Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Ensco plc | |
Entity Central Index Key | 314,808 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Shares, Shares Outstanding | 303,873,924 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
OPERATING REVENUES | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 |
OPERATING EXPENSES | ||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 |
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 |
Total operating expenses | 429.7 | 490 | 843 | 990.4 |
OPERATING INCOME | 27.8 | 419.6 | 85.6 | 733.2 |
OTHER INCOME (EXPENSE) | ||||
Interest income | 7.6 | 2.5 | 14.8 | 4.8 |
Interest expense, net | (60.3) | (54) | (118.9) | (119.1) |
Other, net | (0.5) | 261.4 | (6.8) | 259.6 |
Other income (expense), net | (53.2) | 209.9 | (110.9) | 145.3 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (25.4) | 629.5 | (25.3) | 878.5 |
PROVISION FOR INCOME TAXES | ||||
Current income tax expense | 13.1 | 48.6 | 17.4 | 86.7 |
Deferred income tax expense (benefit) | 6.2 | (11.9) | 26 | 21.4 |
Total provision for income taxes | 19.3 | 36.7 | 43.4 | 108.1 |
(LOSS) INCOME FROM CONTINUING OPERATIONS | (44.7) | 592.8 | (68.7) | 770.4 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET | 0.4 | (0.2) | (0.2) | (1.1) |
NET (LOSS) INCOME | (44.3) | 592.6 | (68.9) | 769.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (45.5) | $ 590.6 | $ (71.2) | $ 765.9 |
(LOSS) EARNINGS PER SHARE - BASIC AND DILUTED | ||||
Continuing operations (in dollars per share) | $ (0.15) | $ 2.04 | $ (0.24) | $ 2.92 |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0 |
(Loss) earnings per share - basic and diluted (in dollars per share) | $ (0.15) | $ 2.04 | $ (0.24) | $ 2.92 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED | $ (45.6) | $ 580.8 | $ (71.4) | $ 753.9 |
WEIGHTED-AVERAGE SHARES OUTSTANDING | ||||
Basic and Diluted (in shares) | 300.9 | 284.6 | 300.7 | 258.5 |
CASH DIVIDENDS PER SHARE (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.02 | $ 0.02 |
Condensed Consolidated Stateme3
Condensed Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
NET (LOSS) INCOME | $ (44.3) | $ 592.6 | $ (68.9) | $ 769.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6 | (0.6) |
Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income | 0.3 | 2 | 1.2 | 7.9 |
Other | 0.2 | 0.1 | 0.7 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.4 | (2) | 7.9 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (40.9) | 590.6 | (61) | 776.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (42.1) | $ 588.6 | $ (63.3) | $ 773.2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 169.6 | $ 1,159.7 |
Short-term investments | 1,680.4 | 1,442.6 |
Accounts receivable, net | 366.4 | 361 |
Other | 315.4 | 316 |
Total current assets | 2,531.8 | 3,279.3 |
PROPERTY AND EQUIPMENT, AT COST | 13,346.8 | 12,992.5 |
Less accumulated depreciation | 2,287.8 | 2,073.2 |
Property and equipment, net | 11,059 | 10,919.3 |
OTHER ASSETS, NET | 133.1 | 175.9 |
TOTAL ASSETS | 13,723.9 | 14,374.5 |
CURRENT LIABILITIES | ||
Accounts payable - trade | 188 | 145.9 |
Accrued liabilities and other | 315 | 376.6 |
Current maturities of long-term debt | 0 | 331.9 |
Total current liabilities | 503 | 854.4 |
LONG-TERM DEBT | 4,744.7 | 4,942.6 |
OTHER LIABILITIES | 285.9 | 322.5 |
COMMITMENTS AND CONTINGENCIES | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Additional paid-in capital | 6,422.2 | 6,402.2 |
Retained earnings | 1,772.8 | 1,864.1 |
Accumulated other comprehensive income | 26.9 | 19 |
Treasury shares, at cost | (68.4) | (65.8) |
Total Ensco shareholders' equity | 8,184.6 | 8,250.6 |
NONCONTROLLING INTERESTS | 5.7 | 4.4 |
Total equity | 8,190.3 | 8,255 |
Total liabilities and shareholders' equity | 13,723.9 | 14,374.5 |
Class A ordinary shares, U.S. [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | 31 | 31 |
Common Class B, Par Value In GBP [Member] | ||
ENSCO SHAREHOLDERS' EQUITY | ||
Common shares, value | $ 0.1 | $ 0.1 |
Condensed Consolidated Balance5
Condensed Consolidated Balance Sheets (Parenthetical) | Jun. 30, 2017£ / sharesshares | Jun. 30, 2017$ / sharesshares | Dec. 31, 2016£ / sharesshares | Dec. 31, 2016$ / sharesshares |
Treasury shares, shares held (in shares) | 6,500,000 | 6,500,000 | 7,300,000 | 7,300,000 |
Class A ordinary shares, U.S. [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | $ / shares | $ 0.1 | $ 0.10 | ||
Common shares, shares issued (in shares) | 310,400,000 | 310,400,000 | 310,300,000 | 310,300,000 |
Common Class B, Par Value In GBP [Member] | ||||
Common stock, par value per share (in dollars per share or pounds sterling per share) | £ / shares | £ 1 | £ 1 | ||
Common shares, shares issued (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Common shares, shares authorized (in shares) | 50,000 | 50,000 | 50,000 | 50,000 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net (loss) income | $ (68.9) | $ 769.3 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities of continuing operations: | ||
Depreciation expense | 217.1 | 225.7 |
Deferred income tax expense | 26 | 21.4 |
Share-based compensation expense | 20.9 | 18.6 |
Amortization of intangibles and other, net | (6.5) | (11.2) |
Loss (gain) on debt extinguishment | 2.6 | (260.8) |
Other | 0.4 | (4.4) |
Changes in operating assets and liabilities | (61.1) | 41.6 |
Net cash provided by operating activities of continuing operations | 130.5 | 800.2 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (1,134.8) | (862) |
Maturities of short-term investments | 897 | 1,032 |
Additions to property and equipment | (332.6) | (209.4) |
Other | 1.7 | 7.6 |
Net cash used in investing activities of continuing operations | (568.7) | (31.8) |
FINANCING ACTIVITIES | ||
Reduction of long-term borrowings | (537) | (684.8) |
Cash dividends paid | (6.2) | (5.5) |
Debt financing costs | (5.5) | 0 |
Proceeds from equity issuance | 0 | 585.5 |
Other | (3.6) | (1.9) |
Net cash used in financing activities | (552.3) | (106.7) |
Net cash (used in) provided by discontinued operations | (0.2) | 7.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.4) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (990.1) | 669 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 169.6 | $ 790.3 |
Unaudited Condensed Consolidate
Unaudited Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2017 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
Unaudited Condensed Consolidated Financial Statements | Unaudited Condensed Consolidated Financial Statements We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2016 condensed consolidated balance sheet data were derived from our 2016 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates. The financial data for the three-month and six-month periods ended June 30, 2017 and 2016 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act, 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 six-month periods ended June 30, 2017 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2017 . We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 28, 2017 and our quarterly report on Form 10-Q filed with the SEC on April 27, 2017 . Proposed Atwood Merger On May 29, 2017, Ensco plc entered into an Agreement and Plan of Merger ("Merger Agreement") with Echo Merger Sub LLC ("Merger Sub"), a wholly-owned subsidiary of Ensco plc, and Atwood Oceanics, Inc. ("Atwood"), pursuant to which Ensco plc will acquire Atwood in an all-stock transaction. The Merger Agreement provides that Merger Sub will merge with and into Atwood (the "Merger"), with Atwood continuing as the surviving company and a wholly-owned subsidiary of Ensco plc. Subject to the terms and conditions of the Merger Agreement, at the effective time of the Merger, each share of Atwood common stock will be converted into the right to receive 1.60 Class A ordinary shares of Ensco plc ("Ensco shares"). We estimate the total consideration to be delivered in the Merger to be approximately $711 million, consisting of the delivery of approximately 134 million Ensco shares based on the closing price of Ensco shares of $5.32 on July 18, 2017 . The value of the Merger consideration will fluctuate based on changes in the price of Ensco shares and the number of shares of Atwood common stock outstanding on the closing date. Completion of the Merger is subject to certain customary conditions, including approval of the allotment and issuance of Ensco shares by Ensco plc shareholders and approval of the Merger by Atwood's shareholders. On June 27, 2017, Ensco and Atwood received notice from the Antitrust Division of the Department of Justice and the Federal Trade Commission granting early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. The Merger is expected to close during the third quarter of 2017, subject to satisfaction of all conditions to closing. Operating Revenues and Expenses During the three-month and six-month periods ended June 30, 2016 , operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations and $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby our customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. The ENSCO 8503 contract was originally scheduled to expire in August 2017. New Accounting Pronouncements In October 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. We adopted Update 2016-16 on a modified retrospective basis effective January 1, 2017. As a result of modified retrospective application, we reduced prepaid taxes on intercompany transfers of property and related deferred tax liabilities resulting in the recognition of a cumulative-effect reduction in retained earnings of $14.1 million on our condensed consolidated balance sheet as of January 1, 2017. We do not expect a material impact to our 2017 operating results as a result of the adoption of Update 2016-16. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted Update 2016-09 effective January 1, 2017. Our adoption of Update 2016-09 did not result in any cumulative effect on retained earnings and no adjustments have been made to prior periods. The new standard will cause volatility in our effective tax rates primarily due to the new requirement that companies recognize additional tax benefits or expenses in earnings related to the vesting or settlement of employee share-based awards, rather than in additional paid-in capital, during the period in which they occur. Furthermore, forfeitures are now recorded as they occur as opposed to estimating an allowance for future forfeitures. During 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Update 2014-09 is effective for annual and interim periods for fiscal years beginning after December 15, 2017. Subsequent to the issuance of Update 2014-09, the FASB issued several additional Accounting Standards Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), we expect to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. We are currently evaluating the effect that Update 2014-09 and Update 2016-02 will have on our consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued Update 2016-02, which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. During our evaluation of Update 2016-02, we have concluded that our drilling contracts contain a lease component, and upon adoption, we will be required to separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. Due to the significant interaction between Update 2016-02 and Update 2014-09, we expect to adopt both updates concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. Adoption will result in increased disclosure of the nature of our leasing arrangements and may result in variability in our revenue recognition patterns relative to current U.S. GAAP based on the provisions in each of our drilling contracts. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $60 million to $80 million upon adoption, based on our portfolio of leases as of June 30, 2017 . We are currently evaluating the other impacts that Update 2016-02 and Update 2014-09 will have on our consolidated financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (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 June 30, 2017 Supplemental executive retirement plan assets $ 29.4 $ — $ — $ 29.4 Derivatives, net — 4.9 — 4.9 Total financial assets $ 29.4 $ 4.9 $ — $ 34.3 As of December 31, 2016 Supplemental executive retirement plan assets $ 27.7 $ — $ — $ 27.7 Total financial assets $ 27.7 $ — $ — $ 27.7 Derivatives, net $ — $ (8.8 ) $ — $ (8.8 ) Total financial liabilities $ — $ (8.8 ) $ — $ (8.8 ) Supplemental Executive Retirement Plan Assets Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices. Derivatives Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals. Other Financial Instruments The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 256.0 $ 255.0 $ 480.2 $ 485.0 6.875% Senior notes due 2020 482.7 461.8 735.9 727.5 4.70% Senior notes due 2021 266.7 264.0 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 620.7 666.9 604.3 874.7 4.50% Senior notes due 2024 619.0 487.2 618.6 536.0 8.00% Senior notes due 2024 338.4 314.7 — — 5.20% Senior notes due 2025 663.2 543.9 662.8 582.3 7.20% Debentures due 2027 149.2 137.3 149.2 138.7 7.875% Senior notes due 2040 377.5 246.5 378.3 270.6 5.75% Senior notes due 2044 971.3 669.6 970.8 728.0 Total $ 4,744.7 $ 4,046.9 $ 5,274.5 $ 5,001.7 (1) Our exchangeable senior notes due 2024 (the "2024 Convertible Notes") were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying amount of the 2024 Convertible Notes was $832.9 million and $830.1 million as of June 30, 2017 and December 31, 2016 , respectively. The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in the carrying value of long-term debt instruments from December 31, 2016 to June 30, 2017 is primarily due to the January 2017 debt exchange and debt repurchases as discussed in "Note 6 - Debt." The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of June 30, 2017 and December 31, 2016 . Our short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year as of each respective balance sheet date. |
Derivative Instruments
Derivative Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. 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 derivative fair value depends on the use of the derivative and whether it qualifies for hedge accounting. Net assets of $4.9 million and net liabilities of $8.8 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of June 30, 2017 and December 31, 2016 , respectively. All of our derivatives mature during the next 18 months . See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives. Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 4.5 $ 4.1 $ 1.7 $ 11.4 Foreign currency forward contracts - non-current (2) .6 .2 .1 .8 5.1 4.3 1.8 12.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 1.8 .4 .2 1.3 1.8 .4 .2 1.3 Total $ 6.9 $ 4.7 $ 2.0 $ 13.5 (1) Derivative assets and liabilities with 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 with 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 June 30, 2017 , we had cash flow hedges outstanding to exchange an aggregate $173.7 million for various foreign currencies, including $81.7 million for British pounds, $33.7 million for Australian dollars, $22.8 million for euros, $22.3 million for Brazilian reais and $13.2 million for other currencies. Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive (loss) income were as follows (in millions): Three Months Ended June 30, 2017 and 2016 Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ — $ — $ — Foreign currency forward contracts (4) 2.9 (4.1 ) (.2 ) (2.0 ) (.5 ) .8 Total $ 2.9 $ (4.1 ) $ (.3 ) $ (2.0 ) $ (.5 ) $ .8 Six Months Ended June 30, 2017 and 2016 Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.2 ) $ (.1 ) $ — $ — Foreign currency forward contracts (5) 6.0 (.6 ) (1.0 ) (7.8 ) (.4 ) 1.9 Total $ 6.0 $ (.6 ) $ (1.2 ) $ (7.9 ) $ (.4 ) $ 1.9 (1) Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the three-month period ended June 30, 2017 , $400,000 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 June 30, 2016 , $2.2 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. (5) During the six-month period ended June 30, 2017 , $1.4 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2016 , $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 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 June 30, 2017 , we held derivatives not designated as hedging instruments to exchange an aggregate $131.3 million for various foreign currencies, including $86.5 million for euros, $9.6 million for Indonesian rupiah, $8.4 million for Australian dollars, $6.9 million for British pounds, $6.6 million for Brazilian reais, $6.5 million for Swiss francs and $6.8 million for other currencies. Net gains of $5.7 million and net losses of $3.5 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 June 30, 2017 and 2016 , respectively. Net gains of $6.2 million and $900,000 associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the six-month periods ended June 30, 2017 and 2016 , respectively. These gains and losses were largely offset by net foreign currency exchange gains and losses during the respective periods. As of June 30, 2017 , the estimated amount of net gains associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $1.7 million . |
