Guarantee Of Registered Securities | 9 Months Ended |
Sep. 30, 2013 |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities |
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On May 31, 2011, Ensco plc completed a merger transaction (the "Merger") with Pride International Inc. ("Pride"). In connection with the Merger, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% unsecured senior notes due 2019, 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $1.7 billion as of September 30, 2013. 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. |
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Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of September 30, 2013. |
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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. |
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The following tables present the unaudited condensed consolidating statements of income for the three-month and nine-month periods ended September 30, 2013 and 2012; the unaudited condensed consolidating statements of comprehensive income for the three-month and nine-month periods ended September 30, 2013 and 2012; the condensed consolidating balance sheets as of September 30, 2013 (unaudited) and December 31, 2012; and the unaudited condensed consolidating statements of cash flows for the nine-month periods ended September 30, 2013 and 2012, in accordance with Rule 3-10 of Regulation S-X. |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Three Months Ended September 30, 2013 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING REVENUES | $ | 5.5 | | | $ | 38.1 | | | $ | — | | | $ | 1,300.20 | | | $ | (77.6 | ) | | $ | 1,266.20 | |
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OPERATING EXPENSES | | | | | | | | | | | |
Contract drilling (exclusive of depreciation) | 13 | | | 38.1 | | | — | | | 645.7 | | | (77.6 | ) | | 619.2 | |
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Depreciation | — | | | 1 | | | — | | | 152.3 | | | — | | | 153.3 | |
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General and administrative | 15.2 | | | 0.1 | | | — | | | 22.1 | | | — | | | 37.4 | |
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OPERATING (LOSS) INCOME | (22.7 | ) | | (1.1 | ) | | — | | | 480.1 | | | — | | | 456.3 | |
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OTHER (EXPENSE) INCOME, NET | (18.1 | ) | | 5.9 | | | 15.5 | | | (4.9 | ) | | — | | | (1.6 | ) |
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(LOSS) INCOME BEFORE INCOME TAXES | (40.8 | ) | | 4.8 | | | 15.5 | | | 475.2 | | | — | | | 454.7 | |
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INCOME TAX PROVISION | — | | | 16.2 | | | — | | | 57.1 | | | — | | | 73.3 | |
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EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 419.6 | | | 65.2 | | | 35.3 | | | — | | | (520.1 | ) | | — | |
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NET INCOME | 378.8 | | | 53.8 | | | 50.8 | | | 418.1 | | | (520.1 | ) | | 381.4 | |
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NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (2.6 | ) | | — | | | (2.6 | ) |
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NET INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | | | $ | 53.8 | | | $ | 50.8 | | | $ | 415.5 | | | $ | (520.1 | ) | | $ | 378.8 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Three Months Ended September 30, 2012 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING REVENUES | $ | 5.7 | | | $ | 32.4 | | | $ | — | | | $ | 1,162.10 | | | $ | (76.7 | ) | | $ | 1,123.50 | |
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OPERATING EXPENSES | | | | | | | | | | | | | | | | | |
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Contract drilling (exclusive of depreciation) | 23.2 | | | 32.4 | | | — | | | 528.4 | | | (76.7 | ) | | 507.3 | |
