Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 31, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'ROWAN COMPANIES PLC | ' |
Entity Central Index Key | '0000085408 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 124,236,421 |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $1,008,879 | $1,024,008 |
Receivables - trade and other | 496,356 | 423,839 |
Prepaid expenses and other current assets | 55,258 | 55,121 |
Deferred tax assets - net | 18,876 | 26,628 |
Assets of discontinued operations | 23,687 | 22,954 |
Total current assets | 1,603,056 | 1,552,550 |
PROPERTY, PLANT AND EQUIPMENT: | ' | ' |
Drilling equipment | 6,949,524 | 6,764,046 |
Construction in progress | 942,606 | 756,308 |
Other property and equipment | 151,699 | 140,739 |
Property, plant and equipment - gross | 8,043,829 | 7,661,093 |
Less accumulated depreciation and amortization | 1,746,007 | 1,589,364 |
Property, plant and equipment - net | 6,297,822 | 6,071,729 |
Other assets | 63,407 | 75,208 |
TOTAL ASSETS | 7,964,285 | 7,699,487 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable - trade | 95,568 | 83,004 |
Deferred revenues | 67,700 | 52,340 |
Accrued pension and other postretirement benefits | 5,681 | 23,392 |
Accrued compensation and related employee costs | 49,513 | 43,732 |
Accrued income taxes | 4,004 | 26,088 |
Accrued interest | 26,692 | 27,711 |
Other current liabilities | 10,033 | 16,572 |
Liabilities of discontinued operations | 20,122 | 21,255 |
Total current liabilities | 279,313 | 294,094 |
Long-term debt | 2,008,926 | 2,009,598 |
Other liabilities | 419,639 | 390,199 |
Deferred income taxes - net | 488,822 | 473,872 |
Commitments and contingent liabilities (Note 4) | 0 | 0 |
SHAREHOLDERS' EQUITY: | ' | ' |
Class A Ordinary Shares, $0.125 par value, 124,778,407 and 124,740,407 shares issued at September 30, 2013, and December 31, 2012, respectively | 15,597 | 15,593 |
Additional paid-in capital | 1,398,181 | 1,372,135 |
Retained earnings | 3,569,842 | 3,366,964 |
Cost of 541,837 and 529,387 treasury shares at September 30, 2013, and December 31, 2012, respectively | -5,939 | -1,886 |
Accumulated other comprehensive loss | -210,096 | -221,082 |
Total shareholders' equity | 4,767,585 | 4,531,724 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $7,964,285 | $7,699,487 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
SHAREHOLDERS' EQUITY: | ' | ' |
Treasury shares (in shares) | 541,837 | 529,387 |
Common Class A [Member] | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common stock, par value (in dollars per share) | 0.125 | 0.125 |
Common stock, shares issued (in shares) | 124,778,407 | 124,740,407 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
REVENUES | $382,808 | $353,910 | $1,185,929 | $1,038,405 |
COSTS AND EXPENSES: | ' | ' | ' | ' |
Direct operating costs (excluding items below) | 211,827 | 188,152 | 637,340 | 558,405 |
Depreciation and amortization | 69,274 | 63,027 | 200,421 | 183,323 |
Selling, general and administrative | 33,263 | 25,780 | 95,957 | 73,934 |
Gain on disposals of property and equipment | -65 | -559 | -18,979 | -2,678 |
Material charges and other operating expenses | 0 | 18,174 | 0 | 30,871 |
Total costs and expenses | 314,299 | 294,574 | 914,739 | 843,855 |
INCOME (LOSS) FROM OPERATIONS | 68,509 | 59,336 | 271,190 | 194,550 |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' |
Interest expense, net of interest capitalized | -17,111 | -13,690 | -53,377 | -37,940 |
Loss on extinguishment of debt | 0 | -10,456 | 0 | -22,223 |
Interest income | 417 | 263 | 1,144 | 523 |
Other - net | -368 | -505 | -1,605 | 710 |
Total other income (expense) - net | -17,062 | -24,388 | -53,838 | -58,930 |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 51,447 | 34,948 | 217,352 | 135,620 |
(Benefit) provision for income taxes | -453 | 8,533 | 14,474 | 2,858 |
NET INCOME FROM CONTINUING OPERATIONS | 51,900 | 26,415 | 202,878 | 132,762 |
INCOME (LOSS) FROM DISCONTINUED OPERATIONS, NET OF TAX | 0 | 1,164 | 0 | -6,231 |
NET INCOME | $51,900 | $27,579 | $202,878 | $126,531 |
INCOME (LOSS) PER SHARE - BASIC: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.42 | $0.21 | $1.64 | $1.08 |
Discontinued operations (in dollars per share) | $0 | $0.01 | $0 | ($0.05) |
Net income (in dollars per share) | $0.42 | $0.22 | $1.64 | $1.03 |
INCOME (LOSS) PER SHARE - DILUTED: | ' | ' | ' | ' |
Income from continuing operations (in dollars per share) | $0.42 | $0.21 | $1.63 | $1.07 |
Discontinued operations (in dollars per share) | $0 | $0.01 | $0 | ($0.05) |
Net income (in dollars per share) | $0.42 | $0.22 | $1.63 | $1.02 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
NET INCOME | $51,900 | $27,579 | $202,878 | $126,531 |
Pension and other postretirement benefit adjustments, net of income taxes of $1,993 and $1,845 for the three months ended September 30, 2013 and 2012, and $5,915 and $5,494 for the nine months ended September 30, 2013 and 2012, respectively: | ' | ' | ' | ' |
Amortization of net loss | 4,500 | 4,131 | 13,359 | 12,305 |
Amortization of transition obligation | 0 | 77 | 0 | 231 |
Amortization of prior service credit | -799 | -782 | -2,373 | -2,333 |
Total other comprehensive income | 3,701 | 3,426 | 10,986 | 10,203 |
COMPREHENSIVE INCOME | $55,601 | $31,005 | $213,864 | $136,734 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension and other postretirement benefit adjustments, income tax expense (benefit) | $1,993 | $1,845 | $5,915 | $5,494 |
CONDENSED_CONSOLIDATED_STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH PROVIDED BY OPERATIONS: | ' | ' |
Net income | $202,878 | $126,531 |
Adjustments to reconcile net income to net cash provided by operations: | ' | ' |
Depreciation and amortization | 200,421 | 183,323 |
Deferred income taxes | -9,928 | -5,068 |
Provision for pension and postretirement benefits | 22,810 | 27,813 |
Share-based compensation expense | 27,319 | 20,108 |
Gain on disposals of property, plant and equipment | -18,979 | -2,678 |
Postretirement benefit claims paid | -2,759 | -3,050 |
Contributions to pension plans | -18,609 | -41,761 |
Asset impairment charges | 0 | 2,896 |
Write-off of deferred debt issuance costs | 0 | 690 |
Changes in current assets and liabilities: | ' | ' |
Receivables - trade and other | -49,233 | -115,873 |
Prepaid expenses and other current assets | -137 | -20,029 |
Accounts payable | 16,032 | -1,115 |
Accrued income taxes | -18,653 | -2,259 |
Deferred revenues | 15,360 | -245 |
Other current liabilities | -24,118 | 10,349 |
Net changes in other noncurrent assets and liabilities | 49,628 | 9,870 |
Net cash provided by operations | 392,032 | 189,502 |
CASH USED IN INVESTING ACTIVITIES: | ' | ' |
Capital expenditures | -455,164 | -566,089 |
Proceeds from disposals of property, plant and equipment | 42,295 | 10,553 |
Net cash used in investing activities | -412,869 | -555,536 |
CASH PROVIDED BY FINANCING ACTIVITIES: | ' | ' |
Proceeds from borrowings | 0 | 493,415 |
Debt issue costs | 0 | -799 |
Repayments of borrowings | 0 | -238,453 |
Excess tax benefits from share-based compensation | 977 | 1,153 |
Proceeds from exercise of share options | 2,911 | 155 |
Other | 1,820 | 0 |
Net cash provided by financing activities | 5,708 | 255,471 |
DECREASE IN CASH AND CASH EQUIVALENTS | -15,129 | -110,563 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 1,024,008 | 438,853 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $1,008,879 | $328,290 |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (USD $) | Total | Class A ordinary shares/ Common stock [Member] | Additional paid-in capital [Member] | Retained earnings [Member] | Treasury shares [Member] | Accumulated other comprehensive income (loss) [Member] |
In Thousands, unless otherwise specified | ||||||
Balance at Dec. 31, 2011 | $4,325,987 | $15,947 | $1,478,233 | $3,186,362 | ($128,884) | ($225,671) |
Balance (in shares) at Dec. 31, 2011 | ' | 123,581 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net shares issued (acquired) under share-based compensation plans | -3,815 | 64 | -21,362 | 0 | 17,483 | 0 |
Net shares issued (acquired) under share-based compensation plans (in shares) | ' | 553 | ' | ' | ' | ' |
Share-based compensation | 18,252 | 0 | 18,252 | 0 | 0 | 0 |
Excess tax benefit from share-based compensation plans | 1,153 | 0 | 1,153 | 0 | 0 | 0 |
Retirement benefit adjustments, net of taxes | 10,203 | 0 | 0 | 0 | 0 | 10,203 |
Cancelation of treasury shares | 0 | -419 | -109,068 | 0 | 109,487 | 0 |
Other | 0 | 0 | 0 | 0 | 0 | 0 |
Other (in shares) | ' | 52 | ' | ' | ' | ' |
Net income | 126,531 | 0 | 0 | 126,531 | 0 | 0 |
Balance at Sep. 30, 2012 | 4,478,311 | 15,592 | 1,367,208 | 3,312,893 | -1,914 | -215,468 |
Balance (in shares) at Sep. 30, 2012 | ' | 124,186 | ' | ' | ' | ' |
Balance at Dec. 31, 2012 | 4,531,724 | 15,593 | 1,372,135 | 3,366,964 | -1,886 | -221,082 |
Balance (in shares) at Dec. 31, 2012 | ' | 124,211 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Net shares issued (acquired) under share-based compensation plans | -1,718 | 4 | 2,331 | 0 | -4,053 | 0 |
Net shares issued (acquired) under share-based compensation plans (in shares) | ' | 26 | ' | ' | ' | ' |
Share-based compensation | 20,918 | 0 | 20,918 | 0 | 0 | 0 |
Excess tax benefit from share-based compensation plans | 977 | 0 | 977 | 0 | 0 | 0 |
Retirement benefit adjustments, net of taxes | 10,986 | 0 | 0 | 0 | 0 | 10,986 |
Other | 1,820 | 0 | 1,820 | 0 | 0 | 0 |
Net income | 202,878 | 0 | 0 | 202,878 | 0 | 0 |
Balance at Sep. 30, 2013 | $4,767,585 | $15,597 | $1,398,181 | $3,569,842 | ($5,939) | ($210,096) |
Balance (in shares) at Sep. 30, 2013 | ' | 124,237 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Retirement benefit adjustments, taxes | $5,915 | $5,494 |
Basis_of_Presentation_and_Natu
Basis of Presentation and Nature of Operations | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation and Nature of Operations | ' |
Basis of Presentation and Nature of Operations | |
The financial statements included in this Form 10-Q are presented in United States (U.S.) dollars and include the accounts of Rowan Companies plc and its subsidiaries, all of which are wholly owned. Intercompany balances and transactions are eliminated in consolidation. Unless the context otherwise requires, the terms “Company,” “we,” “us” and “our” are used to refer to Rowan Companies plc and its consolidated subsidiaries. | |
The financial statements included in this Form 10-Q have been prepared without audit in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and the rules and regulations of the Securities and Exchange Commission. Certain information and notes have been condensed or omitted as permitted by those rules and regulations. Management believes the accompanying financial statements contain all adjustments, which are of a normal recurring nature unless otherwise noted, necessary for a fair statement of the results for the interim periods presented. The Company’s results of operations and cash flows for the interim periods are not necessarily indicative of results to be expected for the full year. These financial statements should be read in conjunction with the audited consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. | |
The Company is a major provider of international and domestic offshore oil and gas contract drilling services and provides its services utilizing a fleet of 30 self-elevating mobile offshore “jack-up” drilling units. The Company’s primary focus is on high-specification and premium jack-up rigs, which its customers use for exploratory and development drilling and associated drilling services. Additionally, the Company has four ultra-deepwater drillships under construction. The Rowan Renaissance is scheduled for delivery in December 2013 and expected to commence operations under a three-year contract in late March 2014. The Rowan Resolute is scheduled for delivery in June 2014 and expected to commence operations under a three-year contract in late September 2014, and the Rowan Reliance is scheduled for delivery in October 2014 and expected to commence operations under a three-year contract in late January 2015. The Rowan Relentless is scheduled for delivery in March 2015 and is not yet under contract. | |
The Company conducts offshore drilling operations in various markets throughout the world, which currently include the United Kingdom (U.K.) and Norwegian sectors of the North Sea, the Middle East, Southeast Asia, the U.S. Gulf of Mexico (US GOM), Trinidad and Egypt. | |
The financial information as of December 31, 2012, presented in this report does not constitute the Company's statutory accounts for that year within the meaning of the U.K. Companies Act 2006. Statutory accounts as required by the Companies Act 2006 for the year ended December 31, 2012, have been delivered to the Registrar of Companies in the U.K. The auditors reported on those accounts; their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under Sections 498(2) or (3) of the Companies Act 2006. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Earnings Per Share | ' | |||||||||||
Earnings Per Share | ||||||||||||
A reconciliation of basic and diluted shares follows (in thousands): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Average common shares outstanding - basic | 123,635 | 123,132 | 123,468 | 122,947 | ||||||||