Noncontrolling Interests
Noncontrolling Interests | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | Noncontrolling Interests Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of operations. (Loss) income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2017 and 2016 was as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 (Loss) income from continuing operations $ (44.7 ) $ 592.8 $ (68.7 ) $ 770.4 Income from continuing operations attributable to noncontrolling interests (1.2 ) (2.0 ) (2.3 ) (3.4 ) (Loss) income from continuing operations attributable to Ensco $ (45.9 ) $ 590.8 $ (71.0 ) $ 767.0 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares. The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2017 and 2016 (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 (Loss) income from continuing operations attributable to Ensco $ (45.9 ) $ 590.8 $ (71.0 ) $ 767.0 Income from continuing operations allocated to non-vested share awards (1) (.1 ) (9.8 ) (.2 ) (12.0 ) (Loss) income from continuing operations attributable to Ensco shares $ (46.0 ) $ 581.0 $ (71.2 ) $ 755.0 (1) Losses are not allocated to non-vested share awards. Therefore, only dividends attributable to the our non-vested share awards are included in the three-month and six-month periods ended June 30, 2017 . Antidilutive share awards totaling 400,000 were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2017 . Additionally, due to our net loss position, potentially dilutive share awards totaling 900,000 were also excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2017 . Antidilutive share awards totaling 500,000 and 600,000 were excluded from the computation of diluted EPS for the three-month and six-month ended June 30, 2016 . We have the option to settle our 2024 Convertible Notes in cash, shares or a combination thereof for the aggregate amount due upon conversion. Our intent is to settle the principal amount of the 2024 Convertible Notes in cash upon conversion. If the conversion value exceeds the principal amount (i.e., our share price exceeds the exchange price on the date of conversion), we expect to deliver shares equal to the remainder of our conversion obligation in excess of the principal amount. During each reporting period that our average share price exceeds the exchange price, an assumed number of shares required to settle the conversion obligation in excess of the principal amount will be included in our denominator for the computation of diluted EPS using the treasury stock method. Our average share price did not exceed the exchange price during the three-month or six-month periods ended June 30, 2017 . |
Debt
Debt | 6 Months Ended |
Jun. 30, 2016 | |
Debt Instruments [Abstract] | |
Debt | Debt Exchange Offers In January 2017, we completed exchange offers (the "Exchange Offers") to exchange our outstanding 8.50% senior notes due 2019, 6.875% senior notes due 2020 and 4.70% senior notes due 2021 for 8.00% senior notes due 2024 and cash. The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding senior notes that were settled and exchanged as follows (in millions): Aggregate Principal Amount Repurchased 8.00% Senior notes due 2024 Consideration Cash Consideration (1) Total Consideration 8.50% Senior notes due 2019 $ 145.8 $ 81.6 $ 81.7 $ 163.3 6.875% Senior notes due 2020 129.8 69.3 69.4 138.7 4.70% Senior notes due 2021 373.9 181.1 181.4 362.5 Total $ 649.5 $ 332.0 $ 332.5 $ 664.5 (1) As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million , along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. During the first quarter of 2017, we recognized a net pre-tax loss on the Exchange Offers of $6.2 million , consisting of a loss of $3.5 million that includes the write-off of premiums on tendered debt and $2.7 million of transaction costs. Open Market Repurchases During the first six months of 2017, we repurchased certain of our outstanding senior notes with cash on hand and recognized an insignificant pre-tax gain, net of discounts, premiums and debt issuance costs. The aggregate repurchases were as follows (in millions): Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 54.6 $ 60.1 6.875% Senior notes due 2020 100.1 105.1 4.70% Senior notes due 2021 39.4 39.3 Total $ 194.1 $ 204.5 (1) Excludes accrued interest paid to holders of the repurchased senior notes. Maturities Our next debt maturity is $237.6 million during 2019, followed by $450.9 million and $269.7 million during 2020 and 2021, respectively. Revolving Credit We have a $2.25 billion senior unsecured revolving credit facility with a syndicate of banks to be used for general corporate purposes, of which $1.12 billion of availability expires on September 30, 2019 and $1.13 billion expires on September 30, 2020 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances) depending on our credit rating. Also, our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment, which is also based on our credit rating. Recent credit rating actions have resulted in the highest applicable margin rate on borrowings and our quarterly commitment fee. The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to 60% . The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens; entering into certain merger arrangements; selling, leasing, transferring or otherwise disposing of all or substantially all of our assets; making a material change in the nature of the business; and entering into certain transactions with affiliates. We have the right, subject to receipt of commitments from new or existing lenders, to increase the commitments under the Credit Facility by an amount not exceeding $500 million and to extend the maturity of the commitments under the Credit Facility by one additional year. As of June 30, 2017 , we were in compliance in all material respects with our covenants under the Credit Facility. We had no amounts outstanding under the Credit Facility as of June 30, 2017 and December 31, 2016 . Our access to credit and capital markets depends on the credit ratings assigned to our debt. As a result of recent rating actions, we no longer maintain an investment-grade status. Our current credit ratings, and any additional actual or anticipated downgrades in our credit ratings, could limit our available options when accessing credit and capital markets, or when restructuring or refinancing our debt. In addition, future financings or refinancings may result in higher borrowing costs and require more restrictive terms and covenants, which may further restrict our operations. With a credit rating below investment grade, we have no access to the commercial paper market. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Shareholders' Equity As a U.K. company governed in part by the Companies Act, we cannot issue new shares (other than in limited circumstances) without being authorized by our shareholders. At our last annual general meeting held on May 22, 2017, our shareholders authorized the allotment of 101.1 million Class A ordinary shares (or 202.2 million Class A ordinary shares in connection with an offer by way of a rights issue or other similar issue) for a period up to the conclusion of our 2018 annual general meeting (or, if earlier, at the close of business on August 22, 2018). |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Benefit Plans | Benefit Plans During the quarter ended June 30, 2017 , we granted 5.2 million non-vested share awards to our employees pursuant to our 2012 Long-Term Incentive Plan, of which 4.5 million will be settled in cash upon vesting. Grants of our 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 grant. The non-vested share awards have dividend rights effective on the date of grant. Compensation expense for awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. The weighted-average grant date fair value for our non-vested share awards that were granted during the quarter ended June 30, 2017 was $6.33 . |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |
Income Taxes | Income Taxes We have historically calculated our provision for income taxes during interim reporting periods by applying the estimated annual effective tax rate for the full fiscal year to pre-tax income or loss, excluding discrete items, for the reporting period. We determined that since small changes in estimated pre-tax income or loss would result in significant changes in our estimated annual effective tax rate, the historical method utilized would not provide a reliable estimate of income taxes for the three-month and six-month periods ended June 30, 2017 . We used a discrete effective tax rate method to calculate income taxes for the three-month and six-month periods ended June 30, 2017 . We will continue to evaluate income tax estimates under the historical method in subsequent quarters and employ a discrete effective tax rate method if warranted. Discrete income tax expense for the three-month and six-month periods ended June 30, 2017 was $2.2 million and $9.8 million , respectively, and was primarily attributable to the Exchange Offers and debt repurchases, a restructuring transaction, the effective settlement of a liability for unrecognized tax benefits associated with a tax position taken in prior years and a settlement of a previously disclosed legal contingency. Discrete income tax expense of $2.0 million and $5.4 million for the three-month and six-month periods ended June 30, 2016 , respectively, resulted primarily from the gain on debt extinguishment, income from the ENSCO DS-9 lump-sum consideration and restructuring transactions involving certain of our subsidiaries. |
Contingencies
Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Brazil Internal Investigation Pride International LLC, formerly Pride International, Inc. (“Pride”), a company we acquired in 2011, commenced drilling operations in Brazil in 2001. In 2008, Pride entered into a drilling services agreement with Petrobras (the "DSA") for ENSCO DS-5, a drillship ordered from Samsung Heavy Industries, a shipyard in South Korea ("SHI"). Beginning in 2006, Pride conducted periodic compliance reviews of its business with Petrobras, and, after the acquisition of Pride, Ensco conducted similar compliance reviews. We commenced a compliance review in early 2015 after media reports were released regarding ongoing investigations of various kickback and bribery schemes in Brazil involving Petrobras. While conducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to the DSA. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, we voluntarily contacted the SEC and the U.S. Department of Justice ("DOJ"), respectively, to advise them of this matter and our Audit Committee’s investigation. Independent counsel, under the direction of our Audit Committee, has substantially completed its investigation by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the DSA negotiations and the negotiation of the ENSCO DS-5 construction contract with SHI (the "DS-5 Construction Contract"). To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant, who provided services to Pride and Ensco in connection with the DSA. Independent counsel has continued to provide the SEC and DOJ with updates throughout the investigation, including detailed briefings regarding its investigation and findings. We entered into one-year tolling agreement with the DOJ that expired in December 2016. We extended a tolling agreement with the SEC for 12 months until March 2018. Subsequent to initiating our Audit Committee investigation, Brazilian court documents connected to the prosecution of former Petrobras directors and employees as well as certain other third parties, including our former marketing consultant, referenced the alleged irregularities cited in the Petrobras internal audit report. Our former marketing consultant has entered into a plea agreement with the Brazilian authorities. On January 10, 2016, Brazilian authorities filed an indictment against a former Petrobras director. This indictment states that the former Petrobras director received bribes paid out of proceeds from a brokerage agreement entered into for purposes of intermediating a drillship construction contract between SHI and Pride, which we believe to be the DS-5 Construction Contract. The parties to the brokerage agreement were a company affiliated with a person acting on behalf of the former Petrobras director, a company affiliated with our former marketing consultant, and SHI. The indictment alleges that amounts paid by SHI under the brokerage agreement ultimately were used to pay bribes to the former Petrobras director. The indictment does not state that Pride or Ensco or any of their current or former employees were involved in the bribery scheme or had any knowledge of the bribery scheme. On January 4, 2016, we received a notice from Petrobras declaring the DSA void effective immediately. Petrobras’ notice alleges that our former marketing consultant both received and procured improper payments from SHI for employees of Petrobras and that Pride had knowledge of this activity and assisted in the procurement of and/or facilitated these improper payments. We disagree with Petrobras’ allegations. See "-DSA Dispute" below for additional information. Outside of Petrobras’ allegations, we have not been contacted by any Brazil governmental authority regarding alleged wrongdoing by Pride or Ensco or any of their current or former employees related to this matter. We cannot predict whether any U.S., Brazilian or other governmental authority will seek to investigate Pride's involvement in this matter, or if a proceeding were opened, the scope or ultimate outcome of any such investigation. If the SEC or DOJ determines that violations of the FCPA have occurred, or if any governmental authority determines that we have violated applicable anti-bribery laws, they could seek civil and criminal sanctions, including monetary penalties, against us, as well as changes to our business practices and compliance programs, any of which could have a material adverse effect on our business and financial condition. Although our internal investigation is substantially complete, we cannot predict whether any additional allegations will be made or whether any additional facts relevant to the investigation will be uncovered during the course of the investigation and what impact those allegations and additional facts will have on the timing or conclusions of the investigation. Our Audit Committee will examine any such additional allegations and additional facts and the circumstances surrounding them. DSA Dispute As described above, on January 4, 2016, Petrobras sent a notice to us declaring the DSA void effective immediately, reserving its rights and stating its intention to seek any restitution to which it may be entitled. We disagree with Petrobras’ declaration that the DSA is void. We believe that Petrobras repudiated the DSA and have therefore accepted the DSA as terminated on April 8, 2016 (the "Termination Date"). At this time, we cannot reasonably determine the validity of Petrobras' claim or the range of our potential exposure, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved. We