|
|
|
|
|
|
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of March 31, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 39.2 | $ | — | $ | — | $ | 39.2 | |||||||
Derivatives, net | — | 8.8 | — | 8.8 | |||||||||||
Total financial assets | $ | 39.2 | $ | 8.8 | $ | — | $ | 48.0 | |||||||
As of December 31, 2013 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 37.7 | $ | — | $ | — | $ | 37.7 | |||||||
Derivatives, net | — | 1.8 | — | 1.8 | |||||||||||
Total financial assets | $ | 37.7 | $ | 1.8 | $ | — | $ | 39.5 |
March 31, 2014 | December 31, 2013 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.70% Senior notes due 2021 | $ | 1,477.9 | $ | 1,614.8 | $ | 1,477.2 | $ | 1,596.9 | |||||||
6.875% Senior notes due 2020 | 1,020.7 | 1,076.6 | 1,024.8 | 1,086.7 | |||||||||||
3.25% Senior notes due 2016 | 996.9 | 1,043.3 | 996.5 | 1,045.8 | |||||||||||
8.50% Senior notes due 2019 | 596.4 | 632.5 | 600.5 | 635.8 | |||||||||||
7.875% Senior notes due 2040 | 382.2 | 427.3 | 382.6 | 410.5 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 182.4 | 149.1 | 178.6 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 71.2 | 71.6 | 78.9 | 79.7 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 31.5 | 34.9 | 31.5 | 35.2 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 25.3 | 26.7 | 25.3 | 27.1 | |||||||||||
Total | $ | 4,751.2 | $ | 5,110.1 | $ | 4,766.4 | $ | 5,096.3 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 11.0 | $ | 9.1 | $ | 3.0 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | 1.0 | 1.2 | .1 | .6 | |||||||||||
12.0 | 10.3 | 3.1 | 10.4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 1.2 | 2.5 | 1.3 | .6 | |||||||||||
1.2 | 2.5 | 1.3 | .6 | ||||||||||||
Total | $ | 13.2 | $ | 12.8 | $ | 4.4 | $ | 11.0 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.1 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(4) | 4.9 | (4.0 | ) | (.4 | ) | 1.1 | .7 | .2 | |||||||||||||||
Total | $ | 4.9 | $ | (4.0 | ) | $ | (.5 | ) | $ | 1.0 | $ | .7 | $ | .2 |
(1) | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income. |
(4) | During the quarter ended March 31, 2014, $600,000 of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the quarter ended March 31, 2013, $900,000 of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. |
|
2014 | 2013 | ||||||
Income from continuing operations | $ | 318.0 | $ | 314.2 | |||
Income from continuing operations attributable to noncontrolling interests | (4.1 | ) | (2.7 | ) | |||
Income from continuing operations attributable to Ensco | $ | 313.9 | $ | 311.5 |
2014 | 2013 | ||||||
(Loss) income from discontinued operations, net | $ | (21.3 | ) | $ | 5.7 | ||
Income from discontinued operations attributable to noncontrolling interests | (.1 | ) | (.1 | ) | |||
(Loss) income from continuing operations attributable to Ensco | $ | (21.4 | ) | $ | 5.6 |
|
2014 | 2013 | ||||||
Revenues | $ | 57.1 | $ | 109.7 | |||
Operating expenses | 96.2 | 102.3 | |||||
Operating (loss) income | (39.1 | ) | 7.4 | ||||
Other income | — | .3 | |||||
Income tax expense | (1.6 | ) | (0.9 | ) | |||
Income (loss) on disposal of discontinued operations, net | 19.4 | (1.1 | ) | ||||
(Loss) income from discontinued operations, net | $ | (21.3 | ) | $ | 5.7 |
|
|
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 690.2 | $ | 423.1 | $ | 16.6 | $ | 1,129.9 | $ | — | $ | 1,129.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 326.1 | 215.2 | 11.3 | 552.6 | — | 552.6 | |||||||||||||||||
Depreciation | 96.4 | 40.9 | — | 137.3 | 1.9 | 139.2 | |||||||||||||||||
General and administrative | — | — | — | — | 38.1 | 38.1 | |||||||||||||||||
Operating income (loss) | $ | 267.7 | $ | 167.0 | $ | 5.3 | $ | 440.0 | $ | (40.0 | ) | $ | 400.0 | ||||||||||
Property and equipment, net | $ | 11,376.2 | $ | 2,986.1 | $ | — | $ | 14,362.3 | $ | 56.0 | $ | 14,418.3 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 625.3 | $ | 394.8 | $ | 20.2 | $ | 1,040.3 | $ | — | $ | 1,040.3 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 270.6 | 193.5 | 15.7 | 479.8 | — | 479.8 | |||||||||||||||||
Depreciation | 87.7 | 38.6 | — | 126.3 | 1.6 | 127.9 | |||||||||||||||||
General and administrative | — | — | — | — | 37.8 | 37.8 | |||||||||||||||||
Operating income (loss) | $ | 267.0 | $ | 162.7 | $ | 4.5 | $ | 434.2 | $ | (39.4 | ) | $ | 394.8 | ||||||||||