Effect of dilutive securities - share-based compensation | 966 | 905 | 915 | 850 | ||||||||
Average common shares - diluted | 124,601 | 124,037 | 124,383 | 123,797 | ||||||||
There were no adjustments to net income required for purposes of computing diluted earnings per share. | ||||||||||||
Share options and appreciation rights granted under share-based compensation plans are antidilutive and excluded from diluted earnings per share when their exercise or strike price exceeds the average market price during the period. The following table sets forth antidilutive shares excluded from diluted earnings per share. Such securities could potentially dilute earnings per share in the future (in thousands): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Employee and director share options | 53 | 42 | 53 | 42 | ||||||||
Share appreciation rights | 978 | 566 | 1,012 | 616 | ||||||||
Total potentially dilutive shares | 1,031 | 608 | 1,065 | 658 | ||||||||
Pension_and_Other_Postretireme
Pension and Other Postretirement Benefits | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||
Pension and Other Postretirement Benefits | ' | |||||||||||||||
Pension and Other Postretirement Benefits | ||||||||||||||||
The Company provides defined-benefit pension, health care and life insurance benefits upon retirement for certain full-time employees. | ||||||||||||||||
Recognized net periodic pension cost included the following components (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3,102 | $ | 2,750 | $ | 8,833 | $ | 8,192 | ||||||||
Interest cost | 7,558 | 7,653 | 22,253 | 22,791 | ||||||||||||
Expected return on plan assets | (9,658 | ) | (9,469 | ) | (28,686 | ) | (28,203 | ) | ||||||||
Amortization of net loss | 7,171 | 4,887 | 20,797 | 18,691 | ||||||||||||
Settlement loss | — | 5,126 | — | 5,126 | ||||||||||||
Amortization of prior service credit | (1,194 | ) | (1,171 | ) | (3,543 | ) | (3,488 | ) | ||||||||
Total net pension cost | 6,979 | 9,776 | 19,654 | 23,109 | ||||||||||||
Less: Discontinued operations | — | (1,370 | ) | — | 54 | |||||||||||
Continuing operations | $ | 6,979 | $ | 11,146 | $ | 19,654 | $ | 23,055 | ||||||||
Recognized other postretirement benefit cost included the following components (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 365 | $ | 463 | $ | 1,072 | $ | 1,378 | ||||||||
Interest cost | 757 | 952 | 2,194 | 2,836 | ||||||||||||
Amortization of net loss | — | 82 | — | 243 | ||||||||||||
Amortization of transition obligation | — | 120 | — | 357 | ||||||||||||
Amortization of prior service credit | (37 | ) | (37 | ) | (110 | ) | (110 | ) | ||||||||
Total other postretirement benefit cost | $ | 1,085 | $ | 1,580 | $ | 3,156 | $ | 4,704 | ||||||||
During the nine months ended September 30, 2013, the Company contributed $21.4 million to its pension and other postretirement benefit plans and expects to make additional contributions to such plans totaling approximately $1.2 million for the remainder of 2013. |
Commitments_and_Contingent_Lia
Commitments and Contingent Liabilities | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Commitments and Contingent Liabilities | ' | |||||||||||||||||||||||||
Commitments and Contingent Liabilities | ||||||||||||||||||||||||||
The following table presents the status of the Company’s rigs under construction as of September 30, 2013. Amounts include capitalized interest and an estimate for project contingencies (in millions): | ||||||||||||||||||||||||||
Scheduled delivery date | Total estimated project costs | Total costs incurred through September 30, 2013 | Projected costs for the remainder of 2013 | Projected costs in 2014 | Projected costs in 2015 | Total future costs | ||||||||||||||||||||
Rowan Renaissance | Dec-13 | $ | 728 | $ | 260 | $ | 457 | $ | 11 | $ | — | $ | 468 | |||||||||||||
Rowan Resolute | Jun-14 | 736 | 270 | 29 | 437 | — | 466 | |||||||||||||||||||
Rowan Reliance | Oct-14 | 730 | 199 | 19 | 508 | 4 | 531 | |||||||||||||||||||
Rowan Relentless | Mar-15 | 751 | 183 | 12 | 108 | 448 | 568 | |||||||||||||||||||
$ | 2,945 | $ | 912 | $ | 517 | $ | 1,064 | $ | 452 | $ | 2,033 | |||||||||||||||
In addition, the Company expects to incur approximately $49 million of capital expenditures for the remainder of 2013 for riser gas-handling equipment, software certifications and drillship fleet spares to support its deepwater operations. | ||||||||||||||||||||||||||
In October 2013, Hyundai Heavy Industries Co., Ltd., the builder of the four drillships currently under construction, extended the Company's option for construction of a fifth ultra-deepwater drillship to December 31, 2013, with expected delivery of the drillship in the first quarter of 2016. | ||||||||||||||||||||||||||
The Company periodically employs letters of credit in the normal course of its business, and had outstanding letters of credit of approximately $26.0 million at September 30, 2013. | ||||||||||||||||||||||||||
Uncertain tax positions – In 2009, the Company recognized a $25.4 million tax benefit as a result of applying the facts of a third-party tax case to the Company’s situation. That case provided a more favorable tax treatment for certain foreign contracts entered into in prior years. This position is currently under audit and is initially being challenged by field agents of the U.S. Internal Revenue Service. We have appealed their findings and expect to come to a conclusion in the near term. We plan to vigorously defend our position and continue to believe that we will more likely than not prevail. | ||||||||||||||||||||||||||
Asbestos related claims – We are from time to time a party to various lawsuits filed by current or former employees that are incidental to our operations in which the claimants seek unspecified amounts of monetary damages for personal injury, including injuries purportedly resulting from exposure to asbestos on our drilling rigs. At September 30, 2013, there were approximately 27 asbestos related lawsuits in which we are one of many defendants. These lawsuits have been filed in the state courts of Louisiana, Mississippi and Texas. We intend to vigorously defend against the litigation. We are unable to predict the ultimate outcome of these lawsuits; however, we do not believe the ultimate resolution of these matters will have a material adverse effect on our financial position, results of operations or cash flows. | ||||||||||||||||||||||||||
The Company is involved in various other legal proceedings incidental to its businesses and is vigorously defending its position in all such matters. Management believes that there are no known contingencies, claims or lawsuits, other than those described above, that could have a material effect on the Company's financial position, results of operations or cash flows. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended |
Sep. 30, 2013 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' |
Share-Based Compensation | ' |
Share-Based Compensation | |
Effective March 6, 2013, the Company approved a policy with respect to the vesting of certain awards granted under its long-term incentive award plans. Under the policy, share appreciation rights, restricted share units, performance units and certain other awards, other than restricted shares, granted to employees on or after March 6, 2013, will become fully vested upon retirement, subject to the holder having attained the age of 60 and five years of continuous service at the date of retirement, and subject to the awards having been granted at least six months prior to retirement. The effect of the policy is to reduce the period over which compensation expense for share-based awards granted on or after March 6, 2013, will be recognized to a minimum of six months for employees that are retirement eligible at the date of the grant up to the maximum 36-month normal vesting period, depending on the date a holder becomes eligible to retire. | |
On March 6, 2013, the Company granted restricted share units and share appreciation rights with a grant-date fair value aggregating $25.2 million. The aggregate fair value, net of estimated forfeitures, was $24.2 million, which will be recognized as compensation expense over a weighted-average period of 2.4 years from the grant date. For purposes of computing the grant-date fair value of share appreciation rights, the Company uses the simplified method for determining the expected life because the Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term, as permitted under US GAAP. | |
Additionally, on March 6, 2013, the Company granted to certain members of management performance units (P-Units) that have a target value of $100 per unit. The aggregate amount ultimately payable with respect to the P-Units will be determined by the Company’s total shareholder return (TSR) ranking compared to a group of peer companies over a three-year period ending December 31, 2015, and could range from zero to $11.6 million depending on performance. Twenty-five percent of the P-Units’ value is determined by the Company’s relative TSR ranking for each one-year period ended December 31, 2013, 2014, and 2015, respectively, and 25% of the P-Units’ value is determined by the relative TSR ranking for the three-year period ended December 31, 2015. Vesting of awards and any payment with respect to the P-Units would not occur until the third anniversary following the grant date. Any employee who terminates employment with the Company prior to the third anniversary for any reason other than retirement will not receive any payment with respect to P-Units unless approved by the Compensation Committee. Any amount payable under the P-Units will be settled in cash. | |
The grant-date fair value of the P-Units was estimated to be $5.8 million. Fair value was estimated using a Monte Carlo simulation model, which considers the probabilities of the Company’s TSR ranking at the end of each performance period, and the amount of the payout at each rank to determine the probability-weighted expected payout. The Company uses liability accounting to account for the P-Units. Compensation is recognized on a straight-line basis over a maximum period of three years from the grant date and is adjusted for changes in fair value through the vesting date. In the event there is no payout of the P-Units for any 25% tranche as the result of a failure to meet the performance thresholds, any previously recognized expense relating to that tranche would be reversed at the end of the tranche’s performance period. | |
At September 30, 2013, the Company had approximately $37.4 million of estimated unrecognized share-based compensation, which is expected to be recognized as compensation expense over a remaining weighted-average period of 1.8 years. |
Other_Financial_Statement_Disc
Other Financial Statement Disclosures | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Financial Statement Disclosures [Abstract] | ' | |||||||||||||||
Other Financial Statement Disclosures | ' | |||||||||||||||
Note 6 – Other Financial Statement Disclosures | ||||||||||||||||
Fair Values of Financial Instruments – Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy prescribed by US GAAP requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are: | ||||||||||||||||
• | Level 1 – Quoted prices for identical instruments in active markets, | |||||||||||||||
• | Level 2 – Quoted market prices for similar instruments in active markets; quoted prices for identical instruments in markets that are not active, and model-derived valuations in which all significant inputs and significant value drivers are observable in active markets and | |||||||||||||||
• | Level 3 – Valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable, such as those used in pricing models or discounted cash flow methodologies, for example. | |||||||||||||||
A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. | ||||||||||||||||
Those financial instruments that are required to be measured at fair value include the Company’s cash equivalents, trade receivables and trade payables, whose carrying value approximated their fair values due to their short maturities. | ||||||||||||||||
Those financial instruments not required to be measured at fair value consist of the Company’s publicly traded debt securities. Fair values of the Company’s debt securities were provided by one to two brokers who make a market in our debt securities and were measured using a market-approach valuation technique. Fair value was determined by adding a spread based on actual trades for that security (or a trader quote where actual trades were unavailable) to the applicable benchmark Treasury security with a comparable maturity in order to derive a current yield. The yield is then used to determine a price given the individual security’s coupon rate and maturity. Such inputs are considered “significant other observable inputs,” which are categorized as Level 2 inputs in the fair value hierarchy. Estimated fair values and related carrying values of our long-term debt securities are shown below (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair value | Carrying value | Fair value | Carrying value | |||||||||||||
5% Senior Notes, due 2017 | $ | 434,720 | $ | 398,890 | $ | 445,568 | $ | 398,678 | ||||||||
7.875% Senior Notes, due 2019 | 601,852 | 498,088 | 617,076 | 497,842 | ||||||||||||
4.875% Senior Notes, due 2022 | 712,991 | 713,602 | 761,509 | 714,775 | ||||||||||||
