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2013 | 2012 | 2011 | |||||||||
Net income attributable to Ensco | $1,418.2 | $1,169.7 | $600.4 | ||||||||
Net income allocated to non-vested share awards | (15.1 | ) | (12.3 | ) | (6.9 | ) | |||||
Net income attributable to Ensco shares | $1,403.1 | $1,157.4 | $593.5 |
2013 | 2012 | 2011 | ||||||
Weighted-average shares - basic | 230.9 | 229.4 | 192.2 | |||||
Potentially dilutive shares | .2 | .3 | .4 | |||||
Weighted-average shares - diluted | 231.1 | 229.7 | 192.6 |
2013 | 2012 | 2011 | |||||||||
Income from continuing operations | $ | 1,452.0 | $ | 1,159.6 | $ | 627.4 | |||||
Income from continuing operations attributable to noncontrolling interests | (8.9 | ) | (7.0 | ) | (5.2 | ) | |||||
Income from continuing operations attributable to Ensco | $ | 1,443.1 | $ | 1,152.6 | $ | 622.2 |
2013 | 2012 | 2011 | |||||||||
(Loss) income from discontinued operations | $ | (24.1 | ) | $ | 17.1 | $ | (21.8 | ) | |||
Income from discontinued operations attributable to noncontrolling interests | (.8 | ) | — | — | |||||||
(Loss) income from discontinued operations attributable to Ensco | $ | (24.9 | ) | $ | 17.1 | $ | (21.8 | ) |
|
(In millions, except per share amounts) | |||
2011* | |||
Revenues | $ | 3,094.6 | |
Net income | 604.8 | ||
Earnings per share - basic | 2.61 | ||
Earnings per share - diluted | 2.60 |
* | Supplemental pro forma earnings were adjusted to exclude an aggregate $157.6 million of merger-related costs incurred by Ensco and Pride during 2011. |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
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 | |||||||
As of December 31, 2012 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 29.8 | $ | — | $ | — | $ | 29.8 | |||||||
Derivatives, net | — | 5.2 | — | 5.2 | |||||||||||
Total financial assets | $ | 29.8 | $ | 5.2 | $ | — | $ | 35.0 |
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
4.70% Senior notes due 2021 | $ | 1,477.2 | $ | 1,596.9 | $ | 1,474.7 | $ | 1,715.6 | ||||||||
6.875% Senior notes due 2020 | 1,024.8 | 1,086.7 | 1,040.6 | 1,138.3 | ||||||||||||
3.25% Senior notes due 2016 | 996.5 | 1,045.8 | 995.1 | 1,068.9 | ||||||||||||
8.50% Senior notes due 2019 | 600.5 | 635.8 | 616.4 | 661.7 | ||||||||||||
7.875% Senior notes due 2040 | 382.6 | 410.5 | 383.8 | 423.9 | ||||||||||||
7.20% Debentures due 2027 | 149.1 | 178.6 | 149.0 | 193.2 | ||||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 78.9 | 79.7 | 112.3 | 121.6 | ||||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 25.3 | 27.1 | 38.0 | 48.7 | ||||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 31.5 | 35.2 | 36.0 | 43.9 | ||||||||||||
Total | $ | 4,766.4 | $ | 5,096.3 | $ | 4,845.9 | $ | 5,415.8 |
|
2013 | 2012 | |||||||
Drilling rigs and equipment | $ | 15,839.0 | $ | 13,499.4 | ||||
Other | 101.0 | 89.1 | ||||||
Work in progress | 1,558.5 | 2,148.6 | ||||||
$ | 17,498.5 | $ | 15,737.1 |
|
2013 | 2012 | |||||||
4.70% Senior notes due 2021 | $ | 1,477.2 | $ | 1,474.7 | ||||
6.875% Senior notes due 2020 | 1,024.8 | 1,040.6 | ||||||
3.25% Senior notes due 2016 | 996.5 | 995.1 | ||||||
8.50% Senior notes due 2019 | 600.5 | 616.4 | ||||||
7.875% Senior notes due 2040 | 382.6 | 383.8 | ||||||
7.20% Debentures due 2027 | 149.1 | 149.0 | ||||||
4.33% MARAD bonds due 2016 | 78.9 | 112.3 | ||||||
6.36% MARAD bonds due 2015 | 25.3 | 38.0 | ||||||
4.65% MARAD bonds due 2020 | 31.5 | 36.0 | ||||||
Total debt | 4,766.4 | 4,845.9 | ||||||
Less current maturities | (47.5 | ) | (47.5 | ) | ||||
Total long-term debt | $ | 4,718.9 | $ | 4,798.4 |
2014 | $ | 47.5 | ||
2015 | 47.5 | |||
2016 | 1,019.7 | |||
2017 | 4.5 | |||
2018 | 4.5 | |||
Thereafter | 3,359.0 | |||
Total | $ | 4,482.7 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 9.1 | $ | 5.0 | $ | 9.8 | $ | .3 | |||||||
Foreign currency forward contracts - non-current(2) | 1.2 | .5 | .6 | — | |||||||||||
10.3 | 5.5 | 10.4 | .3 | ||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 2.5 | .2 | .6 | .2 | |||||||||||
2.5 | .2 | .6 | .2 | ||||||||||||
Total | $ | 12.8 | $ | 5.7 | $ | 11.0 | $ | .5 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | (.5 | ) | $ | (.5 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Foreign currency forward contracts(4) | (5.8 | ) | 8.7 | .1 | (1.6 | ) | .5 | 6.0 | (.3 | ) | (.3 | ) | .3 | ||||||||||||||||||||||
Total | $ | (5.8 | ) | $ | 8.7 | $ | .1 | $ | (2.0 | ) | $ | — | $ | 5.5 | $ | (.3 | ) | $ | (.3 | ) | $ | .3 |
(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 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 consolidated statements of income. |
(4) | During the year ended December 31, 2013, $2.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of income. |
Net unrealized (losses) to be reclassified to contract drilling expense | $ | (1.7 | ) | |
Net realized gains to be reclassified to depreciation expense | .9 | |||
Net realized (losses) to be reclassified to interest expense | (.4 | ) | ||
Net (losses) to be reclassified to earnings | $ | (1.2 | ) |
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2013 | 2012 | 2011 | |||||||||
Contract drilling | $ | 21.3 | $ | 17.1 | $ | 17.0 | |||||
General and administrative | 21.6 | 24.8 | 21.5 | ||||||||
Non-vested share award related compensation expense included in operating expenses | 42.9 | 41.9 | 38.5 | ||||||||
Tax benefit | (5.4 | ) | (7.0 | ) | (6.9 | ) | |||||
Total non-vested share award related compensation expense included in net income | $ | 37.5 | $ | 34.9 | $ | 31.6 |
2013 | 2012 | 2011 | |||||||||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ | 59.79 | $ | 48.32 | $ | 52.50 | |||||
Total fair value of non-vested share awards vested during the period (in millions) | $ | 49.6 | $ | 42.5 | $ | 41.0 |
Shares | Weighted-Average Grant-Date Fair Value | |||||
Non-vested share awards as of December 31, 2012 | 2,491 | $ | 46.52 | |||
Granted | 1,018 | 59.79 | ||||
Vested | (829 | ) | 49.96 | |||
Forfeited | (184 | ) | 49.16 | |||
Non-vested share awards as of December 31, 2013 | 2,496 | $ | 52.95 |
2013 | 2012 | 2011 | |||||||||
General and administrative | $ | .8 | $ | 1.6 | $ | 2.5 | |||||
Option related compensation expense included in operating expenses | .8 | 1.6 | 2.5 | ||||||||
Tax benefit | (.1 | ) | (.3 | ) | (.5 | ) | |||||
Total option related compensation expense included in net income | $ | .7 | $ | 1.3 | $ | 2.0 |
2011 | |||
Risk-free interest rate | 1.4 | % | |
Expected term (in years) | 3.7 | ||
Expected volatility | 50.2 | % | |
Dividend yield | 2.6 | % |
Shares | Weighted-Average Exercise Price | Weighted-Average Contractual Term | Intrinsic Value | ||||||||||
Outstanding as of December 31, 2012 | 1,346 | $ | 46.05 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (506 | ) | 43.96 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | (26 | ) | 51.24 | ||||||||||
Outstanding as of December 31, 2013 | 814 | $ | 47.18 | 2.5 | $ | 9,065 | |||||||
Exercisable as of December 31, 2013 | 780 | $ | 46.85 | 2.4 | $ | 8,986 |
2013 | 2012 | 2011 | |||||||||
Weighted-average grant-date fair value of options granted (per share) | $ | — | $ | — | $ | 19.05 | |||||
Intrinsic value of options exercised during the year (in millions) | $ | 8.7 | $ | 17.8 | $ | 17.2 |
Options Outstanding | Options Exercisable | |||||||||
Number | Weighted-Average Remaining | Weighted-Average | Number | Weighted-Average | ||||||
Exercise Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||
$21.54 - $40.99 | 247 | 3.1 years | $33.51 | 247 | $33.51 | |||||
41.18 - 54.30 | 229 | 3.5 years | 43.77 | 217 | 43.22 | |||||
55.34 - 60.74 | 338 | 1.3 years | 59.50 | 316 | 59.79 | |||||
814 | 2.5 years | $47.18 | 780 | $46.85 |
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Floaters | $3,081.4 | ||
Jackups | 192.6 | ||
Total | $3,274.0 |
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Drilling contract intangible assets | |||||||||||||||||||||||
Balance, beginning of period | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | $ | 209.0 | $ | (36.4 | ) | $ | 172.6 | |||||||||
Amortization | — | (42.3 | ) | (42.3 | ) | — | (51.9 | ) | (51.9 | ) | |||||||||||||
Balance, end of period | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | |||||||||
Drilling contract intangible liabilities | |||||||||||||||||||||||
Balance, beginning of period | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 | $ | 278.0 | $ | (92.8 | ) | $ | 185.2 | |||||||||
Amortization | — | (48.9 | ) | (48.9 | ) | — | (67.2 | ) | (67.2 | ) | |||||||||||||
Balance, end of period | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 |
2014 | $ | (4.3 | ) | |
2015 | (4.5 | ) | ||
2016 | (.8 | ) | ||
2017 | .3 | |||
Total | $ | (9.3 | ) |
|
2013 | 2012 | 2011 | |||||||||
Current income tax expense: | |||||||||||