Property and equipment, net | $ | 10,710.0 | $ | 2,413.3 | $ | — | $ | 13,123.3 | $ | 31.9 | $ | 13,155.2 |
Floaters(1) | Jackups(1)(2) | Total(3) | |||
North & South America (excluding Brazil) | 9 | 12 | 21 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Asia & Pacific Rim | 4 | 10 | 14 | ||
Europe & Mediterranean | 1 | 10 | 11 | ||
Brazil | 6 | — | 6 | ||
Asia & Pacific Rim (under construction) | 3 | 3 | 6 | ||
Total | 29 | 45 | 74 |
(1) | The table above includes the five floaters classified as "held for sale" as of June 30, 2014, and ENSCO 85 which was sold during the quarter ended June 30, 2014. |
(2) | In April 2014, we entered into an agreement with Lamprell plc to construct two premium jackup rigs (ENSCO 140 and ENSCO 141), which are scheduled for delivery during mid-2016. ENSCO 140 and ENSCO 141 are not included in the table above. |
(3) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
March 31, 2014 | December 31, 2013 | ||||||
Trade | $ | 773.6 | $ | 869.8 | |||
Other | 18.3 | 14.3 | |||||
791.9 | 884.1 | ||||||
Allowance for doubtful accounts | (12.3 | ) | (28.4 | ) | |||
$ | 779.6 | $ | 855.7 |
March 31, 2014 | December 31, 2013 | ||||||
Inventory | $ | 262.1 | $ | 256.4 | |||
Prepaid taxes | 76.1 | 88.1 | |||||
Deferred costs | 55.6 | 47.4 | |||||
Assets held for sale | 53.7 | 8.6 | |||||
Short-term investments | 50.0 | 50.0 | |||||
Prepaid expenses | 28.2 | 18.5 | |||||
Deferred tax assets | 22.9 | 23.1 | |||||
Derivative assets | 12.2 | 11.6 | |||||
Other | 9.5 | 10.2 | |||||
$ | 570.3 | $ | 513.9 |
March 31, 2014 | December 31, 2013 | ||||||
Deferred costs | $ | 76.0 | $ | 59.1 | |||
Intangible assets | 75.3 | 83.8 | |||||
Prepaid taxes on intercompany transfers of property | 48.6 | 50.2 | |||||
Unbilled receivables | 44.0 | 51.9 | |||||
Supplemental executive retirement plan assets | 39.2 | 37.7 | |||||
Warranty and other claim receivables | 30.6 | 30.6 | |||||
Deferred tax assets | 29.3 | 25.2 | |||||
Other | 13.5 | 14.2 | |||||
$ | 356.5 | $ | 352.7 |
March 31, 2014 | December 31, 2013 | ||||||
Personnel costs | $ | 176.7 | $ | 242.0 | |||
Deferred revenue | 156.1 | 169.8 | |||||
Taxes | 93.8 | 84.2 | |||||
Accrued interest | 34.3 | 68.0 | |||||
Advance payment received on sale of assets | 3.3 | 33.0 | |||||
Customer pre-payments | — | 20.0 | |||||
Other | 29.3 | 41.7 | |||||
$ | 493.5 | $ | 658.7 |
March 31, 2014 | December 31, 2013 | ||||||
Deferred revenue | $ | 244.7 | $ | 217.6 | |||
Unrecognized tax benefits (inclusive of interest and penalties) | 156.6 | 148.0 | |||||
Intangible liabilities | 62.2 | 69.1 | |||||
Supplemental executive retirement plan liabilities | 41.9 | 40.5 | |||||
Personnel costs | 30.5 | 37.2 | |||||
Other | 33.2 | 33.3 | |||||
$ | 569.1 | $ | 545.7 |
March 31, 2014 | December 31, 2013 | ||||||
Derivative Instruments | $ | 26.0 | $ | 20.6 | |||
Other | (2.4 | ) | (2.4 | ) | |||
$ | 23.6 | $ | 18.2 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 7.7 | $ | 38.9 | $ | — | $ | 1,162.8 | $ | (79.5 | ) | $ | 1,129.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 7.3 | 38.9 | — | 585.9 | (79.5 | ) | 552.6 | ||||||||||||||||
Depreciation | .1 | 1.5 | — | 137.6 | — | 139.2 | |||||||||||||||||
General and administrative | 16.3 | .1 | — | 21.7 | — | 38.1 | |||||||||||||||||
OPERATING (LOSS) INCOME | (16.0 | ) | (1.6 | ) | — | 417.6 | — | 400.0 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (16.6 | ) | (4.0 | ) | (12.2 | ) | 3.7 | — | (29.1 | ) | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (32.6 | ) | (5.6 | ) | (12.2 | ) | 421.3 | — | 370.9 | ||||||||||||||
INCOME TAX PROVISION | — | 30.8 | — | 22.1 | — | 52.9 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (21.3 | ) | — | (21.3 | ) | |||||||||||||||
EQUITY EARNINGS (LOSS) IN AFFILIATES, NET OF TAX | 325.1 | 94.0 | (15.3 | ) | — | (403.8 | ) | — | |||||||||||||||
NET INCOME | 292.5 | 57.6 | (27.5 | ) | 377.9 | (403.8 | ) | 296.7 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.5 | $ | 57.6 | $ | (27.5 | ) | $ | 373.7 | $ | (403.8 | ) | $ | 292.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.5 | $ | 38.1 | $ | — | $ | 1,074.1 | $ | (77.4 | ) | $ | 1,040.3 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 12.4 | 38.1 | — | 506.7 | (77.4 | ) | 479.8 | ||||||||||||||||
Depreciation | .1 | .8 | — | 127.0 | — | 127.9 | |||||||||||||||||