did not recognize revenue for amounts owed to us under the DSA from the beginning of the fourth quarter of 2015 through the Termination Date, as we concluded that collectability of these amounts was not reasonably assured. Additionally, our receivables from Petrobras related to the DSA from prior to the fourth quarter of 2015 are fully reserved in our condensed consolidated balance sheet as of June 30, 2017 . We have initiated arbitration proceedings in the U.K. against Petrobras seeking payment of all amounts owed to us under the DSA, in addition to any other amounts to which we are entitled, and intend to vigorously pursue our claims. Petrobras subsequently filed a counterclaim seeking restitution of certain sums paid under the DSA less value received by Petrobras under the DSA. We have also initiated separate arbitration proceedings in the U.K. against SHI for any losses we have incurred in connection with the foregoing. SHI subsequently filed a statement of defense disputing our claim. There can be no assurance as to how these arbitration proceedings will ultimately be resolved. Customer Dispute A customer filed a lawsuit in Texas federal court against one of our subsidiaries claiming damages based on allegations that our subsidiary breached and was negligent in the performance of a drilling contract during the period beginning in mid-2011 through May 2012. The customer's court documents alleged damages totaling approximately $40 million . During the second quarter, we settled the lawsuit and agreed to pay the customer $9.8 million , which was recognized in contract drilling expense in our condensed consolidated statements of operations for the three-month and six-month periods ended June 30, 2017 . Proposed Atwood Merger On June 23, 2017, a putative class action captioned Bernard Stern v. Atwood Oceanics, Inc., et al , was filed in the U.S. District Court for the Southern District of Texas against Atwood, Atwood’s directors, Ensco plc and Merger Sub. The Stern complaint generally alleges that Atwood and the Atwood directors disseminated a false or misleading registration statement on Form S-4 (the “Registration Statement”) on June 16, 2017, which omitted material information regarding the proposed Merger, in violation of Section 14(a) of the Exchange Act. Specifically, the Stern complaint alleges that Atwood and the Atwood directors omitted material information regarding the parties’ financial projections, the analysis performed by Atwood’s financial advisor, Goldman Sachs & Co. LLC (“Goldman Sachs”), in support of its fairness opinion, the timing and nature of communications regarding post-transaction employment of Atwood's directors and officers, potential conflicts of interest of Goldman Sachs, and whether there were further discussions with another potential acquirer of Atwood following the May 30, 2017 announcement of the Merger. The Stern complaint further alleges that the Atwood directors, Ensco plc and Merger Sub are liable for these violations as “control persons” of Atwood under Section 20(a) of the Exchange Act. With respect to Ensco plc, the Stern complaint alleges that Ensco plc had direct supervisory control over the composition of the Registration Statement. The Stern complaint seeks injunctive relief, including to enjoin the Merger, rescission or rescissory damages in the event the Merger is consummated, and an award of attorneys’ fees, in addition to other relief. On June 27, 2017, June 29, 2017 and June 30, 2017, additional putative class actions captioned Joseph Composto v. Atwood Oceanics, Inc., et al, Booth Family Trust v. Atwood Oceanics, Inc., et al and Mary Carter v. Atwood Oceanics, Inc. , respectively, were filed in the U.S. District Court for the Southern District of Texas against Atwood and Atwood’s directors. These actions allege violations of Sections 14(a) and 20(a) of the Exchange Act by Atwood and Atwood’s directors similar to those alleged in the Stern complaint; however, neither Ensco plc nor Merger Sub is named as a defendant in these actions. Additional lawsuits arising out of the Merger may be filed in the future. There can be no assurance that we or any of the other defendants will be successful in the outcome of these or any potential future lawsuits. A preliminary injunction could delay or jeopardize the completion of the Merger, and an adverse judgment granting permanent injunctive relief could indefinitely enjoin the completion of the Merger. We believe that the lawsuits are without merit and intend to defend vigorously against the lawsuit filed against us and any other future lawsuits challenging the transaction. 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 June 30, 2017 totaled $50.6 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 June 30, 2017 , we had not been required to make collateral deposits with respect to these agreements. |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Segment Information | Segment Information Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling. Segment information for the three-month and six-month periods ended 2017 and 2016 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and are included in "Reconciling Items." We measure segment assets as property and equipment. Three Months Ended June 30, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 264.0 $ 178.9 $ 14.6 $ 457.5 $ — $ 457.5 Operating expenses Contract drilling (exclusive of depreciation) 145.6 132.3 13.4 291.3 — 291.3 Depreciation 72.0 31.6 — 103.6 4.3 107.9 General and administrative — — — — 30.5 30.5 Operating income $ 46.4 $ 15.0 $ 1.2 $ 62.6 $ (34.8 ) $ 27.8 Property and equipment, net $ 8,493.2 $ 2,515.3 $ — $ 11,008.5 $ 50.5 $ 11,059.0 Three Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 636.4 $ 251.3 $ 21.9 $ 909.6 $ — $ 909.6 Operating expenses Contract drilling (exclusive of depreciation) 208.6 122.3 19.3 350.2 — 350.2 Depreciation 77.8 30.1 — 107.9 4.5 112.4 General and administrative — — — — 27.4 27.4 Operating income $ 350.0 $ 98.9 $ 2.6 $ 451.5 $ (31.9 ) $ 419.6 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Six Months Ended June 30, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 548.8 $ 350.7 $ 29.1 $ 928.6 $ — $ 928.6 Operating expenses Contract drilling (exclusive of depreciation) 292.0 250.9 26.5 569.4 — 569.4 Depreciation 144.8 63.7 — 208.5 8.6 217.1 General and administrative — — — — 56.5 56.5 Operating income $ 112.0 $ 36.1 $ 2.6 $ 150.7 $ (65.1 ) $ 85.6 Property and equipment, net $ 8,493.2 $ 2,515.3 $ — $ 11,008.5 $ 50.5 $ 11,059.0 Six Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,149.0 $ 529.2 $ 45.4 $ 1,723.6 $ — $ 1,723.6 Operating expenses Contract drilling (exclusive of depreciation) 419.9 256.8 37.2 713.9 — 713.9 Depreciation 158.1 58.7 — 216.8 8.9 225.7 General and administrative — — — — 50.8 50.8 Operating income $ 571.0 $ 213.7 $ 8.2 $ 792.9 $ (59.7 ) $ 733.2 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Information about Geographic Areas As of June 30, 2017 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 8 5 13 Europe & Mediterranean 6 11 17 Middle East & Africa 1 11 12 Asia & Pacific Rim 4 5 9 Asia & Pacific Rim (under construction) 1 1 2 Held-for-sale 1 1 2 Total 21 34 55 (1) We provide management services on two rigs owned by third-parties not included in the table above. |
Supplemental Financial Informat
Supplemental Financial Information | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Financial Information [Abstract] | |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 359.9 $ 358.4 Other 28.1 24.5 388.0 382.9 Allowance for doubtful accounts (21.6 ) (21.9 ) $ 366.4 $ 361.0 Other current assets consisted of the following (in millions): June 30, December 31, Inventory $ 219.2 $ 225.2 Prepaid taxes 41.1 30.7 Deferred costs 26.9 32.4 Prepaid expenses 11.0 7.9 Other 17.2 19.8 $ 315.4 $ 316.0 Other assets, net, consisted of the following (in millions): June 30, December 31, Deferred tax assets $ 63.5 $ 69.3 Deferred costs 30.8 35.7 Supplemental executive retirement plan assets 29.4 27.7 Prepaid taxes on intercompany transfers of property — 33.0 Other 9.4 10.2 $ 133.1 $ 175.9 Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Deferred revenue $ 100.1 $ 116.7 Accrued interest 85.2 71.7 Personnel costs 82.1 124.0 Taxes 38.3 40.7 Derivative liabilities 1.9 12.7 Other 7.4 10.8 $ 315.0 $ 376.6 Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 138.5 $ 142.9 Deferred revenue 80.5 120.9 Supplemental executive retirement plan liabilities 30.3 28.9 Personnel costs 13.8 13.5 Other 22.8 16.3 $ 285.9 $ 322.5 Accumulated other comprehensive income consisted of the following (in millions): June 30, December 31, Derivative instruments $ 20.8 $ 13.6 Currency translation adjustment 7.8 7.6 Other (1.7 ) (2.2 ) $ 26.9 $ 19.0 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 by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with 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 six-month periods ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Total (1) 22 % 13 % 22 % 14 % BP (2) 15 % 10 % 15 % 12 % Petrobras (1) 11 % 9 % 10 % 12 % ConocoPhillips (3) 2 % 23 % 2 % 15 % Other 50 % 45 % 51 % 47 % 100 % 100 % 100 % 100 % (1) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Floater segment. (2) During the three-month periods ended June 30, 2017 and 2016 , 79% and 75% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. During the six-month periods ended June 30, 2017 and 2016 , 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. (3) During the three-month and six-month periods ended June 30, 2016, excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4% , respectively, of our consolidated revenues. Consolidated revenues by region for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Angola (1) $ 115.9 $ 132.4 $ 237.6 $ 268.6 Australia (2) 55.3 62.3 109.9 124.8 Egypt (3) 53.4 36.5 106.6 36.5 Brazil (3) 48.7 81.7 96.5 202.7 United Kingdom (4) 36.7 69.7 67.9 143.5 U.S. Gulf of Mexico (5)(6) 33.0 304.5 77.3 464.7 Other 114.5 222.5 232.8 482.8 $ 457.5 $ 909.6 $ 928.6 $ 1,723.6 (1) During the three-month periods ended June 30, 2017 and 2016 , 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016 , 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (2) During the three-month and six-month periods ended June 30, 2017 , 78% of the revenues earned in Australia were attributable to our Floaters segment. For the three-month and six-month periods ended June 30, 2016, all revenues were attributable to our Floaters segment. (3) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Floaters segment. (4) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Jackups segment. (5) During the three-month periods ended June 30, 2017 and 2016 , 46% and 3% of the revenues earned, respectively, were attributable to our Jackups segment and 10% and 92% of the revenues earned, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016 , 37% and 4% of the revenues earned, respectively, were attributable to our Jackups segment and 25% and 89% earned, respectively, were attributable to our Floaters segment. (6) Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. |
Guarantee Of Registered Securit
Guarantee Of Registered Securities | 6 Months Ended |
Jun. 30, 2017 | |
Guarantees [Abstract] | |
Guarantee Of Registered Securities | Guarantee of Registered Securities In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated July 1, 2004 between Pride and 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 $1.0 billion as of June 30, 2017 . The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the note holders. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated, a wholly-owned subsidiary of Ensco plc, during 1997, which had an aggregate outstanding principal balance of $150.0 million as of June 30, 2017 . Pride International LLC (formerly Pride International, Inc.) and Ensco International Incorporated are 100% owned subsidiaries of Ensco plc. All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three-month and six-month periods ended June 30, 2017 and 2016 ; the unaudited condensed consolidating statements of comprehensive (loss) income for the three-month and six-month periods ended June 30, 2017 and 2016 ; the condensed consolidating balance sheets as of June 30, 2017 (unaudited) and December 31, 2016 ; and the unaudited condensed consolidating statements of cash flows for the six-month periods ended June 30, 2017 and 2016 , in accordance with Rule 3-10 of Regulation S-X. ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 12.8 $ 43.9 $ — $ 486.5 $ (85.7 ) $ 457.5 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 11.1 41.4 — 324.5 (85.7 ) 291.3 Depreciation — 4.3 — 103.6 — 107.9 General and administrative 12.1 4.2 — 14.2 — 30.5 OPERATING (LOSS) INCOME (10.4 ) (6.0 ) — 44.2 — 27.8 OTHER (EXPENSE) INCOME, NET (7.1 ) (26.9 ) (16.9 ) (4.9 ) 2.6 (53.2 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (17.5 ) (32.9 ) (16.9 ) 39.3 2.6 (25.4 ) INCOME TAX PROVISION — 4.3 — 15.0 — 19.3 DISCONTINUED OPERATIONS, NET — — — .4 — .4 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (28.0 ) 28.7 19.9 — (20.6 ) — NET (LOSS) INCOME (45.5 ) (8.5 ) 3.0 24.7 (18.0 ) (44.3 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.2 ) — (1.2 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (45.5 ) $ (8.5 ) $ 3.0 $ 23.5 $ (18.0 ) $ (45.5 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.6 $ 36.5 $ — $ 937.4 $ (71.9 ) $ 909.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.7 36.4 — 379.0 (71.9 ) 350.2 Depreciation — 4.4 — 108.0 — 112.4 General and administrative 10.5 — — 16.9 — 27.4 OPERATING (LOSS) INCOME (9.6 ) (4.3 ) — 433.5 — 419.6 OTHER INCOME (EXPENSE), NET 175.8 (8.3 ) (18.8 ) 1.3 59.9 209.9 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 166.2 (12.6 ) (18.8 ) 434.8 59.9 629.5 INCOME TAX PROVISION — (15.6 ) — 52.3 — 36.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 424.4 20.0 10.2 — (454.6 ) — NET INCOME (LOSS) 590.6 23.0 (8.6 ) 382.3 (394.7 ) 592.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 23.0 $ (8.6 ) $ 380.3 $ (394.7 ) $ 590.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 25.5 $ 89.9 $ — $ 987.2 $ (174.0 ) $ 928.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 22.4 83.4 — 637.6 (174.0 ) 569.4 Depreciation — 8.5 — 208.6 — 217.1 General and administrative 23.6 4.3 — 28.6 — 56.5 OPERATING (LOSS) INCOME (20.5 ) (6.3 ) — 112.4 — 85.6 OTHER EXPENSE, NET (13.6 ) (58.2 ) (35.6 ) (12.6 ) 9.1 (110.9 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (34.1 ) (64.5 ) (35.6 ) 99.8 9.1 (25.3 ) INCOME TAX PROVISION — 18.9 — 24.5 — 43.4 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (37.1 ) 83.6 46.2 — (92.7 ) — NET (LOSS) INCOME (71.2 ) .2 10.6 75.1 (83.6 ) (68.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.3 ) — (2.3 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (71.2 ) $ .2 $ 10.6 $ 72.8 $ (83.6 ) $ (71.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 14.8 $ 72.1 $ — $ 1,780.7 $ (144.0 ) $ 1,723.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.9 72.1 — 771.9 (144.0 ) 713.9 Depreciation — 8.7 — 217.0 — 225.7 General and administrative 16.7 .1 — 34.0 — 50.8 OPERATING (LOSS) INCOME (15.8 ) (8.8 ) — 757.8 — 733.2 OTHER INCOME (EXPENSE), NET 139.0 (6.7 ) (37.9 ) (9.0 ) 59.9 145.3 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 123.2 (15.5 ) (37.9 ) 748.8 59.9 878.5 INCOME TAX PROVISION — 15.4 — 92.7 — 108.1 DISCONTINUED OPERATIONS, NET — — — (1.1 ) — (1.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 642.7 53.5 63.8 — (760.0 ) — NET INCOME 765.9 22.6 25.9 655.0 (700.1 ) 769.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 22.6 $ 25.9 $ 651.6 $ (700.1 ) $ 765.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (45.5 ) $ (8.5 ) $ 3.0 $ 24.7 $ (18.0 ) $ (44.3 ) OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — 2.9 — — — 2.9 Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income — .3 — — — .3 Other — — — .2 — .2 NET OTHER COMPREHENSIVE INCOME — 3.2 — .2 — 3.4 COMPREHENSIVE (LOSS) INCOME (45.5 ) (5.3 ) 3.0 24.9 (18.0 ) (40.