|
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|
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Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of September 30, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 41.8 | $ | — | $ | — | $ | 41.8 | |||||||
Total financial assets | $ | 41.8 | $ | — | $ | — | $ | 41.8 | |||||||
Derivatives, net | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | |||||
Total financial liabilities | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | |||||
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 |
September 30, 2014 | December 31, 2013 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.7% Senior notes due 2021 | $ | 1,479.2 | $ | 1,579.2 | $ | 1,477.2 | $ | 1,596.9 | |||||||
6.875% Senior notes due 2020 | 1,012.4 | 1,060.3 | 1,024.8 | 1,086.7 | |||||||||||
3.25% Senior notes due 2016 | 997.6 | 1,032.9 | 996.5 | 1,045.8 | |||||||||||
4.50% Senior notes due 2024 | 624.2 | 633.2 | — | — | |||||||||||
5.75% Senior notes due 2044 | 622.2 | 632.5 | — | — | |||||||||||
8.50% Senior notes due 2019 | 588.0 | 619.0 | 600.5 | 635.8 | |||||||||||
7.875% Senior notes due 2040 | 381.6 | 389.5 | 382.6 | 410.5 | |||||||||||
7.20% Debentures due 2027 | 149.2 | 186.3 | 149.1 | 178.6 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 55.0 | 55.3 | 78.9 | 79.7 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 29.3 | 32.2 | 31.5 | 35.2 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 19.0 | 19.8 | 25.3 | 27.1 | |||||||||||
Total | $ | 5,957.7 | $ | 6,240.2 | $ | 4,766.4 | $ | 5,096.3 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 1.9 | $ | 9.1 | $ | 8.6 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | — | 1.2 | 2.3 | .6 | |||||||||||
1.9 | 10.3 | 10.9 | 10.4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .7 | 2.5 | 8.7 | .6 | |||||||||||
.7 | 2.5 | 8.7 | .6 | ||||||||||||
Total | $ | 2.6 | $ | 12.8 | $ | 19.6 | $ | 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. |
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.1 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | (12.7 | ) | 8.3 | 1.4 | (2.7 | ) | (1.9 | ) | 1.2 | ||||||||||||||
Total | $ | (12.7 | ) | $ | 8.3 | $ | 1.4 | $ | (2.8 | ) | $ | (1.9 | ) | $ | 1.2 |
Loss Recognized in Other Comprehensive Income (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.2 | ) | $ | (.3 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (2.8 | ) | (5.3 | ) | 3.5 | (1.9 | ) | — | (.2 | ) | |||||||||||||
Total | $ | (2.8 | ) | $ | (5.3 | ) | $ | 3.3 | $ | (2.2 | ) | $ | — | $ | (.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 operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of operations. |
(4) | During the three-month period ended September 30, 2014, $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2013, $2.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the nine-month period ended September 30, 2014, $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2013, $2.5 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
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Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations | $ | 455.7 | $ | 390.9 | $ | 154.8 | $ | 1,051.5 | |||||||
Income from continuing operations attributable to noncontrolling interests | (3.5 | ) | (2.4 | ) | (10.7 | ) | (6.5 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 452.2 | $ | 388.5 | $ | 144.1 | $ | 1,045.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Loss) income from discontinued operations, net | $ | (22.8 | ) | $ | (9.5 | ) | $ | (594.8 | ) | $ | 12.4 | ||||
Income from discontinued operations attributable to noncontrolling interests | — | (.2 | ) | (.1 | ) | (.6 | ) | ||||||||
(Loss) income from discontinued operations attributable to Ensco | $ | (22.8 | ) | $ | (9.7 | ) | $ | (594.9 | ) | $ | 11.8 |
|
|
• | decreases in estimated market day rates and utilization due to greater-than-expected market pressures, downtime and other risks associated with offshore rig operations; |
• | sustained decline in our stock price; |
• | decreases in revenue due to our inability to attract and retain skilled personnel; |
• | changes in worldwide rig supply and demand, competition or technology, including changes as a result of delivery of newbuild drilling rigs; |
• | changes in future levels of drilling activity and expenditures, whether as a result of global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs; |
• | possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance or other reasons; |
• | delays in actual contract commencement dates; |
• | the outcome of litigation, legal proceedings, investigations or other claims or contract disputes resulting in significant cash outflows; |
• | governmental, regulatory, legislative and permitting requirements affecting drilling operations, including limitations on drilling locations (such as the Gulf of Mexico during hurricane season); |
• | increases in the market-participant risk-adjusted WACC; |
• | declines in anticipated growth rates. |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 19.2 | $ | 103.9 | $ | 109.0 | $ | 331.4 | |||||||
Operating expenses | 36.7 | 105.5 | 207.1 | 308.3 | |||||||||||
Operating (loss) income | (17.5 | ) | (1.6 | ) | (98.1 | ) | 23.1 | ||||||||
Other income | — | — | — | .3 | |||||||||||
Income tax expense | (14.8 | ) | (7.9 | ) | (17.5 | ) | (9.9 | ) | |||||||
Loss on impairment, net | — | — | (508.8 | ) | — | ||||||||||
Gain (loss) on disposal of discontinued operations, net | 9.5 | — | 29.6 | (1.1 | ) | ||||||||||
(Loss) income from discontinued operations, net | $ | (22.8 | ) | $ | (9.5 | ) | $ | (594.8 | ) | $ | 12.4 |
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Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 745.3 | $ | 499.0 | $ | 16.9 | $ | 1,261.2 | $ | — | $ | 1,261.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 309.7 | 210.2 | 11.5 | 531.4 | — | 531.4 | |||||||||||||||||
