ENSCO PLC, 10-Q filed on 10/30/2014
Quarterly Report
Document And Entity Information
9 Months Ended
Sep. 30, 2014
Oct. 23, 2014
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Sep. 30, 2014 
 
Document Fiscal Year Focus
2014 
 
Document Fiscal Period Focus
Q3 
 
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
 
234,258,168 
Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Statement [Abstract]
 
 
 
 
OPERATING REVENUES
$ 1,261.2 
$ 1,162.2 
$ 3,594.1 
$ 3,332.8 
OPERATING EXPENSES
 
 
 
 
Contract drilling (exclusive of depreciation)
531.4 
534.3 
1,660.0 
1,541.3 
Asset Impairment Charges
 
 
991.5 
Depreciation
140.9 
132.6 
419.5 
392.5 
General and administrative
29.3 
37.4 
103.6 
111.6 
Total operating expenses
701.6 
704.3 
3,174.6 
2,045.4 
OPERATING (LOSS) INCOME
559.6 
457.9 
419.5 
1,287.4 
OTHER INCOME (EXPENSE)
 
 
 
 
Interest income
3.1 
4.3 
10.2 
12.3 
Interest expense, net
(38.0)
(40.2)
(109.0)
(123.6)
Other, net
(3.5)
34.3 
0.5 
40.1 
Other income (expense), net
(38.4)
(1.6)
(98.3)
(71.2)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
521.2 
456.3 
321.2 
1,216.2 
PROVISION FOR INCOME TAXES
 
 
 
 
Current income tax expense
147.6 
72.5 
256.7 
181.4 
Deferred income tax (benefit) expense
(82.1)
(7.1)
(90.3)
(16.7)
Total provision for income taxes
65.5 
65.4 
166.4 
164.7 
INCOME FROM CONTINUING OPERATIONS
455.7 
390.9 
154.8 
1,051.5 
DISCONTINUED OPERATIONS
 
 
 
 
(Loss) gain on disposal of discontinued operations, net
9.5 
29.6 
(1.1)
DISCONTINUED OPERATIONS, NET
(22.8)
(9.5)
(594.8)
12.4 
NET INCOME
432.9 
381.4 
(440.0)
1,063.9 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.5)
(2.6)
(10.8)
(7.1)
NET INCOME ATTRIBUTABLE TO ENSCO
429.4 
378.8 
(450.8)
1,056.8 
EARNINGS PER SHARE - BASIC
 
 
 
 
Income (Loss) from Continuing Operations, Per Basic and Diluted Share
$ 1.93 
$ 1.66 
$ 0.60 
$ 4.48 
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share
$ (0.10)
$ (0.04)
$ (2.57)
$ 0.05 
Earnings Per Share, Basic and Diluted
$ 1.83 
$ 1.62 
$ (1.97)
$ 4.53 
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED
$ 424.5 
$ 374.8 
$ (456.7)
$ 1,045.6 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
 
 
Basic (in shares)
231.8 
231.1 
231.5 
230.8 
Diluted (in shares)
232.0 
231.3 
231.7 
231.0 
CASH DIVIDENDS PER SHARE (in dollars per share)
$ 0.750 
$ 0.500 
$ 2.250 
$ 1.500 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Statement of Comprehensive Income [Abstract]
 
 
 
 
NET INCOME
$ 432.9 
$ 381.4 
$ (440.0)
$ 1,063.9 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
Net change in fair value of derivatives
(12.7)
8.3 
(2.8)
(5.3)
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income
(1.4)
2.8 
(3.3)
2.2 
Other
3.7 
4.2 
0.5 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(10.4)
11.1 
(1.9)
(2.6)
COMPREHENSIVE INCOME
422.5 
392.5 
(441.9)
1,061.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.5)
(2.6)
(10.8)
(7.1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ 419.0 
$ 389.9 
$ (452.7)
$ 1,054.2 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 1,173.7 
$ 165.6 
Accounts receivable, net
869.8 
855.7 
Other
986.9 
513.9 
Total current assets
3,030.4 
1,535.2 
PROPERTY AND EQUIPMENT, AT COST
15,985.7 
17,498.5 
Less accumulated depreciation
2,858.1 
3,187.5 
Property and equipment, net
13,127.6 
14,311.0 
GOODWILL
3,274.0 
3,274.0 
OTHER ASSETS, NET
340.5 
352.7 
TOTAL ASSETS
19,772.5 
19,472.9 
CURRENT LIABILITIES
 
 
Accounts payable - trade
423.8 
341.1 
Accrued liabilities and other
653.9 
658.7 
Current maturities of long-term debt
53.8 
47.5 
Total current liabilities
1,131.5 
1,047.3 
LONG-TERM DEBT
5,903.9 
4,718.9 
DEFERRED INCOME TAXES
258.6 
362.1 
OTHER LIABILITIES
629.5 
545.7 
COMMITMENTS AND CONTINGENCIES
   
   
ENSCO SHAREHOLDERS' EQUITY
 
 
Additional paid-in capital
5,505.7 
5,467.2 
Retained earnings
6,348.4 
7,327.3 
Accumulated other comprehensive income
16.3 
18.2 
Treasury shares, at cost, 6.0 million shares and 5.3 million shares
(58.2)
(45.2)
Total Ensco shareholders' equity
11,836.4 
12,791.6 
NONCONTROLLING INTERESTS
12.6 
7.3 
Total equity
11,849.0 
12,798.9 
Total liabilities and shareholders' equity
19,772.5 
19,472.9 
Class A ordinary shares, U.S. [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
24.1 
24.0 
Common Class B, Par Value In GBP [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
$ 0.1 
$ 0.1 
Condensed Consolidated Balance Sheets (Parenthetical)
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2014
Class A ordinary shares, U.S. [Member]
USD ($)
Dec. 31, 2013
Class A ordinary shares, U.S. [Member]
USD ($)
Sep. 30, 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)
 
 
$ 0.1 
$ 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)
 
 
240,700,000 
239,500,000 
50,000 
50,000 
Treasury shares, shares held (in shares)
6,400,000 
6,000,000 
 
 
 
 
Condensed Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES
 
 
Net income
$ (440.0)
$ 1,063.9 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
Discontinued operations, net
594.8 
(12.4)
Asset Impairment Charges
991.5 
Depreciation expense
419.5 
392.5 
Deferred income tax (benefit) expense
(90.3)
(16.7)
Share-based compensation expense
35.5 
38.1 
Gain (Loss) on Disposition of Assets
(8.1)
1.3 
Amortization of intangibles and other, net
(6.1)
(18.3)
Other
(0.9)
(4.4)
Changes in operating assets and liabilities
89.4 
(94.6)
Net cash provided by operating activities of continuing operations
1,585.3 
1,349.4 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(1,247.0)
(1,273.6)
Maturities of short-term investments
50.0 
50.0 
Payments to Acquire Marketable Securities
(45.3)
Other
9.8 
3.8 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
(1,232.5)
(1,219.8)
FINANCING ACTIVITIES
 
 
Proceeds from Issuance of Senior Long-term Debt
1,246.4 
Cash dividends paid
(526.7)
(350.2)
Reduction of long-term borrowings
(30.9)
(30.9)
Payments of Debt Issuance Costs
(11.3)
Proceeds from exercise of share options
2.4 
22.0 
Other
(20.0)
(20.8)
Net cash provided by (used in) financing activities
659.9 
(379.9)
DISCONTINUED OPERATIONS
 
 
Operating activities
(62.0)
83.2 
Investing activities
57.4 
6.4 
Net cash provided by discontinued operations
(4.6)
89.6 
Effect of exchange rate changes on cash and cash equivalents
(1.0)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1,008.1 
(161.7)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
165.6 
487.1 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 1,173.7 
$ 325.4 
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 three-month and nine-month periods ended September 30, 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 three-month and nine-month periods ended September 30, 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, as updated by the Current Report on Form 8-K dated September 22, 2014, and our quarterly reports on Form 10-Q filed with the SEC on April 29, 2014, as updated by the Current Report on Form 8-K dated September 22, 2014, and on August 1, 2014.

New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures.
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 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



Supplemental Executive Retirement Plan Assets
 
Our supplemental executive retirement plans (the "SERP") are non-qualified plans that provide eligible employees an opportunity to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our condensed consolidated balance sheets. The fair value measurement of assets held in the SERP was based on quoted market prices.
 
Derivatives
 
Our derivatives were measured at fair value on a recurring basis using Level 2 inputs. See "Note 3 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurement of our derivatives was based on market prices that are generally observable for similar assets or liabilities at commonly-quoted intervals.
 
Other Financial Instruments
 
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
September 30,
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



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, restricted cash, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of September 30, 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 liabilities of $17.0 million and net assets of $1.8 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of September 30, 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
 
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.
 
We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of September 30, 2014, we had cash flow hedges outstanding to exchange an aggregate $391.2 million for various foreign currencies, including $179.3 million for British pounds, $101.1 million for Brazilian reais, $38.2 million for euros, $32.1 million for Singapore dollars, $23.0 million for Australian dollars and $17.5 million for other currencies.

Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income were as follows (in millions):

Three Months Ended September 30, 2014 and 2013
 
(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


Nine Months Ended September 30, 2014 and 2013
 
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.

We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments.  In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of September 30, 2014, we held derivatives not designated as hedging instruments to exchange an aggregate $211.2 million for various foreign currencies, including $106.6 million for euros, $27.5 million for Swiss francs, $22.3 million for British pounds, $15.9 million for Indonesian rupiah, $14.3 million for Australian dollars and $24.6 million for other currencies.
     
Net losses of $15.4 million and net gains of $7.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three-month periods ended September 30, 2014 and 2013, respectively. Net losses of $15.1 million and net gains of $2.8 million associated with our derivatives not designated as hedging instruments were included in other, net in our condensed consolidated statements of operations for the nine-month periods ended September 30, 2014 and 2013, respectively.

As of September 30, 2014, the estimated amount of net losses associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $3.4 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 operations.
    