U.S. | $ | 94.2 | $ | 45.0 | $ | 36.4 | |||||
Non-U.S. | 107.3 | 166.0 | 88.3 | ||||||||
201.5 | 211.0 | 124.7 | |||||||||
Deferred income tax expense (benefit): | |||||||||||
U.S. | 19.8 | 29.6 | (9.7 | ) | |||||||
Non-U.S. | (8.6 | ) | (2.5 | ) | (3.4 | ) | |||||
11.2 | 27.1 | (13.1 | ) | ||||||||
Total income tax expense | $ | 212.7 | $ | 238.1 | $ | 111.6 |
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Foreign tax credits | $ | 159.0 | $ | 173.4 | ||||
Premium on long-term debt | 111.9 | 124.0 | ||||||
Net operating loss carryforwards | 104.0 | 87.8 | ||||||
Employee benefits, including share-based compensation | 41.7 | 33.4 | ||||||
Deferred revenue | 19.4 | 22.7 | ||||||
Other | 19.8 | 24.5 | ||||||
Total deferred tax assets | 455.8 | 465.8 | ||||||
Valuation allowance | (232.6 | ) | (227.1 | ) | ||||
Net deferred tax assets | 223.2 | 238.7 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | (453.6 | ) | (472.9 | ) | ||||
Intercompany transfers of property | (29.2 | ) | (32.2 | ) | ||||
Deferred costs | (11.4 | ) | (20.9 | ) | ||||
Other | (24.0 | ) | (31.3 | ) | ||||
Total deferred tax liabilities | (518.2 | ) | (557.3 | ) | ||||
Net deferred tax liability | $ | (295.0 | ) | $ | (318.6 | ) | ||
Net current deferred tax asset | $ | 20.9 | $ | 13.8 | ||||
Net noncurrent deferred tax liability | (315.9 | ) | (332.4 | ) | ||||
Net deferred tax liability | $ | (295.0 | ) | $ | (318.6 | ) |
2013 | 2012 | 2011 | ||||||
U.K. statutory income tax rate | 23.3 | % | 24.5 | % | 26.5 | % | ||
Non-U.K. taxes | (13.7 | ) | (17.3 | ) | (18.1 | ) | ||
Valuation allowance | 1.9 | 4.8 | 4.7 | |||||
Net expense associated with uncertain tax positions and other adjustments relating to prior years | .6 | 1.0 | .8 | |||||
Amortization of net deferred charges associated with intercompany rig sales | .1 | .4 | .8 | |||||
Income taxes associated with restructuring transactions | — | 3.7 | — | |||||
Other | .6 | (.1 | ) | .4 | ||||
Effective income tax rate | 12.8 | % | 17.0 | % | 15.1 | % |
2013 | 2012 | |||||||
Balance, beginning of year | $ | 110.7 | $ | 53.6 | ||||
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 35.8 | 21.3 | ||||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 10.0 | 60.7 | ||||||
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (3.7 | ) | (.4 | ) | ||||
Settlements with taxing authorities | — | (4.1 | ) | |||||
Lapse of applicable statutes of limitations | (1.1 | ) | (20.8 | ) | ||||
Impact of foreign currency exchange rates | — | .4 | ||||||
Balance, end of year | $ | 151.7 | $ | 110.7 |
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Rig | Date of Rig Sale | Segment(1) | Net Proceeds | Net Book Value(2) | Pre-tax (Loss)/Gain(3) | |||||||||||
Pride Pennsylvania | March 2013 | Jackups | $ | 15.5 | $ | 15.7 | $ | (.2 | ) | |||||||
ENSCO 5003 | December 2012 | Floaters | 68.2 | 89.4 | (21.2 | ) | ||||||||||
Pride Hawaii | October 2012 | Jackups | 18.8 | 16.8 | 2.0 | |||||||||||
ENSCO I | September 2012 | Other | 4.5 | 12.3 | (7.8 | ) | ||||||||||
ENSCO 61 | June 2012 | Jackups | 31.7 | 19.6 | 12.1 | |||||||||||
ENSCO 59 | May 2012 | Jackups | 22.8 | 21.9 | .9 | |||||||||||
ENSCO 95 | June 2011 | Jackups | 41.5 | 28.8 | 12.7 | |||||||||||
$ | 203.0 | $ | 204.5 | $ | (1.5 | ) |
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 399.9 | $ | 438.2 | $ | 243.5 | ||||||
Operating expenses | 412.6 | 406.9 | 258.7 | |||||||||
Operating (loss) income | (12.7 | ) | 31.3 | (15.2 | ) | |||||||
Other income | .3 | 1.3 | .2 | |||||||||
Income tax (expense) benefit | (10.6 | ) | 1.0 | (8.6 | ) | |||||||
(Loss) gain on disposal of discontinued operations, net | (1.1 | ) | (16.5 | ) | 1.8 | |||||||
(Loss) income from discontinued operations | $ | (24.1 | ) | $ | 17.1 | $ | (21.8 | ) |
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Cumulative Paid(1) | 2014 | 2015 | 2016 | Total(2) | ||||||||||||||||
ENSCO DS-8 | 161.4 | 383.2 | — | — | 544.6 | |||||||||||||||
ENSCO DS-9 | 157.4 | 373.2 | — | — | 530.6 | |||||||||||||||
ENSCO DS-10 | 103.0 | 103.0 | 307.4 | — | 513.4 | |||||||||||||||
ENSCO 110 | 41.0 | — | 166.1 | — | 207.1 | |||||||||||||||
ENSCO 122 | 49.0 | 202.0 | — | — | 251.0 | |||||||||||||||
ENSCO 123 | 53.5 | — | — | 213.8 | 267.3 | |||||||||||||||
$ | 565.3 | $ | 1,061.4 | $ | 473.5 | $ | 213.8 | $ | 2,314.0 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2013. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
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Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,760.8 | $ | 1,684.0 | $ | 75.1 | $ | 4,519.9 | $ | — | $ | 4,519.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,209.7 | 811.9 | 58.5 | 2,080.1 | — | 2,080.1 | |||||||||||||||||
Depreciation | 364.8 | 156.9 | — | 521.7 | 6.5 | 528.2 | |||||||||||||||||
General and administrative | — | — | — | — | 146.8 | 146.8 | |||||||||||||||||
Operating income (loss) | $ | 1,186.3 | $ | 715.2 | $ | 16.6 | $ | 1,918.1 | $ | (153.3 | ) | $ | 1,764.8 | ||||||||||
Property and equipment, net | $ | 11,303.4 | $ | 2,961.6 | $ | — | $ | 14,265.0 | $ | 46.0 | $ | 14,311.0 | |||||||||||
Capital expenditures | $ | 1,031.3 | $ | 710.6 | $ | — | $ | 1,741.9 | $ | 26.6 | $ | 1,768.5 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,300.8 | $ | 1,485.6 | $ | 82.8 | $ | 3,869.2 | $ | — | $ | 3,869.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 956.0 | 730.8 | 61.1 | 1,747.9 | — | 1,747.9 | |||||||||||||||||
Depreciation | 305.7 | 161.5 | — | 467.2 | 8.9 | 476.1 | |||||||||||||||||
General and administrative | — | — | — | — | 148.9 | 148.9 | |||||||||||||||||
Operating income (loss) | $ | 1,039.1 | $ | 593.3 | $ | 21.7 | $ | 1,654.1 | $ | (157.8 | ) | $ | 1,496.3 | ||||||||||
Property and equipment, net | $ | 10,727.6 | $ | 2,389.8 | $ | — | $ | 13,117.4 | $ | 28.2 | $ | 13,145.6 | |||||||||||
Capital expenditures | $ | 1,520.1 | $ | 192.2 | $ | — | $ | 1,712.3 | $ | 2.7 | $ | 1,715.0 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,352.6 | $ | 1,194.2 | $ | 52.4 | $ | 2,599.2 | $ | — | $ | 2,599.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 630.2 | 613.0 | 42.9 | 1,286.1 | — | 1,286.1 | |||||||||||||||||
Depreciation | 189.1 | 164.1 | — | 353.2 | 4.4 | 357.6 | |||||||||||||||||
General and administrative | — | — | — | — | 158.6 | 158.6 | |||||||||||||||||
Operating income (loss) | $ | 533.3 | $ | 417.1 | $ | 9.5 | $ | 959.9 | $ | (163.0 | ) | $ | 796.9 | ||||||||||
Property and equipment, net | $ | 9,923.6 | $ | 2,462.4 | $ | 12.8 | $ | 12,398.8 | $ | 23.1 | $ | 12,421.9 | |||||||||||
Capital expenditures | $ | 355.4 | $ | 276.3 | $ | — | $ | 631.7 | $ | 14.0 | $ | 645.7 |
Floaters(1) | Jackups(1) | Total(1)(2) | |||
North & South America (excluding Brazil) | 8 | 14 | 22 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Asia & Pacific Rim | 3 | 10 | 13 | ||
Europe & Mediterranean | 2 | 10 | 12 | ||
Brazil | 7 | — | 7 | ||
Asia & Pacific Rim (under construction) | 3 | 3 | 6 | ||
Total | 29 | 47 | 76 |
(1) | The table above includes the five floaters classified as "held for sale" as of June 30, 2014, as well as ENSCO 69, Pride Wisconsin and ENSCO 85 which were sold during 2014. |
(2) | We provide management services on two rigs owned by third-parties not included in the table above. |
Revenues | Long-lived Assets | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 1,724.9 | $ | 1,291.3 | $ | 753.8 | $ | 4,617.8 | $ | 4,525.9 | $ | 3,450.6 | |||||||||||
Brazil | 683.7 | 776.3 | 430.9 | 2,447.5 | 2,911.3 | 3,101.8 | |||||||||||||||||
Angola | 467.1 | 341.6 | 209.5 | 2,543.7 | 2,147.2 | 1,347.9 | |||||||||||||||||
Other countries | 1,644.2 | 1,460.0 | 1,205.0 | 4,702.0 | 3,561.2 | 4,521.6 | |||||||||||||||||
Total | $ | 4,519.9 | $ | 3,869.2 | $ | 2,599.2 | $ | 14,311.0 | $ | 13,145.6 | $ | 12,421.9 |
|
2013 | 2012 | |||||||
Trade | $ | 869.8 | $ | 812.4 | ||||
Other | 14.3 | 18.2 | ||||||
884.1 | 830.6 | |||||||
Allowance for doubtful accounts | (28.4 | ) | (19.2 | ) | ||||
$ | 855.7 | $ | 811.4 |
2013 | 2012 | |||||||
Inventory | $ | 256.4 | $ | 207.8 | ||||
Prepaid taxes | 88.1 | 62.2 | ||||||
Short-term investments | 50.0 | 50.0 | ||||||
Deferred costs | 47.4 | 46.9 | ||||||
Deferred tax assets | 23.1 | 14.6 | ||||||
Prepaid expenses | 18.5 | 20.3 | ||||||
Derivative assets | 11.6 | 5.2 | ||||||
Assets held for sale | 8.6 | 14.2 | ||||||
Other | 10.2 | 4.2 | ||||||
$ | 513.9 | $ | 425.4 |
2013 | 2012 | |||||||
Intangible assets | $ | 83.8 | $ | 143.3 | ||||
Deferred costs | 59.1 | 45.2 | ||||||
Unbilled receivables | 51.9 | 77.1 | ||||||
Prepaid taxes on intercompany transfers of property | 50.2 | 58.3 | ||||||
Supplemental executive retirement plan assets | 37.7 | 29.8 | ||||||
Warranty and other claim receivables | 30.6 | 30.6 | ||||||
Deferred tax assets | 25.2 | 19.3 | ||||||