Depreciation | 91.4 | 47.6 | — | 139.0 | 1.9 | 140.9 | |||||||||||||||||
General and administrative | — | — | — | — | 29.3 | 29.3 | |||||||||||||||||
Operating income (loss) | $ | 344.2 | $ | 241.2 | $ | 5.4 | $ | 590.8 | $ | (31.2 | ) | $ | 559.6 | ||||||||||
Property and equipment, net | $ | 9,836.2 | $ | 3,215.3 | $ | — | $ | 13,051.5 | $ | 76.1 | $ | 13,127.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 696.7 | $ | 446.8 | $ | 18.7 | $ | 1,162.2 | $ | — | $ | 1,162.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 315.4 | 203.8 | 15.1 | 534.3 | — | 534.3 | |||||||||||||||||
Depreciation | 91.5 | 39.5 | — | 131.0 | 1.6 | 132.6 | |||||||||||||||||
General and administrative | — | — | — | — | 37.4 | 37.4 | |||||||||||||||||
Operating income (loss) | $ | 289.8 | $ | 203.5 | $ | 3.6 | $ | 496.9 | $ | (39.0 | ) | $ | 457.9 | ||||||||||
Property and equipment, net | $ | 11,252.8 | $ | 2,705.4 | $ | — | $ | 13,958.2 | $ | 39.2 | $ | 13,997.4 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,156.1 | $ | 1,388.0 | $ | 50.0 | $ | 3,594.1 | $ | — | $ | 3,594.1 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 966.1 | 659.4 | 34.5 | 1,660.0 | — | 1,660.0 | |||||||||||||||||
Loss on impairment | 991.5 | — | — | 991.5 | — | 991.5 | |||||||||||||||||
Depreciation | 281.0 | 132.6 | — | 413.6 | 5.9 | 419.5 | |||||||||||||||||
General and administrative | — | — | — | — | 103.6 | 103.6 | |||||||||||||||||
Operating (loss) income | $ | (82.5 | ) | $ | 596.0 | $ | 15.5 | $ | 529.0 | $ | (109.5 | ) | $ | 419.5 | |||||||||
Property and equipment, net | $ | 9,836.2 | $ | 3,215.3 | $ | — | $ | 13,051.5 | $ | 76.1 | $ | 13,127.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,038.9 | $ | 1,234.7 | $ | 59.2 | $ | 3,332.8 | $ | — | $ | 3,332.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 888.6 | 605.9 | 46.8 | 1,541.3 | — | 1,541.3 | |||||||||||||||||
Depreciation | 270.9 | 116.8 | — | 387.7 | 4.8 | 392.5 | |||||||||||||||||
General and administrative | — | — | — | — | 111.6 | 111.6 | |||||||||||||||||
Operating income (loss) | $ | 879.4 | $ | 512.0 | $ | 12.4 | $ | 1,403.8 | $ | (116.4 | ) | $ | 1,287.4 | ||||||||||
Property and equipment, net | $ | 11,252.8 | $ | 2,705.4 | $ | — | $ | 13,958.2 | $ | 39.2 | $ | 13,997.4 |
Floaters(1) | Jackups | Total(2) | |||
North & South America (excluding Brazil) | 9 | 8 | 17 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Europe & Mediterranean | 3 | 11 | 14 | ||
Asia & Pacific Rim | 4 | 9 | 13 | ||
Asia & Pacific Rim (under construction) | 3 | 4 | 7 | ||
Brazil | 4 | — | 4 | ||
Total | 29 | 42 | 71 |
(1) | The five floaters classified as "held for sale" as of September 30, 2014 are included in the table above. |
(2) | We provide management services on six rigs owned by third-parties, including ENSCO 83, ENSCO 89, ENSCO 93, and ENSCO 98, which were sold during September 2014. Rigs for which we provide management services are not included in the table above. |
|
September 30, 2014 | December 31, 2013 | ||||||
Trade | $ | 850.9 | $ | 869.8 | |||
Other | 31.5 | 14.3 | |||||
882.4 | 884.1 | ||||||
Allowance for doubtful accounts | (12.6 | ) | (28.4 | ) | |||
$ | 869.8 | $ | 855.7 |
September 30, 2014 | December 31, 2013 | ||||||
Assets held for sale | $ | 289.0 | $ | 8.6 | |||
Inventory | 253.7 | 256.4 | |||||
Restricted cash | 211.8 | — | |||||
Deferred costs | 68.3 | 47.4 | |||||
Prepaid expenses | 46.3 | 18.5 | |||||
Short-term investments | 45.3 | 50.0 | |||||
Prepaid taxes | 41.7 | 88.1 | |||||
Deferred tax assets | 22.8 | 23.1 | |||||
Derivative assets | 2.6 | 11.6 | |||||
Other | 5.4 | 10.2 | |||||
$ | 986.9 | $ | 513.9 |
September 30, 2014 | December 31, 2013 | ||||||
Deferred costs | $ | 87.4 | $ | 59.1 | |||
Intangible assets | 57.8 | 83.8 | |||||
Deferred tax assets | 42.9 | 25.2 | |||||
Supplemental executive retirement plan assets | 41.8 | 37.7 | |||||
Prepaid taxes on intercompany transfers of property | 40.4 | 50.2 | |||||
Warranty and other claim receivables | 30.6 | 30.6 | |||||
Unbilled receivables | 26.9 | 51.9 | |||||
Other | 12.7 | 14.2 | |||||
$ | 340.5 | $ | 352.7 |
September 30, 2014 | December 31, 2013 | ||||||
Personnel costs | $ | 211.2 | $ | 242.0 | |||
Deferred revenue | 195.5 | 169.8 | |||||
Taxes | 152.0 | 84.2 | |||||
Accrued interest | 34.5 | 68.0 | |||||
Deferred gain on rig sales | 26.6 | — | |||||
Derivative liabilities | 17.3 | 10.4 | |||||
Advance payment received on sale of assets | — | 33.0 | |||||
Customer pre-payments | — | 20.0 | |||||
Other | 16.8 | 31.3 | |||||
$ | 653.9 | $ | 658.7 |
September 30, 2014 | December 31, 2013 | ||||||
Deferred revenue | $ | 331.4 | $ | 217.6 | |||
Unrecognized tax benefits (inclusive of interest and penalties) | 139.6 | 148.0 | |||||
Intangible liabilities | 47.9 | 69.1 | |||||
Supplemental executive retirement plan liabilities | 44.1 | 40.5 | |||||
Personnel costs | 28.6 | 37.2 | |||||
Other | 37.9 | 33.3 | |||||
$ | 629.5 | $ | 545.7 |
September 30, 2014 | December 31, 2013 | ||||||
Derivative Instruments | $ | 14.5 | $ | 20.6 | |||
Other | 1.8 | (2.4 | ) | ||||
$ | 16.3 | $ | 18.2 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 8.3 | $ | 39.0 | $ | — | $ | 1,292.2 | $ | (78.3 | ) | $ | 1,261.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 9.1 | 37.4 | — | 563.2 | (78.3 | ) | 531.4 | ||||||||||||||||
Depreciation | .1 | 1.8 | — | 139.0 | — | 140.9 | |||||||||||||||||
General and administrative | 10.2 | .1 | — | 19.0 | — | 29.3 | |||||||||||||||||
OPERATING (LOSS) INCOME | (11.1 | ) | (0.3 | ) | — | 571.0 | — | 559.6 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (15.0 | ) | (23.1 | ) | (13.1 | ) | 12.8 | — | (38.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (26.1 | ) | (23.4 | ) | (13.1 | ) | 583.8 | — | 521.2 | ||||||||||||||