General and administrative | 16.9 | .2 | — | 20.7 | — | 37.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (23.9 | ) | (1.0 | ) | — | 419.7 | — | 394.8 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (14.6 | ) | (7.4 | ) | (14.6 | ) | 6.8 | — | (29.8 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (38.5 | ) | (8.4 | ) | (14.6 | ) | 426.5 | — | 365.0 | ||||||||||||||
INCOME TAX PROVISION | — | 29.5 | — | 21.3 | — | 50.8 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 5.7 | — | 5.7 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 355.6 | 111.7 | 52.4 | — | (519.7 | ) | — | ||||||||||||||||
NET INCOME | 317.1 | 73.8 | 37.8 | 410.9 | (519.7 | ) | 319.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 317.1 | $ | 73.8 | $ | 37.8 | $ | 408.1 | $ | (519.7 | ) | $ | 317.1 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 292.5 | $ | 57.6 | $ | (27.5 | ) | $ | 377.9 | $ | (403.8 | ) | $ | 296.7 | |||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 4.9 | — | — | — | 4.9 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | .5 | — | — | — | .5 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 5.4 | — | — | — | 5.4 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 292.5 | 63.0 | (27.5 | ) | 377.9 | (403.8 | ) | 302.1 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.5 | $ | 63.0 | $ | (27.5 | ) | $ | 373.7 | $ | (403.8 | ) | $ | 297.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 317.1 | $ | 73.8 | $ | 37.8 | $ | 410.9 | $ | (519.7 | ) | $ | 319.9 | ||||||||||
OTHER COMPREHENSIVE LOSS, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (1.0 | ) | — | — | — | (1.0 | ) | |||||||||||||||
Other | — | — | — | (.1 | ) | — | (.1 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE LOSS | — | (5.0 | ) | — | (.1 | ) | — | (5.1 | ) | ||||||||||||||
COMPREHENSIVE INCOME | 317.1 | 68.8 | 37.8 | 410.8 | (519.7 | ) | 314.8 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 317.1 | $ | 68.8 | $ | 37.8 | $ | 408.0 | $ | (519.7 | ) | $ | 312.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 38.1 | $ | — | $ | 2.2 | $ | 82.2 | $ | — | $ | 122.5 | |||||||||||
Accounts receivable, net | — | — | — | 779.6 | — | 779.6 | |||||||||||||||||
Accounts receivable from affiliates | 2,119.5 | 158.2 | 1.3 | 4,460.7 | (6,739.7 | ) | — | ||||||||||||||||
Other | 3.0 | 66.3 | — | 501.0 | — | 570.3 | |||||||||||||||||
Total current assets | 2,160.6 | 224.5 | 3.5 | 5,823.5 | (6,739.7 | ) | 1,472.4 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 48.2 | — | 17,650.4 | — | 17,700.7 | |||||||||||||||||
Less accumulated depreciation | 1.6 | 28.0 | — | 3,252.8 | — | 3,282.4 | |||||||||||||||||
Property and equipment, net | .5 | 20.2 | — | 14,397.6 | — | 14,418.3 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,129.1 | 4,380.3 | 1,933.6 | 5,283.2 | (15,726.2 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 14,174.1 | 4,973.8 | 4,076.9 | — | (23,224.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.2 | 57.9 | — | 290.4 | — | 356.5 | |||||||||||||||||
$ | 20,472.5 | $ | 9,656.7 | $ | 6,014.0 | $ | 29,068.7 | $ | (45,690.7 | ) | $ | 19,521.2 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5.2 | $ | 17.4 | $ | 23.4 | $ | 859.4 | $ | — | $ | 905.4 | |||||||||||
Accounts payable to affiliates | 4,036.0 | 471.4 | — | 2,232.3 | (6,739.7 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 4,041.2 | 488.8 | 23.4 | 3,139.2 | (6,739.7 | ) | 952.9 | ||||||||||||||||
DUE TO AFFILIATES | 1,025.7 | 2,951.5 | 1,391.9 | 10,357.1 | (15,726.2 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,474.8 | 149.1 | 1,999.3 | 80.5 | — | 4,703.7 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 360.2 | — | 4.5 | — | 364.7 | |||||||||||||||||
OTHER LIABILITIES | — | 2.0 | 8.1 | 559.0 | — | 569.1 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,930.8 | 5,705.1 | 2,591.3 | 14,919.2 | (23,224.8 | ) | 12,921.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 9.2 | — | 9.2 | |||||||||||||||||
Total equity | 12,930.8 | 5,705.1 | 2,591.3 | 14,928.4 | (23,224.8 | ) | 12,930.8 | ||||||||||||||||
$ | 20,472.5 | $ | 9,656.7 | $ | 6,014.0 | $ | 29,068.7 | $ | (45,690.7 | ) | $ | 19,521.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 | |||||||||||
Accounts receivable, net | — | — | — | 855.7 | — | 855.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,235.0 | 213.8 | 5.5 | 4,169.2 | (5,623.5 | ) | — | ||||||||||||||||
Other | 3.2 | 61.3 | — | 449.4 | — | 513.9 | |||||||||||||||||
