Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 23, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Ensco plc | |
Entity Central Index Key | 314,808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Shares, Shares Outstanding | 235,475,102 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Income - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $ 1,012.2 | $ 1,201.4 | $ 3,235.1 | $ 3,404.7 |
OPERATING EXPENSES | ||||
Contract drilling (exclusive of depreciation) | 433.5 | 500.2 | 1,454.4 | 1,562.9 |
Depreciation | 145.2 | 135.2 | 422.8 | 398.5 |
Loss on impairment | 2.4 | 0 | 2.4 | 703.5 |
General and administrative | 28.4 | 29.3 | 88.2 | 103.6 |
Total operating expenses | 609.5 | 664.7 | 1,967.8 | 2,768.5 |
OPERATING INCOME | 402.7 | 536.7 | 1,267.3 | 636.2 |
OTHER INCOME (EXPENSE) | ||||
Interest income | 1 | 3.1 | 6.8 | 10.2 |
Interest expense, net | (55.3) | (38) | (158.9) | (109) |
Other, net | 1.9 | (3.5) | (28.3) | 0.5 |
Other income (expense), net | (52.4) | (38.4) | (180.4) | (98.3) |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 350.3 | 498.3 | 1,086.9 | 537.9 |
PROVISION FOR INCOME TAXES | ||||
Current income tax expense | 6.9 | 142.2 | 113.5 | 244.6 |
Deferred income tax expense (benefit) | 26.3 | (67.6) | 55.4 | (77.9) |
Total provision for income taxes | 33.2 | 74.6 | 168.9 | 166.7 |
INCOME FROM CONTINUING OPERATIONS | 317.1 | 423.7 | 918 | 371.2 |
DISCONTINUED OPERATIONS | ||||
LOSS (INCOME) FROM DISCONTINUED OPERATIONS, NET | 23.3 | (9.2) | 33.6 | 811.2 |
NET INCOME (LOSS) | 293.8 | 432.9 | 884.4 | (440) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ 292 | $ 429.4 | $ 877 | $ (450.8) |
EARNINGS PER SHARE - BASIC AND DILUTED | ||||
Continuing operations | $ 1.34 | $ 1.79 | $ 3.87 | $ 1.53 |
Discontinued operations | (0.10) | 0.04 | (0.14) | (3.50) |
Earnings Per Share, Basic and Diluted | $ 1.24 | $ 1.83 | $ 3.73 | $ (1.97) |
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ 287.5 | $ 424.5 | $ 865.2 | $ (456.7) |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||
Basic | 232.4 | 231.8 | 232.2 | 231.5 |
Diluted | 232.5 | 232 | 232.2 | 231.7 |
CASH DIVIDENDS PER SHARE | $ 0.150 | $ 0.750 | $ 0.450 | $ 2.250 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
NET INCOME (LOSS) | $ 293.8 | $ 432.9 | $ 884.4 | $ (440) |
OTHER COMPREHENSIVE (LOSS) INCOME, NET | ||||
Net change in fair value of derivatives | (14.8) | (12.7) | (23.5) | (2.8) |
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | 5.8 | (1.4) | 15.9 | (3.3) |
Other | 2.9 | 3.7 | 4.2 | 4.2 |
NET OTHER COMPREHENSIVE LOSS | (6.1) | (10.4) | (3.4) | (1.9) |
COMPREHENSIVE INCOME (LOSS) | 287.7 | 422.5 | 881 | (441.9) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ 285.9 | $ 419 | $ 873.6 | $ (452.7) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 240.4 | $ 664.8 |
Short-term investments | 850 | 757.3 |
Accounts receivable, net | 735.6 | 883.3 |
Other | 586.6 | 629.4 |
Total current assets | 2,412.6 | 2,934.8 |
PROPERTY AND EQUIPMENT, AT COST | 16,389.2 | 14,975.5 |
Less accumulated depreciation | 2,860.3 | 2,440.7 |
Property and equipment, net | 13,528.9 | 12,534.8 |
GOODWILL | 276.1 | 276.1 |
OTHER ASSETS, NET | 223.2 | 314.2 |
TOTAL ASSETS | 16,440.8 | 16,059.9 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 267.9 | 373.2 |
Accrued liabilities and other | 535.2 | 696.6 |
Current maturities of long-term debt | 0 | 34.8 |
Total current liabilities | 803.1 | 1,104.6 |
LONG-TERM DEBT | 5,903.3 | 5,885.6 |
DEFERRED INCOME TAXES | 208 | 179.5 |
OTHER LIABILITIES | $ 504.6 | $ 667.3 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | $ 5,549 | $ 5,517.5 |
Retained earnings | 3,492.6 | 2,720.4 |
Accumulated other comprehensive income | 8.5 | 11.9 |
Treasury shares, at cost | (63.4) | (59) |
Total Ensco shareholders' equity | 9,011.1 | 8,215 |
NONCONTROLLING INTERESTS | 10.7 | 7.9 |
Total equity | 9,021.8 | 8,222.9 |
Total liabilities and shareholders' equity | 16,440.8 | 16,059.9 |
Class A ordinary shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 24.3 | 24.1 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 0.1 | $ 0.1 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) | Sep. 30, 2015£ / sharesshares | Sep. 30, 2015$ / sharesshares | Dec. 31, 2014£ / sharesshares | Dec. 31, 2014$ / sharesshares |
Treasury shares, shares held (in shares) | 7,600,000 | 7,600,000 | 6,500,000 | 6,500,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.10 | $ 0.10 | ||
Common shares, shares authorized (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | 450,000,000 |
Common shares, shares issued (in shares) | 243,100,000 | 243,100,000 | 240,700,000 | 240,700,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares | £ 1 | £ 1 | ||
Common shares, shares authorized (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares issued (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net income (loss) | $ 884.4 | $ (440) |
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations: | ||
Depreciation expense | 422.8 | 398.5 |
Deferred income tax expense (benefit) | 55.4 | (77.9) |
Share-based compensation expense | 33.9 | 35.5 |
Loss from discontinued operations, net | 33.6 | 811.2 |
Loss on extinguishment of debt | (33.5) | 0 |
Gain on disposal of assets | (19.3) | (6.9) |
Amortization of intangibles and other, net | 2.7 | (6.1) |
Loss on impairment | 2.4 | 703.5 |
Other | 4.4 | (0.9) |
Changes in operating assets and liabilities | (179.2) | 95.8 |
Net cash provided by operating activities of continuing operations | 1,274.6 | 1,512.7 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (1,445.8) | (1,245.1) |
Maturities of short-term investments | 757.3 | 50 |
Purchases of short-term investments | (850) | (45.3) |
Other | 1.4 | 9.8 |
Net cash used in investing activities of continuing operations | (1,537.1) | (1,230.6) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of senior notes | 1,078.7 | 1,246.4 |
Reduction of long-term borrowings | (1,072.5) | (30.9) |
Cash dividends paid | (105.9) | (526.7) |
Premium paid on redemption of debt | (30.3) | 0 |
Debt financing costs | (10.5) | (11.3) |
Other | (8.4) | (17.6) |
Net cash (used in) provided by financing activities | (148.9) | 659.9 |
DISCONTINUED OPERATIONS | ||
Operating activities | (12.7) | 10.6 |
Investing activities | (0.3) | 55.5 |
Net cash (used in) provided by discontinued operations | (13) | 66.1 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (424.4) | 1,008.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 664.8 | 165.6 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 240.4 | $ 1,173.7 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 9 Months Ended |
Sep. 30, 2015 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2014 condensed consolidated balance sheet data were derived from our 2014 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires 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 three-month and nine-month periods ended September 30, 2015 and 2014 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 three-month and nine-month periods ended September 30, 2015 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2015 . We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 2, 2015 and our quarterly reports on Form 10-Q filed with the SEC on April 30, 2015 and July 30, 2015 . Significant Accounting Policies - Operating Revenues and Expenses 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 revenue in the period it is realized or realizable and earned, it can be reasonably measured, and collectability is reasonably assured. During the three-month and nine-month periods ended September 30, 2015 , operating revenues included $110.6 million for the ENSCO DS-4 lump sum termination fee, which we collected in October, as well as $58.6 million related to the ENSCO DS-9 termination, which included an $18.4 million lump-sum for mobilization, capital upgrades and day rate revenue earned during initial acceptance testing. Under the terms of the ENSCO DS-9 contract, our customer is obligated to pay us monthly termination fees for a period of two years equal to the operating day rate, which may be partially defrayed should we re-contract the rig and/or mitigate certain costs. Our significant accounting policies are included in Note 1 to our audited consolidated financial statements for the year ended December 31, 2014 included in our annual report on Form 10-K filed with the SEC on March 2, 2015 . New Accounting Pronouncements During 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , as updated by Update 2015-15, Interest - Imputation of Interest (Subtopic 835-30 ): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcements at June 18, 2015 EITF Meeting , which require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Debt issuance costs related to line-of-credit arrangements may be presented as an asset regardless of whether there are any outstanding borrowings on the arrangement. These updates are effective for annual and interim periods for fiscal years beginning after December 15, 2015. Early application is permitted. We will adopt these accounting standards on a retrospective basis effective January 1, 2016. There will be no impact to the manner in which debt issuance costs are amortized in our condensed consolidated financial statements. During 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In July 2015, the Financial Accounting Standards Board voted to delay the effective date one year. The Update is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. The Update will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with cumulative catch-up approach. We are currently evaluating the effect that Update 2014-09 will have on our condensed consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2015 Supplemental executive retirement plan assets $ 42.8 $ — $ — $ 42.8 Total financial assets 42.8 — — 42.8 Derivatives, net — (32.7 ) — (32.7 ) Total financial liabilities $ — $ (32.7 ) $ — $ (32.7 ) As of December 31, 2014 Supplemental executive retirement plan assets $ 43.2 $ — $ — $ 43.2 Total financial assets 43.2 — — 43.2 Derivatives, net — (26.3 ) — (26.3 ) Total financial liabilities $ — $ (26.3 ) $ — $ (26.3 ) Supplemental Executive Retirement Plan Assets Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions): September 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,482.0 $ 1,254.7 $ 1,479.9 $ 1,505.3 5.75% Senior notes due 2044 1,004.0 706.9 622.3 615.8 6.875% Senior notes due 2020 995.4 886.5 1,008.2 1,008.5 5.20% Senior notes due 2025 697.5 572.3 — — 4.50% Senior notes due 2024 624.2 487.5 624.2 602.0 8.50% Senior notes due 2019 570.8 517.5 583.8 611.8 7.875% Senior notes due 2040 380.2 253.0 381.2 363.8 7.20% Debentures due 2027 149.2 136.7 149.2 171.4 4.33% MARAD bonds, including current maturities, due 2016 — — 46.6 46.8 4.65% MARAD bonds, including current maturities, due 2020 — — 27.0 29.7 3.25% Senior notes due 2016 — — 998.0 1,018.3 Total $ 5,903.3 $ 4,815.1 $ 5,920.4 $ 5,973.4 The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our Maritime Administration ("MARAD") bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other financial liabilities approximated their carrying values as of September 30, 2015 and December 31, 2014 . |
Derivative Instruments
Derivative Instruments | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Net liabilities of $32.7 million and $26.3 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014 , respectively. All of our derivatives mature during the next 18 months . See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities September 30, December 31, September 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ .4 $ .4 $ 28.9 $ 17.2 Foreign currency forward contracts - non-current (2) .1 .1 2.9 2.9 .5 .5 31.8 20.1 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .4 .2 1.8 6.9 .4 .2 1.8 6.9 Total $ .9 $ .7 $ 33.6 $ 27.0 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of September 30, 2015 , we had cash flow hedges outstanding to exchange an aggregate $329.9 million for various foreign currencies, including $158.4 million for British pounds, $72.7 million for Brazilian reais, $39.2 million for euros, $32.0 million for Australian dollars, $18.3 million for Singapore dollars, and $9.3 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income (loss) were as follows (in millions): Three Months Ended September 30, 2015 and 2014 Loss Recognized in Other Comprehensive Income (Effective Portion) (Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2015 2014 2015 2014 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ — $ — $ — Foreign currency forward contracts (4) (14.8 ) (12.7 ) (5.7 ) 1.4 (.3 ) (1.9 ) Total $ (14.8 ) $ (12.7 ) $ (5.8 ) $ 1.4 $ (.3 ) $ (1.9 ) Nine Months Ended September 30, 2015 and 2014 Loss Recognized in Other Comprehensive Income (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2015 2014 2015 2014 Interest rate lock contracts (3) $ — $ — $ (.6 ) $ (.2 ) $ — $ — Foreign currency forward contracts (5) (23.5 ) (2.8 ) (15.3 ) 3.5 (.1 ) — Total $ (23.5 ) $ (2.8 ) $ (15.9 ) $ 3.3 $ (.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) Losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of operations. (4) During the three-month period ended September 30, 2015 , $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2014 , $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. (5) During the nine-month period ended September 30, 2015 , $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2014 , $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of September 30, 2015 , we held derivatives not designated as hedging instruments to exchange an aggregate $155.5 million for various foreign currencies, including $85.1 million for euros, $13.8 million for Swiss francs, $13.3 million for Mexican pesos, $11.8 million for British pounds, $9.5 million for Indonesian rupiah, and $22.0 million for other currencies. Net losses of $4.2 million and $15.4 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three-month periods ended September 30, 2015 and 2014 , respectively. Net losses of $13.2 million and $15.1 million associated with our derivatives not designated as hedging instruments were included in other, net in our condensed consolidated statements of operations for the nine-month periods ended September 30, 2015 and 2014 , respectively. These losses were largely offset by net foreign currency exchange gains and losses during the respective periods. As of September 30, 2015 , the estimated amount of net losses associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $16.6 million . |
Noncontrolling Interests (Notes
Noncontrolling Interests (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of operations. Income from continuing operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2015 and 2014 was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income from continuing operations $ 317.1 $ 423.7 $ 918.0 $ 371.2 Income from continuing operations attributable to noncontrolling interests (1.7 ) (3.4 ) (7.3 ) (10.5 ) Income from continuing operations attributable to Ensco $ 315.4 $ 420.3 $ 910.7 $ 360.7 (Loss) income from discontinued operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2015 and 2014 was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 (Loss) income from discontinued operations, net $ (23.3 ) $ 9.2 $ (33.6 ) $ (811.2 ) Income from discontinued operations attributable to noncontrolling interests (.1 ) (.1 ) (.1 ) (.3 ) (Loss) income from discontinued operations attributable to Ensco $ (23.4 ) $ 9.1 $ (33.7 ) $ (811.5 ) |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income (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 excludes non-vested shares. The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income from continuing operations attributable to Ensco $ 315.4 $ 420.3 $ 910.7 $ 360.7 Income from continuing operations allocated to non-vested share awards (4.8 ) (4.8 ) (12.2 ) (5.9 ) Income from continuing operations attributable to Ensco shares $ 310.6 $ 415.5 $ 898.5 $ 354.8 The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted-average shares - basic 232.4 231.8 232.2 231.5 Potentially dilutive shares .1 .2 — .2 Weighted-average shares - diluted 232.5 232.0 232.2 231.7 Antidilutive shares totaling 900,000 were excluded from the computation of diluted EPS for the three-month and nine-month periods ended September 30, 2015 . Antidilutive shares totaling 100,000 and 200,000 were excluded from the computation of diluted EPS for the three-month and nine-month periods ended September 30, 2014 . |
Debt (Notes)
Debt (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Debt Instrument [Line Items] | |