INCOME TAX PROVISION | — | (2.1 | ) | — | 67.6 | — | 65.5 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (22.8 | ) | — | (22.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 455.5 | 73.3 | 66.9 | — | (595.7 | ) | — | ||||||||||||||||
NET INCOME | 429.4 | 52.0 | 53.8 | 493.4 | (595.7 | ) | 432.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 429.4 | $ | 52.0 | $ | 53.8 | $ | 489.9 | $ | (595.7 | ) | $ | 429.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.5 | $ | 38.1 | $ | — | $ | 1,196.2 | $ | (77.6 | ) | $ | 1,162.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.0 | 38.1 | — | 560.8 | (77.6 | ) | 534.3 | ||||||||||||||||
Depreciation | — | 1.0 | — | 131.6 | — | 132.6 | |||||||||||||||||
General and administrative | 15.2 | .1 | — | 22.1 | — | 37.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (22.7 | ) | (1.1 | ) | — | 481.7 | — | 457.9 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (18.1 | ) | 5.9 | 15.5 | (4.9 | ) | — | (1.6 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (40.8 | ) | 4.8 | 15.5 | 476.8 | — | 456.3 | ||||||||||||||||
INCOME TAX PROVISION | — | 16.2 | — | 49.2 | — | 65.4 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (9.5 | ) | — | (9.5 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 419.6 | 65.2 | 35.3 | — | (520.1 | ) | — | ||||||||||||||||
NET INCOME | 378.8 | 53.8 | 50.8 | 418.1 | (520.1 | ) | 381.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | $ | 53.8 | $ | 50.8 | $ | 415.5 | $ | (520.1 | ) | $ | 378.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 23.8 | $ | 116.8 | $ | — | $ | 3,691.1 | $ | (237.6 | ) | $ | 3,594.1 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 24.4 | 115.2 | — | 1,758.0 | (237.6 | ) | 1,660.0 | ||||||||||||||||
Loss on impairment | — | — | — | 991.5 | — | 991.5 | |||||||||||||||||
Depreciation | .2 | 5.1 | — | 414.2 | — | 419.5 | |||||||||||||||||
General and administrative | 41.0 | .3 | — | 62.3 | — | 103.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (41.8 | ) | (3.8 | ) | — | 465.1 | — | 419.5 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (43.6 | ) | (28.5 | ) | (39.0 | ) | 12.8 | — | (98.3 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (85.4 | ) | (32.3 | ) | (39.0 | ) | 477.9 | — | 321.2 | ||||||||||||||
INCOME TAX PROVISION | — | 36.3 | — | 130.1 | — | 166.4 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (594.8 | ) | — | (594.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (365.4 | ) | (1,314.2 | ) | (1,502.9 | ) | — | 3,182.5 | — | ||||||||||||||
NET LOSS | (450.8 | ) | (1,382.8 | ) | (1,541.9 | ) | (247.0 | ) | 3,182.5 | (440.0 | ) | ||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (10.8 | ) | — | (10.8 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (450.8 | ) | $ | (1,382.8 | ) | $ | (1,541.9 | ) | $ | (257.8 | ) | $ | 3,182.5 | $ | (450.8 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 16.5 | $ | 114.4 | $ | — | $ | 3,434.8 | $ | (232.9 | ) | $ | 3,332.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 38.2 | 114.4 | — | 1,621.6 | (232.9 | ) | 1,541.3 | ||||||||||||||||
Depreciation | .2 | 2.8 | — | 389.5 | — | 392.5 | |||||||||||||||||
General and administrative | 48.3 | .4 | — | 62.9 | — | 111.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (70.2 | ) | (3.2 | ) | — | 1,360.8 | — | 1,287.4 | |||||||||||||||
OTHER EXPENSE, NET | (48.0 | ) | (7.2 | ) | (15.1 | ) | (.9 | ) | — | (71.2 | ) | ||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (118.2 | ) | (10.4 | ) | (15.1 | ) | 1,359.9 | — | 1,216.2 | ||||||||||||||
INCOME TAX PROVISION | — | 76.9 | — | 87.8 | — | 164.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 12.4 | — | 12.4 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,175.0 | 255.7 | 164.9 | — | (1,595.6 | ) | — | ||||||||||||||||
NET INCOME | 1,056.8 | 168.4 | 149.8 | 1,284.5 | (1,595.6 | ) | 1,063.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.8 | $ | 168.4 | $ | 149.8 | $ | 1,277.4 | $ | (1,595.6 | ) | $ | 1,056.8 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 429.4 | $ | 52.0 | $ | 53.8 | $ | 493.4 | $ | (595.7 | ) | $ | 432.9 | ||||||||||
OTHER COMPREHENSIVE(LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (12.7 | ) | — | — | — | (12.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (1.4 | ) | — | — | — | (1.4 | ) | |||||||||||||||
Other | — | — | — | 3.7 | — | 3.7 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (14.1 | ) | — | 3.7 | — | (10.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 429.4 | 37.9 | 53.8 | 497.1 | (595.7 | ) | 422.5 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 429.4 | $ | 37.9 | $ | 53.8 | $ | 493.6 | $ | (595.7 | ) | $ | 419.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 378.8 | $ | 53.8 | $ | 50.8 | $ | 418.1 | $ | (520.1 | ) | $ | 381.4 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 8.3 | — | — | — | 8.3 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.8 | — | — | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 11.1 | — | — | — | 11.1 | |||||||||||||||||
COMPREHENSIVE INCOME | 378.8 | 64.9 | 50.8 | 418.1 | (520.1 | ) | 392.5 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | $ | 64.9 | $ | 50.8 | $ | 415.5 | $ | (520.1 | ) | $ | 389.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET LOSS | $ | (450.8 | ) | $ | (1,382.8 | ) | $ | (1,541.9 | ) | $ | (247.0 | ) | $ | 3,182.5 | $ | (440.0 | ) | ||||||
OTHER COMPREHENSIVE(LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (3.3 | ) | — | — | — | (3.3 | ) | |||||||||||||||
