ENSCO PLC, 10-Q filed on 4/29/2014
Quarterly Report
Document And Entity Information
3 Months Ended
Mar. 31, 2014
Apr. 21, 2014
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Mar. 31, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q1 
 
Entity Registrant Name
Ensco plc 
 
Entity Central Index Key
0000314808 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Shares, Shares Outstanding
 
233,662,387 
Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Income Statement [Abstract]
 
 
OPERATING REVENUES
$ 1,187.0 
$ 1,149.9 
OPERATING EXPENSES
 
 
Contract drilling (exclusive of depreciation)
604.4 
560.8 
Depreciation
160.0 
149.0 
General and administrative
38.1 
37.8 
Total operating expenses
802.5 
747.6 
OPERATING (LOSS) INCOME
384.5 
402.3 
OTHER INCOME (EXPENSE)
 
 
Interest income
3.6 
3.3 
Interest expense, net
(34.6)
(39.2)
Other, net
1.9 
6.1 
Other income (expense), net
(29.1)
(29.8)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
355.4 
372.5 
PROVISION FOR INCOME TAXES
 
 
Current income tax expense
63.0 
62.2 
Deferred income tax (benefit) expense
(4.3)
(10.5)
Total provision for income taxes
58.7 
51.7 
INCOME FROM CONTINUING OPERATIONS
296.7 
320.8 
DISCONTINUED OPERATIONS, NET
(0.9)
NET INCOME
296.7 
319.9 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4.2)
(2.8)
NET INCOME ATTRIBUTABLE TO ENSCO
292.5 
317.1 
EARNINGS PER SHARE - BASIC
 
 
Income (Loss) from Continuing Operations, Per Basic Share
$ 1.25 
$ 1.37 
Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share
$ 0.00 
$ (0.01)
Earnings Per Share, Basic
$ 1.25 
$ 1.36 
EARNINGS PER SHARE - DILUTED
 
 
Continuing operations
$ 1.25 
$ 1.36 
Discontinued operations
$ 0.00 
$ 0.00 
Earnings Per Share, Diluted
$ 1.25 
$ 1.36 
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED
$ 289.5 
$ 313.8 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
Basic (in shares)
231.3 
230.3 
Diluted (in shares)
231.4 
230.6 
CASH DIVIDENDS PER SHARE (in dollars per share)
$ 0.750 
$ 0.500 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Statement of Comprehensive Income [Abstract]
 
 
NET INCOME
$ 296.7 
$ 319.9 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
Net change in fair value of derivatives
4.9 
(4.0)
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income
0.5 
(1.0)
Other
(0.1)
NET OTHER COMPREHENSIVE (LOSS) INCOME
5.4 
(5.1)
COMPREHENSIVE INCOME
302.1 
314.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4.2)
(2.8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ 297.9 
$ 312.0 
Condensed Consolidated Balance Sheets (USD $)
Mar. 31, 2014
Dec. 31, 2013
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 122,500,000 
$ 165,600,000 
Accounts receivable, net
779,600,000 
855,700,000 
Other
570,300,000 
513,900,000 
Total current assets
1,472,400,000 
1,535,200,000 
PROPERTY AND EQUIPMENT, AT COST
17,700,700,000 
17,498,500,000 
Less accumulated depreciation
3,282,400,000 
3,187,500,000 
Property and equipment, net
14,418,300,000 
14,311,000,000 
GOODWILL
3,274,000,000 
3,274,000,000 
OTHER ASSETS, NET
356,500,000 
352,700,000 
TOTAL ASSETS
19,521,200,000 
19,472,900,000 
CURRENT LIABILITIES
 
 
Accounts payable - trade
411,900,000 
341,100,000 
Accrued liabilities and other
493,500,000 
658,700,000 
Current maturities of long-term debt
47,500,000 
47,500,000 
Total current liabilities
952,900,000 
1,047,300,000 
LONG-TERM DEBT
4,703,700,000 
4,718,900,000 
DEFERRED INCOME TAXES
364,700,000 
362,100,000 
OTHER LIABILITIES
569,100,000 
545,700,000 
COMMITMENTS AND CONTINGENCIES
   
   
ENSCO SHAREHOLDERS' EQUITY
 
 
Additional paid-in capital
5,479,100,000 
5,467,200,000 
Retained earnings
7,444,100,000 
7,327,300,000 
Accumulated other comprehensive income
23,600,000 
18,200,000 
Treasury shares, at cost
(49,300,000)
(45,200,000)
Total Ensco shareholders' equity
12,921,600,000 
12,791,600,000 
NONCONTROLLING INTERESTS
9,200,000 
7,300,000 
Total equity
12,930,800,000 
12,798,900,000 
Total liabilities and shareholders' equity
19,521,200,000 
19,472,900,000 
Class A ordinary shares, U.S. [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
24,000,000 
24,000,000 
Common Class B, Par Value In GBP [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
$ 100,000 
$ 100,000 
Condensed Consolidated Balance Sheets (Parenthetical)
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2014
Class A ordinary shares, U.S. [Member]
USD ($)
Dec. 31, 2013
Class A ordinary shares, U.S. [Member]
USD ($)
Mar. 31, 2014
Common Class B, Par Value In GBP [Member]
GBP (£)
Dec. 31, 2013
Common Class B, Par Value In GBP [Member]
GBP (£)
Common stock, par value per share (in dollars per share or pounds sterling per share)
 
 
$ 0.10 
$ 0.10 
£ 1 
£ 1 
Common shares, shares authorized (in shares)
 
 
450,000,000 
450,000,000 
50,000 
50,000 
Common shares, shares issued (in shares)
 
 
239,500,000 
239,500,000 
50,000 
50,000 
Treasury shares, shares held (in shares)
5,900,000 
6,000,000 
 
 
 
 
Condensed Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES
 
 
Net income
$ 296.7 
$ 319.9 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
Discontinued operations, net
0.9 
Depreciation expense
160.0 
149.0 
Gain (Loss) on Disposition of Property Plant Equipment
(23.7)
(0.6)
Share-based compensation expense
11.9 
12.8 
Deferred income tax (benefit) expense
(4.3)
(10.5)
Amortization of intangibles and other, net
0.5 
(9.3)
Other
0.1 
(6.4)
Changes in operating assets and liabilities
(24.6)
(113.7)
Net cash provided by operating activities of continuing operations
416.6 
342.1 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(274.1)
(168.3)
Other
3.3 
0.9 
Net cash provided by (used in) investing activities of continuing operations
(270.8)
(167.4)
FINANCING ACTIVITIES
 
 
Cash dividends paid
(175.7)
(116.5)
Reduction of long-term borrowings
(7.1)
(7.1)
Proceeds from exercise of share options
0.2 
13.4 
Other
(6.4)
(5.5)
Net cash provided by (used in) financing activities
(189.0)
(115.7)
DISCONTINUED OPERATIONS
 
 
Operating activities
0.2 
Investing activities
15.5 
Net cash provided by discontinued operations
15.7 
Effect of exchange rate changes on cash and cash equivalents
0.1 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(43.1)
74.7 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
165.6 
487.1 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 122.5 
$ 561.8 
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2013 condensed consolidated balance sheet data were derived from our 2013 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.
 
The financial data for the quarters ended March 31, 2014 and 2013 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act of 1933, and the independent registered public accounting firm's liability under Section 11 does not extend to it.
 
Results of operations for the quarter ended March 31, 2014 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2014. We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2013 filed with the SEC on February 26, 2014.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of March 31, 2014
 
 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
39.2

 
$

 
$

 
$
39.2

Derivatives, net 

 
8.8

 

 
8.8

Total financial assets
$
39.2

 
$
8.8

 
$

 
$
48.0

 
 
 
 
 
 
 
 
As of December 31, 2013
 
 
 

 
 

 
 

Supplemental executive retirement plan assets
$
37.7

 
$

 
$

 
$
37.7

Derivatives, net 

 
1.8

 

 
1.8

Total financial assets
$
37.7

 
$
1.8

 
$

 
$
39.5



Supplemental Executive Retirement Plan Assets
 
Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices.
 
Derivatives
 
Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals.
 
Other Financial Instruments
 
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
March 31,
2014
 
December 31,
2013
 
Carrying Value  
 
Estimated Fair Value  
 
Carrying Value  
 
Estimated Fair Value  
4.70% Senior notes due 2021
$
1,477.9

 
$
1,614.8

 
$
1,477.2

 
$
1,596.9

6.875% Senior notes due 2020
1,020.7

 
1,076.6

 
1,024.8

 
1,086.7

3.25% Senior notes due 2016
996.9

 
1,043.3

 
996.5

 
1,045.8

8.50% Senior notes due 2019
596.4

 
632.5

 
600.5

 
635.8

7.875% Senior notes due 2040
382.2

 
427.3

 
382.6

 
410.5

7.20% Debentures due 2027
149.1

 
182.4

 
149.1

 
178.6

4.33% MARAD bonds, including current maturities, due 2016
71.2

 
71.6

 
78.9

 
79.7

4.65% MARAD bonds, including current maturities, due 2020
31.5

 
34.9

 
31.5

 
35.2

6.36% MARAD bonds, including current maturities, due 2015
25.3

 
26.7

 
25.3

 
27.1

Total
$
4,751.2

 
$
5,110.1

 
$
4,766.4

 
$
5,096.3



The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our Maritime Administration ("MARAD") bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of March 31, 2014 and December 31, 2013.
Derivative Instruments
Derivative Instruments
Derivative Instruments
    
Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk.
 
All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting.  Net assets of $8.8 million and $1.8 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013, respectively.  All of our derivatives mature during the next 18 months.  See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives.
 
Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
 
Derivative Assets
 
Derivative Liabilities
 
March 31,
2014
 
December 31,
2013
 
March 31,
2014
 
December 31,
2013
Derivatives Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
$
11.0

 
$
9.1

 
$
3.0

 
$
9.8

Foreign currency forward contracts - non-current(2)
1.0

 
1.2

 
.1

 
.6

 
12.0

 
10.3

 
3.1

 
10.4

Derivatives Not Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
1.2

 
2.5

 
1.3

 
.6

 
1.2

 
2.5

 
1.3

 
.6

Total
$
13.2

 
$
12.8

 
$
4.4

 
$
11.0

 
(1) 
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets.

(2) 
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets.
 
We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of March 31, 2014, we had cash flow hedges outstanding to exchange an aggregate $392.2 million for various foreign currencies, including $188.3 million for British pounds, $118.1 million for Brazilian reais, $34.8 million for Singapore dollars, $22.6 million for euros, $19.4 million for Australian dollars and $9.0 million for other currencies.

Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of income and comprehensive income for the quarters ended March 31, 2014 and 2013 were as follows (in millions):

 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)  
 
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1)
 
Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2)
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Interest rate lock contracts(3)
$

 
$

 
$
(.1
)
 
$
(.1
)
 
$

 
$

Foreign currency forward contracts(4)
4.9

 
(4.0
)
 
(.4
)
 
1.1

 
.7

 
.2

Total
$
4.9

 
$
(4.0
)
 
$
(.5
)
 
$
1.0

 
$
.7

 
$
.2



(1)
Changes in the fair value of cash flow hedges are recorded in AOCI.  Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2)
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income.

(3)
Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income.

(4) 
During the quarter ended March 31, 2014, $600,000 of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the quarter ended March 31, 2013, $900,000 of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income.

We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of March 31, 2014, we held derivatives not designated as hedging instruments to exchange an aggregate $223.0 million for various foreign currencies, including $109.7 million for euros, $30.6 million for British pounds, $25.7 million for Swiss francs, $19.1 million for Indonesian rupiah, $15.2 million for Australian dollars and $22.7 million for other currencies.
     