Debt Disclosure [Text Block] | Debt Senior Notes During the first quarter, 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 commencing September 15, 2015. Interest on the New 2044 Notes is payable semiannually on April 1 and October 1 of each year commencing on April 1, 2015. The 2025 Notes were issued pursuant to the Indenture between us and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), dated March 17, 2011 (the “Base Indenture”), as supplemented by the Third Supplemental Indenture between us and the Trustee, dated March 12, 2015 (the “Third Supplemental Indenture”). The New 2044 Notes were issued as additional notes under the Base Indenture, as supplemented by the Second Supplemental Indenture between us and the Trustee, dated September 29, 2014 (the “Second Supplemental Indenture”), pursuant to which we previously issued $625.0 million aggregate principal amount of 5.75% senior notes due 2044 (the “Existing 2044 Notes”) in September 2014 (the Base Indenture, as amended and supplemented by the Second Supplemental Indenture and the Third Supplement Indenture, the “Indenture”). The New 2044 Notes and Existing 2044 Notes are treated as a single series of debt securities under the Indenture (collectively, the “2044 Notes”). We may redeem the 2025 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 2025 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 2025 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 are not required to pay a "make-whole" premium. The 2025 Notes, 2044 Notes and Indenture also contain customary events of default, including failure to pay principal or interest on the 2025 Notes or 2044 Notes when due, among others. The Indenture contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create liens on certain assets, enter into certain sale-leaseback transactions, enter into certain merger or consolidation transactions or transfers of all or substantially all of our assets. Redemption of 2016 Senior Notes and MARAD Obligations During 2011, we issued $1.0 billion of 3.25% senior notes with a 2016 maturity (the “2016 Notes”). In March 2015, we commenced a cash tender offer (the “Tender Offer”) for the $1.0 billion outstanding aggregate principal amount of our 2016 Notes. Senior notes totaling $854.6 million were settled on March 12, 2015 for $878.0 million (excluding accrued interest) using a portion of the net proceeds from the 2025 Notes and New 2044 Notes public offering. Under the terms of the Tender Offer, we paid a premium totaling approximately $23.4 million , which approximates the “make-whole” premium that would have been required had we elected to redeem the debt. The premium was recorded as a loss on debt extinguishment and included in other, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2015 . Additionally, we wrote-off $1.7 million of unamortized debt discount and $1.5 million of unamortized debt issuance costs associated with the $854.6 million of notes tendered, resulting in a total pre-tax loss on debt extinguishment of $26.6 million for the nine-month period ended September 30, 2015 . Concurrent with the settlement of the Tender Offer, we exercised our right to redeem the remaining 2016 Notes. In April 2015, we completed the redemption of the remaining $145.4 million of 2016 Notes using a portion of the net proceeds from the 2025 Notes and New 2044 Notes. The redemption payment included a "make-whole" premium of $3.8 million which was recorded as a loss on debt extinguishment and included in other, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2015 . In April 2015, we used the remaining net proceeds from our March 2015 public offering, together with cash on hand, to redeem $51.0 million of our 4.33% MARAD notes due 2016 and our 4.65% MARAD bonds due 2020 (the “MARAD Obligations”). We incurred additional losses on debt extinguishment of $3.1 million , which were included in other, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2015 . These losses primarily consisted of a "make-whole" premium. In July 2015, we redeemed the remaining $14.3 million aggregate principal amount of the MARAD Obligations. Revolving Credit We have a $2.25 billion senior unsecured revolving credit facility with a syndicate of banks to be used for general corporate purposes with a term expiring on September 30, 2019 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.125% per annum for Base Rate advances and 1.125% per annum for LIBOR advances) depending on our credit ratings. Amounts repaid may be re-borrowed during the term of the Credit Facility. We are required to pay a quarterly commitment fee (currently 0.125% per annum) on the undrawn portion of the $2.25 billion commitment which is also based on our credit ratings. In October 2015, Moody's downgraded our senior unsecured rating one notch to Baa2 from Baa1. The applicable margin rate for advances under our Credit Facility and the quarterly commitment fee percentage did not change as a result of this downgrade. A further reduction in our credit rating of one notch by Moody's or a reduction in our credit rating of one notch by Standard & Poor's would increase our applicable margin rate by 0.125% per annum and our quarterly commitment fee by 0.025% per annum under our Credit Facility. In addition to other customary restrictive covenants, the Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to a specified percentage. In March 2015, we amended the Credit Facility to increase the percentage from 50% to 60% . We have the right, subject to receipt of commitments from new or existing lenders, to increase the commitments under the Credit Facility to an aggregate amount of up to $2.75 billion . We had no amounts outstanding under the Credit Facility as of September 30, 2015 and December 31, 2014 . |
Impairment (Notes)
Impairment (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Asset Impairment Charges [Abstract] | |
Impairment | Impairment Impairment of Long-Lived Assets Fiscal Year 2015 - We continually assess our rig portfolio and actively work with our rig broker to market certain rigs that no longer meet our standards for economic returns or are not part of our long-term strategic plan. On a quarterly basis, we assess whether any rig meets the criteria established by Financial Accounting Standards Board ASC 360-10-45 for “held for sale” classification on our balance sheet. We measure the fair value of our assets held for sale by applying a market approach based on third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We reassess the fair value of our held for sale assets on a quarterly basis and adjust the carrying value, as necessary. 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 we classify as held for sale during 2015 are not reported as discontinued operations. Rigs that were classified as held for sale prior to 2015 continue to be reported as discontinued operations. During the third quarter of 2015, management received approval from our Board of Directors to market for sale ENSCO 91, an older, less capable jackup rig that we cold stacked during the second quarter. We concluded that the rig met the held for sale criteria as of September 30, 2015, and its carrying value was written-down to fair value based on its estimated sales price. We recorded a pre-tax, non-cash loss on impairment totaling $2.4 million , which was included in income from continuing operations in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2015. In performing our quarterly assessment of the remaining held for sale rigs (ENSCO 5001, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90), we concluded that impairments were required as a result of declines in fair values observed during the third quarter. We recognized a pre-tax, non-cash loss on impairment of $25.6 million , which was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2015. See “Note 9 - Discontinued Operations” for additional information on rigs classified as held for sale and presented in discontinued operations. Our condensed consolidated balance sheet as of September 30, 2015 included seven held for sale rigs with an aggregate carrying value of $127.5 million . We believe the asset carrying values are supported by current market prices. If there is continued deterioration in the general business environment for offshore drilling rigs and/or further declines in the estimated sales price for drilling rigs, the estimated fair values of these assets will likely decline below their current carrying values, resulting in additional impairments. 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. If the global economy, our overall business outlook, or our expectations regarding the marketability of one or more of our drilling rigs deteriorates 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. During 2015, customers exercised their termination rights for certain drilling contracts, and we agreed to amended contract terms in some cases. In each instance, we concluded that a triggering event had occurred and performed an asset impairment analysis. Based on the analysis performed, we concluded there were no impairments as the carrying values of these rigs were recoverable. We continue to have ongoing discussions with certain customers requesting contract concessions. The outcome of these negotiations remains uncertain; however, deterioration of existing contract terms and/or change in our long-term operating assumptions could lead to a material impairment charge in future periods. Fiscal Year 2014 - During the second quarter of 2014, demand for floaters deteriorated as a result of continued reduction in capital spending by customers in addition to delays in customers’ drilling programs. The reduction in demand, combined with the increasing supply from newbuild floater deliveries, led to a very competitive market. In general, contracting activity for floaters declined significantly, and new day rate fixtures were substantially lower than rates previously realized. In response to the adverse change in the floaters business climate, management evaluated our older, less capable floaters and committed to a plan to sell five rigs. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000 and ENSCO 7500 were removed from our portfolio of rigs marketed for contract drilling services and actively marketed for sale. These rigs were written down to fair value, less costs to sell, as of May 31, 2014 and classified as "held for sale." We completed the sale of ENSCO 5000 during the fourth quarter of 2014 and ENSCO 5002 during the second quarter of 2015. The remaining three floaters were classified as "held for sale" on our September 30, 2015 condensed consolidated balance sheet. We measured the fair value of the "held for sale" rigs by applying a market approach, which 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 recorded a pre-tax, non-cash loss on impairment totaling $546.4 million during the nine-month period ended September 30, 2014 . The impairment charge was included in loss from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014 . See "Note 9 - Discontinued Operations" for additional information on our "held for sale" rigs. As a result of the adverse change in the floater business climate observed during the second quarter of 2014, management's commitment to a plan to sell five floaters during the second quarter of 2014 and the impairment charge incurred on the "held for sale" floaters, management concluded that a triggering event had occurred during the second quarter of 2014 and performed an asset impairment analysis on our remaining older, less capable floaters. Based on the analysis performed as of May 31, 2014 , we recorded an additional non-cash loss on impairment with respect to four other floaters totaling $991.5 million , of which $288.0 million related to ENSCO DS-2 which was removed from our portfolio of rigs marketed for contract drilling services during the fourth quarter. As a result, the ENSCO DS-2 impairment charge was reclassified to loss from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014 . The remaining $703.5 million impairment charge was included in loss on impairment in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014 . We measured the fair value of these rigs by applying an income approach, using projected discounted cash flows. 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. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Shareholders' Equity Consistent with prior years' practice, during the nine-month period ended September 30, 2015 , we granted 2.0 million non-vested share awards to our employees, officers and non-employee directors for annual equity awards and for equity awards granted to new or recently promoted employees, pursuant to our 2012 Long-Term Incentive Plan. Grants of non-vested share 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 the grant. Our non-vested share awards have dividend rights effective on the date of grant and are measured at fair value using the market value of our shares on the date of grant. The weighted-average grant-date fair value of non-vested share awards granted during the nine-month period ended September 30, 2015 was $24.22 per share. |
Discontinued Operations (Notes)
Discontinued Operations (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Discontinued Operations During 2014, management committed to a plan to sell six floaters and two jackups. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. The operating results from these rigs were included in (loss) income from discontinued operations, net in our condensed consolidated statements of operations for the three-month and nine-month periods ended September 30, 2015 and 2014 . 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 pre-tax, non-cash losses on impairment of $25.6 million and $32.8 million for the three-month and nine-month periods ended September 30, 2015, respectively, as a result of declines in the estimated fair values of several "held for sale" rigs. The loss on impairment is included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 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. During the nine-month period ended September 30, 2015, we sold ENSCO 5002 for net proceeds of $1.6 million . The proceeds from the sale were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the nine-month period ended September 30, 2015 . We recognized a pre-tax gain of $1.6 million in connection with the disposal. The gain on sale was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2015 . During the fourth quarter of 2014, we completed the sale of ENSCO 5000 for net proceeds of $1.3 million . The remaining six rigs (ENSCO 5001, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90) are being actively marketed and were classified as "held for sale" on our September 30, 2015 condensed consolidated balance sheet. During the three-month period ended September 30, 2014, we sold ENSCO 93, a jackup contracted to Petroleos Mexicanos (“Pemex”). In connection with the 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 $1.2 million loss on sale was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2014. ENSCO 93 operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2015 and 2014 . Net proceeds from the sale of $51.7 million were included in investing activities of discontinued operations in our consolidated statement of cash flows during the fourth quarter of 2014. During the nine-month period ended September 30, 2014, we sold jackup rig ENSCO 85 for net proceeds of $64.4 million . The proceeds from the sale were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the nine-month period ended September 30, 2014. We recognized a pre-tax gain of $10.3 million in connection with the disposal. The gain on sale and operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014. During the nine-month period ended September 30, 2014 , we sold ENSCO 69 and Pride Wisconsin for net proceeds of $32.2 million and recorded a pre-tax gain of $23.6 million . The gain on sale and operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014 . The net proceeds from the sale were received in December 2013 and included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the year ended December 31, 2013. The following table summarizes (loss) income from discontinued operations, net for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 1.7 $ 79.0 $ 19.4 $ 298.4 Operating expenses 5.6 72.4 38.8 324.0 Operating (loss) income (3.9 ) 6.6 (19.4 ) (25.6 ) Income tax (expense) benefit (2.1 ) (11.7 ) 7.1 (23.2 ) Loss on impairment, net (17.3 ) — (24.5 ) (796.8 ) Gain on disposal of discontinued operations, net — 14.3 3.2 34.4 (Loss) income from discontinued operations, net $ (23.3 ) $ 9.2 $ (33.6 ) $ (811.2 ) Income tax benefit from discontinued operations for the nine-month period ended September 30, 2015 included $11.9 million of discrete tax benefits. Debt and interest expense are not allocated to our discontinued operations. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes Our consolidated effective income tax rate for the three-month and nine-month periods ended September 30, 2015 was 9.5% and 15.5% , respectively. Excluding the impact of discrete income tax items for the three-month and nine-month periods ended September 30, 2015 , our consolidated effective income tax rate was 12.6% and 16.4% , respectively. These discrete tax items were primarily attributable to the early termination of the ENSCO DS-4 drilling contract and the recognition of liabilities for unrecognized tax benefits associated with tax positions taken in prior years. Excluding the impact of the discrete income tax items, our consolidated effective income tax rate for the three-month period ended September 30, 2014 was 13.9% . Excluding the impact of the $703.5 million loss on impairment and discrete income tax expense, our consolidated effective income tax rate for the nine-month period ended September 30, 2014 was 11.8% . The change in our effective tax rate for the three-month and nine-month periods is primarily attributable to the change in the estimated relative components of our earnings, excluding discrete items, generated in tax jurisdictions with higher tax rates and tax legislation enacted by the U.K. government that became effective on April 1,2014. |