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Depreciation | 0.1 | | | 0.9 | | | — | | | 141.4 | | | — | | | 142.4 | |
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General and administrative | 19.6 | | | — | | | — | | | 20.6 | | | — | | | 40.2 | |
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OPERATING (LOSS) INCOME | (37.2 | ) | | (.9 | ) | | — | | | 471.7 | | | — | | | 433.6 | |
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OTHER EXPENSE, NET | (11.3 | ) | | — | | | (12.4 | ) | | (1.8 | ) | | — | | | (25.5 | ) |
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(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (48.5 | ) | | (.9 | ) | | (12.4 | ) | | 469.9 | | | — | | | 408.1 | |
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INCOME TAX PROVISION | — | | | 13 | | | (7.0 | ) | | 40.9 | | | — | | | 46.9 | |
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DISCONTINUED OPERATIONS, NET | — | | | — | | | — | | | (15.8 | ) | | — | | | (15.8 | ) |
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EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 392 | | | 95 | | | 124.1 | | | — | | | (611.1 | ) | | — | |
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NET INCOME | 343.5 | | | 81.1 | | | 118.7 | | | 413.2 | | | (611.1 | ) | | 345.4 | |
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NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (1.9 | ) | | — | | | (1.9 | ) |
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NET INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | | | $ | 81.1 | | | $ | 118.7 | | | $ | 411.3 | | | $ | (611.1 | ) | | $ | 343.5 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Nine Months Ended September 30, 2013 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING REVENUES | $ | 16.5 | | | $ | 114.4 | | | $ | — | | | $ | 3,766.20 | | | $ | (232.9 | ) | | $ | 3,664.20 | |
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OPERATING EXPENSES | | | | | | | | | | | | |
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Contract drilling (exclusive of depreciation) | 38.2 | | | 114.4 | | | — | | | 1,867.10 | | | (232.9 | ) | | 1,786.80 | |
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Depreciation | 0.2 | | | 2.8 | | | — | | | 452.2 | | | — | | | 455.2 | |
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General and administrative | 48.3 | | | 0.4 | | | — | | | 62.9 | | | — | | | 111.6 | |
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OPERATING (LOSS) INCOME | (70.2 | ) | | (3.2 | ) | | — | | | 1,384.00 | | | — | | | 1,310.60 | |
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OTHER EXPENSE, NET | (48.0 | ) | | (7.2 | ) | | (15.1 | ) | | (.9 | ) | | — | | | (71.2 | ) |
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(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (118.2 | ) | | (10.4 | ) | | (15.1 | ) | | 1,383.10 | | | — | | | 1,239.40 | |
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INCOME TAX PROVISION | — | | | 76.9 | | | — | | | 97.7 | | | — | | | 174.6 | |
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DISCONTINUED OPERATIONS, NET | — | | | — | | | — | | | (.9 | ) | | — | | | (.9 | ) |
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EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,175.00 | | | 255.7 | | | 164.9 | | | — | | | (1,595.6 | ) | | — | |
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NET INCOME | 1,056.80 | | | 168.4 | | | 149.8 | | | 1,284.50 | | | (1,595.6 | ) | | 1,063.90 | |
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NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (7.1 | ) | | — | | | (7.1 | ) |
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NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.80 | | | $ | 168.4 | | | $ | 149.8 | | | $ | 1,277.40 | | | $ | (1,595.6 | ) | | $ | 1,056.80 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF INCOME |