5.4% Senior Notes, due 2042 | 356,112 | 398,346 | 406,493 | 398,303 | ||||||||||||
$ | 2,105,675 | $ | 2,008,926 | $ | 2,230,646 | $ | 2,009,598 | |||||||||
Shareholders' Equity – In June 2013, the Company received $1.8 million in cash in the settlement of a bankruptcy court claim with respect to approximately 52 thousand shares of Company stock. The treasury shares had been held on behalf of the Company by a financial services firm as a custodian. The Company accounted for the receipt as an increase to additional paid-in capital. | ||||||||||||||||
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-2 (“ASU 2013-2”), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. ASU 2013-2 requires entities to disclose, among other items, the changes in accumulated balances for each component of other comprehensive income and current-period reclassifications out of accumulated other comprehensive income. The Company had accumulated other comprehensive losses (AOCL) totaling $210.1 million and $215.5 million at September 30, 2013 and 2012, respectively, all of which were solely attributable to pension and other postretirement benefits. All amounts reclassified from AOCL during the three and nine months ended September 30, 2013 and 2012, were attributable to amortization of pension and postretirement benefit cost and totaled $3.7 million and $3.4 million for the three months ended September 30, 2013 and 2012, respectively, and $11.0 million and $10.2 million for the nine months ended September 30, 2013 and 2012, respectively, net of tax (see Note 3). There were no other changes in the balances of AOCL during the periods ended September 30, 2012 and 2013. | ||||||||||||||||
Supplemental Cash Flow Information – Accrued capital expenditures, which are excluded from capital expenditures in the Condensed Consolidated Statements of Cash Flows until settlement, totaled $37.2 million and $41.3 million at September 30, 2013 and 2012, respectively. Interest capitalized in connection with rig construction projects totaled $12.9 million and $35.1 million in the three and nine months ended September 30, 2013, as compared to $8.3 million and $22.4 million, respectively, in the comparable period of the prior year. | ||||||||||||||||
Income Taxes – Rowan Companies, Inc. (RCI), our predecessor company and currently a 100%-owned subsidiary, was domiciled in the U.S. and subject to a statutory rate of 35%. Effective May 4, 2012, the date of the Company’s redomestication to the U.K., the Company became subject to the U.K. statutory rate of 26% through March 31, 2012, 24% from April 1, 2012 through March 31, 2013, and 23% from April 1, 2013 through March 31, 2014. | ||||||||||||||||
In accordance with US GAAP for interim reporting, the Company estimates its full-year effective tax rate and applies this rate to its year-to-date pretax income. In addition, the Company separately calculates the tax impact of unusual items, if any. | ||||||||||||||||
The Company has not provided deferred income taxes on undistributed earnings of its non-U.K. subsidiaries, including RCI and non-U.S. subsidiaries of RCI. It is the Company’s policy and intention to permanently reinvest the earnings of non-U.S. subsidiaries of RCI outside the U.S. Generally, earnings of non-U.K. subsidiaries that are not subsidiaries of RCI may be distributed to the Company without imposition of either U.K. or local country tax. | ||||||||||||||||
Gain on Sale of Equipment – In June 2013, the Company sold the Rowan Paris, one of the Company's older rigs, for $40.0 million in cash and recognized a gain of $19.2 million. | ||||||||||||||||
Material Charges and Other Operating Expenses – Components of material charges follow (in thousands): | ||||||||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||
Redomestication expenses | $ | 1,895 | $ | 11,696 | ||||||||||||
Repair costs for EXL I | 8,855 | 8,855 | ||||||||||||||
Pension settlement loss | 5,126 | 5,126 | ||||||||||||||
Share-based compensation for retiring employee | 2,298 | 2,298 | ||||||||||||||
Steel impairment costs | — | 2,896 | ||||||||||||||
$ | 18,174 | $ | 30,871 | |||||||||||||
There were no material charges reported for 2013. |
Guarantees_of_Registered_Secur
Guarantees of Registered Securities | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Guarantees of Registered Securities | ' | |||||||||||||||||||
Guarantees of Registered Securities | ||||||||||||||||||||
The following condensed consolidating financial information is presented on the equity method of accounting in accordance with Rule 3-10 of Regulation S-X in connection with the full, unconditional and irrevocable guarantee by Rowan Companies plc of the Senior Notes issued by its 100% owned subsidiary, RCI. | ||||||||||||||||||||
The financial information which follows reflects the organizational structure as of September 30, 2013. Financial information for the three and nine months ended September 30, 2012, has been recast for the effects of an internal reorganization in the fourth quarter of 2012 and is presented as though the structure at September 30, 2013, was in place at January 1, 2012. | ||||||||||||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 63,485 | $ | 277,829 | $ | 667,565 | $ | — | $ | 1,008,879 | ||||||||||
Receivables - trade and other | 287 | 124,072 | 371,997 | — | 496,356 | |||||||||||||||
Other current assets | 520 | 51,800 | 21,814 | — | 74,134 | |||||||||||||||
Assets of discontinued operations | — | 23,687 | — | — | 23,687 | |||||||||||||||
Total current assets | 64,292 | 477,388 | 1,061,376 | — | 1,603,056 | |||||||||||||||
Property, plant and equipment - gross | — | 1,323,938 | 6,719,891 | — | 8,043,829 | |||||||||||||||
Less accumulated depreciation and amortization | — | 511,964 | 1,234,043 | — | 1,746,007 | |||||||||||||||
Property, plant and equipment - net | — | 811,974 | 5,485,848 | — | 6,297,822 | |||||||||||||||
Investments in subsidiaries | 4,730,856 | 5,412,346 | — | (10,143,202 | ) | — | ||||||||||||||
Due from affiliates | 119 | 1,444,284 | 965,206 | (2,409,609 | ) | — | ||||||||||||||
Other assets | — | 35,719 | 27,688 | — | 63,407 | |||||||||||||||
$ | 4,795,267 | $ | 8,181,711 | $ | 7,540,118 | $ | (12,552,811 | ) | $ | 7,964,285 | ||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | 81 | $ | 10,483 | $ | 85,004 | $ | — | $ | 95,568 | ||||||||||
Deferred revenues | — | — | 67,700 | — | 67,700 | |||||||||||||||
Accrued liabilities | — | 57,089 | 38,834 | — | 95,923 | |||||||||||||||
Liabilities of discontinued operations | — | 20,122 | — | — | 20,122 | |||||||||||||||
Total current liabilities | 81 | 87,694 | 191,538 | — | 279,313 | |||||||||||||||
Long-term debt | — | 2,008,926 | — | — | 2,008,926 | |||||||||||||||
Due to affiliates | 19,649 | 963,024 | 1,426,936 | (2,409,609 | ) | — | ||||||||||||||
Other liabilities | 7,952 | 328,240 | 83,447 | — | 419,639 | |||||||||||||||
Deferred income taxes - net | — | 138,291 | 350,531 | — | 488,822 | |||||||||||||||
Shareholders' equity | 4,767,585 | 4,655,536 | 5,487,666 | (10,143,202 | ) | 4,767,585 | ||||||||||||||
$ | 4,795,267 | $ | 8,181,711 | $ | 7,540,118 | $ | (12,552,811 | ) | $ | 7,964,285 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 58,628 | $ | 228,085 | $ | 737,295 | $ | — | $ | 1,024,008 | ||||||||||
Receivables - trade and other | 107 | 95,386 | 328,346 | — | 423,839 | |||||||||||||||
Other current assets | 293 | 46,614 | 34,842 | — | 81,749 | |||||||||||||||
Assets of discontinued operations | — | 22,954 | — | — | 22,954 | |||||||||||||||
Total current assets | 59,028 | 393,039 | 1,100,483 | — | 1,552,550 | |||||||||||||||
Property, plant and equipment - gross | — | 1,311,987 | 6,349,106 | — | 7,661,093 | |||||||||||||||
Less accumulated depreciation and amortization | — | 487,147 | 1,102,217 | — | 1,589,364 | |||||||||||||||
Property, plant and equipment - net | — | 824,840 | 5,246,889 | — | 6,071,729 | |||||||||||||||
Investments in subsidiaries | 4,562,016 | 1,355,968 | — | (5,917,984 | ) | — | ||||||||||||||
Due from affiliates | — | 4,524,480 | 391,008 | (4,915,488 | ) | — | ||||||||||||||
Other assets | — | 37,787 | 37,421 | — | 75,208 | |||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 | ||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | 1,277 | $ | 23,210 | $ | 58,517 | $ | — | $ | 83,004 | ||||||||||
Deferred revenues | — | — | 52,340 | — | 52,340 | |||||||||||||||
Accrued liabilities | — | 73,443 | 64,052 | — | 137,495 | |||||||||||||||
Liabilities of discontinued operations | — | 21,255 | — | — | 21,255 | |||||||||||||||
Total current liabilities | 1,277 | 117,908 | 174,909 | — | 294,094 | |||||||||||||||
Long-term debt | — | 2,009,598 | — | — | 2,009,598 | |||||||||||||||
Due to affiliates | 88,043 | — | 4,827,445 | (4,915,488 | ) | — | ||||||||||||||
Other liabilities | — | 323,778 | 66,421 | — | 390,199 | |||||||||||||||
Deferred income taxes - net | — | 122,814 | 351,058 | — | 473,872 | |||||||||||||||
Shareholders' equity | 4,531,724 | 4,562,016 | 1,355,968 | (5,917,984 | ) | 4,531,724 | ||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 33,381 | $ | 380,307 | $ | (30,880 | ) | $ | 382,808 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 8,462 | 234,245 | (30,880 | ) | 211,827 | ||||||||||||||
Depreciation and amortization | — | 6,868 | 62,406 | — | 69,274 | |||||||||||||||
Selling, general and administrative | 6,363 | 1,434 | 25,466 | — | 33,263 | |||||||||||||||
Loss (gain) on disposals of property and equipment | — | 2 | (67 | ) | — | (65 | ) | |||||||||||||
Total costs and expenses | 6,363 | 16,766 | 322,050 | (30,880 | ) | 314,299 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (6,363 | ) | 16,615 | 58,257 | — | 68,509 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (17,111 | ) | (38 | ) | 38 | (17,111 | ) | ||||||||||||
Interest income | 59 | 122 | 274 | (38 | ) | 417 | ||||||||||||||
Other - net | 2,496 | (2,690 | ) | (174 | ) | — | (368 | ) | ||||||||||||
Total other income (expense) - net | 2,555 | (19,679 | ) | 62 | — | (17,062 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (3,808 | ) | (3,064 | ) | 58,319 | — | 51,447 | |||||||||||||
Benefit for income taxes | — | (167 | ) | (286 | ) | — | (453 | ) | ||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (3,808 | ) | (2,897 | ) | 58,605 | — | 51,900 | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 55,708 | 22,577 | — | (78,285 | ) | — | ||||||||||||||
NET INCOME | $ | 51,900 | $ | 19,680 | $ | 58,605 | $ | (78,285 | ) | $ | 51,900 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 39,847 | $ | 347,176 | $ | (33,113 | ) | $ | 353,910 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | (162 | ) | 7,487 | 213,940 | (33,113 | ) | 188,152 | |||||||||||||
Depreciation and amortization | — | 13,915 | 49,112 | — | 63,027 | |||||||||||||||
Selling, general and administrative | 5,164 | 99 | 20,517 | — | 25,780 | |||||||||||||||
(Gain) loss on disposals of property and equipment | — | (2,159 | ) | 1,600 | — | (559 | ) | |||||||||||||
Material charges and other operating expenses | 1,895 | 8,962 | 7,317 | — | 18,174 | |||||||||||||||
Total costs and expenses | 6,897 | 28,304 | 292,486 | (33,113 | ) | 294,574 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (6,897 | ) | 11,543 | 54,690 | — | 59,336 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (13,777 | ) | 87 | — | (13,690 | ) | |||||||||||||
Interest income | 36 | 126 | 101 | — | 263 | |||||||||||||||
Loss on debt extinguishment | — | (10,423 | ) | (33 | ) | — | (10,456 | ) | ||||||||||||
Other - net | 1 | (324 | ) | (182 | ) | — | (505 | ) | ||||||||||||
Total other income (expense) - net | 37 | (24,398 | ) | (27 | ) | — | (24,388 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,860 | ) | (12,855 | ) | 54,663 | — | 34,948 | |||||||||||||
Provision for income taxes | — | 2,721 | 5,812 | — | 8,533 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (6,860 | ) | (15,576 | ) | 48,851 | — | 26,415 | |||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX | — | 1,164 | — | — | 1,164 | |||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 34,439 | 12,292 | — | (46,731 | ) | — | ||||||||||||||
NET INCOME | $ | 27,579 | $ | (2,120 | ) | $ | 48,851 | $ | (46,731 | ) | $ | 27,579 | ||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 93,017 | $ | 1,179,913 | $ | (87,001 | ) | $ | 1,185,929 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 25,771 | 698,570 | (87,001 | ) | 637,340 | ||||||||||||||
Depreciation and amortization | — | 32,144 | 168,277 | — | 200,421 | |||||||||||||||
Selling, general and administrative | 22,462 | 3,885 | 69,610 | — | 95,957 | |||||||||||||||
Loss (gain) on disposals of property and equipment | — | 231 | (19,210 | ) | — | (18,979 | ) | |||||||||||||
Total costs and expenses | 22,462 | 62,031 | 917,247 | (87,001 | ) | 914,739 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (22,462 | ) | 30,986 | 262,666 | — | 271,190 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (53,377 | ) | (106 | ) | 106 | (53,377 | ) | ||||||||||||
Interest income | 153 | 358 | 739 | (106 | ) | 1,144 | ||||||||||||||
Other - net | 7,497 | (7,460 | ) | (1,642 | ) | — | (1,605 | ) | ||||||||||||
Total other income (expense) - net | 7,650 | (60,479 | ) | (1,009 | ) | — | (53,838 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (14,812 | ) | (29,493 | ) | 261,657 | — | 217,352 | |||||||||||||