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.2 ) — (1.2 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (45.5 ) $ (5.3 ) $ 3.0 $ 23.7 $ (18.0 ) $ (42.1 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 590.6 $ 23.0 $ (8.6 ) $ 382.3 $ (394.7 ) $ 592.6 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in derivative fair value — (4.1 ) — — — (4.1 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) — 2.0 — — — 2.0 Other — — — .1 — .1 NET OTHER COMPREHENSIVE (LOSS) INCOME — (2.1 ) — .1 — (2.0 ) COMPREHENSIVE INCOME (LOSS) 590.6 20.9 (8.6 ) 382.4 (394.7 ) 590.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 20.9 $ (8.6 ) $ 380.4 $ (394.7 ) $ 588.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (71.2 ) $ .2 $ 10.6 $ 75.1 $ (83.6 ) $ (68.9 ) OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — 6.0 — — — 6.0 Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income — 1.2 — — — 1.2 Other — — — .7 — .7 NET OTHER COMPREHENSIVE INCOME — 7.2 — .7 — 7.9 COMPREHENSIVE (LOSS) INCOME (71.2 ) 7.4 10.6 75.8 (83.6 ) (61.0 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.3 ) — (2.3 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (71.2 ) $ 7.4 $ 10.6 $ 73.5 $ (83.6 ) $ (63.3 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 765.9 $ 22.6 $ 25.9 $ 655.0 $ (700.1 ) $ 769.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (.6 ) — — — (.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 7.9 — — — 7.9 Other — — — — — — NET OTHER COMPREHENSIVE INCOME — 7.3 — — — 7.3 COMPREHENSIVE INCOME 765.9 29.9 25.9 655.0 (700.1 ) 776.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 29.9 $ 25.9 $ 651.6 $ (700.1 ) $ 773.2 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 73.3 $ — $ 3.8 $ 92.5 $ — $ 169.6 Short-term investments 1,663.0 5.5 — 11.9 — 1,680.4 Accounts receivable, net 11.8 — — 354.6 — 366.4 Accounts receivable from affiliates 282.4 279.4 — 217.7 (779.5 ) — Other .3 9.6 — 305.5 — 315.4 Total current assets 2,030.8 294.5 3.8 982.2 (779.5 ) 2,531.8 PROPERTY AND EQUIPMENT, AT COST 1.8 122.3 — 13,222.7 — 13,346.8 Less accumulated depreciation 1.8 72.3 — 2,213.7 — 2,287.8 Property and equipment, net — 50.0 — 11,009.0 — 11,059.0 DUE FROM AFFILIATES 1,978.5 4,245.9 2,042.1 7,065.4 (15,331.9 ) — INVESTMENTS IN AFFILIATES 8,535.8 3,545.9 1,107.5 — (13,189.2 ) — OTHER ASSETS, NET — 51.4 — 162.4 (80.7 ) 133.1 $ 12,545.1 $ 8,187.7 $ 3,153.4 $ 19,219.0 $ (29,381.3 ) $ 13,723.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 53.2 $ 28.8 $ 21.7 $ 399.3 $ — $ 503.0 Accounts payable to affiliates 73.0 287.5 12.5 406.5 (779.5 ) $ — Total current liabilities 126.2 316.3 34.2 805.8 (779.5 ) 503.0 DUE TO AFFILIATES 1,389.1 5,093.3 2,601.7 6,247.8 (15,331.9 ) — LONG-TERM DEBT 2,839.5 149.2 1,116.1 639.9 — 4,744.7 OTHER LIABILITIES — 8.8 — 357.8 (80.7 ) 285.9 ENSCO SHAREHOLDERS' EQUITY 8,190.3 2,620.1 (598.6 ) 11,162.0 (13,189.2 ) 8,184.6 NONCONTROLLING INTERESTS — — — 5.7 — 5.7 Total equity 8,190.3 2,620.1 (598.6 ) 11,167.7 (13,189.2 ) 8,190.3 $ 12,545.1 $ 8,187.7 $ 3,153.4 $ 19,219.0 $ (29,381.3 ) $ 13,723.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 (In millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 Short-term investments 1,165.1 5.5 — 272.0 — $ 1,442.6 Accounts receivable, net 6.8 — — 354.2 — 361.0 Accounts receivable from affiliates 486.5 251.2 — 152.2 (889.9 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.8 (889.9 ) 3,279.3 PROPERTY AND EQUIPMENT, AT COST 1.8 121.0 — 12,869.7 — 12,992.5 Less accumulated depreciation 1.8 63.8 — 2,007.6 — 2,073.2 Property and equipment, net — 57.2 — 10,862.1 — 10,919.3 DUE FROM AFFILIATES 1,512.2 4,513.8 1,978.8 7,234.4 (15,239.2 ) — INVESTMENTS IN AFFILIATES 8,557.7 3,462.3 1,061.3 — (13,081.3 ) — OTHER ASSETS, NET — 81.5 — 181.1 (86.7 ) 175.9 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 44.1 $ 45.2 $ 28.3 $ 404.9 $ — $ 522.5 Accounts payable to affiliates 38.8 208.4 5.9 636.8 (889.9 ) — Current maturities of long-term debt 187.1 — 144.8 — — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.7 (889.9 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.1 (15,239.2 ) — LONG-TERM DEBT 2,720.2 149.2 1,449.5 623.7 — 4,942.6 OTHER LIABILITIES — 2.9 — 406.3 (86.7 ) 322.5 ENSCO SHAREHOLDERS' EQUITY 8,255.0 2,605.0 (609.3 ) 11,081.2 (13,081.3 ) 8,250.6 NONCONTROLLING INTERESTS — — — 4.4 — 4.4 Total equity 8,255.0 2,605.0 (609.3 ) 11,085.6 (13,081.3 ) 8,255.0 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (17.8 ) $ (50.5 ) $ (53.9 ) $ 252.7 $ — $ 130.5 INVESTING ACTIVITIES Purchases of short-term investments (563.0 ) — — (571.8 ) — (1,134.8 ) Maturities of short-term investments 65.1 — — 831.9 — 897.0 Additions to property and equipment — — — (332.6 ) — (332.6 ) Purchase of affiliate debt (316.3 ) — — — 316.3 — Other — — — 1.7 — 1.7 Net cash (used in) provided by investing activities of continuing operations (814.2 ) — — (70.8 ) 316.3 (568.7 ) FINANCING ACTIVITIES Reduction of long-term borrowings (220.7 ) — — — (316.3 ) (537.0 ) Cash dividends paid (6.2 ) — — — — (6.2 ) Debt financing costs (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 247.7 50.5 37.9 (336.1 ) — — Other (2.6 ) — — (1.0 ) — (3.6 ) Net cash provided by (used in) financing activities 12.7 50.5 37.9 (337.1 ) (316.3 ) (552.3 ) Net cash used in discontinued operations — — — (.2 ) — (.2 ) Effect of exchange rate changes on cash and cash equivalents — — — .6 — .6 NET DECREASE IN CASH AND CASH EQUIVALENTS (819.3 ) — (16.0 ) (154.8 ) — (990.1 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 73.3 $ — $ 3.8 $ 92.5 $ — $ 169.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (83.4 ) $ 130.8 $ (60.4 ) $ 813.2 $ — $ 800.2 INVESTING ACTIVITIES Maturities of short-term investments 1,032.0 — — — — 1,032.0 Purchases of short-term investments (862.0 ) — — — — (862.0 ) Additions to property and equipment — — — (209.4 ) — (209.4 ) Purchase of affiliate debt (142.0 ) — — — 142.0 — Other — — — 7.6 — 7.6 Net cash provided by (used in) investing activities of continuing operations 28.0 — — (201.8 ) 142.0 (31.8 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 585.5 — — — — 585.5 Reduction of long-term borrowings (542.8 ) — — — (142.0 ) (684.8 ) Cash dividends paid (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 638.9 (130.8 ) 84.5 (592.6 ) — — Other (1.9 ) — — — — (1.9 ) Net cash provided by (used in) financing activities 674.2 (130.8 ) 84.5 (592.6 ) (142.0 ) (106.7 ) Net cash provided by discontinued operations — — — 7.7 — 7.7 Effect of exchange rate changes on cash and cash equivalents — — — (.4 ) — (.4 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 618.8 — 24.1 26.1 — 669.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 |
Unaudited Condensed Consolida20
Unaudited Condensed Consolidated Financial Statements (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Unaudited Condensed Consolidated Financial Statements [Abstract] | |
New Accounting Pronouncements | New Accounting Pronouncements In October 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“Update 2016-16”), which requires entities to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transaction occurs as opposed to deferring tax consequences and amortizing them into future periods. We adopted Update 2016-16 on a modified retrospective basis effective January 1, 2017. As a result of modified retrospective application, we reduced prepaid taxes on intercompany transfers of property and related deferred tax liabilities resulting in the recognition of a cumulative-effect reduction in retained earnings of $14.1 million on our condensed consolidated balance sheet as of January 1, 2017. We do not expect a material impact to our 2017 operating results as a result of the adoption of Update 2016-16. In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. We adopted Update 2016-09 effective January 1, 2017. Our adoption of Update 2016-09 did not result in any cumulative effect on retained earnings and no adjustments have been made to prior periods. The new standard will cause volatility in our effective tax rates primarily due to the new requirement that companies recognize additional tax benefits or expenses in earnings related to the vesting or settlement of employee share-based awards, rather than in additional paid-in capital, during the period in which they occur. Furthermore, forfeitures are now recorded as they occur as opposed to estimating an allowance for future forfeitures. During 2014, the Financial Accounting Standards Board (the "FASB") issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Update 2014-09 is effective for annual and interim periods for fiscal years beginning after December 15, 2017. Subsequent to the issuance of Update 2014-09, the FASB issued several additional Accounting Standards Updates to clarify implementation guidance, provide narrow-scope improvements and provide additional disclosure guidance. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. Due to the significant interaction between Update 2014-09 and Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), we expect to adopt Update 2014-09 and Update 2016-02 concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. We are currently evaluating the effect that Update 2014-09 and Update 2016-02 will have on our consolidated financial statements and related disclosures. In February 2016, the Financial Accounting Standards Board issued Update 2016-02, which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. During our evaluation of Update 2016-02, we have concluded that our drilling contracts contain a lease component, and upon adoption, we will be required to separately recognize revenues associated with the lease of our drilling rigs and the provision of contract drilling services. Due to the significant interaction between Update 2016-02 and Update 2014-09, we expect to adopt both updates concurrently with an effective date of January 1, 2018. We expect to apply the modified retrospective approach to our adoption. Adoption will result in increased disclosure of the nature of our leasing arrangements and may result in variability in our revenue recognition patterns relative to current U.S. GAAP based on the provisions in each of our drilling contracts. With respect to leases whereby we are the lessee, we expect to recognize lease liabilities and offsetting "right of use" assets ranging from approximately $60 million to $80 million upon adoption, based on our portfolio of leases as of June 30, 2017 . We are currently evaluating the other impacts that Update 2016-02 and Update 2014-09 will have on our consolidated financial statements and related disclosures. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis | The following fair value hierarchy table categorizes information regarding our financial assets and liabilities 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 June 30, 2017 Supplemental executive retirement plan assets $ 29.4 $ — $ — $ 29.4 Derivatives, net — 4.9 — 4.9 Total financial assets $ 29.4 $ 4.9 $ — $ 34.3 As of December 31, 2016 Supplemental executive retirement plan assets $ 27.7 $ — $ — $ 27.7 Total financial assets $ 27.7 $ — $ — $ 27.7 Derivatives, net $ — $ (8.8 ) $ — $ (8.8 ) Total financial liabilities $ — $ (8.8 ) $ — $ (8.8 ) |
Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments | The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions): June 30, December 31, Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value 8.50% Senior notes due 2019 $ 256.0 $ 255.0 $ 480.2 $ 485.0 6.875% Senior notes due 2020 482.7 461.8 735.9 727.5 4.70% Senior notes due 2021 266.7 264.0 674.4 658.9 3.00% Exchangeable senior notes due 2024 (1) 620.7 666.9 604.3 874.7 4.50% Senior notes due 2024 619.0 487.2 618.6 536.0 8.00% Senior notes due 2024 338.4 314.7 — — 5.20% Senior notes due 2025 663.2 543.9 662.8 582.3 7.20% Debentures due 2027 149.2 137.3 149.2 138.7 7.875% Senior notes due 2040 377.5 246.5 378.3 270.6 5.75% Senior notes due 2044 971.3 669.6 970.8 728.0 Total $ 4,744.7 $ 4,046.9 $ 5,274.5 $ 5,001.7 (1) Our exchangeable senior notes due 2024 (the "2024 Convertible Notes") were issued with a conversion feature. The 2024 Convertible Notes were separated into their liability and equity components on our condensed consolidated balance sheet. The equity component was initially recorded to additional paid-in capital and as a debt discount that will be amortized to interest expense over the life of the instrument. Excluding the unamortized discount, the carrying amount of the 2024 Convertible Notes was $832.9 million and $830.1 million as of June 30, 2017 and December 31, 2016 , respectively. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Derivatives At Fair Value | Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions): Derivative Assets Derivative Liabilities June 30, December 31, June 30, December 31, Derivatives Designated as Hedging Instruments Foreign currency forward contracts - current (1) $ 4.5 $ 4.1 $ 1.7 $ 11.4 Foreign currency forward contracts - non-current (2) .6 .2 .1 .8 5.1 4.3 1.8 12.2 Derivatives Not Designated as Hedging Instruments Foreign currency forward contracts - current (1) 1.8 .4 .2 1.3 1.8 .4 .2 1.3 Total $ 6.9 $ 4.7 $ 2.0 $ 13.5 (1) Derivative assets and liabilities with 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 with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gains And Losses On Derivatives Designated As Cash Flow Hedges | Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive (loss) income were as follows (in millions): Three Months Ended June 30, 2017 and 2016 Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) (1) (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.1 ) $ — $ — $ — Foreign currency forward contracts (4) 2.9 (4.1 ) (.2 ) (2.0 ) (.5 ) .8 Total $ 2.9 $ (4.1 ) $ (.3 ) $ (2.0 ) $ (.5 ) $ .8 Six Months Ended June 30, 2017 and 2016 Gain (Loss) Recognized in Other Comprehensive (Loss) Income (Effective Portion) Loss Reclassified from AOCI into Income (Effective Portion) (1) (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) (2) 2017 2016 2017 2016 2017 2016 Interest rate lock contracts (3) $ — $ — $ (.2 ) $ (.1 ) $ — $ — Foreign currency forward contracts (5) 6.0 (.6 ) (1.0 ) (7.8 ) (.4 ) 1.9 Total $ 6.0 $ (.6 ) $ (1.2 ) $ (7.9 ) $ (.4 ) $ 1.9 (1) Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. (2) Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. (3) Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. (4) During the three-month period ended June 30, 2017 , $400,000 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 June 30, 2016 , $2.2 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. (5) During the six-month period ended June 30, 2017 , $1.4 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2016 , $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Noncontrolling Interest [Abstract] | |
Reconciliation of Income from Continuing Operations | (Loss) income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2017 and 2016 was as follows (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 (Loss) income from continuing operations $ (44.7 ) $ 592.8 $ (68.7 ) $ 770.4 Income from continuing operations attributable to noncontrolling interests (1.2 ) (2.0 ) (2.3 ) (3.4 ) (Loss) income from continuing operations attributable to Ensco $ (45.9 ) $ 590.8 $ (71.0 ) $ 767.0 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Net Income Attributable To Ensco Shares | The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2017 and 2016 (in millions): Three Months Ended Six Months Ended 2017 2016 2017 2016 (Loss) income from continuing operations attributable to Ensco $ (45.9 ) $ 590.8 $ (71.0 ) $ 767.0 Income from continuing operations allocated to non-vested share awards (1) (.1 ) (9.8 ) (.2 ) (12.0 ) (Loss) income from continuing operations attributable to Ensco shares $ (46.0 ) $ 581.0 $ (71.2 ) $ 755.0 (1) Losses are not allocated to non-vested share awards. Therefore, only dividends attributable to the our non-vested share awards are included in the three-month and six-month periods ended June 30, 2017 . |
Debt Schedule of Extinguishment