Nine Months Ended September 30, 2012 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING REVENUES | $ | 39 | | | $ | 107.7 | | | $ | — | | | $ | 3,314.50 | | | $ | (246.0 | ) | | $ | 3,215.20 | |
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OPERATING EXPENSES | | | | | | | | | | | | | | | | | |
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Contract drilling (exclusive of depreciation) | 49.3 | | | 107.7 | | | — | | | 1,592.50 | | | (246.0 | ) | | 1,503.50 | |
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Depreciation | 0.3 | | | 2.6 | | | — | | | 411.8 | | | — | | | 414.7 | |
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General and administrative | 48.1 | | | 0.1 | | | — | | | 65.7 | | | — | | | 113.9 | |
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OPERATING (LOSS) INCOME | (58.7 | ) | | (2.7 | ) | | — | | | 1,244.50 | | | — | | | 1,183.10 | |
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OTHER EXPENSE, NET | (31.4 | ) | | (5.9 | ) | | (39.0 | ) | | (.6 | ) | | — | | | (76.9 | ) |
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(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (90.1 | ) | | (8.6 | ) | | (39.0 | ) | | 1,243.90 | | | — | | | 1,106.20 | |
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INCOME TAX PROVISION | — | | | 45.9 | | | — | | | 81.4 | | | — | | | 127.3 | |
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DISCONTINUED OPERATIONS, NET | — | | | — | | | — | | | (23.4 | ) | | — | | | (23.4 | ) |
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EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,040.30 | | | 220.6 | | | 300.9 | | | — | | | (1,561.8 | ) | | — | |
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NET INCOME | 950.2 | | | 166.1 | | | 261.9 | | | 1,139.10 | | | (1,561.8 | ) | | 955.5 | |
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NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) |
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NET INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | | | $ | 166.1 | | | $ | 261.9 | | | $ | 1,133.80 | | | $ | (1,561.8 | ) | | $ | 950.2 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Three Months Ended September 30, 2013 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
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NET INCOME | $ | 378.8 | | | $ | 53.8 | | | $ | 50.8 | | | $ | 418.1 | | | $ | (520.1 | ) | | $ | 381.4 | |
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OTHER COMPREHENSIVE INCOME, NET | | | | | | | | | | | |
Net change in fair value of derivatives | — | | | 8.3 | | | — | | | — | | | — | | | 8.3 | |
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Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | | | 2.8 | | | — | | | — | | | — | | | 2.8 | |
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NET OTHER COMPREHENSIVE INCOME | — | | | 11.1 | | | — | | | — | | | — | | | 11.1 | |
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COMPREHENSIVE INCOME | 378.8 | | | 64.9 | | | 50.8 | | | 418.1 | | | (520.1 | ) | | 392.5 | |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (2.6 | ) | | — | | | (2.6 | ) |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | | | $ | 64.9 | | | $ | 50.8 | | | $ | 415.5 | | | $ | (520.1 | ) | | $ | 389.9 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Three Months Ended September 30, 2012 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
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NET INCOME | $ | 343.5 | | | $ | 81.1 | | | $ | 118.7 | | | $ | 413.2 | | | $ | (611.1 | ) | | $ | 345.4 | |
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OTHER COMPREHENSIVE(LOSS) INCOME, NET | | | | | | | | | | | |
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Net change in fair value of derivatives | — | | | 2.7 | | | — | | | 1.3 | | | — | | | 4 | |
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Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | | | 0.1 | | | — | | | (.4 | ) | | — | | | (.3 | ) |