Contingencies
Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Brazil Internal Investigation Pride International, Inc. (“Pride”), a company we acquired in 2011, commenced drilling operations in Brazil during 2001 and, in 2008, entered into a drilling contract with Petrobras for DS-5, a rig Pride had ordered from a shipyard in South Korea. Beginning in 2006, Pride conducted periodic compliance reviews of its business with Petrobras, and, after the acquisition, Ensco conducted similar compliance reviews, the most recent of which commenced in early 2015 after media reports were released regarding ongoing investigations of various kickback and bribery schemes in Brazil involving Petrobras. While conducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to DS-5 - specifically, that Petrobras overpaid under the drilling contract. We believe this allegation is inaccurate, as publicly available data show that the contract’s compensation terms were in line with other contracts signed by Petrobras and other customers with our competitors during the same timeframe (late 2007 and early 2008). We provided this information to Petrobras in June 2015. We continue to operate DS-5 under its existing contract. In addition, all our other rigs contracted to Petrobras - ENSCO 6001, 6002, 6003 and 6004 - continue to work under their contracts. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Subsequently, the internal audit report and the alleged irregularities were referenced in Brazilian court documents connected to the prosecution of former Petrobras directors and employees as well as certain other third parties, including a former marketing consultant who provided services to Pride in connection with DS-5. The former marketing consultant entered into a plea agreement with the Brazil authorities. This plea agreement was referenced in a Brazilian court proceeding relating to a project for a competitor having no connection to us. This court proceeding document states that another court action would be made public in due course with respect to DS-5; to date no further proceedings relating to DS-5 have been released. Independent counsel, under the direction of our Audit Committee, has substantially completed the investigation of these allegations by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the contracting of DS-5 as well as the former marketing consultant. To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant. Although the investigation is substantially complete, we cannot predict whether any new or additional allegations will be made and what impact those allegations will have on the timing or conclusions of the investigation. Our Audit Committee will examine any new or additional allegations and the facts and circumstances surrounding them. To date, we have not been contacted by Brazil authorities, and no authority has alleged wrongdoing by Pride or Ensco or any of their current or former employees. In June and July 2015, we voluntarily contacted the SEC and the U.S. Department of Justice (“DOJ”), respectively, to advise them of this matter and our Audit Committee’s independent investigation, and we provided them an update on the investigation in September 2015. We cannot predict whether any governmental authority will seek to investigate 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 U.S. Foreign Corrupt Practices Act of 1977 (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. ENSCO 74 Loss During 2008, ENSCO 74 was lost as a result of Hurricane Ike in the U.S. Gulf of Mexico. The ENSCO 74 sunken rig hull was located approximately 95 miles from the original drilling location when it was struck by an oil tanker during 2009. We filed a petition for exoneration or limitation of liability under U.S. admiralty and maritime law during 2009. Wreck removal operations on the sunken rig hull of ENSCO 74 were completed during 2010. The owner of the oil tanker that struck the hull of ENSCO 74 filed claims seeking monetary damages in excess of $5.0 million for losses incurred when the tanker struck the ENSCO 74 hull. This matter went to trial in June 2014, and we won a directed verdict on all claims. During the third quarter of 2015, the United States Court of Appeals for the Fifth Circuit affirmed the trial court's directed verdict. The deadline for further appeals has now passed, thereby closing this matter. ENSCO 29 Wreck Removal During 2005, a portion of the ENSCO 29 platform drilling rig was lost over the side of a customer's platform as a result of Hurricane Katrina. During 2014, we received a letter from an operator demanding that Ensco retrieve the derrick and drawworks from the seabed. Our property insurance policies include coverage for ENSCO 29 wreckage and debris removal costs up to $3.8 million . We also maintain liability insurance policies that provide coverage under certain circumstances for wreckage and debris removal costs in excess of the $3.8 million coverage provided under the property insurance policies. We believe that it is not probable a liability exists with respect to this matter, and no liability has been recorded on our condensed consolidated balance sheet as of September 30, 2015 . While we cannot reasonably estimate a range of possible loss at this time, it is possible that removal costs may be in excess of our insurance coverage. Although we do not expect costs associated with the ENSCO 29 wreck removal to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome. Asbestos Litigation We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Mississippi and Louisiana by approximately 60 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s. During 2013, we reached an agreement in principle with 58 plaintiffs to settle lawsuits filed in Mississippi for a nominal amount. A special master reviewed all 58 cases and made an allocation of settlement funds among the parties. The District Court Judge reviewed the allocations and accepted the special master’s recommendations and approved the settlements. The settlement documents for most of the individual plaintiffs have been processed and the cases have been dismissed. The settlement documents for approximately 18 individual plaintiffs are continuing to be processed. We intend to vigorously defend against the remaining claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any. In addition to the pending cases in Mississippi and Louisiana, we have other asbestos or lung injury claims pending against us in litigation from time to time in other jurisdictions. Although we do not expect final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits. Other Matters In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows. In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit and surety bonds outstanding as of September 30, 2015 totaled $95.8 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of September 30, 2015 , we had not been required to make collateral deposits with respect to these agreements. |
Sale Leaseback (Notes)
Sale Leaseback (Notes) | 9 Months Ended |
Sep. 30, 2015 | |
Sale Leaseback [Abstract] | |
Sale Leaseback Transaction Disclosure [Text Block] | Sale-leaseback During the third quarter of 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which were contracted to Pemex. In connection with this sale, we executed charter agreements with the purchaser to continue operating the rigs for the remainder of the Pemex contracts, which had anticipated completion dates in either 2015 or 2016. We accounted for the transaction as a sale-leaseback, whereby we retain a significant portion of the remaining use of the rigs as a result of the charter agreements. We recorded an aggregate gain on sale of $7.5 million at the time of disposal, which represented the portion of the gain that exceeded the present value of payments due under the charter agreements. The remaining $29.4 million gain was deferred and amortized to contract drilling expense within the Jackup segment over the remaining charter term of each rig. Of the $29.4 million deferred gain, $5.7 million and $19.7 million were recognized in contract drilling expense in our condensed consolidated statements of operations for the three-month and nine-month periods ended September 30, 2015 , and $2.7 million was included in accrued liabilities and other on our condensed consolidated balance sheet as of September 30, 2015 . Due to our long-term charter agreements with the purchaser, ENSCO 83, ENSCO 89 and ENSCO 98 operating results for periods beginning after the date of sale (September 30, 2014) were included in income from continuing operations within the Other segment. Operating results for these rigs prior to September 30, 2014 were included in income from continuing operations within the Jackup segment. The ENSCO 93 contract with Pemex ended in July 2015, less than one year from the date of sale. Therefore, our rig management operations following the sale did not constitute significant ongoing involvement. As a result, ENSCO 93 operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statements of operations for the three-month and nine-month periods ended September 30, 2015 and 2014 . See "Note 9 - Discontinued Operations" for additional information. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | Segment Information Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling. Segment information for the three-month and nine-month periods ended 2015 and 2014 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. Prior year information has been reclassified to conform to the current year presentation. Three Months Ended September 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 646.4 $ 325.8 $ 40.0 $ 1,012.2 $ — $ 1,012.2 Operating expenses Contract drilling (exclusive of depreciation) 242.4 160.0 31.1 433.5 — 433.5 Depreciation 95.7 44.8 — 140.5 4.7 145.2 Loss on impairment — 2.4 — 2.4 — 2.4 General and administrative — — — — 28.4 28.4 Operating income (loss) $ 308.3 $ 118.6 $ 8.9 $ 435.8 $ (33.1 ) $ 402.7 Property and equipment, net $ 10,260.5 $ 3,194.6 $ — $ 13,455.1 $ 73.8 $ 13,528.9 Three Months Ended September 30, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 703.5 $ 481.0 $ 16.9 $ 1,201.4 $ — $ 1,201.4 Operating expenses Contract drilling (exclusive of depreciation) 291.3 197.9 11.0 500.2 — 500.2 Depreciation 87.9 45.3 — 133.2 2.0 135.2 General and administrative — — — — 29.3 29.3 Operating income (loss) $ 324.3 $ 237.8 $ 5.9 $ 568.0 $ (31.3 ) $ 536.7 Property and equipment, net $ 9,836.2 $ 3,215.3 $ — $ 13,051.5 $ 76.1 $ 13,127.6 Nine Months Ended September 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,975.7 $ 1,138.2 $ 121.2 $ 3,235.1 $ — $ 3,235.1 Operating expenses Contract drilling (exclusive of depreciation) 813.6 544.2 96.6 1,454.4 — 1,454.4 Depreciation 283.1 129.9 — 413.0 9.8 422.8 Loss on impairment — 2.4 — 2.4 — 2.4 General and administrative — — 88.2 88.2 Operating income (loss) $ 879.0 $ 461.7 $ 24.6 $ 1,365.3 $ (98.0 ) $ 1,267.3 Property and equipment, net $ 10,260.5 $ 3,194.6 $ — $ 13,455.1 $ 73.8 $ 13,528.9 Nine Months Ended September 30, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,034.6 $ 1,320.1 $ 50.0 $ 3,404.7 $ — $ 3,404.7 Operating expenses Contract drilling (exclusive of depreciation) 907.8 621.1 34.0 1,562.9 — 1,562.9 Depreciation 266.9 125.6 — 392.5 6.0 398.5 Loss on impairment 703.5 — — 703.5 — 703.5 General and administrative — — — — 103.6 103.6 Operating income (loss) $ 156.4 $ 573.4 $ 16.0 $ 745.8 $ (109.6 ) $ 636.2 Property and equipment, net $ 9,836.2 $ 3,215.3 $ — $ 13,051.5 $ 76.1 $ 13,127.6 Information about Geographic Areas As of September 30, 2015 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America (excluding Brazil) 9 7 16 Middle East & Africa 3 11 14 Europe & Mediterranean 2 11 13 Asia & Pacific Rim 4 7 11 Brazil 4 — 4 Asia & Pacific Rim (under construction) 1 1 2 Middle East & Africa (under construction) — 2 2 Held for sale 4 3 7 Total 27 42 69 (1) We provide management services on five rigs owned by third-parties not included in the table above. |
Supplemental Financial Informat
Supplemental Financial Information | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): September 30, December 31, Trade $ 730.6 $ 878.8 Other 14.4 15.9 745.0 894.7 Allowance for doubtful accounts (9.4 ) (11.4 ) $ 735.6 $ 883.3 Other current assets consisted of the following (in millions): September 30, December 31, Inventory $ 256.4 $ 240.3 Assets held for sale 127.5 152.4 Prepaid taxes 70.7 90.6 Deferred costs 54.8 61.9 Deferred tax assets 33.9 43.8 Prepaid expenses 30.0 33.8 Other 13.3 6.6 $ 586.6 $ 629.4 Other assets, net consisted of the following (in millions): September 30, December 31, Deferred costs $ 86.5 $ 82.3 Supplemental executive retirement plan assets 42.8 43.2 Prepaid taxes on intercompany transfers of property 37.7 39.7 Deferred tax assets 36.2 38.4 Intangible assets 8.5 49.0 Unbilled receivables 1.7 18.6 Warranty and other claim receivables — 30.6 Other 9.8 12.4 $ 223.2 $ 314.2 Accrued liabilities and other consisted of the following (in millions): September 30, December 31, Deferred revenue $ 198.0 $ 241.3 Personnel costs 158.6 214.0 Accrued interest 75.4 83.8 Taxes 60.8 97.0 Derivative liabilities 30.7 24.1 Other 11.7 36.4 $ 535.2 $ 696.6 Other liabilities consisted of the following (in millions): September 30, December 31, Deferred revenue $ 240.6 $ 373.2 Unrecognized tax benefits (inclusive of interest and penalties) 151.6 142.4 Supplemental executive retirement plan liabilities 43.9 45.1 Intangible liabilities 16.9 40.7 Personnel costs 16.2 26.1 Other 35.4 39.8 $ 504.6 $ 667.3 Accumulated other comprehensive income consisted of the following (in millions): September 30, December 31, Cumulative Translation Adjustment $ 10.2 $ 5.1 Derivative Instruments .4 8.0 Other (2.1 ) (1.2 ) $ 8.5 $ 11.9 The increase in the cumulative translation adjustment is due to changes in the Brazilian reai exchange rate relative to the U.S. dollar during the nine-month period ended September 30, 2015. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents and short-term 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 derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all of our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See "Note 3 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the three-month and nine-month periods ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 BP (1) 27 % 15 % 18 % 16 % Petrobras (2) 16 % 10 % 14 % 10 % Total (2) 6 % 8 % 8 % 10 % Anadarko (2) 1 % 8 % 4 % 10 % Other 50 % 59 % 56 % 54 % 100 % 100 % 100 % 100 % (1) During the three-month periods ended September 30, 2015 and 2014 , 86% and 79% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2015 and 2014 , 84% and 80% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the three-month and nine-month periods ended September 30, 2015 , revenues provided by BP included $110.6 million for the ENSCO DS-4 lump sum termination fee. (2) During the three-month and nine-month periods ended September 30, 2015 and 2014 , all revenues were provided by our Floaters segment. Consolidated revenues by region for the three-month and nine-month periods ended September 30, 2015 and 2014 were as follows: Three Months Ended Nine Months Ended 2015 2014 2015 2014 U.S. Gulf of Mexico (1) $ 363.0 $ 447.1 $ 972.8 $ 1,320.6 Angola (2) 136.6 150.1 488.3 458.5 Brazil (3) 112.9 115.8 351.3 361.5 United Kingdom (4) 91.5 117.8 316.4 268.7 Other 308.2 370.6 1,106.3 995.4 $ 1,012.2 $ 1,201.4 $ 3,235.1 $ 3,404.7 (1) During the three-month periods ended September 30, 2015 and 2014 , 90% and 80% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2015 and 2014 , 86% and 78% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. (2) During the three-month periods ended September 30, 2015 and 2014 , 87% and 100% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2015 and 2014 , 90% and 100% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (3) During the three-month and nine-month periods ended September 30, 2015 and 2014 , all revenues were provided by our Floaters segment. (4) During the three-month and nine-month periods ended September 30, 2015 and 2014 , all revenues were provided by our Jackups segment. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities During 2011, Ensco plc completed a merger transaction (the "Merger") with 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, 2015 . The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of September 30, 2015 . All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three-month and nine-month periods ended September 30, 2015 and 2014 ; the unaudited condensed consolidating statements of comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2015 and 2014 ; the condensed consolidating balance sheets as of September 30, 2015 (unaudited) and December 31, 2014 ; and the unaudited condensed consolidating statements of cash flows for the nine-month periods ended September 30, 2015 and 2014 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 9.8 $ 34.8 $ — $ 1,039.4 $ (71.8 ) $ 1,012.2 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.3 34.8 — 463.2 (71.8 ) 433.5 Depreciation — 4.3 — 140.9 — 145.2 Loss on impairment — — — 2.4 — 2.4 General and administrative 11.8 .1 — 16.5 — 28.4 OPERATING (LOSS) INCOME (9.3 ) (4.4 ) — 416.4 — 402.7 OTHER (EXPENSE) INCOME, NET (37.1 ) (7.2 ) (15.7 ) 7.6 — (52.