Wreckage and debris removal receivables | .5 | 13.2 | ||||||
Other | 13.7 | 5.0 | ||||||
$ | 352.7 | $ | 421.8 |
2013 | 2012 | |||||||
Personnel costs | $ | 242.0 | $ | 231.1 | ||||
Deferred revenue | 169.8 | 146.9 | ||||||
Taxes | 84.2 | 86.9 | ||||||
Accrued interest | 68.0 | 67.9 | ||||||
Advance payment received on sale of assets | 33.0 | — | ||||||
Customer pre-payments | 20.0 | — | ||||||
Wreckage and debris removal | — | 9.0 | ||||||
Other | 41.7 | 42.6 | ||||||
$ | 658.7 | $ | 584.4 |
2013 | 2012 | |||||||
Deferred revenue | $ | 217.6 | $ | 224.5 | ||||
Unrecognized tax benefits (inclusive of interest and penalties) | 148.0 | 129.6 | ||||||
Intangible liabilities | 69.1 | 118.0 | ||||||
Supplemental executive retirement plan liabilities | 40.5 | 33.3 | ||||||
Personnel costs | 37.2 | 31.6 | ||||||
Other | 33.3 | 36.4 | ||||||
$ | 545.7 | $ | 573.4 |
2013 | 2012 | ||||||
Derivative Instruments | $ | 20.6 | $ | 24.4 | |||
Other | (2.4 | ) | (4.3 | ) | |||
$ | 18.2 | $ | 20.1 |
2013 | 2012 | 2011 | ||||||||||
Repair and maintenance expense | $ | 311.7 | $ | 294.7 | $ | 223.6 |
2013 | 2012 | 2011 | ||||||||||
(Increase) decrease in other assets | $ | (98.4 | ) | $ | 68.3 | $ | 6.7 | |||||
(Decrease) increase in liabilities | (10.6 | ) | 312.0 | (33.9 | ) | |||||||
(Increase) decrease in accounts receivable | (29.3 | ) | 46.1 | (215.9 | ) | |||||||
$ | (138.3 | ) | $ | 426.4 | $ | (243.1 | ) |
2013 | 2012 | 2011 | ||||||||||
Interest, net of amounts capitalized | $ | 182.2 | $ | 150.7 | $ | 28.6 | ||||||
Income taxes | 203.9 | 88.1 | 113.7 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 35.0 | $ | 149.4 | $ | — | $ | 4,642.9 | $ | (307.4 | ) | $ | 4,519.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 27.5 | 149.4 | — | 2,210.6 | (307.4 | ) | 2,080.1 | ||||||||||||||||
Depreciation | .3 | 4.0 | — | 523.9 | — | 528.2 | |||||||||||||||||
General and administrative | 63.5 | .5 | — | 82.8 | — | 146.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (56.3 | ) | (4.5 | ) | — | 1,825.6 | — | 1,764.8 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (65.6 | ) | (9.4 | ) | (27.9 | ) | 2.8 | — | (100.1 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (121.9 | ) | (13.9 | ) | (27.9 | ) | 1,828.4 | — | 1,664.7 | ||||||||||||||
INCOME TAX PROVISION | — | 92.5 | — | 120.2 | — | 212.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (24.1 | ) | — | (24.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,540.1 | 366.2 | 111.6 | — | (2,017.9 | ) | — | ||||||||||||||||
NET INCOME | 1,418.2 | 259.8 | 83.7 | 1,684.1 | (2,017.9 | ) | 1,427.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,674.4 | $ | (2,017.9 | ) | $ | 1,418.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 44.0 | $ | 147.6 | $ | — | $ | 3,997.7 | $ | (320.1 | ) | $ | 3,869.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 51.2 | 147.6 | — | 1,869.2 | (320.1 | ) | 1,747.9 | ||||||||||||||||
Depreciation | .4 | 3.5 | — | 472.2 | — | 476.1 | |||||||||||||||||
General and administrative | 63.8 | .4 | — | 84.7 | — | 148.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (71.4 | ) | (3.9 | ) | — | 1,571.6 | — | 1,496.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (41.8 | ) | (7.0 | ) | (50.0 | ) | .2 | — | (98.6 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (113.2 | ) | (10.9 | ) | (50.0 | ) | 1,571.8 | — | 1,397.7 | ||||||||||||||
INCOME TAX PROVISION | — | 68.8 | — | 169.3 | — | 238.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 17.1 | — | 17.1 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,282.9 | 335.9 | 239.2 | — | (1,858.0 | ) | — | ||||||||||||||||
NET INCOME | 1,169.7 | 256.2 | 189.2 | 1,419.6 | (1,858.0 | ) | 1,176.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,412.6 | $ | (1,858.0 | ) | $ | 1,169.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | 70.0 | $ | — | $ | 2,671.0 | $ | (141.8 | ) | $ | 2,599.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 46.9 | 70.0 | — | 1,311.0 | (141.8 | ) | 1,286.1 | ||||||||||||||||
Depreciation | .4 | 1.8 | — | 355.4 | — | 357.6 | |||||||||||||||||
General and administrative | 52.2 | — | — | 106.4 | — | 158.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (99.5 | ) | (1.8 | ) | — | 898.2 | — | 796.9 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 32.1 | .4 | (22.7 | ) | (67.7 | ) | — | (57.9 | ) | ||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (67.4 | ) | (1.4 | ) | (22.7 | ) | 830.5 | — | 739.0 | ||||||||||||||
INCOME TAX PROVISION | — | 38.5 | 1.5 | 71.6 | — | 111.6 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | (11.1 | ) | — | (10.7 | ) | (21.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 667.8 | 271.5 | 143.9 | — | (1,083.2 | ) | — | ||||||||||||||||
NET INCOME | 600.4 | 220.5 | 119.7 | 748.2 | (1,083.2 | ) | 605.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 600.4 | $ | 220.5 | $ | 119.7 | $ | 743.0 | $ | (1,083.2 | ) | $ | 600.4 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,684.1 | $ | (2,017.9 | ) | $ | 1,427.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.8 | ) | — | — | — | (5.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.8 | ) | — | 1.9 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,418.2 | 256.0 | 83.7 | 1,686.0 | (2,017.9 | ) | 1,426.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 256.0 | $ | 83.7 | $ | 1,676.3 | $ | (2,017.9 | ) | $ | 1,416.3 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,419.6 | $ | (1,858.0 | ) | $ | 1,176.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 6.3 | — | 2.4 | — | 8.7 | |||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (.2 | ) | — | — | ||||||||||||||||
Other | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 6.5 | — | 5.0 | — | 11.5 | |||||||||||||||||
COMPREHENSIVE INCOME | 1,169.7 | 262.7 | 189.2 | 1,424.6 | (1,858.0 | ) | 1,188.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 262.7 | $ | 189.2 | $ | 1,417.6 | $ | (1,858.0 | ) | $ | 1,181.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 600.4 | $ | 220.5 | $ | 119.7 | $ | 748.2 | $ | (1,083.2 | ) | $ | 605.6 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (4.2 | ) | — | 4.3 | — | .1 | ||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (5.7 | ) | — | (5.5 | ) | |||||||||||||||
Other | — | — | — | 2.9 | — | 2.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (4.0 | ) | — | 1.5 | — | (2.5 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 600.4 | 216.5 | 119.7 | 749.7 | (1,083.2 | ) | 603.1 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 600.4 | $ | 216.5 | $ | 119.7 | $ | 744.5 | $ | (1,083.2 | ) | $ | 597.9 |
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 BALANCE SHEETS December 31, 2012 (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 | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 | |||||||||||
Accounts receivable, net | — | .2 | — | 811.2 | — | 811.4 | |||||||||||||||||
Accounts receivable from affiliates | 1,294.5 | 226.5 | — | 2,375.1 | (3,896.1 | ) | — | ||||||||||||||||
Other | 2.8 | 24.9 | — | 397.7 | — | 425.4 | |||||||||||||||||
Total current assets | 1,569.1 | 253.3 | 85.0 | 3,712.6 | (3,896.1 | ) | 1,723.9 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 30.2 | — | 15,704.8 | — | 15,737.1 | |||||||||||||||||
Less accumulated depreciation | 1.1 | 23.5 | — | 2,566.9 | — | 2,591.5 | |||||||||||||||||
Property and equipment, net | 1.0 | 6.7 | — | 13,137.9 | — | 13,145.6 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 3,483.5 | 3,594.7 | 1,628.4 | 4,748.9 | (13,455.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,469.3 | 2,693.8 | 3,824.8 | — | (19,987.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 11.3 | 67.4 | — | 343.1 | — | 421.8 | |||||||||||||||||
$ | 18,534.2 | $ | 6,615.9 | $ | 5,538.2 | $ | 25,216.5 | $ | (37,339.5 | ) | $ | 18,565.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.0 | $ | 28.1 | $ | 34.1 | $ | 849.0 | $ | — | $ | 942.2 | |||||||||||
Accounts payable to affiliates | 2,364.8 | 136.9 | — | 1,394.4 | (3,896.1 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 2,395.8 | 165.0 | 34.1 | 2,290.9 | (3,896.1 | ) | 989.7 | ||||||||||||||||
DUE TO AFFILIATES | 1,816.7 | 2,054.7 | 877.5 | 8,706.6 | (13,455.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,469.6 | 149.0 | 2,040.8 | 139.0 | — | 4,798.4 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 335.1 | — | 16.6 | — | 351.7 | |||||||||||||||||
OTHER LIABILITIES | — | — | 10.8 | 562.6 | — | 573.4 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,852.1 | 3,912.1 | 2,575.0 | 13,495.1 | (19,987.9 | ) | 11,846.4 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 5.7 | — | 5.7 | |||||||||||||||||
Total equity | 11,852.1 | 3,912.1 | 2,575.0 | 13,500.8 | (19,987.9 | ) | 11,852.1 | ||||||||||||||||