Income from continuing operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2014 and 2013 was as follows (in millions):
 
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



(Loss) income from discontinued operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2014 and 2013 was as follows (in millions):

 
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

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 (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.
    
The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Income from continuing operations attributable to Ensco
$
452.2

 
$
388.5

 
$
144.1

 
$
1,045.0

Income from continuing operations allocated to non-vested share awards
(5.2
)
 
(4.1
)
 
(5.9
)
 
(11.1
)
Income from continuing operations attributable to Ensco shares
$
447.0

 
$
384.4

 
$
138.2

 
$
1,033.9


 
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Weighted-average shares - basic
231.8

 
231.1

 
231.5

 
230.8

Potentially dilutive shares
.2

 
.2

 
.2

 
.2

Weighted-average shares - diluted
232.0

 
231.3

 
231.7

 
231.0


 
Antidilutive share options totaling 100,000 and 200,000 were excluded from the computation of diluted EPS for the three-month and nine-month periods ended September 30, 2014. Antidilutive share options totaling 300,000 were excluded from the computation of diluted EPS for the three-month and nine-month periods ended September 30, 2013.
Debt (Notes)
Debt Disclosure [Text Block]
Debt

Senior Notes

On September 29, 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% senior notes due 2024 at a discount of $850,000 and $625.0 million aggregate principal amount of unsecured 5.75% senior notes due 2044 at a discount of $2.8 million (collectively the “2014 Notes”) in a public offering. Interest on the 2014 Notes is payable semiannually in April and October of each year commencing April 1, 2015.  The 2014 Notes were issued pursuant to an Indenture between us and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), dated March 17, 2011 (the “Indenture”) and a Second Supplemental Indenture between us and the Trustee, dated September 29, 2014 (the “2014 Supplemental Indenture”). We expect to use the net proceeds from this offering for general corporate purposes, which may include payments with respect to our rigs under construction and other capital expenditures. 

We may redeem each series of the 2014 Notes, in whole at any time or in part from time to time, prior to maturity. If we elect to redeem the 2014 Notes due 2024 before the date that is three months prior to the maturity date or the 2014 Notes due 2044 before the date that is six months prior to the maturity date, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and a “make-whole” premium. If we elect to redeem the 2014 Notes on or after the aforementioned dates, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest, but are not required to pay a "make-whole" premium.

The 2014 Notes, the Indenture and the 2014 Supplemental Indenture also contain customary events of default, including failure to pay principal or interest on the 2014 Notes when due, among others. The 2014 Supplemental Indenture contains certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create liens on certain assets, enter into certain sale-leaseback transactions, enter into certain merger or consolidation transactions or transfers of all or substantially all of our assets.
 
Five-Year Credit Facility

On September 30, 2014, we entered into an amendment to the Fourth Amended and Restated Credit Agreement (the "Five-Year Credit Facility"), among Ensco, Citibank, N.A., as Administrative Agent, DNB Bank ASA, as Syndication Agent, and a syndicate of banks. This amendment extended the Five-Year Credit Facility maturity date from May 7, 2018 to September 30, 2019 and increased the total commitment of the lenders from $2.0 billion to $2.25 billion. As amended, the Five-Year Credit Facility provides for a $2.25 billion senior unsecured revolving credit facility to be used for general corporate purposes.

Advances under the Five-Year Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.125% per annum for Base Rate advances and 1.125% per annum for LIBOR advances) depending on our credit rating. Amounts repaid may be re-borrowed during the term of the Five-Year Credit Facility. We are required to pay a quarterly commitment fee (currently 0.125% per annum) on the undrawn portion of the $2.25 billion commitment, which is also based on our credit rating. In addition to other customary restrictive covenants, the Five-Year Credit Facility requires us to maintain a total debt to total capitalization ratio of less than or equal to 50%. We have the right, subject to lender consent, to increase the commitments under the Five-Year Credit Facility to an aggregate amount of up to $2.75 billion. We had no amounts outstanding under the Five-Year Credit Facility as of September 30, 2014 and December 31, 2013.
Impairment (Notes)
Impairment
Impairment

Impairment of Long-Lived Assets

During the second quarter of 2014, demand for floaters deteriorated as a result of continued reduction in capital spending by operators in addition to recently announced delays in operators’ drilling programs. The reduction in demand, combined with the increasing supply from newbuild floater deliveries, led to a very competitive market. In general, contracting activity for floaters declined significantly, and new day rate fixtures were substantially lower than rates realized during the first quarter of 2014 and fourth quarter of 2013. More specifically, drilling contractors have been unable to contract older, less capable rigs as operators are now targeting premium, high-specification rigs at lower day rates. The significant supply and demand imbalance will continue to be adversely impacted by future newbuild deliveries, program delays and lower capital spending by operators. As a result, day rates and utilization will remain under pressure, especially for older, less capable floaters. In response to the adverse change in the current and anticipated floaters business climate, management evaluated our older, less capable floaters and committed to a plan to sell five rigs. These rigs were written down to fair value, less costs to sell, as of May 31, 2014 and classified as "held for sale" on our September 30, 2014 condensed consolidated balance sheet.

We measured the fair value of the "held for sale" rigs by applying a market approach, which was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We recorded a pre-tax, non-cash loss on impairment totaling $546.4 million during the nine-month period ended September 30, 2014. The impairment charge was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014. See "Note 9 - Discontinued Operations" for additional information on our "held for sale" rigs.

On a quarterly basis, we evaluate the carrying value of our property and equipment to identify events or changes in circumstances ("triggering events") that indicate the carrying value may not be recoverable. As a result of the adverse change in the floater business climate observed during the second quarter of 2014, management's commitment to a plan to sell five floaters during the second quarter of 2014 and the impairment charge incurred on the "held for sale" floaters, management concluded that a triggering event had occurred during the second quarter of 2014 and performed an asset impairment analysis on our remaining older, less capable floaters.

Based on the analysis performed as of May 31, 2014, we recorded an additional non-cash loss on impairment with respect to four other floaters totaling $991.5 million. The impairment charge was included in loss on impairment in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014. We measured the fair value of these rigs by applying an income approach, using projected discounted cash flows. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements.

Goodwill

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.

We test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists.  Management concluded that the aforementioned adverse change in the current and anticipated floater business climate, the commitment to a plan to sell five floaters and the impairment charge on the "held for sale" floaters triggered an interim impairment test to evaluate the Floaters reporting unit goodwill balance of $3.1 billion as of May 31, 2014.

Based on the valuation performed as of May 31, 2014, the Floaters reporting unit estimated fair value exceeded the carrying value (adjusted for the long-lived impairments noted above) by approximately 7%; therefore, we concluded that the goodwill balance was not impaired.  We estimated the fair value of the Floaters reporting unit using a blended income and market approach.

The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value. The future cash flows were projected based on our estimates of future day rates, utilization, operating costs, capital requirements, growth rates and terminal values for our rigs. Forecasted day rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the recent adverse change in the floater business environment. The day rates reflected contracted rates during the respective contracted periods and management's estimate of market day rates in uncontracted periods. The forecasted market day rates were held constant in the near-term and were forecasted to grow in the longer-term and terminal period.

Operating costs were forecasted using our historical average operating costs and were adjusted for an estimated inflation factor. Capital requirements in the discounted cash flow model were based on management's estimates of future capital costs, taking into consideration our historical trends. The estimated capital requirements include cash outflows for new rig construction, rig enhancements and minor upgrades and improvements.

A terminal period was used to reflect our estimate of stable, perpetual growth. The terminal period reflects a terminal growth rate of 3.5%, which includes an estimated inflation factor. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital ("WACC") of 10.5%.

These assumptions were derived from unobservable inputs and reflect management's judgments and assumptions. A decline in the Floaters reporting unit cash flow projections or changes in other key assumptions may result in a goodwill impairment charge in the future. Specifically, keeping all other variables constant, a 50 basis point increase in the WACC applied would reduce the estimated fair value of our Floaters reporting unit below its carrying value. In addition, keeping all other variables constant, a 1.5% reduction in the terminal growth rate would reduce the estimated fair value of our Floaters reporting unit below its carrying value. Also, keeping all other variables constant, a 5.0% reduction in our forecasted market day rates would reduce the estimated fair value of our Floaters reporting unit below its carrying value.

The market approach was based upon the application of price-to-earnings multiples to management's estimates of future earnings adjusted for a control premium. The price-to-earnings multiples used in the market valuation ranged from 7.5x to 8.5x and were based on competitor market multiples. The fair value determined under the market approach is sensitive to these multiples, and a decline in any of the multiples could reduce the estimated fair value of our Floaters reporting unit below its carrying value. Management's earnings estimates were derived from unobservable inputs that require significant estimates, judgments and assumptions as described in the income approach.

The estimated fair value of the Floaters reporting unit determined under the income approach was consistent with the estimated fair value determined under the market approach. For purposes of the goodwill impairment test, we calculated the Floaters reporting unit estimated fair value as the average of the values calculated under the income approach and the market approach.

We evaluated the estimated fair value of our reporting units compared to our market capitalization as of May 31, 2014. To perform this assessment, we used a market approach to estimate the fair value of the Jackups reporting unit. The aggregate fair values of our reporting units exceeded our market capitalization, and we believe the resulting implied control premium was reasonable based on recent market transactions within our industry or other relevant benchmark data.

Our stock price declined significantly during September and October 2014 reaching a twelve-month low of $35.96 on October 10th. Our stock price traded between $47.85 and $57.45 during the eight-month period ended August 2014. The average stock price for the three-month period ended September 30, 2014 was $49.01, including average stock prices of $52.79 and $48.78 in July and August, respectively.

A sustained decline in our stock price is one of several qualitative factors we consider each quarter when evaluating whether events or changes in circumstances indicate that a potential goodwill impairment exists. We concluded that the decline in stock price observed in September and October did not represent a sustained decline and that no triggering events occurred during the third quarter requiring an interim goodwill impairment test as of September 30, 2014.

If our Floater operating performance or our Floater business outlook deteriorates and/or our stock trades at current levels for a sustained period, our Floaters reporting unit estimated fair value could decline below its carrying value, resulting in a goodwill impairment.