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (46.4 ) (11.6 ) (15.7 ) 424.0 — 350.3 INCOME TAX PROVISION — .9 — 32.3 — 33.2 DISCONTINUED OPERATIONS, NET — — — (23.3 ) — (23.3 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 338.4 111.2 14.6 — (464.2 ) — NET INCOME (LOSS) 292.0 98.7 (1.1 ) 368.4 (464.2 ) 293.8 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 292.0 $ 98.7 $ (1.1 ) $ 366.6 $ (464.2 ) $ 292.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 8.3 $ 39.0 $ — $ 1,232.4 $ (78.3 ) $ 1,201.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 9.1 37.4 — 532.0 (78.3 ) 500.2 Depreciation .1 1.8 — 133.3 — 135.2 General and administrative 10.2 .1 — 19.0 — 29.3 OPERATING (LOSS) INCOME (11.1 ) (.3 ) — 548.1 — 536.7 OTHER (EXPENSE) INCOME, NET (15.0 ) (23.1 ) (13.1 ) 12.8 — (38.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (26.1 ) (23.4 ) (13.1 ) 560.9 — 498.3 INCOME TAX PROVISION — (2.1 ) — 76.7 — 74.6 DISCONTINUED OPERATIONS, NET — — — 9.2 — 9.2 EQUITY EARNINGS IN AFFILIATES, NET OF TAX 455.5 73.3 66.9 — (595.7 ) — NET INCOME 429.4 52.0 53.8 493.4 (595.7 ) 432.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.5 ) — (3.5 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 429.4 $ 52.0 $ 53.8 $ 489.9 $ (595.7 ) $ 429.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 27.2 $ 104.1 $ — $ 3,317.6 $ (213.8 ) $ 3,235.1 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 20.4 104.1 — 1,543.7 (213.8 ) 1,454.4 Depreciation .1 9.2 — 413.5 — 422.8 Loss on impairment — — — 2.4 — 2.4 General and administrative 38.8 .2 — 49.2 — 88.2 OPERATING (LOSS) INCOME (32.1 ) (9.4 ) — 1,308.8 — 1,267.3 OTHER (EXPENSE) INCOME, NET (133.3 ) (21.6 ) (46.8 ) 21.3 — (180.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (165.4 ) (31.0 ) (46.8 ) 1,330.1 — 1,086.9 INCOME TAX PROVISION — 28.8 — 140.1 — 168.9 DISCONTINUED OPERATIONS, NET — — — (33.6 ) — (33.6 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 1,042.4 203.9 149.9 — (1,396.2 ) — NET INCOME 877.0 144.1 103.1 1,156.4 (1,396.2 ) 884.4 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (7.4 ) — (7.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 877.0 $ 144.1 $ 103.1 $ 1,149.0 $ (1,396.2 ) $ 877.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 23.8 $ 116.8 $ — $ 3,501.7 $ (237.6 ) $ 3,404.7 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 24.4 115.2 — 1,660.9 (237.6 ) 1,562.9 Depreciation .2 5.1 — 393.2 — 398.5 Loss on impairment — — — 703.5 — 703.5 General and administrative 41.0 .3 — 62.3 — 103.6 OPERATING (LOSS) INCOME (41.8 ) (3.8 ) — 681.8 — 636.2 OTHER (EXPENSE) INCOME, NET (43.6 ) (28.5 ) (39.0 ) 12.8 — (98.3 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (85.4 ) (32.3 ) (39.0 ) 694.6 — 537.9 INCOME TAX PROVISION — 36.3 — 130.4 — 166.7 DISCONTINUED OPERATIONS, NET — — — (811.2 ) — (811.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX (365.4 ) (1,314.2 ) (1,502.9 ) — 3,182.5 — NET LOSS (450.8 ) (1,382.8 ) (1,541.9 ) (247.0 ) 3,182.5 (440.0 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (10.8 ) — (10.8 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (450.8 ) $ (1,382.8 ) $ (1,541.9 ) $ (257.8 ) $ 3,182.5 $ (450.8 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 292.0 $ 98.7 $ (1.1 ) $ 368.4 $ (464.2 ) $ 293.8 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (14.8 ) — — — (14.8 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.8 — — — 5.8 Other — — — 2.9 — 2.9 NET OTHER COMPREHENSIVE (LOSS) INCOME — (9.0 ) — 2.9 — (6.1 ) COMPREHENSIVE INCOME (LOSS) 292.0 89.7 (1.1 ) 371.3 (464.2 ) 287.7 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 292.0 $ 89.7 $ (1.1 ) $ 369.5 $ (464.2 ) $ 285.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 429.4 $ 52.0 $ 53.8 $ 493.4 $ (595.7 ) $ 432.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (12.7 ) — — — (12.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (1.4 ) — — — (1.4 ) Other — — — 3.7 — 3.7 NET OTHER COMPREHENSIVE (LOSS) INCOME — (14.1 ) — 3.7 — (10.4 ) COMPREHENSIVE INCOME 429.4 37.9 53.8 497.1 (595.7 ) 422.5 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.5 ) — (3.5 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 429.4 $ 37.9 $ 53.8 $ 493.6 $ (595.7 ) $ 419.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 877.0 $ 144.1 $ 103.1 $ 1,156.4 $ (1,396.2 ) $ 884.4 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (23.5 ) — — — (23.5 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 15.9 — — — 15.9 Other — — — 4.2 — 4.2 NET OTHER COMPREHENSIVE (LOSS) INCOME — (7.6 ) — 4.2 — (3.4 ) COMPREHENSIVE INCOME 877.0 136.5 103.1 1,160.6 (1,396.2 ) 881.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (7.4 ) — (7.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 877.0 $ 136.5 $ 103.1 $ 1,153.2 $ (1,396.2 ) $ 873.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (450.8 ) $ (1,382.8 ) $ (1,541.9 ) $ (247.0 ) $ 3,182.5 $ (440.0 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (2.8 ) — — — (2.8 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (3.3 ) — — — (3.3 ) Other — — — 4.2 — 4.2 NET OTHER COMPREHENSIVE (LOSS) INCOME — (6.1 ) — 4.2 — (1.9 ) COMPREHENSIVE LOSS (450.8 ) (1,388.9 ) (1,541.9 ) (242.8 ) 3,182.5 (441.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (10.8 ) — (10.8 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (450.8 ) $ (1,388.9 ) $ (1,541.9 ) $ (253.6 ) $ 3,182.5 $ (452.7 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 144.5 $ .1 $ 14.6 $ 81.2 $ — $ 240.4 Short-term investments 850.0 — — — — 850.0 Accounts receivable, net — — — 735.6 — 735.6 Accounts receivable from affiliates 35.3 190.3 — 116.6 (342.2 ) — Other .5 84.3 — 501.8 — 586.6 Total current assets 1,030.3 274.7 14.6 1,435.2 (342.2 ) 2,412.6 PROPERTY AND EQUIPMENT, AT COST 2.1 115.3 — 16,271.8 — 16,389.2 Less accumulated depreciation 1.8 43.3 — 2,815.2 — 2,860.3 Property and equipment, net .3 72.0 — 13,456.6 — 13,528.9 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,727.7 5,593.2 2,084.6 7,489.8 (17,895.3 ) — INVESTMENTS IN AFFILIATES 10,159.4 1,440.6 612.5 — (12,212.5 ) — OTHER ASSETS, NET 27.0 44.3 — 151.9 — 223.2 $ 13,944.7 $ 7,424.8 $ 2,711.7 $ 22,809.6 $ (30,450.0 ) $ 16,440.8 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 50.7 $ 56.2 $ 23.4 $ 672.8 $ — $ 803.1 Accounts payable to affiliates 22.4 129.3 — 190.5 (342.2 ) $ — Total current liabilities 73.1 185.5 23.4 863.3 (342.2 ) 803.1 DUE TO AFFILIATES 1,042.0 4,690.5 1,805.0 10,357.8 (17,895.3 ) — LONG-TERM DEBT 3,807.8 149.2 1,946.3 — — 5,903.3 DEFERRED INCOME TAXES — 208.0 — — — 208.0 OTHER LIABILITIES — 6.6 5.5 492.5 — 504.6 ENSCO SHAREHOLDERS' EQUITY 9,021.8 2,185.0 (1,068.5 ) 11,085.3 (12,212.5 ) 9,011.1 NONCONTROLLING INTERESTS — — — 10.7 — 10.7 Total equity 9,021.8 2,185.0 (1,068.5 ) 11,096.0 (12,212.5 ) 9,021.8 $ 13,944.7 $ 7,424.8 $ 2,711.7 $ 22,809.6 $ (30,450.0 ) $ 16,440.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 Short-term investments 712.0 — — 45.3 — 757.3 Accounts receivable, net — — — 883.3 — 883.3 Accounts receivable from affiliates 34.5 210.4 — 134.6 (379.5 ) — Other 4.1 86.9 — 538.4 — 629.4 Total current assets 1,038.0 297.3 90.8 1,888.2 (379.5 ) 2,934.8 PROPERTY AND EQUIPMENT, AT COST 2.1 71.5 — 14,901.9 — 14,975.5 Less accumulated depreciation 1.7 34.1 — 2,404.9 — 2,440.7 Property and equipment, net .4 37.4 — 12,497.0 — 12,534.8 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,873.2 4,748.2 1,835.0 6,308.8 (15,765.2 ) — INVESTMENTS IN AFFILIATES 9,084.8 1,233.5 461.6 — (10,779.9 ) — OTHER ASSETS, NET 17.0 47.4 — 249.8 — 314.2 $ 13,013.4 $ 6,363.8 $ 2,387.4 $ 21,219.9 $ (26,924.6 ) $ 16,059.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 47.8 $ 42.8 $ 34.3 $ 944.9 $ — $ 1,069.8 Accounts payable to affiliates 23.5 158.3 — 197.7 (379.5 ) — Current maturities of long-term debt — — — 34.8 — 34.8 Total current liabilities 71.3 201.1 34.3 1,177.4 (379.5 ) 1,104.6 DUE TO AFFILIATES 994.8 3,817.4 1,547.7 9,405.3 (15,765.2 ) — LONG-TERM DEBT 3,724.4 149.2 1,973.2 38.8 — 5,885.6 DEFERRED INCOME TAXES — 176.8 — 2.7 — 179.5 OTHER LIABILITIES — 6.1 7.0 654.2 — 667.3 ENSCO SHAREHOLDERS' EQUITY 8,222.9 2,013.2 (1,174.8 ) 9,933.6 (10,779.9 ) 8,215.0 NONCONTROLLING INTERESTS — — — 7.9 — 7.9 Total equity 8,222.9 2,013.2 (1,174.8 ) 9,941.5 (10,779.9 ) 8,222.9 $ 13,013.4 $ 6,363.8 $ 2,387.4 $ 21,219.9 $ (26,924.6 ) $ 16,059.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (34.2 ) $ (7.1 ) $ (86.1 ) $ 1,402.0 $ — $ 1,274.6 INVESTING ACTIVITIES Additions to property and equipment — — — (1,445.8 ) — (1,445.8 ) Purchases of short-term investments (850.0 ) — — — — (850.0 ) Maturities of short-term investments 712.0 — — 45.3 — 757.3 Other — — — 1.4 — 1.4 Net cash used in investing activities of continuing operations (138.0 ) — — (1,399.1 ) — (1,537.1 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (105.9 ) — — — — (105.9 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 175.0 7.2 9.9 (192.1 ) — — Other (5.2 ) — — (3.2 ) — (8.4 ) Net cash provided by (used in) financing activities 29.3 7.2 9.9 (195.3 ) — (148.9 ) DISCONTINUED OPERATIONS Operating activities — — — (12.7 ) — (12.7 ) Investing activities — — — (.3 ) — (.3 ) Net cash used in discontinued operations — — — (13.0 ) — (13.0 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (142.9 ) .1 (76.2 ) (205.4 ) — (424.4 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 144.5 $ .1 $ 14.6 $ 81.2 $ — $ 240.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2014 (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 $ (82.2 ) $ (91.7 ) $ (76.7 ) $ 1,763.3 $ — $ 1,512.7 INVESTING ACTIVITIES Additions to property and equipment — (28.1 ) — (1,217.0 ) — (1,245.1 ) Maturities of short-term investments — — — 50.0 50.0 Purchases of short-term investments — — — (45.3 ) — (45.3 ) Other — — — 9.8 — 9.8 Net cash used in investing activities of continuing operations — (28.1 ) — (1,202.5 ) — (1,230.6 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,246.4 — — — — 1,246.4 Cash dividends paid (526.7 ) — — — — (526.7 ) Reduction of long-term borrowings — — — (30.9 ) — (30.9 ) Debt financing costs (11.3 ) — — — — (11.3 ) Advances (to) from affiliates (295.5 ) 119.3 414.8 (238.6 ) — — Other (10.2 ) — — (7.4 ) — (17.6 ) Net cash provided by (used in) financing activities 402.7 119.3 414.8 (276.9 ) — 659.9 DISCONTINUED OPERATIONS Operating activities — — — 10.6 — 10.6 Investing activities — — — 55.5 — 55.5 Net cash provided by discontinued operations — — — 66.1 — 66.1 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 320.5 (.5 ) 338.1 350.0 — 1,008.1 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 46.5 .5 4.9 113.7 — 165.6 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 367.0 $ — $ 343.0 $ 463.7 $ — $ 1,173.7 |
Unaudited Condensed Consolida22
Unaudited Condensed Consolidated Financial Statements (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
Operating Revenues and Expenses | Significant Accounting Policies - Operating Revenues and Expenses 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 revenue in the period it is realized or realizable and earned, it can be reasonably measured, and collectability is reasonably assured. During the three-month and nine-month periods ended September 30, 2015 , operating revenues included $110.6 million for the ENSCO DS-4 lump sum termination fee, which we collected in October, as well as $58.6 million related to the ENSCO DS-9 termination, which included an $18.4 million lump-sum for mobilization, capital upgrades and day rate revenue earned during initial acceptance testing. Under the terms of the ENSCO DS-9 contract, our customer is obligated to pay us monthly termination fees for a period of two years equal to the operating day rate, which may be partially defrayed should we re-contract the rig and/or mitigate certain costs. Our significant accounting policies are included in Note 1 to our audited consolidated financial statements for the year ended December 31, 2014 included in our annual report on Form 10-K filed with the SEC on March 2, 2015 . |
New Accounting Pronouncements | New Accounting Pronouncements During 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , as updated by Update 2015-15, Interest - Imputation of Interest (Subtopic 835-30 ): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcements at June 18, 2015 EITF Meeting , which require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Debt issuance costs related to line-of-credit arrangements may be presented as an asset regardless of whether there are any outstanding borrowings on the arrangement. These updates are effective for annual and interim periods for fiscal years beginning after December 15, 2015. Early application is permitted. We will adopt these accounting standards on a retrospective basis effective January 1, 2016. There will be no impact to the manner in which debt issuance costs are amortized in our condensed consolidated financial statements. During 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. In July 2015, the Financial Accounting Standards Board voted to delay the effective date one year. The Update is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. The Update will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with cumulative catch-up approach. We are currently evaluating the effect that Update 2014-09 will have on our condensed consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total As of September 30, 2015 Supplemental executive retirement plan assets $ 42.8 $ — $ — $ 42.8 Total financial assets 42.8 — — 42.8 Derivatives, net — (32.7 ) — (32.7 ) Total financial liabilities $ — $ (32.7 ) $ — $ (32.7 ) As of December 31, 2014 Supplemental executive retirement plan assets $ 43.2 $ — $ — $ 43.2 Total financial assets 43.2 — — 43.2 Derivatives, net — (26.3 ) — (26.3 ) Total financial liabilities $ — $ (26.3 ) $ — $ (26.3 ) |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions): September 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 4.70% Senior notes due 2021 $ 1,482.0 $ 1,254.7 $ 1,479.9 $ 1,505.3 5.75% Senior notes due 2044 1,004.0 706.9 622.3 615.8 6.875% Senior notes due 2020 995.4 886.5 1,008.2 1,008.5 5.20% Senior notes due 2025 697.5 572.3 — — 4.50% Senior notes due 2024 624.2 487.5 624.2 602.0 8.50% Senior notes due 2019 570.8 517.5 583.8 611.8 7.875% Senior notes due 2040 380.2 253.0 381.2 363.8 7.20% Debentures due 2027 149.2 136.7 149.2 171.4 4.33% MARAD bonds, including current maturities, due 2016 — — 46.6 46.8 4.65% MARAD bonds, including current maturities, due 2020 — — 27.0 29.7 3.25% Senior notes due 2016 — — 998.0 1,018.3 Total $ 5,903.3 $ 4,815.1 $ 5,920.4 $ 5,973.4 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities September 30, December 31, September 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ .4 $ .4 $ 28.9 $ 17.2 Foreign currency forward contracts - non-current (2) .1 .1 2.9 2.9 .5 .5 31.8 20.1 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) .4 .2 1.8 6.9 .4 .2 1.8 6.9 Total $ .9 $ .7 $ 33.6 $ 27.0 (1) Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. (2) Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income (loss) were as follows (in millions): Three Months Ended September 30, 2015 and 2014 Loss Recognized in Other Comprehensive Income (Effective Portion) (Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2015 2014 2015 2014 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ — $ — $ — Foreign currency forward contracts (4) (14.8 ) (12.7 ) (5.7 ) 1.4 (.3 ) (1.9 ) Total $ (14.8 ) $ (12.7 ) $ (5.8 ) $ 1.4 $ (.3 ) $ (1.9 ) Nine Months Ended September 30, 2015 and 2014 Loss Recognized in Other Comprehensive Income (Effective Portion) (Loss) Gain Reclassified from AOCI into Income (Effective Portion) (1) Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2015 2014 2015 2014 2015 2014 Interest rate lock contracts (3) $ — $ — $ (.6 ) $ (.2 ) $ — $ — Foreign currency forward contracts (5) (23.5 ) (2.8 ) (15.3 ) 3.5 (.1 ) — Total $ (23.5 ) $ (2.8 ) $ (15.9 ) $ 3.3 $ (.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) Losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of operations. (4) During the three-month period ended September 30, 2015 , $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2014 , $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. (5) During the nine-month period ended September 30, 2015 , $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2014 , $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of Income from Continuing Operations | Income from continuing operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2015 and 2014 was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income from continuing operations $ 317.1 $ 423.7 $ 918.0 $ 371.2 Income from continuing operations attributable to noncontrolling interests (1.7 ) (3.4 ) (7.3 ) (10.5 ) Income from continuing operations attributable to Ensco $ 315.4 $ 420.3 $ 910.7 $ 360.7 |