(Benefit) provision for income taxes | — | (17,165 | ) | 31,639 | — | 14,474 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (14,812 | ) | (12,328 | ) | 230,018 | — | 202,878 | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 217,690 | 153,907 | — | (371,597 | ) | — | ||||||||||||||
NET INCOME | $ | 202,878 | $ | 141,579 | $ | 230,018 | $ | (371,597 | ) | $ | 202,878 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 121,110 | $ | 1,018,233 | $ | (100,938 | ) | $ | 1,038,405 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 21,776 | 637,567 | (100,938 | ) | 558,405 | ||||||||||||||
Depreciation and amortization | — | 40,588 | 142,735 | — | 183,323 | |||||||||||||||
Selling, general and administrative | 9,839 | 10,009 | 54,086 | — | 73,934 | |||||||||||||||
Gain on disposals of property and equipment | — | (618 | ) | (2,060 | ) | — | (2,678 | ) | ||||||||||||
Material charges and other operating expenses | 11,696 | 10,319 | 8,856 | — | 30,871 | |||||||||||||||
Total costs and expenses | 21,535 | 82,074 | 841,184 | (100,938 | ) | 843,855 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (21,535 | ) | 39,036 | 177,049 | — | 194,550 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (37,736 | ) | (204 | ) | — | (37,940 | ) | ||||||||||||
Interest income | 46 | 267 | 210 | — | 523 | |||||||||||||||
Loss on debt extinguishment | — | (21,603 | ) | (620 | ) | — | (22,223 | ) | ||||||||||||
Other - net | 3 | (190 | ) | 897 | — | 710 | ||||||||||||||
Total other income (expense) - net | 49 | (59,262 | ) | 283 | — | (58,930 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (21,486 | ) | (20,226 | ) | 177,332 | — | 135,620 | |||||||||||||
Provision (benefit) for income taxes | — | 8,173 | (5,315 | ) | — | 2,858 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (21,486 | ) | (28,399 | ) | 182,647 | — | 132,762 | |||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX | — | (6,231 | ) | — | — | (6,231 | ) | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 148,017 | 115,733 | — | (263,750 | ) | — | ||||||||||||||
NET INCOME | $ | 126,531 | $ | 81,103 | $ | 182,647 | $ | (263,750 | ) | $ | 126,531 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 51,900 | $ | 19,680 | $ | 58,605 | $ | (78,285 | ) | $ | 51,900 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 4,500 | 4,500 | — | (4,500 | ) | 4,500 | ||||||||||||||
Amortization of prior service credit | (799 | ) | (799 | ) | — | 799 | (799 | ) | ||||||||||||
3,701 | 3,701 | — | (3,701 | ) | 3,701 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 55,601 | $ | 23,381 | $ | 58,605 | $ | (81,986 | ) | $ | 55,601 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 27,579 | $ | (2,120 | ) | $ | 48,851 | $ | (46,731 | ) | $ | 27,579 | ||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 4,131 | 4,131 | — | (4,131 | ) | 4,131 | ||||||||||||||
Amortization of transition obligation | 77 | 77 | — | (77 | ) | 77 | ||||||||||||||
Amortization of prior service credit | (782 | ) | (782 | ) | — | 782 | (782 | ) | ||||||||||||
3,426 | 3,426 | — | (3,426 | ) | 3,426 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 31,005 | $ | 1,306 | $ | 48,851 | $ | (50,157 | ) | $ | 31,005 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 202,878 | $ | 141,579 | $ | 230,018 | $ | (371,597 | ) | $ | 202,878 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 13,359 | 13,359 | — | (13,359 | ) | 13,359 | ||||||||||||||
Amortization of prior service credit | (2,373 | ) | (2,373 | ) | — | 2,373 | (2,373 | ) | ||||||||||||
10,986 | 10,986 | — | (10,986 | ) | 10,986 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 213,864 | $ | 152,565 | $ | 230,018 | $ | (382,583 | ) | $ | 213,864 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 126,531 | $ | 81,103 | $ | 182,647 | $ | (263,750 | ) | $ | 126,531 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 12,305 | 12,305 | — | (12,305 | ) | 12,305 | ||||||||||||||
Amortization of transition obligation | 231 | 231 | — | (231 | ) | 231 | ||||||||||||||
Amortization of prior service credit | (2,333 | ) | (2,333 | ) | — | 2,333 | (2,333 | ) | ||||||||||||
10,203 | 10,203 | — | (10,203 | ) | 10,203 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 136,734 | $ | 91,306 | $ | 182,647 | $ | (273,953 | ) | $ | 136,734 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (12,478 | ) | $ | 12,237 | $ | 392,273 | $ | — | $ | 392,032 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Property, plant and equipment additions | — | (39,413 | ) | (415,751 | ) | — | (455,164 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment | — | 2,230 | 40,065 | — | 42,295 | |||||||||||||||
Investments in consolidated subsidiaries | (100 | ) | (170,107 | ) | — | 170,207 | — | |||||||||||||
Net cash used in investing activities | (100 | ) | (207,290 | ) | (375,686 | ) | 170,207 | (412,869 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Advances (to) from affiliates | 12,704 | 243,820 | (256,524 | ) | — | — | ||||||||||||||
Contributions from parent | — | — | 170,207 | (170,207 | ) | — | ||||||||||||||
Excess tax benefits from share-based compensation | — | 977 | — | — | 977 | |||||||||||||||
Proceeds from exercise of share options | 2,911 | — | — | — | 2,911 | |||||||||||||||
Other | 1,820 | — | — | — | 1,820 | |||||||||||||||
Net cash provided by (used in) financing activities | 17,435 | 244,797 | (86,317 | ) | (170,207 | ) | 5,708 | |||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,857 | 49,744 | (69,730 | ) | — | (15,129 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 58,628 | 228,085 | 737,295 | — | 1,024,008 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 63,485 | $ | 277,829 | $ | 667,565 | $ | — | $ | 1,008,879 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 38,290 | $ | 78,317 | $ | 223,895 | $ | (151,000 | ) | $ | 189,502 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Property, plant and equipment additions | — | (84,284 | ) | (481,805 | ) | — | (566,089 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment | — | 6,325 | 4,228 | — | 10,553 | |||||||||||||||
Investments in consolidated subsidiaries | — | (175,858 | ) | — | 175,858 | — | ||||||||||||||
Net cash used in investing activities | — | (253,817 | ) | (477,577 | ) | 175,858 | (555,536 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of borrowings | — | (200,446 | ) | (38,007 | ) | — | (238,453 | ) | ||||||||||||
Advances (to) from affiliates | 12,902 | (259,615 | ) | 246,713 | — | — | ||||||||||||||
Contributions from parent | — | — | 175,858 | (175,858 | ) | — | ||||||||||||||
Proceeds from borrowings | — | 493,415 | — | — | 493,415 | |||||||||||||||
Debt issue costs | — | (799 | ) | — | — | (799 | ) | |||||||||||||
Dividends paid | — | — | (151,000 | ) | 151,000 | — | ||||||||||||||
Excess tax benefits from share-based compensation | — | 1,153 | — | — | 1,153 | |||||||||||||||
Proceeds from exercise of share options | 155 | — | — | — | 155 | |||||||||||||||
Net cash provided by financing activities | 13,057 | 33,708 | 233,564 | (24,858 | ) | 255,471 | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 51,347 | (141,792 | ) | (20,118 | ) | — | (110,563 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,472 | 184,677 | 232,704 | — | 438,853 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 72,819 | $ | 42,885 | $ | 212,586 | $ | — | $ | 328,290 | ||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Reconciliation of Basic and Diluted Earnings per Share | ' | |||||||||||
A reconciliation of basic and diluted shares follows (in thousands): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Average common shares outstanding - basic | 123,635 | 123,132 | 123,468 | 122,947 | ||||||||
Effect of dilutive securities - share-based compensation | 966 | 905 | 915 | 850 | ||||||||
Average common shares - diluted | 124,601 | 124,037 | 124,383 | 123,797 | ||||||||
Antidilutive Securities Excluded From Earnings per Share | ' | |||||||||||
Share options and appreciation rights granted under share-based compensation plans are antidilutive and excluded from diluted earnings per share when their exercise or strike price exceeds the average market price during the period. The following table sets forth antidilutive shares excluded from diluted earnings per share. Such securities could potentially dilute earnings per share in the future (in thousands): | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Employee and director share options | 53 | 42 | 53 | 42 | ||||||||
Share appreciation rights | 978 | 566 | 1,012 | 616 | ||||||||
Total potentially dilutive shares | 1,031 | 608 | 1,065 | 658 | ||||||||
Pension_and_Other_Postretireme1
Pension and Other Postretirement Benefits (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Pension and Other Postretirement Benefit Expense [Abstract] | ' | |||||||||||||||
Summary of Net Periodic Pension and Other Postretirement Benefit Costs | ' | |||||||||||||||
Recognized net periodic pension cost included the following components (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 3,102 | $ | 2,750 | $ | 8,833 | $ | 8,192 | ||||||||
Interest cost | 7,558 | 7,653 | 22,253 | 22,791 | ||||||||||||
Expected return on plan assets | (9,658 | ) | (9,469 | ) | (28,686 | ) | (28,203 | ) | ||||||||
Amortization of net loss | 7,171 | 4,887 | 20,797 | 18,691 | ||||||||||||
Settlement loss | — | 5,126 | — | 5,126 | ||||||||||||
Amortization of prior service credit | (1,194 | ) | (1,171 | ) | (3,543 | ) | (3,488 | ) | ||||||||
Total net pension cost | 6,979 | 9,776 | 19,654 | 23,109 | ||||||||||||
Less: Discontinued operations | — | (1,370 | ) | — | 54 | |||||||||||
Continuing operations | $ | 6,979 | $ | 11,146 | $ | 19,654 | $ | 23,055 | ||||||||
Recognized other postretirement benefit cost included the following components (in thousands): | ||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Service cost | $ | 365 | $ | 463 | $ | 1,072 | $ | 1,378 | ||||||||
Interest cost | 757 | 952 | 2,194 | 2,836 | ||||||||||||
Amortization of net loss | — | 82 | — | 243 | ||||||||||||
Amortization of transition obligation | — | 120 | — | 357 | ||||||||||||
Amortization of prior service credit | (37 | ) | (37 | ) | (110 | ) | (110 | ) | ||||||||
Total other postretirement benefit cost | $ | 1,085 | $ | 1,580 | $ | 3,156 | $ | 4,704 | ||||||||
Commitments_and_Contingent_Lia1
Commitments and Contingent Liabilities (Tables) | 9 Months Ended | |||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||||||||||||||||||||||||
Status of Company's Rigs under Construction | ' | |||||||||||||||||||||||||
The following table presents the status of the Company’s rigs under construction as of September 30, 2013. Amounts include capitalized interest and an estimate for project contingencies (in millions): | ||||||||||||||||||||||||||
Scheduled delivery date | Total estimated project costs | Total costs incurred through September 30, 2013 | Projected costs for the remainder of 2013 | Projected costs in 2014 | Projected costs in 2015 | Total future costs | ||||||||||||||||||||
Rowan Renaissance | Dec-13 | $ | 728 | $ | 260 | $ | 457 | $ | 11 | $ | — | $ | 468 | |||||||||||||
Rowan Resolute | Jun-14 | 736 | 270 | 29 | 437 | — | 466 | |||||||||||||||||||
Rowan Reliance | Oct-14 | 730 | 199 | 19 | 508 | 4 | 531 | |||||||||||||||||||
Rowan Relentless | Mar-15 | 751 | 183 | 12 | 108 | 448 | 568 | |||||||||||||||||||
$ | 2,945 | $ | 912 | $ | 517 | $ | 1,064 | $ | 452 | $ | 2,033 | |||||||||||||||
Other_Financial_Statement_Disc1
Other Financial Statement Disclosures (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Other Financial Statement Disclosures [Abstract] | ' | |||||||||||||||
Estimated Fair Values and Related Carrying Values of Long-Term Debt Securities | ' | |||||||||||||||
Estimated fair values and related carrying values of our long-term debt securities are shown below (in thousands): | ||||||||||||||||
September 30, 2013 | December 31, 2012 | |||||||||||||||
Fair value | Carrying value | Fair value | Carrying value | |||||||||||||
5% Senior Notes, due 2017 | $ | 434,720 | $ | 398,890 | $ | 445,568 | $ | 398,678 | ||||||||
7.875% Senior Notes, due 2019 | 601,852 | 498,088 | 617,076 | 497,842 | ||||||||||||
4.875% Senior Notes, due 2022 | 712,991 | 713,602 | 761,509 | 714,775 | ||||||||||||
5.4% Senior Notes, due 2042 | 356,112 | 398,346 | 406,493 | 398,303 | ||||||||||||
$ | 2,105,675 | $ | 2,008,926 | $ | 2,230,646 | $ | 2,009,598 | |||||||||
Schedule of Material Charges and Other Operating Expenses | ' | |||||||||||||||
Material Charges and Other Operating Expenses – Components of material charges follow (in thousands): | ||||||||||||||||
Three months ended September 30, 2012 | Nine months ended September 30, 2012 | |||||||||||||||
Redomestication expenses | $ | 1,895 | $ | 11,696 | ||||||||||||
Repair costs for EXL I | 8,855 | 8,855 | ||||||||||||||
Pension settlement loss | 5,126 | 5,126 | ||||||||||||||
Share-based compensation for retiring employee | 2,298 | 2,298 | ||||||||||||||
Steel impairment costs | — | 2,896 | ||||||||||||||
$ | 18,174 | $ | 30,871 | |||||||||||||
Guarantees_of_Registered_Secur1
Guarantees of Registered Securities (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | ' | |||||||||||||||||||
Guarantor Financial Statements | ' | |||||||||||||||||||