Factors that could have a negative impact on the fair value of the Floaters reporting unit include, but are not limited to:

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.

Adverse changes in one or more of these factors could reduce the estimated fair value of our Floaters reporting unit below its carrying value in future periods.
Share-Based Compensation
Share-Based Compensation
Shareholders' Equity

During the three-month and nine-month periods ended September 30, 2014, we granted 100,000 and 1.2 million non-vested share awards, respectively, to our employees, officers and non-employee directors for annual equity awards and for equity awards granted to new or recently promoted employees, pursuant to our 2012 Long-Term Incentive Plan. Grants of non-vested share awards generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of the grant. Our non-vested share awards have dividend rights effective on the date of grant and are measured at fair value using the market value of our shares on the date of grant. The weighted-average grant-date fair value of non-vested share awards granted during the three-month and nine-month periods ended September 30, 2014 was $51.31 and $52.48 per share, respectively.
Discontinued Operations (Notes)
Discontinued Operations
Discontinued Operations
    
During the nine-month period ended September 30, 2014, management committed to a plan to sell five floaters. The ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000 and ENSCO 7500 were removed from our portfolio of rigs marketed for contract drilling services and are being actively marketed for sale. These rigs were written down to fair value, less costs to sell, as of May 31, 2014, and classified as "held for sale" on our September 30, 2014 condensed consolidated balance sheet.

We recorded a non-cash loss on impairment totaling $508.8 million, net of tax benefits of $37.6 million, during the nine-month period ended September 30, 2014. The impairment charge was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014. The operating results from these rigs were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2014 and 2013.

Prior to the sale of ENSCO 7500, we will be required to pay the outstanding principal on the 6.36% MARAD bonds due 2015 collateralized by this rig. The outstanding principal balance on these bonds was $19.0 million as of September 30, 2014. We recently provided notification to the indenture trustee for the 6.36% MARAD bonds due 2015 that we intend to make an optional redemption of these bonds in December 2014. The outstanding principal balance was included in current maturities of long-term debt on our condensed consolidated balance sheet as of September 30, 2014.

During the nine-month period ended September 30, 2014, we sold jackup rig ENSCO 85 for net proceeds of $64.4 million. The proceeds from the sale were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the nine-month period ended September 30, 2014. We recognized a gain of $2.3 million in connection with the disposal, which was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014. ENSCO 85 operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2014 and 2013.

During the nine-month period ended September 30, 2014, we sold jackup rigs ENSCO 69 and Wisconsin for net proceeds of $32.2 million. These rigs were classified as held for sale as of December 31, 2013. The proceeds from the sale were received in December 2013 and included in net cash used in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2013, as updated. ENSCO 69 and Wisconsin operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2014 and 2013. We recognized a gain of $17.9 million in connection with the disposal, which was also included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2014.

During the nine-month period ended September 30, 2013, we sold jackup rig Pride Pennsylvania for net proceeds of $15.5 million. The proceeds from the sale were included in investing activities of discontinued operations in our condensed consolidated statement of cash flows for the nine-month period ended September 30, 2013. We recognized a loss of $1.1 million in connection with the disposal, which was included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the nine-month period ended September 30, 2013. Pride Pennsylvania operating results were included in (loss) income from discontinued operations, net in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2013.
    
The following table summarizes (loss) income from discontinued operations, net for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
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



Debt and interest expense are not allocated to our discontinued operations.

As of September 30, 2014, the $289.0 million of assets classified as "held for sale" in other current assets on our condensed consolidated balance sheet primarily relates to the carrying values of five floaters.
Income Taxes
Income Taxes
Income Taxes
 
Our consolidated effective income tax rate for the three-month period ended September 30, 2014 was 12.6% as compared to 14.3% in the prior year quarter. Excluding the impact of discrete income tax items, our consolidated effective income tax rate for the three-month periods ended September 30, 2014 and 2013 was 12.7% and 13.7%, respectively.

Excluding the impact of the $991.5 million loss on impairment and discrete income tax expense, our consolidated effective income tax rate for the nine-month periods ended September 30, 2014 and 2013 was 11.6% and 12.6%, respectively. The decline in our effective tax rate for the three-month and nine-month periods is primarily attributable to an increase in the relative components of our earnings, excluding discrete items, generated in tax jurisdictions with lower tax rates.
Contingencies
Contingencies
Contingencies

ENSCO 29 Wreck Removal

During 2005, a portion of the ENSCO 29 platform drilling rig was lost over the side of a customer's platform as a result of Hurricane Katrina. In June 2014, we received a letter from an operator demanding that Ensco retrieve the derrick and drawworks from the seabed.
Our property insurance policies include coverage for ENSCO 29 wreckage and debris removal costs up to $3.8 million. We also maintain liability insurance policies that provide coverage under certain circumstances for wreckage and debris removal costs in excess of the $3.8 million coverage provided under the property insurance policies. We believe that it is not probable a liability exists with respect to this matter, and no liability has been recorded on our condensed consolidated balance sheet as of September 30, 2014. While we cannot reasonably estimate a range of possible loss at this time, it is possible that removal costs may be in excess of our insurance coverage. Although we do not expect costs associated with the ENSCO 29 wreck removal to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome.

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. 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. During the second quarter of 2014, we paid the remaining $6.4 million of our deductible under our liability insurance policy, which was included in accrued liabilities and other on our condensed consolidated balance sheet as of December 31, 2013. 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 in excess of $5.0 million for losses incurred when the tanker struck the sunken hull of ENSCO 74. This matter went to trial in June 2014, and the Company won a directed verdict on all claims. The plaintiff has the right to appeal the decision. We believe that it is not probable that a liability exists with respect to these claims.
 
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 Illinois, Mississippi, Texas, Louisiana and the UK by approximately 125 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s.

During 2013, we reached an agreement in principle with 58 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 September 30, 2014 totaled $246.5 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of September 30, 2014, we had not been required to make collateral deposits with respect to these agreements.
Sale Leaseback (Notes)
Sale Leaseback Transaction Disclosure [Text Block]
Sale-leaseback

In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Petroleos Mexicanos (“Pemex”). We received proceeds of $211.8 million and incurred commissions and other incremental, direct costs of $5.3 million. The carrying value of these rigs was $169.6 million.
In connection with this sale, we executed charter agreements with the purchaser to continue operating the rigs for the remainder of the Pemex contracts, which have anticipated completion dates in either late 2015 or 2016. We accounted for the transaction as a sale-leaseback, whereby we will retain a significant portion of the remaining use of the rigs as a result of the charter agreements.

We recorded a gain on sale of $7.5 million, which represents the portion of the gain that exceeded the present value of payments due under the charter agreements, included in contract drilling expense in our condensed consolidated statement of operations for the three-month and nine-month periods ended September 30, 2014. The remaining $29.4 million of gain was deferred and will be amortized to contract drilling expense within the Jackup segment over the remaining charter term of each rig. Of the $29.4 million deferred gain, $26.6 million is included in accrued liabilities and other and $2.8 million is included in other liabilities on our condensed consolidated balance sheet as of September 30, 2014.

The operating results from these rigs for the three-month and nine-month periods ended September 30, 2014 were included in income from continuing operations within the Jackup segment, as we expect to have significant continuing involvement and cash flows due to our charter agreements with the purchaser. Beginning October 1, 2014, the operating results for these rigs will be reported in our Other segment.

The $211.8 million of proceeds from the rig sales were invested directly in cash equivalents subject to certain restrictions on our ability to receive, pledge, borrow or otherwise obtain the funds as of September 30, 2014. As a result of these restrictions, the sales proceeds are classified as restricted cash and included in other current assets on our condensed consolidated balance sheet as of September 30, 2014. We expect these restrictions to lapse prior to December 31, 2014.
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 three-month and nine-month periods ended 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. Prior year information has been reclassified to conform to the current year presentation.

Three Months Ended September 30, 2014
 
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


Three Months Ended September 30, 2013
 
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


Nine Months Ended September 30, 2014
 
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


Nine Months Ended September 30, 2013
 
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


Information about Geographic Areas    

As of September 30, 2014, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
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.
Supplemental Financial Information
Supplemental Financial Information
Supplemental Financial Information

Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):
 
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



Other current assets consisted of the following (in millions):
 
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

 
    
Other assets, net consisted of the following (in millions):
 
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


    
Accrued liabilities and other consisted of the following (in millions):
 
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


        
Other liabilities consisted of the following (in millions):
 
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


Accumulated other comprehensive income consisted of the following (in millions):
 
September 30,
2014
 
December 31,
2013
Derivative Instruments
$
14.5

 
$
20.6

Other
1.8

 
(2.4
)
 
$
16.3

 
$
18.2



Consolidated Statement of Cash Flows Information

In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are currently contracted to Pemex. The sale proceeds of $211.8 million were subject to certain restrictions as of September 30, 2014 and therefore were not included in our condensed consolidated statement of cash flows for the nine-month period ended September 30, 2014.

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.  See "Note 3 - Derivative Instruments" for additional information on our derivatives.

During the three-month period ended September 30, 2014, BP accounted for 14% of our consolidated revenues, 79% of which were attributable to our Floaters segment.  During the same period, Total accounted for 11% of our consolidated revenues, all of which were attributable to our Floaters segment.

During the nine-month period ended September 30, 2014, BP accounted for 15% of our consolidated revenues, 80% of which were attributable to our Floaters segment. During the same period, Total accounted for 12% of our consolidated revenues, all of which were attributable to our Floaters segment.

During the three-month period ended September 30, 2014, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $451.1 million, or 36%, of our consolidated revenues, of which 79% were provided by our Floaters segment. Revenues provided by our drilling operations in Angola during the three-month period ended September 30, 2014 totaled $192.0 million, or 15%, of our consolidated revenues, all of which were provided by our Floaters segment.