Reconciliation of Income (Loss) from Discontinued Operations [Table Text Block] | Loss) income from discontinued operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2015 and 2014 was as follows (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 (Loss) income from discontinued operations, net $ (23.3 ) $ 9.2 $ (33.6 ) $ (811.2 ) Income from discontinued operations attributable to noncontrolling interests (.1 ) (.1 ) (.1 ) (.3 ) (Loss) income from discontinued operations attributable to Ensco $ (23.4 ) $ 9.1 $ (33.7 ) $ (811.5 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Income from continuing operations attributable to Ensco $ 315.4 $ 420.3 $ 910.7 $ 360.7 Income from continuing operations allocated to non-vested share awards (4.8 ) (4.8 ) (12.2 ) (5.9 ) Income from continuing operations attributable to Ensco shares $ 310.6 $ 415.5 $ 898.5 $ 354.8 |
Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations | The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Weighted-average shares - basic 232.4 231.8 232.2 231.5 Potentially dilutive shares .1 .2 — .2 Weighted-average shares - diluted 232.5 232.0 232.2 231.7 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Loss from Discontinued Operations | The following table summarizes (loss) income from discontinued operations, net for the three-month and nine-month periods ended September 30, 2015 and 2014 (in millions): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Revenues $ 1.7 $ 79.0 $ 19.4 $ 298.4 Operating expenses 5.6 72.4 38.8 324.0 Operating (loss) income (3.9 ) 6.6 (19.4 ) (25.6 ) Income tax (expense) benefit (2.1 ) (11.7 ) 7.1 (23.2 ) Loss on impairment, net (17.3 ) — (24.5 ) (796.8 ) Gain on disposal of discontinued operations, net — 14.3 3.2 34.4 (Loss) income from discontinued operations, net $ (23.3 ) $ 9.2 $ (33.6 ) $ (811.2 ) |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Three Months Ended September 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 646.4 $ 325.8 $ 40.0 $ 1,012.2 $ — $ 1,012.2 Operating expenses Contract drilling (exclusive of depreciation) 242.4 160.0 31.1 433.5 — 433.5 Depreciation 95.7 44.8 — 140.5 4.7 145.2 Loss on impairment — 2.4 — 2.4 — 2.4 General and administrative — — — — 28.4 28.4 Operating income (loss) $ 308.3 $ 118.6 $ 8.9 $ 435.8 $ (33.1 ) $ 402.7 Property and equipment, net $ 10,260.5 $ 3,194.6 $ — $ 13,455.1 $ 73.8 $ 13,528.9 Three Months Ended September 30, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 703.5 $ 481.0 $ 16.9 $ 1,201.4 $ — $ 1,201.4 Operating expenses Contract drilling (exclusive of depreciation) 291.3 197.9 11.0 500.2 — 500.2 Depreciation 87.9 45.3 — 133.2 2.0 135.2 General and administrative — — — — 29.3 29.3 Operating income (loss) $ 324.3 $ 237.8 $ 5.9 $ 568.0 $ (31.3 ) $ 536.7 Property and equipment, net $ 9,836.2 $ 3,215.3 $ — $ 13,051.5 $ 76.1 $ 13,127.6 Nine Months Ended September 30, 2015 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,975.7 $ 1,138.2 $ 121.2 $ 3,235.1 $ — $ 3,235.1 Operating expenses Contract drilling (exclusive of depreciation) 813.6 544.2 96.6 1,454.4 — 1,454.4 Depreciation 283.1 129.9 — 413.0 9.8 422.8 Loss on impairment — 2.4 — 2.4 — 2.4 General and administrative — — 88.2 88.2 Operating income (loss) $ 879.0 $ 461.7 $ 24.6 $ 1,365.3 $ (98.0 ) $ 1,267.3 Property and equipment, net $ 10,260.5 $ 3,194.6 $ — $ 13,455.1 $ 73.8 $ 13,528.9 Nine Months Ended September 30, 2014 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 2,034.6 $ 1,320.1 $ 50.0 $ 3,404.7 $ — $ 3,404.7 Operating expenses Contract drilling (exclusive of depreciation) 907.8 621.1 34.0 1,562.9 — 1,562.9 Depreciation 266.9 125.6 — 392.5 6.0 398.5 Loss on impairment 703.5 — — 703.5 — 703.5 General and administrative — — — — 103.6 103.6 Operating income (loss) $ 156.4 $ 573.4 $ 16.0 $ 745.8 $ (109.6 ) $ 636.2 Property and equipment, net $ 9,836.2 $ 3,215.3 $ — $ 13,051.5 $ 76.1 $ 13,127.6 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of September 30, 2015 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America (excluding Brazil) 9 7 16 Middle East & Africa 3 11 14 Europe & Mediterranean 2 11 13 Asia & Pacific Rim 4 7 11 Brazil 4 — 4 Asia & Pacific Rim (under construction) 1 1 2 Middle East & Africa (under construction) — 2 2 Held for sale 4 3 7 Total 27 42 69 (1) We provide management services on five rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform29
Supplemental Financial Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions): September 30, December 31, Trade $ 730.6 $ 878.8 Other 14.4 15.9 745.0 894.7 Allowance for doubtful accounts (9.4 ) (11.4 ) $ 735.6 $ 883.3 |
Other Current Assets | Other current assets consisted of the following (in millions): September 30, December 31, Inventory $ 256.4 $ 240.3 Assets held for sale 127.5 152.4 Prepaid taxes 70.7 90.6 Deferred costs 54.8 61.9 Deferred tax assets 33.9 43.8 Prepaid expenses 30.0 33.8 Other 13.3 6.6 $ 586.6 $ 629.4 |
Other Assets, Net | Other assets, net consisted of the following (in millions): September 30, December 31, Deferred costs $ 86.5 $ 82.3 Supplemental executive retirement plan assets 42.8 43.2 Prepaid taxes on intercompany transfers of property 37.7 39.7 Deferred tax assets 36.2 38.4 Intangible assets 8.5 49.0 Unbilled receivables 1.7 18.6 Warranty and other claim receivables — 30.6 Other 9.8 12.4 $ 223.2 $ 314.2 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions): September 30, December 31, Deferred revenue $ 198.0 $ 241.3 Personnel costs 158.6 214.0 Accrued interest 75.4 83.8 Taxes 60.8 97.0 Derivative liabilities 30.7 24.1 Other 11.7 36.4 $ 535.2 $ 696.6 |
Other Liabilities | Other liabilities consisted of the following (in millions): September 30, December 31, Deferred revenue $ 240.6 $ 373.2 Unrecognized tax benefits (inclusive of interest and penalties) 151.6 142.4 Supplemental executive retirement plan liabilities 43.9 45.1 Intangible liabilities 16.9 40.7 Personnel costs 16.2 26.1 Other 35.4 39.8 $ 504.6 $ 667.3 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions): September 30, December 31, Cumulative Translation Adjustment $ 10.2 $ 5.1 Derivative Instruments .4 8.0 Other (2.1 ) (1.2 ) $ 8.5 $ 11.9 |
Guarantee Of Registered Secur30
Guarantee Of Registered Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 9.8 $ 34.8 $ — $ 1,039.4 $ (71.8 ) $ 1,012.2 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 7.3 34.8 — 463.2 (71.8 ) 433.5 Depreciation — 4.3 — 140.9 — 145.2 Loss on impairment — — — 2.4 — 2.4 General and administrative 11.8 .1 — 16.5 — 28.4 OPERATING (LOSS) INCOME (9.3 ) (4.4 ) — 416.4 — 402.7 OTHER (EXPENSE) INCOME, NET (37.1 ) (7.2 ) (15.7 ) 7.6 — (52.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (46.4 ) (11.6 ) (15.7 ) 424.0 — 350.3 INCOME TAX PROVISION — .9 — 32.3 — 33.2 DISCONTINUED OPERATIONS, NET — — — (23.3 ) — (23.3 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 338.4 111.2 14.6 — (464.2 ) — NET INCOME (LOSS) 292.0 98.7 (1.1 ) 368.4 (464.2 ) 293.8 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 292.0 $ 98.7 $ (1.1 ) $ 366.6 $ (464.2 ) $ 292.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 8.3 $ 39.0 $ — $ 1,232.4 $ (78.3 ) $ 1,201.4 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 9.1 37.4 — 532.0 (78.3 ) 500.2 Depreciation .1 1.8 — 133.3 — 135.2 General and administrative 10.2 .1 — 19.0 — 29.3 OPERATING (LOSS) INCOME (11.1 ) (.3 ) — 548.1 — 536.7 OTHER (EXPENSE) INCOME, NET (15.0 ) (23.1 ) (13.1 ) 12.8 — (38.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (26.1 ) (23.4 ) (13.1 ) 560.9 — 498.3 INCOME TAX PROVISION — (2.1 ) — 76.7 — 74.6 DISCONTINUED OPERATIONS, NET — — — 9.2 — 9.2 EQUITY EARNINGS IN AFFILIATES, NET OF TAX 455.5 73.3 66.9 — (595.7 ) — NET INCOME 429.4 52.0 53.8 493.4 (595.7 ) 432.9 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.5 ) — (3.5 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 429.4 $ 52.0 $ 53.8 $ 489.9 $ (595.7 ) $ 429.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 27.2 $ 104.1 $ — $ 3,317.6 $ (213.8 ) $ 3,235.1 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 20.4 104.1 — 1,543.7 (213.8 ) 1,454.4 Depreciation .1 9.2 — 413.5 — 422.8 Loss on impairment — — — 2.4 — 2.4 General and administrative 38.8 .2 — 49.2 — 88.2 OPERATING (LOSS) INCOME (32.1 ) (9.4 ) — 1,308.8 — 1,267.3 OTHER (EXPENSE) INCOME, NET (133.3 ) (21.6 ) (46.8 ) 21.3 — (180.4 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (165.4 ) (31.0 ) (46.8 ) 1,330.1 — 1,086.9 INCOME TAX PROVISION — 28.8 — 140.1 — 168.9 DISCONTINUED OPERATIONS, NET — — — (33.6 ) — (33.6 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 1,042.4 203.9 149.9 — (1,396.2 ) — NET INCOME 877.0 144.1 103.1 1,156.4 (1,396.2 ) 884.4 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (7.4 ) — (7.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 877.0 $ 144.1 $ 103.1 $ 1,149.0 $ (1,396.2 ) $ 877.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 23.8 $ 116.8 $ — $ 3,501.7 $ (237.6 ) $ 3,404.7 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 24.4 115.2 — 1,660.9 (237.6 ) 1,562.9 Depreciation .2 5.1 — 393.2 — 398.5 Loss on impairment — — — 703.5 — 703.5 General and administrative 41.0 .3 — 62.3 — 103.6 OPERATING (LOSS) INCOME (41.8 ) (3.8 ) — 681.8 — 636.2 OTHER (EXPENSE) INCOME, NET (43.6 ) (28.5 ) (39.0 ) 12.8 — (98.3 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (85.4 ) (32.3 ) (39.0 ) 694.6 — 537.9 INCOME TAX PROVISION — 36.3 — 130.4 — 166.7 DISCONTINUED OPERATIONS, NET — — — (811.2 ) — (811.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX (365.4 ) (1,314.2 ) (1,502.9 ) — 3,182.5 — NET LOSS (450.8 ) (1,382.8 ) (1,541.9 ) (247.0 ) 3,182.5 (440.0 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (10.8 ) — (10.8 ) NET LOSS ATTRIBUTABLE TO ENSCO $ (450.8 ) $ (1,382.8 ) $ (1,541.9 ) $ (257.8 ) $ 3,182.5 $ (450.8 ) |
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 292.0 $ 98.7 $ (1.1 ) $ 368.4 $ (464.2 ) $ 293.8 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (14.8 ) — — — (14.8 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 5.8 — — — 5.8 Other — — — 2.9 — 2.9 NET OTHER COMPREHENSIVE (LOSS) INCOME — (9.0 ) — 2.9 — (6.1 ) COMPREHENSIVE INCOME (LOSS) 292.0 89.7 (1.1 ) 371.3 (464.2 ) 287.7 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.8 ) — (1.8 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 292.0 $ 89.7 $ (1.1 ) $ 369.5 $ (464.2 ) $ 285.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 429.4 $ 52.0 $ 53.8 $ 493.4 $ (595.7 ) $ 432.9 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (12.7 ) — — — (12.7 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (1.4 ) — — — (1.4 ) Other — — — 3.7 — 3.7 NET OTHER COMPREHENSIVE (LOSS) INCOME — (14.1 ) — 3.7 — (10.4 ) COMPREHENSIVE INCOME 429.4 37.9 53.8 497.1 (595.7 ) 422.5 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.5 ) — (3.5 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 429.4 $ 37.9 $ 53.8 $ 493.6 $ (595.7 ) $ 419.0 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 877.0 $ 144.1 $ 103.1 $ 1,156.4 $ (1,396.2 ) $ 884.4 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (23.5 ) — — — (23.5 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 15.9 — — — 15.9 Other — — — 4.2 — 4.2 NET OTHER COMPREHENSIVE (LOSS) INCOME — (7.6 ) — 4.2 — (3.4 ) COMPREHENSIVE INCOME 877.0 136.5 103.1 1,160.6 (1,396.2 ) 881.0 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (7.4 ) — (7.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 877.0 $ 136.5 $ 103.1 $ 1,153.2 $ (1,396.2 ) $ 873.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2014 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET LOSS $ (450.8 ) $ (1,382.8 ) $ (1,541.9 ) $ (247.0 ) $ 3,182.5 $ (440.0 ) OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in fair value of derivatives — (2.8 ) — — — (2.8 ) Reclassification of net gains on derivative instruments from other comprehensive income into net income — (3.3 ) — — — (3.3 ) Other — — — 4.2 — 4.2 NET OTHER COMPREHENSIVE (LOSS) INCOME — (6.1 ) — 4.2 — (1.9 ) COMPREHENSIVE LOSS (450.8 ) (1,388.9 ) (1,541.9 ) (242.8 ) 3,182.5 (441.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (10.8 ) — (10.8 ) COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO $ (450.8 ) $ (1,388.9 ) $ (1,541.9 ) $ (253.6 ) $ 3,182.5 $ (452.7 ) |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 144.5 $ .1 $ 14.6 $ 81.2 $ — $ 240.4 Short-term investments 850.0 — — — — 850.0 Accounts receivable, net — — — 735.6 — 735.6 Accounts receivable from affiliates 35.3 190.3 — 116.6 (342.2 ) — Other .5 84.3 — 501.8 — 586.6 Total current assets 1,030.3 274.7 14.6 1,435.2 (342.2 ) 2,412.6 PROPERTY AND EQUIPMENT, AT COST 2.1 115.3 — 16,271.8 — 16,389.2 Less accumulated depreciation 1.8 43.3 — 2,815.2 — 2,860.3 Property and equipment, net .3 72.0 — 13,456.6 — 13,528.9 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,727.7 5,593.2 2,084.6 7,489.8 (17,895.3 ) — INVESTMENTS IN AFFILIATES 10,159.4 1,440.6 612.5 — (12,212.5 ) — OTHER ASSETS, NET 27.0 44.3 — 151.9 — 223.2 $ 13,944.7 $ 7,424.8 $ 2,711.7 $ 22,809.6 $ (30,450.0 ) $ 16,440.8 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 50.7 $ 56.2 $ 23.4 $ 672.8 $ — $ 803.1 Accounts payable to affiliates 22.4 129.3 — 190.5 (342.2 ) $ — Total current liabilities 73.1 185.5 23.4 863.3 (342.2 ) 803.1 DUE TO AFFILIATES 1,042.0 4,690.5 1,805.0 10,357.8 (17,895.3 ) — LONG-TERM DEBT 3,807.8 149.2 1,946.3 — — 5,903.3 DEFERRED INCOME TAXES — 208.0 — — — 208.0 OTHER LIABILITIES — 6.6 5.5 492.5 — 504.6 ENSCO SHAREHOLDERS' EQUITY 9,021.8 2,185.0 (1,068.5 ) 11,085.3 (12,212.5 ) 9,011.1 NONCONTROLLING INTERESTS — — — 10.7 — 10.7 Total equity 9,021.8 2,185.0 (1,068.5 ) 11,096.0 (12,212.5 ) 9,021.8 $ 13,944.7 $ 7,424.8 $ 2,711.7 $ 22,809.6 $ (30,450.0 ) $ 16,440.8 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (in millions) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 287.4 $ — $ 90.8 $ 286.6 $ — $ 664.8 Short-term investments 712.0 — — 45.3 — 757.3 Accounts receivable, net — — — 883.3 — 883.3 Accounts receivable from affiliates 34.5 210.4 — 134.6 (379.5 ) — Other 4.1 86.9 — 538.4 — 629.4 Total current assets 1,038.0 297.3 90.8 1,888.2 (379.5 ) 2,934.8 PROPERTY AND EQUIPMENT, AT COST 2.1 71.5 — 14,901.9 — 14,975.5 Less accumulated depreciation 1.7 34.1 — 2,404.9 — 2,440.7 Property and equipment, net .4 37.4 — 12,497.0 — 12,534.8 GOODWILL — — — 276.1 — 276.1 DUE FROM AFFILIATES 2,873.2 4,748.2 1,835.0 6,308.8 (15,765.2 ) — INVESTMENTS IN AFFILIATES 9,084.8 1,233.5 461.6 — (10,779.9 ) — OTHER ASSETS, NET 17.0 47.4 — 249.8 — 314.2 $ 13,013.4 $ 6,363.8 $ 2,387.4 $ 21,219.9 $ (26,924.6 ) $ 16,059.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 47.8 $ 42.8 $ 34.3 $ 944.9 $ — $ 1,069.8 Accounts payable to affiliates 23.5 158.3 — 197.7 (379.5 ) — Current maturities of long-term debt — — — 34.8 — 34.8 Total current liabilities 71.3 201.1 34.3 1,177.4 (379.5 ) 1,104.6 DUE TO AFFILIATES 994.8 3,817.4 1,547.7 9,405.3 (15,765.2 ) — LONG-TERM DEBT 3,724.4 149.2 1,973.2 38.8 — 5,885.6 DEFERRED INCOME TAXES — 176.8 — 2.7 — 179.5 OTHER LIABILITIES — 6.1 7.0 654.2 — 667.3 ENSCO SHAREHOLDERS' EQUITY 8,222.9 2,013.2 (1,174.8 ) 9,933.6 (10,779.9 ) 8,215.0 NONCONTROLLING INTERESTS — — — 7.9 — 7.9 Total equity 8,222.9 2,013.2 (1,174.8 ) 9,941.5 (10,779.9 ) 8,222.9 $ 13,013.4 $ 6,363.8 $ 2,387.4 $ 21,219.9 $ (26,924.6 ) $ 16,059.9 |
Condensed Consolidating Statements Of Cash Flows | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (in millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International, Inc. Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (34.2 ) $ (7.1 ) $ (86.1 ) $ 1,402.0 $ — $ 1,274.6 INVESTING ACTIVITIES Additions to property and equipment — — — (1,445.8 ) — (1,445.8 ) Purchases of short-term investments (850.0 ) — — — — (850.0 ) Maturities of short-term investments 712.0 — — 45.3 — 757.3 Other — — — 1.4 — 1.4 Net cash used in investing activities of continuing operations (138.0 ) — — (1,399.1 ) — (1,537.1 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,078.7 — — — — 1,078.7 Reduction of long-term borrowings (1,072.5 ) — — — — (1,072.5 ) Cash dividends paid (105.9 ) — — — — (105.9 ) Premium paid on redemption of debt (30.3 ) — — — — (30.3 ) Debt financing costs (10.5 ) — — — — (10.5 ) Advances from (to) affiliates 175.0 7.2 9.9 (192.1 ) — — Other (5.2 ) — — (3.2 ) — (8.4 ) Net cash provided by (used in) financing activities 29.3 7.2 9.9 (195.3 ) — (148.9 ) DISCONTINUED OPERATIONS Operating activities — — — (12.7 ) — (12.7 ) Investing activities — — — (.3 ) — (.3 ) Net cash used in discontinued operations — — — (13.0 ) — (13.0 ) NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (142.9 ) .1 (76.2 ) (205.4 ) — (424.4 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 287.4 — 90.8 286.6 — 664.8 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 144.5 $ .1 $ 14.6 $ 81.2 $ — $ 240.4 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2014 (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 $ (82.2 ) $ (91.7 ) $ (76.7 ) $ 1,763.3 $ — $ 1,512.7 INVESTING ACTIVITIES Additions to property and equipment — (28.1 ) — (1,217.0 ) — (1,245.1 ) Maturities of short-term investments — — — 50.0 50.0 Purchases of short-term investments — — — (45.3 ) — (45.3 ) Other — — — 9.8 — 9.8 Net cash used in investing activities of continuing operations — (28.1 ) — (1,202.5 ) — (1,230.6 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 1,246.4 — — — — 1,246.4 Cash dividends paid (526.7 ) — — — — (526.7 ) Reduction of long-term borrowings — — — (30.9 ) — (30.9 ) Debt financing costs (11.3 ) — — — — (11.3 ) Advances (to) from affiliates (295.5 ) 119.3 414.8 (238.6 ) — — Other (10.2 ) — — (7.4 ) — (17.6 ) Net cash provided by (used in) financing activities 402.7 119.3 414.8 (276.9 ) — 659.9 DISCONTINUED OPERATIONS Operating activities — — — 10.6 — 10.6 Investing activities — — — 55.5 — 55.5 Net cash provided by discontinued operations — — — 66.1 — 66.1 NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 320.5 (.5 ) 338.1 350.0 — 1,008.1 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 46.5 .5 4.9 113.7 — 165.6 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 367.0 $ — $ 343.0 $ 463.7 $ — $ 1,173.7 |