The financial information which follows reflects the organizational structure as of September 30, 2013. Financial information for the three and nine months ended September 30, 2012, has been recast for the effects of an internal reorganization in the fourth quarter of 2012 and is presented as though the structure at September 30, 2013, was in place at January 1, 2012. | ||||||||||||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 63,485 | $ | 277,829 | $ | 667,565 | $ | — | $ | 1,008,879 | ||||||||||
Receivables - trade and other | 287 | 124,072 | 371,997 | — | 496,356 | |||||||||||||||
Other current assets | 520 | 51,800 | 21,814 | — | 74,134 | |||||||||||||||
Assets of discontinued operations | — | 23,687 | — | — | 23,687 | |||||||||||||||
Total current assets | 64,292 | 477,388 | 1,061,376 | — | 1,603,056 | |||||||||||||||
Property, plant and equipment - gross | — | 1,323,938 | 6,719,891 | — | 8,043,829 | |||||||||||||||
Less accumulated depreciation and amortization | — | 511,964 | 1,234,043 | — | 1,746,007 | |||||||||||||||
Property, plant and equipment - net | — | 811,974 | 5,485,848 | — | 6,297,822 | |||||||||||||||
Investments in subsidiaries | 4,730,856 | 5,412,346 | — | (10,143,202 | ) | — | ||||||||||||||
Due from affiliates | 119 | 1,444,284 | 965,206 | (2,409,609 | ) | — | ||||||||||||||
Other assets | — | 35,719 | 27,688 | — | 63,407 | |||||||||||||||
$ | 4,795,267 | $ | 8,181,711 | $ | 7,540,118 | $ | (12,552,811 | ) | $ | 7,964,285 | ||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | 81 | $ | 10,483 | $ | 85,004 | $ | — | $ | 95,568 | ||||||||||
Deferred revenues | — | — | 67,700 | — | 67,700 | |||||||||||||||
Accrued liabilities | — | 57,089 | 38,834 | — | 95,923 | |||||||||||||||
Liabilities of discontinued operations | — | 20,122 | — | — | 20,122 | |||||||||||||||
Total current liabilities | 81 | 87,694 | 191,538 | — | 279,313 | |||||||||||||||
Long-term debt | — | 2,008,926 | — | — | 2,008,926 | |||||||||||||||
Due to affiliates | 19,649 | 963,024 | 1,426,936 | (2,409,609 | ) | — | ||||||||||||||
Other liabilities | 7,952 | 328,240 | 83,447 | — | 419,639 | |||||||||||||||
Deferred income taxes - net | — | 138,291 | 350,531 | — | 488,822 | |||||||||||||||
Shareholders' equity | 4,767,585 | 4,655,536 | 5,487,666 | (10,143,202 | ) | 4,767,585 | ||||||||||||||
$ | 4,795,267 | $ | 8,181,711 | $ | 7,540,118 | $ | (12,552,811 | ) | $ | 7,964,285 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Balance Sheets | ||||||||||||||||||||
December 31, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
CURRENT ASSETS: | ||||||||||||||||||||
Cash and cash equivalents | $ | 58,628 | $ | 228,085 | $ | 737,295 | $ | — | $ | 1,024,008 | ||||||||||
Receivables - trade and other | 107 | 95,386 | 328,346 | — | 423,839 | |||||||||||||||
Other current assets | 293 | 46,614 | 34,842 | — | 81,749 | |||||||||||||||
Assets of discontinued operations | — | 22,954 | — | — | 22,954 | |||||||||||||||
Total current assets | 59,028 | 393,039 | 1,100,483 | — | 1,552,550 | |||||||||||||||
Property, plant and equipment - gross | — | 1,311,987 | 6,349,106 | — | 7,661,093 | |||||||||||||||
Less accumulated depreciation and amortization | — | 487,147 | 1,102,217 | — | 1,589,364 | |||||||||||||||
Property, plant and equipment - net | — | 824,840 | 5,246,889 | — | 6,071,729 | |||||||||||||||
Investments in subsidiaries | 4,562,016 | 1,355,968 | — | (5,917,984 | ) | — | ||||||||||||||
Due from affiliates | — | 4,524,480 | 391,008 | (4,915,488 | ) | — | ||||||||||||||
Other assets | — | 37,787 | 37,421 | — | 75,208 | |||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 | ||||||||||
CURRENT LIABILITIES: | ||||||||||||||||||||
Accounts payable - trade | $ | 1,277 | $ | 23,210 | $ | 58,517 | $ | — | $ | 83,004 | ||||||||||
Deferred revenues | — | — | 52,340 | — | 52,340 | |||||||||||||||
Accrued liabilities | — | 73,443 | 64,052 | — | 137,495 | |||||||||||||||
Liabilities of discontinued operations | — | 21,255 | — | — | 21,255 | |||||||||||||||
Total current liabilities | 1,277 | 117,908 | 174,909 | — | 294,094 | |||||||||||||||
Long-term debt | — | 2,009,598 | — | — | 2,009,598 | |||||||||||||||
Due to affiliates | 88,043 | — | 4,827,445 | (4,915,488 | ) | — | ||||||||||||||
Other liabilities | — | 323,778 | 66,421 | — | 390,199 | |||||||||||||||
Deferred income taxes - net | — | 122,814 | 351,058 | — | 473,872 | |||||||||||||||
Shareholders' equity | 4,531,724 | 4,562,016 | 1,355,968 | (5,917,984 | ) | 4,531,724 | ||||||||||||||
$ | 4,621,044 | $ | 7,136,114 | $ | 6,775,801 | $ | (10,833,472 | ) | $ | 7,699,487 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 33,381 | $ | 380,307 | $ | (30,880 | ) | $ | 382,808 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 8,462 | 234,245 | (30,880 | ) | 211,827 | ||||||||||||||
Depreciation and amortization | — | 6,868 | 62,406 | — | 69,274 | |||||||||||||||
Selling, general and administrative | 6,363 | 1,434 | 25,466 | — | 33,263 | |||||||||||||||
Loss (gain) on disposals of property and equipment | — | 2 | (67 | ) | — | (65 | ) | |||||||||||||
Total costs and expenses | 6,363 | 16,766 | 322,050 | (30,880 | ) | 314,299 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (6,363 | ) | 16,615 | 58,257 | — | 68,509 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (17,111 | ) | (38 | ) | 38 | (17,111 | ) | ||||||||||||
Interest income | 59 | 122 | 274 | (38 | ) | 417 | ||||||||||||||
Other - net | 2,496 | (2,690 | ) | (174 | ) | — | (368 | ) | ||||||||||||
Total other income (expense) - net | 2,555 | (19,679 | ) | 62 | — | (17,062 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (3,808 | ) | (3,064 | ) | 58,319 | — | 51,447 | |||||||||||||
Benefit for income taxes | — | (167 | ) | (286 | ) | — | (453 | ) | ||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (3,808 | ) | (2,897 | ) | 58,605 | — | 51,900 | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 55,708 | 22,577 | — | (78,285 | ) | — | ||||||||||||||
NET INCOME | $ | 51,900 | $ | 19,680 | $ | 58,605 | $ | (78,285 | ) | $ | 51,900 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 39,847 | $ | 347,176 | $ | (33,113 | ) | $ | 353,910 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | (162 | ) | 7,487 | 213,940 | (33,113 | ) | 188,152 | |||||||||||||
Depreciation and amortization | — | 13,915 | 49,112 | — | 63,027 | |||||||||||||||
Selling, general and administrative | 5,164 | 99 | 20,517 | — | 25,780 | |||||||||||||||
(Gain) loss on disposals of property and equipment | — | (2,159 | ) | 1,600 | — | (559 | ) | |||||||||||||
Material charges and other operating expenses | 1,895 | 8,962 | 7,317 | — | 18,174 | |||||||||||||||
Total costs and expenses | 6,897 | 28,304 | 292,486 | (33,113 | ) | 294,574 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (6,897 | ) | 11,543 | 54,690 | — | 59,336 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (13,777 | ) | 87 | — | (13,690 | ) | |||||||||||||
Interest income | 36 | 126 | 101 | — | 263 | |||||||||||||||
Loss on debt extinguishment | — | (10,423 | ) | (33 | ) | — | (10,456 | ) | ||||||||||||
Other - net | 1 | (324 | ) | (182 | ) | — | (505 | ) | ||||||||||||
Total other income (expense) - net | 37 | (24,398 | ) | (27 | ) | — | (24,388 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (6,860 | ) | (12,855 | ) | 54,663 | — | 34,948 | |||||||||||||
Provision for income taxes | — | 2,721 | 5,812 | — | 8,533 | |||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (6,860 | ) | (15,576 | ) | 48,851 | — | 26,415 | |||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX | — | 1,164 | — | — | 1,164 | |||||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 34,439 | 12,292 | — | (46,731 | ) | — | ||||||||||||||
NET INCOME | $ | 27,579 | $ | (2,120 | ) | $ | 48,851 | $ | (46,731 | ) | $ | 27,579 | ||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 93,017 | $ | 1,179,913 | $ | (87,001 | ) | $ | 1,185,929 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 25,771 | 698,570 | (87,001 | ) | 637,340 | ||||||||||||||
Depreciation and amortization | — | 32,144 | 168,277 | — | 200,421 | |||||||||||||||
Selling, general and administrative | 22,462 | 3,885 | 69,610 | — | 95,957 | |||||||||||||||
Loss (gain) on disposals of property and equipment | — | 231 | (19,210 | ) | — | (18,979 | ) | |||||||||||||
Total costs and expenses | 22,462 | 62,031 | 917,247 | (87,001 | ) | 914,739 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (22,462 | ) | 30,986 | 262,666 | — | 271,190 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (53,377 | ) | (106 | ) | 106 | (53,377 | ) | ||||||||||||
Interest income | 153 | 358 | 739 | (106 | ) | 1,144 | ||||||||||||||
Other - net | 7,497 | (7,460 | ) | (1,642 | ) | — | (1,605 | ) | ||||||||||||
Total other income (expense) - net | 7,650 | (60,479 | ) | (1,009 | ) | — | (53,838 | ) | ||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (14,812 | ) | (29,493 | ) | 261,657 | — | 217,352 | |||||||||||||
(Benefit) provision for income taxes | — | (17,165 | ) | 31,639 | — | 14,474 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (14,812 | ) | (12,328 | ) | 230,018 | — | 202,878 | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 217,690 | 153,907 | — | (371,597 | ) | — | ||||||||||||||
NET INCOME | $ | 202,878 | $ | 141,579 | $ | 230,018 | $ | (371,597 | ) | $ | 202,878 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Condensed Consolidating Income Statements | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
REVENUES | $ | — | $ | 121,110 | $ | 1,018,233 | $ | (100,938 | ) | $ | 1,038,405 | |||||||||
COSTS AND EXPENSES: | ||||||||||||||||||||
Direct operating costs (excluding items below) | — | 21,776 | 637,567 | (100,938 | ) | 558,405 | ||||||||||||||
Depreciation and amortization | — | 40,588 | 142,735 | — | 183,323 | |||||||||||||||
Selling, general and administrative | 9,839 | 10,009 | 54,086 | — | 73,934 | |||||||||||||||
Gain on disposals of property and equipment | — | (618 | ) | (2,060 | ) | — | (2,678 | ) | ||||||||||||
Material charges and other operating expenses | 11,696 | 10,319 | 8,856 | — | 30,871 | |||||||||||||||
Total costs and expenses | 21,535 | 82,074 | 841,184 | (100,938 | ) | 843,855 | ||||||||||||||
INCOME (LOSS) FROM OPERATIONS | (21,535 | ) | 39,036 | 177,049 | — | 194,550 | ||||||||||||||
OTHER INCOME (EXPENSE): | ||||||||||||||||||||
Interest expense, net of interest capitalized | — | (37,736 | ) | (204 | ) | — | (37,940 | ) | ||||||||||||
Interest income | 46 | 267 | 210 | — | 523 | |||||||||||||||
Loss on debt extinguishment | — | (21,603 | ) | (620 | ) | — | (22,223 | ) | ||||||||||||
Other - net | 3 | (190 | ) | 897 | — | 710 | ||||||||||||||
Total other income (expense) - net | 49 | (59,262 | ) | 283 | — | (58,930 | ) | |||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (21,486 | ) | (20,226 | ) | 177,332 | — | 135,620 | |||||||||||||
Provision (benefit) for income taxes | — | 8,173 | (5,315 | ) | — | 2,858 | ||||||||||||||
NET INCOME (LOSS) FROM CONTINUING OPERATIONS | (21,486 | ) | (28,399 | ) | 182,647 | — | 132,762 | |||||||||||||
DISCONTINUED OPERATIONS, NET OF TAX | — | (6,231 | ) | — | — | (6,231 | ) | |||||||||||||
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 148,017 | 115,733 | — | (263,750 | ) | — | ||||||||||||||
NET INCOME | $ | 126,531 | $ | 81,103 | $ | 182,647 | $ | (263,750 | ) | $ | 126,531 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Three months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 51,900 | $ | 19,680 | $ | 58,605 | $ | (78,285 | ) | $ | 51,900 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 4,500 | 4,500 | — | (4,500 | ) | 4,500 | ||||||||||||||
Amortization of prior service credit | (799 | ) | (799 | ) | — | 799 | (799 | ) | ||||||||||||
3,701 | 3,701 | — | (3,701 | ) | 3,701 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 55,601 | $ | 23,381 | $ | 58,605 | $ | (81,986 | ) | $ | 55,601 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Three months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 27,579 | $ | (2,120 | ) | $ | 48,851 | $ | (46,731 | ) | $ | 27,579 | ||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 4,131 | 4,131 | — | (4,131 | ) | 4,131 | ||||||||||||||
Amortization of transition obligation | 77 | 77 | — | (77 | ) | 77 | ||||||||||||||
Amortization of prior service credit | (782 | ) | (782 | ) | — | 782 | (782 | ) | ||||||||||||
3,426 | 3,426 | — | (3,426 | ) | 3,426 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 31,005 | $ | 1,306 | $ | 48,851 | $ | (50,157 | ) | $ | 31,005 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 202,878 | $ | 141,579 | $ | 230,018 | $ | (371,597 | ) | $ | 202,878 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 13,359 | 13,359 | — | (13,359 | ) | 13,359 | ||||||||||||||
Amortization of prior service credit | (2,373 | ) | (2,373 | ) | — | 2,373 | (2,373 | ) | ||||||||||||
10,986 | 10,986 | — | (10,986 | ) | 10,986 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 213,864 | $ | 152,565 | $ | 230,018 | $ | (382,583 | ) | $ | 213,864 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Statements of Comprehensive Income | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET INCOME | $ | 126,531 | $ | 81,103 | $ | 182,647 | $ | (263,750 | ) | $ | 126,531 | |||||||||
OTHER COMPREHENSIVE INCOME: | ||||||||||||||||||||
Pension and other postretirement benefit adjustments, net of income taxes | ||||||||||||||||||||
Amortization of net loss | 12,305 | 12,305 | — | (12,305 | ) | 12,305 | ||||||||||||||