Other | — | — | — | 4.2 | — | 4.2 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (6.1 | ) | — | 4.2 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE LOSS | (450.8 | ) | (1,388.9 | ) | (1,541.9 | ) | (242.8 | ) | 3,182.5 | (441.9 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (10.8 | ) | — | (10.8 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (450.8 | ) | $ | (1,388.9 | ) | $ | (1,541.9 | ) | $ | (253.6 | ) | $ | 3,182.5 | $ | (452.7 | ) |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,056.8 | $ | 168.4 | $ | 149.8 | $ | 1,284.5 | $ | (1,595.6 | ) | $ | 1,063.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.3 | ) | — | — | — | (5.3 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.2 | — | — | — | 2.2 | |||||||||||||||||
Other | — | — | — | .5 | — | .5 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.1 | ) | — | .5 | — | (2.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,056.8 | 165.3 | 149.8 | 1,285.0 | (1,595.6 | ) | 1,061.3 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.8 | $ | 165.3 | $ | 149.8 | $ | 1,277.9 | $ | (1,595.6 | ) | $ | 1,054.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 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 | $ | 367.0 | $ | — | $ | 343.0 | $ | 463.7 | $ | — | $ | 1,173.7 | |||||||||||
Accounts receivable, net | — | — | — | 869.8 | — | 869.8 | |||||||||||||||||
Accounts receivable from affiliates | 1,246.1 | 650.7 | 531.3 | 1,127.3 | (3,555.4 | ) | — | ||||||||||||||||
Other | 3.9 | 51.4 | — | 931.6 | — | 986.9 | |||||||||||||||||
Total current assets | 1,617.0 | 702.1 | 874.3 | 3,392.4 | (3,555.4 | ) | 3,030.4 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 62.4 | — | 15,921.2 | — | 15,985.7 | |||||||||||||||||
Less accumulated depreciation | 1.7 | 31.6 | — | 2,824.8 | — | 2,858.1 | |||||||||||||||||
Property and equipment, net | .4 | 30.8 | — | 13,096.4 | — | 13,127.6 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 3,021.1 | 4,472.5 | 985.8 | 6,510.9 | (14,990.3 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,104.0 | 3,568.5 | 2,722.5 | — | (19,395.0 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 18.0 | 49.1 | — | 273.4 | — | 340.5 | |||||||||||||||||
$ | 17,760.5 | $ | 8,823.0 | $ | 4,582.6 | $ | 26,547.1 | $ | (37,940.7 | ) | $ | 19,772.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 11.1 | $ | 74.7 | $ | 23.4 | $ | 968.5 | $ | — | $ | 1,077.7 | |||||||||||
Accounts payable to affiliates | 163.8 | 997.7 | — | 2,393.9 | (3,555.4 | ) | $ | — | |||||||||||||||
Current maturities of long-term debt | — | — | — | 53.8 | — | $ | 53.8 | ||||||||||||||||
Total current liabilities | 174.9 | 1,072.4 | 23.4 | 3,416.2 | (3,555.4 | ) | 1,131.5 | ||||||||||||||||
DUE TO AFFILIATES | 2,013.3 | 3,068.1 | 1,489.0 | 8,419.9 | (14,990.3 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,723.3 | 149.2 | 1,982.0 | 49.4 | — | 5,903.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 247.1 | — | 11.5 | — | 258.6 | |||||||||||||||||
OTHER LIABILITIES | — | 4.3 | 7.6 | 617.6 | — | 629.5 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,849.0 | 4,281.9 | 1,080.6 | 14,019.9 | (19,395.0 | ) | 11,836.4 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 12.6 | — | 12.6 | |||||||||||||||||
Total equity | 11,849.0 | 4,281.9 | 1,080.6 | 14,032.5 | (19,395.0 | ) | 11,849.0 | ||||||||||||||||
$ | 17,760.5 | $ | 8,823.0 | $ | 4,582.6 | $ | 26,547.1 | $ | (37,940.7 | ) | $ | 19,772.5 |
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 Nine Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (82.2 | ) | $ | (91.7 | ) | $ | (76.7 | ) | $ | 1,835.9 | $ | — | $ | 1,585.3 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (28.1 | ) | — | (1,218.9 | ) | — | (1,247.0 | ) | ||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Purchases of short-term investments | — | — | — | (45.3 | ) | — | (45.3 | ) | |||||||||||||||
Other | — | — | — | 9.8 | — | 9.8 | |||||||||||||||||
Net cash used in investing activities of continuing operations | — | (28.1 | ) | — | (1,204.4 | ) | — | (1,232.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,246.4 | — | — | — | — | 1,246.4 | |||||||||||||||||
Cash dividends paid | (526.7 | ) | — | — | — | — | (526.7 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (30.9 | ) | — | (30.9 | ) | |||||||||||||||
Debt financing costs | (11.3 | ) | — | — | — | — | (11.3 | ) | |||||||||||||||
Proceeds from exercise of share options | 2.4 | — | — | — | — | 2.4 | |||||||||||||||||
Advances (to) from affiliates | (295.5 | ) | 119.3 | 414.8 | (238.6 | ) | — | — | |||||||||||||||
Other | (12.6 | ) | — | — | (7.4 | ) | — | (20.0 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 402.7 | 119.3 | 414.8 | (276.9 | ) | — | 659.9 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (62.0 | ) | — | (62.0 | ) | |||||||||||||||
Investing activities | — | — | — | 57.4 | — | 57.4 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 320.5 | (.5 | ) | 338.1 | 350.0 | — | 1,008.1 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 46.5 | .5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 367.0 | $ | — | $ | 343.0 | $ | 463.7 | $ | — | $ | 1,173.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (138.0 | ) | $ | (114.3 | ) | $ | (54.1 | ) | $ | 1,655.8 | $ | — | $ | 1,349.4 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | (1,273.6 | ) | — | (1,273.6 | ) | ||||||||||||||||||
Maturities of short-term investments | 50.0 | 50.0 | |||||||||||||||||||||
Other | (3.8 | ) | 7.6 | — | 3.8 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (3.8 | ) | — | (1,216.0 | ) | — | (1,219.8 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (350.2 | ) | — | — | (350.2 | ) | |||||||||||||||||
Reduction of long-term borrowings | (30.9 | ) | — | (30.9 | ) | ||||||||||||||||||
Proceeds from exercise of share options | 22.0 | — | — | 22.0 | |||||||||||||||||||
Advances from (to) affiliates | 353.2 | 121.3 | (18.8 | ) | (455.7 | ) | — | — | |||||||||||||||
Other | (13.5 | ) | (4.5 | ) | (2.8 | ) | — | (20.8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 11.5 | 116.8 | (18.8 | ) | (489.4 | ) | — | (379.9 | ) | ||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | 83.2 | — | 83.2 | ||||||||||||||||||||