$ | 18,534.2 | $ | 6,615.9 | $ | 5,538.2 | $ | 25,216.5 | $ | (37,339.5 | ) | $ | 18,565.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
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 | $ | (114.8 | ) | $ | (128.7 | ) | $ | (62.9 | ) | $ | 2,193.1 | $ | — | $ | 1,886.7 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,768.5 | ) | — | (1,768.5 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (50.0 | ) | — | (50.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Other | — | (4.1 | ) | — | 10.1 | — | 6.0 | ||||||||||||||||
Net cash used in investing activities of continuing operations | — | (4.1 | ) | — | (1,758.4 | ) | — | (1,762.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (525.6 | ) | — | — | — | — | (525.6 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 22.3 | — | — | — | — | 22.3 | |||||||||||||||||
Debt financing costs | — | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||||
Advances from (to) affiliates | 407.2 | 136.2 | (17.2 | ) | (526.2 | ) | — | — | |||||||||||||||
Other | (14.4 | ) | — | — | (7.3 | ) | — | (21.7 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (110.5 | ) | 131.6 | (17.2 | ) | (581.0 | ) | — | (577.1 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 93.8 | — | 93.8 | |||||||||||||||||
Investing activities | — | — | — | 37.8 | — | 37.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 131.6 | — | 131.6 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (225.3 | ) | (1.2 | ) | (80.1 | ) | (14.9 | ) | — | (321.5 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
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 | $ | (71.6 | ) | $ | (38.2 | ) | $ | (21.6 | ) | $ | 2,205.5 | $ | — | $ | 2,074.1 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,715.0 | ) | — | (1,715.0 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (90.0 | ) | — | (90.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 44.5 | — | 44.5 | |||||||||||||||||
Other | (.3 | ) | .4 | — | 3.1 | — | 3.2 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (.3 | ) | .4 | — | (1,757.4 | ) | — | (1,757.3 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (348.1 | ) | — | — | — | — | (348.1 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Equity issuance reimbursement | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 23.9 | 11.9 | — | — | — | 35.8 | |||||||||||||||||
Advances from (to) affiliates | 501.2 | 27.6 | 84.0 | (612.8 | ) | — | — | ||||||||||||||||
Other | (11.6 | ) | — | — | (5.8 | ) | — | (17.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 107.1 | 39.5 | 84.0 | (666.1 | ) | — | (435.5 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 113.0 | — | 113.0 | |||||||||||||||||
Investing activities | — | — | — | 60.1 | — | 60.1 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 173.1 | — | 173.1 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 2.0 | — | 2.0 | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35.2 | 1.7 | 62.4 | (42.9 | ) | — | 56.4 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 2.0 | $ | (2.6 | ) | $ | (59.9 | ) | $ | 817.9 | $ | — | $ | 757.4 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisition of Pride International, Inc., net of cash acquired | — | — | 92.9 | (2,748.9 | ) | — | (2,656.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (645.7 | ) | — | (645.7 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (4.5 | ) | — | (4.5 | ) | |||||||||||||||
Other | — | (6.1 | ) | — | 11.4 | — | 5.3 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (6.1 | ) | 92.9 | (3,387.7 | ) | — | (3,300.9 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 2,462.8 | — | — | — | — | 2,462.8 | |||||||||||||||||
Cash dividends paid | (292.3 | ) | — | — | — | — | (292.3 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | (181.0 | ) | (32.3 | ) | — | (213.3 | ) | ||||||||||||||
Commercial paper borrowings, net | 125.0 | — | — | — | — | 125.0 | |||||||||||||||||
Equity issuance cost | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Proceeds from exercise of share options | — | 39.9 | 39.9 | ||||||||||||||||||||
Debt financing costs | (27.1 | ) | (4.7 | ) | — | — | — | (31.8 | ) | ||||||||||||||
Advances (to) from affiliates | (1,956.1 | ) | (34.5 | ) | 170.6 | 1,820.0 | — | — | |||||||||||||||
Other | (10.6 | ) | — | — | (5.1 | ) | — | (15.7 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 231.2 | .7 | (10.4 | ) | 1,782.6 | — | 2,004.1 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | (11.1 | ) | — | (14.1 | ) | — | (25.2 | ) | ||||||||||||||
Investing activities | — | — | — | (54.6 | ) | — | (54.6 | ) | |||||||||||||||
Net cash used in discontinued operations | — | (11.1 | ) | — | (68.7 | ) | — | (79.8 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.8 | ) | — | (.8 | ) | |||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 233.2 | (19.1 | ) | 22.6 | (856.7 | ) | — | (620.0 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3.4 | 19.1 | — | 1,028.2 | — | 1,050.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 236.6 | $ | — | $ | 22.6 | $ | 171.5 | $ | — | $ | 430.7 |
|
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 1,040.3 | $ | 1,130.3 | $ | 1,162.2 | $ | 1,187.1 | $ | 4,519.9 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 479.8 | 527.2 | 534.3 | 538.8 | 2,080.1 | ||||||||||||||
Depreciation | 127.9 | 132.0 | 132.6 | 135.7 | 528.2 | ||||||||||||||
General and administrative | 37.8 | 36.4 | 37.4 | 35.2 | 146.8 | ||||||||||||||
Operating income | 394.8 | 434.7 | 457.9 | 477.4 | 1,764.8 | ||||||||||||||
Other expense, net | (29.8 | ) | (39.8 | ) | (1.6 | ) | (28.9 | ) | (100.1 | ) | |||||||||
Income from continuing operations before income taxes | 365.0 | 394.9 | 456.3 | 448.5 | 1,664.7 | ||||||||||||||
Provision for income taxes | 50.8 | 48.5 | 65.4 | 48.0 | 212.7 | ||||||||||||||
Income from continuing operations | 314.2 | 346.4 | 390.9 | 400.5 | 1,452.0 | ||||||||||||||
Loss from discontinued operations, net | 5.7 | 16.2 | (9.5 | ) | (36.5 | ) | (24.1 | ) | |||||||||||
Net income | 319.9 | 362.6 | 381.4 | 364.0 | 1,427.9 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.8 | ) | (1.7 | ) | (2.6 | ) | (2.6 | ) | (9.7 | ) | |||||||||
Net income attributable to Ensco | $ | 317.1 | $ | 360.9 | $ | 378.8 | $ | 361.4 | $ | 1,418.2 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.34 | $ | 1.48 | $ | 1.66 | $ | 1.71 | $ | 6.19 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.04 | ) | (0.16 | ) | (0.11 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.55 | $ | 6.08 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.34 | $ | 1.48 | $ | 1.66 | $ | 1.70 | $ | 6.18 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.04 | ) | (0.16 | ) | (0.11 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.54 | $ | 6.07 |
2012 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 916.5 | $ | 965.7 | $ | 1,013.9 | $ | 973.1 | $ | 3,869.2 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 439.9 | 423.4 | 434.1 | 450.5 | 1,747.9 | ||||||||||||||
Depreciation | 116.4 | 115.5 | 121.2 | 123.0 | 476.1 | ||||||||||||||
General and administrative | 38.2 | 35.5 | 40.2 | 35.0 | 148.9 | ||||||||||||||
Operating income | 322.0 | 391.3 | 418.4 | 364.6 | 1,496.3 | ||||||||||||||
Other expense, net | (26.7 | ) | (24.7 | ) | (25.5 | ) | (21.7 | ) | (98.6 | ) | |||||||||
Income from continuing operations before income taxes | 295.3 | 366.6 | 392.9 | 342.9 | 1,397.7 | ||||||||||||||
Provision for income taxes | 32.8 | 40.4 | 44.3 | 120.6 | 238.1 | ||||||||||||||
Income from continuing operations | 262.5 | 326.2 | 348.6 | 222.3 | 1,159.6 | ||||||||||||||
(Loss) income from discontinued operations, net | 4.9 | 16.5 | (3.2 | ) | (1.1 | ) | 17.1 | ||||||||||||
Net income | 267.4 | 342.7 | 345.4 | 221.2 | 1,176.7 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.0 | ) | (1.4 | ) | (1.9 | ) | (1.7 | ) | (7.0 | ) | |||||||||
Net income attributable to Ensco | $ | 265.4 | $ | 341.3 | $ | 343.5 | $ | 219.5 | $ | 1,169.7 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.13 | $ | 1.40 | $ | 1.49 | $ | 0.95 | $ | 4.97 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.01 | ) | (0.01 | ) | 0.08 | ||||||||||||
$ | 1.15 | $ | 1.47 | $ | 1.48 | $ | 0.94 | $ | 5.05 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.13 | $ | 1.40 | $ | 1.49 | $ | 0.95 | $ | 4.97 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.01 | ) | (0.01 | ) | 0.07 | ||||||||||||
$ | 1.15 | $ | 1.47 | $ | 1.48 | $ | 0.94 | $ | 5.04 |
|
|
2013 | 2012 | 2011 | |||||||||
Net income attributable to Ensco | $1,418.2 | $1,169.7 | $600.4 | ||||||||
Net income allocated to non-vested share awards | (15.1 | ) | (12.3 | ) | (6.9 | ) | |||||
Net income attributable to Ensco shares | $1,403.1 | $1,157.4 | $593.5 |
2013 | 2012 | 2011 | ||||||
Weighted-average shares - basic | 230.9 | 229.4 | 192.2 | |||||