Net losses of $600,000 and $4.4 million associated with our derivatives not designated as hedging instruments were included in other, net in our condensed consolidated statements of income for the quarters ended March 31, 2014 and 2013, respectively.

As of March 31, 2014, the estimated amount of net gains associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $4.3 million.
Noncontrolling Interests (Notes)
Noncontrolling Interests
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of income.
    
Income from continuing operations attributable to Ensco for the quarters ended March 31, 2014 and 2013 was as follows (in millions):
 
2014
 
2013
Income from continuing operations
$
296.7

 
$
320.8

Income from continuing operations attributable to noncontrolling interests
(4.2
)
 
(2.8
)
Income from continuing operations attributable to Ensco
$
292.5

 
$
318.0



Loss from discontinued operations, net, for the quarter ended March 31, 2013 was attributable to Ensco.
Earnings Per Share
Earnings Per Share
Earnings Per Share
 
We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.
    
The following table is a reconciliation of net income attributable to Ensco shares used in our basic and diluted EPS computations for the quarters ended March 31, 2014 and 2013 (in millions):
 
2014
 
2013
Net income attributable to Ensco
$
292.5

 
$
317.1

Net income allocated to non-vested share awards
(3.0
)
 
(3.3
)
Net income attributable to Ensco shares
$
289.5

 
$
313.8

 
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the quarters ended March 31, 2014 and 2013 (in millions):
 
2014
 
2013
Weighted-average shares - basic
231.3

 
230.3

Potentially dilutive shares
.1

 
.3

Weighted-average shares - diluted
231.4

 
230.6

 
Antidilutive share options totaling 400,000 and 100,000 were excluded from the computation of diluted EPS for the quarters ended March 31, 2014 and 2013, respectively.
Discontinued Operations (Notes)
Discontinued Operations
Discontinued Operations
    
During the first quarter of 2013, we sold jackup rig Pride Pennsylvania for net proceeds of $15.5 million. The rig was classified as held for sale and included in discontinued operations during 2012 in connection with the sale of multiple rigs in our fleet. The proceeds from the sale were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the quarter ended March 31, 2013. We recognized a loss of $1.1 million in connection with the disposal, which was included in loss from discontinued operations, net, in our condensed consolidated statement of income for the quarter ended March 31, 2013. Pride Pennsylvania operating results were included in loss from discontinued operations, net in our condensed consolidated statement of income for the quarter ended March 31, 2013.

The following table summarizes loss from discontinued operations, net, for the quarter ended March 31, 2013 (in millions):
Revenues
$

Operating expenses
.1

Operating loss
(.1
)
Other income
.3

Income tax benefit

Loss on disposal of discontinued operations, net
(1.1
)
Loss from discontinued operations, net
$
(.9
)


Debt and interest expense are not allocated to our discontinued operations.
Income Taxes
Income Taxes
Income Taxes
 
Our consolidated effective income tax rate for the quarter ended March 31, 2014 was 16.5% as compared to 13.9% in the prior year quarter. Excluding the impact of discrete tax items, our consolidated effective income tax rate for the quarters ended March 31, 2014 and 2013 was 12.6% and 12.2%, respectively.

Discrete tax expense for the quarter ended March 31, 2014 was primarily attributable to income tax expense resulting from the sale of jackup rigs ENSCO 69 and Pride Wisconsin, the recognition of a liability for unrecognized tax benefits associated with certain tax positions taken in prior years and the resolution of prior period tax matters. Discrete tax expense for the quarter ended March 31, 2013 was primarily attributable to the recognition of a liability for unrecognized tax benefits associated with a tax position taken in prior years.
Contingencies
Contingencies
Contingencies

ENSCO 74 Loss

During 2008, ENSCO 74 was lost as a result of Hurricane Ike in the U.S. Gulf of Mexico.  The sunken rig hull of ENSCO 74 was located approximately 95 miles from the original drilling location when it was struck by an oil tanker during 2009.  Wreck removal operations on the sunken rig hull of ENSCO 74 were completed during 2010.

We filed a petition for exoneration or limitation of liability under U.S. admiralty and maritime law during 2009. A number of claimants presented claims in the exoneration/limitation proceedings. Currently, only one claimant remains. We have liability insurance policies that provide coverage for such claims as well as removal of wreckage and debris in excess of the property insurance policy sublimit, subject to a $10.0 million per occurrence deductible for third-party claims and an annual aggregate limit of $490.0 million

The owner of a pipeline filed claims alleging that ENSCO 74 caused the pipeline to rupture during Hurricane Ike and sought damages for the cost of repairs and business interruption in an amount in excess of $26.0 million. During the first quarter of 2014, we reached an agreement with the owner of the pipeline to settle the claims for $9.6 million. Prior to the settlement, we incurred legal fees of $3.6 million for this matter. An accrued liability of $6.4 million for the remainder of our deductible under our liability insurance policy was included in accrued liabilities and other on our condensed consolidated balance sheets as of March 31, 2014 and December 31, 2013. In April 2014, we paid the $6.4 million balance of our deductible under our liability insurance policy. The remaining $3.2 million of settlement proceeds was paid by our underwriters under the terms of the related insurance policies.

The owner of the oil tanker that struck the hull of ENSCO 74 filed claims seeking monetary damages currently in excess of $5.0 million for losses incurred when the tanker struck the sunken hull of ENSCO 74. This matter is currently scheduled for trial in June 2014. Based on information currently available, primarily the adequacy of available defenses, we have not concluded that it is probable a liability exists with respect to the claim by the owner of the oil tanker.
 
We believe all liabilities associated with the ENSCO 74 loss during Hurricane Ike resulted from a single occurrence under the terms of the applicable insurance policies. However, legal counsel for certain liability underwriters have asserted that the liability claims arise from separate occurrences. In the event of multiple occurrences, the self-insured retention is $15.0 million for two occurrences and $1.0 million for each occurrence thereafter.

Although we do not expect final disposition of the claims associated with the ENSCO 74 loss to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome.
    
Asbestos Litigation

We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Mississippi and Louisiana by approximately 100 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s.

In December 2013, we reached an agreement in principle with 58 of the plaintiffs to settle lawsuits filed in Mississippi for a nominal amount. While we believe the settlement will be approved by the Court, there can be no assurances as to the ultimate outcome.

We intend to vigorously defend against the remaining claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any.
 
In addition to the pending cases in Mississippi and Louisiana, we have other asbestos or lung injury claims pending against us in litigation in other jurisdictions. Although we do not expect final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits.

   Other Matters

In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows.

In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit and surety bonds outstanding as of March 31, 2014 totaled $242.7 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of March 31, 2014, we had not been required to make collateral deposits with respect to these agreements.
Segment Information
Segment Information
Segment Information
 
Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.
    
Segment information for the quarters ended March 31, 2014 and 2013 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment.

Three Months Ended March 31, 2014
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
Revenues
$
740.5

 
$
429.9

 
$
16.6

 
$
1,187.0

 
$

 
$
1,187.0

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
395.7

 
197.4

 
11.3

 
604.4

 

 
604.4

Depreciation
115.8

 
42.3

 

 
158.1

 
1.9

 
160.0

General and administrative

 

 

 

 
38.1

 
38.1

Operating income (loss)
$
229.0

 
$
190.2

 
$
5.3

 
$
424.5

 
$
(40.0
)
 
$
384.5

Property and equipment, net
$
11,376.2

 
$
2,986.1

 
$

 
$
14,362.3

 
$
56.0

 
$
14,418.3


Three Months Ended March 31, 2013
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
Revenues
$
719.2

 
$
410.5

 
$
20.2

 
$
1,149.9

 
$

 
$
1,149.9

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
344.9

 
200.2

 
15.7

 
560.8

 

 
560.8

Depreciation
107.1

 
40.3

 

 
147.4

 
1.6

 
149.0

General and administrative

 

 

 

 
37.8

 
37.8

Operating income (loss)
$
267.2

 
$
170.0

 
$
4.5

 
$
441.7

 
$
(39.4
)
 
$
402.3

Property and equipment, net
$
10,710.0

 
$
2,413.3

 
$

 
$
13,123.3

 
$
31.9

 
$
13,155.2


Information about Geographic Areas    

As of March 31, 2014, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
Floaters

 
Jackups(1)

 
Total(2)

North & South America (excluding Brazil)
9
 
12
 
21
Middle East & Africa
6
 
10
 
16
Asia & Pacific Rim
4
 
10
 
14
Europe & Mediterranean
1
 
10
 
11
Brazil
6
 
 
6
Asia & Pacific Rim (under construction)
3
 
3
 
6
Total
29
 
45
 
74

(1) 
In April 2014, we entered into an agreement with Lamprell plc to construct two premium jackup rigs (ENSCO 140 and ENSCO 141), which are scheduled for delivery during mid-2016. ENSCO 140 and ENSCO 141 are not included in the table above. 

(2) 
We provide management services on two rigs owned by third-parties not included in the table above.
Supplemental Financial Information
Supplemental Financial Information
Supplemental Financial Information

Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Trade
$
773.6

 
$
869.8

Other
18.3

 
14.3

 
791.9

 
884.1

Allowance for doubtful accounts
(12.3
)
 
(28.4
)
 
$
779.6

 
$
855.7



Other current assets consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Inventory
$
262.1

 
$
256.4

Prepaid taxes
76.1

 
88.1

Deferred costs
55.6

 
47.4

Assets held for sale
53.7

 
8.6

Short-term investments
50.0

 
50.0

Prepaid expenses
28.2

 
18.5

Deferred tax assets
22.9

 
23.1

Derivative assets
12.2

 
11.6

Other
9.5

 
10.2

 
$
570.3

 
$
513.9

 
    
Other assets, net, consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Deferred costs
$
76.0

 
$
59.1

Intangible assets
75.3

 
83.8

Prepaid taxes on intercompany transfers of property
48.6

 
50.2

Unbilled receivables
44.0

 
51.9

Supplemental executive retirement plan assets
39.2

 
37.7

Warranty and other claim receivables
30.6

 
30.6

Deferred tax assets
29.3

 
25.2

Other
13.5

 
14.2

 
$
356.5

 
$
352.7



Accrued liabilities and other consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Personnel costs
$
176.7

 
$
242.0

Deferred revenue
156.1

 
169.8

Taxes
93.8

 
84.2

Accrued Interest
34.3

 
68.0

Advance payment received on sale of assets
3.3

 
33.0

Customer pre-payments

 
20.0

Other
29.3

 
41.7

 
$
493.5

 
$
658.7


    
Other liabilities consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Deferred revenue
$
244.7

 
$
217.6

Unrecognized tax benefits (inclusive of interest and penalties)
156.6

 
148.0

Intangible liabilities
62.2

 
69.1

Supplemental executive retirement plan liabilities
41.9

 
40.5

Personnel costs
30.5

 
37.2

Other
33.2

 
33.3

 
$
569.1

 
$
545.7


 
Accumulated other comprehensive income consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Derivative Instruments
$
26.0

 
$
20.6

Other
(2.4
)
 
(2.4
)
 
$
23.6

 
$
18.2



Concentration of Risk

We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions.  

We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all of our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions.  Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. 

During the quarter ended March 31, 2014, Petrobras, Total and Anadarko Petroleum accounted for 17%, 14% and 10% of our consolidated revenues, respectively, all of which were attributable to our Floaters segment. During the same period, BP accounted for 10% of our consolidated revenues, 70% of which were attributable to our Floaters segment.