Total current assets | 1,284.7 | 275.6 | 10.4 | 5,588.0 | (5,623.5 | ) | 1,535.2 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 34.3 | — | 17,462.1 | — | 17,498.5 | |||||||||||||||||
Less accumulated depreciation | 1.5 | 26.5 | — | 3,159.5 | — | 3,187.5 | |||||||||||||||||
Property and equipment, net | .6 | 7.8 | — | 14,302.6 | — | 14,311.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,876.8 | 4,236.0 | 1,898.0 | 5,069.7 | (16,080.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,830.1 | 4,868.6 | 4,092.2 | — | (22,790.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.8 | 60.1 | — | 283.8 | — | 352.7 | |||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.5 | $ | 9.1 | $ | 34.2 | $ | 925.0 | $ | — | $ | 999.8 | |||||||||||
Accounts payable to affiliates | 3,666.1 | 549.7 | — | 1,407.7 | (5,623.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 3,697.6 | 558.8 | 34.2 | 2,380.2 | (5,623.5 | ) | 1,047.3 | ||||||||||||||||
DUE TO AFFILIATES | 1,030.8 | 2,760.4 | 1,331.1 | 10,958.2 | (16,080.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,473.7 | 149.1 | 2,007.8 | 88.3 | — | 4,718.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 358.3 | — | 3.8 | — | 362.1 | |||||||||||||||||
OTHER LIABILITIES | — | 2.3 | 8.7 | 534.7 | — | 545.7 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,798.9 | 5,619.2 | 2,618.8 | 14,545.6 | (22,790.9 | ) | 12,791.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.3 | — | 7.3 | |||||||||||||||||
Total equity | 12,798.9 | 5,619.2 | 2,618.8 | 14,552.9 | (22,790.9 | ) | 12,798.9 | ||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (50.1 | ) | $ | (22.2 | ) | $ | (32.1 | ) | $ | 546.9 | $ | — | $ | 442.5 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (13.9 | ) | — | (259.5 | ) | — | (273.4 | ) | ||||||||||||||
Other | — | — | — | .8 | — | .8 | |||||||||||||||||
Net cash used in investing activities | — | (13.9 | ) | — | (258.7 | ) | — | (272.6 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (175.7 | ) | — | — | — | — | (175.7 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
Proceeds from exercise of share options | .2 | — | — | — | — | .2 | |||||||||||||||||
Advances from (to) affiliates | 221.3 | 35.6 | 29.4 | (286.3 | ) | — | — | ||||||||||||||||
Other | (4.1 | ) | — | — | (2.3 | ) | — | (6.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 41.7 | 35.6 | 29.4 | (295.7 | ) | — | (189.0 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (25.9 | ) | — | (25.9 | ) | |||||||||||||||
Investing activities | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | (24.1 | ) | — | (24.1 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | .1 | — | .1 | |||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (8.4 | ) | (.5 | ) | (2.7 | ) | (31.5 | ) | — | (43.1 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 46.5 | .5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 38.1 | $ | — | $ | 2.2 | $ | 82.2 | $ | — | $ | 122.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (55.3 | ) | $ | (34.0 | ) | $ | 11.3 | $ | 376.8 | $ | — | $ | 298.8 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (164.7 | ) | — | (164.7 | ) | |||||||||||||||
Other | — | .1 | — | .8 | — | .9 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | — | .1 | — | (163.9 | ) | — | (163.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (116.5 | ) | — | — | — | — | (116.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 13.4 | — | — | — | — | 13.4 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
Advances from (to) affiliates | 179.4 | 32.2 | 18.7 | (230.3 | ) | — | — | ||||||||||||||||
Other | (3.7 | ) | — | — | (1.8 | ) | — | (5.5 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 72.6 | 32.2 | 18.7 | (239.2 | ) | — | (115.7 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 43.5 | — | 43.5 | |||||||||||||||||
Investing activities | — | — | — | 11.9 | — | 11.9 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 55.4 | — | 55.4 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17.3 | (1.7 | ) | 30.0 | 29.1 | — | 74.7 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 289.1 | $ | — | $ | 115.0 | $ | 157.7 | $ | — | $ | 561.8 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of March 31, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 39.2 | $ | — | $ | — | $ | 39.2 | |||||||
Derivatives, net | — | 8.8 | — | 8.8 | |||||||||||