Investing activities | 6.4 | — | 6.4 | ||||||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 89.6 | — | 89.6 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1.0 | ) | — | (1.0 | ) | ||||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (126.5 | ) | (1.3 | ) | (72.9 | ) | 39.0 | — | (161.7 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 145.3 | $ | .4 | $ | 12.1 | $ | 167.6 | $ | — | $ | 325.4 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of September 30, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 41.8 | $ | — | $ | — | $ | 41.8 | |||||||
Total financial assets | $ | 41.8 | $ | — | $ | — | $ | 41.8 | |||||||
Derivatives, net | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | |||||
Total financial liabilities | $ | — | $ | (17.0 | ) | $ | — | $ | (17.0 | ) | |||||
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 |
September 30, 2014 | December 31, 2013 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.7% Senior notes due 2021 | $ | 1,479.2 | $ | 1,579.2 | $ | 1,477.2 | $ | 1,596.9 | |||||||
6.875% Senior notes due 2020 | 1,012.4 | 1,060.3 | 1,024.8 | 1,086.7 | |||||||||||
3.25% Senior notes due 2016 | 997.6 | 1,032.9 | 996.5 | 1,045.8 | |||||||||||
4.50% Senior notes due 2024 | 624.2 | 633.2 | — | — | |||||||||||
5.75% Senior notes due 2044 | 622.2 | 632.5 | — | — | |||||||||||
8.50% Senior notes due 2019 | 588.0 | 619.0 | 600.5 | 635.8 | |||||||||||
7.875% Senior notes due 2040 | 381.6 | 389.5 | 382.6 | 410.5 | |||||||||||
7.20% Debentures due 2027 | 149.2 | 186.3 | 149.1 | 178.6 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 55.0 | 55.3 | 78.9 | 79.7 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 29.3 | 32.2 | 31.5 | 35.2 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 19.0 | 19.8 | 25.3 | 27.1 | |||||||||||
Total | $ | 5,957.7 | $ | 6,240.2 | $ | 4,766.4 | $ | 5,096.3 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2014 | December 31, 2013 | September 30, 2014 | December 31, 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 1.9 | $ | 9.1 | $ | 8.6 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | — | 1.2 | 2.3 | .6 | |||||||||||
1.9 | 10.3 | 10.9 | 10.4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .7 | 2.5 | 8.7 | .6 | |||||||||||
.7 | 2.5 | 8.7 | .6 | ||||||||||||
Total | $ | 2.6 | $ | 12.8 | $ | 19.6 | $ | 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. |
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.1 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | (12.7 | ) | 8.3 | 1.4 | (2.7 | ) | (1.9 | ) | 1.2 | ||||||||||||||
Total | $ | (12.7 | ) | $ | 8.3 | $ | 1.4 | $ | (2.8 | ) | $ | (1.9 | ) | $ | 1.2 |
Loss Recognized in Other Comprehensive Income (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.2 | ) | $ | (.3 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (2.8 | ) | (5.3 | ) | 3.5 | (1.9 | ) | — | (.2 | ) | |||||||||||||
Total | $ | (2.8 | ) | $ | (5.3 | ) | $ | 3.3 | $ | (2.2 | ) | $ | — | $ | (.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 operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our condensed consolidated statements of operations. |
(4) | During the three-month period ended September 30, 2014, $1.2 million of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2013, $2.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the nine-month period ended September 30, 2014, $2.9 million of gains were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2013, $2.5 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Income from continuing operations | $ | 455.7 | $ | 390.9 | $ | 154.8 | $ | 1,051.5 | |||||||
Income from continuing operations attributable to noncontrolling interests | (3.5 | ) | (2.4 | ) | (10.7 | ) | (6.5 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 452.2 | $ | 388.5 | $ | 144.1 | $ | 1,045.0 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(Loss) income from discontinued operations, net | $ | (22.8 | ) | $ | (9.5 | ) | $ | (594.8 | ) | $ | 12.4 | ||||
Income from discontinued operations attributable to noncontrolling interests | — | (.2 | ) | (.1 | ) | (.6 | ) | ||||||||
(Loss) income from discontinued operations attributable to Ensco | $ | (22.8 | ) | $ | (9.7 | ) | $ | (594.9 | ) | $ | 11.8 |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Revenues | $ | 19.2 | $ | 103.9 | $ | 109.0 | $ | 331.4 | |||||||
Operating expenses | 36.7 | 105.5 | 207.1 | 308.3 | |||||||||||
Operating (loss) income | (17.5 | ) | (1.6 | ) | (98.1 | ) | 23.1 | ||||||||
Other income | — | — | — | .3 | |||||||||||
Income tax expense | (14.8 | ) | (7.9 | ) | (17.5 | ) | (9.9 | ) | |||||||
Loss on impairment, net | — | — | (508.8 | ) | — | ||||||||||
Gain (loss) on disposal of discontinued operations, net | 9.5 | — | 29.6 | (1.1 | ) | ||||||||||
(Loss) income from discontinued operations, net | $ | (22.8 | ) | $ | (9.5 | ) | $ | (594.8 | ) | $ | 12.4 |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 745.3 | $ | 499.0 | $ | 16.9 | $ | 1,261.2 | $ | — | $ | 1,261.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 309.7 | 210.2 | 11.5 | 531.4 | — | 531.4 | |||||||||||||||||
Depreciation | 91.4 | 47.6 | — | 139.0 | 1.9 | 140.9 | |||||||||||||||||
General and administrative | — | — | — | — | 29.3 | 29.3 | |||||||||||||||||
Operating income (loss) | $ | 344.2 | $ | 241.2 | $ | 5.4 | $ | 590.8 | $ | (31.2 | ) | $ | 559.6 | ||||||||||
Property and equipment, net | $ | 9,836.2 | $ | 3,215.3 | $ | — | $ | 13,051.5 | $ | 76.1 | $ | 13,127.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 696.7 | $ | 446.8 | $ | 18.7 | $ | 1,162.2 | $ | — | $ | 1,162.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 315.4 | 203.8 | 15.1 | 534.3 | — | 534.3 | |||||||||||||||||
Depreciation | 91.5 | 39.5 | — | 131.0 | 1.6 | 132.6 | |||||||||||||||||
General and administrative | — | — | — | — | 37.4 | 37.4 | |||||||||||||||||
