfield service companies, we concluded it was remote that ENSCO 69 would be returned to us by Petrosucre and operated again by Ensco. Therefore, we recorded the disposal of ENSCO 69 during the second quarter of 2009. ENSCO 69 operating results were reclassified as discontinued operations in our condensed consolidated statements of income for the quarters ended March 31, 2010 and 2009. In November 2009, we executed an agreement with Petrosucre to mitigate our losses and resolve issues relative to outstanding amounts owed by Petrosucre for drilling operations performed by Ensco through the date of termination of the drilling contract in June 2009 (the "agreement"). Although ENSCO 69 will continue to be fully controlled and operated by Petrosucre, the agreement requires Petrosucre to compensate us for its ongoing use of the rig. We recognized $6.9 million of pre-tax income from discontinued operations for the quarter ended March 31, 2010 associated with collections under the agreement. Althou |
| Contingencies | |
| 3 Months Ended
Mar. 31, 2010 | |
| Contingencies | Note 9 - Contingencies FCPA Internal Investigation Following disclosures by other offshore service companies announcing internal investigations involving the legality of amounts paid to and by customs brokers in connection with temporary importation of rigs and vessels into Nigeria, the Audit Committee of our Board of Directors and management commenced an internal investigation in July 2007. The investigation initially focused on our payments to customs brokers relating to the temporary importation of ENSCO 100, our only rig that operated offshore Nigeria during the pertinent period. As is customary for companies operating offshore Nigeria, we had engaged independent customs brokers to process customs clearance of routine shipments of equipment, materials and supplies and to process the ENSCO 100 temporary importation permits, extensions and renewals. One or more of the customs brokers that our subsidiary in Nigeria used to obtain the ENSCO 100 temporary import permits, extensions and renewals also provided this service to other offshore service companies that have undertaken Foreign Corrupt Practices Act ("FCPA") compliance internal investigations. The principal purpose of our investigation was to determine whether any of the payments made to or by our customs brokers were inappropriate under the anti-bribery provisions of the FCPA or whether any violations of the recordkeeping or internal accounting control provisions of the FCPA occurred. Our Audit Committee engaged a Washington, D.C. law firm with significant experience in investigating and advising upon FCPA matters to assist in the internal investigation. Following notification to the Audit Committee and to KPMG LLP, our independent registered public accounting firm, in consultation with the Audit Committee's external legal counsel, we voluntarily notified the United States Department of Justice and the SEC that we had commenced an internal investigation. We expressed our intention to cooperate with both agencies, comply with their directives and fully disclose the results of the investigation. The internal investigation process has involved extensive reviews of documents and records, as well as production to the authorities, and interviews of relevant personnel. In addition to the temporary importation of ENSCO 100, the investigation has examined our customs clearance of routine shipments and immigration activities in Nigeria. Our internal investigation has essentially been concluded. Discussions were held with the authorities to review the results of the investigation and discuss associated matters during 2009 and the first quarter of 2010. We expect to discuss a possible disposition with the authorities in the near-term. Although we believe the U.S. authorities will take into account our voluntary disclosure, our cooperation with the agencies and the remediation and compliance enhancement activities that are underway, we are unable to predict the ultimate disposition of this matter, whether we will be charged with violation of the anti-bribery, recordkeeping or internal accounting control provisions of the FCPA or whether the scope of the investigat |
| Segment Information | |
| 3 Months Ended
Mar. 31, 2010 | |
| Segment Information | Note 10 - Segment Information Our business consists of four operating segments: (1) Deepwater, (2) Asia Pacific, (3) Europe and Africa and (4) North and South America. Each of our four operating segments provides one service, contract drilling. Segment information for the quarters ended March 31, 2010 and 2009 is presented below. General and administrative expense is not allocated to our operating segments for purposes of measuring segment operating income and is included in "Reconciling Items." Assets not allocated to our operating segments consisted primarily of cash and cash equivalents and goodwill and are also included in "Reconciling Items." Three Months Ended March 31, 2010 (in millions) North Europe and Operating Asia and South Segments Reconciling Consolidated Deepwater Pacific Africa America Total Items Total Revenues $130.4 $139.9 $87.6 $91.5 $449.4 $-- $449.4 Operating expensesContract drilling (exclusiveof depreciation) 45.0 53.9 47.1 38.9 184.9 -- 184.9 Depreciation 9.8 19.5 11.8 12.5 53.6 .3 53.9 General and administrative -- -- -- -- -- 20.6 20.6 Operating income (loss) $75.6 $66.5 $28.7 $40.1 $210.9 $(20.9) $190.0 Total assets $2,551.0 $1,179.0 $755.1 $822.1 $5,307.2 $1,475.5 $6,782.7 Three Months Ended March 31, 2009 (in millions) North Europe and Operating Asia and South Segments Reconciling Consolidated Deepwater Pacific Africa America Total Items Total Revenues $-- $211.5 $196.4 $92.0 $499.9 $-- $499.9 Operating expensesContract drilling (exclusiveof depreciation) 4.8 60.3 53.5 39.1 157.7 -- 157.7 Depreciation 2.3 19.6 10.9 12.0 44.8 .3 45.1 General and administrative -- -- -- -- -- 12.0 12.0 Operating (loss) income $(7.1 ) $131.6 $132.0 $40.9 $297.4 $(12.3) $285.1 Total assets $1,877.7 $1,338.4 $808.5 $807.1 $4,831.7 $1,253.2 $6,084.9 |