During the nine-month period ended September 30, 2014, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.3 billion, or 37%, of our consolidated revenues, of which 76% were provided by our Floaters segment.  Revenues provided by our drilling operations in Angola and Brazil during the nine-month period ended September 30, 2014 totaled $580.1 million and $361.5 million, or 16% and 10%, 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 September 30, 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 September 30, 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 operations for the three-month and nine-month periods ended September 30, 2014 and 2013; the unaudited condensed consolidating statements of comprehensive income for the three-month and nine-month periods ended September 30, 2014 and 2013; the condensed consolidating balance sheets as of September 30, 2014 (unaudited) and December 31, 2013; and the unaudited condensed consolidating statements of cash flows for the nine-month periods ended September 30, 2014 and 2013, in accordance with Rule 3-10 of Regulation S-X.

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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended September 30, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
429.4

 
$
52.0

 
$
53.8

 
$
493.4

 
$
(595.7
)
 
$
432.9

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

 
(12.7
)
 

 

 

 
(12.7
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(1.4
)
 

 

 

 
(1.4
)
Other

 

 

 
3.7

 

 
3.7

NET OTHER COMPREHENSIVE (LOSS) INCOME

 
(14.1
)



3.7




(10.4
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
429.4

 
37.9


53.8


497.1


(595.7
)

422.5

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(3.5
)
 

 
(3.5
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
429.4

 
$
37.9


$
53.8


$
493.6


$
(595.7
)

$
419.0


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Nine Months Ended September 30, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET LOSS
$
(450.8
)
 
$
(1,382.8
)
 
$
(1,541.9
)
 
$
(247.0
)
 
$
3,182.5

 
$
(440.0
)
OTHER COMPREHENSIVE(LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 

Net change in fair value of derivatives

 
(2.8
)
 

 

 

 
(2.8
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(3.3
)
 

 

 

 
(3.3
)
Other

 

 

 
4.2

 

 
4.2

NET OTHER COMPREHENSIVE (LOSS) INCOME


(6.1
)



4.2



 
(1.9
)
 
 
 
 
 
 
 
 
 
 
 


COMPREHENSIVE LOSS
(450.8
)

(1,388.9
)

(1,541.9
)

(242.8
)

3,182.5

 
(441.9
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(10.8
)
 

 
(10.8
)
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO
$
(450.8
)

$
(1,388.9
)

$
(1,541.9
)

$
(253.6
)

$
3,182.5


$
(452.7
)

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
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
 
 
 
 
 
 
 
 
 
 
 
 
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

Unaudited Condensed Consolidated Financial Statements (Policies)
New Accounting Pronouncements
New Accounting Pronouncements

In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures.
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 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

The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
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 Instruments (Tables)
Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
 
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.
Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income were as follows (in millions):

Three Months Ended September 30, 2014 and 2013
 
(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


Nine Months Ended September 30, 2014 and 2013
 
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.

Noncontrolling Interests (Tables)
Income from continuing operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2014 and 2013 was as follows (in millions):
 
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

(Loss) income from discontinued operations attributable to Ensco for the three-month and nine-month periods ended September 30, 2014 and 2013 was as follows (in millions):

 
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

Earnings Per Share (Tables)
The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Income from continuing operations attributable to Ensco
$
452.2

 
$
388.5

 
$
144.1

 
$
1,045.0

Income from continuing operations allocated to non-vested share awards
(5.2
)
 
(4.1
)
 
(5.9
)
 
(11.1
)
Income from continuing operations attributable to Ensco shares
$
447.0

 
$
384.4

 
$
138.2

 
$
1,033.9

The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2014
 
2013
 
2014
 
2013
Weighted-average shares - basic
231.8

 
231.1

 
231.5

 
230.8

Potentially dilutive shares
.2

 
.2

 
.2

 
.2

Weighted-average shares - diluted
232.0

 
231.3

 
231.7

 
231.0

Discontinued Operations (Tables)
Summary of Loss from Discontinued Operations
The following table summarizes (loss) income from discontinued operations, net for the three-month and nine-month periods ended September 30, 2014 and 2013 (in millions):
 
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

Segment Information (Tables)
Three Months Ended September 30, 2014
 
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


Three Months Ended September 30, 2013
 
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


Nine Months Ended September 30, 2014
 
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


Nine Months Ended September 30, 2013
 
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

As of September 30, 2014, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
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.
Supplemental Financial Information (Tables)
Accounts receivable, net, consisted of the following (in millions):
 
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

Other current assets consisted of the following (in millions):
 
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

Other assets, net consisted of the following (in millions):
 
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

Accrued liabilities and other consisted of the following (in millions):
 
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

Other liabilities consisted of the following (in millions):
 
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

Accumulated other comprehensive income consisted of the following (in millions):
 
September 30,
2014
 
December 31,
2013
Derivative Instruments
$
14.5

 
$
20.6

Other
1.8

 
(2.4
)
 
$
16.3

 
$
18.2

Guarantee Of Registered Securities (Tables)

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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Three Months Ended September 30, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$
429.4

 
$
52.0

 
$
53.8

 
$
493.4

 
$
(595.7
)
 
$
432.9

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

 
(12.7
)
 

 

 

 
(12.7
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(1.4
)
 

 

 

 
(1.4
)
Other

 

 

 
3.7

 

 
3.7

NET OTHER COMPREHENSIVE (LOSS) INCOME

 
(14.1
)



3.7




(10.4
)
 
 
 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
429.4

 
37.9


53.8


497.1


(595.7
)

422.5

COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(3.5
)
 

 
(3.5
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$
429.4

 
$
37.9


$
53.8


$
493.6


$
(595.7
)

$
419.0


ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
Nine Months Ended September 30, 2014
(in millions)
(Unaudited)

 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
NET LOSS
$
(450.8
)
 
$
(1,382.8
)
 
$
(1,541.9
)
 
$
(247.0
)
 
$
3,182.5

 
$
(440.0
)
OTHER COMPREHENSIVE(LOSS) INCOME, NET
 
 
 
 
 
 
 
 
 
 

Net change in fair value of derivatives

 
(2.8
)
 

 

 

 
(2.8
)
Reclassification of net gains on derivative instruments from other comprehensive income into net income

 
(3.3
)
 

 

 

 
(3.3
)
Other

 

 

 
4.2

 

 
4.2

NET OTHER COMPREHENSIVE (LOSS) INCOME


(6.1
)



4.2



 
(1.9
)
 
 
 
 
 
 
 
 
 
 
 


COMPREHENSIVE LOSS
(450.8
)

(1,388.9
)

(1,541.9
)

(242.8
)

3,182.5

 
(441.9
)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS

 

 

 
(10.8
)
 

 
(10.8
)
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO
$
(450.8
)

$
(1,388.9
)

$
(1,541.9
)

$
(253.6
)

$
3,182.5


$
(452.7
)

ENSCO PLC AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME
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
 
 
 
 
 
 
 
 
 
 
 
 
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

Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
$ 41.8 
$ 37.7 
Derivative Asset
 
1.8 
Total financial assets
41.8 
39.5 
Derivative Assets (Liabilities), at Fair Value, Net
(17.0)
 
Financial Liabilities Fair Value Disclosure
(17.0)
 
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
41.8 
37.7 
Derivative Asset
 
Total financial assets
41.8 
37.7 
Derivative Assets (Liabilities), at Fair Value, Net
 
Financial Liabilities Fair Value Disclosure
 
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
Derivative Asset
 
1.8 
Total financial assets
1.8 
Derivative Assets (Liabilities), at Fair Value, Net
(17.0)
 
Financial Liabilities Fair Value Disclosure
(17.0)
 
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
Derivative Asset
 
Total financial assets
Derivative Assets (Liabilities), at Fair Value, Net
 
Financial Liabilities Fair Value Disclosure
$ 0 
 
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
$ 5,957.7 
$ 4,766.4 
Estimated Fair Value
6,240.2 
5,096.3 
4.7% Senior notes due 2021 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.70% 
4.70% 
Carrying Value
1,479.2 
1,477.2 
Estimated Fair Value
1,579.2 
1,596.9 
6.875% Senior notes due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.875% 
6.875% 
Carrying Value
1,012.4 
1,024.8 
Estimated Fair Value
1,060.3 
1,086.7 
3.25% Senior notes due 2016 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
3.25% 
3.25% 
Carrying Value
997.6 
996.5 
Estimated Fair Value
1,032.9 
1,045.8 
Four Point Five Percent Senior Notes Member [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.50% 
4.50% 
Carrying Value
624.2 
Estimated Fair Value
633.2 
Five Point Seven Five Percent Senior Notes [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.75% 
5.75% 
Carrying Value
622.2 
Estimated Fair Value
632.5 
8.5% Senior notes due 2019 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
8.50% 
8.50% 
Carrying Value
588.0 
600.5 
Estimated Fair Value
619.0 
635.8 
7.875% Senior notes due 2040 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
7.875% 
7.875% 
Carrying Value
381.6 
382.6 
Estimated Fair Value
389.5 
410.5 
7.2% Debentures due 2027 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
7.20% 
7.20% 
Carrying Value
149.2 
149.1 
Estimated Fair Value
186.3 
178.6 
4.33% MARAD bonds, including current maturities, due 2016 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.33% 
4.33% 
Carrying Value
55.0 
78.9 
Estimated Fair Value
55.3 
79.7 
4.65% MARAD bonds, including current maturities, due 2020 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.65% 
4.65% 
Carrying Value
29.3 
31.5 
Estimated Fair Value
32.2 
35.2 
6.36% MARAD bonds, including current maturities, due 2015 [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.36% 
6.36% 
Carrying Value
19.0 
25.3 
Estimated Fair Value
$ 19.8 
$ 27.1 
Derivative Instruments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2014
Not Designated [Member]
Sep. 30, 2013
Not Designated [Member]
Sep. 30, 2014
Not Designated [Member]
Sep. 30, 2013
Not Designated [Member]
Sep. 30, 2014
Foreign Exchange [Member]
Cash Flow Hedges [Member]
Sep. 30, 2014
Foreign Exchange [Member]
Not Designated [Member]
Sep. 30, 2014
Fair Value, Inputs, Level 2 [Member]
Dec. 31, 2013
Fair Value, Inputs, Level 2 [Member]
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
 