Potentially dilutive shares | .2 | .3 | .4 | |||||
Weighted-average shares - diluted | 231.1 | 229.7 | 192.6 |
2013 | 2012 | 2011 | |||||||||
Income from continuing operations | $ | 1,452.0 | $ | 1,159.6 | $ | 627.4 | |||||
Income from continuing operations attributable to noncontrolling interests | (8.9 | ) | (7.0 | ) | (5.2 | ) | |||||
Income from continuing operations attributable to Ensco | $ | 1,443.1 | $ | 1,152.6 | $ | 622.2 |
2013 | 2012 | 2011 | |||||||||
(Loss) income from discontinued operations | $ | (24.1 | ) | $ | 17.1 | $ | (21.8 | ) | |||
Income from discontinued operations attributable to noncontrolling interests | (.8 | ) | — | — | |||||||
(Loss) income from discontinued operations attributable to Ensco | $ | (24.9 | ) | $ | 17.1 | $ | (21.8 | ) |
|
2013 | 2012 | 2011 | |||||||||
Net income attributable to Ensco | $1,418.2 | $1,169.7 | $600.4 | ||||||||
Net income allocated to non-vested share awards | (15.1 | ) | (12.3 | ) | (6.9 | ) | |||||
Net income attributable to Ensco shares | $1,403.1 | $1,157.4 | $593.5 |
2013 | 2012 | 2011 | ||||||
Weighted-average shares - basic | 230.9 | 229.4 | 192.2 | |||||
Potentially dilutive shares | .2 | .3 | .4 | |||||
Weighted-average shares - diluted | 231.1 | 229.7 | 192.6 |
2013 | 2012 | 2011 | |||||||||
Income from continuing operations | $ | 1,452.0 | $ | 1,159.6 | $ | 627.4 | |||||
Income from continuing operations attributable to noncontrolling interests | (8.9 | ) | (7.0 | ) | (5.2 | ) | |||||
Income from continuing operations attributable to Ensco | $ | 1,443.1 | $ | 1,152.6 | $ | 622.2 |
|
(In millions, except per share amounts) | |||
2011* | |||
Revenues | $ | 3,094.6 | |
Net income | 604.8 | ||
Earnings per share - basic | 2.61 | ||
Earnings per share - diluted | 2.60 |
* | Supplemental pro forma earnings were adjusted to exclude an aggregate $157.6 million of merger-related costs incurred by Ensco and Pride during 2011. |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
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 | |||||||
As of December 31, 2012 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 29.8 | $ | — | $ | — | $ | 29.8 | |||||||
Derivatives, net | — | 5.2 | — | 5.2 | |||||||||||
Total financial assets | $ | 29.8 | $ | 5.2 | $ | — | $ | 35.0 |
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
4.70% Senior notes due 2021 | $ | 1,477.2 | $ | 1,596.9 | $ | 1,474.7 | $ | 1,715.6 | ||||||||
6.875% Senior notes due 2020 | 1,024.8 | 1,086.7 | 1,040.6 | 1,138.3 | ||||||||||||
3.25% Senior notes due 2016 | 996.5 | 1,045.8 | 995.1 | 1,068.9 | ||||||||||||
8.50% Senior notes due 2019 | 600.5 | 635.8 | 616.4 | 661.7 | ||||||||||||
7.875% Senior notes due 2040 | 382.6 | 410.5 | 383.8 | 423.9 | ||||||||||||
7.20% Debentures due 2027 | 149.1 | 178.6 | 149.0 | 193.2 | ||||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 78.9 | 79.7 | 112.3 | 121.6 | ||||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 25.3 | 27.1 | 38.0 | 48.7 | ||||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 31.5 | 35.2 | 36.0 | 43.9 | ||||||||||||
Total | $ | 4,766.4 | $ | 5,096.3 | $ | 4,845.9 | $ | 5,415.8 |
|
2013 | 2012 | |||||||
Drilling rigs and equipment | $ | 15,839.0 | $ | 13,499.4 | ||||
Other | 101.0 | 89.1 | ||||||
Work in progress | 1,558.5 | 2,148.6 | ||||||
$ | 17,498.5 | $ | 15,737.1 |
|
2013 | 2012 | |||||||
4.70% Senior notes due 2021 | $ | 1,477.2 | $ | 1,474.7 | ||||
6.875% Senior notes due 2020 | 1,024.8 | 1,040.6 | ||||||
3.25% Senior notes due 2016 | 996.5 | 995.1 | ||||||
8.50% Senior notes due 2019 | 600.5 | 616.4 | ||||||
7.875% Senior notes due 2040 | 382.6 | 383.8 | ||||||
7.20% Debentures due 2027 | 149.1 | 149.0 | ||||||
4.33% MARAD bonds due 2016 | 78.9 | 112.3 | ||||||
6.36% MARAD bonds due 2015 | 25.3 | 38.0 | ||||||
4.65% MARAD bonds due 2020 | 31.5 | 36.0 | ||||||
Total debt | 4,766.4 | 4,845.9 | ||||||
Less current maturities | (47.5 | ) | (47.5 | ) | ||||
Total long-term debt | $ | 4,718.9 | $ | 4,798.4 |
2014 | $ | 47.5 | ||
2015 | 47.5 | |||
2016 | 1,019.7 | |||
2017 | 4.5 | |||
2018 | 4.5 | |||
Thereafter | 3,359.0 | |||
Total | $ | 4,482.7 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 9.1 | $ | 5.0 | $ | 9.8 | $ | .3 | |||||||
Foreign currency forward contracts - non-current(2) | 1.2 | .5 | .6 | — | |||||||||||
10.3 | 5.5 | 10.4 | .3 | ||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 2.5 | .2 | .6 | .2 | |||||||||||
2.5 | .2 | .6 | .2 | ||||||||||||
Total | $ | 12.8 | $ | 5.7 | $ | 11.0 | $ | .5 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | (Loss) Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | (.5 | ) | $ | (.5 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Foreign currency forward contracts(4) | (5.8 | ) | 8.7 | .1 | (1.6 | ) | .5 | 6.0 | (.3 | ) | (.3 | ) | .3 | ||||||||||||||||||||||
Total | $ | (5.8 | ) | $ | 8.7 | $ | .1 | $ | (2.0 | ) | $ | — | $ | 5.5 | $ | (.3 | ) | $ | (.3 | ) | $ | .3 |
(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 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 consolidated statements of income. |
(4) | During the year ended December 31, 2013, $2.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of income. |
Net unrealized (losses) to be reclassified to contract drilling expense | $ | (1.7 | ) | |
Net realized gains to be reclassified to depreciation expense | .9 | |||
Net realized (losses) to be reclassified to interest expense | (.4 | ) | ||
Net (losses) to be reclassified to earnings | $ | (1.2 | ) |
|
2013 | 2012 | 2011 | |||||||||
Contract drilling | $ | 21.3 | $ | 17.1 | $ | 17.0 | |||||
General and administrative | 21.6 | 24.8 | 21.5 | ||||||||
Non-vested share award related compensation expense included in operating expenses | 42.9 | 41.9 | 38.5 | ||||||||
Tax benefit | (5.4 | ) | (7.0 | ) | (6.9 | ) | |||||
Total non-vested share award related compensation expense included in net income | $ | 37.5 | $ | 34.9 | $ | 31.6 |
2013 | 2012 | 2011 | |||||||||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ | 59.79 | $ | 48.32 | $ | 52.50 | |||||
Total fair value of non-vested share awards vested during the period (in millions) | $ | 49.6 | $ | 42.5 | $ | 41.0 |
Shares | Weighted-Average Grant-Date Fair Value | |||||
Non-vested share awards as of December 31, 2012 | 2,491 | $ | 46.52 | |||
Granted | 1,018 | 59.79 | ||||
Vested | (829 | ) | 49.96 | |||
Forfeited | (184 | ) | 49.16 | |||
Non-vested share awards as of December 31, 2013 | 2,496 | $ | 52.95 |
2013 | 2012 | 2011 | |||||||||
General and administrative | $ | .8 | $ | 1.6 | $ | 2.5 | |||||
Option related compensation expense included in operating expenses | .8 | 1.6 | 2.5 | ||||||||
Tax benefit | (.1 | ) | (.3 | ) | (.5 | ) | |||||
Total option related compensation expense included in net income | $ | .7 | $ | 1.3 | $ | 2.0 |
2011 | |||
Risk-free interest rate | 1.4 | % | |
Expected term (in years) | 3.7 | ||
Expected volatility | 50.2 | % | |
Dividend yield | 2.6 | % |
Shares | Weighted-Average Exercise Price | Weighted-Average Contractual Term | Intrinsic Value | ||||||||||
Outstanding as of December 31, 2012 | 1,346 | $ | 46.05 | ||||||||||
Granted | — | — | |||||||||||
Exercised | (506 | ) | 43.96 | ||||||||||
Forfeited | — | — | |||||||||||
Expired | (26 | ) | 51.24 | ||||||||||
Outstanding as of December 31, 2013 | 814 | $ | 47.18 | 2.5 | $ | 9,065 | |||||||
Exercisable as of December 31, 2013 | 780 | $ | 46.85 | 2.4 | $ | 8,986 |
2013 | 2012 | 2011 | |||||||||
Weighted-average grant-date fair value of options granted (per share) | $ | — | $ | — | $ | 19.05 | |||||
Intrinsic value of options exercised during the year (in millions) | $ | 8.7 | $ | 17.8 | $ | 17.2 |
Options Outstanding | Options Exercisable | |||||||||
Number | Weighted-Average Remaining | Weighted-Average | Number | Weighted-Average | ||||||
Exercise Prices | Outstanding | Contractual Life | Exercise Price | Exercisable | Exercise Price | |||||
$21.54 - $40.99 | 247 | 3.1 years | $33.51 | 247 | $33.51 | |||||
41.18 - 54.30 | 229 | 3.5 years | 43.77 | 217 | 43.22 | |||||
55.34 - 60.74 | 338 | 1.3 years | 59.50 | 316 | 59.79 | |||||
814 | 2.5 years | $47.18 | 780 | $46.85 |
|
Floaters | $3,081.4 | ||
Jackups | 192.6 | ||
Total | $3,274.0 |
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Drilling contract intangible assets | |||||||||||||||||||||||
Balance, beginning of period | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | $ | 209.0 | $ | (36.4 | ) | $ | 172.6 | |||||||||
Amortization | — | (42.3 | ) | (42.3 | ) | — | (51.9 | ) | (51.9 | ) | |||||||||||||
Balance, end of period | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | |||||||||
Drilling contract intangible liabilities | |||||||||||||||||||||||
Balance, beginning of period | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 | $ | 278.0 | $ | (92.8 | ) | $ | 185.2 | |||||||||