Total financial assets | $ | 39.2 | $ | 8.8 | $ | — | $ | 48.0 | |||||||
As of December 31, 2013 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 37.7 | $ | — | $ | — | $ | 37.7 | |||||||
Derivatives, net | — | 1.8 | — | 1.8 | |||||||||||
Total financial assets | $ | 37.7 | $ | 1.8 | $ | — | $ | 39.5 |
March 31, 2014 | December 31, 2013 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.70% Senior notes due 2021 | $ | 1,477.9 | $ | 1,614.8 | $ | 1,477.2 | $ | 1,596.9 | |||||||
6.875% Senior notes due 2020 | 1,020.7 | 1,076.6 | 1,024.8 | 1,086.7 | |||||||||||
3.25% Senior notes due 2016 | 996.9 | 1,043.3 | 996.5 | 1,045.8 | |||||||||||
8.50% Senior notes due 2019 | 596.4 | 632.5 | 600.5 | 635.8 | |||||||||||
7.875% Senior notes due 2040 | 382.2 | 427.3 | 382.6 | 410.5 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 182.4 | 149.1 | 178.6 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 71.2 | 71.6 | 78.9 | 79.7 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 31.5 | 34.9 | 31.5 | 35.2 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 25.3 | 26.7 | 25.3 | 27.1 | |||||||||||
Total | $ | 4,751.2 | $ | 5,110.1 | $ | 4,766.4 | $ | 5,096.3 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
March 31, 2014 | December 31, 2013 | March 31, 2014 | December 31, 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 11.0 | $ | 9.1 | $ | 3.0 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | 1.0 | 1.2 | .1 | .6 | |||||||||||
12.0 | 10.3 | 3.1 | 10.4 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 1.2 | 2.5 | 1.3 | .6 | |||||||||||
1.2 | 2.5 | 1.3 | .6 | ||||||||||||
Total | $ | 13.2 | $ | 12.8 | $ | 4.4 | $ | 11.0 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | (Loss) Gain Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.1 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(4) | 4.9 | (4.0 | ) | (.4 | ) | 1.1 | .7 | .2 | |||||||||||||||
Total | $ | 4.9 | $ | (4.0 | ) | $ | (.5 | ) | $ | 1.0 | $ | .7 | $ | .2 |
(1) | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net, in our condensed consolidated statements of income. |
(4) | During the quarter ended March 31, 2014, $600,000 of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. During the quarter ended March 31, 2013, $900,000 of gains were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of income. |
|
2014 | 2013 | ||||||
Income from continuing operations | $ | 318.0 | $ | 314.2 | |||
Income from continuing operations attributable to noncontrolling interests | (4.1 | ) | (2.7 | ) | |||
Income from continuing operations attributable to Ensco | $ | 313.9 | $ | 311.5 |
|
2014 | 2013 | ||||||
Revenues | $ | 57.1 | $ | 109.7 | |||
Operating expenses | 96.2 | 102.3 | |||||
Operating (loss) income | (39.1 | ) | 7.4 | ||||
Other income | — | .3 | |||||
Income tax expense | (1.6 | ) | (0.9 | ) | |||
Income (loss) on disposal of discontinued operations, net | 19.4 | (1.1 | ) | ||||
(Loss) income from discontinued operations, net | $ | (21.3 | ) | $ | 5.7 |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 690.2 | $ | 423.1 | $ | 16.6 | $ | 1,129.9 | $ | — | $ | 1,129.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 326.1 | 215.2 | 11.3 | 552.6 | — | 552.6 | |||||||||||||||||
Depreciation | 96.4 | 40.9 | — | 137.3 | 1.9 | 139.2 | |||||||||||||||||
General and administrative | — | — | — | — | 38.1 | 38.1 | |||||||||||||||||
Operating income (loss) | $ | 267.7 | $ | 167.0 | $ | 5.3 | $ | 440.0 | $ | (40.0 | ) | $ | 400.0 | ||||||||||
Property and equipment, net | $ | 11,376.2 | $ | 2,986.1 | $ | — | $ | 14,362.3 | $ | 56.0 | $ | 14,418.3 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 625.3 | $ | 394.8 | $ | 20.2 | $ | 1,040.3 | $ | — | $ | 1,040.3 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 270.6 | 193.5 | 15.7 | 479.8 | — | 479.8 | |||||||||||||||||
Depreciation | 87.7 | 38.6 | — | 126.3 | 1.6 | 127.9 | |||||||||||||||||
General and administrative | — | — | — | — | 37.8 | 37.8 | |||||||||||||||||
Operating income (loss) | $ | 267.0 | $ | 162.7 | $ | 4.5 | $ | 434.2 | $ | (39.4 | ) | $ | 394.8 | ||||||||||
Property and equipment, net | $ | 10,710.0 | $ | 2,413.3 | $ | — | $ | 13,123.3 | $ | 31.9 | $ | 13,155.2 |
Floaters(1) | Jackups(1)(2) | Total(3) | |||
North & South America (excluding Brazil) | 9 | 12 | 21 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Asia & Pacific Rim | 4 | 10 | 14 | ||