Unaudited Condensed Consolida31
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements (Narrative) (Details) - Sales Revenue, Net [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Ensco DS-4 [Member] | |
Revenue from External Customer [Line Items] | |
Gain (Loss) on Contract Termination | $ 110.6 |
Ensco DS-9 [Member] | |
Revenue from External Customer [Line Items] | |
Gain (Loss) on Contract Termination | 58.6 |
Other Nonrecurring Income | $ 18.4 |
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 | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | $ 42.8 | $ 43.2 |
Total financial assets | 42.8 | 43.2 |
Derivative Assets (Liabilities), at Fair Value, Net | (32.7) | (26.3) |
Financial Liabilities Fair Value Disclosure | (32.7) | (26.3) |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 42.8 | 43.2 |
Total financial assets | 42.8 | 43.2 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | (32.7) | (26.3) |
Financial Liabilities Fair Value Disclosure | (32.7) | (26.3) |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivative Assets (Liabilities), at Fair Value, Net | 0 | 0 |
Financial Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Fair Value Measurements (Sche33
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 5,903.3 | $ 5,920.4 |
Estimated Fair Value | $ 4,815.1 | $ 5,973.4 |
Three Point Two Five Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | 3.25% |
Carrying Value | $ 0 | $ 998 |
Estimated Fair Value | $ 0 | $ 1,018.3 |
Four Point Six Five Percent Marine Administration Bonds Including Current Maturities Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.65% | 4.65% |
Carrying Value | $ 0 | $ 27 |
Estimated Fair Value | $ 0 | $ 29.7 |
Four Point Three Three Percent Marine Administration Bonds Including Current Maturities Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.33% | 4.33% |
Carrying Value | $ 0 | $ 46.6 |
Estimated Fair Value | $ 0 | $ 46.8 |
Seven Point Two Zero Percent Debentures Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.20% | 7.20% |
Carrying Value | $ 149.2 | $ 149.2 |
Estimated Fair Value | $ 136.7 | $ 171.4 |
Seven Point Eight Seven Five Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 7.875% | 7.875% |
Carrying Value | $ 380.2 | $ 381.2 |
Estimated Fair Value | $ 253 | $ 363.8 |
Eight Point Five Zero Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% |
Carrying Value | $ 570.8 | $ 583.8 |
Estimated Fair Value | $ 517.5 | $ 611.8 |
Four Point Five Percent Senior Notes Member [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% |
Carrying Value | $ 624.2 | $ 624.2 |
Estimated Fair Value | $ 487.5 | $ 602 |
Five Point Two Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.20% | 5.20% |
Carrying Value | $ 697.5 | $ 0 |
Estimated Fair Value | $ 572.3 | $ 0 |
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% |
Carrying Value | $ 995.4 | $ 1,008.2 |
Estimated Fair Value | $ 886.5 | $ 1,008.5 |
Five Point Seven Five Percent Senior Notes [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 5.75% | 5.75% |
Carrying Value | $ 1,004 | $ 622.3 |
Estimated Fair Value | $ 706.9 | $ 615.8 |
Four Point Seven Zero Percent Senior Notes Member | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% |
Carrying Value | $ 1,482 | $ 1,479.9 |
Estimated Fair Value | $ 1,254.7 | $ 1,505.3 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | $ (32.7) | $ (32.7) | $ (26.3) | |||||||
Maturity period of derivatives (in months) | 18 months | |||||||||
Estimated amount of net gains (losses) associated with derivative instruments, net of tax, in next twelve months | $ (16.6) | |||||||||
Fair Value, Inputs, Level 2 [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative Assets (Liabilities), at Fair Value, Net | (32.7) | (32.7) | $ (26.3) | |||||||
Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (5.8) | $ 1.4 | (15.9) | $ 3.3 | ||||||
Designated as Hedging Instrument [Member] | Foreign Exchange [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Aggregate cash flow hedges outstanding | 329.9 | 329.9 | ||||||||
Cash flow hedges outstanding for British pounds | 158.4 | 158.4 | ||||||||
Cash flow hedges outstanding for Brazilian reals | 72.7 | 72.7 | ||||||||
Cash flow hedges outstanding for euros | 39.2 | 39.2 | ||||||||
Cash flow hedges outstanding for Singapore dollars | 18.3 | 18.3 | ||||||||
Cash flow hedges outstanding for Australian dollars | 32 | 32 | ||||||||
Cash flow hedges outstanding for other currencies | 9.3 | 9.3 | ||||||||
Not Designated as Hedging Instrument [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Net gains (losses) on derivatives not designated as hedging instruments | (4.2) | (15.4) | (13.2) | (15.1) | ||||||
Not Designated as Hedging Instrument [Member] | Foreign Exchange [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Aggregate cash flow hedges outstanding | 155.5 | 155.5 | ||||||||
Cash flow hedges outstanding for British pounds | 11.8 | 11.8 | ||||||||
Cash flow hedges outstanding for euros | 85.1 | 85.1 | ||||||||
Cash flow hedges outstanding for Indonesian rupiah | 9.5 | 9.5 | ||||||||
Cash flow hedges outstanding for Mexican Pesos | 13.3 | 13.3 | ||||||||
Cash flow hedges outstanding for Swiss francs | 13.8 | 13.8 | ||||||||
Cash flow hedges outstanding for other currencies | 22 | 22 | ||||||||
Foreign Exchange Forward [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | [1] | (5.7) | [2] | 1.4 | [2] | (15.3) | [3] | 3.5 | [3] | |
Contract Drilling [Member] | Foreign Exchange Forward [Member] | ||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||||||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ (5.9) | $ 1.2 | $ (15.9) | $ 2.9 | ||||||
[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] | During the three-month period ended September 30, 2015, $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2014, $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. | |||||||||
[3] | During the nine-month period ended September 30, 2015, $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2014, $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 0.9 | $ 0.7 | |
Total fair value of derivative liabilities | 33.6 | 27 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 0.5 | 0.5 | |
Total fair value of derivative liabilities | 31.8 | 20.1 | |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.4 | 0.4 |
Total fair value of derivative liabilities | [1] | 28.9 | 17.2 |
Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Non-Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [2] | 0.1 | 0.1 |
Total fair value of derivative liabilities | [2] | 2.9 | 2.9 |
Not Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 0.4 | 0.2 | |
Total fair value of derivative liabilities | 1.8 | 6.9 | |
Not Designated as Hedging Instrument [Member] | Foreign Currency Forward Contracts - Current [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 0.4 | 0.2 |
Total fair value of derivative liabilities | [1] | $ 1.8 | $ 6.9 |
[1] | Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. | ||
[2] | Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Derivative Instruments (Gains A
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||||||
Interest Rate Lock Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | [1] | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | [1],[2] | (0.1) | 0 | (0.6) | (0.2) | ||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 | 0 | ||||
Foreign Currency Forward Contracts [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (14.8) | [4] | (12.7) | [4] | (23.5) | [5] | (2.8) | [5] | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | [2] | (5.7) | [4] | 1.4 | [4] | (15.3) | [5] | 3.5 | [5] |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | (0.3) | [4] | (1.9) | [4] | (0.1) | [5] | 0 | [5] |
Foreign Currency Forward Contracts [Member] | Contract Drilling [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | (5.9) | 1.2 | (15.9) | 2.9 | |||||
Foreign Currency Forward Contracts [Member] | Depreciation Expense [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | 0.2 | 0.2 | 0.6 | 0.6 | |||||
Designated as Hedging Instrument [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (14.8) | (12.7) | (23.5) | (2.8) | |||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income into Income (Effective Portion) | (5.8) | 1.4 | (15.9) | 3.3 | |||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | $ (0.3) | $ (1.9) | $ (0.1) | $ 0 | |||||
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of operations. | ||||||||
[2] | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | ||||||||
[3] | osses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. | ||||||||
[4] | During the three-month period ended September 30, 2015, $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2014, $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. | ||||||||
[5] | During the nine-month period ended September 30, 2015, $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2014, $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests Reconc
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Noncontrolling Interest [Abstract] | ||||
Income (loss) from continuing operations | $ 317.1 | $ 423.7 | $ 918 | $ 371.2 |
Income from continuing operations attributable to noncontrolling interests | (1.7) | (3.4) | (7.3) | (10.5) |
Income (loss) from continuing operations attributable to Ensco | $ 315.4 | $ 420.3 | $ 910.7 | $ 360.7 |
Noncontrolling Interests Reco38
Noncontrolling Interests Reconciliation of income from discontinued operations (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Income (Loss) from Discontinued Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest | $ (23.3) | $ 9.2 | $ (33.6) | $ (811.2) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Noncontrolling Interest | 0.1 | 0.1 | 0.1 | 0.3 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $ (23.4) | $ 9.1 | $ (33.7) | $ (811.5) |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Income (loss) from continuing operations attributable to Ensco | $ 315.4 | $ 420.3 | $ 910.7 | $ 360.7 |
Other Preferred Stock Dividends and Adjustments | 4.8 | 4.8 | 12.2 | 5.9 |
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders | $ 310.6 | $ 415.5 | $ 898.5 | $ 354.8 |
Earnings Per Share (Reconcili40
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details) - shares shares in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Weighted-average shares - basic (in shares) | 232.4 | 231.8 | 232.2 | 231.5 |
Potentially dilutive share options (in shares) | 0.1 | 0.2 | 0 | 0.2 |
Weighted-average shares - diluted (in shares) | 232.5 | 232 | 232.2 | 231.7 |
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 0.9 | 0.1 | 0.9 | 0.2 |
Debt (Details)
Debt (Details) - USD ($) | 2 Months Ended | 7 Months Ended | 9 Months Ended | ||||||
Mar. 08, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | Jul. 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 17, 2011 | |
Debt Instrument [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (33,500,000) | $ 0 | |||||||
Seven Point Eight Seven Five Percent Senior Notes Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 7.875% | 7.875% | 7.875% | ||||||
Senior note, maturity year | 2,040 | ||||||||
Five Point Two Percent Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 5.20% | 5.20% | 5.20% | ||||||
Four Point Five Percent Senior Notes Member [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 4.50% | 4.50% | 4.50% | ||||||
Five Point Seven Five Percent Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | 5.75% | ||||||
Three Point Two Five Percent Senior Notes Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 3.25% | 3.25% | 3.25% | ||||||
Four Point Three Three Percent Marine Administration Bonds Including Current Maturities Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 4.33% | 4.33% | 4.33% | ||||||
Four Point Six Five Percent Marine Administration Bonds Including Current Maturities Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 4.65% | 4.65% | 4.65% | ||||||
Acquired Debt [Member] | Four Point Three Three Percent Marine Administration Bonds Including Current Maturities Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 4.00% | ||||||||
Senior note, maturity year | 2,016 | ||||||||
Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Senior Notes [Member] | Five Point Two Percent Senior Notes [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 700,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 5.20% | ||||||||
Senior note, maturity year | 2,025 | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 2,600,000 | ||||||||
Senior Notes [Member] | Five Point Seven Five Percent Senior Notes Member [Domain] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 625,000,000 | $ 400,000,000 | |||||||
Debt instrument, interest rate, stated percentage | 5.75% | 5.75% | |||||||
Senior note, maturity year | 2,044 | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 18,700,000 | ||||||||
Senior Notes [Member] | Three Point Two Five Percent Senior Notes Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Face Amount | $ 1,000,000,000 | ||||||||
Debt instrument, interest rate, stated percentage | 3.25% | ||||||||
Senior note, maturity year | 2,016 | ||||||||
Debt Instrument, Repurchased Face Amount | $ 145,400,000 | 854,600,000 | |||||||
Gains (Losses) on Extinguishment of Debt | $ 3,800,000 | ||||||||
Debt Instrument, Repurchase Amount | $ 878,000,000 | ||||||||
Gains (Losses) on Extinguishment of Debt, before Write off of Deferred Debt Issuance Cost | 23,400,000 | ||||||||
Amortization of Debt Discount (Premium) | 1,700,000 | ||||||||
Write off of Deferred Debt Issuance Cost | $ 1,500,000 | ||||||||
Bonds [Member] | Four Point Six Five Percent Marine Administration Bonds Including Current Maturities Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt instrument, interest rate, stated percentage | 5.00% | ||||||||
Senior note, maturity year | 2,020 | ||||||||
Bonds [Member] | Four Point Three Three Percent and Four Point Six Five Percent Maritime Administration Bonds [Member] | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Repurchased Face Amount | $ 51,000,000 | ||||||||
Gains (Losses) on Extinguishment of Debt | $ 3,100,000 | ||||||||
Debt Instrument, Repurchase Amount | $ 14,300,000 | ||||||||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 2,750,000,000 | 2,750,000,000 | |||||||
Line of Credit Facility, Current Borrowing Capacity | 2,250,000,000 | $ 2,250,000,000 | |||||||
Line of Credit Facility, Commitment fee Percentage, Effect of One Notch Change in Rating | 0.00% | ||||||||
Line of Credit Facility, Commitment Fee Percentage | 0.10% | ||||||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | $ 0 | |||||||
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | ||||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Five Year Credit Facility Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Debt Instrument, Basis Spread on Variable Rate, Effect of One Notch Change in Rating | 0.10% | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.10% | ||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Five Year Credit Facility Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Maximum Percent of Debt to Total Capitalization Ratio | 100.00% | 100.00% | |||||||
TenderOffer [Member] | Senior Notes [Member] | Three Point Two Five Percent Senior Notes Member | |||||||||
Debt Instrument [Line Items] | |||||||||
Gains (Losses) on Extinguishment of Debt | $ (26,600,000) |
Impairment (Details)
Impairment (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($)rigs | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)rigs | Sep. 30, 2014USD ($) | Jun. 30, 2015rigs | Dec. 31, 2014USD ($)rigs | May. 31, 2014rigs | |
Asset Impairment Charges [Abstract] | |||||||
Impairment of Long-Lived Assets Held-for-use | $ 991.5 | ||||||
Loss on impairment | $ 2.4 | $ 0 | $ 2.4 | 703.5 | |||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | $ 127.5 | $ 127.5 | $ 152.4 | ||||
Number Of Rigs Committed To Be Sold | rigs | 7 | 7 | 6 | 5 | |||
Floaters [Member] | |||||||
Asset Impairment Charges [Abstract] | |||||||
Loss on impairment | 703.5 | ||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Number Of Rigs Committed To Be Sold | rigs | 6 | ||||||
Discontinued Operations [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Impairment of Long-Lived Assets to be Disposed of | $ 25.6 | $ 32.8 | 546.4 | ||||
ENSCO DS-2 [Member] | Discontinued Operations [Member] | |||||||
Long Lived Assets Held-for-sale [Line Items] | |||||||
Impairment of Long-Lived Assets to be Disposed of | $ 288 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - Restricted share awards and share unit awards [Member] | 9 Months Ended |
Sep. 30, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Awards granted | 2,000,000 |
Vesting rate | 20.00% |
Vesting rate for certain officers and non-employee directors | 33.00% |