Operating income (loss) | $ | 289.8 | $ | 203.5 | $ | 3.6 | $ | 496.9 | $ | (39.0 | ) | $ | 457.9 | ||||||||||
Property and equipment, net | $ | 11,252.8 | $ | 2,705.4 | $ | — | $ | 13,958.2 | $ | 39.2 | $ | 13,997.4 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,156.1 | $ | 1,388.0 | $ | 50.0 | $ | 3,594.1 | $ | — | $ | 3,594.1 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 966.1 | 659.4 | 34.5 | 1,660.0 | — | 1,660.0 | |||||||||||||||||
Loss on impairment | 991.5 | — | — | 991.5 | — | 991.5 | |||||||||||||||||
Depreciation | 281.0 | 132.6 | — | 413.6 | 5.9 | 419.5 | |||||||||||||||||
General and administrative | — | — | — | — | 103.6 | 103.6 | |||||||||||||||||
Operating (loss) income | $ | (82.5 | ) | $ | 596.0 | $ | 15.5 | $ | 529.0 | $ | (109.5 | ) | $ | 419.5 | |||||||||
Property and equipment, net | $ | 9,836.2 | $ | 3,215.3 | $ | — | $ | 13,051.5 | $ | 76.1 | $ | 13,127.6 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,038.9 | $ | 1,234.7 | $ | 59.2 | $ | 3,332.8 | $ | — | $ | 3,332.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 888.6 | 605.9 | 46.8 | 1,541.3 | — | 1,541.3 | |||||||||||||||||
Depreciation | 270.9 | 116.8 | — | 387.7 | 4.8 | 392.5 | |||||||||||||||||
General and administrative | — | — | — | — | 111.6 | 111.6 | |||||||||||||||||
Operating income (loss) | $ | 879.4 | $ | 512.0 | $ | 12.4 | $ | 1,403.8 | $ | (116.4 | ) | $ | 1,287.4 | ||||||||||
Property and equipment, net | $ | 11,252.8 | $ | 2,705.4 | $ | — | $ | 13,958.2 | $ | 39.2 | $ | 13,997.4 |
Floaters(1) | Jackups | Total(2) | |||
North & South America (excluding Brazil) | 9 | 8 | 17 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Europe & Mediterranean | 3 | 11 | 14 | ||
Asia & Pacific Rim | 4 | 9 | 13 | ||
Asia & Pacific Rim (under construction) | 3 | 4 | 7 | ||
Brazil | 4 | — | 4 | ||
Total | 29 | 42 | 71 |
(1) | The five floaters classified as "held for sale" as of September 30, 2014 are included in the table above. |
(2) | We provide management services on six rigs owned by third-parties, including ENSCO 83, ENSCO 89, ENSCO 93, and ENSCO 98, which were sold during September 2014. Rigs for which we provide management services are not included in the table above. |
|
September 30, 2014 | December 31, 2013 | ||||||
Trade | $ | 850.9 | $ | 869.8 | |||
Other | 31.5 | 14.3 | |||||
882.4 | 884.1 | ||||||
Allowance for doubtful accounts | (12.6 | ) | (28.4 | ) | |||
$ | 869.8 | $ | 855.7 |
September 30, 2014 | December 31, 2013 | ||||||
Assets held for sale | $ | 289.0 | $ | 8.6 | |||
Inventory | 253.7 | 256.4 | |||||
Restricted cash | 211.8 | — | |||||
Deferred costs | 68.3 | 47.4 | |||||
Prepaid expenses | 46.3 | 18.5 | |||||
Short-term investments | 45.3 | 50.0 | |||||
Prepaid taxes | 41.7 | 88.1 | |||||
Deferred tax assets | 22.8 | 23.1 | |||||
Derivative assets | 2.6 | 11.6 | |||||
Other | 5.4 | 10.2 | |||||
$ | 986.9 | $ | 513.9 |
September 30, 2014 | December 31, 2013 | ||||||
Deferred costs | $ | 87.4 | $ | 59.1 | |||
Intangible assets | 57.8 | 83.8 | |||||
Deferred tax assets | 42.9 | 25.2 | |||||
Supplemental executive retirement plan assets | 41.8 | 37.7 | |||||
Prepaid taxes on intercompany transfers of property | 40.4 | 50.2 | |||||
Warranty and other claim receivables | 30.6 | 30.6 | |||||
Unbilled receivables | 26.9 | 51.9 | |||||
Other | 12.7 | 14.2 | |||||
$ | 340.5 | $ | 352.7 |
September 30, 2014 | December 31, 2013 | ||||||
Personnel costs | $ | 211.2 | $ | 242.0 | |||
Deferred revenue | 195.5 | 169.8 | |||||
Taxes | 152.0 | 84.2 | |||||
Accrued interest | 34.5 | 68.0 | |||||
Deferred gain on rig sales | 26.6 | — | |||||
Derivative liabilities | 17.3 | 10.4 | |||||
Advance payment received on sale of assets | — | 33.0 | |||||
Customer pre-payments | — | 20.0 | |||||
Other | 16.8 | 31.3 | |||||
$ | 653.9 | $ | 658.7 |
September 30, 2014 | December 31, 2013 | ||||||
Deferred revenue | $ | 331.4 | $ | 217.6 | |||
Unrecognized tax benefits (inclusive of interest and penalties) | 139.6 | 148.0 | |||||
Intangible liabilities | 47.9 | 69.1 | |||||
Supplemental executive retirement plan liabilities | 44.1 | 40.5 | |||||
Personnel costs | 28.6 | 37.2 | |||||
Other | 37.9 | 33.3 | |||||
$ | 629.5 | $ | 545.7 |
September 30, 2014 | December 31, 2013 | ||||||
Derivative Instruments | $ | 14.5 | $ | 20.6 | |||
Other | 1.8 | (2.4 | ) | ||||
$ | 16.3 | $ | 18.2 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 8.3 | $ | 39.0 | $ | — | $ | 1,292.2 | $ | (78.3 | ) | $ | 1,261.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 9.1 | 37.4 | — | 563.2 | (78.3 | ) | 531.4 | ||||||||||||||||
Depreciation | .1 | 1.8 | — | 139.0 | — | 140.9 | |||||||||||||||||
General and administrative | 10.2 | .1 | — | 19.0 | — | 29.3 | |||||||||||||||||
OPERATING (LOSS) INCOME | (11.1 | ) | (0.3 | ) | — | 571.0 | — | 559.6 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (15.0 | ) | (23.1 | ) | (13.1 | ) | 12.8 | — | (38.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (26.1 | ) | (23.4 | ) | (13.1 | ) | 583.8 | — | 521.2 | ||||||||||||||
INCOME TAX PROVISION | — | (2.1 | ) | — | 67.6 | — | 65.5 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (22.8 | ) | — | (22.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 455.5 | 73.3 | 66.9 | — | (595.7 | ) | — | ||||||||||||||||
NET INCOME | 429.4 | 52.0 | 53.8 | 493.4 | (595.7 | ) | 432.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 429.4 | $ | 52.0 | $ | 53.8 | $ | 489.9 | $ | (595.7 | ) | $ | 429.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.5 | $ | 38.1 | $ | — | $ | 1,196.2 | $ | (77.6 | ) | $ | 1,162.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.0 | 38.1 | — | 560.8 | (77.6 | ) | 534.3 | ||||||||||||||||
Depreciation | — | 1.0 | — | 131.6 | — | 132.6 | |||||||||||||||||