During the quarter ended March 31, 2014, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $419.9 million, or 35%, of our consolidated revenues, of which 75% were provided by our Floaters segment. Revenues provided by our drilling operations in Angola and Brazil during the quarter ended March 31, 2014 totaled $189.3 million and $164.5 million, or 16% and 14%, respectively, of our consolidated revenues, all of which were provided by our Floaters segment.
Guarantee Of Registered Securities
Guarantee Of Registered Securities
Guarantee of Registered Securities

On May 31, 2011, Ensco plc completed a merger transaction (the "Merger") with Pride International Inc. ("Pride"). In connection with the Merger, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% unsecured senior notes due 2019, 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $1.7 billion as of March 31, 2014. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes.
 
Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of March 31, 2014.
    
All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.
   
The following tables present the unaudited condensed consolidating statements of income for the three month periods ended March 31, 2014 and 2013; the unaudited condensed consolidating statements of comprehensive income for the three month periods ended March 31, 2014 and 2013; the condensed consolidating balance sheets as of March 31, 2014 (unaudited) and December 31, 2013; and the unaudited condensed consolidating statements of cash flows for the three month periods ended March 31, 2014 and 2013, in accordance with Rule 3-10 of Regulation S-X.

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
7.7

 
$
38.9

 
$

 
$
1,219.9

 
$
(79.5
)
 
$
1,187.0

OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
7.3

 
38.9

 

 
637.7

 
(79.5
)
 
604.4

Depreciation
.1

 
1.5

 

 
158.4

 

 
160.0

General and administrative
16.3

 
.1

 

 
21.7

 

 
38.1

OPERATING (LOSS) INCOME
(16.0
)
 
(1.6
)



402.1




384.5

OTHER (EXPENSE) INCOME, NET
(16.6
)
 
(4.0
)
 
(12.2
)
 
3.7

 

 
(29.1
)
(LOSS) INCOME BEFORE INCOME TAXES
(32.6
)
 
(5.6
)

(12.2
)

405.8




355.4

INCOME TAX PROVISION

 
30.8

 

 
27.9

 

 
58.7

EQUITY EARNINGS (LOSS) IN AFFILIATES, NET OF TAX
325.1

 
94.0

 
(15.3
)
 

 
(403.8
)
 

NET INCOME
292.5


57.6


(27.5
)

377.9


(403.8
)

296.7

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(4.2
)
 

 
(4.2
)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO
$
292.5

 
$
57.6


$
(27.5
)

$
373.7


$
(403.8
)

$
292.5

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
5.5

 
$
38.1

 
$

 
$
1,183.7

 
$
(77.4
)
 
$
1,149.9

OPERATING EXPENSES
 

 
 

 
 

 
 

 
 

 


Contract drilling (exclusive of depreciation)
12.4

 
38.1

 

 
587.7

 
(77.4
)
 
560.8

Depreciation
.1

 
.8

 

 
148.1

 

 
149.0

General and administrative
16.9

 
.2

 

 
20.7

 

 
37.8

OPERATING (LOSS) INCOME
(23.9
)

(1.0
)



427.2




402.3

OTHER (EXPENSE) INCOME, NET
(14.6
)
 
(7.4
)
 
(14.6
)
 
6.8

 

 
(29.8
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(38.5
)

(8.4
)

(14.6
)

434.0




372.5

INCOME TAX PROVISION

 
29.5

 

 
22.2

 

 
51.7

DISCONTINUED OPERATIONS, NET

 

 

 
(.9
)
 

 
(.9
)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
355.6

 
111.7

 
52.4

 

 
(519.7
)
 

NET INCOME
317.1

 
73.8


37.8


410.9


(519.7
)

319.9

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
NET INCOME ATTRIBUTABLE TO ENSCO
$
317.1


$
73.8


$
37.8


$
408.1


$
(519.7
)

$
317.1




ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
292.5

 
$
57.6

 
$
(27.5
)
 
$
377.9

 
$
(403.8
)
 
$
296.7

OTHER COMPREHENSIVE INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
4.9

 

 

 

 
4.9

Reclassification of net losses on derivative instruments from other comprehensive income into net income

 
.5

 

 

 

 
.5

NET OTHER COMPREHENSIVE INCOME

 
5.4








5.4

 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
292.5

 
63.0


(27.5
)

377.9


(403.8
)

302.1

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(4.2
)
 

 
(4.2
)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO
$
292.5

 
$
63.0


$
(27.5
)

$
373.7


$
(403.8
)

$
297.9


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
317.1

 
$
73.8

 
$
37.8

 
$
410.9

 
$
(519.7
)
 
$
319.9

OTHER COMPREHENSIVE LOSS, NET
 
 
 
 
 
 
 
 
 
 

Net change in fair value of derivatives

 
(4.0
)
 

 

 

 
(4.0
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(1.0
)
 

 

 

 
(1.0
)
Other

 

 

 
(.1
)
 

 
(.1
)
NET OTHER COMPREHENSIVE LOSS


(5.0
)



(.1
)


 
(5.1
)
 
 
 
 
 
 
 
 
 
 
 


COMPREHENSIVE INCOME
317.1


68.8


37.8


410.8


(519.7
)
 
314.8

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
317.1


$
68.8


$
37.8


$
408.0


$
(519.7
)

$
312.0




ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2014
(in millions)
(Unaudited)

 
 Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
38.1

 
$

 
$
2.2

 
$
82.2

 
$

 
$
122.5

Accounts receivable, net 

 

 

 
779.6

 

 
779.6

Accounts receivable from affiliates
2,119.5

 
158.2

 
1.3

 
4,460.7

 
(6,739.7
)
 

Other
3.0

 
66.3

 

 
501.0

 

 
570.3

Total current assets
2,160.6

 
224.5


3.5


5,823.5


(6,739.7
)

1,472.4

PROPERTY AND EQUIPMENT, AT COST
2.1

 
48.2

 

 
17,650.4

 

 
17,700.7

Less accumulated depreciation
1.6

 
28.0

 

 
3,252.8

 

 
3,282.4

Property and equipment, net  
.5

 
20.2




14,397.6




14,418.3

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
4,129.1

 
4,380.3

 
1,933.6

 
5,283.2

 
(15,726.2
)
 

INVESTMENTS IN AFFILIATES
14,174.1

 
4,973.8

 
4,076.9

 

 
(23,224.8
)
 

OTHER ASSETS, NET 
8.2

 
57.9

 

 
290.4

 

 
356.5

 
$
20,472.5

 
$
9,656.7


$
6,014.0


$
29,068.7


$
(45,690.7
)

$
19,521.2

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
5.2

 
$
17.4

 
$
23.4

 
$
859.4

 
$

 
$
905.4

Accounts payable to affiliates
4,036.0

 
471.4

 

 
2,232.3

 
(6,739.7
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
4,041.2

 
488.8


23.4


3,139.2


(6,739.7
)

952.9

DUE TO AFFILIATES 
1,025.7

 
2,951.5

 
1,391.9

 
10,357.1

 
(15,726.2
)
 

LONG-TERM DEBT 
2,474.8

 
149.1

 
1,999.3

 
80.5

 

 
4,703.7

DEFERRED INCOME TAXES

 
360.2

 

 
4.5

 

 
364.7

OTHER LIABILITIES

 
2.0

 
8.1

 
559.0

 

 
569.1

ENSCO SHAREHOLDERS' EQUITY 
12,930.8

 
5,705.1

 
2,591.3

 
14,919.2

 
(23,224.8
)
 
12,921.6

NONCONTROLLING INTERESTS

 

 

 
9.2

 

 
9.2

Total equity
12,930.8

 
5,705.1


2,591.3


14,928.4


(23,224.8
)

12,930.8

      
$
20,472.5

 
$
9,656.7


$
6,014.0


$
29,068.7


$
(45,690.7
)

$
19,521.2





ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2013
(in millions)

 
 Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
46.5

 
$
.5

 
$
4.9

 
$
113.7

 
$

 
$
165.6

Accounts receivable, net 

 

 

 
855.7

 

 
855.7

Accounts receivable from affiliates
1,235.0

 
213.8

 
5.5

 
4,169.2

 
(5,623.5
)
 

Other
3.2

 
61.3

 

 
449.4

 

 
513.9

Total current assets
1,284.7


275.6


10.4


5,588.0


(5,623.5
)

1,535.2

PROPERTY AND EQUIPMENT, AT COST
2.1

 
34.3

 

 
17,462.1

 

 
17,498.5

Less accumulated depreciation
1.5

 
26.5

 

 
3,159.5

 

 
3,187.5

Property and equipment, net  
.6


7.8




14,302.6




14,311.0

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
4,876.8

 
4,236.0

 
1,898.0

 
5,069.7

 
(16,080.5
)
 

INVESTMENTS IN AFFILIATES
13,830.1

 
4,868.6

 
4,092.2

 

 
(22,790.9
)
 

OTHER ASSETS, NET 
8.8

 
60.1

 

 
283.8

 

 
352.7

 
$
20,001.0


$
9,448.1


$
6,000.6


$
28,518.1


$
(44,494.9
)

$
19,472.9

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
31.5

 
$
9.1

 
$
34.2

 
$
925.0

 
$

 
$
999.8

Accounts payable to affiliates
3,666.1

 
549.7

 

 
1,407.7

 
(5,623.5
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
3,697.6


558.8


34.2


2,380.2


(5,623.5
)

1,047.3

DUE TO AFFILIATES 
1,030.8

 
2,760.4

 
1,331.1

 
10,958.2

 
(16,080.5
)
 

LONG-TERM DEBT 
2,473.7

 
149.1

 
2,007.8

 
88.3

 

 
4,718.9

DEFERRED INCOME TAXES

 
358.3

 

 
3.8

 

 
362.1

OTHER LIABILITIES

 
2.3

 
8.7

 
534.7

 

 
545.7

ENSCO SHAREHOLDERS' EQUITY 
12,798.9

 
5,619.2

 
2,618.8

 
14,545.6

 
(22,790.9
)
 
12,791.6

NONCONTROLLING INTERESTS

 

 

 
7.3

 

 
7.3

Total equity
12,798.9

 
5,619.2


2,618.8


14,552.9


(22,790.9
)

12,798.9

      
$
20,001.0

 
$
9,448.1


$
6,000.6


$
28,518.1


$
(44,494.9
)

$
19,472.9



ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2014
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities
$
(50.1
)
 
$
(22.2
)
 
$
(32.1
)
 
$
521.0

 
$

 
$
416.6

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment 

 
(13.9
)
 

 
(260.2
)
 

 
(274.1
)
Other

 

 

 
3.3

 

 
3.3

Net cash used in investing activities 

 
(13.9
)



(256.9
)



(270.8
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 


Cash dividends paid
(175.7
)
 

 

 

 

 
(175.7
)
Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Proceeds from exercise of share options
.2

 

 

 

 

 
.2

Advances from (to) affiliates
221.3

 
35.6

 
29.4

 
(286.3
)
 

 

Other
(4.1
)
 

 

 
(2.3
)
 

 
(6.4
)
Net cash provided by (used in) financing activities
41.7

 
35.6


29.4


(295.7
)



(189.0
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
.1

 

 
.1

NET DECREASE IN CASH AND CASH EQUIVALENTS
(8.4
)
 
(.5
)

(2.7
)

(31.5
)



(43.1
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
46.5

 
.5

 
4.9

 
113.7

 

 
165.6

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
38.1

 
$

 
$
2.2

 
$
82.2

 
$

 
$
122.5


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2013
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO International Incorporated 
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities of continuing operations
$
(55.3
)
 
$
(34.0
)
 
$
11.3

 
$
420.1

 
$

 
$
342.1

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 
Additions to property and equipment 

 

 