Debt Schedule of Extinguishment of Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Extinguishment of Debt | The aggregate repurchases were as follows (in millions): Aggregate Principal Amount Repurchased Aggregate Repurchase Price (1) 8.50% Senior notes due 2019 $ 54.6 $ 60.1 6.875% Senior notes due 2020 100.1 105.1 4.70% Senior notes due 2021 39.4 39.3 Total $ 194.1 $ 204.5 (1) Excludes accrued interest paid to holders of the repurchased senior notes. The Exchange Offers resulted in the tender of $649.5 million aggregate principal amount of our outstanding senior notes that were settled and exchanged as follows (in millions): Aggregate Principal Amount Repurchased 8.00% Senior notes due 2024 Consideration Cash Consideration (1) Total Consideration 8.50% Senior notes due 2019 $ 145.8 $ 81.6 $ 81.7 $ 163.3 6.875% Senior notes due 2020 129.8 69.3 69.4 138.7 4.70% Senior notes due 2021 373.9 181.1 181.4 362.5 Total $ 649.5 $ 332.0 $ 332.5 $ 664.5 (1) As of December 31, 2016, the aggregate amount of principal repurchased with cash of $332.5 million , along with associated premiums, was classified as current maturities of long-term debt on our condensed consolidated balance sheet. |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting Information, Revenue for Reportable Segment [Abstract] | |
Schedule Of Segment Reporting Information | Three Months Ended June 30, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 264.0 $ 178.9 $ 14.6 $ 457.5 $ — $ 457.5 Operating expenses Contract drilling (exclusive of depreciation) 145.6 132.3 13.4 291.3 — 291.3 Depreciation 72.0 31.6 — 103.6 4.3 107.9 General and administrative — — — — 30.5 30.5 Operating income $ 46.4 $ 15.0 $ 1.2 $ 62.6 $ (34.8 ) $ 27.8 Property and equipment, net $ 8,493.2 $ 2,515.3 $ — $ 11,008.5 $ 50.5 $ 11,059.0 Three Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 636.4 $ 251.3 $ 21.9 $ 909.6 $ — $ 909.6 Operating expenses Contract drilling (exclusive of depreciation) 208.6 122.3 19.3 350.2 — 350.2 Depreciation 77.8 30.1 — 107.9 4.5 112.4 General and administrative — — — — 27.4 27.4 Operating income $ 350.0 $ 98.9 $ 2.6 $ 451.5 $ (31.9 ) $ 419.6 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 Six Months Ended June 30, 2017 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 548.8 $ 350.7 $ 29.1 $ 928.6 $ — $ 928.6 Operating expenses Contract drilling (exclusive of depreciation) 292.0 250.9 26.5 569.4 — 569.4 Depreciation 144.8 63.7 — 208.5 8.6 217.1 General and administrative — — — — 56.5 56.5 Operating income $ 112.0 $ 36.1 $ 2.6 $ 150.7 $ (65.1 ) $ 85.6 Property and equipment, net $ 8,493.2 $ 2,515.3 $ — $ 11,008.5 $ 50.5 $ 11,059.0 Six Months Ended June 30, 2016 Floaters Jackups Other Operating Segments Total Reconciling Items Consolidated Total Revenues $ 1,149.0 $ 529.2 $ 45.4 $ 1,723.6 $ — $ 1,723.6 Operating expenses Contract drilling (exclusive of depreciation) 419.9 256.8 37.2 713.9 — 713.9 Depreciation 158.1 58.7 — 216.8 8.9 225.7 General and administrative — — — — 50.8 50.8 Operating income $ 571.0 $ 213.7 $ 8.2 $ 792.9 $ (59.7 ) $ 733.2 Property and equipment, net $ 8,414.1 $ 2,543.0 $ — $ 10,957.1 $ 64.1 $ 11,021.2 |
Schedule Of Geographic Distribution Of Rigs By Segment | As of June 30, 2017 , the geographic distribution of our drilling rigs by reportable segment was as follows: Floaters Jackups Total (1) North & South America 8 5 13 Europe & Mediterranean 6 11 17 Middle East & Africa 1 11 12 Asia & Pacific Rim 4 5 9 Asia & Pacific Rim (under construction) 1 1 2 Held-for-sale 1 1 2 Total 21 34 55 (1) We provide management services on two rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform27
Supplemental Financial Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Financial Information [Abstract] | |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions): June 30, December 31, Trade $ 359.9 $ 358.4 Other 28.1 24.5 388.0 382.9 Allowance for doubtful accounts (21.6 ) (21.9 ) $ 366.4 $ 361.0 |
Other Current Assets | Other current assets consisted of the following (in millions): June 30, December 31, Inventory $ 219.2 $ 225.2 Prepaid taxes 41.1 30.7 Deferred costs 26.9 32.4 Prepaid expenses 11.0 7.9 Other 17.2 19.8 $ 315.4 $ 316.0 |
Other Assets, Net | Other assets, net, consisted of the following (in millions): June 30, December 31, Deferred tax assets $ 63.5 $ 69.3 Deferred costs 30.8 35.7 Supplemental executive retirement plan assets 29.4 27.7 Prepaid taxes on intercompany transfers of property — 33.0 Other 9.4 10.2 $ 133.1 $ 175.9 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions): June 30, December 31, Deferred revenue $ 100.1 $ 116.7 Accrued interest 85.2 71.7 Personnel costs 82.1 124.0 Taxes 38.3 40.7 Derivative liabilities 1.9 12.7 Other 7.4 10.8 $ 315.0 $ 376.6 |
Other Liabilities | Other liabilities consisted of the following (in millions): June 30, December 31, Unrecognized tax benefits (inclusive of interest and penalties) $ 138.5 $ 142.9 Deferred revenue 80.5 120.9 Supplemental executive retirement plan liabilities 30.3 28.9 Personnel costs 13.8 13.5 Other 22.8 16.3 $ 285.9 $ 322.5 |
Accumulated other comprehensive income | Accumulated other comprehensive income consisted of the following (in millions): June 30, December 31, Derivative instruments $ 20.8 $ 13.6 Currency translation adjustment 7.8 7.6 Other (1.7 ) (2.2 ) $ 26.9 $ 19.0 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Total (1) 22 % 13 % 22 % 14 % BP (2) 15 % 10 % 15 % 12 % Petrobras (1) 11 % 9 % 10 % 12 % ConocoPhillips (3) 2 % 23 % 2 % 15 % Other 50 % 45 % 51 % 47 % 100 % 100 % 100 % 100 % (1) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Floater segment. (2) During the three-month periods ended June 30, 2017 and 2016 , 79% and 75% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. During the six-month periods ended June 30, 2017 and 2016 , 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. (3) During the three-month and six-month periods ended June 30, 2016, excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4% , respectively, of our consolidated revenues. |
Revenue from External Customers by Geographic Areas [Table Text Block] | Consolidated revenues by region for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows: Three Months Ended Six Months Ended 2017 2016 2017 2016 Angola (1) $ 115.9 $ 132.4 $ 237.6 $ 268.6 Australia (2) 55.3 62.3 109.9 124.8 Egypt (3) 53.4 36.5 106.6 36.5 Brazil (3) 48.7 81.7 96.5 202.7 United Kingdom (4) 36.7 69.7 67.9 143.5 U.S. Gulf of Mexico (5)(6) 33.0 304.5 77.3 464.7 Other 114.5 222.5 232.8 482.8 $ 457.5 $ 909.6 $ 928.6 $ 1,723.6 (1) During the three-month periods ended June 30, 2017 and 2016 , 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016 , 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. (2) During the three-month and six-month periods ended June 30, 2017 , 78% of the revenues earned in Australia were attributable to our Floaters segment. For the three-month and six-month periods ended June 30, 2016, all revenues were attributable to our Floaters segment. (3) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Floaters segment. (4) During the three-month and six-month periods ended June 30, 2017 and 2016 , all revenues were attributable to our Jackups segment. (5) During the three-month periods ended June 30, 2017 and 2016 , 46% and 3% of the revenues earned, respectively, were attributable to our Jackups segment and 10% and 92% of the revenues earned, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016 , 37% and 4% of the revenues earned, respectively, were attributable to our Jackups segment and 25% and 89% earned, respectively, were attributable to our Floaters segment. (6) Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. |
Guarantee Of Registered Secur28
Guarantee Of Registered Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Guarantees [Abstract] | |
Condensed Consolidating Statements Of Operations | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 12.8 $ 43.9 $ — $ 486.5 $ (85.7 ) $ 457.5 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 11.1 41.4 — 324.5 (85.7 ) 291.3 Depreciation — 4.3 — 103.6 — 107.9 General and administrative 12.1 4.2 — 14.2 — 30.5 OPERATING (LOSS) INCOME (10.4 ) (6.0 ) — 44.2 — 27.8 OTHER (EXPENSE) INCOME, NET (7.1 ) (26.9 ) (16.9 ) (4.9 ) 2.6 (53.2 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (17.5 ) (32.9 ) (16.9 ) 39.3 2.6 (25.4 ) INCOME TAX PROVISION — 4.3 — 15.0 — 19.3 DISCONTINUED OPERATIONS, NET — — — .4 — .4 EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (28.0 ) 28.7 19.9 — (20.6 ) — NET (LOSS) INCOME (45.5 ) (8.5 ) 3.0 24.7 (18.0 ) (44.3 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.2 ) — (1.2 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (45.5 ) $ (8.5 ) $ 3.0 $ 23.5 $ (18.0 ) $ (45.5 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 7.6 $ 36.5 $ — $ 937.4 $ (71.9 ) $ 909.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 6.7 36.4 — 379.0 (71.9 ) 350.2 Depreciation — 4.4 — 108.0 — 112.4 General and administrative 10.5 — — 16.9 — 27.4 OPERATING (LOSS) INCOME (9.6 ) (4.3 ) — 433.5 — 419.6 OTHER INCOME (EXPENSE), NET 175.8 (8.3 ) (18.8 ) 1.3 59.9 209.9 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 166.2 (12.6 ) (18.8 ) 434.8 59.9 629.5 INCOME TAX PROVISION — (15.6 ) — 52.3 — 36.7 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 424.4 20.0 10.2 — (454.6 ) — NET INCOME (LOSS) 590.6 23.0 (8.6 ) 382.3 (394.7 ) 592.6 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 23.0 $ (8.6 ) $ 380.3 $ (394.7 ) $ 590.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 25.5 $ 89.9 $ — $ 987.2 $ (174.0 ) $ 928.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 22.4 83.4 — 637.6 (174.0 ) 569.4 Depreciation — 8.5 — 208.6 — 217.1 General and administrative 23.6 4.3 — 28.6 — 56.5 OPERATING (LOSS) INCOME (20.5 ) (6.3 ) — 112.4 — 85.6 OTHER EXPENSE, NET (13.6 ) (58.2 ) (35.6 ) (12.6 ) 9.1 (110.9 ) (LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES (34.1 ) (64.5 ) (35.6 ) 99.8 9.1 (25.3 ) INCOME TAX PROVISION — 18.9 — 24.5 — 43.4 DISCONTINUED OPERATIONS, NET — — — (.2 ) — (.2 ) EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX (37.1 ) 83.6 46.2 — (92.7 ) — NET (LOSS) INCOME (71.2 ) .2 10.6 75.1 (83.6 ) (68.9 ) NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.3 ) — (2.3 ) NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (71.2 ) $ .2 $ 10.6 $ 72.8 $ (83.6 ) $ (71.2 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING REVENUES $ 14.8 $ 72.1 $ — $ 1,780.7 $ (144.0 ) $ 1,723.6 OPERATING EXPENSES Contract drilling (exclusive of depreciation) 13.9 72.1 — 771.9 (144.0 ) 713.9 Depreciation — 8.7 — 217.0 — 225.7 General and administrative 16.7 .1 — 34.0 — 50.8 OPERATING (LOSS) INCOME (15.8 ) (8.8 ) — 757.8 — 733.2 OTHER INCOME (EXPENSE), NET 139.0 (6.7 ) (37.9 ) (9.0 ) 59.9 145.3 INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES 123.2 (15.5 ) (37.9 ) 748.8 59.9 878.5 INCOME TAX PROVISION — 15.4 — 92.7 — 108.1 DISCONTINUED OPERATIONS, NET — — — (1.1 ) — (1.1 ) EQUITY EARNINGS IN AFFILIATES, NET OF TAX 642.7 53.5 63.8 — (760.0 ) — NET INCOME 765.9 22.6 25.9 655.0 (700.1 ) 769.3 NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) NET INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 22.6 $ 25.9 $ 651.6 $ (700.1 ) $ 765.9 |
Condensed Consolidating Statements Of Comprehensive Income | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Three Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (45.5 ) $ (8.5 ) $ 3.0 $ 24.7 $ (18.0 ) $ (44.3 ) OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — 2.9 — — — 2.9 Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income — .3 — — — .3 Other — — — .2 — .2 NET OTHER COMPREHENSIVE INCOME — 3.2 — .2 — 3.4 COMPREHENSIVE (LOSS) INCOME (45.5 ) (5.3 ) 3.0 24.9 (18.0 ) (40.9 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (1.2 ) — (1.2 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (45.5 ) $ (5.3 ) $ 3.0 $ 23.7 $ (18.0 ) $ (42.1 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME (LOSS) $ 590.6 $ 23.0 $ (8.6 ) $ 382.3 $ (394.7 ) $ 592.6 OTHER COMPREHENSIVE (LOSS) INCOME, NET Net change in derivative fair value — (4.1 ) — — — (4.1 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income (loss) — 2.0 — — — 2.0 Other — — — .1 — .1 NET OTHER COMPREHENSIVE (LOSS) INCOME — (2.1 ) — .1 — (2.0 ) COMPREHENSIVE INCOME (LOSS) 590.6 20.9 (8.6 ) 382.4 (394.7 ) 590.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.0 ) — (2.0 ) COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO $ 590.6 $ 20.9 $ (8.6 ) $ 380.4 $ (394.7 ) $ 588.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET (LOSS) INCOME $ (71.2 ) $ .2 $ 10.6 $ 75.1 $ (83.6 ) $ (68.9 ) OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — 6.0 — — — 6.0 Reclassification of net losses on derivative instruments from other comprehensive income into net (loss) income — 1.2 — — — 1.2 Other — — — .7 — .7 NET OTHER COMPREHENSIVE INCOME — 7.2 — .7 — 7.9 COMPREHENSIVE (LOSS) INCOME (71.2 ) 7.4 10.6 75.8 (83.6 ) (61.0 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (2.3 ) — (2.3 ) COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO $ (71.2 ) $ 7.4 $ 10.6 $ 73.5 $ (83.6 ) $ (63.3 ) ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total NET INCOME $ 765.9 $ 22.6 $ 25.9 $ 655.0 $ (700.1 ) $ 769.3 OTHER COMPREHENSIVE INCOME, NET Net change in derivative fair value — (.6 ) — — — (.6 ) Reclassification of net losses on derivative instruments from other comprehensive income into net income — 7.9 — — — 7.9 Other — — — — — — NET OTHER COMPREHENSIVE INCOME — 7.3 — — — 7.3 COMPREHENSIVE INCOME 765.9 29.9 25.9 655.0 (700.1 ) 776.6 COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS — — — (3.4 ) — (3.4 ) COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO $ 765.9 $ 29.9 $ 25.9 $ 651.6 $ (700.1 ) $ 773.2 |
Condensed Consolidating Balance Sheets | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 73.3 $ — $ 3.8 $ 92.5 $ — $ 169.6 Short-term investments 1,663.0 5.5 — 11.9 — 1,680.4 Accounts receivable, net 11.8 — — 354.6 — 366.4 Accounts receivable from affiliates 282.4 279.4 — 217.7 (779.5 ) — Other .3 9.6 — 305.5 — 315.4 Total current assets 2,030.8 294.5 3.8 982.2 (779.5 ) 2,531.8 PROPERTY AND EQUIPMENT, AT COST 1.8 122.3 — 13,222.7 — 13,346.8 Less accumulated depreciation 1.8 72.3 — 2,213.7 — 2,287.8 Property and equipment, net — 50.0 — 11,009.0 — 11,059.0 DUE FROM AFFILIATES 1,978.5 4,245.9 2,042.1 7,065.4 (15,331.9 ) — INVESTMENTS IN AFFILIATES 8,535.8 3,545.9 1,107.5 — (13,189.2 ) — OTHER ASSETS, NET — 51.4 — 162.4 (80.7 ) 133.1 $ 12,545.1 $ 8,187.7 $ 3,153.4 $ 19,219.0 $ (29,381.3 ) $ 13,723.9 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 53.2 $ 28.8 $ 21.7 $ 399.3 $ — $ 503.0 Accounts payable to affiliates 73.0 287.5 12.5 406.5 (779.5 ) $ — Total current liabilities 126.2 316.3 34.2 805.8 (779.5 ) 503.0 DUE TO AFFILIATES 1,389.1 5,093.3 2,601.7 6,247.8 (15,331.9 ) — LONG-TERM DEBT 2,839.5 149.2 1,116.1 639.9 — 4,744.7 OTHER LIABILITIES — 8.8 — 357.8 (80.7 ) 285.9 ENSCO SHAREHOLDERS' EQUITY 8,190.3 2,620.1 (598.6 ) 11,162.0 (13,189.2 ) 8,184.6 NONCONTROLLING INTERESTS — — — 5.7 — 5.7 Total equity 8,190.3 2,620.1 (598.6 ) 11,167.7 (13,189.2 ) 8,190.3 $ 12,545.1 $ 8,187.7 $ 3,153.4 $ 19,219.0 $ (29,381.3 ) $ 13,723.9 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2016 (In millions) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-Guarantor Subsidiaries of Ensco Consolidating Adjustments Total ASSETS CURRENT ASSETS Cash and cash equivalents $ 892.6 $ — $ 19.8 $ 247.3 $ — $ 1,159.7 Short-term investments 1,165.1 5.5 — 272.0 — $ 1,442.6 Accounts receivable, net 6.8 — — 354.2 — 361.0 Accounts receivable from affiliates 486.5 251.2 — 152.2 (889.9 ) — Other .1 6.8 — 309.1 — 316.0 Total current assets 2,551.1 263.5 19.8 1,334.8 (889.9 ) 3,279.3 PROPERTY AND EQUIPMENT, AT COST 1.8 121.0 — 12,869.7 — 12,992.5 Less accumulated depreciation 1.8 63.8 — 2,007.6 — 2,073.2 Property and equipment, net — 57.2 — 10,862.1 — 10,919.3 DUE FROM AFFILIATES 1,512.2 4,513.8 1,978.8 7,234.4 (15,239.2 ) — INVESTMENTS IN AFFILIATES 8,557.7 3,462.3 1,061.3 — (13,081.3 ) — OTHER ASSETS, NET — 81.5 — 181.1 (86.7 ) 175.9 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued liabilities $ 44.1 $ 45.2 $ 28.3 $ 404.9 $ — $ 522.5 Accounts payable to affiliates 38.8 208.4 5.9 636.8 (889.9 ) — Current maturities of long-term debt 187.1 — 144.8 — — 331.9 Total current liabilities 270.0 253.6 179.0 1,041.7 (889.9 ) 854.4 DUE TO AFFILIATES 1,375.8 5,367.6 2,040.7 6,455.1 (15,239.2 ) — LONG-TERM DEBT 2,720.2 149.2 1,449.5 623.7 — 4,942.6 OTHER LIABILITIES — 2.9 — 406.3 (86.7 ) 322.5 ENSCO SHAREHOLDERS' EQUITY 8,255.0 2,605.0 (609.3 ) 11,081.2 (13,081.3 ) 8,250.6 NONCONTROLLING INTERESTS — — — 4.4 — 4.4 Total equity 8,255.0 2,605.0 (609.3 ) 11,085.6 (13,081.3 ) 8,255.0 $ 12,621.0 $ 8,378.3 $ 3,059.9 $ 19,612.4 $ (29,297.1 ) $ 14,374.5 |