General and administrative | 15.2 | .1 | — | 22.1 | — | 37.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (22.7 | ) | (1.1 | ) | — | 481.7 | — | 457.9 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (18.1 | ) | 5.9 | 15.5 | (4.9 | ) | — | (1.6 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (40.8 | ) | 4.8 | 15.5 | 476.8 | — | 456.3 | ||||||||||||||||
INCOME TAX PROVISION | — | 16.2 | — | 49.2 | — | 65.4 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (9.5 | ) | — | (9.5 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 419.6 | 65.2 | 35.3 | — | (520.1 | ) | — | ||||||||||||||||
NET INCOME | 378.8 | 53.8 | 50.8 | 418.1 | (520.1 | ) | 381.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | $ | 53.8 | $ | 50.8 | $ | 415.5 | $ | (520.1 | ) | $ | 378.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 23.8 | $ | 116.8 | $ | — | $ | 3,691.1 | $ | (237.6 | ) | $ | 3,594.1 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 24.4 | 115.2 | — | 1,758.0 | (237.6 | ) | 1,660.0 | ||||||||||||||||
Loss on impairment | — | — | — | 991.5 | — | 991.5 | |||||||||||||||||
Depreciation | .2 | 5.1 | — | 414.2 | — | 419.5 | |||||||||||||||||
General and administrative | 41.0 | .3 | — | 62.3 | — | 103.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (41.8 | ) | (3.8 | ) | — | 465.1 | — | 419.5 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (43.6 | ) | (28.5 | ) | (39.0 | ) | 12.8 | — | (98.3 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (85.4 | ) | (32.3 | ) | (39.0 | ) | 477.9 | — | 321.2 | ||||||||||||||
INCOME TAX PROVISION | — | 36.3 | — | 130.1 | — | 166.4 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (594.8 | ) | — | (594.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (365.4 | ) | (1,314.2 | ) | (1,502.9 | ) | — | 3,182.5 | — | ||||||||||||||
NET LOSS | (450.8 | ) | (1,382.8 | ) | (1,541.9 | ) | (247.0 | ) | 3,182.5 | (440.0 | ) | ||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (10.8 | ) | — | (10.8 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (450.8 | ) | $ | (1,382.8 | ) | $ | (1,541.9 | ) | $ | (257.8 | ) | $ | 3,182.5 | $ | (450.8 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 16.5 | $ | 114.4 | $ | — | $ | 3,434.8 | $ | (232.9 | ) | $ | 3,332.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 38.2 | 114.4 | — | 1,621.6 | (232.9 | ) | 1,541.3 | ||||||||||||||||
Depreciation | .2 | 2.8 | — | 389.5 | — | 392.5 | |||||||||||||||||
General and administrative | 48.3 | .4 | — | 62.9 | — | 111.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (70.2 | ) | (3.2 | ) | — | 1,360.8 | — | 1,287.4 | |||||||||||||||
OTHER EXPENSE, NET | (48.0 | ) | (7.2 | ) | (15.1 | ) | (.9 | ) | — | (71.2 | ) | ||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (118.2 | ) | (10.4 | ) | (15.1 | ) | 1,359.9 | — | 1,216.2 | ||||||||||||||
INCOME TAX PROVISION | — | 76.9 | — | 87.8 | — | 164.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 12.4 | — | 12.4 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,175.0 | 255.7 | 164.9 | — | (1,595.6 | ) | — | ||||||||||||||||
NET INCOME | 1,056.8 | 168.4 | 149.8 | 1,284.5 | (1,595.6 | ) | 1,063.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.8 | $ | 168.4 | $ | 149.8 | $ | 1,277.4 | $ | (1,595.6 | ) | $ | 1,056.8 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 429.4 | $ | 52.0 | $ | 53.8 | $ | 493.4 | $ | (595.7 | ) | $ | 432.9 | ||||||||||
OTHER COMPREHENSIVE(LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (12.7 | ) | — | — | — | (12.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (1.4 | ) | — | — | — | (1.4 | ) | |||||||||||||||
Other | — | — | — | 3.7 | — | 3.7 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (14.1 | ) | — | 3.7 | — | (10.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 429.4 | 37.9 | 53.8 | 497.1 | (595.7 | ) | 422.5 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.5 | ) | — | (3.5 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 429.4 | $ | 37.9 | $ | 53.8 | $ | 493.6 | $ | (595.7 | ) | $ | 419.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 378.8 | $ | 53.8 | $ | 50.8 | $ | 418.1 | $ | (520.1 | ) | $ | 381.4 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 8.3 | — | — | — | 8.3 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.8 | — | — | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 11.1 | — | — | — | 11.1 | |||||||||||||||||
COMPREHENSIVE INCOME | 378.8 | 64.9 | 50.8 | 418.1 | (520.1 | ) | 392.5 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.6 | ) | — | (2.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 378.8 | $ | 64.9 | $ | 50.8 | $ | 415.5 | $ | (520.1 | ) | $ | 389.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET LOSS | $ | (450.8 | ) | $ | (1,382.8 | ) | $ | (1,541.9 | ) | $ | (247.0 | ) | $ | 3,182.5 | $ | (440.0 | ) | ||||||
OTHER COMPREHENSIVE(LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (2.8 | ) | — | — | — | (2.8 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (3.3 | ) | — | — | — | (3.3 | ) | |||||||||||||||
Other | — | — | — | 4.2 | — | 4.2 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (6.1 | ) | — | 4.2 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE LOSS | (450.8 | ) | (1,388.9 | ) | (1,541.9 | ) | (242.8 | ) | 3,182.5 | (441.9 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (10.8 | ) | — | (10.8 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (450.8 | ) | $ | (1,388.9 | ) | $ | (1,541.9 | ) | $ | (253.6 | ) | $ | 3,182.5 | $ | (452.7 | ) |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,056.8 | $ | 168.4 | $ | 149.8 | $ | 1,284.5 | $ | (1,595.6 | ) | $ | 1,063.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.3 | ) | — | — | — | (5.3 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.2 | — | — | — | 2.2 | |||||||||||||||||