 
 
 
Derivative Assets (Liabilities), at Fair Value, Net
$ (17.0)
 
 
 
 
 
 
 
$ (17.0)
 
Net assets associated with foreign currency derivatives
 
1.8 
 
 
 
 
 
 
 
1.8 
Maturity period of derivatives (in months)
18 months 
 
 
 
 
 
 
 
 
 
Aggregate cash flow hedges outstanding
 
 
 
 
 
 
391.2 
211.2 
 
 
Cash flow hedges outstanding for British pounds
 
 
 
 
 
 
179.3 
22.3 
 
 
Cash flow hedges outstanding for Brazilian reals
 
 
 
 
 
 
101.1 
 
 
 
Cash flow hedges outstanding for euros
 
 
 
 
 
 
38.2 
106.6 
 
 
Cash flow hedges outstanding for Singapore dollars
 
 
 
 
 
 
32.1 
 
 
 
Cash flow hedges outstanding for Australian dollars
 
 
 
 
 
 
23.0 
14.3 
 
 
Cash flow hedges outstanding for Indonesian rupiah
 
 
 
 
 
 
 
15.9 
 
 
Cash flow hedges outstanding for Swiss francs
 
 
 
 
 
 
 
27.5 
 
 
Cash flow hedges outstanding for other currencies
 
 
 
 
 
 
17.5 
24.6 
 
 
Net gains on derivatives not designated as hedging instruments
 
 
(15.4)
7.5 
(15.1)
2.8 
 
 
 
 
Estimated amount of net gains associated with derivative instruments, net of tax
$ (3.4)
 
 
 
 
 
 
 
 
 
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
Total fair value of derivative assets
$ 2.6 
$ 12.8 
Total fair value of derivative liabilities
19.6 
11.0 
Designated As Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.9 
10.3 
Total fair value of derivative liabilities
10.9 
10.4 
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.9 1
9.1 1
Total fair value of derivative liabilities
8.6 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
2
1.2 2
Total fair value of derivative liabilities
2.3 2
0.6 2
Not Designated [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.7 
2.5 
Total fair value of derivative liabilities
8.7 
0.6 
Not Designated [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.7 1
2.5 1
Total fair value of derivative liabilities
$ 8.7 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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Interest Rate Lock Contracts [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
$ 0 1
$ 0 1
$ 0 1
$ 0 1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1 2
(0.1)1 2
(0.2)1 2
(0.3)1 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
1 3
1 3
1 3
1 3
Foreign Currency Forward Contracts [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(12.7)4
8.3 4
(2.8)5
(5.3)5
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1.4 2 4
(2.7)2 4
3.5 2 5
(1.9)2 5
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
(1.9)3 4
1.2 3 4
3 5
(0.2)3 5
Foreign Currency Forward Contracts [Member] |
Contract Drilling [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1.2 
(2.9)
2.9 
(2.5)
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 
0.6 
0.6 
Cash Flow Hedges [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(12.7)
8.3 
(2.8)
(5.3)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1.4 2
(2.8)2
3.3 2
(2.2)2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
$ (1.9)3
$ 1.2 3
$ 0 3
$ (0.2)3
Noncontrolling Interests (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Noncontrolling Interest [Abstract]
 
 
 
 
(Loss) 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)
(Loss) income from continuing operations attributable to Ensco
452.2 
388.5 
144.1 
1,045.0 
(Loss) income from discontinued operations, net
(22.8)
(9.5)
(594.8)
12.4 
Income from discontinued operations attributable to noncontrolling interests
(0.2)
(0.1)
(0.6)
(Loss) income from discontinued operations attributable to Ensco
$ (22.8)
$ (9.7)
$ (594.9)
$ 11.8 
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Earnings Per Share [Abstract]
 
 
 
 
(Loss) income from continuing operations attributable to Ensco
$ 452.2 
$ 388.5 
$ 144.1 
$ 1,045.0 
Other Preferred Stock Dividends and Adjustments
5.2 
4.1 
5.9 
11.1 
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders
$ 447.0 
$ 384.4 
$ 138.2 
$ 1,033.9 
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Earnings Per Share [Abstract]
 
 
 
 
Weighted-average shares - basic (in shares)
231,800,000 
231,100,000 
231,500,000 
230,800,000 
Potentially dilutive share options (in shares)
200,000 
200,000 
200,000 
200,000 
Weighted-average shares - diluted (in shares)
232,000,000 
231,300,000 
231,700,000 
231,000,000 
Antidilutive share options excluded from computation of diluted earnings per share (in shares)
100,000 
 
200,000 
300,000 
Debt (Details) (USD $)
9 Months Ended 9 Months Ended
Sep. 30, 2014
Senior Notes [Member]
Sep. 30, 2014
Four Point Five Percent Senior Notes Member [Member]
Senior Notes [Member]
Sep. 30, 2014
Five Point Seven Five Percent Senior Notes [Member]
Senior Notes [Member]
Sep. 30, 2014
Five Year Credit Facility Member
May 31, 2014
Five Year Credit Facility Member
Sep. 30, 2014
Base Rate [Member]
Five Year Credit Facility Member
Sep. 30, 2014
London Interbank Offered Rate (LIBOR) [Member]
Five Year Credit Facility Member
Sep. 30, 2014
Maximum [Member]
Five Year Credit Facility Member
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
Debt instrument, interest rate, stated percentage
 
4.50% 
5.75% 
 
 
 
 
 
Debt Instrument, Maturity Date, Description
 
2024 
2044 
 
 
 
 
 
Debt Instrument, Unamortized Discount (Premium), Net
 
$ 850,000 
$ 2,800,000 
 
 
 
 
 
Long-term Debt, Gross
 
625,000,000 
625,000,000 
 
 
 
 
 
Debt Instrument, Redemption Price, Percentage
100.00% 
 
 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
2,750,000,000 
 
 
 
 
Line of Credit Facility, Current Borrowing Capacity
 
 
 
2,250,000,000 
2,000,000,000 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
0.125% 
 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
 
 
 
 
 
 
1.125% 
 
Maximum Percentage Of Debt To Total Capitalization Ratio
 
 
 
 
 
 
 
50.00% 
Line of Credit Facility, Fair Value of Amount Outstanding
 
 
 
$ 0 
 
 
 
 
Impairment (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
9 Months Ended 8 Months Ended 9 Months Ended 8 Months Ended 9 Months Ended 9 Months Ended 9 Months Ended
Sep. 30, 2014
rigs
Sep. 30, 2013
Oct. 10, 2014
Dec. 31, 2013
Aug. 31, 2014
Minimum [Member]
Sep. 30, 2014
Minimum [Member]
Aug. 31, 2014
Maximum [Member]
Sep. 30, 2014
Maximum [Member]
Sep. 30, 2014
Weighted Average [Member]
Aug. 31, 2014
Weighted Average [Member]
Jul. 31, 2014
Weighted Average [Member]
Sep. 30, 2014
Floaters [Member]
May 31, 2014
Floaters [Member]
Sep. 30, 2014
Discontinued Operations [Member]
Long Lived Assets Held-for-sale [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number Of Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 546.4 
Asset Impairment Charges
991.5 
 
 
 
 
 
 
 
 
 
991.5 
 
 
Goodwill
$ 3,274.0 
 
 
$ 3,274.0 
 
 
 
 
 
 
 
 
$ 3,100.0 
 
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount
 
 
 
 
 
 
 
 
 
 
 
 
7.00% 
 
Asset Impairment Charges, Assumptions Used, Terminal Growth Rate
3.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Impairment Charges, Assumptions Used, Weighted Average Capital Cost
10.50% 
 
 
 
 
 
 
 
 
 
 
 
 
 
Asset Impairment Charges, Assumptions Used, Terminal Growth Rate, Reduction Threshold That Would Result In A Fair Value Estimation Below Carrying Value
 
 
 
 
 
 
 
 
 
 
 
1.50% 
 
 
Asset Impairment Charges, Assumptions Used, Market Days Rate, Reduction Threshold That Would Result In A Fair Value Estimation Below Carrying Value
 
 
 
 
 
 
 
 
 
 
 
5.00% 
 
 
Asset Impairment Charges, Assumptions Used, Weighted Average Capital Cost, Reduction Threshold That Would Result In A Fair Value Estimation Below Carrying Value
 
 
 
 
 
 
 
 
 
 
 
0.50% 
 
 
Asset Impairment Charges, Assumptions Used, Price-To-Earnings Multiple
 
 
 
 
 
7.5 
 
8.5 
 
 
 
 
 
 
Share Price
 
 
$ 35.96 
 
 
 
 
 
$ 49.01 
$ 48.78 
$ 52.79 
 
 
 
Share Price During The Period
 
 
 
 
$ 47.85 
 
$ 57.45 
 
 
 
 
 
 
 
Share-Based Compensation (Details) (Restricted share awards and share unit awards [Member], USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Restricted share awards and share unit awards [Member]
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
Awards granted
100,000 
1,200,000 
Vesting rate
 
20.00% 
Vesting rate for certain officers and non-employee directors
 
33.00% 
Weighted-average grant-date fair value of non-vested awards
$ 51.31 
$ 52.48 
Discontinued Operations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
rigs
Sep. 30, 2013
Dec. 31, 2013
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Disposal Group, Including Discontinued Operation, Property, Plant and Equipment, Current
$ 289.0 
 
$ 289.0 
 
$ 8.6 
Number Of Rigs Committed To Be Sold
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit
508.8 
 
Debt Instrument Carrying Value
5,957.7 
 
5,957.7 
 
4,766.4 
ENSCO 85 [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Net proceeds from rig sale
 
 
64.4 
 
 
Gain (Loss) on Disposition of Property Plant Equipment
 
 
2.3 
 
 
ENSCO 69 And Wisconsin [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Net proceeds from rig sale
 
 
32.2 
 
 
Gain (Loss) on Disposition of Property Plant Equipment
 
 
17.9 
 
 
Pride Pennsylvania [Member]
 
 
 
 
 
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
 
 
 