Amortization of transition obligation | 231 | 231 | — | (231 | ) | 231 | ||||||||||||||
Amortization of prior service credit | (2,333 | ) | (2,333 | ) | — | 2,333 | (2,333 | ) | ||||||||||||
10,203 | 10,203 | — | (10,203 | ) | 10,203 | |||||||||||||||
COMPREHENSIVE INCOME | $ | 136,734 | $ | 91,306 | $ | 182,647 | $ | (273,953 | ) | $ | 136,734 | |||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Nine months ended September 30, 2013 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | (12,478 | ) | $ | 12,237 | $ | 392,273 | $ | — | $ | 392,032 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Property, plant and equipment additions | — | (39,413 | ) | (415,751 | ) | — | (455,164 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment | — | 2,230 | 40,065 | — | 42,295 | |||||||||||||||
Investments in consolidated subsidiaries | (100 | ) | (170,107 | ) | — | 170,207 | — | |||||||||||||
Net cash used in investing activities | (100 | ) | (207,290 | ) | (375,686 | ) | 170,207 | (412,869 | ) | |||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Advances (to) from affiliates | 12,704 | 243,820 | (256,524 | ) | — | — | ||||||||||||||
Contributions from parent | — | — | 170,207 | (170,207 | ) | — | ||||||||||||||
Excess tax benefits from share-based compensation | — | 977 | — | — | 977 | |||||||||||||||
Proceeds from exercise of share options | 2,911 | — | — | — | 2,911 | |||||||||||||||
Other | 1,820 | — | — | — | 1,820 | |||||||||||||||
Net cash provided by (used in) financing activities | 17,435 | 244,797 | (86,317 | ) | (170,207 | ) | 5,708 | |||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,857 | 49,744 | (69,730 | ) | — | (15,129 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 58,628 | 228,085 | 737,295 | — | 1,024,008 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 63,485 | $ | 277,829 | $ | 667,565 | $ | — | $ | 1,008,879 | ||||||||||
Rowan Companies plc and Subsidiaries | ||||||||||||||||||||
Consolidated Statements of Cash Flows | ||||||||||||||||||||
Nine months ended September 30, 2012 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||
(unaudited) | ||||||||||||||||||||
Rowan Companies plc (Parent) | RCI (Issuer) | Other non-guarantor subsidiaries | Consolidating adjustments | Consolidated | ||||||||||||||||
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | $ | 38,290 | $ | 78,317 | $ | 223,895 | $ | (151,000 | ) | $ | 189,502 | |||||||||
INVESTING ACTIVITIES: | ||||||||||||||||||||
Property, plant and equipment additions | — | (84,284 | ) | (481,805 | ) | — | (566,089 | ) | ||||||||||||
Proceeds from disposals of property, plant and equipment | — | 6,325 | 4,228 | — | 10,553 | |||||||||||||||
Investments in consolidated subsidiaries | — | (175,858 | ) | — | 175,858 | — | ||||||||||||||
Net cash used in investing activities | — | (253,817 | ) | (477,577 | ) | 175,858 | (555,536 | ) | ||||||||||||
FINANCING ACTIVITIES: | ||||||||||||||||||||
Repayments of borrowings | — | (200,446 | ) | (38,007 | ) | — | (238,453 | ) | ||||||||||||
Advances (to) from affiliates | 12,902 | (259,615 | ) | 246,713 | — | — | ||||||||||||||
Contributions from parent | — | — | 175,858 | (175,858 | ) | — | ||||||||||||||
Proceeds from borrowings | — | 493,415 | — | — | 493,415 | |||||||||||||||
Debt issue costs | — | (799 | ) | — | — | (799 | ) | |||||||||||||
Dividends paid | — | — | (151,000 | ) | 151,000 | — | ||||||||||||||
Excess tax benefits from share-based compensation | — | 1,153 | — | — | 1,153 | |||||||||||||||
Proceeds from exercise of share options | 155 | — | — | — | 155 | |||||||||||||||
Net cash provided by financing activities | 13,057 | 33,708 | 233,564 | (24,858 | ) | 255,471 | ||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 51,347 | (141,792 | ) | (20,118 | ) | — | (110,563 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21,472 | 184,677 | 232,704 | — | 438,853 | |||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 72,819 | $ | 42,885 | $ | 212,586 | $ | — | $ | 328,290 | ||||||||||
Basis_of_Presentation_and_Natu1
Basis of Presentation and Nature of Operations (Details) | 9 Months Ended |
Sep. 30, 2013 | |
drilling_unit | |
Gas and Oil Acreage [Line Items] | ' |
Number of fleet of self-elevating mobile offshore jack-up drilling units | 30 |
Number of ultra-deepwater drill ships under construction | 4 |
Rowan Renaissance [Member] | ' |
Gas and Oil Acreage [Line Items] | ' |
Ultra-deepwater drill ships expected to be completed, contract term after delivery | '3 years |
Rowan Resolute [Member] | ' |
Gas and Oil Acreage [Line Items] | ' |
Ultra-deepwater drill ships expected to be completed, contract term after delivery | '3 years |
Rowan Reliance [Member] | ' |
Gas and Oil Acreage [Line Items] | ' |
Ultra-deepwater drill ships expected to be completed, contract term after delivery | '3 years |
Earnings_Per_Share_Details
Earnings Per Share (Details) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Average common shares outstanding - basic (in shares) | 123,635 | 123,132 | 123,468 | 122,947 |
Effect of dilutive securities - share-based compensation (in shares) | 966 | 905 | 915 | 850 |
Average common shares - diluted (in shares) | 124,601 | 124,037 | 124,383 | 123,797 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total potentially dilutive shares | 1,031 | 608 | 1,065 | 658 |
Employee and director share options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total potentially dilutive shares | 53 | 42 | 53 | 42 |
Share appreciation rights [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total potentially dilutive shares | 978 | 566 | 1,012 | 616 |
Pension_and_Other_Postretireme2
Pension and Other Postretirement Benefits (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Settlement loss | ' | $5,126,000 | ' | $5,126,000 |
Contribution to pension and other postretirement benefit plans | ' | ' | 21,400,000 | ' |
Future contributions to pension and other postretirement benefit plans | ' | ' | 1,200,000 | ' |
Defined Benefit Pension [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 3,102,000 | 2,750,000 | 8,833,000 | 8,192,000 |
Interest cost | 7,558,000 | 7,653,000 | 22,253,000 | 22,791,000 |
Expected return on plan assets | -9,658,000 | -9,469,000 | -28,686,000 | -28,203,000 |
Amortization of net loss | 7,171,000 | 4,887,000 | 20,797,000 | 18,691,000 |
Settlement loss | 0 | 5,126,000 | 0 | 5,126,000 |
Amortization of prior service credit | -1,194,000 | -1,171,000 | -3,543,000 | -3,488,000 |
Total net pension cost and other postretirement benefit cost | 6,979,000 | 9,776,000 | 19,654,000 | 23,109,000 |
Less: Discontinued operations | 0 | -1,370,000 | 0 | 54,000 |
Continuing operations | 6,979,000 | 11,146,000 | 19,654,000 | 23,055,000 |
Other Postretirement Benefit [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Service cost | 365,000 | 463,000 | 1,072,000 | 1,378,000 |
Interest cost | 757,000 | 952,000 | 2,194,000 | 2,836,000 |
Amortization of net loss | 0 | 82,000 | 0 | 243,000 |
Amortization of transition obligation | 0 | 120,000 | 0 | 357,000 |
Amortization of prior service credit | -37,000 | -37,000 | -110,000 | -110,000 |
Total net pension cost and other postretirement benefit cost | $1,085,000 | $1,580,000 | $3,156,000 | $4,704,000 |
Commitments_and_Contingent_Lia2
Commitments and Contingent Liabilities (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2009 |
drilling_unit | ||
lawsuit | ||
Status of company's rigs under construction [Abstract] | ' | ' |
Total estimated project costs | $2,945 | ' |
Total costs incurred through September 30, 2013 | 912 | ' |
Projected costs for the remainder of 2013 | 517 | ' |
Projected costs in 2014 | 1,064 | ' |
Projected costs in 2015 | 452 | ' |
Total future costs | 2,033 | ' |
Capital expenditures for the remainder of 2013 | 49 | ' |
Number of ultra-deepwater drill ships under construction | 4 | ' |
Outstanding letters of credit | 26 | ' |
Tax benefit recognized | ' | 25.4 |
Number of asbestos related lawsuits | 27 | ' |
Rowan Renaissance [Member] | ' | ' |
Status of company's rigs under construction [Abstract] | ' | ' |
Scheduled delivery date | 31-Dec-13 | ' |
Total estimated project costs | 728 | ' |
Total costs incurred through September 30, 2013 | 260 | ' |
Projected costs for the remainder of 2013 | 457 | ' |
Projected costs in 2014 | 11 | ' |
Projected costs in 2015 | 0 | ' |
Total future costs | 468 | ' |
Rowan Resolute [Member] | ' | ' |
Status of company's rigs under construction [Abstract] | ' | ' |
Scheduled delivery date | 30-Jun-14 | ' |
Total estimated project costs | 736 | ' |
Total costs incurred through September 30, 2013 | 270 | ' |
Projected costs for the remainder of 2013 | 29 | ' |
Projected costs in 2014 | 437 | ' |
Projected costs in 2015 | 0 | ' |
Total future costs | 466 | ' |
Rowan Reliance [Member] | ' | ' |
Status of company's rigs under construction [Abstract] | ' | ' |
Scheduled delivery date | 31-Oct-14 | ' |
Total estimated project costs | 730 | ' |
Total costs incurred through September 30, 2013 | 199 | ' |
Projected costs for the remainder of 2013 | 19 | ' |
Projected costs in 2014 | 508 | ' |
Projected costs in 2015 | 4 | ' |
Total future costs | 531 | ' |
Rowan Relentless [Member] | ' | ' |
Status of company's rigs under construction [Abstract] | ' | ' |
Scheduled delivery date | 31-Mar-15 | ' |
Total estimated project costs | 751 | ' |
Total costs incurred through September 30, 2013 | 183 | ' |
Projected costs for the remainder of 2013 | 12 | ' |
Projected costs in 2014 | 108 | ' |
Projected costs in 2015 | 448 | ' |
Total future costs | $568 | ' |
ShareBased_Compensation_Detail
Share-Based Compensation (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Millions, except Per Share data, unless otherwise specified | Mar. 06, 2013 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Vesting age, minimum | ' | '60 years |
Employee service, continuous minimum service | ' | '5 years |
Minimum period shares have been granted prior to retirement before shares fully vest | ' | '6 months |
Compensation expense recognition period, minimum | ' | '6 months |
Compensation expense recognition period, maximum | ' | '36 months |
Compensation expense over a remaining weighted-average period | ' | '1 year 9 months 18 days |
Unrecognized compensation cost related to nonvested share-based compensation arrangements | ' | $37.40 |
Restricted Stock Units and Stock Appreciation Rights [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Fair value of restricted stock and stock appreciation rights granted | 25.2 | ' |
Aggregate grant date fair value, net of estimated forfeitures | 24.2 | ' |
Requisite service period | '2 years 4 months 24 days | ' |
Performance Units [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Target value of p-units granted during the period (in dollars per unit) | $100 | ' |
Awards vesting period | '3 years | ' |
Total shareholder return, Minimum payout | 0 | ' |
Total shareholder return, Maximum payout | 11.6 | ' |
Vesting percentage based on relative total shareholder return ranking on annual basis | ' | 25.00% |
Vesting percentage of performance units periodically (in hundredths) | ' | 25.00% |
Grant date fair value of P-Units | ' | $5.80 |
Performance measurement period | ' | '3 years |
Vesting percentage of performance units (in hundredths) | ' | 25.00% |
Other_Financial_Statement_Disc2
Other Financial Statement Disclosures (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair value [Member] | ' | ' |
Fair values of Financial Instruments [Abstract] | ' | ' |
5% Senior Notes, due 2017 | $434,720 | $445,568 |
7.875% Senior Notes, due 2019 | 601,852 | 617,076 |
4.875% Senior Notes, due 2022 | 712,991 | 761,509 |
5.4% Senior Notes, due 2042 | 356,112 | 406,493 |
Total | 2,105,675 | 2,230,646 |
Carrying value [Member] | ' | ' |
Fair values of Financial Instruments [Abstract] | ' | ' |
5% Senior Notes, due 2017 | 398,890 | 398,678 |
7.875% Senior Notes, due 2019 | 498,088 | 497,842 |
4.875% Senior Notes, due 2022 | 713,602 | 714,775 |
5.4% Senior Notes, due 2042 | 398,346 | 398,303 |
Total | $2,008,926 | $2,009,598 |
Other_Financial_Statement_Disc3
Other Financial Statement Disclosures (Details 2) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Share data in Thousands, unless otherwise specified | Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | Dec. 31, 2012 |
Shareholders' Equit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | $1,800,000 | ' | ' | $1,820,000 | $0 | ' | ' | ' | ' |
Number of shares representing the cash received in settlement of bankruptcy court claim | 52 | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive losses (AOCL) | ' | 210,096,000 | ' | 210,096,000 | ' | ' | ' | ' | 221,082,000 |
Amortization of pension and postretirement benefit cost | ' | 3,701,000 | 3,426,000 | 10,986,000 | 10,203,000 | ' | ' | ' | ' |
Supplemental Cash Flow Information [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued capital expenditures | ' | ' | ' | 37,200,000 | 41,300,000 | ' | ' | ' | ' |
Interest capitalized in connection with rig construction projects | ' | 12,900,000 | 8,300,000 | 35,100,000 | 22,400,000 | ' | ' | ' | ' |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
U.S. statutory tax rate (in hundredths) | ' | ' | ' | 35.00% | ' | ' | ' | ' | ' |
U.K. statutory tax rate (in hundredths) | ' | ' | ' | ' | ' | 23.00% | 24.00% | 26.00% | ' |