Condensed Consolidating Statements Of Cash Flows | ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2017 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (17.8 ) $ (50.5 ) $ (53.9 ) $ 252.7 $ — $ 130.5 INVESTING ACTIVITIES Purchases of short-term investments (563.0 ) — — (571.8 ) — (1,134.8 ) Maturities of short-term investments 65.1 — — 831.9 — 897.0 Additions to property and equipment — — — (332.6 ) — (332.6 ) Purchase of affiliate debt (316.3 ) — — — 316.3 — Other — — — 1.7 — 1.7 Net cash (used in) provided by investing activities of continuing operations (814.2 ) — — (70.8 ) 316.3 (568.7 ) FINANCING ACTIVITIES Reduction of long-term borrowings (220.7 ) — — — (316.3 ) (537.0 ) Cash dividends paid (6.2 ) — — — — (6.2 ) Debt financing costs (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 247.7 50.5 37.9 (336.1 ) — — Other (2.6 ) — — (1.0 ) — (3.6 ) Net cash provided by (used in) financing activities 12.7 50.5 37.9 (337.1 ) (316.3 ) (552.3 ) Net cash used in discontinued operations — — — (.2 ) — (.2 ) Effect of exchange rate changes on cash and cash equivalents — — — .6 — .6 NET DECREASE IN CASH AND CASH EQUIVALENTS (819.3 ) — (16.0 ) (154.8 ) — (990.1 ) CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 892.6 — 19.8 247.3 — 1,159.7 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 73.3 $ — $ 3.8 $ 92.5 $ — $ 169.6 ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (In millions) (Unaudited) Ensco plc ENSCO International Incorporated Pride International LLC Other Non-guarantor Subsidiaries of Ensco Consolidating Adjustments Total OPERATING ACTIVITIES Net cash (used in) provided by operating activities of continuing operations $ (83.4 ) $ 130.8 $ (60.4 ) $ 813.2 $ — $ 800.2 INVESTING ACTIVITIES Maturities of short-term investments 1,032.0 — — — — 1,032.0 Purchases of short-term investments (862.0 ) — — — — (862.0 ) Additions to property and equipment — — — (209.4 ) — (209.4 ) Purchase of affiliate debt (142.0 ) — — — 142.0 — Other — — — 7.6 — 7.6 Net cash provided by (used in) investing activities of continuing operations 28.0 — — (201.8 ) 142.0 (31.8 ) FINANCING ACTIVITIES Proceeds from issuance of senior notes 585.5 — — — — 585.5 Reduction of long-term borrowings (542.8 ) — — — (142.0 ) (684.8 ) Cash dividends paid (5.5 ) — — — — (5.5 ) Advances from (to) affiliates 638.9 (130.8 ) 84.5 (592.6 ) — — Other (1.9 ) — — — — (1.9 ) Net cash provided by (used in) financing activities 674.2 (130.8 ) 84.5 (592.6 ) (142.0 ) (106.7 ) Net cash provided by discontinued operations — — — 7.7 — 7.7 Effect of exchange rate changes on cash and cash equivalents — — — (.4 ) — (.4 ) NET INCREASE IN CASH AND CASH EQUIVALENTS 618.8 — 24.1 26.1 — 669.0 CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 94.0 — 2.0 25.3 — 121.3 CASH AND CASH EQUIVALENTS, END OF PERIOD $ 712.8 $ — $ 26.1 $ 51.4 $ — $ 790.3 |
Unaudited Condensed Consolida29
Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017USD ($)$ / sharesshares | |
Sales Revenue, Net [Member] | |
Description of the Business [Line Items] | |
Gain (Loss) on Contract Termination | $ 205,000,000 |
ENSCO DS-9 [Member] | Sales Revenue, Net [Member] | |
Description of the Business [Line Items] | |
Gain (Loss) on Contract Termination | 185,000,000 |
ENSCO 8503 [Member] | Sales Revenue, Net [Member] | |
Description of the Business [Line Items] | |
Gain (Loss) on Contract Termination | 20,000,000 |
Atwood Oceanics, Inc. [Member] | |
Description of the Business [Line Items] | |
Business Combination, Consideration Transferred | $ 711,000,000 |
Business Acquisition, Share Price (in dollars per share) | $ / shares | $ 5.32 |
Atwood Oceanics, Inc. [Member] | Class A ordinary shares, U.S. [Member] | |
Description of the Business [Line Items] | |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in shares) | shares | 134,000,000 |
Unaudited Condensed Consolida30
Unaudited Condensed Consolidated Financial Statements New Accounting Pronouncements (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Jan. 01, 2017 |
Accounting Standards Update 2016-16 [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 14.1 | |
Minimum [Member] | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 60 | |
Maximum [Member] | Accounting Standards Update 2016-02 [Member] | Scenario, Forecast [Member] | ||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Adoption, Quantification | $ 80 |
Fair Value Measurements (Schedu
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | $ 29.4 | $ 27.7 |
Total financial assets | 34.3 | 27.7 |
Derivatives, net | 4.9 | (8.8) |
Total financial liabilities | (8.8) | |
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 29.4 | 27.7 |
Total financial assets | 29.4 | 27.7 |
Derivatives, net | 0 | 0 |
Total financial liabilities | 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 | 4.9 | 0 |
Derivatives, net | 4.9 | (8.8) |
Total financial liabilities | (8.8) | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Supplemental executive retirement plan assets | 0 | 0 |
Total financial assets | 0 | 0 |
Derivatives, net | $ 0 | 0 |
Total financial liabilities | $ 0 |
Fair Value Measurements (Sche32
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying Value | $ 4,744.7 | $ 5,274.5 |
Estimated Fair Value | $ 4,046.9 | $ 5,001.7 |
8.50% Senior notes due 2019 | ||
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 | $ 256 | $ 480.2 |
Estimated Fair Value | $ 255 | $ 485 |
6.875% Senior notes due 2020 | ||
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 | $ 482.7 | $ 735.9 |
Estimated Fair Value | $ 461.8 | $ 727.5 |
4.70% Senior notes due 2021 | ||
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 | $ 266.7 | $ 674.4 |
Estimated Fair Value | $ 264 | $ 658.9 |
3.00% Exchangeable senior notes due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.00% | 3.00% |
Carrying Value | $ 620.7 | $ 604.3 |
Estimated Fair Value | $ 666.9 | $ 874.7 |
4.50% Senior notes due 2024 | ||
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 | $ 619 | $ 618.6 |
Estimated Fair Value | $ 487.2 | 536 |
8.00% Senior notes due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |
Carrying Value | $ 338.4 | 0 |
Estimated Fair Value | $ 314.7 | $ 0 |
5.20% Senior notes due 2025 | ||
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 | $ 663.2 | $ 662.8 |
Estimated Fair Value | $ 543.9 | $ 582.3 |
7.20% Debentures due 2027 | ||
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 | $ 137.3 | $ 138.7 |
7.875% Senior notes due 2040 | ||
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 | $ 377.5 | $ 378.3 |
Estimated Fair Value | $ 246.5 | $ 270.6 |
5.75% Senior notes due 2044 | ||
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 | $ 971.3 | $ 970.8 |
Estimated Fair Value | 669.6 | 728 |
Convertible Debt [Member] | 3.00% Exchangeable senior notes due 2024 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
3.00% exchangeable senior notes, excluding discount and net of debt issuance costs | $ 832.9 | $ 830.1 |
Derivative Instruments (Narrati
Derivative Instruments (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net assets associated with foreign currency derivatives | $ 4,900,000 | $ 4,900,000 | $ (8,800,000) | ||
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 | $ 1,700,000 | ||||
Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 173,700,000 | 173,700,000 | |||
Designated as Hedging Instrument [Member] | United Kingdom, Pounds | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 81,700,000 | 81,700,000 | |||
Designated as Hedging Instrument [Member] | Australia, Dollars | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 33,700,000 | 33,700,000 | |||
Designated as Hedging Instrument [Member] | Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 22,800,000 | 22,800,000 | |||
Designated as Hedging Instrument [Member] | Brazil, Brazil Real | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 22,300,000 | 22,300,000 | |||
Designated as Hedging Instrument [Member] | No currency | Foreign Exchange Forward [Member] | Cash Flow Hedges [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 13,200,000 | 13,200,000 | |||
Not Designated [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Net gains (losses) on derivatives not designated as hedging instruments | 5,700,000 | $ (3,500,000) | 6,200,000 | $ 900,000 | |
Not Designated [Member] | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 131,300,000 | 131,300,000 | |||
Not Designated [Member] | United Kingdom, Pounds | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 6,900,000 | 6,900,000 | |||
Not Designated [Member] | Australia, Dollars | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 8,400,000 | 8,400,000 | |||
Not Designated [Member] | Euro Member Countries, Euro | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 86,500,000 | 86,500,000 | |||
Not Designated [Member] | Brazil, Brazil Real | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 6,600,000 | 6,600,000 | |||
Not Designated [Member] | Switzerland, Francs | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 6,500,000 | 6,500,000 | |||
Not Designated [Member] | Indonesia, Rupiahs | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | 9,600,000 | 9,600,000 | |||
Not Designated [Member] | No currency | Foreign Exchange Forward [Member] | Fair Value Hedging [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | |||||
Derivative, Notional Amount | $ 6,800,000 | $ 6,800,000 |
Derivative Instruments (Schedul
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | |
Derivative [Line Items] | |||
Total fair value of derivative assets | $ 6.9 | $ 4.7 | |
Total fair value of derivative liabilities | 2 | 13.5 | |
Designated as Hedging Instrument [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 5.1 | 4.3 | |
Total fair value of derivative liabilities | 1.8 | 12.2 | |
Not Designated [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | 1.8 | 0.4 | |
Total fair value of derivative liabilities | 0.2 | 1.3 | |
Other Current Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 4.5 | 4.1 |
Other Current Assets [Member] | Not Designated [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [1] | 1.8 | 0.4 |
Other Current Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [1] | 1.7 | 11.4 |
Other Current Liabilities [Member] | Not Designated [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [1] | 0.2 | 1.3 |
Other Noncurrent Assets [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative assets | [2] | 0.6 | 0.2 |
Other Noncurrent Liabilities [Member] | Designated as Hedging Instrument [Member] | Foreign Exchange Forward [Member] | |||
Derivative [Line Items] | |||
Total fair value of derivative liabilities | [2] | $ 0.1 | $ 0.8 |
[1] | Derivative assets and liabilities with 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 with 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 ($) | 3 Months Ended | 6 Months Ended | |||||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | ||||||
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 ("AOCI") into Income (Effective Portion) | [1],[2] | (100,000) | 0 | (200,000) | (100,000) | ||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [1],[3] | 0 | 0 | 0 | 0 | ||||
Foreign Exchange Forward [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 2,900,000 | [4] | (4,100,000) | [4] | 6,000,000 | [5] | (600,000) | [5] | |
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (200,000) | [4] | (2,000,000) | [4] | (1,000,000) | [5] | (7,800,000) | [5] |
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | (500,000) | [4] | 800,000 | [4] | (400,000) | [5] | 1,900,000 | [5] |
Foreign Exchange Forward [Member] | Contract Drilling [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | (400,000) | (2,200,000) | (1,400,000) | (8,200,000) | |||||
Foreign Exchange Forward [Member] | Depreciation Expense [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | 200,000 | 200,000 | 400,000 | 400,000 | |||||
Cash Flow Hedges [Member] | |||||||||
Derivative [Line Items] | |||||||||
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | 2,900,000 | (4,100,000) | 6,000,000 | (600,000) | |||||
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | [2] | (300,000) | (2,000,000) | (1,200,000) | (7,900,000) | ||||
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing) | [3] | $ (500,000) | $ 800,000 | $ (400,000) | $ 1,900,000 | ||||
[1] | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. | ||||||||
[2] | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. | ||||||||
[3] | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. | ||||||||
[4] | During the three-month period ended June 30, 2017, $400,000 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 June 30, 2016, $2.2 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. | ||||||||
[5] | During the six-month period ended June 30, 2017, $1.4 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2016, $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
Noncontrolling Interests Reconc
Noncontrolling Interests Reconciliation of income from continuing operations (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Noncontrolling Interest [Abstract] | ||||
(Loss) income from continuing operations | $ (44.7) | $ 592.8 | $ (68.7) | $ 770.4 |
Income from continuing operations attributable to noncontrolling interests | (1.2) | (2) | (2.3) | (3.4) |
(Loss) income from continuing operations attributable to Ensco | $ (45.9) | $ 590.8 | $ (71) | $ 767 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
(Loss) income from continuing operations attributable to Ensco | $ (45.9) | $ 590.8 | $ (71) | $ 767 |
Income from continuing operations allocated to non-vested share awards(1) | (0.1) | (9.8) | (0.2) | (12) |
(Loss) income from continuing operations attributable to Ensco shares | $ (46) | $ 581 | $ (71.2) | $ 755 |
Earnings Per Share (Narrative)
Earnings Per Share (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive share options excluded from computation of diluted earnings per share (in shares) | 400,000 | 500,000 | 400,000 | 600,000 |
Potentially Dilutive Securities Excluded from EPS due to Net Loss Position | 900,000 | 900,000 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | $ (2,600,000) | $ 260,800,000 | ||
Amortization of Debt Discount (Premium) | (6,500,000) | $ (11,200,000) | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 237,600,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 450,900,000 | |||
Long-term Debt, Maturities, Repayments of Principal in Year Four | $ 269,700,000 | |||
8.50% Senior notes due 2019 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.50% | 8.50% | ||
6.875% Senior notes due 2020 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 6.875% | 6.875% | ||
4.70% Senior notes due 2021 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4.70% | 4.70% | ||
8.00% Senior notes due 2024 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Loss (gain) on debt extinguishment | $ 6,200,000 | |||
Revolving Credit Facility [Member] | Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 2,250,000,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.225% | |||
Maximum Percent of Debt to Total Capitalization Ratio | 60.00% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 500,000,000 | |||
Line of Credit Facility, Fair Value of Amount Outstanding | 0 | $ 0 | ||
Revolving Credit Facility [Member] | Credit Facility due 2019 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | 1,120,000,000 | |||
Revolving Credit Facility [Member] | Credit Facility due 2020 [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Current Borrowing Capacity | $ 1,130,000,000 | |||
Revolving Credit Facility [Member] | Base Rate [Member] | Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||
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 | 1.50% | |||