(1.1)
 
6.36% MARAD bonds, including current maturities, due 2015 [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Debt instrument, interest rate, stated percentage
6.36% 
 
6.36% 
 
6.36% 
Debt Instrument Carrying Value
19.0 
 
19.0 
 
25.3 
6.36% MARAD bonds due 2015 [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Debt instrument, interest rate, stated percentage
6.36% 
 
6.36% 
 
 
Discontinued Operations [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit
 
 
508.8 
 
 
Impairment of Long-Lived Assets to be Disposed of, Tax Benefit
 
 
$ 37.6 
 
 
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
 
Revenues
$ 19.2 
$ 103.9 
$ 109.0 
$ 331.4 
Operating expenses
36.7 
105.5 
207.1 
308.3 
Operating loss before income taxes
(17.5)
(1.6)
(98.1)
23.1 
Other income
0.3 
Income tax benefit
(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)
Income (loss) from discontinued operations
$ (22.8)
$ (9.5)
$ (594.8)
$ 12.4 
Income Taxes (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Income Tax Examination [Line Items]
 
 
 
 
Asset Impairment Charges
 
 
$ 991.5 
$ 0 
Consolidated effective income tax rate including tax expense attributable to prior periods
12.60% 
14.30% 
 
 
Effective Income Tax Rate Reconciliation, Percent
12.70% 
13.70% 
11.60% 
12.60% 
Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
occurrence
plaintiffs
Mar. 31, 2014
Sep. 30, 2014
plaintiffs
Mar. 31, 2009
mi
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
Distance from original drilling location in miles
 
 
 
95 
Payments for leg and debris removal
 
 
$ 6.4 
 
Loss Contingency, Damages Sought, Value
5.0 
 
 
 
Civil litigation claim damages for cost of repair and business interruption due to pipeline rupture
26.0 
 
26.0 
 
Liability insurance self-insured retention per occurrence
10.0 
 
10.0 
 
Annual liability coverage limit for wreckage and debris removal costs
 
 
490.0 
 
Liability insurance self-insured retention
15.0 
 
15.0 
 
Number of Occurrences
 
 
 
Liability insurance self insured retention for each occurrence thereafter
1.0 
 
 
 
Litigation Settlement, Amount
 
9.6 
3.2 
 
Legal Fees
 
 
3.6 
 
Number of plaintiffs
125 
 
125 
 
Loss Contingency, Claims Settled, Number
58 
 
 
 
Letters of Credit Outstanding, Amount
246.5 
 
246.5 
 
Ensco 29 [Member]
 
 
 
 
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
Annual liability coverage limit for wreckage and debris removal costs
$ 3.8 
 
 
 
Sale Leaseback (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2014
ENSCO 83, 89, 93 and 98 [Member]
Sale Leaseback Transaction [Line Items]
 
 
 
Other Accrued Liabilities, Noncurrent
$ 37.9 
$ 33.3 
$ 2.8 
Proceeds from Sale of Property, Plant, and Equipment
 
 
211.8 
Sales Commissions and Fees
 
 
5.3 
Sale Leaseback Transaction, Net Book Value
 
 
169.6 
Gain (Loss) on Disposition of Property Plant Equipment
 
 
7.5 
Sale Leaseback Transaction, Deferred Gain, Net
 
 
29.4 
Deferred Gain on Sale of Property
$ 26.6 
$ 0 
$ 26.6 
Segment Information (Narrative) (Details)
9 Months Ended
Sep. 30, 2014
segments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
 
Number of operating segments (in segments)
Number of reportable segments (in segments)
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Dec. 31, 2013
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
$ 1,261,200,000 
$ 1,162,200,000 
$ 3,594,100,000 
$ 3,332,800,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
531,400,000 
534,300,000 
1,660,000,000 
1,541,300,000 
 
Asset Impairment Charges
 
 
991,500,000 
 
Depreciation
140,900,000 
132,600,000 
419,500,000 
392,500,000 
 
General and administrative
29,300,000 
37,400,000 
103,600,000 
111,600,000 
 
OPERATING (LOSS) INCOME
559,600,000 
457,900,000 
419,500,000 
1,287,400,000 
 
Property and equipment, net
13,127,600,000 
13,997,400,000 
13,127,600,000 
13,997,400,000 
14,311,000,000 
Floaters [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
745,300,000 
696,700,000 
2,156,100,000 
2,038,900,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
309,700,000 
315,400,000 
966,100,000 
888,600,000 
 
Asset Impairment Charges
 
 
991,500,000 
 
 
Depreciation
91,400,000 
91,500,000 
281,000,000 
270,900,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
344,200,000 
289,800,000 
(82,500,000)
879,400,000 
 
Property and equipment, net
9,836,200,000 
11,252,800,000 
9,836,200,000 
11,252,800,000 
 
Jackup [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
499,000,000 
446,800,000 
1,388,000,000 
1,234,700,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
210,200,000 
203,800,000 
659,400,000 
605,900,000 
 
Asset Impairment Charges
 
 
 
 
Depreciation
47,600,000 
39,500,000 
132,600,000 
116,800,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
241,200,000 
203,500,000 
596,000,000 
512,000,000 
 
Property and equipment, net
3,215,300,000 
2,705,400,000 
3,215,300,000 
2,705,400,000 
 
Other [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
16,900,000 
18,700,000 
50,000,000 
59,200,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
11,500,000 
15,100,000 
34,500,000 
46,800,000 
 
Asset Impairment Charges
 
 
 
 
Depreciation
 
General and administrative
 
OPERATING (LOSS) INCOME
5,400,000 
3,600,000 
15,500,000 
12,400,000 
 
Property and equipment, net
 
Operating Segments Total [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
1,261,200,000 
1,162,200,000 
3,594,100,000 
3,332,800,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
531,400,000 
534,300,000 
1,660,000,000 
1,541,300,000 
 
Asset Impairment Charges
 
 
991,500,000 
 
 
Depreciation
139,000,000 
131,000,000 
413,600,000 
387,700,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
590,800,000 
496,900,000 
529,000,000 
1,403,800,000 
 
Property and equipment, net
13,051,500,000 
13,958,200,000 
13,051,500,000 
13,958,200,000 
 
Reconciling Items [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
 
Asset Impairment Charges
 
 
 
 
Depreciation
1,900,000 
1,600,000 
5,900,000 
4,800,000 
 
General and administrative
29,300,000 
37,400,000 
103,600,000 
111,600,000 
 
OPERATING (LOSS) INCOME
(31,200,000)
(39,000,000)
(109,500,000)
(116,400,000)
 
Property and equipment, net
$ 76,100,000 
$ 39,200,000 
$ 76,100,000 
$ 39,200,000 
 
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Sep. 30, 2014
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
71 1
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
29 2
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
42 
North & South America (Excl. Brazil) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
17 1
North & South America (Excl. Brazil) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
North & South America (Excl. Brazil) [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
14 1
Europe & Mediterranean [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Europe & Mediterranean [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 
Middle East & Africa [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
16 1
Middle East & Africa [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Middle East & Africa [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
10 
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
13 1
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Asia & Pacific Rim [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
BRAZIL
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
BRAZIL |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
BRAZIL |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Construction in Progress [Member] |
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Construction in Progress [Member] |
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
2
Construction in Progress [Member] |
Asia & Pacific Rim [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2014
Customer Concentration Risk [Member] |
Total S.A. [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
Concentration risk, percentage
11.00% 
12.00% 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member]
 
 
Concentration risk, percentage
14.00% 
15.00% 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
Concentration risk, percentage
79.00% 
80.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
US Gulf Of Mexico [Member]
 
 
Concentration risk, percentage
36.00% 
37.00% 
Revenues
$ 451.1 
$ 1,347.1 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Angola [Member]
 
 
Concentration risk, percentage
15.00% 
16.00% 
Revenues
192.0 
580.1 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Brazil [Member]
 
 
Revenues
 
361.5 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
US Gulf Of Mexico [Member]
 
 
Concentration risk, percentage
79.00% 
76.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
Brazil [Member]
 
 
Concentration risk, percentage
 
10.00% 
ENSCO 83, 89, 93 and 98 [Member]
 
 
Proceeds from Sale of Property, Plant, and Equipment
$ 211.8 
 
Supplemental Financial Information (Accounts Receivable, Net) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 882.4 
$ 884.1 
Allowance for doubtful accounts
(12.6)
(28.4)
Accounts receivable, net
869.8 
855.7 
Trade [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
850.9 
869.8 
Other [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 31.5 
$ 14.3 
Supplemental Financial Information (Other Current Assets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Assets held for sale
$ 289.0 
$ 8.6 
Inventory
253.7 
256.4 
Restricted Cash and Cash Equivalents
211.8 
Deferred costs
68.3 
47.4 
Prepaid Expense
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 Asset, Current
2.6 
11.6 
Other
5.4 
10.2 
Other current assets
$ 986.9 
$ 513.9 
Supplemental Financial Information (Other Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
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 
Other Assets, Net
$ 340.5 
$ 352.7 
Supplemental Financial Information (Accrued Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
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 Sale of Property
26.6 
Derivative Liability
17.3 
10.4 
Advance payment received on sale of assets
33.0 
Customer pre-payments
20.0 
Other
16.8 
31.3 
Accrued liabilities and other
$ 653.9 
$ 658.7 
Supplemental Financial Information (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
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 
Other liabilities
$ 629.5 
$ 545.7 
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Derivative Instruments
$ 14.5 
$ 20.6 
Other
1.8 
(2.4)
Accumulated other comprehensive income
$ 16.3 
$ 18.2 
Guarantee Of Registered Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 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 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
$ 1,261,200,000 
$ 1,162,200,000 
$ 3,594,100,000 
$ 3,332,800,000 
Contract drilling (exclusive of depreciation)
531,400,000 
534,300,000 
1,660,000,000 
1,541,300,000 
Asset Impairment Charges
 