Weighted-average grant-date fair value of non-vested awards | $ / shares | $ 24.22 |
Discontinued Operations (Narrat
Discontinued Operations (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2015USD ($)rigs | Dec. 31, 2014USD ($)rigs | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)rigs | Sep. 30, 2014USD ($) | Jun. 30, 2015rigs | May. 31, 2014rigs | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operations, Income Tax Expense (Benefit), Discrete Item | $ (11.9) | ||||||
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current | $ 127.5 | $ 152.4 | $ 127.5 | ||||
Number Of Rigs Committed To Be Sold | rigs | 7 | 7 | 6 | 5 | |||
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit | $ 17.3 | $ 0 | $ 24.5 | $ 796.8 | |||
Debt Instrument Carrying Value | $ 5,903.3 | $ 5,920.4 | 5,903.3 | ||||
Floaters [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number Of Rigs Committed To Be Sold | rigs | 6 | ||||||
Jackup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number Of Rigs Committed To Be Sold | rigs | 2 | ||||||
ENSCO5002 [Member] | Floaters [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (1.6) | ||||||
Net proceeds from rig sale | $ 1.6 | ||||||
ENSCO69andPrideWisconsin [Member] | Jackup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (23.6) | ||||||
Net proceeds from rig sale | 32.2 | ||||||
ENSCO 5000 [Member] | Floaters [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Net proceeds from rig sale | $ 1.3 | ||||||
ENSCO 85 [Member] | Jackup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | (10.3) | ||||||
Net proceeds from rig sale | 64.4 | ||||||
Ensco 93 [Member] | Jackup [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax | $ 1.2 | ||||||
Net proceeds from rig sale | $ 51.7 |
Discontinued Operations (Summar
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | ||||
Revenues | $ 1.7 | $ 79 | $ 19.4 | $ 298.4 |
Operating expenses | 5.6 | 72.4 | 38.8 | 324 |
Operating loss before income taxes | (3.9) | 6.6 | (19.4) | (25.6) |
Income tax (expense) benefit | (2.1) | (11.7) | 7.1 | (23.2) |
Loss on impairment, net | (17.3) | 0 | (24.5) | (796.8) |
Gain (loss) on disposal of discontinued operations, net | 0 | 14.3 | 3.2 | 34.4 |
Income (loss) from discontinued operations | $ (23.3) | $ 9.2 | $ (33.6) | $ (811.2) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Tax Examination [Line Items] | ||||
Loss on impairment | $ 2.4 | $ 0 | $ 2.4 | $ 703.5 |
Consolidated effective income tax rate including tax expense attributable to prior periods | 9.50% | 15.50% | ||
Effective Income Tax Rate Reconciliation, Percent | 12.60% | 13.90% | 16.40% | 11.80% |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 9 Months Ended | |
Sep. 30, 2015USD ($)plaintiffs | Mar. 31, 2009mi | |
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||
Distance from original drilling location in miles | mi | 95 | |
Loss Contingency, Damages Sought, Value | $ 5 | |
Number of plaintiffs | plaintiffs | 60 | |
Loss Contingency, Claims Settled, Number | plaintiffs | 58 | |
Loss Contingency, Claims Settled Pending Documentation, Number | plaintiffs | 18 | |
Letters of Credit Outstanding, Amount | $ 95.8 | |
Ensco 29 [Member] | ||
Oil and Gas Delivery Commitments and Contracts [Line Items] | ||
Annual liability coverage limit for wreckage and debris removal costs | $ 3.8 |
Sale Leaseback (Details)
Sale Leaseback (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Dec. 31, 2014 | |
Sale Leaseback Transaction [Line Items] | ||||
Other Accrued Liabilities, Noncurrent | $ 35.4 | $ 35.4 | $ 39.8 | |
ENSCO 83, ENSCO 89, ENSCO 98 [Member] | ||||
Sale Leaseback Transaction [Line Items] | ||||
Gain (Loss) on Sale of Properties | $ 7.5 | |||
Sale Leaseback Transaction, Deferred Gain, Net | 2.7 | 2.7 | ||
Sale Leaseback Transaction, Deferred Gain, Gross | $ 29.4 | |||
Sale Leaseback Transaction, Current Period Gain Recognized | $ 5.7 | $ 19.7 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014segments | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Number of operating segments (in segments) | 3 |
Number of reportable segments (in segments) | 2 |
Segment Information (Schedule O
Segment Information (Schedule Of Segment Reporting Information) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 1,012,200,000 | $ 1,201,400,000 | $ 3,235,100,000 | $ 3,404,700,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 433,500,000 | 500,200,000 | 1,454,400,000 | 1,562,900,000 | |
Loss on impairment | 2,400,000 | 0 | 2,400,000 | 703,500,000 | |
Depreciation | 145,200,000 | 135,200,000 | 422,800,000 | 398,500,000 | |
General and administrative | 28,400,000 | 29,300,000 | 88,200,000 | 103,600,000 | |
OPERATING (LOSS) INCOME | 402,700,000 | 536,700,000 | 1,267,300,000 | 636,200,000 | |
Property and equipment, net | 13,528,900,000 | 13,127,600,000 | 13,528,900,000 | 13,127,600,000 | $ 12,534,800,000 |
Floaters [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 646,400,000 | 703,500,000 | 1,975,700,000 | 2,034,600,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 242,400,000 | 291,300,000 | 813,600,000 | 907,800,000 | |
Loss on impairment | 703,500,000 | ||||
Depreciation | 95,700,000 | 87,900,000 | $ 283,100,000 | 266,900,000 | |
General and administrative | 0 | 0 | 0 | ||
OPERATING (LOSS) INCOME | 308,300,000 | 324,300,000 | $ 879,000,000 | 156,400,000 | |
Property and equipment, net | 10,260,500,000 | 9,836,200,000 | 10,260,500,000 | 9,836,200,000 | |
Jackup [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 325,800,000 | 481,000,000 | 1,138,200,000 | 1,320,100,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 160,000,000 | 197,900,000 | 544,200,000 | 621,100,000 | |
Loss on impairment | 2,400,000 | 2,400,000 | 0 | ||
Depreciation | 44,800,000 | 45,300,000 | $ 129,900,000 | 125,600,000 | |
General and administrative | 0 | 0 | 0 | ||
OPERATING (LOSS) INCOME | 118,600,000 | 237,800,000 | $ 461,700,000 | 573,400,000 | |
Property and equipment, net | 3,194,600,000 | 3,215,300,000 | 3,194,600,000 | 3,215,300,000 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 40,000,000 | 16,900,000 | 121,200,000 | 50,000,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 31,100,000 | 11,000,000 | 96,600,000 | 34,000,000 | |
Loss on impairment | 0 | ||||
Depreciation | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 8,900,000 | 5,900,000 | 24,600,000 | 16,000,000 | |
Property and equipment, net | 0 | 0 | 0 | 0 | |
Operating Segments Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1,012,200,000 | 1,201,400,000 | 3,235,100,000 | 3,404,700,000 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 433,500,000 | 500,200,000 | 1,454,400,000 | 1,562,900,000 | |
Loss on impairment | 2,400,000 | 2,400,000 | 703,500,000 | ||
Depreciation | 140,500,000 | 133,200,000 | 413,000,000 | 392,500,000 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING (LOSS) INCOME | 435,800,000 | 568,000,000 | 1,365,300,000 | 745,800,000 | |
Property and equipment, net | 13,455,100,000 | 13,051,500,000 | 13,455,100,000 | 13,051,500,000 | |
Reconciling Items [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | 0 | |
Loss on impairment | 0 | ||||
Depreciation | 4,700,000 | 2,000,000 | 9,800,000 | 6,000,000 | |
General and administrative | 28,400,000 | 29,300,000 | 88,200,000 | 103,600,000 | |
OPERATING (LOSS) INCOME | (33,100,000) | (31,300,000) | (98,000,000) | (109,600,000) | |
Property and equipment, net | $ 73,800,000 | $ 76,100,000 | $ 73,800,000 | $ 76,100,000 |
Segment Information (Schedule51
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 69 | [1] |
Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 27 | |
Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 42 | |
North & South America (Excl. Brazil) [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 16 | [1] |
North & South America (Excl. Brazil) [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 9 | |
North & South America (Excl. Brazil) [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | |
Europe & Mediterranean [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | [1] |
Europe & Mediterranean [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Europe & Mediterranean [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Middle East & Africa [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 14 | [1] |
Middle East & Africa [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 3 | |
Middle East & Africa [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | |
Asia & Pacific Rim [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 11 | [1] |
Asia & Pacific Rim [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Asia & Pacific Rim [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | |
Middle East Under Construction Member [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Middle East Under Construction Member [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 0 | |
Middle East Under Construction Member [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | |
Brazil [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | [1] |
Brazil [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Brazil [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 0 | |
Discontinued Operations, Held-for-sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 7 | [1] |
Discontinued Operations, Held-for-sale [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 4 | |
Discontinued Operations, Held-for-sale [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 3 | |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Construction in Progress [Member] | Asia & Pacific Rim [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
[1] | We provide management services on five rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform52
Supplemental Financial Information (Narrative) (Details) - Sales Revenue, Services, Net [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Customer Concentration Risk [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Customer Concentration Risk [Member] | Total S.A. [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 6.00% | 8.00% | 8.00% | 10.00% |
Customer Concentration Risk [Member] | BP [Member] | ||||
Concentration Risk, Percentage | 27.00% | 15.00% | 18.00% | 16.00% |
Customer Concentration Risk [Member] | BP [Member] | Floaters [Member] | ||||
Concentration Risk, Percentage | 86.00% | 79.00% | 84.00% | 80.00% |
Geographic Concentration Risk [Member] | ||||
Revenues | $ 1,012,200,000 | $ 1,201,400,000 | $ 3,235,100,000 | $ 3,404,700,000 |
Geographic Concentration Risk [Member] | US Gulf Of Mexico [Member] | ||||
Revenues | 363,000,000 | 447,100,000 | 972,800,000 | 1,320,600,000 |
Geographic Concentration Risk [Member] | ANGOLA | ||||
Revenues | $ 136,600,000 | $ 150,100,000 | $ 488,300,000 | $ 458,500,000 |
Geographic Concentration Risk [Member] | Floaters [Member] | US Gulf Of Mexico [Member] | ||||
Concentration Risk, Percentage | 90.00% | 80.00% | 86.00% | 78.00% |
Geographic Concentration Risk [Member] | Floaters [Member] | ANGOLA | ||||
Concentration Risk, Percentage | 87.00% | 100.00% | 90.00% | 100.00% |
Geographic Concentration Risk [Member] | Floaters [Member] | Brazil [Member] | ||||
Revenues | $ 112,900,000 | $ 115,800,000 | $ 351,300,000 | $ 361,500,000 |
Supplemental Financial Inform53
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 745 | $ 894.7 |
Allowance for doubtful accounts | (9.4) | (11.4) |
Accounts receivable, net | 735.6 | 883.3 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 730.6 | 878.8 |
Other [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 14.4 | $ 15.9 |
Supplemental Financial Inform54
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Assets held for sale | $ 127.5 | $ 152.4 |
Inventory | 256.4 | 240.3 |
Deferred costs | 54.8 | 61.9 |
Prepaid Expense | 30 | 33.8 |
Prepaid taxes | 70.7 | 90.6 |
Deferred tax assets | 33.9 | 43.8 |
Other | 13.3 | 6.6 |
Other current assets | $ 586.6 | $ 629.4 |
Supplemental Financial Inform55
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Deferred costs | $ 86.5 | $ 82.3 |
Deferred Tax Assets, Gross, Noncurrent | 36.2 | 38.4 |
Intangible assets | 8.5 | 49 |
Supplemental executive retirement plan assets | 42.8 | 43.2 |
Prepaid taxes on intercompany transfers of property | 37.7 | 39.7 |
Warranty and other claim receivables | 0 | 30.6 |
Unbilled receivables | 1.7 | 18.6 |
Other | 9.8 | 12.4 |
Other Assets, Net | $ 223.2 | $ 314.2 |
Supplemental Financial Inform56
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Personnel costs | $ 158.6 | $ 214 |
Deferred revenue | 198 | 241.3 |
Taxes | 60.8 | 97 |
Accrued interest | 75.4 | 83.8 |
Derivative Liability, Current | 30.7 | 24.1 |
Other | 11.7 | 36.4 |
Accrued liabilities and other | $ 535.2 | $ 696.6 |
Supplemental Financial Inform57
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 240.6 | $ 373.2 |
Unrecognized tax benefits (inclusive of interest and penalties) | 151.6 | 142.4 |
Intangible liabilities | 16.9 | 40.7 |
Supplemental executive retirement plan liabilities | 43.9 | 45.1 |
Personnel costs | 16.2 | 26.1 |
Other | 35.4 | 39.8 |
Other liabilities | $ 504.6 | $ 667.3 |
Supplemental Financial Inform58
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Abstract] | ||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $ 10.2 | $ 5.1 |
Derivative Instruments | 0.4 | 8 |
Other | (2.1) | (1.2) |
Accumulated other comprehensive income | $ 8.5 | $ 11.9 |
Schedule of Revenue by Major Cu
Schedule of Revenue by Major Customers, by Reporting Segments (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Petrobras [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 16.00% | 10.00% | 14.00% | 10.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Total S.A. [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 6.00% | 8.00% | 8.00% | 10.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Anadarko [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 1.00% | 8.00% | 4.00% | 10.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 27.00% | 15.00% | 18.00% | 16.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | BP [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 86.00% | 79.00% | 84.00% | 80.00% |
Sales Revenue, Services, Net [Member] | Customer Concentration Risk [Member] | Other Customers [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 50.00% | 59.00% | 56.00% | 54.00% |
ANGOLA | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 87.00% | 100.00% | 90.00% | 100.00% |
US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 90.00% | 80.00% | 86.00% | 78.00% |
Ensco DS-4 [Member] | Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 110.6 |
Revenue from External Customers
Revenue from External Customers by Geographic Areas (Details) - Sales Revenue, Services, Net [Member] - Geographic Concentration Risk [Member] - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 1,012,200,000 | $ 1,201,400,000 | $ 3,235,100,000 | $ 3,404,700,000 |
United Kingdom [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 91,500,000 | 117,800,000 | 316,400,000 | 268,700,000 |
US Gulf Of Mexico [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 363,000,000 | $ 447,100,000 | $ 972,800,000 | $ 1,320,600,000 |
US Gulf Of Mexico [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 90.00% | 80.00% | 86.00% | 78.00% |
ANGOLA | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 136,600,000 | $ 150,100,000 | $ 488,300,000 | $ 458,500,000 |
ANGOLA | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 87.00% | 100.00% | 90.00% | 100.00% |
Brazil [Member] | Floaters [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 112,900,000 | $ 115,800,000 | $ 351,300,000 | $ 361,500,000 |
Other Geographic Areas [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 308,200,000 | $ 370,600,000 | $ 1,106,300,000 | $ 995,400,000 |
Guarantee Of Registered Secur61
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Dec. 31, 2014 | |
Guarantor Obligations [Line Items] | ||
Senior notes aggregate outstanding principal balance | $ 1,700 | |
8.50% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 8.50% | 8.50% |
Senior note, maturity year | 2,019 | |
6.875% Senior Notes due 2020 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 6.875% | 6.875% |
Senior note, maturity year | 2,020 | |
7.875% Senior Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.875% | 7.875% |
Senior note, maturity year | 2,040 | |
7.20% Debentures Due 2027 [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt instrument interest rate stated percentage | 7.20% | |
Senior note, maturity year | 2,027 | |
Senior notes aggregate outstanding principal balance | $ 150 |
Guarantee Of Registered Secur62
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | $ 1,012.2 | $ 1,201.4 | $ 3,235.1 | $ 3,404.7 |
Contract drilling (exclusive of depreciation) | 433.5 | 500.2 | 1,454.4 | 1,562.9 |
Loss on impairment | 2.4 | 0 | 2.4 | 703.5 |
Depreciation | 145.2 | 135.2 | 422.8 | 398.5 |
General and administrative | 28.4 | 29.3 | 88.2 | 103.6 |
OPERATING (LOSS) INCOME | 402.7 | 536.7 | 1,267.3 | 636.2 |
OTHER INCOME (EXPENSE), NET | (52.4) | (38.4) | (180.4) | (98.3) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 350.3 | 498.3 | 1,086.9 | 537.9 |
INCOME TAX PROVISION | 33.2 | 74.6 | 168.9 | 166.7 |
DISCONTINUED OPERATIONS, NET | (23.3) | 9.2 | (33.6) | (811.2) |