Five Year Credit Facility Member | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Fair Value of Amount Outstanding | $ 0 | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of Debt Discount (Premium) | 3,500,000 | |||
Amortization of Debt Issuance Costs | $ 2,700,000 |
Debt Schedule of Extinguishme40
Debt Schedule of Extinguishment of Debt - Exchange Offers (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | $ 332.5 | ||
Debt Instrument, Repurchase Amount | 664.5 | ||
8.50% senior notes due 2019 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 81.7 | ||
Debt Instrument, Repurchase Amount | 163.3 | ||
6.875% senior notes due 2024 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 69.4 | ||
Debt Instrument, Repurchase Amount | 138.7 | ||
4.70% senior notes due 2021 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | 181.4 | ||
Debt Instrument, Repurchase Amount | 362.5 | ||
Senior Notes [Member] | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | $ 194.1 | 649.5 | |
Debt Instrument, Repurchase Amount | 204.5 | ||
Senior Notes [Member] | 8.50% Senior notes due 2019 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 54.6 | 145.8 | |
Debt Instrument, Repurchase Amount | 60.1 | ||
Senior Notes [Member] | 8.50% senior notes due 2019 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 81.6 | ||
Senior Notes [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 | |
Debt Instrument, Repurchase Amount | 105.1 | ||
Senior Notes [Member] | 6.875% senior notes due 2024 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 69.3 | ||
Senior Notes [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Face Amount | 39.4 | 373.9 | |
Debt Instrument, Repurchase Amount | $ 39.3 | ||
Senior Notes [Member] | 4.70% senior notes due 2021 exchanged for 8.00% senior notes due 2024 [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | 181.1 | ||
Senior Notes [Member] | 8.00% Senior notes due 2024 | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Face Amount | $ 332 | ||
Senior Notes [Member] | |||
Extinguishment of Debt [Line Items] | |||
Debt Instrument, Repurchased Amount Paid in Cash | $ 332.5 |
Debt Schedule of Extinguishme41
Debt Schedule of Extinguishment of Debt - Open Market Repurchases (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Mar. 31, 2017 |
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchase Amount | $ 664.5 | |
Senior Notes [Member] | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | $ 194.1 | 649.5 |
Debt Instrument, Repurchase Amount | 204.5 | |
Senior Notes [Member] | 8.50% Senior notes due 2019 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 54.6 | 145.8 |
Debt Instrument, Repurchase Amount | 60.1 | |
Senior Notes [Member] | 6.875% Senior notes due 2020 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 100.1 | 129.8 |
Debt Instrument, Repurchase Amount | 105.1 | |
Senior Notes [Member] | 4.70% Senior notes due 2021 | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | ||
Debt Instrument, Repurchased Face Amount | 39.4 | $ 373.9 |
Debt Instrument, Repurchase Amount | $ 39.3 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - Class A ordinary shares, U.S. [Member] shares in Millions | May 22, 2017shares |
Class of Stock [Line Items] | |
Shares authorized under UK law (in shares) | 101.1 |
Shares authorized, offered by way of a rights issue or similar issue under UK law (in shares) | 202.2 |
Benefit Plans (Details)
Benefit Plans (Details) shares in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | Jun. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based Compensation Arrangement to be paid in Cash, Liability Award, Grants in period, Weighted Average Grant Date Fair Value | $ / shares | $ 6.33 | $ 6.33 |
Cash-based restricted share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Awards granted | 5.2 | |
Awards to be settled in cash upon vesting | 4.5 | 4.5 |
Restricted share awards and share unit awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting rate | 20.00% | |
Vesting rate for certain officers and non-employee directors | 33.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | ||||
Income Tax Expense (Benefit), Discrete Item | $ 2.2 | $ 2 | $ 9.8 | $ 5.4 |
Contingencies (Narrative) (Deta
Contingencies (Narrative) (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Loss Contingency, Damages Sought, Value | $ 40 |
Litigation Settlement, Expense | 9.8 |
Letters of Credit Outstanding, Amount | $ 50.6 |
Segment Information (Narrative)
Segment Information (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2017segments | |
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 ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 | |
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 | |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 | |
OPERATING INCOME | 27.8 | 419.6 | 85.6 | 733.2 | |
Property and equipment, net | 11,059 | 11,021.2 | 11,059 | 11,021.2 | $ 10,919.3 |
Floaters [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 264 | 636.4 | 548.8 | 1,149 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 145.6 | 208.6 | 292 | 419.9 | |
Depreciation | 72 | 77.8 | 144.8 | 158.1 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING INCOME | 46.4 | 350 | 112 | 571 | |
Property and equipment, net | 8,493.2 | 8,414.1 | 8,493.2 | 8,414.1 | |
Jackup [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 178.9 | 251.3 | 350.7 | 529.2 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 132.3 | 122.3 | 250.9 | 256.8 | |
Depreciation | 31.6 | 30.1 | 63.7 | 58.7 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING INCOME | 15 | 98.9 | 36.1 | 213.7 | |
Property and equipment, net | 2,515.3 | 2,543 | 2,515.3 | 2,543 | |
Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 14.6 | 21.9 | 29.1 | 45.4 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 13.4 | 19.3 | 26.5 | 37.2 | |
Depreciation | 0 | 0 | 0 | 0 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING INCOME | 1.2 | 2.6 | 2.6 | 8.2 | |
Property and equipment, net | 0 | 0 | 0 | 0 | |
Operating Segments Total [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 457.5 | 909.6 | 928.6 | 1,723.6 | |
Operating Expenses [Abstract] | |||||
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 | |
Depreciation | 103.6 | 107.9 | 208.5 | 216.8 | |
General and administrative | 0 | 0 | 0 | 0 | |
OPERATING INCOME | 62.6 | 451.5 | 150.7 | 792.9 | |
Property and equipment, net | 11,008.5 | 10,957.1 | 11,008.5 | 10,957.1 | |
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 | |
Depreciation | 4.3 | 4.5 | 8.6 | 8.9 | |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 | |
OPERATING INCOME | (34.8) | (31.9) | (65.1) | (59.7) | |
Property and equipment, net | $ 50.5 | $ 64.1 | $ 50.5 | $ 64.1 |
Segment Information (Schedule48
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details) | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 55 | [1] |
Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 21 | |
Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 34 | |
North & South America (Excl. Brazil) [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 13 | [1] |
North & South America (Excl. Brazil) [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 8 | |
North & South America (Excl. Brazil) [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 5 | |
Europe & Mediterranean [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 17 | [1] |
Europe & Mediterranean [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 6 | |
Europe & Mediterranean [Member] | 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) | 12 | [1] |
Middle East & Africa [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
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) | 9 | [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) | 5 | |
Discontinued Operations, Held-for-sale [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 2 | [1] |
Discontinued Operations, Held-for-sale [Member] | Floaters [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
Discontinued Operations, Held-for-sale [Member] | Jackup [Member] | ||
Segment Reporting Information [Line Items] | ||
Number of contract drilling rigs (in rigs) | 1 | |
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 two rigs owned by third-parties not included in the table above. |
Supplemental Financial Inform49
Supplemental Financial Information (Accounts Receivable, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 388 | $ 382.9 |
Allowance for doubtful accounts | (21.6) | (21.9) |
Accounts receivable, net | 366.4 | 361 |
Trade [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | 359.9 | 358.4 |
Other [Member] | ||
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items] | ||
Accounts receivable | $ 28.1 | $ 24.5 |
Supplemental Financial Inform50
Supplemental Financial Information (Other Current Assets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Inventory | $ 219.2 | $ 225.2 |
Prepaid taxes | 41.1 | 30.7 |
Deferred costs | 26.9 | 32.4 |
Prepaid Expense | 11 | 7.9 |
Other | 17.2 | 19.8 |
Other current assets | $ 315.4 | $ 316 |
Supplemental Financial Inform51
Supplemental Financial Information (Other Assets, Net) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Deferred tax assets | $ 63.5 | $ 69.3 |
Deferred costs | 30.8 | 35.7 |
Supplemental executive retirement plan assets | 29.4 | 27.7 |
Prepaid taxes on intercompany transfers of property | 0 | 33 |
Other | 9.4 | 10.2 |
Other Assets, Net | $ 133.1 | $ 175.9 |
Supplemental Financial Inform52
Supplemental Financial Information (Accrued Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Deferred revenue | $ 100.1 | $ 116.7 |
Accrued interest | 85.2 | 71.7 |
Personnel costs | 82.1 | 124 |
Taxes | 38.3 | 40.7 |
Derivative Liability, Current | 1.9 | 12.7 |
Other | 7.4 | 10.8 |
Accrued liabilities and other | $ 315 | $ 376.6 |
Supplemental Financial Inform53
Supplemental Financial Information (Other Liabilities) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Unrecognized tax benefits (inclusive of interest and penalties) | $ 138.5 | $ 142.9 |
Deferred revenue | 80.5 | 120.9 |
Supplemental executive retirement plan liabilities | 30.3 | 28.9 |
Personnel costs | 13.8 | 13.5 |
Other | 22.8 | 16.3 |
Other liabilities | $ 285.9 | $ 322.5 |
Supplemental Financial Inform54
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 |
Supplemental Financial Information [Abstract] | ||
Derivative Instruments | $ 20.8 | $ 13.6 |
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 7.8 | 7.6 |
Other | (1.7) | (2.2) |
Accumulated other comprehensive income | $ 26.9 | $ 19 |
Supplemental Financial Inform55
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) - Sales Revenue, Services, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | 100.00% |
Total S.A. [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 22.00% | 13.00% | 22.00% | 14.00% |
BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 15.00% | 10.00% | 15.00% | 12.00% |
Petrobras [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 11.00% | 9.00% | 10.00% | 12.00% |
ConocoPhillips [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 2.00% | 23.00% | 2.00% | 15.00% |
Concentration Risk excl Termination Fee, Percentage | 3.00% | 4.00% | ||
Other Customers [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 50.00% | 45.00% | 51.00% | 47.00% |
Floaters [Member] | BP [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 79.00% | 75.00% | 79.00% | 76.00% |
Supplemental Financial Inform56
Supplemental Financial Information Revenue from External Customers by Geographic Areas (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 |
Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 115.9 | 132.4 | 237.6 | 268.6 |
AUSTRALIA | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 55.3 | 62.3 | 109.9 | 124.8 |
EGYPT | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 53.4 | 36.5 | 106.6 | 36.5 |
Brazil [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 48.7 | 81.7 | 96.5 | 202.7 |
United Kingdom [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 36.7 | 69.7 | 67.9 | 143.5 |
US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | 33 | 304.5 | 77.3 | 464.7 |
Other Geographic Areas [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Revenues | $ 114.5 | $ 222.5 | $ 232.8 | $ 482.8 |
Floaters [Member] | Angola [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 87.00% | 88.00% | 86.00% | 87.00% |
Floaters [Member] | AUSTRALIA | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 78.00% | |||
Floaters [Member] | US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 10.00% | 25.00% | 92.00% | 89.00% |
Jackup [Member] | US Gulf Of Mexico [Member] | Sales Revenue, Services, Net [Member] | Geographic Concentration Risk [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Concentration Risk, Percentage | 46.00% | 3.00% | 37.00% | 4.00% |
Sales Revenue, Net [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Gain (Loss) on Contract Termination | $ 205 |
Guarantee Of Registered Secur57
Guarantee Of Registered Securities (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Guarantor Obligations [Line Items] | ||
Subsidiary, Ownership Percentage by Parent | 100.00% | |
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 | |
Pride Notes [Member] | ||
Guarantor Obligations [Line Items] | ||
Debt Instrument, Face Amount | $ 1,000 | |
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 Secur58
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | $ 457.5 | $ 909.6 | $ 928.6 | $ 1,723.6 |
Contract drilling (exclusive of depreciation) | 291.3 | 350.2 | 569.4 | 713.9 |
Depreciation | 107.9 | 112.4 | 217.1 | 225.7 |
General and administrative | 30.5 | 27.4 | 56.5 | 50.8 |
OPERATING INCOME | 27.8 | 419.6 | 85.6 | 733.2 |
OTHER INCOME (EXPENSE), NET | (53.2) | 209.9 | (110.9) | 145.3 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (25.4) | 629.5 | (25.3) | 878.5 |
INCOME TAX PROVISION | 19.3 | 36.7 | 43.4 | 108.1 |
DISCONTINUED OPERATIONS, NET | 0.4 | (0.2) | (0.2) | (1.1) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | (44.3) | 592.6 | (68.9) | 769.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 12.8 | 7.6 | 25.5 | 14.8 |
Contract drilling (exclusive of depreciation) | 11.1 | 6.7 | 22.4 | 13.9 |
Depreciation | 0 | 0 | 0 | 0 |
General and administrative | 12.1 | 10.5 | 23.6 | 16.7 |
OPERATING INCOME | (10.4) | (9.6) | (20.5) | (15.8) |
OTHER INCOME (EXPENSE), NET | (7.1) | 175.8 | (13.6) | 139 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (17.5) | 166.2 | (34.1) | 123.2 |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (28) | 424.4 | (37.1) | 642.7 |
NET (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 43.9 | 36.5 | 89.9 | 72.1 |
Contract drilling (exclusive of depreciation) | 41.4 | 36.4 | 83.4 | 72.1 |
Depreciation | 4.3 | 4.4 | 8.5 | 8.7 |
General and administrative | 4.2 | 0 | 4.3 | 0.1 |
OPERATING INCOME | (6) | (4.3) | (6.3) | (8.8) |
OTHER INCOME (EXPENSE), NET | (26.9) | (8.3) | (58.2) | (6.7) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (32.9) | (12.6) | (64.5) | (15.5) |
INCOME TAX PROVISION | 4.3 | (15.6) | 18.9 | 15.4 |
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 28.7 | 20 | 83.6 | 53.5 |
NET (LOSS) INCOME | (8.5) | 23 | 0.2 | 22.6 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (8.5) | 23 | 0.2 | 22.6 |
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 0 | 0 | 0 | 0 |
Contract drilling (exclusive of depreciation) | 0 | 0 | 0 | 0 |
Depreciation | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
OTHER INCOME (EXPENSE), NET | (16.9) | (18.8) | (35.6) | (37.9) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.9) | (18.8) | (35.6) | (37.9) |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 19.9 | 10.2 | 46.2 | 63.8 |
NET (LOSS) INCOME | 3 | (8.6) | 10.6 | 25.9 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 3 | (8.6) | 10.6 | 25.9 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | 486.5 | 937.4 | 987.2 | 1,780.7 |
Contract drilling (exclusive of depreciation) | 324.5 | 379 | 637.6 | 771.9 |
Depreciation | 103.6 | 108 | 208.6 | 217 |
General and administrative | 14.2 | 16.9 | 28.6 | 34 |
OPERATING INCOME | 44.2 | 433.5 | 112.4 | 757.8 |