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NET OTHER COMPREHENSIVE INCOME | — | | | 2.8 | | | — | | | 0.9 | | | — | | | 3.7 | |
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COMPREHENSIVE INCOME | 343.5 | | | 83.9 | | | 118.7 | | | 414.1 | | | (611.1 | ) | | 349.1 | |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (1.9 | ) | | — | | | (1.9 | ) |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | | | $ | 83.9 | | | $ | 118.7 | | | $ | 412.2 | | | $ | (611.1 | ) | | $ | 347.2 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months Ended September 30, 2013 |
(in millions) |
(Unaudited) |
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| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
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NET INCOME | $ | 1,056.80 | | | $ | 168.4 | | | $ | 149.8 | | | $ | 1,284.50 | | | $ | (1,595.6 | ) | | $ | 1,063.90 | |
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OTHER COMPREHENSIVE (LOSS) INCOME, NET | | | | | | | | | | | |
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Net change in fair value of derivatives | — | | | (5.3 | ) | | — | | | — | | | — | | | (5.3 | ) |
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Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | | | 2.2 | | | — | | | — | | | — | | | 2.2 | |
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Other | — | | | — | | | — | | | 0.5 | | | — | | | 0.5 | |
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NET OTHER COMPREHENSIVE (LOSS) INCOME | — | | | (3.1 | ) | | — | | | 0.5 | | | — | | | (2.6 | ) |
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COMPREHENSIVE INCOME | 1,056.80 | | | 165.3 | | | 149.8 | | | 1,285.00 | | | (1,595.6 | ) | | 1,061.30 | |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (7.1 | ) | | — | | | (7.1 | ) |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.80 | | | $ | 165.3 | | | $ | 149.8 | | | $ | 1,277.90 | | | $ | (1,595.6 | ) | | $ | 1,054.20 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME |
Nine Months Ended September 30, 2012 |
(in millions) |
(Unaudited) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
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NET INCOME | $ | 950.2 | | | $ | 166.1 | | | $ | 261.9 | | | $ | 1,139.10 | | | $ | (1,561.8 | ) | | $ | 955.5 | |
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OTHER COMPREHENSIVE (LOSS) INCOME, NET | | | | | | | | | | | |
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Net change in fair value of derivatives | — | | | 5.5 | | | — | | | 4.7 | | | — | | | 10.2 | |
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Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | | | 0.2 | | | — | | | (1.4 | ) | | — | | | (1.2 | ) |
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Other | — | | | — | | | — | | | (1.5 | ) | | — | | | (1.5 | ) |
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NET OTHER COMPREHENSIVE INCOME | — | | | 5.7 | | | — | | | 1.8 | | | — | | | 7.5 | |
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COMPREHENSIVE INCOME | 950.2 | | | 171.8 | | | 261.9 | | | 1,140.90 | | | (1,561.8 | ) | | 963 | |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | | | — | | | — | | | (5.3 | ) | | — | | | (5.3 | ) |
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COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | | | $ | 171.8 | | | $ | 261.9 | | | $ | 1,135.60 | | | $ | (1,561.8 | ) | | $ | 957.7 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS |
30-Sep-13 |
(in millions) |
(Unaudited) |
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| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
ASSETS | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | |
Cash and cash equivalents | $ | 145.3 | | | $ | 0.4 | | | $ | 12.1 | | | $ | 167.6 | | | $ | — | | | $ | 325.4 | |