Europe & Mediterranean | 1 | 10 | 11 | ||
Brazil | 6 | — | 6 | ||
Asia & Pacific Rim (under construction) | 3 | 3 | 6 | ||
Total | 29 | 45 | 74 |
(1) | The table above includes the five floaters classified as "held for sale" as of June 30, 2014, and ENSCO 85 which was sold during the quarter ended June 30, 2014. |
(2) | In April 2014, we entered into an agreement with Lamprell plc to construct two premium jackup rigs (ENSCO 140 and ENSCO 141), which are scheduled for delivery during mid-2016. ENSCO 140 and ENSCO 141 are not included in the table above. |
(3) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
March 31, 2014 | December 31, 2013 | ||||||
Trade | $ | 773.6 | $ | 869.8 | |||
Other | 18.3 | 14.3 | |||||
791.9 | 884.1 | ||||||
Allowance for doubtful accounts | (12.3 | ) | (28.4 | ) | |||
$ | 779.6 | $ | 855.7 |
March 31, 2014 | December 31, 2013 | ||||||
Inventory | $ | 262.1 | $ | 256.4 | |||
Prepaid taxes | 76.1 | 88.1 | |||||
Deferred costs | 55.6 | 47.4 | |||||
Assets held for sale | 53.7 | 8.6 | |||||
Short-term investments | 50.0 | 50.0 | |||||
Prepaid expenses | 28.2 | 18.5 | |||||
Deferred tax assets | 22.9 | 23.1 | |||||
Derivative assets | 12.2 | 11.6 | |||||
Other | 9.5 | 10.2 | |||||
$ | 570.3 | $ | 513.9 |
March 31, 2014 | December 31, 2013 | ||||||
Deferred costs | $ | 76.0 | $ | 59.1 | |||
Intangible assets | 75.3 | 83.8 | |||||
Prepaid taxes on intercompany transfers of property | 48.6 | 50.2 | |||||
Unbilled receivables | 44.0 | 51.9 | |||||
Supplemental executive retirement plan assets | 39.2 | 37.7 | |||||
Warranty and other claim receivables | 30.6 | 30.6 | |||||
Deferred tax assets | 29.3 | 25.2 | |||||
Other | 13.5 | 14.2 | |||||
$ | 356.5 | $ | 352.7 |
March 31, 2014 | December 31, 2013 | ||||||
Personnel costs | $ | 176.7 | $ | 242.0 | |||
Deferred revenue | 156.1 | 169.8 | |||||
Taxes | 93.8 | 84.2 | |||||
Accrued interest | 34.3 | 68.0 | |||||
Advance payment received on sale of assets | 3.3 | 33.0 | |||||
Customer pre-payments | — | 20.0 | |||||
Other | 29.3 | 41.7 | |||||
$ | 493.5 | $ | 658.7 |
March 31, 2014 | December 31, 2013 | ||||||
Deferred revenue | $ | 244.7 | $ | 217.6 | |||
Unrecognized tax benefits (inclusive of interest and penalties) | 156.6 | 148.0 | |||||
Intangible liabilities | 62.2 | 69.1 | |||||
Supplemental executive retirement plan liabilities | 41.9 | 40.5 | |||||
Personnel costs | 30.5 | 37.2 | |||||
Other | 33.2 | 33.3 | |||||
$ | 569.1 | $ | 545.7 |
March 31, 2014 | December 31, 2013 | ||||||
Derivative Instruments | $ | 26.0 | $ | 20.6 | |||
Other | (2.4 | ) | (2.4 | ) | |||
$ | 23.6 | $ | 18.2 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 7.7 | $ | 38.9 | $ | — | $ | 1,162.8 | $ | (79.5 | ) | $ | 1,129.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 7.3 | 38.9 | — | 585.9 | (79.5 | ) | 552.6 | ||||||||||||||||
Depreciation | .1 | 1.5 | — | 137.6 | — | 139.2 | |||||||||||||||||
General and administrative | 16.3 | .1 | — | 21.7 | — | 38.1 | |||||||||||||||||
OPERATING (LOSS) INCOME | (16.0 | ) | (1.6 | ) | — | 417.6 | — | 400.0 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (16.6 | ) | (4.0 | ) | (12.2 | ) | 3.7 | — | (29.1 | ) | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (32.6 | ) | (5.6 | ) | (12.2 | ) | 421.3 | — | 370.9 | ||||||||||||||
INCOME TAX PROVISION | — | 30.8 | — | 22.1 | — | 52.9 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (21.3 | ) | — | (21.3 | ) | |||||||||||||||
EQUITY EARNINGS (LOSS) IN AFFILIATES, NET OF TAX | 325.1 | 94.0 | (15.3 | ) | — | (403.8 | ) | — | |||||||||||||||
NET INCOME | 292.5 | 57.6 | (27.5 | ) | 377.9 | (403.8 | ) | 296.7 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.5 | $ | 57.6 | $ | (27.5 | ) | $ | 373.7 | $ | (403.8 | ) | $ | 292.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended March 31, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.5 | $ | 38.1 | $ | — | $ | 1,074.1 | $ | (77.4 | ) | $ | 1,040.3 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 12.4 | 38.1 | — | 506.7 | (77.4 | ) | 479.8 | ||||||||||||||||
Depreciation | .1 | .8 | — | 127.0 | — | 127.9 | |||||||||||||||||
General and administrative | 16.9 | .2 | — | 20.7 | — | 37.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (23.9 | ) | (1.0 | ) | — | 419.7 | — | 394.8 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (14.6 | ) | (7.4 | ) | (14.6 | ) | 6.8 | — | (29.8 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (38.5 | ) | (8.4 | ) | (14.6 | ) | 426.5 | — | 365.0 | ||||||||||||||