 
991,500,000 
Depreciation
140,900,000 
132,600,000 
419,500,000 
392,500,000 
General and administrative
29,300,000 
37,400,000 
103,600,000 
111,600,000 
OPERATING (LOSS) INCOME
559,600,000 
457,900,000 
419,500,000 
1,287,400,000 
OTHER INCOME (EXPENSE), NET
(38,400,000)
(1,600,000)
(98,300,000)
(71,200,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
521,200,000 
456,300,000 
321,200,000 
1,216,200,000 
INCOME TAX PROVISION
65,500,000 
65,400,000 
166,400,000 
164,700,000 
DISCONTINUED OPERATIONS, NET
(22,800,000)
(9,500,000)
(594,800,000)
12,400,000 
NET INCOME
432,900,000 
381,400,000 
(440,000,000)
1,063,900,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3,500,000)
(2,600,000)
(10,800,000)
(7,100,000)
NET INCOME ATTRIBUTABLE TO ENSCO
429,400,000 
378,800,000 
(450,800,000)
1,056,800,000 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
8,300,000 
5,500,000 
23,800,000 
16,500,000 
Contract drilling (exclusive of depreciation)
9,100,000 
13,000,000 
24,400,000 
38,200,000 
Depreciation
100,000 
 
200,000 
200,000 
General and administrative
10,200,000 
15,200,000 
41,000,000 
48,300,000 
OPERATING (LOSS) INCOME
(11,100,000)
(22,700,000)
(41,800,000)
(70,200,000)
OTHER INCOME (EXPENSE), NET
(15,000,000)
(18,100,000)
(43,600,000)
(48,000,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(26,100,000)
(40,800,000)
(85,400,000)
(118,200,000)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
455,500,000 
419,600,000 
(365,400,000)
1,175,000,000 
NET INCOME
429,400,000 
378,800,000 
(450,800,000)
1,056,800,000 
NET INCOME ATTRIBUTABLE TO ENSCO
429,400,000 
378,800,000 
(450,800,000)
1,056,800,000 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
39,000,000 
38,100,000 
116,800,000 
114,400,000 
Contract drilling (exclusive of depreciation)
37,400,000 
38,100,000 
115,200,000 
114,400,000 
Depreciation
1,800,000 
1,000,000 
5,100,000 
2,800,000 
General and administrative
100,000 
100,000 
300,000 
400,000 
OPERATING (LOSS) INCOME
(300,000)
(1,100,000)
(3,800,000)
(3,200,000)
OTHER INCOME (EXPENSE), NET
(23,100,000)
5,900,000 
(28,500,000)
(7,200,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(23,400,000)
4,800,000 
(32,300,000)
(10,400,000)
INCOME TAX PROVISION
(2,100,000)
16,200,000 
36,300,000 
76,900,000 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
73,300,000 
65,200,000 
(1,314,200,000)
255,700,000 
NET INCOME
52,000,000 
53,800,000 
(1,382,800,000)
168,400,000 
NET INCOME ATTRIBUTABLE TO ENSCO
52,000,000 
53,800,000 
(1,382,800,000)
168,400,000 
Pride International, Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
 
 
 
OTHER INCOME (EXPENSE), NET
(13,100,000)
15,500,000 
(39,000,000)
(15,100,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(13,100,000)
15,500,000 
(39,000,000)
(15,100,000)
INCOME TAX PROVISION
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
66,900,000 
35,300,000 
(1,502,900,000)
164,900,000 
NET INCOME
53,800,000 
50,800,000 
(1,541,900,000)
149,800,000 
NET INCOME ATTRIBUTABLE TO ENSCO
53,800,000 
50,800,000 
(1,541,900,000)
149,800,000 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
1,292,200,000 
1,196,200,000 
3,691,100,000 
3,434,800,000 
Contract drilling (exclusive of depreciation)
563,200,000 
560,800,000 
1,758,000,000 
1,621,600,000 
Asset Impairment Charges
 
 
991,500,000 
 
Depreciation
139,000,000 
131,600,000 
414,200,000 
389,500,000 
General and administrative
19,000,000 
22,100,000 
62,300,000 
62,900,000 
OPERATING (LOSS) INCOME
571,000,000 
481,700,000 
465,100,000 
1,360,800,000 
OTHER INCOME (EXPENSE), NET
12,800,000 
(4,900,000)
12,800,000 
(900,000)
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
583,800,000 
476,800,000 
477,900,000 
1,359,900,000 
INCOME TAX PROVISION
67,600,000 
49,200,000 
130,100,000 
87,800,000 
DISCONTINUED OPERATIONS, NET
(22,800,000)
(9,500,000)
(594,800,000)
12,400,000 
NET INCOME
493,400,000 
418,100,000 
(247,000,000)
1,284,500,000 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3,500,000)
(2,600,000)
(10,800,000)
(7,100,000)
NET INCOME ATTRIBUTABLE TO ENSCO
489,900,000 
415,500,000 
(257,800,000)
1,277,400,000 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
OPERATING REVENUES
(78,300,000)
(77,600,000)
(237,600,000)
(232,900,000)
Contract drilling (exclusive of depreciation)
(78,300,000)
(77,600,000)
(237,600,000)
(232,900,000)
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
(595,700,000)
(520,100,000)
3,182,500,000 
(1,595,600,000)
NET INCOME
(595,700,000)
(520,100,000)
3,182,500,000 
(1,595,600,000)
NET INCOME ATTRIBUTABLE TO ENSCO
$ (595,700,000)
$ (520,100,000)
$ 3,182,500,000 
$ (1,595,600,000)
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
NET INCOME
$ 432.9 
$ 381.4 
$ (440.0)
$ 1,063.9 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Net change in fair value of derivatives
(12.7)
8.3 
(2.8)
(5.3)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
(1.4)
2.8 
(3.3)
2.2 
Other
3.7 
4.2 
0.5 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(10.4)
11.1 
(1.9)
(2.6)
COMPREHENSIVE INCOME
422.5 
392.5 
(441.9)
1,061.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.5)
(2.6)
(10.8)
(7.1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
419.0 
389.9 
(452.7)
1,054.2 
Ensco Plc [Member]
 
 
 
 
NET INCOME
429.4 
378.8 
(450.8)
1,056.8 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
429.4 
378.8 
(450.8)
1,056.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
429.4 
378.8 
(450.8)
1,056.8 
ENSCO International Inc. [Member]
 
 
 
 
NET INCOME
52.0 
53.8 
(1,382.8)
168.4 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Net change in fair value of derivatives
(12.7)
8.3 
(2.8)
(5.3)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
(1.4)
2.8 
(3.3)
2.2 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(14.1)
11.1 
(6.0)
(3.1)
COMPREHENSIVE INCOME
37.9 
64.9 
(1,388.9)
165.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
37.9 
64.9 
(1,388.9)
165.3 
Pride International, Inc. [Member]
 
 
 
 
NET INCOME
53.8 
50.8 
(1,541.9)
149.8 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
53.8 
50.8 
(1,541.9)
149.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
53.8 
50.8 
(1,541.9)
149.8 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
NET INCOME
493.4 
418.1 
(247.0)
1,284.5 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Other
3.7 
 
4.2 
0.5 
NET OTHER COMPREHENSIVE (LOSS) INCOME
3.7 
 
4.0 
0.5 
COMPREHENSIVE INCOME
497.1 
418.1 
(242.8)
1,285.0 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.5)
(2.6)
(10.8)
(7.1)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
493.6 
415.5 
(253.6)
1,277.9 
Consolidating Adjustments [Member]
 
 
 
 
NET INCOME
(595.7)
(520.1)
3,182.5 
(1,595.6)
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
(595.7)
(520.1)
3,182.5 
(1,595.6)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ (595.7)
$ (520.1)
$ 3,182.5 
$ (1,595.6)
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Sep. 30, 2014
Dec. 31, 2013
Sep. 30, 2013
Dec. 31, 2012
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
$ 1,173.7 
$ 165.6 
$ 325.4 
$ 487.1 
Accounts receivable, net
869.8 
855.7 
 
 
Other
986.9 
513.9 
 
 
Total current assets
3,030.4 
1,535.2 
 
 
PROPERTY AND EQUIPMENT, AT COST
15,985.7 
17,498.5 
 
 
Less accumulated depreciation
2,858.1 
3,187.5 
 
 
Property and equipment, net
13,127.6 
14,311.0 
13,997.4 
 
GOODWILL
3,274.0 
3,274.0 
 
 
OTHER ASSETS, NET
340.5 
352.7 
 
 
TOTAL ASSETS
19,772.5 
19,472.9 
 
 
Accounts payable and accrued liabilities
1,077.7 
999.8 
 
 
Current maturities of long-term debt
53.8 
47.5 
 
 
Total current liabilities
1,131.5 
1,047.3 
 
 
LONG-TERM DEBT
5,903.9 
4,718.9 
 
 
DEFERRED INCOME TAXES
258.6 
362.1 
 
 
OTHER LIABILITIES
629.5 
545.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
11,836.4 
12,791.6 
 
 
NONCONTROLLING INTERESTS
12.6 
7.3 
 
 
Total equity
11,849.0 
12,798.9 
 
 
Total liabilities and shareholders' equity
19,772.5 
19,472.9 
 
 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
367.0 
46.5 
145.3 
271.8 
Accounts receivable from affiliates
1,246.1 
1,235.0 
 
 
Other
3.9 
3.2 
 
 
Total current assets
1,617.0 
1,284.7 
 
 
PROPERTY AND EQUIPMENT, AT COST
2.1 
2.1 
 
 
Less accumulated depreciation
1.7 
1.5 
 
 
Property and equipment, net
0.4 
0.6 
 
 
DUE FROM AFFILIATES
3,021.1 
4,876.8 
 
 
INVESTMENTS IN AFFILIATES
13,104.0 
13,830.1 
 
 
OTHER ASSETS, NET
18.0 
8.8 
 
 
TOTAL ASSETS
17,760.5 
20,001.0 
 
 
Accounts payable and accrued liabilities
11.1 
31.5 
 
 
Accounts payable to affiliates
163.8 
3,666.1 
 
 
Total current liabilities
174.9 
3,697.6 
 
 
DUE TO AFFILIATES
2,013.3 
1,030.8 
 
 
LONG-TERM DEBT
3,723.3 
2,473.7 
 
 
DEFERRED INCOME TAXES
 
 
 