 
(168.3
)
 

 
(168.3
)
Other

 
.1

 

 
.8

 

 
.9

Net cash provided by (used in) investing activities of continuing operations  

 
.1

 

 
(167.5
)
 

 
(167.4
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 
Cash dividends paid
(116.5
)
 

 

 

 

 
(116.5
)
Proceeds from exercise of share options
13.4

 

 

 

 

 
13.4

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances from (to) affiliates
179.4

 
32.2

 
18.7

 
(230.3
)
 

 

Other
(3.7
)
 

 


 
(1.8
)
 

 
(5.5
)
Net cash provided by (used in) financing activities
72.6

 
32.2

 
18.7

 
(239.2
)
 

 
(115.7
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
.2

 

 
.2

Investing activities

 

 

 
15.5

 

 
15.5

Net cash provided by discontinued operations

 

 

 
15.7

 

 
15.7

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
17.3

 
(1.7
)
 
30.0

 
29.1

 

 
74.7

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
271.8

 
1.7

 
85.0

 
128.6

 

 
487.1

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8

Subsequent Events (Notes)
Subsequent Events [Text Block]
In April 2014, we sold jackup rig ENSCO 85 for net proceeds of approximately $64.0 million. We classified the rig as held for sale during the first quarter of 2014 and included the rig's $53.7 million aggregate net book value and inventory in other current assets on our condensed consolidated balance sheet as of March 31, 2014. The gain on sale will be recognized during the second quarter of 2014.
Fair Value Measurements (Tables)
The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of March 31, 2014
 
 
 

 
 

 
 

Supplemental executive retirement plan assets 
$
39.2

 
$

 
$

 
$
39.2

Derivatives, net 

 
8.8

 

 
8.8

Total financial assets
$
39.2

 
$
8.8

 
$

 
$
48.0

 
 
 
 
 
 
 
 
As of December 31, 2013
 
 
 

 
 

 
 

Supplemental executive retirement plan assets
$
37.7

 
$

 
$

 
$
37.7

Derivatives, net 

 
1.8

 

 
1.8

Total financial assets
$
37.7

 
$
1.8

 
$

 
$
39.5

The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
March 31,
2014
 
December 31,
2013
 
Carrying Value  
 
Estimated Fair Value  
 
Carrying Value  
 
Estimated Fair Value  
4.70% Senior notes due 2021
$
1,477.9

 
$
1,614.8

 
$
1,477.2

 
$
1,596.9

6.875% Senior notes due 2020
1,020.7

 
1,076.6

 
1,024.8

 
1,086.7

3.25% Senior notes due 2016
996.9

 
1,043.3

 
996.5

 
1,045.8

8.50% Senior notes due 2019
596.4

 
632.5

 
600.5

 
635.8

7.875% Senior notes due 2040
382.2

 
427.3

 
382.6

 
410.5

7.20% Debentures due 2027
149.1

 
182.4

 
149.1

 
178.6

4.33% MARAD bonds, including current maturities, due 2016
71.2

 
71.6

 
78.9

 
79.7

4.65% MARAD bonds, including current maturities, due 2020
31.5

 
34.9

 
31.5

 
35.2

6.36% MARAD bonds, including current maturities, due 2015
25.3

 
26.7

 
25.3

 
27.1

Total
$
4,751.2

 
$
5,110.1

 
$
4,766.4

 
$
5,096.3

Derivative Instruments (Tables)
Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
 
Derivative Assets
 
Derivative Liabilities
 
March 31,
2014
 
December 31,
2013
 
March 31,
2014
 
December 31,
2013
Derivatives Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
$
11.0

 
$
9.1

 
$
3.0

 
$
9.8

Foreign currency forward contracts - non-current(2)
1.0

 
1.2

 
.1

 
.6

 
12.0

 
10.3

 
3.1

 
10.4

Derivatives Not Designated as Hedging Instruments
 
 
 

 
 

 
 

Foreign currency forward contracts - current(1)
1.2

 
2.5

 
1.3

 
.6

 
1.2

 
2.5

 
1.3

 
.6

Total
$
13.2

 
$
12.8

 
$
4.4

 
$
11.0

 
(1) 
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets.

(2) 
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets.
Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of income and comprehensive income for the quarters ended March 31, 2014 and 2013 were as follows (in millions):

 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)  
 
(Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1)
 
Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2)
 
2014
 
2013
 
2014
 
2013
 
2014
 
2013
Interest rate lock contracts(3)
$

 
$

 
$
(.1
)
 
$
(.1
)
 
$

 
$

Foreign currency forward contracts(4)
4.9

 
(4.0
)
 
(.4
)
 
1.1

 
.7

 
.2

Total
$
4.9

 
$
(4.0
)
 
$
(.5
)
 
$
1.0

 
$
.7

 
$
.2



(1)
Changes in the fair value of cash flow hedges are recorded in AOCI.  Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction.

(2)
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income.

(3)
Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income.

(4) 
During the quarter ended March 31, 2014, $600,000 of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the quarter ended March 31, 2013, $900,000 of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income.

Noncontrolling Interests (Tables)
Reconciliation of Income from Continuing Operations
Income from continuing operations attributable to Ensco for the quarters ended March 31, 2014 and 2013 was as follows (in millions):
 
2014
 
2013
Income from continuing operations
$
296.7

 
$
320.8

Income from continuing operations attributable to noncontrolling interests
(4.2
)
 
(2.8
)
Income from continuing operations attributable to Ensco
$
292.5

 
$
318.0

Earnings Per Share (Tables)
The following table is a reconciliation of net income attributable to Ensco shares used in our basic and diluted EPS computations for the quarters ended March 31, 2014 and 2013 (in millions):
 
2014
 
2013
Net income attributable to Ensco
$
292.5

 
$
317.1

Net income allocated to non-vested share awards
(3.0
)
 
(3.3
)
Net income attributable to Ensco shares
$
289.5

 
$
313.8

 
following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the quarters ended March 31, 2014 and 2013 (in millions):
 
2014
 
2013
Weighted-average shares - basic
231.3

 
230.3

Potentially dilutive shares
.1

 
.3

Weighted-average shares - diluted
231.4

 
230.6

 
Anti
Discontinued Operations (Tables)
Summary of Loss from Discontinued Operations
The following table summarizes loss from discontinued operations, net, for the quarter ended March 31, 2013 (in millions):
Revenues
$

Operating expenses
.1

Operating loss
(.1
)
Other income
.3

Income tax benefit

Loss on disposal of discontinued operations, net
(1.1
)
Loss from discontinued operations, net
$
(.9
)
Segment Information (Tables)
Ended March 31, 2014
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
Revenues
$
740.5

 
$
429.9

 
$
16.6

 
$
1,187.0

 
$

 
$
1,187.0

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
395.7

 
197.4

 
11.3

 
604.4

 

 
604.4

Depreciation
115.8

 
42.3

 

 
158.1

 
1.9

 
160.0

General and administrative

 

 

 

 
38.1

 
38.1

Operating income (loss)
$
229.0

 
$
190.2

 
$
5.3

 
$
424.5

 
$
(40.0
)
 
$
384.5

Property and equipment, net
$
11,376.2

 
$
2,986.1

 
$

 
$
14,362.3

 
$
56.0

 
$
14,418.3


Three Months Ended March 31, 2013
 
Floaters
 
Jackups
 
Other
 
Operating Segments Total
 
Reconciling Items
 
Consolidated Total
Revenues
$
719.2

 
$
410.5

 
$
20.2

 
$
1,149.9

 
$

 
$
1,149.9

Operating expenses
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
344.9

 
200.2

 
15.7

 
560.8

 

 
560.8

Depreciation
107.1

 
40.3

 

 
147.4

 
1.6

 
149.0

General and administrative

 

 

 

 
37.8

 
37.8

Operating income (loss)
$
267.2

 
$
170.0

 
$
4.5

 
$
441.7

 
$
(39.4
)
 
$
402.3

Property and equipment, net
$
10,710.0

 
$
2,413.3

 
$

 
$
13,123.3

 
$
31.9

 
$
13,155.2


As of March 31, 2014, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
Floaters

 
Jackups(1)

 
Total(2)

North & South America (excluding Brazil)
9
 
12
 
21
Middle East & Africa
6
 
10
 
16
Asia & Pacific Rim
4
 
10
 
14
Europe & Mediterranean
1
 
10
 
11
Brazil
6
 
 
6
Asia & Pacific Rim (under construction)
3
 
3
 
6
Total
29
 
45
 
74

(1) 
In April 2014, we entered into an agreement with Lamprell plc to construct two premium jackup rigs (ENSCO 140 and ENSCO 141), which are scheduled for delivery during mid-2016. ENSCO 140 and ENSCO 141 are not included in the table above. 

(2) 
We provide management services on two rigs owned by third-parties not included in the table above. 
Supplemental Financial Information (Tables)
Accounts receivable, net, consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Trade
$
773.6

 
$
869.8

Other
18.3

 
14.3

 
791.9

 
884.1

Allowance for doubtful accounts
(12.3
)
 
(28.4
)
 
$
779.6

 
$
855.7

Other current assets consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Inventory
$
262.1

 
$
256.4

Prepaid taxes
76.1

 
88.1

Deferred costs
55.6

 
47.4

Assets held for sale
53.7

 
8.6

Short-term investments
50.0

 
50.0

Prepaid expenses
28.2

 
18.5

Deferred tax assets
22.9

 
23.1

Derivative assets
12.2

 
11.6

Other
9.5

 
10.2

 
$
570.3

 
$
513.9

Other assets, net, consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Deferred costs
$
76.0

 
$
59.1

Intangible assets
75.3

 
83.8

Prepaid taxes on intercompany transfers of property
48.6

 
50.2

Unbilled receivables
44.0

 
51.9

Supplemental executive retirement plan assets
39.2

 
37.7

Warranty and other claim receivables
30.6

 
30.6

Deferred tax assets
29.3

 
25.2

Other
13.5

 
14.2

 
$
356.5

 
$
352.7

Accrued liabilities and other consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Personnel costs
$
176.7

 
$
242.0

Deferred revenue
156.1

 
169.8

Taxes
93.8

 
84.2

Accrued Interest
34.3

 
68.0

Advance payment received on sale of assets
3.3

 
33.0

Customer pre-payments

 
20.0

Other
29.3

 
41.7

 
$
493.5

 
$
658.7

Other liabilities consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Deferred revenue
$
244.7

 
$
217.6

Unrecognized tax benefits (inclusive of interest and penalties)
156.6

 
148.0

Intangible liabilities
62.2

 
69.1

Supplemental executive retirement plan liabilities
41.9

 
40.5

Personnel costs
30.5

 
37.2

Other
33.2

 
33.3

 
$
569.1

 
$
545.7

Accumulated other comprehensive income consisted of the following (in millions):
 
March 31,
2014
 
December 31,
2013
Derivative Instruments
$
26.0

 
$
20.6

Other
(2.4
)
 
(2.4
)
 
$
23.6

 
$
18.2

Guarantee Of Registered Securities (Tables)

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
7.7

 
$
38.9

 
$

 
$
1,219.9

 
$
(79.5
)
 
$
1,187.0

OPERATING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
7.3

 
38.9

 

 
637.7

 
(79.5
)
 
604.4

Depreciation
.1

 
1.5

 

 
158.4

 

 
160.0

General and administrative
16.3

 
.1

 

 
21.7

 

 
38.1

OPERATING (LOSS) INCOME
(16.0
)
 
(1.6
)



402.1




384.5

OTHER (EXPENSE) INCOME, NET
(16.6
)
 
(4.0
)
 
(12.2
)
 