Other | — | — | — | .5 | — | .5 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.1 | ) | — | .5 | — | (2.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,056.8 | 165.3 | 149.8 | 1,285.0 | (1,595.6 | ) | 1,061.3 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,056.8 | $ | 165.3 | $ | 149.8 | $ | 1,277.9 | $ | (1,595.6 | ) | $ | 1,054.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 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 | $ | 367.0 | $ | — | $ | 343.0 | $ | 463.7 | $ | — | $ | 1,173.7 | |||||||||||
Accounts receivable, net | — | — | — | 869.8 | — | 869.8 | |||||||||||||||||
Accounts receivable from affiliates | 1,246.1 | 650.7 | 531.3 | 1,127.3 | (3,555.4 | ) | — | ||||||||||||||||
Other | 3.9 | 51.4 | — | 931.6 | — | 986.9 | |||||||||||||||||
Total current assets | 1,617.0 | 702.1 | 874.3 | 3,392.4 | (3,555.4 | ) | 3,030.4 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 62.4 | — | 15,921.2 | — | 15,985.7 | |||||||||||||||||
Less accumulated depreciation | 1.7 | 31.6 | — | 2,824.8 | — | 2,858.1 | |||||||||||||||||
Property and equipment, net | .4 | 30.8 | — | 13,096.4 | — | 13,127.6 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 3,021.1 | 4,472.5 | 985.8 | 6,510.9 | (14,990.3 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,104.0 | 3,568.5 | 2,722.5 | — | (19,395.0 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 18.0 | 49.1 | — | 273.4 | — | 340.5 | |||||||||||||||||
$ | 17,760.5 | $ | 8,823.0 | $ | 4,582.6 | $ | 26,547.1 | $ | (37,940.7 | ) | $ | 19,772.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 11.1 | $ | 74.7 | $ | 23.4 | $ | 968.5 | $ | — | $ | 1,077.7 | |||||||||||
Accounts payable to affiliates | 163.8 | 997.7 | — | 2,393.9 | (3,555.4 | ) | $ | — | |||||||||||||||
Current maturities of long-term debt | — | — | — | 53.8 | — | $ | 53.8 | ||||||||||||||||
Total current liabilities | 174.9 | 1,072.4 | 23.4 | 3,416.2 | (3,555.4 | ) | 1,131.5 | ||||||||||||||||
DUE TO AFFILIATES | 2,013.3 | 3,068.1 | 1,489.0 | 8,419.9 | (14,990.3 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,723.3 | 149.2 | 1,982.0 | 49.4 | — | 5,903.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 247.1 | — | 11.5 | — | 258.6 | |||||||||||||||||
OTHER LIABILITIES | — | 4.3 | 7.6 | 617.6 | — | 629.5 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,849.0 | 4,281.9 | 1,080.6 | 14,019.9 | (19,395.0 | ) | 11,836.4 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 12.6 | — | 12.6 | |||||||||||||||||
Total equity | 11,849.0 | 4,281.9 | 1,080.6 | 14,032.5 | (19,395.0 | ) | 11,849.0 | ||||||||||||||||
$ | 17,760.5 | $ | 8,823.0 | $ | 4,582.6 | $ | 26,547.1 | $ | (37,940.7 | ) | $ | 19,772.5 |
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 Nine Months Ended September 30, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (82.2 | ) | $ | (91.7 | ) | $ | (76.7 | ) | $ | 1,835.9 | $ | — | $ | 1,585.3 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (28.1 | ) | — | (1,218.9 | ) | — | (1,247.0 | ) | ||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Purchases of short-term investments | — | — | — | (45.3 | ) | — | (45.3 | ) | |||||||||||||||
Other | — | — | — | 9.8 | — | 9.8 | |||||||||||||||||
Net cash used in investing activities of continuing operations | — | (28.1 | ) | — | (1,204.4 | ) | — | (1,232.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,246.4 | — | — | — | — | 1,246.4 | |||||||||||||||||
Cash dividends paid | (526.7 | ) | — | — | — | — | (526.7 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (30.9 | ) | — | (30.9 | ) | |||||||||||||||
Debt financing costs | (11.3 | ) | — | — | — | — | (11.3 | ) | |||||||||||||||
Proceeds from exercise of share options | 2.4 | — | — | — | — | 2.4 | |||||||||||||||||
Advances (to) from affiliates | (295.5 | ) | 119.3 | 414.8 | (238.6 | ) | — | — | |||||||||||||||
Other | (12.6 | ) | — | — | (7.4 | ) | — | (20.0 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 402.7 | 119.3 | 414.8 | (276.9 | ) | — | 659.9 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (62.0 | ) | — | (62.0 | ) | |||||||||||||||
Investing activities | — | — | — | 57.4 | — | 57.4 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | (4.6 | ) | — | (4.6 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 320.5 | (.5 | ) | 338.1 | 350.0 | — | 1,008.1 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 46.5 | .5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 367.0 | $ | — | $ | 343.0 | $ | 463.7 | $ | — | $ | 1,173.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (138.0 | ) | $ | (114.3 | ) | $ | (54.1 | ) | $ | 1,655.8 | $ | — | $ | 1,349.4 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | (1,273.6 | ) | — | (1,273.6 | ) | ||||||||||||||||||
Maturities of short-term investments | 50.0 | 50.0 | |||||||||||||||||||||
Other | (3.8 | ) | 7.6 | — | 3.8 | ||||||||||||||||||
Net cash used in investing activities of continuing operations | — | (3.8 | ) | — | (1,216.0 | ) | — | (1,219.8 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (350.2 | ) | — | — | (350.2 | ) | |||||||||||||||||
Reduction of long-term borrowings | (30.9 | ) | — | (30.9 | ) | ||||||||||||||||||
Proceeds from exercise of share options | 22.0 | — | — | 22.0 | |||||||||||||||||||
Advances from (to) affiliates | 353.2 | 121.3 | (18.8 | ) | (455.7 | ) | — | — | |||||||||||||||
Other | (13.5 | ) | (4.5 | ) | (2.8 | ) | — | (20.8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 11.5 | 116.8 | (18.8 | ) | (489.4 | ) | — | (379.9 | ) | ||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | 83.2 | — | 83.2 | ||||||||||||||||||||
Investing activities | 6.4 | — | 6.4 | ||||||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 89.6 | — | 89.6 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1.0 | ) | — | (1.0 | ) | ||||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (126.5 | ) | (1.3 | ) | (72.9 | ) | 39.0 | — | (161.7 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 145.3 | $ | .4 | $ | 12.1 | $ | 167.6 | $ | — | $ | 325.4 |
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