ENSCO SHAREHOLDERS' EQUITY
11,849.0 
12,798.9 
 
 
Total equity
11,849.0 
12,798.9 
 
 
Total liabilities and shareholders' equity
17,760.5 
20,001.0 
 
 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
0.5 
0.4 
1.7 
Accounts receivable from affiliates
650.7 
213.8 
 
 
Other
51.4 
61.3 
 
 
Total current assets
702.1 
275.6 
 
 
PROPERTY AND EQUIPMENT, AT COST
62.4 
34.3 
 
 
Less accumulated depreciation
31.6 
26.5 
 
 
Property and equipment, net
30.8 
7.8 
 
 
DUE FROM AFFILIATES
4,472.5 
4,236.0 
 
 
INVESTMENTS IN AFFILIATES
3,568.5 
4,868.6 
 
 
OTHER ASSETS, NET
49.1 
60.1 
 
 
TOTAL ASSETS
8,823.0 
9,448.1 
 
 
Accounts payable and accrued liabilities
74.7 
9.1 
 
 
Accounts payable to affiliates
997.7 
549.7 
 
 
Total current liabilities
1,072.4 
558.8 
 
 
DUE TO AFFILIATES
3,068.1 
2,760.4 
 
 
LONG-TERM DEBT
149.2 
149.1 
 
 
DEFERRED INCOME TAXES
247.1 
358.3 
 
 
OTHER LIABILITIES
4.3 
2.3 
 
 
ENSCO SHAREHOLDERS' EQUITY
4,281.9 
5,619.2 
 
 
Total equity
4,281.9 
5,619.2 
 
 
Total liabilities and shareholders' equity
8,823.0 
9,448.1 
 
 
Pride International, Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
343.0 
4.9 
12.1 
85.0 
Accounts receivable from affiliates
531.3 
5.5 
 
 
Total current assets
874.3 
10.4 
 
 
DUE FROM AFFILIATES
985.8 
1,898.0 
 
 
INVESTMENTS IN AFFILIATES
2,722.5 
4,092.2 
 
 
TOTAL ASSETS
4,582.6 
6,000.6 
 
 
Accounts payable and accrued liabilities
23.4 
34.2 
 
 
Total current liabilities
23.4 
34.2 
 
 
DUE TO AFFILIATES
1,489.0 
1,331.1 
 
 
LONG-TERM DEBT
1,982.0 
2,007.8 
 
 
OTHER LIABILITIES
7.6 
8.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
1,080.6 
2,618.8 
 
 
Total equity
1,080.6 
2,618.8 
 
 
Total liabilities and shareholders' equity
4,582.6 
6,000.6 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
463.7 
113.7 
167.6 
128.6 
Accounts receivable, net
869.8 
855.7 
 
 
Accounts receivable from affiliates
1,127.3 
4,169.2 
 
 
Other
931.6 
449.4 
 
 
Total current assets
3,392.4 
5,588.0 
 
 
PROPERTY AND EQUIPMENT, AT COST
15,921.2 
17,462.1 
 
 
Less accumulated depreciation
2,824.8 
3,159.5 
 
 
Property and equipment, net
13,096.4 
14,302.6 
 
 
GOODWILL
3,274.0 
3,274.0 
 
 
DUE FROM AFFILIATES
6,510.9 
5,069.7 
 
 
OTHER ASSETS, NET
273.4 
283.8 
 
 
TOTAL ASSETS
26,547.1 
28,518.1 
 
 
Accounts payable and accrued liabilities
968.5 
925.0 
 
 
Accounts payable to affiliates
2,393.9 
1,407.7 
 
 
Current maturities of long-term debt
53.8 
47.5 
 
 
Total current liabilities
3,416.2 
2,380.2 
 
 
DUE TO AFFILIATES
8,419.9 
10,958.2 
 
 
LONG-TERM DEBT
49.4 
88.3 
 
 
DEFERRED INCOME TAXES
11.5 
3.8 
 
 
OTHER LIABILITIES
617.6 
534.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
14,019.9 
14,545.6 
 
 
NONCONTROLLING INTERESTS
12.6 
7.3 
 
 
Total equity
14,032.5 
14,552.9 
 
 
Total liabilities and shareholders' equity
26,547.1 
28,518.1 
 
 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Accounts receivable from affiliates
(3,555.4)
(5,623.5)
 
 
Total current assets
(3,555.4)
(5,623.5)
 
 
DUE FROM AFFILIATES
(14,990.3)
(16,080.5)
 
 
INVESTMENTS IN AFFILIATES
(19,395.0)
(22,790.9)
 
 
TOTAL ASSETS
(37,940.7)
(44,494.9)
 
 
Accounts payable to affiliates
(3,555.4)
(5,623.5)
 
 
Total current liabilities
(3,555.4)
(5,623.5)
 
 
DUE TO AFFILIATES
(14,990.3)
(16,080.5)
 
 
ENSCO SHAREHOLDERS' EQUITY
(19,395.0)
(22,790.9)
 
 
Total equity
(19,395.0)
(22,790.9)
 
 
Total liabilities and shareholders' equity
$ (37,940.7)
$ (44,494.9)
 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
$ 1,585.3 
$ 1,349.4 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(1,247.0)
(1,273.6)
Maturities of short-term investments
50.0 
50.0 
Payments to Acquire Marketable Securities
45.3 
Other
9.8 
3.8 
Net cash provided by (used in) investing activities of continuing operations
(1,232.5)
(1,219.8)
Proceeds from Issuance of Senior Long-term Debt
1,246.4 
FINANCING ACTIVITIES
 
 
Cash dividends paid
(526.7)
(350.2)
Reduction of long-term borrowings
(30.9)
(30.9)
Payments of Debt Issuance Costs
(11.3)
Proceeds from exercise of share options
2.4 
22.0 
Advances from (to) affiliates
Other
(20.0)
(20.8)
Net cash provided by (used in) financing activities
659.9 
(379.9)
DISCONTINUED OPERATIONS
 
 
Operating activities
(62.0)
83.2 
Investing activities
57.4 
6.4 
Net cash provided by discontinued operations
(4.6)
89.6 
Effect of exchange rate changes on cash and cash equivalents
(1.0)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
1,008.1 
(161.7)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
165.6 
487.1 
CASH AND CASH EQUIVALENTS, END OF PERIOD
1,173.7 
325.4 
Ensco Plc [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(82.2)
(138.0)
INVESTING ACTIVITIES
 
 
Proceeds from Issuance of Senior Long-term Debt
1,246.4 
 
FINANCING ACTIVITIES
 
 
Cash dividends paid
(526.7)
(350.2)
Reduction of long-term borrowings
 
Payments of Debt Issuance Costs
(11.3)
 
Proceeds from exercise of share options
2.4 
22.0 
Advances from (to) affiliates
(295.5)
353.2 
Other
(12.6)
(13.5)
Net cash provided by (used in) financing activities
402.7 
11.5 
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
320.5 
(126.5)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
46.5 
271.8 
CASH AND CASH EQUIVALENTS, END OF PERIOD
367.0 
145.3 
ENSCO International Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(91.7)
(114.3)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(28.1)
   
Other
(3.8)
Net cash provided by (used in) investing activities of continuing operations
(28.1)
(3.8)
Proceeds from Issuance of Senior Long-term Debt
 
FINANCING ACTIVITIES
 
 
Cash dividends paid
 
Reduction of long-term borrowings
 
Payments of Debt Issuance Costs
 
Proceeds from exercise of share options
   
Advances from (to) affiliates
119.3 
121.3 
Other
 
Net cash provided by (used in) financing activities
119.3 
116.8 
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(0.5)
(1.3)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
0.5 
1.7 
CASH AND CASH EQUIVALENTS, END OF PERIOD
0.4 
Pride International, Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(76.7)
(54.1)
INVESTING ACTIVITIES
 
 
Proceeds from Issuance of Senior Long-term Debt
 
FINANCING ACTIVITIES
 
 
Cash dividends paid
 
Reduction of long-term borrowings
 
Payments of Debt Issuance Costs
 
Proceeds from exercise of share options
 
Advances from (to) affiliates
414.8 
(18.8)
Other
 
Net cash provided by (used in) financing activities
414.8 
(18.8)
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
338.1 
(72.9)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
4.9 
85.0 
CASH AND CASH EQUIVALENTS, END OF PERIOD
343.0 
12.1 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
1,835.9 
1,655.8 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(1,218.9)
(1,273.6)
Maturities of short-term investments
50.0 
50.0 
Payments to Acquire Marketable Securities
(45.3)
 
Other
9.8 
7.6 
Net cash provided by (used in) investing activities of continuing operations
(1,204.4)
(1,216.0)
Proceeds from Issuance of Senior Long-term Debt
 
FINANCING ACTIVITIES
 
 
Cash dividends paid
 
Reduction of long-term borrowings
(30.9)
(30.9)
Payments of Debt Issuance Costs
 
Proceeds from exercise of share options
 
Advances from (to) affiliates
(238.6)
(455.7)
Other
(7.4)
(2.8)
Net cash provided by (used in) financing activities
(276.9)
(489.4)
DISCONTINUED OPERATIONS
 
 
Operating activities
(62.0)
83.2 
Investing activities
57.4 
6.4 
Net cash provided by discontinued operations
(4.6)
89.6 
Effect of exchange rate changes on cash and cash equivalents
(1.0)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
350.0 
39.0 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
113.7 
128.6 
CASH AND CASH EQUIVALENTS, END OF PERIOD
463.7 
167.6 
Consolidating Adjustments [Member]
 
 
INVESTING ACTIVITIES
 
 
Proceeds from Issuance of Senior Long-term Debt
 
FINANCING ACTIVITIES
 
 
Cash dividends paid
 
Reduction of long-term borrowings
 
Payments of Debt Issuance Costs
 
Proceeds from exercise of share options
 
Advances from (to) affiliates
 
Other
$ 0