3.7

 

 
(29.1
)
(LOSS) INCOME BEFORE INCOME TAXES
(32.6
)
 
(5.6
)

(12.2
)

405.8




355.4

INCOME TAX PROVISION

 
30.8

 

 
27.9

 

 
58.7

EQUITY EARNINGS (LOSS) IN AFFILIATES, NET OF TAX
325.1

 
94.0

 
(15.3
)
 

 
(403.8
)
 

NET INCOME
292.5


57.6


(27.5
)

377.9


(403.8
)

296.7

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(4.2
)
 

 
(4.2
)
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO
$
292.5

 
$
57.6


$
(27.5
)

$
373.7


$
(403.8
)

$
292.5

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING REVENUES
$
5.5

 
$
38.1

 
$

 
$
1,183.7

 
$
(77.4
)
 
$
1,149.9

OPERATING EXPENSES
 

 
 

 
 

 
 

 
 

 


Contract drilling (exclusive of depreciation)
12.4

 
38.1

 

 
587.7

 
(77.4
)
 
560.8

Depreciation
.1

 
.8

 

 
148.1

 

 
149.0

General and administrative
16.9

 
.2

 

 
20.7

 

 
37.8

OPERATING (LOSS) INCOME
(23.9
)

(1.0
)



427.2




402.3

OTHER (EXPENSE) INCOME, NET
(14.6
)
 
(7.4
)
 
(14.6
)
 
6.8

 

 
(29.8
)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(38.5
)

(8.4
)

(14.6
)

434.0




372.5

INCOME TAX PROVISION

 
29.5

 

 
22.2

 

 
51.7

DISCONTINUED OPERATIONS, NET

 

 

 
(.9
)
 

 
(.9
)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
355.6

 
111.7

 
52.4

 

 
(519.7
)
 

NET INCOME
317.1

 
73.8


37.8


410.9


(519.7
)

319.9

NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
NET INCOME ATTRIBUTABLE TO ENSCO
$
317.1


$
73.8


$
37.8


$
408.1


$
(519.7
)

$
317.1




ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
292.5

 
$
57.6

 
$
(27.5
)
 
$
377.9

 
$
(403.8
)
 
$
296.7

OTHER COMPREHENSIVE INCOME, NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives

 
4.9

 

 

 

 
4.9

Reclassification of net losses on derivative instruments from other comprehensive income into net income

 
.5

 

 

 

 
.5

NET OTHER COMPREHENSIVE INCOME

 
5.4








5.4

 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
292.5

 
63.0


(27.5
)

377.9


(403.8
)

302.1

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(4.2
)
 

 
(4.2
)
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO
$
292.5

 
$
63.0


$
(27.5
)

$
373.7


$
(403.8
)

$
297.9


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended March 31, 2013
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
317.1

 
$
73.8

 
$
37.8

 
$
410.9

 
$
(519.7
)
 
$
319.9

OTHER COMPREHENSIVE LOSS, NET
 
 
 
 
 
 
 
 
 
 

Net change in fair value of derivatives

 
(4.0
)
 

 

 

 
(4.0
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(1.0
)
 

 

 

 
(1.0
)
Other

 

 

 
(.1
)
 

 
(.1
)
NET OTHER COMPREHENSIVE LOSS


(5.0
)



(.1
)


 
(5.1
)
 
 
 
 
 
 
 
 
 
 
 


COMPREHENSIVE INCOME
317.1


68.8


37.8


410.8


(519.7
)
 
314.8

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(2.8
)
 

 
(2.8
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
317.1


$
68.8


$
37.8


$
408.0


$
(519.7
)

$
312.0




ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
March 31, 2014
(in millions)
(Unaudited)

 
 Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
38.1

 
$

 
$
2.2

 
$
82.2

 
$

 
$
122.5

Accounts receivable, net 

 

 

 
779.6

 

 
779.6

Accounts receivable from affiliates
2,119.5

 
158.2

 
1.3

 
4,460.7

 
(6,739.7
)
 

Other
3.0

 
66.3

 

 
501.0

 

 
570.3

Total current assets
2,160.6

 
224.5


3.5


5,823.5


(6,739.7
)

1,472.4

PROPERTY AND EQUIPMENT, AT COST
2.1

 
48.2

 

 
17,650.4

 

 
17,700.7

Less accumulated depreciation
1.6

 
28.0

 

 
3,252.8

 

 
3,282.4

Property and equipment, net  
.5

 
20.2




14,397.6




14,418.3

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
4,129.1

 
4,380.3

 
1,933.6

 
5,283.2

 
(15,726.2
)
 

INVESTMENTS IN AFFILIATES
14,174.1

 
4,973.8

 
4,076.9

 

 
(23,224.8
)
 

OTHER ASSETS, NET 
8.2

 
57.9

 

 
290.4

 

 
356.5

 
$
20,472.5

 
$
9,656.7


$
6,014.0


$
29,068.7


$
(45,690.7
)

$
19,521.2

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
5.2

 
$
17.4

 
$
23.4

 
$
859.4

 
$

 
$
905.4

Accounts payable to affiliates
4,036.0

 
471.4

 

 
2,232.3

 
(6,739.7
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
4,041.2

 
488.8


23.4


3,139.2


(6,739.7
)

952.9

DUE TO AFFILIATES 
1,025.7

 
2,951.5

 
1,391.9

 
10,357.1

 
(15,726.2
)
 

LONG-TERM DEBT 
2,474.8

 
149.1

 
1,999.3

 
80.5

 

 
4,703.7

DEFERRED INCOME TAXES

 
360.2

 

 
4.5

 

 
364.7

OTHER LIABILITIES

 
2.0

 
8.1

 
559.0

 

 
569.1

ENSCO SHAREHOLDERS' EQUITY 
12,930.8

 
5,705.1

 
2,591.3

 
14,919.2

 
(23,224.8
)
 
12,921.6

NONCONTROLLING INTERESTS

 

 

 
9.2

 

 
9.2

Total equity
12,930.8

 
5,705.1


2,591.3


14,928.4


(23,224.8
)

12,930.8

      
$
20,472.5

 
$
9,656.7


$
6,014.0


$
29,068.7


$
(45,690.7
)

$
19,521.2





ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING BALANCE SHEETS
December 31, 2013
(in millions)

 
 Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
                          ASSETS 
 
 
 
 
 
 
 
 
 
 
 
CURRENT ASSETS
 
 
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
46.5

 
$
.5

 
$
4.9

 
$
113.7

 
$

 
$
165.6

Accounts receivable, net 

 

 

 
855.7

 

 
855.7

Accounts receivable from affiliates
1,235.0

 
213.8

 
5.5

 
4,169.2

 
(5,623.5
)
 

Other
3.2

 
61.3

 

 
449.4

 

 
513.9

Total current assets
1,284.7


275.6


10.4


5,588.0


(5,623.5
)

1,535.2

PROPERTY AND EQUIPMENT, AT COST
2.1

 
34.3

 

 
17,462.1

 

 
17,498.5

Less accumulated depreciation
1.5

 
26.5

 

 
3,159.5

 

 
3,187.5

Property and equipment, net  
.6


7.8




14,302.6




14,311.0

GOODWILL

 

 

 
3,274.0

 

 
3,274.0

DUE FROM AFFILIATES
4,876.8

 
4,236.0

 
1,898.0

 
5,069.7

 
(16,080.5
)
 

INVESTMENTS IN AFFILIATES
13,830.1

 
4,868.6

 
4,092.2

 

 
(22,790.9
)
 

OTHER ASSETS, NET 
8.8

 
60.1

 

 
283.8

 

 
352.7

 
$
20,001.0


$
9,448.1


$
6,000.6


$
28,518.1


$
(44,494.9
)

$
19,472.9

LIABILITIES AND SHAREHOLDERS' EQUITY 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES
 
 
 
 
 
 
 
 
 
 
 
Accounts payable and accrued liabilities
$
31.5

 
$
9.1

 
$
34.2

 
$
925.0

 
$

 
$
999.8

Accounts payable to affiliates
3,666.1

 
549.7

 

 
1,407.7

 
(5,623.5
)
 

Current maturities of long-term debt

 

 

 
47.5

 

 
47.5

Total current liabilities
3,697.6


558.8


34.2


2,380.2


(5,623.5
)

1,047.3

DUE TO AFFILIATES 
1,030.8

 
2,760.4

 
1,331.1

 
10,958.2

 
(16,080.5
)
 

LONG-TERM DEBT 
2,473.7

 
149.1

 
2,007.8

 
88.3

 

 
4,718.9

DEFERRED INCOME TAXES

 
358.3

 

 
3.8

 

 
362.1

OTHER LIABILITIES

 
2.3

 
8.7

 
534.7

 

 
545.7

ENSCO SHAREHOLDERS' EQUITY 
12,798.9

 
5,619.2

 
2,618.8

 
14,545.6

 
(22,790.9
)
 
12,791.6

NONCONTROLLING INTERESTS

 

 

 
7.3

 

 
7.3

Total equity
12,798.9

 
5,619.2


2,618.8


14,552.9


(22,790.9
)

12,798.9

      
$
20,001.0

 
$
9,448.1


$
6,000.6


$
28,518.1


$
(44,494.9
)

$
19,472.9

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2014
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities
$
(50.1
)
 
$
(22.2
)
 
$
(32.1
)
 
$
521.0

 
$

 
$
416.6

INVESTING ACTIVITIES
 
 
 
 
 
 
 
 
 
 
 
Additions to property and equipment 

 
(13.9
)
 

 
(260.2
)
 

 
(274.1
)
Other

 

 

 
3.3

 

 
3.3

Net cash used in investing activities 

 
(13.9
)



(256.9
)



(270.8
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 


Cash dividends paid
(175.7
)
 

 

 

 

 
(175.7
)
Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Proceeds from exercise of share options
.2

 

 

 

 

 
.2

Advances from (to) affiliates
221.3

 
35.6

 
29.4

 
(286.3
)
 

 

Other
(4.1
)
 

 

 
(2.3
)
 

 
(6.4
)
Net cash provided by (used in) financing activities
41.7

 
35.6


29.4


(295.7
)



(189.0
)
Effect of exchange rate changes on cash and cash equivalents

 

 

 
.1

 

 
.1

NET DECREASE IN CASH AND CASH EQUIVALENTS
(8.4
)
 
(.5
)

(2.7
)

(31.5
)



(43.1
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
46.5

 
.5

 
4.9

 
113.7

 

 
165.6

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
38.1

 
$

 
$
2.2

 
$
82.2

 
$

 
$
122.5


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS
Three Months Ended March 31, 2013
(in millions)
(Unaudited)
 
Ensco plc
 
ENSCO International Incorporated 
 
Pride International, Inc.
 