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Accounts receivable, net | — | | | — | | | — | | | 775.5 | | | — | | | 775.5 | |
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Accounts receivable from affiliates | 1,307.20 | | | 197.3 | | | 4.2 | | | 3,547.40 | | | (5,056.1 | ) | | — | |
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Other | 3.2 | | | 41 | | | 3.1 | | | 368.9 | | | — | | | 416.2 | |
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Total current assets | 1,455.70 | | | 238.7 | | | 19.4 | | | 4,859.40 | | | (5,056.1 | ) | | 1,517.10 | |
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PROPERTY AND EQUIPMENT, AT COST | 2.1 | | | 34 | | | — | | | 16,997.30 | | | — | | | 17,033.40 | |
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Less accumulated depreciation | 1.4 | | | 25.3 | | | — | | | 3,009.30 | | | — | | | 3,036.00 | |
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Property and equipment, net | 0.7 | | | 8.7 | | | — | | | 13,988.00 | | | — | | | 13,997.40 | |
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GOODWILL | — | | | — | | | — | | | 3,274.00 | | | — | | | 3,274.00 | |
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DUE FROM AFFILIATES | 3,473.50 | | | 3,996.20 | | | 1,913.30 | | | 4,442.00 | | | (13,825.0 | ) | | — | |
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INVESTMENTS IN AFFILIATES | 14,429.20 | | | 2,949.40 | | | 3,948.70 | | | — | | | (21,327.3 | ) | | — | |
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OTHER ASSETS, NET | 9.5 | | | 64.1 | | | — | | | 280.8 | | | — | | | 354.4 | |
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| $ | 19,368.60 | | | $ | 7,257.10 | | | $ | 5,881.40 | | | $ | 26,844.20 | | | $ | (40,208.4 | ) | | $ | 19,142.90 | |
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LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | |
Accounts payable and accrued liabilities | $ | 6.4 | | | $ | 38.2 | | | $ | 23.4 | | | $ | 825 | | | $ | — | | | $ | 893 | |
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Accounts payable to affiliates | 3,460.30 | | | 132.7 | | | — | | | 1,463.10 | | | (5,056.1 | ) | | $ | — | |
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Current maturities of long-term debt | — | | | — | | | — | | | 47.5 | | | — | | | $ | 47.5 | |
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Total current liabilities | 3,466.70 | | | 170.9 | | | 23.4 | | | 2,335.60 | | | (5,056.1 | ) | | 940.5 | |
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DUE TO AFFILIATES | 826.6 | | | 2,518.20 | | | 1,148.70 | | | 9,331.50 | | | (13,825.0 | ) | | — | |
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LONG-TERM DEBT | 2,472.70 | | | 149.1 | | | 2,016.20 | | | 105.6 | | | — | | | 4,743.60 | |
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DEFERRED INCOME TAXES | — | | | 309.4 | | | — | | | 31.4 | | | — | | | 340.8 | |
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OTHER LIABILITIES | — | | | 2.4 | | | 9.4 | | | 503.6 | | | — | | | 515.4 | |
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ENSCO SHAREHOLDERS' EQUITY | 12,602.60 | | | 4,107.10 | | | 2,683.70 | | | 14,527.00 | | | (21,327.3 | ) | | 12,593.10 | |
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NONCONTROLLING INTERESTS | — | | | — | | | — | | | 9.5 | | | — | | | 9.5 | |
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Total equity | 12,602.60 | | | 4,107.10 | | | 2,683.70 | | | 14,536.50 | | | (21,327.3 | ) | | 12,602.60 | |
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| $ | 19,368.60 | | | $ | 7,257.10 | | | $ | 5,881.40 | | | $ | 26,844.20 | | | $ | (40,208.4 | ) | | $ | 19,142.90 | |
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ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING BALANCE SHEETS |
31-Dec-12 |
(in millions) |
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| | | | | | | | | | | | | | | | | | | | | | | |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-Guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