Gain on Sale of Equipment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposals of property and equipment | ' | 65,000 | 559,000 | 18,979,000 | 2,678,000 | ' | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' Equit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Accumulated other comprehensive losses (AOCL) | ' | 210,100,000 | 215,500,000 | 210,100,000 | 215,500,000 | ' | ' | ' | ' |
Amortization of pension and postretirement benefit cost | ' | ' | ' | 10,986,000 | 10,203,000 | ' | ' | ' | ' |
Unsecured debt [Member] | Senior Notes due 2017 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 5.00% | ' | 5.00% | ' | ' | ' | ' | ' |
Maturity of debt | ' | ' | ' | 1-Sep-17 | ' | ' | ' | ' | ' |
Unsecured debt [Member] | Senior Notes Due 2019 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 7.88% | ' | 7.88% | ' | ' | ' | ' | ' |
Maturity of debt | ' | ' | ' | 1-Aug-19 | ' | ' | ' | ' | ' |
Unsecured debt [Member] | Senior Notes due 2022 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 4.88% | ' | 4.88% | ' | ' | ' | ' | ' |
Maturity of debt | ' | ' | ' | 1-Jun-22 | ' | ' | ' | ' | ' |
Unsecured debt [Member] | Senior Notes Due 2042 [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate (in hundredths) | ' | 5.40% | ' | 5.40% | ' | ' | ' | ' | ' |
Maturity of debt | ' | ' | ' | 1-Dec-42 | ' | ' | ' | ' | ' |
Rowan Companies, Inc. [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income Taxes [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership interest (in hundredths) | ' | 100.00% | ' | 100.00% | ' | ' | ' | ' | ' |
Gain on Sale of Equipment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposals of property and equipment | ' | -2,000 | 2,159,000 | -231,000 | 618,000 | ' | ' | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of brokers who provided fair value of debt securities | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of brokers who provided fair value of debt securities | ' | ' | ' | 2 | ' | ' | ' | ' | ' |
Rowan Paris [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Sale of Equipment [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of rigs | 40,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) on disposals of property and equipment | $19,200,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Other_Financial_Statement_Disc4
Other Financial Statement Disclosures (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Material Charges and Other Operating Expenses [Abstract] | ' | ' | ' |
Redomestication expenses | $1,895 | ' | $11,696 |
Repair costs for EXL I | 8,855 | ' | 8,855 |
Pension settlement loss | 5,126 | ' | 5,126 |
Share-based compensation for retiring employee | 2,298 | ' | 2,298 |
Steel impairment costs | 0 | 0 | 2,896 |
Total material charges and other operating expenses | $18,174 | ' | $30,871 |
Guarantees_of_Registered_Secur2
Guarantees of Registered Securities (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and cash equivalents | $1,008,879 | $328,290 | $1,008,879 | $328,290 | ' |
Receivables - trade and other | 496,356 | ' | 496,356 | ' | 423,839 |
Other current assets | 74,134 | ' | 74,134 | ' | 81,749 |
Assets of discontinued operations | 23,687 | ' | 23,687 | ' | 22,954 |
Total current assets | 1,603,056 | ' | 1,603,056 | ' | 1,552,550 |
Property, plant and equipment - gross | 8,043,829 | ' | 8,043,829 | ' | 7,661,093 |
Less accumulated depreciation and amortization | 1,746,007 | ' | 1,746,007 | ' | 1,589,364 |
Property, plant and equipment - net | 6,297,822 | ' | 6,297,822 | ' | 6,071,729 |
Investments in subsidiaries | 0 | ' | 0 | ' | 0 |
Due from affiliates | 0 | ' | 0 | ' | 0 |
Other assets | 63,407 | ' | 63,407 | ' | 75,208 |
TOTAL ASSETS | 7,964,285 | ' | 7,964,285 | ' | 7,699,487 |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable - trade | 95,568 | ' | 95,568 | ' | 83,004 |
Deferred revenues | 67,700 | ' | 67,700 | ' | 52,340 |
Accrued liabilities | 95,923 | ' | 95,923 | ' | 137,495 |
Liabilities of discontinued operations | 20,122 | ' | 20,122 | ' | 21,255 |
Total current liabilities | 279,313 | ' | 279,313 | ' | 294,094 |
Long-term debt | 2,008,926 | ' | 2,008,926 | ' | 2,009,598 |
Due to affiliates | 0 | ' | 0 | ' | 0 |
Other liabilities | 419,639 | ' | 419,639 | ' | 390,199 |
Deferred income taxes - net | 488,822 | ' | 488,822 | ' | 473,872 |
Shareholders' equity | 4,767,585 | ' | 4,767,585 | ' | 4,531,724 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,964,285 | ' | 7,964,285 | ' | 7,699,487 |
Condensed Consolidating Income Statements [Abstract] | ' | ' | ' | ' | ' |
REVENUES | 382,808 | 353,910 | 1,185,929 | 1,038,405 | ' |
COSTS AND EXPENSES: | ' | ' | ' | ' | ' |
Direct operating costs (excluding items below) | 211,827 | 188,152 | 637,340 | 558,405 | ' |
Depreciation and amortization | 69,274 | 63,027 | 200,421 | 183,323 | ' |
Selling, general and administrative | 33,263 | 25,780 | 95,957 | 73,934 | ' |
(Gain) loss on disposals of property and equipment | -65 | -559 | -18,979 | -2,678 | ' |
Material charges and other operating expenses | ' | 18,174 | ' | 30,871 | ' |
Total costs and expenses | 314,299 | 294,574 | 914,739 | 843,855 | ' |
INCOME (LOSS) FROM OPERATIONS | 68,509 | 59,336 | 271,190 | 194,550 | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ' |
Interest expense, net of interest capitalized | -17,111 | -13,690 | -53,377 | -37,940 | ' |
Interest income | 417 | 263 | 1,144 | 523 | ' |
Loss on extinguishment of debt | 0 | -10,456 | 0 | -22,223 | ' |
Other - net | -368 | -505 | -1,605 | 710 | ' |
Total other income (expense) - net | -17,062 | -24,388 | -53,838 | -58,930 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 51,447 | 34,948 | 217,352 | 135,620 | ' |
Benefit for income taxes | -453 | 8,533 | 14,474 | 2,858 | ' |
NET INCOME FROM CONTINUING OPERATIONS | 51,900 | 26,415 | 202,878 | 132,762 | ' |
DISCONTINUED OPERATIONS, NET OF TAX | ' | 1,164 | ' | -6,231 | ' |
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 0 | 0 | 0 | 0 | ' |
NET INCOME | 51,900 | 27,579 | 202,878 | 126,531 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net income | 51,900 | 27,579 | 202,878 | 126,531 | ' |
Pension and other postretirement benefit adjustments, net of income taxes | ' | ' | ' | ' | ' |
Amortization of net loss | 4,500 | 4,131 | 13,359 | 12,305 | ' |
Amortization of transition obligation | 0 | 77 | 0 | 231 | ' |
Amortization of prior service credit | -799 | -782 | -2,373 | -2,333 | ' |
OTHER COMPREHENSIVE INCOME | 3,701 | 3,426 | 10,986 | 10,203 | ' |
COMPREHENSIVE INCOME | 55,601 | 31,005 | 213,864 | 136,734 | ' |
Consolidated Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | 392,032 | 189,502 | ' |
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property, plant and equipment additions | ' | ' | -455,164 | -566,089 | ' |
Proceeds from disposals of property, plant and equipment | ' | ' | 42,295 | 10,553 | ' |
Investments in consolidated subsidiaries | ' | ' | 0 | 0 | ' |
Net cash used in investing activities | ' | ' | -412,869 | -555,536 | ' |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' |
Repayments of borrowings | ' | ' | 0 | -238,453 | ' |
Advances (to) from affiliates | ' | ' | 0 | 0 | ' |
Contributions from parent | ' | ' | 0 | 0 | ' |
Proceeds from borrowings | ' | ' | 0 | 493,415 | ' |
Debt issue costs | ' | ' | 0 | -799 | ' |
Dividends paid | ' | ' | ' | 0 | ' |
Excess tax benefits from share-based compensation | ' | ' | 977 | 1,153 | ' |
Proceeds from exercise of share options | ' | ' | 2,911 | 155 | ' |
Other | ' | ' | 1,820 | 0 | ' |
Net cash provided by financing activities | ' | ' | 5,708 | 255,471 | ' |
DECREASE IN CASH AND CASH EQUIVALENTS | ' | ' | -15,129 | -110,563 | ' |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ' | ' | 1,024,008 | 438,853 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 1,008,879 | 328,290 | 1,008,879 | 328,290 | ' |
Rowan Companies plc (Parent) [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 63,485 | 72,819 | 63,485 | 72,819 | ' |
Receivables - trade and other | 287 | ' | 287 | ' | 107 |
Other current assets | 520 | ' | 520 | ' | 293 |
Assets of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current assets | 64,292 | ' | 64,292 | ' | 59,028 |
Property, plant and equipment - gross | 0 | ' | 0 | ' | 0 |
Less accumulated depreciation and amortization | 0 | ' | 0 | ' | 0 |
Property, plant and equipment - net | 0 | ' | 0 | ' | 0 |
Investments in subsidiaries | 4,730,856 | ' | 4,730,856 | ' | 4,562,016 |
Due from affiliates | 119 | ' | 119 | ' | 0 |
Other assets | 0 | ' | 0 | ' | 0 |
TOTAL ASSETS | 4,795,267 | ' | 4,795,267 | ' | 4,621,044 |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable - trade | 81 | ' | 81 | ' | 1,277 |
Deferred revenues | 0 | ' | 0 | ' | 0 |
Accrued liabilities | 0 | ' | 0 | ' | 0 |
Liabilities of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current liabilities | 81 | ' | 81 | ' | 1,277 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Due to affiliates | 19,649 | ' | 19,649 | ' | 88,043 |
Other liabilities | 7,952 | ' | 7,952 | ' | 0 |
Deferred income taxes - net | 0 | ' | 0 | ' | 0 |
Shareholders' equity | 4,767,585 | ' | 4,767,585 | ' | 4,531,724 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 4,795,267 | ' | 4,795,267 | ' | 4,621,044 |
Condensed Consolidating Income Statements [Abstract] | ' | ' | ' | ' | ' |
REVENUES | 0 | 0 | 0 | 0 | ' |
COSTS AND EXPENSES: | ' | ' | ' | ' | ' |
Direct operating costs (excluding items below) | 0 | -162 | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative | 6,363 | 5,164 | 22,462 | 9,839 | ' |
(Gain) loss on disposals of property and equipment | 0 | 0 | 0 | 0 | ' |
Material charges and other operating expenses | ' | 1,895 | ' | 11,696 | ' |
Total costs and expenses | 6,363 | 6,897 | 22,462 | 21,535 | ' |
INCOME (LOSS) FROM OPERATIONS | -6,363 | -6,897 | -22,462 | -21,535 | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ' |
Interest expense, net of interest capitalized | 0 | 0 | 0 | 0 | ' |
Interest income | 59 | 36 | 153 | 46 | ' |
Loss on extinguishment of debt | ' | 0 | ' | 0 | ' |
Other - net | 2,496 | 1 | 7,497 | 3 | ' |
Total other income (expense) - net | 2,555 | 37 | 7,650 | 49 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -3,808 | -6,860 | -14,812 | -21,486 | ' |
Benefit for income taxes | 0 | 0 | 0 | 0 | ' |
NET INCOME FROM CONTINUING OPERATIONS | -3,808 | -6,860 | -14,812 | -21,486 | ' |
DISCONTINUED OPERATIONS, NET OF TAX | ' | 0 | ' | 0 | ' |
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 55,708 | 34,439 | 217,690 | 148,017 | ' |
NET INCOME | 51,900 | 27,579 | 202,878 | 126,531 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net income | 51,900 | 27,579 | 202,878 | 126,531 | ' |
Pension and other postretirement benefit adjustments, net of income taxes | ' | ' | ' | ' | ' |
Amortization of net loss | 4,500 | 4,131 | 13,359 | 12,305 | ' |
Amortization of transition obligation | ' | 77 | ' | 231 | ' |
Amortization of prior service credit | -799 | -782 | -2,373 | -2,333 | ' |
OTHER COMPREHENSIVE INCOME | 3,701 | 3,426 | 10,986 | 10,203 | ' |
COMPREHENSIVE INCOME | 55,601 | 31,005 | 213,864 | 136,734 | ' |
Consolidated Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | -12,478 | 38,290 | ' |
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property, plant and equipment additions | ' | ' | 0 | 0 | ' |
Proceeds from disposals of property, plant and equipment | ' | ' | 0 | 0 | ' |
Investments in consolidated subsidiaries | ' | ' | -100 | 0 | ' |
Net cash used in investing activities | ' | ' | -100 | 0 | ' |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' |
Repayments of borrowings | ' | ' | ' | 0 | ' |
Advances (to) from affiliates | ' | ' | 12,704 | 12,902 | ' |
Contributions from parent | ' | ' | 0 | 0 | ' |
Proceeds from borrowings | ' | ' | ' | 0 | ' |
Debt issue costs | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | ' | 0 | ' |
Excess tax benefits from share-based compensation | ' | ' | 0 | 0 | ' |
Proceeds from exercise of share options | ' | ' | 2,911 | 155 | ' |
Other | ' | ' | 1,820 | ' | ' |
Net cash provided by financing activities | ' | ' | 17,435 | 13,057 | ' |
DECREASE IN CASH AND CASH EQUIVALENTS | ' | ' | 4,857 | 51,347 | ' |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ' | ' | 58,628 | 21,472 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 63,485 | 72,819 | 63,485 | 72,819 | ' |
RCI (Issuer) [Member] | ' | ' | ' | ' | ' |
Condensed Financial Statements, Captions [Line Items] | ' | ' | ' | ' | ' |
Ownership interest (in hundredths) | 100.00% | ' | 100.00% | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 277,829 | 42,885 | 277,829 | 42,885 | ' |
Receivables - trade and other | 124,072 | ' | 124,072 | ' | 95,386 |
Other current assets | 51,800 | ' | 51,800 | ' | 46,614 |
Assets of discontinued operations | 23,687 | ' | 23,687 | ' | 22,954 |
Total current assets | 477,388 | ' | 477,388 | ' | 393,039 |
Property, plant and equipment - gross | 1,323,938 | ' | 1,323,938 | ' | 1,311,987 |
Less accumulated depreciation and amortization | 511,964 | ' | 511,964 | ' | 487,147 |
Property, plant and equipment - net | 811,974 | ' | 811,974 | ' | 824,840 |
Investments in subsidiaries | 5,412,346 | ' | 5,412,346 | ' | 1,355,968 |
Due from affiliates | 1,444,284 | ' | 1,444,284 | ' | 4,524,480 |
Other assets | 35,719 | ' | 35,719 | ' | 37,787 |