Other Non-guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
OPERATING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 

Net cash (used in) provided by operating activities of continuing operations
$
(55.3
)
 
$
(34.0
)
 
$
11.3

 
$
420.1

 
$

 
$
342.1

INVESTING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 
Additions to property and equipment 

 

 

 
(168.3
)
 

 
(168.3
)
Other

 
.1

 

 
.8

 

 
.9

Net cash provided by (used in) investing activities of continuing operations  

 
.1

 

 
(167.5
)
 

 
(167.4
)
FINANCING ACTIVITIES
 

 
 

 
 

 
 

 
 

 
 
Cash dividends paid
(116.5
)
 

 

 

 

 
(116.5
)
Proceeds from exercise of share options
13.4

 

 

 

 

 
13.4

Reduction of long-term borrowings

 

 

 
(7.1
)
 

 
(7.1
)
Advances from (to) affiliates
179.4

 
32.2

 
18.7

 
(230.3
)
 

 

Other
(3.7
)
 

 


 
(1.8
)
 

 
(5.5
)
Net cash provided by (used in) financing activities
72.6

 
32.2

 
18.7

 
(239.2
)
 

 
(115.7
)
DISCONTINUED OPERATIONS
 
 
 
 
 
 
 
 
 
 
 
Operating activities

 

 

 
.2

 

 
.2

Investing activities

 

 

 
15.5

 

 
15.5

Net cash provided by discontinued operations

 

 

 
15.7

 

 
15.7

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
17.3

 
(1.7
)
 
30.0

 
29.1

 

 
74.7

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
271.8

 
1.7

 
85.0

 
128.6

 

 
487.1

CASH AND CASH EQUIVALENTS, END OF PERIOD
$
289.1

 
$

 
$
115.0

 
$
157.7

 
$

 
$
561.8

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
$ 39.2 
$ 37.7 
Derivatives, net
8.8 
1.8 
Total financial assets
48.0 
39.5 
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
39.2 
37.7 
Derivatives, net
Total financial assets
39.2 
37.7 
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
8.8 
1.8 
Total financial assets
8.8 
1.8 
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
Total financial assets
$ 0 
$ 0 
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
$ 4,751.2 
$ 4,766.4 
Estimated Fair Value
5,110.1 
5,096.3 
4.7% Senior notes due 2021 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
1,477.9 
1,477.2 
Estimated Fair Value
1,614.8 
1,596.9 
Debt instrument, interest rate, stated percentage
4.70% 
4.70% 
6.875% Senior notes due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
1,020.7 
1,024.8 
Estimated Fair Value
1,076.6 
1,086.7 
Debt instrument, interest rate, stated percentage
6.875% 
6.875% 
3.25% Senior notes due 2016 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
996.9 
996.5 
Estimated Fair Value
1,043.3 
1,045.8 
Debt instrument, interest rate, stated percentage
3.25% 
3.25% 
8.5% Senior notes due 2019 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
596.4 
600.5 
Estimated Fair Value
632.5 
635.8 
Debt instrument, interest rate, stated percentage
8.50% 
8.50% 
7.875% Senior notes due 2040 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
382.2 
382.6 
Estimated Fair Value
427.3 
410.5 
Debt instrument, interest rate, stated percentage
7.875% 
7.875% 
7.2% Debentures due 2027 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
149.1 
149.1 
Estimated Fair Value
182.4 
178.6 
Debt instrument, interest rate, stated percentage
7.20% 
7.20% 
4.33% MARAD bonds, including current maturities, due 2016 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
71.2 
78.9 
Estimated Fair Value
71.6 
79.7 
Debt instrument, interest rate, stated percentage
4.33% 
4.33% 
6.36% MARAD bonds, including current maturities, due 2015 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
25.3 
25.3 
Estimated Fair Value
26.7 
27.1 
Debt instrument, interest rate, stated percentage
6.36% 
6.36% 
4.65% MARAD bonds, including current maturities, due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
31.5 
31.5 
Estimated Fair Value
$ 34.9 
$ 35.2 
Debt instrument, interest rate, stated percentage
4.65% 
4.65% 
Derivative Instruments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 3 Months Ended
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2014
Foreign Exchange [Member]
Cash Flow Hedges [Member]
Mar. 31, 2014
Not Designated [Member]
Mar. 31, 2013
Not Designated [Member]
Mar. 31, 2014
Not Designated [Member]
Foreign Exchange [Member]
Fair Value Hedging [Member]
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
Net assets associated with foreign currency derivatives
$ 8.8 
$ 1.8 
 
 
 
 
Maturity period of derivatives (in months)
18 months 
 
 
 
 
 
Derivative, Notional Amount
 
 
392.2 
 
 
223.0 
Hedges outstanding for British pounds
 
 
188.3 
 
 
30.6 
Hedges outstanding for Brazilian reals
 
 
118.1 
 
 
 
Hedges outstanding for Singapore dollars
 
 
34.8 
 
 
 
Hedges outstanding for Australian dollars
 
 
19.4 
 
 
15.2 
Hedges outstanding for Indonesian rupiah
 
 
 
 
 
19.1 
Hedges outstanding for euros
 
 
22.6 
 
 
109.7 
Hedges outstanding for Swiss francs
 
 
 
 
 
25.7 
Hedges outstanding for other currencies
 
 
9.0 
 
 
22.7 
Net gains on derivatives not designated as hedging instruments
 
 
 
(0.6)
(4.4)
 
Estimated amount of net gains associated with derivative instruments, net of tax
$ 4.3 
 
 
 
 
 
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
Total fair value of derivative assets
$ 13.2 
$ 12.8 
Total fair value of derivative liabilities
4.4 
11.0 
Designated As Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
12.0 
10.3 
Total fair value of derivative liabilities
3.1 
10.4 
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
11.0 1
9.1 1
Total fair value of derivative liabilities
3.0 1
9.8 1
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Non-Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.0 2
1.2 2
Total fair value of derivative liabilities
0.1 2
0.6 2
Not Designated [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.2 
2.5 
Total fair value of derivative liabilities
1.3 
0.6 
Not Designated [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.2 1
2.5 1
Total fair value of derivative liabilities
$ 1.3 1
$ 0.6 1
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Interest Rate Lock Contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
$ 0 1
$ 0 1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(0.1)1 2
(0.1)1 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
1 3
1 3
Foreign Currency Forward Contracts [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
4.9 4
(4.0)4
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(0.4)2 4
1.1 2 4
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
0.7 3 4
0.2 3 4
Foreign Currency Forward Contracts [Member] |
Contract Drilling [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(0.6)
0.9 
Foreign Currency Forward Contracts [Member] |
Depreciation Expense [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
0.2 
0.2 
Cash Flow Hedges [Member]
 
 
Derivative [Line Items]
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
4.9 
(4.0)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(0.5)2
1.0 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
$ 0.7 3
$ 0.2 3
Noncontrolling Interests (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Noncontrolling Interest [Abstract]
 
 
Income from continuing operations
$ 296.7 
$ 320.8 
Income from continuing operations attributable to noncontrolling interests
(4.2)
(2.8)
INCOME FROM CONTINUING OPERATIONS
$ 292.5 
$ 318.0 
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Earnings Per Share [Abstract]
 
 
Net income attributable to Ensco
$ 292.5 
$ 317.1 
Net income allocated to non-vested share awards
(3.0)
(3.3)
Net income attributable to Ensco shares
$ 289.5 
$ 313.8 
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Earnings Per Share [Abstract]
 
 
Weighted-average shares - basic (in shares)
231.3 
230.3 
Potentially dilutive share options (in shares)
0.1 
0.3 
Weighted-average shares - diluted (in shares)
231.4 
230.6 
Antidilutive share options excluded from computation of diluted earnings per share (in shares)
0.4 
0.1 
Discontinued Operations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
Net proceeds from rig sale
 
$ 15.5 
Gain (Loss) on Disposition of Property Plant Equipment
23.7 
0.6 
Gain (loss) on disposal of discontinued operations, net
 
$ (1.1)
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Discontinued Operations and Disposal Groups [Abstract]
 
 
Revenues
 
$ 0 
Operating expenses
 
0.1 
Operating loss before income taxes
 
(0.1)
Other income
 
0.3 
Income tax benefit
 
Gain (loss) on disposal of discontinued operations, net
 
(1.1)
Income (loss) from discontinued operations
$ 0 
$ (0.9)
Income Taxes (Narrative) (Details)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
Consolidated effective income tax rate including tax expense attributable to prior periods
16.50% 
13.90% 
Consolidated effective income tax rate, without tax expense attributable to prior periods
12.60% 
12.20% 
Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
1 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 1 Months Ended
Dec. 31, 2013
plaintiffs
Mar. 31, 2014
occurrence
plaintiffs
Dec. 31, 2013
Mar. 31, 2009
mi
Mar. 31, 2014
Minimum [Member]
Apr. 30, 2014
Subsequent Event [Member]
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
 
 
Distance from original drilling location in miles
 
 
 
95 
 
 
Loss Contingency, Damages Sought, Value
 
 
 
 
$ 5.0 
 
Civil litigation claim damages for cost of repair and business interruption due to pipeline rupture
 
26.0 
 
 
 
 
Liability insurance self-insured retention per occurrence
 
10.0 
 
 
 
 
Annual liability coverage limit for wreckage and debris removal costs
 
490.0 
 
 
 
 
Liability insurance self-insured retention
 
15.0 
 
 
 
 
Number of Occurrences
 
 
 
 
 
Liability insurance self insured retention for each occurrence thereafter
 
1.0 
 
 
 
 
Litigation Settlement, Amount
 
9.6 
 
 
 
 
Number of plaintiffs
 
100 
 
 
 
 
Loss Contingency, Claims Settled, Number
58 
 
 
 
 
 
Letters of Credit Outstanding, Amount
 
242.7 
 
 
 
 
Legal Fees
 
 
3.6 
 
 
 
Estimated Litigation Liability
 
6.4 
 
 
 
 
Payments for Legal Settlements
 
 
 
 
 
6.4 
Litigation Settlement, Amount Paid by Underwriters
 
$ 3.2 
 
 
 
 
Segment Information (Narrative) (Details)
3 Months Ended
Mar. 31, 2014
segments
contract
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
 
Number of operating segments (in segments)
Number of reportable segments (in segments)
Number of drilling management contracts (in contracts)
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
Revenues
$ 1,187,000,000 
$ 1,149,900,000 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
604,400,000 
560,800,000 
 
Depreciation
160,000,000 
149,000,000 
 
General and administrative
38,100,000 
37,800,000 
 
OPERATING (LOSS) INCOME
384,500,000 
402,300,000 
 
Property and equipment, net
14,418,300,000 
13,155,200,000 
14,311,000,000 
Floaters [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
740,500,000 
719,200,000 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
395,700,000 
344,900,000 
 
Depreciation
115,800,000 
107,100,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
229,000,000 
267,200,000 
 
Property and equipment, net
11,376,200,000 
10,710,000,000 
 
Jackup [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
429,900,000 
410,500,000 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
197,400,000 
200,200,000 
 
Depreciation
42,300,000 
40,300,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
190,200,000 
170,000,000 
 
Property and equipment, net
2,986,100,000 
2,413,300,000 
 
Other [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
16,600,000 
20,200,000 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
11,300,000 
15,700,000 
 
Depreciation
 
General and administrative
 
OPERATING (LOSS) INCOME
5,300,000 
4,500,000 
 
Property and equipment, net
 
Operating Segments Total [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
1,187,000,000 
1,149,900,000 
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
604,400,000 
560,800,000 
 
Depreciation
158,100,000 
147,400,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
424,500,000 
441,700,000 
 
Property and equipment, net
14,362,300,000 
13,123,300,000 
 
Reconciling Items [Member]
 
 
 
Segment Reporting Information [Line Items]
 
 
 
Revenues
 
Operating Expenses [Abstract]
 
 
 
Contract drilling (exclusive of depreciation)
 
Depreciation
1,900,000 
1,600,000 
 
General and administrative
38,100,000 
37,800,000 
 
OPERATING (LOSS) INCOME
(40,000,000)
(39,400,000)
 
Property and equipment, net
$ 56,000,000 
$ 31,900,000 
 
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Mar. 31, 2014
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
74 1
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
29 
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
45 2
North & South America (Excl. Brazil) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
21 1
North & South America (Excl. Brazil) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
North & South America (Excl. Brazil) [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
12 2
Brazil [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Brazil [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Brazil [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Europe & Mediterranean [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 1
Europe & Mediterranean [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 2
Middle East & Africa [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
16 1
Middle East & Africa [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East & Africa [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 2
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
14 1
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 2
Asia & Pacific Rim (under construction) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Asia & Pacific Rim (under construction) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim (under construction) [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) (Sales Revenue, Services, Net [Member], USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Product Concentration Risk [Member] |
CustomerD [Member]
 