ASSETS | | | | | | | | | | | |
CURRENT ASSETS | | | | | | | | | | | |
Cash and cash equivalents | $ | 271.8 | | | $ | 1.7 | | | $ | 85 | | | $ | 128.6 | | | $ | — | | | $ | 487.1 | |
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Accounts receivable, net | — | | | 0.2 | | | — | | | 811.2 | | | — | | | 811.4 | |
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Accounts receivable from affiliates | 1,294.50 | | | 226.5 | | | — | | | 2,375.10 | | | (3,896.1 | ) | | — | |
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Other | 2.8 | | | 24.9 | | | — | | | 397.7 | | | — | | | 425.4 | |
|
Total current assets | 1,569.10 | | | 253.3 | | | 85 | | | 3,712.60 | | | (3,896.1 | ) | | 1,723.90 | |
|
PROPERTY AND EQUIPMENT, AT COST | 2.1 | | | 30.2 | | | — | | | 15,704.80 | | | — | | | 15,737.10 | |
|
Less accumulated depreciation | 1.1 | | | 23.5 | | | — | | | 2,566.90 | | | — | | | 2,591.50 | |
|
Property and equipment, net | 1 | | | 6.7 | | | — | | | 13,137.90 | | | — | | | 13,145.60 | |
|
GOODWILL | — | | | — | | | — | | | 3,274.00 | | | — | | | 3,274.00 | |
|
DUE FROM AFFILIATES | 3,483.50 | | | 3,594.70 | | | 1,628.40 | | | 4,748.90 | | | (13,455.5 | ) | | — | |
|
INVESTMENTS IN AFFILIATES | 13,469.30 | | | 2,693.80 | | | 3,824.80 | | | — | | | (19,987.9 | ) | | — | |
|
OTHER ASSETS, NET | 11.3 | | | 67.4 | | | — | | | 343.1 | | | — | | | 421.8 | |
|
| $ | 18,534.20 | | | $ | 6,615.90 | | | $ | 5,538.20 | | | $ | 25,216.50 | | | $ | (37,339.5 | ) | | $ | 18,565.30 | |
|
LIABILITIES AND SHAREHOLDERS' EQUITY | | | | | | | | |
CURRENT LIABILITIES | | | | | | | | | | | |
Accounts payable and accrued liabilities | $ | 31 | | | $ | 28.1 | | | $ | 34.1 | | | $ | 849 | | | $ | — | | | $ | 942.2 | |
|
Accounts payable to affiliates | 2,364.80 | | | 136.9 | | | — | | | 1,394.40 | | | (3,896.1 | ) | | — | |
|
Current maturities of long-term debt | — | | | — | | | — | | | 47.5 | | | — | | | 47.5 | |
|
Total current liabilities | 2,395.80 | | | 165 | | | 34.1 | | | 2,290.90 | | | (3,896.1 | ) | | 989.7 | |
|
DUE TO AFFILIATES | 1,816.70 | | | 2,054.70 | | | 877.5 | | | 8,706.60 | | | (13,455.5 | ) | | — | |
|
LONG-TERM DEBT | 2,469.60 | | | 149 | | | 2,040.80 | | | 139 | | | — | | | 4,798.40 | |
|
DEFERRED INCOME TAXES | — | | | 335.1 | | | — | | | 16.6 | | | — | | | 351.7 | |
|
OTHER LIABILITIES | — | | | — | | | 10.8 | | | 562.6 | | | — | | | 573.4 | |
|
ENSCO SHAREHOLDERS' EQUITY | 11,852.10 | | | 3,912.10 | | | 2,575.00 | | | 13,495.10 | | | (19,987.9 | ) | | 11,846.40 | |
|
NONCONTROLLING INTERESTS | — | | | — | | | — | | | 5.7 | | | — | | | 5.7 | |
|
Total equity | 11,852.10 | | | 3,912.10 | | | 2,575.00 | | | 13,500.80 | | | (19,987.9 | ) | | 11,852.10 | |
|
| $ | 18,534.20 | | | $ | 6,615.90 | | | $ | 5,538.20 | | | $ | 25,216.50 | | | $ | (37,339.5 | ) | | $ | 18,565.30 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Nine Months Ended September 30, 2013 |
(in millions) |
(Unaudited) |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Net cash (used in) provided by operating activities of continuing operations | $ | (138.0 | ) | | $ | (114.3 | ) | | $ | (54.1 | ) | | $ | 1,738.80 | | | $ | — | | | $ | 1,432.40 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | |
Additions to property and equipment | — | | | — | | | — | | | (1,282.7 | ) | | — | | | (1,282.7 | ) |
|
Maturities of short-term investments | — | | | — | | | — | | | 50 | | | — | | | 50 | |
|
Other | — | | | (3.8 | ) | | — | | | 7.6 | | | — | | | 3.8 | |
|
Net cash used in investing activities of continuing operations | — | | | (3.8 | ) | | — | | | (1,225.1 | ) | | — | | | (1,228.9 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Cash dividends paid | (350.2 | ) | | — | | | — | | | — | | | — | | | (350.2 | ) |
|
Reduction of long-term borrowings | — | | | — | | | — | | | (30.9 | ) | | — | | | (30.9 | ) |