OTHER INCOME (EXPENSE), NET | (4.9) | 1.3 | (12.6) | (9) |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 39.3 | 434.8 | 99.8 | 748.8 |
INCOME TAX PROVISION | 15 | 52.3 | 24.5 | 92.7 |
DISCONTINUED OPERATIONS, NET | 0.4 | (0.2) | (0.2) | (1.1) |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME | 24.7 | 382.3 | 75.1 | 655 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 23.5 | 380.3 | 72.8 | 651.6 |
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
OPERATING REVENUES | (85.7) | (71.9) | (174) | (144) |
Contract drilling (exclusive of depreciation) | (85.7) | (71.9) | (174) | (144) |
Depreciation | 0 | 0 | 0 | 0 |
General and administrative | 0 | 0 | 0 | 0 |
OPERATING INCOME | 0 | 0 | 0 | 0 |
OTHER INCOME (EXPENSE), NET | 2.6 | 59.9 | 9.1 | 59.9 |
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 2.6 | 59.9 | 9.1 | 59.9 |
INCOME TAX PROVISION | 0 | 0 | 0 | 0 |
DISCONTINUED OPERATIONS, NET | 0 | 0 | 0 | 0 |
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (20.6) | (454.6) | (92.7) | (760) |
NET (LOSS) INCOME | (18) | (394.7) | (83.6) | (700.1) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
NET (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (18) | $ (394.7) | $ (83.6) | $ (700.1) |
Guarantee Of Registered Secur59
Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
NET (LOSS) INCOME | $ (44.3) | $ 592.6 | $ (68.9) | $ 769.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6 | (0.6) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.3 | 2 | 1.2 | 7.9 |
Other | 0.2 | 0.1 | 0.7 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.4 | (2) | 7.9 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (40.9) | 590.6 | (61) | 776.6 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (42.1) | 588.6 | (63.3) | 773.2 |
Ensco Plc [Member] | ||||
NET (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0 | 0 | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME | (45.5) | 590.6 | (71.2) | 765.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (45.5) | 590.6 | (71.2) | 765.9 |
ENSCO International Inc. [Member] | ||||
NET (LOSS) INCOME | (8.5) | 23 | 0.2 | 22.6 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 2.9 | (4.1) | 6 | (0.6) |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0.3 | 2 | 1.2 | 7.9 |
Other | 0 | 0 | 0 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 3.2 | (2.1) | 7.2 | 7.3 |
COMPREHENSIVE (LOSS) INCOME | (5.3) | 20.9 | 7.4 | 29.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | (5.3) | 20.9 | 7.4 | 29.9 |
Pride International, Inc. [Member] | ||||
NET (LOSS) INCOME | 3 | (8.6) | 10.6 | 25.9 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0 | 0 | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME | 3 | (8.6) | 10.6 | 25.9 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 3 | (8.6) | 10.6 | 25.9 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
NET (LOSS) INCOME | 24.7 | 382.3 | 75.1 | 655 |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0 | 0 | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 | 0 | 0 |
Other | 0.2 | 0.1 | 0.7 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0.2 | 0.1 | 0.7 | 0 |
COMPREHENSIVE (LOSS) INCOME | 24.9 | 382.4 | 75.8 | 655 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | (1.2) | (2) | (2.3) | (3.4) |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | 23.7 | 380.4 | 73.5 | 651.6 |
Consolidating Adjustments [Member] | ||||
NET (LOSS) INCOME | (18) | (394.7) | (83.6) | (700.1) |
OTHER COMPREHENSIVE INCOME (LOSS), NET: | ||||
Net change in derivative fair value | 0 | 0 | 0 | 0 |
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income | 0 | 0 | 0 | 0 |
Other | 0 | 0 | 0 | 0 |
NET OTHER COMPREHENSIVE INCOME (LOSS) | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME | (18) | (394.7) | (83.6) | (700.1) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 0 | 0 | 0 | 0 |
COMPREHENSIVE (LOSS) INCOME ATTRIBUTABLE TO ENSCO | $ (18) | $ (394.7) | $ (83.6) | $ (700.1) |
Guarantee Of Registered Secur60
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 |
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | $ 169.6 | $ 1,159.7 | $ 790.3 | $ 121.3 |
Short-term investments | 1,680.4 | 1,442.6 | ||
Accounts receivable, net | 366.4 | 361 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 315.4 | 316 | ||
Total current assets | 2,531.8 | 3,279.3 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,346.8 | 12,992.5 | ||
Less accumulated depreciation | 2,287.8 | 2,073.2 | ||
Property and equipment, net | 11,059 | 10,919.3 | 11,021.2 | |
DUE FROM AFFILIATES | 0 | 0 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 133.1 | 175.9 | ||
TOTAL ASSETS | 13,723.9 | 14,374.5 | ||
Accounts payable and accrued liabilities | 503 | 522.5 | ||
Accounts payable to affiliates | 0 | 0 | ||
Current maturities of long-term debt | 0 | 331.9 | ||
Total current liabilities | 503 | 854.4 | ||
Due to Affiliate | 0 | 0 | ||
LONG-TERM DEBT | 4,744.7 | 4,942.6 | ||
OTHER LIABILITIES | 285.9 | 322.5 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,184.6 | 8,250.6 | ||
NONCONTROLLING INTERESTS | 5.7 | 4.4 | ||
Total equity | 8,190.3 | 8,255 | ||
Total liabilities and shareholders' equity | 13,723.9 | 14,374.5 | ||
Ensco Plc [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 73.3 | 892.6 | 712.8 | 94 |
Short-term investments | 1,663 | 1,165.1 | ||
Accounts receivable, net | 11.8 | 6.8 | ||
Accounts receivable from affiliates | 282.4 | 486.5 | ||
Other | 0.3 | 0.1 | ||
Total current assets | 2,030.8 | 2,551.1 | ||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 1.8 | ||
Less accumulated depreciation | 1.8 | 1.8 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 1,978.5 | 1,512.2 | ||
INVESTMENTS IN AFFILIATES | 8,535.8 | 8,557.7 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 12,545.1 | 12,621 | ||
Accounts payable and accrued liabilities | 53.2 | 44.1 | ||
Accounts payable to affiliates | 73 | 38.8 | ||
Current maturities of long-term debt | 187.1 | |||
Total current liabilities | 126.2 | 270 | ||
Due to Affiliate | 1,389.1 | 1,375.8 | ||
LONG-TERM DEBT | 2,839.5 | 2,720.2 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | 8,190.3 | 8,255 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 8,190.3 | 8,255 | ||
Total liabilities and shareholders' equity | 12,545.1 | 12,621 | ||
ENSCO International Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 |
Short-term investments | 5.5 | 5.5 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 279.4 | 251.2 | ||
Other | 9.6 | 6.8 | ||
Total current assets | 294.5 | 263.5 | ||
PROPERTY AND EQUIPMENT, AT COST | 122.3 | 121 | ||
Less accumulated depreciation | 72.3 | 63.8 | ||
Property and equipment, net | 50 | 57.2 | ||
DUE FROM AFFILIATES | 4,245.9 | 4,513.8 | ||
INVESTMENTS IN AFFILIATES | 3,545.9 | 3,462.3 | ||
OTHER ASSETS, NET | 51.4 | 81.5 | ||
TOTAL ASSETS | 8,187.7 | 8,378.3 | ||
Accounts payable and accrued liabilities | 28.8 | 45.2 | ||
Accounts payable to affiliates | 287.5 | 208.4 | ||
Current maturities of long-term debt | 0 | |||
Total current liabilities | 316.3 | 253.6 | ||
Due to Affiliate | 5,093.3 | 5,367.6 | ||
LONG-TERM DEBT | 149.2 | 149.2 | ||
OTHER LIABILITIES | 8.8 | 2.9 | ||
ENSCO SHAREHOLDERS' EQUITY | 2,620.1 | 2,605 | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | 2,620.1 | 2,605 | ||
Total liabilities and shareholders' equity | 8,187.7 | 8,378.3 | ||
Pride International, Inc. [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 3.8 | 19.8 | 26.1 | 2 |
Short-term investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | 0 | 0 | ||
Other | 0 | 0 | ||
Total current assets | 3.8 | 19.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | 2,042.1 | 1,978.8 | ||
INVESTMENTS IN AFFILIATES | 1,107.5 | 1,061.3 | ||
OTHER ASSETS, NET | 0 | 0 | ||
TOTAL ASSETS | 3,153.4 | 3,059.9 | ||
Accounts payable and accrued liabilities | 21.7 | 28.3 | ||
Accounts payable to affiliates | 12.5 | 5.9 | ||
Current maturities of long-term debt | 144.8 | |||
Total current liabilities | 34.2 | 179 | ||
Due to Affiliate | 2,601.7 | 2,040.7 | ||
LONG-TERM DEBT | 1,116.1 | 1,449.5 | ||
OTHER LIABILITIES | 0 | 0 | ||
ENSCO SHAREHOLDERS' EQUITY | (598.6) | (609.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (598.6) | (609.3) | ||
Total liabilities and shareholders' equity | 3,153.4 | 3,059.9 | ||
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 92.5 | 247.3 | 51.4 | 25.3 |
Short-term investments | 11.9 | 272 | ||
Accounts receivable, net | 354.6 | 354.2 | ||
Accounts receivable from affiliates | 217.7 | 152.2 | ||
Other | 305.5 | 309.1 | ||
Total current assets | 982.2 | 1,334.8 | ||
PROPERTY AND EQUIPMENT, AT COST | 13,222.7 | 12,869.7 | ||
Less accumulated depreciation | 2,213.7 | 2,007.6 | ||
Property and equipment, net | 11,009 | 10,862.1 | ||
DUE FROM AFFILIATES | 7,065.4 | 7,234.4 | ||
INVESTMENTS IN AFFILIATES | 0 | 0 | ||
OTHER ASSETS, NET | 162.4 | 181.1 | ||
TOTAL ASSETS | 19,219 | 19,612.4 | ||
Accounts payable and accrued liabilities | 399.3 | 404.9 | ||
Accounts payable to affiliates | 406.5 | 636.8 | ||
Current maturities of long-term debt | 0 | |||
Total current liabilities | 805.8 | 1,041.7 | ||
Due to Affiliate | 6,247.8 | 6,455.1 | ||
LONG-TERM DEBT | 639.9 | 623.7 | ||
OTHER LIABILITIES | 357.8 | 406.3 | ||
ENSCO SHAREHOLDERS' EQUITY | 11,162 | 11,081.2 | ||
NONCONTROLLING INTERESTS | 5.7 | 4.4 | ||
Total equity | 11,167.7 | 11,085.6 | ||
Total liabilities and shareholders' equity | 19,219 | 19,612.4 | ||
Consolidating Adjustments [Member] | ||||
Guarantor Obligations [Line Items] | ||||
Cash and cash equivalents | 0 | 0 | $ 0 | $ 0 |
Short-term investments | 0 | 0 | ||
Accounts receivable, net | 0 | 0 | ||
Accounts receivable from affiliates | (779.5) | (889.9) | ||
Other | 0 | 0 | ||
Total current assets | (779.5) | (889.9) | ||
PROPERTY AND EQUIPMENT, AT COST | 0 | 0 | ||
Less accumulated depreciation | 0 | 0 | ||
Property and equipment, net | 0 | 0 | ||
DUE FROM AFFILIATES | (15,331.9) | (15,239.2) | ||
INVESTMENTS IN AFFILIATES | (13,189.2) | (13,081.3) | ||
OTHER ASSETS, NET | (80.7) | (86.7) | ||
TOTAL ASSETS | (29,381.3) | (29,297.1) | ||
Accounts payable and accrued liabilities | 0 | 0 | ||
Accounts payable to affiliates | (779.5) | (889.9) | ||
Current maturities of long-term debt | 0 | |||
Total current liabilities | (779.5) | (889.9) | ||
Due to Affiliate | (15,331.9) | (15,239.2) | ||
LONG-TERM DEBT | 0 | 0 | ||
OTHER LIABILITIES | (80.7) | (86.7) | ||
ENSCO SHAREHOLDERS' EQUITY | (13,189.2) | (13,081.3) | ||
NONCONTROLLING INTERESTS | 0 | 0 | ||
Total equity | (13,189.2) | (13,081.3) | ||
Total liabilities and shareholders' equity | $ (29,381.3) | $ (29,297.1) |
Guarantee Of Registered Secur61
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | $ 130.5 | $ 800.2 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (1,134.8) | (862) |
Maturities of short-term investments | 897 | 1,032 |
Additions to property and equipment | (332.6) | (209.4) |
Purchase of affiliate debt | 0 | 0 |
Other | 1.7 | 7.6 |
Net cash used in investing activities of continuing operations | (568.7) | (31.8) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 585.5 | |
Reduction of long-term borrowings | (537) | (684.8) |
Cash dividends paid | (6.2) | (5.5) |
Debt financing costs | (5.5) | 0 |
Advances from (to) affiliates | 0 | 0 |
Other | (3.6) | (1.9) |
Net cash used in financing activities | (552.3) | (106.7) |
Net cash (used in) provided by discontinued operations | (0.2) | 7.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.4) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (990.1) | 669 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,159.7 | 121.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 169.6 | 790.3 |
Ensco Plc [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (17.8) | (83.4) |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (563) | (862) |
Maturities of short-term investments | 65.1 | 1,032 |
Additions to property and equipment | 0 | 0 |
Purchase of affiliate debt | (316.3) | (142) |
Other | 0 | 0 |
Net cash used in investing activities of continuing operations | (814.2) | 28 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 585.5 | |
Reduction of long-term borrowings | (220.7) | (542.8) |
Cash dividends paid | (6.2) | (5.5) |
Debt financing costs | (5.5) | |
Advances from (to) affiliates | 247.7 | 638.9 |
Other | (2.6) | (1.9) |
Net cash used in financing activities | 12.7 | 674.2 |
Net cash (used in) provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (819.3) | 618.8 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 892.6 | 94 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 73.3 | 712.8 |
ENSCO International Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (50.5) | 130.8 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0 | 0 |
Maturities of short-term investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of affiliate debt | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Reduction of long-term borrowings | 0 | 0 |
Cash dividends paid | 0 | 0 |
Debt financing costs | 0 | |
Advances from (to) affiliates | 50.5 | |
Payments for Advance to Affiliate | (130.8) | |
Other | 0 | 0 |
Net cash used in financing activities | 50.5 | (130.8) |
Net cash (used in) provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 0 | 0 |
Pride International, Inc. [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | (53.9) | (60.4) |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0 | 0 |
Maturities of short-term investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of affiliate debt | 0 | 0 |
Other | 0 | 0 |
Net cash used in investing activities of continuing operations | 0 | 0 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Reduction of long-term borrowings | 0 | 0 |
Cash dividends paid | 0 | 0 |
Debt financing costs | 0 | |
Advances from (to) affiliates | 37.9 | 84.5 |
Other | 0 | 0 |
Net cash used in financing activities | 37.9 | 84.5 |
Net cash (used in) provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (16) | 24.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 19.8 | 2 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3.8 | 26.1 |
Other Non-Guarantor Subsidiaries Of Ensco [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 252.7 | 813.2 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | (571.8) | 0 |
Maturities of short-term investments | 831.9 | 0 |
Additions to property and equipment | (332.6) | (209.4) |
Purchase of affiliate debt | 0 | 0 |
Other | 1.7 | 7.6 |
Net cash used in investing activities of continuing operations | (70.8) | (201.8) |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Reduction of long-term borrowings | 0 | 0 |
Cash dividends paid | 0 | 0 |
Debt financing costs | 0 | |
Payments for Advance to Affiliate | (336.1) | (592.6) |
Other | (1) | 0 |
Net cash used in financing activities | (337.1) | (592.6) |
Net cash (used in) provided by discontinued operations | (0.2) | 7.7 |
Effect of exchange rate changes on cash and cash equivalents | 0.6 | (0.4) |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (154.8) | 26.1 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 247.3 | 25.3 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 92.5 | 51.4 |
Consolidating Adjustments [Member] | ||
OPERATING ACTIVITIES | ||
Net cash (used in) provided by operating activities of continuing operations | 0 | 0 |
INVESTING ACTIVITIES | ||
Purchases of short-term investments | 0 | 0 |
Maturities of short-term investments | 0 | 0 |
Additions to property and equipment | 0 | 0 |
Purchase of affiliate debt | 316.3 | 142 |
Other | 0 | 0 |
Net cash used in investing activities of continuing operations | 316.3 | 142 |
FINANCING ACTIVITIES | ||
Proceeds from Issuance of Senior Long-term Debt | 0 | |
Reduction of long-term borrowings | (316.3) | (142) |
Cash dividends paid | 0 | 0 |
Debt financing costs | 0 | |
Advances from (to) affiliates | 0 | 0 |
Other | 0 | 0 |
Net cash used in financing activities | (316.3) | (142) |
Net cash (used in) provided by discontinued operations | 0 | 0 |
Effect of exchange rate changes on cash and cash equivalents | 0 | 0 |
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | 0 | 0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 0 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 0 | $ 0 |