Concentration risk, percentage
10.00% 
Floaters [Member] |
Product Concentration Risk [Member] |
CustomerA [Member]
 
Concentration risk, percentage
17.00% 
Floaters [Member] |
Product Concentration Risk [Member] |
CustomerB [Member]
 
Concentration risk, percentage
14.00% 
Floaters [Member] |
Product Concentration Risk [Member] |
CustomerC [Member]
 
Concentration risk, percentage
10.00% 
Floaters [Member] |
Product Concentration Risk [Member] |
CustomerD [Member]
 
Concentration risk, percentage
70.00% 
US Gulf Of Mexico [Member] |
Geographic Concentration Risk [Member]
 
Revenues
$ 419.9 
Concentration risk, percentage
35.00% 
US Gulf Of Mexico [Member] |
Floaters [Member] |
Geographic Concentration Risk [Member]
 
Concentration risk, percentage
75.00% 
ANGOLA |
Floaters [Member] |
Geographic Concentration Risk [Member]
 
Revenues
189.3 
Concentration risk, percentage
16.00% 
Brazil [Member] |
Floaters [Member] |
Geographic Concentration Risk [Member]
 
Revenues
$ 164.5 
Concentration risk, percentage
14.00% 
Supplemental Financial Information (Accounts Receivable, Net) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Accounts receivable
$ 791.9 
$ 884.1 
Allowance for doubtful accounts
(12.3)
(28.4)
Accounts receivable, net
779.6 
855.7 
Trade [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Accounts receivable
773.6 
869.8 
Other [Member]
 
 
Accounts, Notes, Loans and Financing Receivable [Line Items]
 
 
Accounts receivable
$ 18.3 
$ 14.3 
Supplemental Financial Information (Other Current Assets) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Inventory
$ 262.1 
$ 256.4 
Prepaid taxes
76.1 
88.1 
Deferred costs
55.6 
47.4 
Prepaid expenses
28.2 
18.5 
Deferred tax assets
22.9 
23.1 
Derivative Asset, Current
12.2 
11.6 
Short-term Investments
50.0 
50.0 
Assets held for sale
53.7 
8.6 
Other
9.5 
10.2 
Other current assets
$ 570.3 
$ 513.9 
Supplemental Financial Information (Other Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Intangible assets
$ 75.3 
$ 83.8 
Unbilled receivables
44.0 
51.9 
Prepaid taxes on intercompany transfers of property
48.6 
50.2 
Deferred costs
76.0 
59.1 
Supplemental executive retirement plan assets
39.2 
37.7 
Warranty and other claim receivables
30.6 
30.6 
Deferred tax assets
29.3 
25.2 
Other
13.5 
14.2 
Other Assets, Net
$ 356.5 
$ 352.7 
Supplemental Financial Information (Accrued Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Personnel costs
$ 176.7 
$ 242.0 
Deferred revenue
156.1 
169.8 
Taxes
93.8 
84.2 
Interest
34.3 
68.0 
Customer Prepayments, Current
20.0 
Prepayment Liability for Sale of Assets, Current
3.3 
33.0 
Other
29.3 
41.7 
Accrued liabilities and other
$ 493.5 
$ 658.7 
Supplemental Financial Information (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Deferred revenue
$ 244.7 
$ 217.6 
Unrecognized tax benefits (inclusive of interest and penalties)
156.6 
148.0 
Intangible liabilities
62.2 
69.1 
Supplemental executive retirement plan liabilities
41.9 
40.5 
Personnel costs
30.5 
37.2 
Other
33.2 
33.3 
Other liabilities
$ 569.1 
$ 545.7 
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Mar. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Derivative Instruments
$ 26.0 
$ 20.6 
Other
(2.4)
(2.4)
Accumulated other comprehensive income
$ 23.6 
$ 18.2 
Guarantee Of Registered Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Guarantor Obligations [Line Items]
 
Senior notes aggregate outstanding principal balance
$ 1,700.0 
8.50% Senior Notes [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
8.50% 
Senior note, maturity year
2019 
6.875% Senior Notes due 2020 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
6.875% 
Senior note, maturity year
2020 
7.875% Senior Notes [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
7.875% 
Senior note, maturity year
2040 
7.20% Debentures Due 2027 [Member]
 
Guarantor Obligations [Line Items]
 
Debt instrument interest rate stated percentage
7.20% 
Senior note, maturity year
2027 
Senior notes aggregate outstanding principal balance
$ 150.0 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
$ 1,187,000,000 
$ 1,149,900,000 
Contract drilling (exclusive of depreciation)
604,400,000 
560,800,000 
Depreciation
160,000,000 
149,000,000 
General and administrative
38,100,000 
37,800,000 
OPERATING (LOSS) INCOME
384,500,000 
402,300,000 
OTHER INCOME (EXPENSE), NET
(29,100,000)
(29,800,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
355,400,000 
372,500,000 
INCOME TAX PROVISION
58,700,000 
51,700,000 
DISCONTINUED OPERATIONS, NET
(900,000)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
NET INCOME
296,700,000 
319,900,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4,200,000)
(2,800,000)
NET INCOME ATTRIBUTABLE TO ENSCO
292,500,000 
317,100,000 
Ensco Plc [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
7,700,000 
5,500,000 
Contract drilling (exclusive of depreciation)
7,300,000 
12,400,000 
Depreciation
100,000 
100,000 
General and administrative
16,300,000 
16,900,000 
OPERATING (LOSS) INCOME
(16,000,000)
(23,900,000)
OTHER INCOME (EXPENSE), NET
(16,600,000)
(14,600,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(32,600,000)
(38,500,000)
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
325,100,000 
355,600,000 
NET INCOME
292,500,000 
317,100,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
292,500,000 
317,100,000 
ENSCO International Inc. [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
38,900,000 
38,100,000 
Contract drilling (exclusive of depreciation)
38,900,000 
38,100,000 
Depreciation
1,500,000 
800,000 
General and administrative
100,000 
200,000 
OPERATING (LOSS) INCOME
(1,600,000)
(1,000,000)
OTHER INCOME (EXPENSE), NET
(4,000,000)
(7,400,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(5,600,000)
(8,400,000)
INCOME TAX PROVISION
30,800,000 
29,500,000 
DISCONTINUED OPERATIONS, NET
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
94,000,000 
111,700,000 
NET INCOME
57,600,000 
73,800,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
57,600,000 
73,800,000 
Pride International, Inc. [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
Contract drilling (exclusive of depreciation)
Depreciation
General and administrative
OPERATING (LOSS) INCOME
OTHER INCOME (EXPENSE), NET
(12,200,000)
(14,600,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(12,200,000)
(14,600,000)
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
(15,300,000)
52,400,000 
NET INCOME
(27,500,000)
37,800,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
(27,500,000)
37,800,000 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
1,219,900,000 
1,183,700,000 
Contract drilling (exclusive of depreciation)
637,700,000 
587,700,000 
Depreciation
158,400,000 
148,100,000 
General and administrative
21,700,000 
20,700,000 
OPERATING (LOSS) INCOME
402,100,000 
427,200,000 
OTHER INCOME (EXPENSE), NET
3,700,000 
6,800,000 
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
405,800,000 
434,000,000 
INCOME TAX PROVISION
27,900,000 
22,200,000 
DISCONTINUED OPERATIONS, NET
 
(900,000)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
NET INCOME
377,900,000 
410,900,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4,200,000)
(2,800,000)
NET INCOME ATTRIBUTABLE TO ENSCO
373,700,000 
408,100,000 
Consolidating Adjustments [Member]
 
 
Guarantor Obligations [Line Items]
 
 
OPERATING REVENUES
(79,500,000)
(77,400,000)
Contract drilling (exclusive of depreciation)
(79,500,000)
(77,400,000)
Depreciation
General and administrative
OPERATING (LOSS) INCOME
OTHER INCOME (EXPENSE), NET
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
INCOME TAX PROVISION
DISCONTINUED OPERATIONS, NET
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
(403,800,000)
(519,700,000)
NET INCOME
(403,800,000)
(519,700,000)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
NET INCOME ATTRIBUTABLE TO ENSCO
$ (403,800,000)
$ (519,700,000)
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
NET INCOME
$ 296.7 
$ 319.9 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
4.9 
(4.0)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
0.5 
(1.0)
Other
(0.1)
NET OTHER COMPREHENSIVE (LOSS) INCOME
5.4 
(5.1)
COMPREHENSIVE INCOME
302.1 
314.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4.2)
(2.8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
297.9 
312.0 
Ensco Plc [Member]
 
 
NET INCOME
292.5 
317.1 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
Other
 
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
292.5 
317.1 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
292.5 
317.1 
ENSCO International Inc. [Member]
 
 
NET INCOME
57.6 
73.8 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
4.9 
(4.0)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
0.5 
(1.0)
Other
 
NET OTHER COMPREHENSIVE (LOSS) INCOME
5.4 
(5.0)
COMPREHENSIVE INCOME
63.0 
68.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
63.0 
68.8 
Pride International, Inc. [Member]
 
 
NET INCOME
(27.5)
37.8 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
Other
 
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
(27.5)
37.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
(27.5)
37.8 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
NET INCOME
377.9 
410.9 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
Other
 
(0.1)
NET OTHER COMPREHENSIVE (LOSS) INCOME
(0.1)
COMPREHENSIVE INCOME
377.9 
410.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(4.2)
(2.8)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
373.7 
408.0 
Consolidating Adjustments [Member]
 
 
NET INCOME
(403.8)
(519.7)
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
Net change in fair value of derivatives
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
Other
 
NET OTHER COMPREHENSIVE (LOSS) INCOME
COMPREHENSIVE INCOME
(403.8)
(519.7)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ (403.8)
$ (519.7)
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) (USD $)
Mar. 31, 2014
Dec. 31, 2013
Mar. 31, 2013
Dec. 31, 2012
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
$ 122,500,000 
$ 165,600,000 
$ 561,800,000 
$ 487,100,000 
Accounts receivable, net
779,600,000 
855,700,000 
 
 
Accounts receivable from affiliates
 
 
Other
570,300,000 
513,900,000 
 
 
Total current assets
1,472,400,000 
1,535,200,000 
 
 
PROPERTY AND EQUIPMENT, AT COST
17,700,700,000 
17,498,500,000 
 
 
Less accumulated depreciation
3,282,400,000 
3,187,500,000 
 
 
Property and equipment, net
14,418,300,000 
14,311,000,000 
13,155,200,000 
 
GOODWILL
3,274,000,000 
3,274,000,000 
 
 
DUE FROM AFFILIATES
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
356,500,000 
352,700,000 
 
 
TOTAL ASSETS
19,521,200,000 
19,472,900,000 
 
 
Accounts payable and accrued liabilities
905,400,000 
999,800,000 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
47,500,000 
47,500,000 
 
 
Total current liabilities
952,900,000 
1,047,300,000 
 
 
DUE TO AFFILIATES
 
 
LONG-TERM DEBT
4,703,700,000 
4,718,900,000 
 
 
DEFERRED INCOME TAXES
364,700,000 
362,100,000 
 
 
OTHER LIABILITIES
569,100,000 
545,700,000 
 
 
ENSCO SHAREHOLDERS' EQUITY
12,921,600,000 
12,791,600,000 
 
 
NONCONTROLLING INTERESTS
9,200,000 
7,300,000 
 
 
Total equity
12,930,800,000 
12,798,900,000 
 
 
Total liabilities and shareholders' equity
19,521,200,000 
19,472,900,000 
 
 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
38,100,000 
46,500,000 
289,100,000 
271,800,000 
Accounts receivable, net
 