|
Proceeds from exercise of share options | 22 | | | — | | | — | | | — | | | — | | | 22 | |
|
Advances from (to) affiliates | 353.2 | | | 121.3 | | | (18.8 | ) | | (455.7 | ) | | — | | | — | |
|
Other | (13.5 | ) | | (4.5 | ) | | — | | | (2.8 | ) | | — | | | (20.8 | ) |
|
Net cash provided by (used in) financing activities | 11.5 | | | 116.8 | | | (18.8 | ) | | (489.4 | ) | | — | | | (379.9 | ) |
|
DISCONTINUED OPERATIONS | | | | | | | | | | | | |
|
Operating activities | — | | | — | | | — | | | 0.2 | | | — | | | 0.2 | |
|
Investing activities | — | | | — | | | — | | | 15.5 | | | — | | | 15.5 | |
|
Net cash provided by discontinued operations | — | | | — | | | — | | | 15.7 | | | — | | | 15.7 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | (1.0 | ) | | — | | | (1.0 | ) |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (126.5 | ) | | (1.3 | ) | | (72.9 | ) | | 39 | | | — | | | (161.7 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 271.8 | | | 1.7 | | | 85 | | | 128.6 | | | — | | | 487.1 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 145.3 | | | $ | 0.4 | | | $ | 12.1 | | | $ | 167.6 | | | $ | — | | | $ | 325.4 | |
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | |
ENSCO PLC AND SUBSIDIARIES |
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS |
Nine Months Ended September 30, 2012 |
(in millions) |
(Unaudited) |
| Ensco plc | | ENSCO International Incorporated | | Pride International, Inc. | | Other Non-guarantor Subsidiaries of Ensco | | Consolidating Adjustments | | Total |
OPERATING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Net cash (used in) provided by operating activities of continuing operations | $ | (83.3 | ) | | $ | (45.1 | ) | | $ | (12.8 | ) | | $ | 1,737.80 | | | $ | — | | | $ | 1,596.60 | |
|
INVESTING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Additions to property and equipment | — | | | — | | | — | | | (1,583.8 | ) | | — | | | (1,583.8 | ) |
|
Maturities of short-term investments | — | | | — | | | — | | | 4.5 | | | | | 4.5 | |
|
Other | — | | | 0.5 | | | — | | | 2.9 | | | — | | | 3.4 | |
|
Net cash provided by (used in) investing activities of continuing operations | — | | | 0.5 | | | — | | | (1,576.4 | ) | | — | | | (1,575.9 | ) |
|
FINANCING ACTIVITIES | | | | | | | | | | | | | | | | | |
|
Cash dividends paid | (260.9 | ) | | — | | | — | | | — | | | — | | | (260.9 | ) |
|
Commercial paper borrowings, net | (125.0 | ) | | — | | | — | | | — | | | — | | | (125.0 | ) |
|
Reimbursement of equity issuance cost | 66.7 | | | — | | | — | | | — | | | — | | | 66.7 | |
|
Reduction of long-term borrowings | — | | | — | | | — | | | (30.9 | ) | | — | | | (30.9 | ) |
|
Proceeds from exercise of share options | 10.2 | | | 11.9 | | | — | | | — | | | — | | | 22.1 | |
|
Advances from (to) affiliates | 210.2 | | | 34.9 | | | 0.9 | | | (246.0 | ) | | — | | | — | |
|
Other | (11.3 | ) | | — | | | — | | | (4.1 | ) | | — | | | (15.4 | ) |
|
Net cash (used in) provided by financing activities | (110.1 | ) | | 46.8 | | | 0.9 | | | (281.0 | ) | | — | | | (343.4 | ) |
|
DISCONTINUED OPERATIONS | | | | | | | | | | | | |
|
Operating activities | — | | | — | | | — | | | (9.1 | ) | | — | | | (9.1 | ) |
|
Investing activities | — | | | — | | | — | | | 59 | | | — | | | 59 | |
|
Net cash provided by discontinued operations | — | | | — | | | — | | | 49.9 | | | — | | | 49.9 | |
|
Effect of exchange rate changes on cash and cash equivalents | — | | | — | | | — | | | 1.9 | | | — | | | 1.9 | |
|
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (193.4 | ) | | 2.2 | | | (11.9 | ) | | (67.8 | ) | | — | | | (270.9 | ) |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 236.6 | | | — | | | 22.6 | | | 171.5 | | | — | | | 430.7 | |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 43.2 | | | $ | 2.2 | | | $ | 10.7 | | | $ | 103.7 | | | $ | — | | | $ | 159.8 | |
|
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