INCOME TAX PROVISION | — | 29.5 | — | 21.3 | — | 50.8 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 5.7 | — | 5.7 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 355.6 | 111.7 | 52.4 | — | (519.7 | ) | — | ||||||||||||||||
NET INCOME | 317.1 | 73.8 | 37.8 | 410.9 | (519.7 | ) | 319.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 317.1 | $ | 73.8 | $ | 37.8 | $ | 408.1 | $ | (519.7 | ) | $ | 317.1 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 292.5 | $ | 57.6 | $ | (27.5 | ) | $ | 377.9 | $ | (403.8 | ) | $ | 296.7 | |||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 4.9 | — | — | — | 4.9 | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | .5 | — | — | — | .5 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 5.4 | — | — | — | 5.4 | |||||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 292.5 | 63.0 | (27.5 | ) | 377.9 | (403.8 | ) | 302.1 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.5 | $ | 63.0 | $ | (27.5 | ) | $ | 373.7 | $ | (403.8 | ) | $ | 297.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 317.1 | $ | 73.8 | $ | 37.8 | $ | 410.9 | $ | (519.7 | ) | $ | 319.9 | ||||||||||
OTHER COMPREHENSIVE LOSS, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (4.0 | ) | — | — | — | (4.0 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (1.0 | ) | — | — | — | (1.0 | ) | |||||||||||||||
Other | — | — | — | (.1 | ) | — | (.1 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE LOSS | — | (5.0 | ) | — | (.1 | ) | — | (5.1 | ) | ||||||||||||||
COMPREHENSIVE INCOME | 317.1 | 68.8 | 37.8 | 410.8 | (519.7 | ) | 314.8 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.8 | ) | — | (2.8 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 317.1 | $ | 68.8 | $ | 37.8 | $ | 408.0 | $ | (519.7 | ) | $ | 312.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 38.1 | $ | — | $ | 2.2 | $ | 82.2 | $ | — | $ | 122.5 | |||||||||||
Accounts receivable, net | — | — | — | 779.6 | — | 779.6 | |||||||||||||||||
Accounts receivable from affiliates | 2,119.5 | 158.2 | 1.3 | 4,460.7 | (6,739.7 | ) | — | ||||||||||||||||
Other | 3.0 | 66.3 | — | 501.0 | — | 570.3 | |||||||||||||||||
Total current assets | 2,160.6 | 224.5 | 3.5 | 5,823.5 | (6,739.7 | ) | 1,472.4 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 48.2 | — | 17,650.4 | — | 17,700.7 | |||||||||||||||||
Less accumulated depreciation | 1.6 | 28.0 | — | 3,252.8 | — | 3,282.4 | |||||||||||||||||
Property and equipment, net | .5 | 20.2 | — | 14,397.6 | — | 14,418.3 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,129.1 | 4,380.3 | 1,933.6 | 5,283.2 | (15,726.2 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 14,174.1 | 4,973.8 | 4,076.9 | — | (23,224.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.2 | 57.9 | — | 290.4 | — | 356.5 | |||||||||||||||||
$ | 20,472.5 | $ | 9,656.7 | $ | 6,014.0 | $ | 29,068.7 | $ | (45,690.7 | ) | $ | 19,521.2 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5.2 | $ | 17.4 | $ | 23.4 | $ | 859.4 | $ | — | $ | 905.4 | |||||||||||
Accounts payable to affiliates | 4,036.0 | 471.4 | — | 2,232.3 | (6,739.7 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 4,041.2 | 488.8 | 23.4 | 3,139.2 | (6,739.7 | ) | 952.9 | ||||||||||||||||
DUE TO AFFILIATES | 1,025.7 | 2,951.5 | 1,391.9 | 10,357.1 | (15,726.2 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,474.8 | 149.1 | 1,999.3 | 80.5 | — | 4,703.7 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 360.2 | — | 4.5 | — | 364.7 | |||||||||||||||||
OTHER LIABILITIES | — | 2.0 | 8.1 | 559.0 | — | 569.1 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,930.8 | 5,705.1 | 2,591.3 | 14,919.2 | (23,224.8 | ) | 12,921.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 9.2 | — | 9.2 | |||||||||||||||||
Total equity | 12,930.8 | 5,705.1 | 2,591.3 | 14,928.4 | (23,224.8 | ) | 12,930.8 | ||||||||||||||||
$ | 20,472.5 | $ | 9,656.7 | $ | 6,014.0 | $ | 29,068.7 | $ | (45,690.7 | ) | $ | 19,521.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 | |||||||||||
Accounts receivable, net | — | — | — | 855.7 | — | 855.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,235.0 | 213.8 | 5.5 | 4,169.2 | (5,623.5 | ) | — | ||||||||||||||||
Other | 3.2 | 61.3 | — | 449.4 | — | 513.9 | |||||||||||||||||