 
Accounts receivable from affiliates
2,119,500,000 
1,235,000,000 
 
 
Other
3,000,000 
3,200,000 
 
 
Total current assets
2,160,600,000 
1,284,700,000 
 
 
PROPERTY AND EQUIPMENT, AT COST
2,100,000 
2,100,000 
 
 
Less accumulated depreciation
1,600,000 
1,500,000 
 
 
Property and equipment, net
500,000 
600,000 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
4,129,100,000 
4,876,800,000 
 
 
INVESTMENTS IN AFFILIATES
14,174,100,000 
13,830,100,000 
 
 
OTHER ASSETS, NET
8,200,000 
8,800,000 
 
 
TOTAL ASSETS
20,472,500,000 
20,001,000,000 
 
 
Accounts payable and accrued liabilities
5,200,000 
31,500,000 
 
 
Accounts payable to affiliates
4,036,000,000 
3,666,100,000 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
4,041,200,000 
3,697,600,000 
 
 
DUE TO AFFILIATES
1,025,700,000 
1,030,800,000 
 
 
LONG-TERM DEBT
2,474,800,000 
2,473,700,000 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
12,930,800,000 
12,798,900,000 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
12,930,800,000 
12,798,900,000 
 
 
Total liabilities and shareholders' equity
20,472,500,000 
20,001,000,000 
 
 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
500,000 
1,700,000 
Accounts receivable, net
 
 
Accounts receivable from affiliates
158,200,000 
213,800,000 
 
 
Other
66,300,000 
61,300,000 
 
 
Total current assets
224,500,000 
275,600,000 
 
 
PROPERTY AND EQUIPMENT, AT COST
48,200,000 
34,300,000 
 
 
Less accumulated depreciation
28,000,000 
26,500,000 
 
 
Property and equipment, net
20,200,000 
7,800,000 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
4,380,300,000 
4,236,000,000 
 
 
INVESTMENTS IN AFFILIATES
4,973,800,000 
4,868,600,000 
 
 
OTHER ASSETS, NET
57,900,000 
60,100,000 
 
 
TOTAL ASSETS
9,656,700,000 
9,448,100,000 
 
 
Accounts payable and accrued liabilities
17,400,000 
9,100,000 
 
 
Accounts payable to affiliates
471,400,000 
549,700,000 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
488,800,000 
558,800,000 
 
 
DUE TO AFFILIATES
2,951,500,000 
2,760,400,000 
 
 
LONG-TERM DEBT
149,100,000 
149,100,000 
 
 
DEFERRED INCOME TAXES
360,200,000 
358,300,000 
 
 
OTHER LIABILITIES
2,000,000 
2,300,000 
 
 
ENSCO SHAREHOLDERS' EQUITY
5,705,100,000 
5,619,200,000 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
5,705,100,000 
5,619,200,000 
 
 
Total liabilities and shareholders' equity
9,656,700,000 
9,448,100,000 
 
 
Pride International, Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
2,200,000 
4,900,000 
115,000,000 
85,000,000 
Accounts receivable, net
 
 
Accounts receivable from affiliates
1,300,000 
5,500,000 
 
 
Other
 
 
Total current assets
3,500,000 
10,400,000 
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
1,933,600,000 
1,898,000,000 
 
 
INVESTMENTS IN AFFILIATES
4,076,900,000 
4,092,200,000 
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
6,014,000,000 
6,000,600,000 
 
 
Accounts payable and accrued liabilities
23,400,000 
34,200,000 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
 
 
Total current liabilities
23,400,000 
34,200,000 
 
 
DUE TO AFFILIATES
1,391,900,000 
1,331,100,000 
 
 
LONG-TERM DEBT
1,999,300,000 
2,007,800,000 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
8,100,000 
8,700,000 
 
 
ENSCO SHAREHOLDERS' EQUITY
2,591,300,000 
2,618,800,000 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
2,591,300,000 
2,618,800,000 
 
 
Total liabilities and shareholders' equity
6,014,000,000 
6,000,600,000 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
82,200,000 
113,700,000 
157,700,000 
128,600,000 
Accounts receivable, net
779,600,000 
855,700,000 
 
 
Accounts receivable from affiliates
4,460,700,000 
4,169,200,000 
 
 
Other
501,000,000 
449,400,000 
 
 
Total current assets
5,823,500,000 
5,588,000,000 
 
 
PROPERTY AND EQUIPMENT, AT COST
17,650,400,000 
17,462,100,000 
 
 
Less accumulated depreciation
3,252,800,000 
3,159,500,000 
 
 
Property and equipment, net
14,397,600,000 
14,302,600,000 
 
 
GOODWILL
3,274,000,000 
3,274,000,000 
 
 
DUE FROM AFFILIATES
5,283,200,000 
5,069,700,000 
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
290,400,000 
283,800,000 
 
 
TOTAL ASSETS
29,068,700,000 
28,518,100,000 
 
 
Accounts payable and accrued liabilities
859,400,000 
925,000,000 
 
 
Accounts payable to affiliates
2,232,300,000 
1,407,700,000 
 
 
Current maturities of long-term debt
47,500,000 
47,500,000 
 
 
Total current liabilities
3,139,200,000 
2,380,200,000 
 
 
DUE TO AFFILIATES
10,357,100,000 
10,958,200,000 
 
 
LONG-TERM DEBT
80,500,000 
88,300,000 
 
 
DEFERRED INCOME TAXES
4,500,000 
3,800,000 
 
 
OTHER LIABILITIES
559,000,000 
534,700,000 
 
 
ENSCO SHAREHOLDERS' EQUITY
14,919,200,000 
14,545,600,000 
 
 
NONCONTROLLING INTERESTS
9,200,000 
7,300,000 
 
 
Total equity
14,928,400,000 
14,552,900,000 
 
 
Total liabilities and shareholders' equity
29,068,700,000 
28,518,100,000 
 
 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
Accounts receivable, net
 
 
Accounts receivable from affiliates
(6,739,700,000)
(5,623,500,000)
 
 
Other
 
 
Total current assets
(6,739,700,000)
(5,623,500,000)
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
(15,726,200,000)
(16,080,500,000)
 
 
INVESTMENTS IN AFFILIATES
(23,224,800,000)
(22,790,900,000)
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
(45,690,700,000)
(44,494,900,000)
 
 
Accounts payable and accrued liabilities
 
 
Accounts payable to affiliates
(6,739,700,000)
(5,623,500,000)
 
 
Current maturities of long-term debt
 
 
Total current liabilities
(6,739,700,000)
(5,623,500,000)
 
 
DUE TO AFFILIATES
(15,726,200,000)
(16,080,500,000)
 
 
LONG-TERM DEBT
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
(23,224,800,000)
(22,790,900,000)
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
(23,224,800,000)
(22,790,900,000)
 
 
Total liabilities and shareholders' equity
$ (45,690,700,000)
$ (44,494,900,000)
 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
3 Months Ended
Mar. 31, 2014
Mar. 31, 2013
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
$ 416,600,000 
$ 342,100,000 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(274,100,000)
(168,300,000)
Other
3,300,000 
900,000 
Net cash provided by (used in) investing activities of continuing operations
(270,800,000)
(167,400,000)
FINANCING ACTIVITIES
 
 
Cash dividends paid
(175,700,000)
(116,500,000)
Reduction of long-term borrowings
(7,100,000)
(7,100,000)
Proceeds from exercise of share options
200,000 
13,400,000 
Advances from (to) affiliates
Other
(6,400,000)
(5,500,000)
Net cash provided by (used in) financing activities
(189,000,000)
(115,700,000)
DISCONTINUED OPERATIONS
 
 
Operating activities
200,000 
Investing activities
15,500,000 
Net cash provided by discontinued operations
15,700,000 
Effect of exchange rate changes on cash and cash equivalents
100,000 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(43,100,000)
74,700,000 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
165,600,000 
487,100,000 
CASH AND CASH EQUIVALENTS, END OF PERIOD
122,500,000 
561,800,000 
Ensco Plc [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(50,100,000)
(55,300,000)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash provided by (used in) investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
(175,700,000)
(116,500,000)
Reduction of long-term borrowings
Proceeds from exercise of share options
200,000 
13,400,000 
Advances from (to) affiliates
221,300,000 
179,400,000 
Other
(4,100,000)
(3,700,000)
Net cash provided by (used in) financing activities
41,700,000 
72,600,000 
DISCONTINUED OPERATIONS
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(8,400,000)
17,300,000 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
46,500,000 
271,800,000 
CASH AND CASH EQUIVALENTS, END OF PERIOD
38,100,000 
289,100,000 
ENSCO International Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(22,200,000)
(34,000,000)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(13,900,000)
Other
100,000 
Net cash provided by (used in) investing activities of continuing operations
(13,900,000)
100,000 
FINANCING ACTIVITIES
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
Advances from (to) affiliates
35,600,000 
32,200,000 
Other
Net cash provided by (used in) financing activities
35,600,000 
32,200,000 
DISCONTINUED OPERATIONS
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(500,000)
(1,700,000)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
500,000 
1,700,000 
CASH AND CASH EQUIVALENTS, END OF PERIOD
Pride International, Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(32,100,000)
11,300,000 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash provided by (used in) investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
Advances from (to) affiliates
29,400,000 
18,700,000 
Other
   
Net cash provided by (used in) financing activities
29,400,000 
18,700,000 
DISCONTINUED OPERATIONS
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(2,700,000)
30,000,000 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
4,900,000 
85,000,000 
CASH AND CASH EQUIVALENTS, END OF PERIOD
2,200,000 
115,000,000 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
521,000,000 
420,100,000 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(260,200,000)
(168,300,000)
Other
3,300,000 
800,000 
Net cash provided by (used in) investing activities of continuing operations
(256,900,000)
(167,500,000)
FINANCING ACTIVITIES
 
 
Cash dividends paid
Reduction of long-term borrowings
(7,100,000)
(7,100,000)
Proceeds from exercise of share options
Advances from (to) affiliates
(286,300,000)
(230,300,000)
Other
(2,300,000)
(1,800,000)
Net cash provided by (used in) financing activities
(295,700,000)
(239,200,000)
DISCONTINUED OPERATIONS
 
 
Operating activities
 
200,000 
Investing activities
 
15,500,000 
Net cash provided by discontinued operations
 
15,700,000 
Effect of exchange rate changes on cash and cash equivalents
100,000 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(31,500,000)
29,100,000 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
113,700,000 
128,600,000 
CASH AND CASH EQUIVALENTS, END OF PERIOD
82,200,000 
157,700,000 
Consolidating Adjustments [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
INVESTING ACTIVITIES
 
 
Additions to property and equipment
Other
Net cash provided by (used in) investing activities of continuing operations
FINANCING ACTIVITIES
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
Advances from (to) affiliates
Other
Net cash provided by (used in) financing activities
DISCONTINUED OPERATIONS
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 0 
$ 0 
Subsequent Events (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 1 Months Ended
Mar. 31, 2013
Mar. 31, 2014
Dec. 31, 2013
Apr. 30, 2014
Subsequent Event [Member]
Subsequent Event [Line Items]
 
 
 
 
Proceeds from Sale of Property, Plant, and Equipment
$ 15.5 
 
 
$ 64.0 
Assets held for sale
 
$ 53.7 
$ 8.6