Amortization | — | (48.9 | ) | (48.9 | ) | — | (67.2 | ) | (67.2 | ) | |||||||||||||
Balance, end of period | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 |
2014 | $ | (4.3 | ) | |
2015 | (4.5 | ) | ||
2016 | (.8 | ) | ||
2017 | .3 | |||
Total | $ | (9.3 | ) |
|
2013 | 2012 | 2011 | |||||||||
Current income tax expense: | |||||||||||
U.S. | $ | 94.2 | $ | 45.0 | $ | 36.4 | |||||
Non-U.S. | 107.3 | 166.0 | 88.3 | ||||||||
201.5 | 211.0 | 124.7 | |||||||||
Deferred income tax expense (benefit): | |||||||||||
U.S. | 19.8 | 29.6 | (9.7 | ) | |||||||
Non-U.S. | (8.6 | ) | (2.5 | ) | (3.4 | ) | |||||
11.2 | 27.1 | (13.1 | ) | ||||||||
Total income tax expense | $ | 212.7 | $ | 238.1 | $ | 111.6 |
2013 | 2012 | |||||||
Deferred tax assets: | ||||||||
Foreign tax credits | $ | 159.0 | $ | 173.4 | ||||
Premium on long-term debt | 111.9 | 124.0 | ||||||
Net operating loss carryforwards | 104.0 | 87.8 | ||||||
Employee benefits, including share-based compensation | 41.7 | 33.4 | ||||||
Deferred revenue | 19.4 | 22.7 | ||||||
Other | 19.8 | 24.5 | ||||||
Total deferred tax assets | 455.8 | 465.8 | ||||||
Valuation allowance | (232.6 | ) | (227.1 | ) | ||||
Net deferred tax assets | 223.2 | 238.7 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | (453.6 | ) | (472.9 | ) | ||||
Intercompany transfers of property | (29.2 | ) | (32.2 | ) | ||||
Deferred costs | (11.4 | ) | (20.9 | ) | ||||
Other | (24.0 | ) | (31.3 | ) | ||||
Total deferred tax liabilities | (518.2 | ) | (557.3 | ) | ||||
Net deferred tax liability | $ | (295.0 | ) | $ | (318.6 | ) | ||
Net current deferred tax asset | $ | 20.9 | $ | 13.8 | ||||
Net noncurrent deferred tax liability | (315.9 | ) | (332.4 | ) | ||||
Net deferred tax liability | $ | (295.0 | ) | $ | (318.6 | ) |
2013 | 2012 | 2011 | ||||||
U.K. statutory income tax rate | 23.3 | % | 24.5 | % | 26.5 | % | ||
Non-U.K. taxes | (13.7 | ) | (17.3 | ) | (18.1 | ) | ||
Valuation allowance | 1.9 | 4.8 | 4.7 | |||||
Net expense associated with uncertain tax positions and other adjustments relating to prior years | .6 | 1.0 | .8 | |||||
Amortization of net deferred charges associated with intercompany rig sales | .1 | .4 | .8 | |||||
Income taxes associated with restructuring transactions | — | 3.7 | — | |||||
Other | .6 | (.1 | ) | .4 | ||||
Effective income tax rate | 12.8 | % | 17.0 | % | 15.1 | % |
2013 | 2012 | |||||||
Balance, beginning of year | $ | 110.7 | $ | 53.6 | ||||
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 35.8 | 21.3 | ||||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 10.0 | 60.7 | ||||||
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (3.7 | ) | (.4 | ) | ||||
Settlements with taxing authorities | — | (4.1 | ) | |||||
Lapse of applicable statutes of limitations | (1.1 | ) | (20.8 | ) | ||||
Impact of foreign currency exchange rates | — | .4 | ||||||
Balance, end of year | $ | 151.7 | $ | 110.7 |
|
Rig | Date of Rig Sale | Segment(1) | Net Proceeds | Net Book Value(2) | Pre-tax (Loss)/Gain(3) | |||||||||||
Pride Pennsylvania | March 2013 | Jackups | $ | 15.5 | $ | 15.7 | $ | (.2 | ) | |||||||
ENSCO 5003 | December 2012 | Floaters | 68.2 | 89.4 | (21.2 | ) | ||||||||||
Pride Hawaii | October 2012 | Jackups | 18.8 | 16.8 | 2.0 | |||||||||||
ENSCO I | September 2012 | Other | 4.5 | 12.3 | (7.8 | ) | ||||||||||
ENSCO 61 | June 2012 | Jackups | 31.7 | 19.6 | 12.1 | |||||||||||
ENSCO 59 | May 2012 | Jackups | 22.8 | 21.9 | .9 | |||||||||||
ENSCO 95 | June 2011 | Jackups | 41.5 | 28.8 | 12.7 | |||||||||||
$ | 203.0 | $ | 204.5 | $ | (1.5 | ) |
2013 | 2012 | 2011 | ||||||||||
Revenues | $ | 399.9 | $ | 438.2 | $ | 243.5 | ||||||
Operating expenses | 412.6 | 406.9 | 258.7 | |||||||||
Operating (loss) income | (12.7 | ) | 31.3 | (15.2 | ) | |||||||
Other income | .3 | 1.3 | .2 | |||||||||
Income tax (expense) benefit | (10.6 | ) | 1.0 | (8.6 | ) | |||||||
(Loss) gain on disposal of discontinued operations, net | (1.1 | ) | (16.5 | ) | 1.8 | |||||||
(Loss) income from discontinued operations | $ | (24.1 | ) | $ | 17.1 | $ | (21.8 | ) |
|
Cumulative Paid(1) | 2014 | 2015 | 2016 | Total(2) | ||||||||||||||||
ENSCO DS-8 | 161.4 | 383.2 | — | — | 544.6 | |||||||||||||||
ENSCO DS-9 | 157.4 | 373.2 | — | — | 530.6 | |||||||||||||||
ENSCO DS-10 | 103.0 | 103.0 | 307.4 | — | 513.4 | |||||||||||||||
ENSCO 110 | 41.0 | — | 166.1 | — | 207.1 | |||||||||||||||
ENSCO 122 | 49.0 | 202.0 | — | — | 251.0 | |||||||||||||||
ENSCO 123 | 53.5 | — | — | 213.8 | 267.3 | |||||||||||||||
$ | 565.3 | $ | 1,061.4 | $ | 473.5 | $ | 213.8 | $ | 2,314.0 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2013. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,760.8 | $ | 1,684.0 | $ | 75.1 | $ | 4,519.9 | $ | — | $ | 4,519.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,209.7 | 811.9 | 58.5 | 2,080.1 | — | 2,080.1 | |||||||||||||||||
Depreciation | 364.8 | 156.9 | — | 521.7 | 6.5 | 528.2 | |||||||||||||||||
General and administrative | — | — | — | — | 146.8 | 146.8 | |||||||||||||||||
Operating income (loss) | $ | 1,186.3 | $ | 715.2 | $ | 16.6 | $ | 1,918.1 | $ | (153.3 | ) | $ | 1,764.8 | ||||||||||
Property and equipment, net | $ | 11,303.4 | $ | 2,961.6 | $ | — | $ | 14,265.0 | $ | 46.0 | $ | 14,311.0 | |||||||||||
Capital expenditures | $ | 1,031.3 | $ | 710.6 | $ | — | $ | 1,741.9 | $ | 26.6 | $ | 1,768.5 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,300.8 | $ | 1,485.6 | $ | 82.8 | $ | 3,869.2 | $ | — | $ | 3,869.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 956.0 | 730.8 | 61.1 | 1,747.9 | — | 1,747.9 | |||||||||||||||||
Depreciation | 305.7 | 161.5 | — | 467.2 | 8.9 | 476.1 | |||||||||||||||||
General and administrative | — | — | — | — | 148.9 | 148.9 | |||||||||||||||||
Operating income (loss) | $ | 1,039.1 | $ | 593.3 | $ | 21.7 | $ | 1,654.1 | $ | (157.8 | ) | $ | 1,496.3 | ||||||||||
Property and equipment, net | $ | 10,727.6 | $ | 2,389.8 | $ | — | $ | 13,117.4 | $ | 28.2 | $ | 13,145.6 | |||||||||||
Capital expenditures | $ | 1,520.1 | $ | 192.2 | $ | — | $ | 1,712.3 | $ | 2.7 | $ | 1,715.0 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,352.6 | $ | 1,194.2 | $ | 52.4 | $ | 2,599.2 | $ | — | $ | 2,599.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 630.2 | 613.0 | 42.9 | 1,286.1 | — | 1,286.1 | |||||||||||||||||
Depreciation | 189.1 | 164.1 | — | 353.2 | 4.4 | 357.6 | |||||||||||||||||
General and administrative | — | — | — | — | 158.6 | 158.6 | |||||||||||||||||
Operating income (loss) | $ | 533.3 | $ | 417.1 | $ | 9.5 | $ | 959.9 | $ | (163.0 | ) | $ | 796.9 | ||||||||||
Property and equipment, net | $ | 9,923.6 | $ | 2,462.4 | $ | 12.8 | $ | 12,398.8 | $ | 23.1 | $ | 12,421.9 | |||||||||||
Capital expenditures | $ | 355.4 | $ | 276.3 | $ | — | $ | 631.7 | $ | 14.0 | $ | 645.7 |
Floaters(1) | Jackups(1) | Total(1)(2) | |||
North & South America (excluding Brazil) | 8 | 14 | 22 | ||
Middle East & Africa | 6 | 10 | 16 | ||
Asia & Pacific Rim | 3 | 10 | 13 | ||
Europe & Mediterranean | 2 | 10 | 12 | ||
Brazil | 7 | — | 7 | ||
Asia & Pacific Rim (under construction) | 3 | 3 | 6 | ||
Total | 29 | 47 | 76 |
(1) | The table above includes the five floaters classified as "held for sale" as of June 30, 2014, as well as ENSCO 69, Pride Wisconsin and ENSCO 85 which were sold during 2014. |
(2) | We provide management services on two rigs owned by third-parties not included in the table above. |
Revenues | Long-lived Assets | ||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||
United States | $ | 1,724.9 | $ | 1,291.3 | $ | 753.8 | $ | 4,617.8 | $ | 4,525.9 | $ | 3,450.6 | |||||||||||
Brazil | 683.7 | 776.3 | 430.9 | 2,447.5 | 2,911.3 | 3,101.8 | |||||||||||||||||
Angola | 467.1 | 341.6 | 209.5 | 2,543.7 | 2,147.2 | 1,347.9 | |||||||||||||||||
Other countries | 1,644.2 | 1,460.0 | 1,205.0 | 4,702.0 | 3,561.2 | 4,521.6 | |||||||||||||||||
Total | $ | 4,519.9 | $ | 3,869.2 | $ | 2,599.2 | $ | 14,311.0 | $ | 13,145.6 | $ | 12,421.9 |
|
2013 | 2012 | |||||||
Trade | $ | 869.8 | $ | 812.4 | ||||
Other | 14.3 | 18.2 | ||||||
884.1 | 830.6 | |||||||
Allowance for doubtful accounts | (28.4 | ) | (19.2 | ) | ||||
$ | 855.7 | $ | 811.4 |
2013 | 2012 | |||||||
Inventory | $ | 256.4 | $ | 207.8 | ||||
Prepaid taxes | 88.1 | 62.2 | ||||||
Short-term investments | 50.0 | 50.0 | ||||||
Deferred costs | 47.4 | 46.9 | ||||||
Deferred tax assets | 23.1 | 14.6 | ||||||
Prepaid expenses | 18.5 | 20.3 | ||||||
Derivative assets | 11.6 | 5.2 | ||||||
Assets held for sale | 8.6 | 14.2 | ||||||
Other | 10.2 | 4.2 | ||||||
$ | 513.9 | $ | 425.4 |
2013 | 2012 | |||||||
Intangible assets | $ | 83.8 | $ | 143.3 | ||||
Deferred costs | 59.1 | 45.2 | ||||||
Unbilled receivables | 51.9 | 77.1 | ||||||
Prepaid taxes on intercompany transfers of property | 50.2 | 58.3 | ||||||