Total current assets | 1,284.7 | 275.6 | 10.4 | 5,588.0 | (5,623.5 | ) | 1,535.2 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 34.3 | — | 17,462.1 | — | 17,498.5 | |||||||||||||||||
Less accumulated depreciation | 1.5 | 26.5 | — | 3,159.5 | — | 3,187.5 | |||||||||||||||||
Property and equipment, net | .6 | 7.8 | — | 14,302.6 | — | 14,311.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,876.8 | 4,236.0 | 1,898.0 | 5,069.7 | (16,080.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,830.1 | 4,868.6 | 4,092.2 | — | (22,790.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.8 | 60.1 | — | 283.8 | — | 352.7 | |||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.5 | $ | 9.1 | $ | 34.2 | $ | 925.0 | $ | — | $ | 999.8 | |||||||||||
Accounts payable to affiliates | 3,666.1 | 549.7 | — | 1,407.7 | (5,623.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 3,697.6 | 558.8 | 34.2 | 2,380.2 | (5,623.5 | ) | 1,047.3 | ||||||||||||||||
DUE TO AFFILIATES | 1,030.8 | 2,760.4 | 1,331.1 | 10,958.2 | (16,080.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,473.7 | 149.1 | 2,007.8 | 88.3 | — | 4,718.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 358.3 | — | 3.8 | — | 362.1 | |||||||||||||||||
OTHER LIABILITIES | — | 2.3 | 8.7 | 534.7 | — | 545.7 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,798.9 | 5,619.2 | 2,618.8 | 14,545.6 | (22,790.9 | ) | 12,791.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.3 | — | 7.3 | |||||||||||||||||
Total equity | 12,798.9 | 5,619.2 | 2,618.8 | 14,552.9 | (22,790.9 | ) | 12,798.9 | ||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2014 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (50.1 | ) | $ | (22.2 | ) | $ | (32.1 | ) | $ | 546.9 | $ | — | $ | 442.5 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (13.9 | ) | — | (259.5 | ) | — | (273.4 | ) | ||||||||||||||
Other | — | — | — | .8 | — | .8 | |||||||||||||||||
Net cash used in investing activities | — | (13.9 | ) | — | (258.7 | ) | — | (272.6 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (175.7 | ) | — | — | — | — | (175.7 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
Proceeds from exercise of share options | .2 | — | — | — | — | .2 | |||||||||||||||||
Advances from (to) affiliates | 221.3 | 35.6 | 29.4 | (286.3 | ) | — | — | ||||||||||||||||
Other | (4.1 | ) | — | — | (2.3 | ) | — | (6.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 41.7 | 35.6 | 29.4 | (295.7 | ) | — | (189.0 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (25.9 | ) | — | (25.9 | ) | |||||||||||||||
Investing activities | — | — | — | 1.8 | — | 1.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | (24.1 | ) | — | (24.1 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | .1 | — | .1 | |||||||||||||||||
NET DECREASE IN CASH AND CASH EQUIVALENTS | (8.4 | ) | (.5 | ) | (2.7 | ) | (31.5 | ) | — | (43.1 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 46.5 | .5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 38.1 | $ | — | $ | 2.2 | $ | 82.2 | $ | — | $ | 122.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2013 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (55.3 | ) | $ | (34.0 | ) | $ | 11.3 | $ | 376.8 | $ | — | $ | 298.8 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (164.7 | ) | — | (164.7 | ) | |||||||||||||||
Other | — | .1 | — | .8 | — | .9 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | — | .1 | — | (163.9 | ) | — | (163.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (116.5 | ) | — | — | — | — | (116.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 13.4 | — | — | — | — | 13.4 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (7.1 | ) | — | (7.1 | ) | |||||||||||||||
Advances from (to) affiliates | 179.4 | 32.2 | 18.7 | (230.3 | ) | — | — | ||||||||||||||||
Other | (3.7 | ) | — | — | (1.8 | ) | — | (5.5 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 72.6 | 32.2 | 18.7 | (239.2 | ) | — | (115.7 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 43.5 | — | 43.5 | |||||||||||||||||
Investing activities | — | — | — | 11.9 | — | 11.9 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 55.4 | — | 55.4 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 17.3 | (1.7 | ) | 30.0 | 29.1 | — | 74.7 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 289.1 | $ | — | $ | 115.0 | $ | 157.7 | $ | — | $ | 561.8 |
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