TOTAL ASSETS | 8,181,711 | ' | 8,181,711 | ' | 7,136,114 |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable - trade | 10,483 | ' | 10,483 | ' | 23,210 |
Deferred revenues | 0 | ' | 0 | ' | 0 |
Accrued liabilities | 57,089 | ' | 57,089 | ' | 73,443 |
Liabilities of discontinued operations | 20,122 | ' | 20,122 | ' | 21,255 |
Total current liabilities | 87,694 | ' | 87,694 | ' | 117,908 |
Long-term debt | 2,008,926 | ' | 2,008,926 | ' | 2,009,598 |
Due to affiliates | 963,024 | ' | 963,024 | ' | 0 |
Other liabilities | 328,240 | ' | 328,240 | ' | 323,778 |
Deferred income taxes - net | 138,291 | ' | 138,291 | ' | 122,814 |
Shareholders' equity | 4,655,536 | ' | 4,655,536 | ' | 4,562,016 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 8,181,711 | ' | 8,181,711 | ' | 7,136,114 |
Condensed Consolidating Income Statements [Abstract] | ' | ' | ' | ' | ' |
REVENUES | 33,381 | 39,847 | 93,017 | 121,110 | ' |
COSTS AND EXPENSES: | ' | ' | ' | ' | ' |
Direct operating costs (excluding items below) | 8,462 | 7,487 | 25,771 | 21,776 | ' |
Depreciation and amortization | 6,868 | 13,915 | 32,144 | 40,588 | ' |
Selling, general and administrative | 1,434 | 99 | 3,885 | 10,009 | ' |
(Gain) loss on disposals of property and equipment | 2 | -2,159 | 231 | -618 | ' |
Material charges and other operating expenses | ' | 8,962 | ' | 10,319 | ' |
Total costs and expenses | 16,766 | 28,304 | 62,031 | 82,074 | ' |
INCOME (LOSS) FROM OPERATIONS | 16,615 | 11,543 | 30,986 | 39,036 | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ' |
Interest expense, net of interest capitalized | -17,111 | -13,777 | -53,377 | -37,736 | ' |
Interest income | 122 | 126 | 358 | 267 | ' |
Loss on extinguishment of debt | ' | -10,423 | ' | -21,603 | ' |
Other - net | -2,690 | -324 | -7,460 | -190 | ' |
Total other income (expense) - net | -19,679 | -24,398 | -60,479 | -59,262 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | -3,064 | -12,855 | -29,493 | -20,226 | ' |
Benefit for income taxes | -167 | 2,721 | -17,165 | 8,173 | ' |
NET INCOME FROM CONTINUING OPERATIONS | -2,897 | -15,576 | -12,328 | -28,399 | ' |
DISCONTINUED OPERATIONS, NET OF TAX | ' | 1,164 | ' | -6,231 | ' |
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 22,577 | 12,292 | 153,907 | 115,733 | ' |
NET INCOME | 19,680 | -2,120 | 141,579 | 81,103 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net income | 19,680 | -2,120 | 141,579 | 81,103 | ' |
Pension and other postretirement benefit adjustments, net of income taxes | ' | ' | ' | ' | ' |
Amortization of net loss | 4,500 | 4,131 | 13,359 | 12,305 | ' |
Amortization of transition obligation | ' | 77 | ' | 231 | ' |
Amortization of prior service credit | -799 | -782 | -2,373 | -2,333 | ' |
OTHER COMPREHENSIVE INCOME | 3,701 | 3,426 | 10,986 | 10,203 | ' |
COMPREHENSIVE INCOME | 23,381 | 1,306 | 152,565 | 91,306 | ' |
Consolidated Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | 12,237 | 78,317 | ' |
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property, plant and equipment additions | ' | ' | -39,413 | -84,284 | ' |
Proceeds from disposals of property, plant and equipment | ' | ' | 2,230 | 6,325 | ' |
Investments in consolidated subsidiaries | ' | ' | -170,107 | -175,858 | ' |
Net cash used in investing activities | ' | ' | -207,290 | -253,817 | ' |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' |
Repayments of borrowings | ' | ' | ' | -200,446 | ' |
Advances (to) from affiliates | ' | ' | 243,820 | -259,615 | ' |
Contributions from parent | ' | ' | 0 | 0 | ' |
Proceeds from borrowings | ' | ' | ' | 493,415 | ' |
Debt issue costs | ' | ' | ' | -799 | ' |
Dividends paid | ' | ' | ' | 0 | ' |
Excess tax benefits from share-based compensation | ' | ' | 977 | 1,153 | ' |
Proceeds from exercise of share options | ' | ' | 0 | 0 | ' |
Other | ' | ' | 0 | ' | ' |
Net cash provided by financing activities | ' | ' | 244,797 | 33,708 | ' |
DECREASE IN CASH AND CASH EQUIVALENTS | ' | ' | 49,744 | -141,792 | ' |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ' | ' | 228,085 | 184,677 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 277,829 | 42,885 | 277,829 | 42,885 | ' |
Other non-guarantor subsidiaries [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 667,565 | 212,586 | 667,565 | 212,586 | ' |
Receivables - trade and other | 371,997 | ' | 371,997 | ' | 328,346 |
Other current assets | 21,814 | ' | 21,814 | ' | 34,842 |
Assets of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current assets | 1,061,376 | ' | 1,061,376 | ' | 1,100,483 |
Property, plant and equipment - gross | 6,719,891 | ' | 6,719,891 | ' | 6,349,106 |
Less accumulated depreciation and amortization | 1,234,043 | ' | 1,234,043 | ' | 1,102,217 |
Property, plant and equipment - net | 5,485,848 | ' | 5,485,848 | ' | 5,246,889 |
Investments in subsidiaries | 0 | ' | 0 | ' | 0 |
Due from affiliates | 965,206 | ' | 965,206 | ' | 391,008 |
Other assets | 27,688 | ' | 27,688 | ' | 37,421 |
TOTAL ASSETS | 7,540,118 | ' | 7,540,118 | ' | 6,775,801 |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable - trade | 85,004 | ' | 85,004 | ' | 58,517 |
Deferred revenues | 67,700 | ' | 67,700 | ' | 52,340 |
Accrued liabilities | 38,834 | ' | 38,834 | ' | 64,052 |
Liabilities of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current liabilities | 191,538 | ' | 191,538 | ' | 174,909 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Due to affiliates | 1,426,936 | ' | 1,426,936 | ' | 4,827,445 |
Other liabilities | 83,447 | ' | 83,447 | ' | 66,421 |
Deferred income taxes - net | 350,531 | ' | 350,531 | ' | 351,058 |
Shareholders' equity | 5,487,666 | ' | 5,487,666 | ' | 1,355,968 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | 7,540,118 | ' | 7,540,118 | ' | 6,775,801 |
Condensed Consolidating Income Statements [Abstract] | ' | ' | ' | ' | ' |
REVENUES | 380,307 | 347,176 | 1,179,913 | 1,018,233 | ' |
COSTS AND EXPENSES: | ' | ' | ' | ' | ' |
Direct operating costs (excluding items below) | 234,245 | 213,940 | 698,570 | 637,567 | ' |
Depreciation and amortization | 62,406 | 49,112 | 168,277 | 142,735 | ' |
Selling, general and administrative | 25,466 | 20,517 | 69,610 | 54,086 | ' |
(Gain) loss on disposals of property and equipment | -67 | 1,600 | -19,210 | -2,060 | ' |
Material charges and other operating expenses | ' | 7,317 | ' | 8,856 | ' |
Total costs and expenses | 322,050 | 292,486 | 917,247 | 841,184 | ' |
INCOME (LOSS) FROM OPERATIONS | 58,257 | 54,690 | 262,666 | 177,049 | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ' |
Interest expense, net of interest capitalized | -38 | 87 | -106 | -204 | ' |
Interest income | 274 | 101 | 739 | 210 | ' |
Loss on extinguishment of debt | ' | -33 | ' | -620 | ' |
Other - net | -174 | -182 | -1,642 | 897 | ' |
Total other income (expense) - net | 62 | -27 | -1,009 | 283 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 58,319 | 54,663 | 261,657 | 177,332 | ' |
Benefit for income taxes | -286 | 5,812 | 31,639 | -5,315 | ' |
NET INCOME FROM CONTINUING OPERATIONS | 58,605 | 48,851 | 230,018 | 182,647 | ' |
DISCONTINUED OPERATIONS, NET OF TAX | ' | 0 | ' | 0 | ' |
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | 0 | 0 | 0 | 0 | ' |
NET INCOME | 58,605 | 48,851 | 230,018 | 182,647 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net income | 58,605 | 48,851 | 230,018 | 182,647 | ' |
Pension and other postretirement benefit adjustments, net of income taxes | ' | ' | ' | ' | ' |
Amortization of net loss | 0 | 0 | 0 | 0 | ' |
Amortization of transition obligation | ' | 0 | ' | 0 | ' |
Amortization of prior service credit | 0 | 0 | 0 | 0 | ' |
OTHER COMPREHENSIVE INCOME | 0 | 0 | 0 | 0 | ' |
COMPREHENSIVE INCOME | 58,605 | 48,851 | 230,018 | 182,647 | ' |
Consolidated Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | 392,273 | 223,895 | ' |
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property, plant and equipment additions | ' | ' | -415,751 | -481,805 | ' |
Proceeds from disposals of property, plant and equipment | ' | ' | 40,065 | 4,228 | ' |
Investments in consolidated subsidiaries | ' | ' | ' | 0 | ' |
Net cash used in investing activities | ' | ' | -375,686 | -477,577 | ' |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' |
Repayments of borrowings | ' | ' | ' | -38,007 | ' |
Advances (to) from affiliates | ' | ' | -256,524 | 246,713 | ' |
Contributions from parent | ' | ' | 170,207 | 175,858 | ' |
Proceeds from borrowings | ' | ' | ' | 0 | ' |
Debt issue costs | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | ' | -151,000 | ' |
Excess tax benefits from share-based compensation | ' | ' | 0 | 0 | ' |
Proceeds from exercise of share options | ' | ' | 0 | 0 | ' |
Other | ' | ' | 0 | ' | ' |
Net cash provided by financing activities | ' | ' | -86,317 | 233,564 | ' |
DECREASE IN CASH AND CASH EQUIVALENTS | ' | ' | -69,730 | -20,118 | ' |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | ' | ' | 737,295 | 232,704 | ' |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 667,565 | 212,586 | 667,565 | 212,586 | ' |
Consolidating adjustments [Member] | ' | ' | ' | ' | ' |
CURRENT ASSETS: | ' | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | 0 | 0 | ' |
Receivables - trade and other | 0 | ' | 0 | ' | 0 |
Other current assets | 0 | ' | 0 | ' | 0 |
Assets of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current assets | 0 | ' | 0 | ' | 0 |
Property, plant and equipment - gross | 0 | ' | 0 | ' | 0 |
Less accumulated depreciation and amortization | 0 | ' | 0 | ' | 0 |
Property, plant and equipment - net | 0 | ' | 0 | ' | 0 |
Investments in subsidiaries | -10,143,202 | ' | -10,143,202 | ' | -5,917,984 |
Due from affiliates | -2,409,609 | ' | -2,409,609 | ' | -4,915,488 |
Other assets | 0 | ' | 0 | ' | 0 |
TOTAL ASSETS | -12,552,811 | ' | -12,552,811 | ' | -10,833,472 |
CURRENT LIABILITIES: | ' | ' | ' | ' | ' |
Accounts payable - trade | 0 | ' | 0 | ' | 0 |
Deferred revenues | 0 | ' | 0 | ' | 0 |
Accrued liabilities | 0 | ' | 0 | ' | 0 |
Liabilities of discontinued operations | 0 | ' | 0 | ' | 0 |
Total current liabilities | 0 | ' | 0 | ' | 0 |
Long-term debt | 0 | ' | 0 | ' | 0 |
Due to affiliates | -2,409,609 | ' | -2,409,609 | ' | -4,915,488 |
Other liabilities | 0 | ' | 0 | ' | 0 |
Deferred income taxes - net | 0 | ' | 0 | ' | 0 |
Shareholders' equity | -10,143,202 | ' | -10,143,202 | ' | -5,917,984 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | -12,552,811 | ' | -12,552,811 | ' | -10,833,472 |
Condensed Consolidating Income Statements [Abstract] | ' | ' | ' | ' | ' |
REVENUES | -30,880 | -33,113 | -87,001 | -100,938 | ' |
COSTS AND EXPENSES: | ' | ' | ' | ' | ' |
Direct operating costs (excluding items below) | -30,880 | -33,113 | -87,001 | -100,938 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
Selling, general and administrative | 0 | 0 | 0 | 0 | ' |
(Gain) loss on disposals of property and equipment | 0 | 0 | 0 | 0 | ' |
Material charges and other operating expenses | ' | 0 | ' | 0 | ' |
Total costs and expenses | -30,880 | -33,113 | -87,001 | -100,938 | ' |
INCOME (LOSS) FROM OPERATIONS | 0 | 0 | 0 | 0 | ' |
OTHER INCOME (EXPENSE): | ' | ' | ' | ' | ' |
Interest expense, net of interest capitalized | 38 | 0 | 106 | 0 | ' |
Interest income | -38 | 0 | -106 | 0 | ' |
Loss on extinguishment of debt | ' | 0 | ' | 0 | ' |
Other - net | 0 | 0 | 0 | 0 | ' |
Total other income (expense) - net | 0 | 0 | 0 | 0 | ' |
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 0 | 0 | 0 | 0 | ' |
Benefit for income taxes | 0 | 0 | 0 | 0 | ' |
NET INCOME FROM CONTINUING OPERATIONS | 0 | 0 | 0 | 0 | ' |
DISCONTINUED OPERATIONS, NET OF TAX | ' | 0 | ' | 0 | ' |
EQUITY IN EARNINGS OF SUBSIDIARIES, NET OF TAX | -78,285 | -46,731 | -371,597 | -263,750 | ' |
NET INCOME | -78,285 | -46,731 | -371,597 | -263,750 | ' |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ' |
Net income | -78,285 | -46,731 | -371,597 | -263,750 | ' |
Pension and other postretirement benefit adjustments, net of income taxes | ' | ' | ' | ' | ' |
Amortization of net loss | -4,500 | -4,131 | -13,359 | -12,305 | ' |
Amortization of transition obligation | ' | -77 | ' | -231 | ' |
Amortization of prior service credit | 799 | 782 | 2,373 | 2,333 | ' |
OTHER COMPREHENSIVE INCOME | -3,701 | -3,426 | -10,986 | -10,203 | ' |
COMPREHENSIVE INCOME | -81,986 | -50,157 | -382,583 | -273,953 | ' |
Consolidated Statement of Cash Flows [Abstract] | ' | ' | ' | ' | ' |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | ' | ' | 0 | -151,000 | ' |
INVESTING ACTIVITIES: | ' | ' | ' | ' | ' |
Property, plant and equipment additions | ' | ' | 0 | 0 | ' |
Proceeds from disposals of property, plant and equipment | ' | ' | 0 | 0 | ' |
Investments in consolidated subsidiaries | ' | ' | 170,207 | 175,858 | ' |
Net cash used in investing activities | ' | ' | 170,207 | 175,858 | ' |
FINANCING ACTIVITIES: | ' | ' | ' | ' | ' |
Repayments of borrowings | ' | ' | ' | 0 | ' |
Advances (to) from affiliates | ' | ' | 0 | 0 | ' |
Contributions from parent | ' | ' | -170,207 | -175,858 | ' |
Proceeds from borrowings | ' | ' | ' | 0 | ' |
Debt issue costs | ' | ' | ' | 0 | ' |
Dividends paid | ' | ' | ' | 151,000 | ' |
Excess tax benefits from share-based compensation | ' | ' | 0 | 0 | ' |
Proceeds from exercise of share options | ' | ' | 0 | 0 | ' |
Other | ' | ' | 0 | ' | ' |
Net cash provided by financing activities | ' | ' | -170,207 | -24,858 | ' |
DECREASE 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 | $0 | $0 | ' |