Supplemental executive retirement plan assets | 37.7 | 29.8 | ||||||
Warranty and other claim receivables | 30.6 | 30.6 | ||||||
Deferred tax assets | 25.2 | 19.3 | ||||||
Wreckage and debris removal receivables | .5 | 13.2 | ||||||
Other | 13.7 | 5.0 | ||||||
$ | 352.7 | $ | 421.8 |
2013 | 2012 | |||||||
Personnel costs | $ | 242.0 | $ | 231.1 | ||||
Deferred revenue | 169.8 | 146.9 | ||||||
Taxes | 84.2 | 86.9 | ||||||
Accrued interest | 68.0 | 67.9 | ||||||
Advance payment received on sale of assets | 33.0 | — | ||||||
Customer pre-payments | 20.0 | — | ||||||
Wreckage and debris removal | — | 9.0 | ||||||
Other | 41.7 | 42.6 | ||||||
$ | 658.7 | $ | 584.4 |
2013 | 2012 | |||||||
Deferred revenue | $ | 217.6 | $ | 224.5 | ||||
Unrecognized tax benefits (inclusive of interest and penalties) | 148.0 | 129.6 | ||||||
Intangible liabilities | 69.1 | 118.0 | ||||||
Supplemental executive retirement plan liabilities | 40.5 | 33.3 | ||||||
Personnel costs | 37.2 | 31.6 | ||||||
Other | 33.3 | 36.4 | ||||||
$ | 545.7 | $ | 573.4 |
2013 | 2012 | ||||||
Derivative Instruments | $ | 20.6 | $ | 24.4 | |||
Other | (2.4 | ) | (4.3 | ) | |||
$ | 18.2 | $ | 20.1 |
2013 | 2012 | 2011 | ||||||||||
Repair and maintenance expense | $ | 311.7 | $ | 294.7 | $ | 223.6 |
2013 | 2012 | 2011 | ||||||||||
(Increase) decrease in other assets | $ | (98.4 | ) | $ | 68.3 | $ | 6.7 | |||||
(Decrease) increase in liabilities | (10.6 | ) | 312.0 | (33.9 | ) | |||||||
(Increase) decrease in accounts receivable | (29.3 | ) | 46.1 | (215.9 | ) | |||||||
$ | (138.3 | ) | $ | 426.4 | $ | (243.1 | ) |
2013 | 2012 | 2011 | ||||||||||
Interest, net of amounts capitalized | $ | 182.2 | $ | 150.7 | $ | 28.6 | ||||||
Income taxes | 203.9 | 88.1 | 113.7 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 35.0 | $ | 149.4 | $ | — | $ | 4,642.9 | $ | (307.4 | ) | $ | 4,519.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 27.5 | 149.4 | — | 2,210.6 | (307.4 | ) | 2,080.1 | ||||||||||||||||
Depreciation | .3 | 4.0 | — | 523.9 | — | 528.2 | |||||||||||||||||
General and administrative | 63.5 | .5 | — | 82.8 | — | 146.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (56.3 | ) | (4.5 | ) | — | 1,825.6 | — | 1,764.8 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (65.6 | ) | (9.4 | ) | (27.9 | ) | 2.8 | — | (100.1 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (121.9 | ) | (13.9 | ) | (27.9 | ) | 1,828.4 | — | 1,664.7 | ||||||||||||||
INCOME TAX PROVISION | — | 92.5 | — | 120.2 | — | 212.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (24.1 | ) | — | (24.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,540.1 | 366.2 | 111.6 | — | (2,017.9 | ) | — | ||||||||||||||||
NET INCOME | 1,418.2 | 259.8 | 83.7 | 1,684.1 | (2,017.9 | ) | 1,427.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,674.4 | $ | (2,017.9 | ) | $ | 1,418.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 44.0 | $ | 147.6 | $ | — | $ | 3,997.7 | $ | (320.1 | ) | $ | 3,869.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 51.2 | 147.6 | — | 1,869.2 | (320.1 | ) | 1,747.9 | ||||||||||||||||
Depreciation | .4 | 3.5 | — | 472.2 | — | 476.1 | |||||||||||||||||
General and administrative | 63.8 | .4 | — | 84.7 | — | 148.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (71.4 | ) | (3.9 | ) | — | 1,571.6 | — | 1,496.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (41.8 | ) | (7.0 | ) | (50.0 | ) | .2 | — | (98.6 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (113.2 | ) | (10.9 | ) | (50.0 | ) | 1,571.8 | — | 1,397.7 | ||||||||||||||
INCOME TAX PROVISION | — | 68.8 | — | 169.3 | — | 238.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 17.1 | — | 17.1 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,282.9 | 335.9 | 239.2 | — | (1,858.0 | ) | — | ||||||||||||||||
NET INCOME | 1,169.7 | 256.2 | 189.2 | 1,419.6 | (1,858.0 | ) | 1,176.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,412.6 | $ | (1,858.0 | ) | $ | 1,169.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Year Ended December 31, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | 70.0 | $ | — | $ | 2,671.0 | $ | (141.8 | ) | $ | 2,599.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 46.9 | 70.0 | — | 1,311.0 | (141.8 | ) | 1,286.1 | ||||||||||||||||
Depreciation | .4 | 1.8 | — | 355.4 | — | 357.6 | |||||||||||||||||
General and administrative | 52.2 | — | — | 106.4 | — | 158.6 | |||||||||||||||||
OPERATING (LOSS) INCOME | (99.5 | ) | (1.8 | ) | — | 898.2 | — | 796.9 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 32.1 | .4 | (22.7 | ) | (67.7 | ) | — | (57.9 | ) | ||||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (67.4 | ) | (1.4 | ) | (22.7 | ) | 830.5 | — | 739.0 | ||||||||||||||
INCOME TAX PROVISION | — | 38.5 | 1.5 | 71.6 | — | 111.6 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | (11.1 | ) | — | (10.7 | ) | (21.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 667.8 | 271.5 | 143.9 | — | (1,083.2 | ) | — | ||||||||||||||||
NET INCOME | 600.4 | 220.5 | 119.7 | 748.2 | (1,083.2 | ) | 605.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 600.4 | $ | 220.5 | $ | 119.7 | $ | 743.0 | $ | (1,083.2 | ) | $ | 600.4 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,684.1 | $ | (2,017.9 | ) | $ | 1,427.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.8 | ) | — | — | — | (5.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.8 | ) | — | 1.9 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,418.2 | 256.0 | 83.7 | 1,686.0 | (2,017.9 | ) | 1,426.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 256.0 | $ | 83.7 | $ | 1,676.3 | $ | (2,017.9 | ) | $ | 1,416.3 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,419.6 | $ | (1,858.0 | ) | $ | 1,176.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 6.3 | — | 2.4 | — | 8.7 | |||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (.2 | ) | — | — | ||||||||||||||||
Other | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 6.5 | — | 5.0 | — | 11.5 | |||||||||||||||||
COMPREHENSIVE INCOME | 1,169.7 | 262.7 | 189.2 | 1,424.6 | (1,858.0 | ) | 1,188.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 262.7 | $ | 189.2 | $ | 1,417.6 | $ | (1,858.0 | ) | $ | 1,181.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 600.4 | $ | 220.5 | $ | 119.7 | $ | 748.2 | $ | (1,083.2 | ) | $ | 605.6 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (4.2 | ) | — | 4.3 | — | .1 | ||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (5.7 | ) | — | (5.5 | ) | |||||||||||||||
Other | — | — | — | 2.9 | — | 2.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (4.0 | ) | — | 1.5 | — | (2.5 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 600.4 | 216.5 | 119.7 | 749.7 | (1,083.2 | ) | 603.1 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.2 | ) | — | (5.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 600.4 | $ | 216.5 | $ | 119.7 | $ | 744.5 | $ | (1,083.2 | ) | $ | 597.9 |
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 BALANCE SHEETS December 31, 2012 (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 | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 | |||||||||||
Accounts receivable, net | — | .2 | — | 811.2 | — | 811.4 | |||||||||||||||||
Accounts receivable from affiliates | 1,294.5 | 226.5 | — | 2,375.1 | (3,896.1 | ) | — | ||||||||||||||||
Other | 2.8 | 24.9 | — | 397.7 | — | 425.4 | |||||||||||||||||
Total current assets | 1,569.1 | 253.3 | 85.0 | 3,712.6 | (3,896.1 | ) | 1,723.9 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 30.2 | — | 15,704.8 | — | 15,737.1 | |||||||||||||||||
Less accumulated depreciation | 1.1 | 23.5 | — | 2,566.9 | — | 2,591.5 | |||||||||||||||||
Property and equipment, net | 1.0 | 6.7 | — | 13,137.9 | — | 13,145.6 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 3,483.5 | 3,594.7 | 1,628.4 | 4,748.9 | (13,455.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,469.3 | 2,693.8 | 3,824.8 | — | (19,987.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 11.3 | 67.4 | — | 343.1 | — | 421.8 | |||||||||||||||||
$ | 18,534.2 | $ | 6,615.9 | $ | 5,538.2 | $ | 25,216.5 | $ | (37,339.5 | ) | $ | 18,565.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.0 | $ | 28.1 | $ | 34.1 | $ | 849.0 | $ | — | $ | 942.2 | |||||||||||
Accounts payable to affiliates | 2,364.8 | 136.9 | — | 1,394.4 | (3,896.1 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 2,395.8 | 165.0 | 34.1 | 2,290.9 | (3,896.1 | ) | 989.7 | ||||||||||||||||
DUE TO AFFILIATES | 1,816.7 | 2,054.7 | 877.5 | 8,706.6 | (13,455.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,469.6 | 149.0 | 2,040.8 | 139.0 | — | 4,798.4 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 335.1 | — | 16.6 | — | 351.7 | |||||||||||||||||