NET INCOME (LOSS) | 293.8 | 432.9 | 884.4 | (440) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
NET INCOME ATTRIBUTABLE TO ENSCO | 292 | 429.4 | 877 | (450.8) |
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 9.8 | 8.3 | 27.2 | 23.8 |
Contract drilling (exclusive of depreciation) | 7.3 | 9.1 | 20.4 | 24.4 |
Loss on impairment | 0 | 0 | 0 | |
Depreciation | 0 | 0.1 | 0.1 | 0.2 |
General and administrative | 11.8 | 10.2 | 38.8 | 41 |
OPERATING (LOSS) INCOME | (9.3) | (11.1) | (32.1) | (41.8) |
OTHER INCOME (EXPENSE), NET | (37.1) | (15) | (133.3) | (43.6) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (46.4) | (26.1) | (165.4) | (85.4) |
INCOME TAX PROVISION | 0 | |||
DISCONTINUED OPERATIONS, NET | 0 | |||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 338.4 | 455.5 | 1,042.4 | (365.4) |
NET INCOME (LOSS) | 292 | 429.4 | 877 | (450.8) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||
NET INCOME ATTRIBUTABLE TO ENSCO | 292 | 429.4 | 877 | (450.8) |
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 34.8 | 39 | 104.1 | 116.8 |
Contract drilling (exclusive of depreciation) | 34.8 | 37.4 | 104.1 | 115.2 |
Loss on impairment | 0 | 0 | 0 | |
Depreciation | 4.3 | 1.8 | 9.2 | 5.1 |
General and administrative | 0.1 | 0.1 | 0.2 | 0.3 |
OPERATING (LOSS) INCOME | (4.4) | (0.3) | (9.4) | (3.8) |
OTHER INCOME (EXPENSE), NET | (7.2) | (23.1) | (21.6) | (28.5) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (11.6) | (23.4) | (31) | (32.3) |
INCOME TAX PROVISION | 0.9 | (2.1) | 28.8 | 36.3 |
DISCONTINUED OPERATIONS, NET | 0 | |||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 111.2 | 73.3 | 203.9 | (1,314.2) |
NET INCOME (LOSS) | 98.7 | 52 | 144.1 | (1,382.8) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||
NET INCOME ATTRIBUTABLE TO ENSCO | 98.7 | 52 | 144.1 | (1,382.8) |
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 0 | 0 | ||
Contract drilling (exclusive of depreciation) | 0 | |||
Loss on impairment | 0 | 0 | ||
Depreciation | 0 | |||
General and administrative | 0 | |||
OPERATING (LOSS) INCOME | 0 | |||
OTHER INCOME (EXPENSE), NET | (15.7) | (13.1) | (46.8) | (39) |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (15.7) | (13.1) | (46.8) | (39) |
INCOME TAX PROVISION | 0 | 0 | ||
DISCONTINUED OPERATIONS, NET | 0 | |||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 14.6 | 66.9 | 149.9 | (1,502.9) |
NET INCOME (LOSS) | (1.1) | 53.8 | 103.1 | (1,541.9) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||
NET INCOME ATTRIBUTABLE TO ENSCO | (1.1) | 53.8 | 103.1 | (1,541.9) |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 1,039.4 | 1,232.4 | 3,317.6 | 3,501.7 |
Contract drilling (exclusive of depreciation) | 463.2 | 532 | 1,543.7 | 1,660.9 |
Loss on impairment | 2.4 | 2.4 | 703.5 | |
Depreciation | 140.9 | 133.3 | 413.5 | 393.2 |
General and administrative | 16.5 | 19 | 49.2 | 62.3 |
OPERATING (LOSS) INCOME | 416.4 | 548.1 | 1,308.8 | 681.8 |
OTHER INCOME (EXPENSE), NET | 7.6 | 12.8 | 21.3 | 12.8 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 424 | 560.9 | 1,330.1 | 694.6 |
INCOME TAX PROVISION | 32.3 | 76.7 | 140.1 | 130.4 |
DISCONTINUED OPERATIONS, NET | (23.3) | 9.2 | (33.6) | (811.2) |
NET INCOME (LOSS) | 368.4 | 493.4 | 1,156.4 | (247) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
NET INCOME ATTRIBUTABLE TO ENSCO | 366.6 | 489.9 | 1,149 | (257.8) |
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | (71.8) | (78.3) | (213.8) | (237.6) |
Contract drilling (exclusive of depreciation) | (71.8) | (78.3) | (213.8) | (237.6) |
Loss on impairment | 0 | 0 | 0 | |
Depreciation | 0 | |||
General and administrative | 0 | |||
OPERATING (LOSS) INCOME | 0 | |||
INCOME TAX PROVISION | 0 | |||
DISCONTINUED OPERATIONS, NET | 0 | |||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (464.2) | (595.7) | (1,396.2) | 3,182.5 |
NET INCOME (LOSS) | (464.2) | (595.7) | (1,396.2) | 3,182.5 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | |||
NET INCOME ATTRIBUTABLE TO ENSCO | $ (464.2) | $ (595.7) | $ (1,396.2) | $ 3,182.5 |
Guarantee Of Registered Secur63
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
NET INCOME (LOSS) | $ 293.8 | $ 432.9 | $ 884.4 | $ (440) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in fair value of derivatives | (14.8) | (12.7) | (23.5) | (2.8) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 5.8 | (1.4) | 15.9 | (3.3) |
Other | 2.9 | 3.7 | 4.2 | 4.2 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (6.1) | (10.4) | (3.4) | (1.9) |
COMPREHENSIVE INCOME | 287.7 | 422.5 | 881 | (441.9) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 285.9 | 419 | 873.6 | (452.7) |
Ensco Plc [Member] | ||||
NET INCOME (LOSS) | 292 | 429.4 | 877 | (450.8) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | 292 | 429.4 | 877 | (450.8) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 292 | 429.4 | 877 | (450.8) |
ENSCO International Inc. [Member] | ||||
NET INCOME (LOSS) | 98.7 | 52 | 144.1 | (1,382.8) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in fair value of derivatives | (14.8) | (12.7) | (23.5) | (2.8) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 5.8 | (1.4) | 15.9 | (3.3) |
NET OTHER COMPREHENSIVE (LOSS) INCOME | (9) | (14.1) | (7.6) | (6.1) |
COMPREHENSIVE INCOME | 89.7 | 37.9 | 136.5 | (1,388.9) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 89.7 | 37.9 | 136.5 | (1,388.9) |
Pride International, Inc. [Member] | ||||
NET INCOME (LOSS) | (1.1) | 53.8 | 103.1 | (1,541.9) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | (1.1) | 53.8 | 103.1 | (1,541.9) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | (1.1) | 53.8 | 103.1 | (1,541.9) |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
NET INCOME (LOSS) | 368.4 | 493.4 | 1,156.4 | (247) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Other | 2.9 | 3.7 | 4.2 | 4.2 |
NET OTHER COMPREHENSIVE (LOSS) INCOME | 2.9 | 3.7 | 4.2 | 4.2 |
COMPREHENSIVE INCOME | 371.3 | 497.1 | 1,160.6 | (242.8) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.8) | (3.5) | (7.4) | (10.8) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | 369.5 | 493.6 | 1,153.2 | (253.6) |
Consolidating Adjustments [Member] | ||||
NET INCOME (LOSS) | (464.2) | (595.7) | (1,396.2) | 3,182.5 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
COMPREHENSIVE INCOME | (464.2) | (595.7) | (1,396.2) | 3,182.5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ (464.2) | $ (595.7) | $ (1,396.2) | $ 3,182.5 |
Guarantee Of Registered Secur64
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 240.4 | $ 664.8 | $ 1,173.7 | $ 165.6 |
Short-term Investments | 850 | 757.3 | ||
Accounts receivable, net | 735.6 | 883.3 | ||
Other | 586.6 | 629.4 | ||
Total current assets | 2,412.6 | 2,934.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 16,389.2 | 14,975.5 | ||
Less accumulated depreciation | 2,860.3 | 2,440.7 | ||
Property and equipment, net | 13,528.9 | 12,534.8 | 13,127.6 | |
Goodwill | 276.1 | 276.1 | ||
OTHER ASSETS, NET | 223.2 | 314.2 | ||
TOTAL ASSETS | 16,440.8 | 16,059.9 | ||
Accounts payable and accrued liabilities | 803.1 | 1,069.8 | ||
Current maturities of long-term debt | 0 | 34.8 | ||
Total current liabilities | 803.1 | 1,104.6 | ||
LONG-TERM DEBT | 5,903.3 | 5,885.6 | ||
DEFERRED INCOME TAXES | 208 | 179.5 | ||
OTHER LIABILITIES | 504.6 | 667.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 9,011.1 | 8,215 | ||
NONCONTROLLING INTERESTS | 10.7 | 7.9 | ||
Total equity | 9,021.8 | 8,222.9 | ||
Total liabilities and shareholders' equity | 16,440.8 | 16,059.9 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 144.5 | 287.4 | 367 | 46.5 |
Short-term Investments | 850 | 712 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | 35.3 | 34.5 | ||
Other | 0.5 | 4.1 | ||
Total current assets | 1,030.3 | 1,038 | ||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 2.1 | ||
Less accumulated depreciation | 1.8 | 1.7 | ||
Property and equipment, net | 0.3 | 0.4 | ||
Goodwill | 0 | 0 | ||
DUE FROM AFFILIATES | 2,727.7 | 2,873.2 | ||
INVESTMENTS IN AFFILIATES | 10,159.4 | 9,084.8 | ||
OTHER ASSETS, NET | 27 | 17 | ||
TOTAL ASSETS | 13,944.7 | 13,013.4 | ||
Accounts payable and accrued liabilities | 50.7 | 47.8 | ||
Accounts payable to affiliates | 22.4 | 23.5 | ||
Total current liabilities | 73.1 | 71.3 | ||
DUE TO AFFILIATES | 1,042 | 994.8 | ||
LONG-TERM DEBT | 3,807.8 | 3,724.4 | ||
DEFERRED INCOME TAXES | 0 | |||
ENSCO SHAREHOLDERS' EQUITY | 9,021.8 | 8,222.9 | ||
Total equity | 9,021.8 | 8,222.9 | ||
Total liabilities and shareholders' equity | 13,944.7 | 13,013.4 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0.1 | 0 | 0 | 0.5 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | 190.3 | 210.4 | ||
Other | 84.3 | 86.9 | ||
Total current assets | 274.7 | 297.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 115.3 | 71.5 | ||
Less accumulated depreciation | 43.3 | 34.1 | ||
Property and equipment, net | 72 | 37.4 | ||
Goodwill | 0 | |||
DUE FROM AFFILIATES | 5,593.2 | 4,748.2 | ||
INVESTMENTS IN AFFILIATES | 1,440.6 | 1,233.5 | ||
OTHER ASSETS, NET | 44.3 | 47.4 | ||
TOTAL ASSETS | 7,424.8 | 6,363.8 | ||
Accounts payable and accrued liabilities | 56.2 | 42.8 | ||
Accounts payable to affiliates | 129.3 | 158.3 | ||
Total current liabilities | 185.5 | 201.1 | ||
DUE TO AFFILIATES | 4,690.5 | 3,817.4 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
DEFERRED INCOME TAXES | 208 | 176.8 | ||
OTHER LIABILITIES | 6.6 | 6.1 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,185 | 2,013.2 | ||
Total equity | 2,185 | 2,013.2 | ||
Total liabilities and shareholders' equity | 7,424.8 | 6,363.8 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 14.6 | 90.8 | 343 | 4.9 |
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | 0 | 0 | ||
Total current assets | 14.6 | 90.8 | ||
Goodwill | 0 | 0 | ||
DUE FROM AFFILIATES | 2,084.6 | 1,835 | ||
INVESTMENTS IN AFFILIATES | 612.5 | 461.6 | ||
TOTAL ASSETS | 2,711.7 | 2,387.4 | ||
Accounts payable and accrued liabilities | 23.4 | 34.3 | ||
Total current liabilities | 23.4 | 34.3 | ||
DUE TO AFFILIATES | 1,805 | 1,547.7 | ||
LONG-TERM DEBT | 1,946.3 | 1,973.2 | ||
OTHER LIABILITIES | 5.5 | 7 | ||
ENSCO SHAREHOLDERS' EQUITY | (1,068.5) | (1,174.8) | ||
Total equity | (1,068.5) | (1,174.8) | ||
Total liabilities and shareholders' equity | 2,711.7 | 2,387.4 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 81.2 | 286.6 | $ 463.7 | $ 113.7 |
Short-term Investments | 0 | 45.3 | ||
Accounts receivable, net | 735.6 | 883.3 | ||
Accounts receivable from affiliates | 116.6 | 134.6 | ||
Other | 501.8 | 538.4 | ||
Total current assets | 1,435.2 | 1,888.2 | ||
PROPERTY AND EQUIPMENT, AT COST | 16,271.8 | 14,901.9 | ||
Less accumulated depreciation | 2,815.2 | 2,404.9 | ||
Property and equipment, net | 13,456.6 | 12,497 | ||
Goodwill | 276.1 | 276.1 | ||
DUE FROM AFFILIATES | 7,489.8 | 6,308.8 | ||
OTHER ASSETS, NET | 151.9 | 249.8 | ||
TOTAL ASSETS | 22,809.6 | 21,219.9 | ||
Accounts payable and accrued liabilities | 672.8 | 944.9 | ||
Accounts payable to affiliates | 190.5 | 197.7 | ||
Current maturities of long-term debt | 34.8 | |||
Total current liabilities | 863.3 | 1,177.4 | ||
DUE TO AFFILIATES | 10,357.8 | 9,405.3 | ||
LONG-TERM DEBT | 0 | 38.8 | ||
DEFERRED INCOME TAXES | 0 | 2.7 | ||
OTHER LIABILITIES | 492.5 | 654.2 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,085.3 | 9,933.6 | ||
NONCONTROLLING INTERESTS | 10.7 | 7.9 | ||
Total equity | 11,096 | 9,941.5 | ||
Total liabilities and shareholders' equity | 22,809.6 | 21,219.9 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Short-term Investments | 0 | 0 | ||
Accounts receivable, net | 0 | |||
Accounts receivable from affiliates | (342.2) | (379.5) | ||
Total current assets | (342.2) | (379.5) | ||
Goodwill | 0 | 0 | ||
DUE FROM AFFILIATES | (17,895.3) | (15,765.2) | ||
INVESTMENTS IN AFFILIATES | (12,212.5) | (10,779.9) | ||
TOTAL ASSETS | (30,450) | (26,924.6) | ||
Accounts payable to affiliates | (342.2) | (379.5) | ||
Total current liabilities | (342.2) | (379.5) | ||
DUE TO AFFILIATES | (17,895.3) | (15,765.2) | ||
ENSCO SHAREHOLDERS' EQUITY | (12,212.5) | (10,779.9) | ||
Total equity | (12,212.5) | (10,779.9) | ||
Total liabilities and shareholders' equity | $ (30,450) | $ (26,924.6) |
Guarantee Of Registered Secur65
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 1,274.6 | $ 1,512.7 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (1,445.8) | (1,245.1) |
Maturities of short-term investments | 757.3 | 50 |
Payments to Acquire Marketable Securities | (850) | (45.3) |
Other | 1.4 | 9.8 |
Net cash used in investing activities of continuing operations | (1,537.1) | (1,230.6) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 1,078.7 | 1,246.4 |
Cash dividends paid | (105.9) | (526.7) |
Proceeds from Issuance of Secured Debt | 1,246.4 | |
Reduction of long-term borrowings | (1,072.5) | (30.9) |
Payments of Debt Issuance Costs | (10.5) | (11.3) |
Advances from (to) affiliates | 0 | 0 |
Payments of Financing Costs | (11.3) | |
Payments of Debt Extinguishment Costs | (30.3) | 0 |
Other | (8.4) | (17.6) |
Net cash (used in) provided by financing activities | (148.9) | 659.9 |
DISCONTINUED OPERATIONS | ||
Operating activities | (12.7) | 10.6 |
Investing activities | (0.3) | 55.5 |
Net cash provided by discontinued operations | (13) | 66.1 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (424.4) | 1,008.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 664.8 | 165.6 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 240.4 | 1,173.7 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (34.2) | (82.2) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | |
Maturities of short-term investments | 712 | |
Payments to Acquire Marketable Securities | (850) | |
Net cash used in investing activities of continuing operations | (138) | |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 1,078.7 | |
Cash dividends paid | (105.9) | (526.7) |
Proceeds from Issuance of Secured Debt | 1,246.4 | |
Reduction of long-term borrowings | (1,072.5) | 0 |
Payments of Debt Issuance Costs | (10.5) | |
Advances from (to) affiliates | 175 | (295.5) |
Payments of Financing Costs | (11.3) | |
Payments of Debt Extinguishment Costs | (30.3) | |
Other | (5.2) | (10.2) |
Net cash (used in) provided by financing activities | 29.3 | 402.7 |
DISCONTINUED OPERATIONS | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (142.9) | 320.5 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 287.4 | 46.5 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 144.5 | 367 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (7.1) | (91.7) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | (28.1) |
Maturities of short-term investments | 0 | |
Payments to Acquire Marketable Securities | 0 | 0 |
Other | 0 | |
Net cash used in investing activities of continuing operations | 0 | (28.1) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | 7.2 | 119.3 |
Payments of Financing Costs | 0 | |
Payments of Debt Extinguishment Costs | 0 | |
Other | 0 | 0 |
Net cash (used in) provided by financing activities | 7.2 | 119.3 |
DISCONTINUED OPERATIONS | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 0.1 | (0.5) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0.5 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0.1 | 0 |
Pride International, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (86.1) | (76.7) |
INVESTING ACTIVITIES | ||
Additions to property and equipment | 0 | |
Maturities of short-term investments | 0 | |
Payments to Acquire Marketable Securities | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | 9.9 | 414.8 |
Payments of Financing Costs | 0 | |
Payments of Debt Extinguishment Costs | 0 | |
Other | 0 | 0 |
Net cash (used in) provided by financing activities | 9.9 | 414.8 |
DISCONTINUED OPERATIONS | ||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (76.2) | 338.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 90.8 | 4.9 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 14.6 | 343 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 1,402 | 1,763.3 |
INVESTING ACTIVITIES | ||
Additions to property and equipment | (1,445.8) | (1,217) |
Maturities of short-term investments | 45.3 | 50 |
Payments to Acquire Marketable Securities | 0 | (45.3) |
Other | 1.4 | 9.8 |
Net cash used in investing activities of continuing operations | (1,399.1) | (1,202.5) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Reduction of long-term borrowings | 0 | (30.9) |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | (192.1) | (238.6) |
Payments of Financing Costs | 0 | |
Payments of Debt Extinguishment Costs | 0 | |
Other | (3.2) | (7.4) |
Net cash (used in) provided by financing activities | (195.3) | (276.9) |
DISCONTINUED OPERATIONS | ||
Operating activities | (12.7) | 10.6 |
Investing activities | (0.3) | 55.5 |
Net cash provided by discontinued operations | (13) | 66.1 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (205.4) | 350 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 286.6 | 113.7 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 81.2 | 463.7 |
Consolidating Adjustments [Member] | ||
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Cash dividends paid | 0 | 0 |
Reduction of long-term borrowings | 0 | 0 |
Payments of Debt Issuance Costs | 0 | |
Advances from (to) affiliates | 0 | |
Payments of Financing Costs | 0 | |
Payments of Debt Extinguishment Costs | 0 | |
Other | $ 0 | $ 0 |