OTHER LIABILITIES | — | — | 10.8 | 562.6 | — | 573.4 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,852.1 | 3,912.1 | 2,575.0 | 13,495.1 | (19,987.9 | ) | 11,846.4 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 5.7 | — | 5.7 | |||||||||||||||||
Total equity | 11,852.1 | 3,912.1 | 2,575.0 | 13,500.8 | (19,987.9 | ) | 11,852.1 | ||||||||||||||||
$ | 18,534.2 | $ | 6,615.9 | $ | 5,538.2 | $ | 25,216.5 | $ | (37,339.5 | ) | $ | 18,565.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
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 | $ | (114.8 | ) | $ | (128.7 | ) | $ | (62.9 | ) | $ | 2,193.1 | $ | — | $ | 1,886.7 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,768.5 | ) | — | (1,768.5 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (50.0 | ) | — | (50.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Other | — | (4.1 | ) | — | 10.1 | — | 6.0 | ||||||||||||||||
Net cash used in investing activities of continuing operations | — | (4.1 | ) | — | (1,758.4 | ) | — | (1,762.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (525.6 | ) | — | — | — | — | (525.6 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 22.3 | — | — | — | — | 22.3 | |||||||||||||||||
Debt financing costs | — | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||||
Advances from (to) affiliates | 407.2 | 136.2 | (17.2 | ) | (526.2 | ) | — | — | |||||||||||||||
Other | (14.4 | ) | — | — | (7.3 | ) | — | (21.7 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (110.5 | ) | 131.6 | (17.2 | ) | (581.0 | ) | — | (577.1 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 93.8 | — | 93.8 | |||||||||||||||||
Investing activities | — | — | — | 37.8 | — | 37.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 131.6 | — | 131.6 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (225.3 | ) | (1.2 | ) | (80.1 | ) | (14.9 | ) | — | (321.5 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
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 | $ | (71.6 | ) | $ | (38.2 | ) | $ | (21.6 | ) | $ | 2,205.5 | $ | — | $ | 2,074.1 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,715.0 | ) | — | (1,715.0 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (90.0 | ) | — | (90.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 44.5 | — | 44.5 | |||||||||||||||||
Other | (.3 | ) | .4 | — | 3.1 | — | 3.2 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (.3 | ) | .4 | — | (1,757.4 | ) | — | (1,757.3 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (348.1 | ) | — | — | — | — | (348.1 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Equity issuance reimbursement | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 23.9 | 11.9 | — | — | — | 35.8 | |||||||||||||||||
Advances from (to) affiliates | 501.2 | 27.6 | 84.0 | (612.8 | ) | — | — | ||||||||||||||||
Other | (11.6 | ) | — | — | (5.8 | ) | — | (17.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 107.1 | 39.5 | 84.0 | (666.1 | ) | — | (435.5 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 113.0 | — | 113.0 | |||||||||||||||||
Investing activities | — | — | — | 60.1 | — | 60.1 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 173.1 | — | 173.1 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 2.0 | — | 2.0 | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35.2 | 1.7 | 62.4 | (42.9 | ) | — | 56.4 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 2.0 | $ | (2.6 | ) | $ | (59.9 | ) | $ | 817.9 | $ | — | $ | 757.4 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisition of Pride International, Inc., net of cash acquired | — | — | 92.9 | (2,748.9 | ) | — | (2,656.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (645.7 | ) | — | (645.7 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (4.5 | ) | — | (4.5 | ) | |||||||||||||||
Other | — | (6.1 | ) | — | 11.4 | — | 5.3 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | — | (6.1 | ) | 92.9 | (3,387.7 | ) | — | (3,300.9 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 2,462.8 | — | — | — | — | 2,462.8 | |||||||||||||||||
Cash dividends paid | (292.3 | ) | — | — | — | — | (292.3 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | (181.0 | ) | (32.3 | ) | — | (213.3 | ) | ||||||||||||||
Commercial paper borrowings, net | 125.0 | — | — | — | — | 125.0 | |||||||||||||||||
Equity issuance cost | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Proceeds from exercise of share options | — | 39.9 | 39.9 | ||||||||||||||||||||
Debt financing costs | (27.1 | ) | (4.7 | ) | — | — | — | (31.8 | ) | ||||||||||||||
Advances (to) from affiliates | (1,956.1 | ) | (34.5 | ) | 170.6 | 1,820.0 | — | — | |||||||||||||||
Other | (10.6 | ) | — | — | (5.1 | ) | — | (15.7 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 231.2 | .7 | (10.4 | ) | 1,782.6 | — | 2,004.1 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | (11.1 | ) | — | (14.1 | ) | — | (25.2 | ) | ||||||||||||||
Investing activities | — | — | — | (54.6 | ) | — | (54.6 | ) | |||||||||||||||
Net cash used in discontinued operations | — | (11.1 | ) | — | (68.7 | ) | — | (79.8 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.8 | ) | — | (.8 | ) | |||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 233.2 | (19.1 | ) | 22.6 | (856.7 | ) | — | (620.0 | ) | ||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3.4 | 19.1 | — | 1,028.2 | — | 1,050.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 236.6 | $ | — | $ | 22.6 | $ | 171.5 | $ | — | $ | 430.7 |
|
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 1,040.3 | $ | 1,130.3 | $ | 1,162.2 | $ | 1,187.1 | $ | 4,519.9 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 479.8 | 527.2 | 534.3 | 538.8 | 2,080.1 | ||||||||||||||
Depreciation | 127.9 | 132.0 | 132.6 | 135.7 | 528.2 | ||||||||||||||
General and administrative | 37.8 | 36.4 | 37.4 | 35.2 | 146.8 | ||||||||||||||
Operating income | 394.8 | 434.7 | 457.9 | 477.4 | 1,764.8 | ||||||||||||||
Other expense, net | (29.8 | ) | (39.8 | ) | (1.6 | ) | (28.9 | ) | (100.1 | ) | |||||||||
Income from continuing operations before income taxes | 365.0 | 394.9 | 456.3 | 448.5 | 1,664.7 | ||||||||||||||
Provision for income taxes | 50.8 | 48.5 | 65.4 | 48.0 | 212.7 | ||||||||||||||
Income from continuing operations | 314.2 | 346.4 | 390.9 | 400.5 | 1,452.0 | ||||||||||||||
Loss from discontinued operations, net | 5.7 | 16.2 | (9.5 | ) | (36.5 | ) | (24.1 | ) | |||||||||||
Net income | 319.9 | 362.6 | 381.4 | 364.0 | 1,427.9 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.8 | ) | (1.7 | ) | (2.6 | ) | (2.6 | ) | (9.7 | ) | |||||||||
Net income attributable to Ensco | $ | 317.1 | $ | 360.9 | $ | 378.8 | $ | 361.4 | $ | 1,418.2 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.34 | $ | 1.48 | $ | 1.66 | $ | 1.71 | $ | 6.19 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.04 | ) | (0.16 | ) | (0.11 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.55 | $ | 6.08 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.34 | $ | 1.48 | $ | 1.66 | $ | 1.70 | $ | 6.18 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.04 | ) | (0.16 | ) | (0.11 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.54 | $ | 6.07 |
2012 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 916.5 | $ | 965.7 | $ | 1,013.9 | $ | 973.1 | $ | 3,869.2 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 439.9 | 423.4 | 434.1 | 450.5 | 1,747.9 | ||||||||||||||
Depreciation | 116.4 | 115.5 | 121.2 | 123.0 | 476.1 | ||||||||||||||
General and administrative | 38.2 | 35.5 | 40.2 | 35.0 | 148.9 | ||||||||||||||
Operating income | 322.0 | 391.3 | 418.4 | 364.6 | 1,496.3 | ||||||||||||||
Other expense, net | (26.7 | ) | (24.7 | ) | (25.5 | ) | (21.7 | ) | (98.6 | ) | |||||||||
Income from continuing operations before income taxes | 295.3 | 366.6 | 392.9 | 342.9 | 1,397.7 | ||||||||||||||
Provision for income taxes | 32.8 | 40.4 | 44.3 | 120.6 | 238.1 | ||||||||||||||
Income from continuing operations | 262.5 | 326.2 | 348.6 | 222.3 | 1,159.6 | ||||||||||||||
(Loss) income from discontinued operations, net | 4.9 | 16.5 | (3.2 | ) | (1.1 | ) | 17.1 | ||||||||||||
Net income | 267.4 | 342.7 | 345.4 | 221.2 | 1,176.7 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.0 | ) | (1.4 | ) | (1.9 | ) | (1.7 | ) | (7.0 | ) | |||||||||
Net income attributable to Ensco | $ | 265.4 | $ | 341.3 | $ | 343.5 | $ | 219.5 | $ | 1,169.7 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.13 | $ | 1.40 | $ | 1.49 | $ | 0.95 | $ | 4.97 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.01 | ) | (0.01 | ) | 0.08 | ||||||||||||
$ | 1.15 | $ | 1.47 | $ | 1.48 | $ | 0.94 | $ | 5.05 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.13 | $ | 1.40 | $ | 1.49 | $ | 0.95 | $ | 4.97 | |||||||||
Discontinued operations | 0.02 | 0.07 | (0.01 | ) | (0.01 | ) | 0.07 | ||||||||||||
$ | 1.15 | $ | 1.47 | $ | 1.48 | $ | 0.94 | $ | 5.04 |
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