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Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of June 30, 2016 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.3 | $ | — | $ | — | $ | 33.3 | |||||||
Total financial assets | $ | 33.3 | $ | — | $ | — | $ | 33.3 | |||||||
Derivatives, net | $ | — | $ | (8.5 | ) | $ | — | $ | (8.5 | ) | |||||
Total financial liabilities | $ | — | $ | (8.5 | ) | $ | — | $ | (8.5 | ) | |||||
As of December 31, 2015 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Total financial assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Derivatives, net | — | (19.7 | ) | — | (19.7 | ) | |||||||||
Total financial liabilities | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) |
June 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019 | $ | 506.5 | $ | 467.0 | $ | 566.4 | $ | 510.2 | |||||||
6.875% Senior notes due 2020 | 829.1 | 747.6 | 990.9 | 850.5 | |||||||||||
4.70% Senior notes due 2021 | 767.1 | 653.4 | 1,476.7 | 1,254.0 | |||||||||||
4.50% Senior notes due 2024 | 618.3 | 427.0 | 619.7 | 417.4 | |||||||||||
5.20% Senior notes due 2025 | 662.4 | 465.2 | 692.5 | 505.2 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 115.9 | 149.1 | 133.5 | |||||||||||
7.875% Senior notes due 2040 | 379.1 | 210.0 | 379.8 | 244.0 | |||||||||||
5.75% Senior notes due 2044 | 994.0 | 620.9 | 993.5 | 707.1 | |||||||||||
Total | $ | 4,905.6 | $ | 3,707.0 | $ | 5,868.6 | $ | 4,621.9 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
June 30, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 5.0 | $ | .6 | $ | 12.7 | $ | 20.7 | |||||||
Foreign currency forward contracts - non-current(2) | 1.0 | .2 | 1.1 | 1.5 | |||||||||||
6.0 | .8 | 13.8 | 22.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 1.5 | 2.6 | 2.2 | .9 | |||||||||||
1.5 | 2.6 | 2.2 | .9 | ||||||||||||
Total | $ | 7.5 | $ | 3.4 | $ | 16.0 | $ | 23.1 |
(1) | Derivative assets and liabilities with maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | (4.1 | ) | 8.7 | (2.0 | ) | (4.7 | ) | .8 | .3 | ||||||||||||||
Total | $ | (4.1 | ) | $ | 8.7 | $ | (2.0 | ) | $ | (5.1 | ) | $ | .8 | $ | .3 |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from AOCI into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.5 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (.6 | ) | (8.7 | ) | (7.8 | ) | (9.6 | ) | 1.9 | .2 | |||||||||||||
Total | $ | (.6 | ) | $ | (8.7 | ) | $ | (7.9 | ) | $ | (10.1 | ) | $ | 1.9 | $ | .2 |
(1) | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. |
(4) | During the three-month period ended June 30, 2016, $2.2 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended June 30, 2015, $4.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the six-month period ended June 30, 2016, $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2015, $10.0 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income from continuing operations | $ | 592.8 | $ | 272.8 | $ | 770.4 | $ | 600.9 | |||||||
Income from continuing operations attributable to noncontrolling interests | (2.0 | ) | (2.4 | ) | (3.4 | ) | (5.6 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 590.8 | $ | 270.4 | $ | 767.0 | $ | 595.3 |
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Aggregate Principal Amount Purchased | Aggregate Purchase Price(1) | Discount % | |||||||||
8.50% Senior Notes due 2019 | $ | 45.7 | $ | 38.3 | 16.2 | % | |||||
6.875% Senior Notes due 2020 | 140.1 | 103.7 | 26.0 | % | |||||||
4.70% Senior Notes due 2021 | 722.0 | 525.1 | 27.3 | % | |||||||
4.50% Senior Notes due 2024 | 1.7 | 0.9 | 47.1 | % | |||||||
5.20% Senior Notes due 2025 | 30.7 | 16.8 | 45.3 | % | |||||||
Total | $ | 940.2 | $ | 684.8 | 27.2 | % |
(1) | Excludes accrued interest paid to holders who tendered in connection with the Tender Offers. |
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Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | $ | — | $ | 8.1 | $ | — | $ | 17.7 | |||||||
Operating expenses | 1.6 | 11.3 | 2.4 | 33.2 | |||||||||||
Operating loss | (1.6 | ) | (3.2 | ) | (2.4 | ) | (15.5 | ) | |||||||
Income tax benefit (expense) | 0.4 | (2.9 | ) | 0.3 | 9.2 | ||||||||||
Loss on impairment, net | — | (7.2 | ) | — | (7.2 | ) | |||||||||
Gain on disposal of discontinued operations, net | 1.0 | 3.2 | 1.0 | 3.2 | |||||||||||
Loss from discontinued operations, net | $ | (.2 | ) | $ | (10.1 | ) | $ | (1.1 | ) | $ | (10.3 | ) |
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Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 636.4 | $ | 251.3 | $ | 21.9 | $ | 909.6 | $ | — | $ | 909.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 208.6 | 122.3 | 19.3 | 350.2 | — | 350.2 | |||||||||||||||||
Depreciation | 77.8 | 30.1 | — | 107.9 | 4.5 | 112.4 | |||||||||||||||||
General and administrative | — | — | — | — | 27.4 | 27.4 | |||||||||||||||||
Operating income | $ | 350.0 | $ | 98.9 | $ | 2.6 | $ | 451.5 | $ | (31.9 | ) | $ | 419.6 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 634.3 | $ | 384.1 | $ | 40.6 | $ | 1,059.0 | $ | — | $ | 1,059.0 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 277.7 | 192.7 | 32.2 | 502.6 | — | 502.6 | |||||||||||||||||
Depreciation | 94.4 | 43.6 | — | 138.0 | 2.5 | 140.5 | |||||||||||||||||
General and administrative | — | — | — | — | 29.7 | 29.7 | |||||||||||||||||
Operating income | $ | 262.2 | $ | 147.8 | $ | 8.4 | $ | 418.4 | $ | (32.2 | ) | $ | 386.2 | ||||||||||
Property and equipment, net | $ | 9,870.7 | $ | 3,223.4 | $ | — | $ | 13,094.1 | $ | 75.8 | $ | 13,169.9 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,149.0 | $ | 529.2 | $ | 45.4 | $ | 1,723.6 | $ | — | $ | 1,723.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 419.9 | 256.8 | 37.2 | 713.9 | — | 713.9 | |||||||||||||||||
Depreciation | 158.1 | 58.7 | — | 216.8 | 8.9 | 225.7 | |||||||||||||||||
General and administrative | — | — | — | — | 50.8 | 50.8 | |||||||||||||||||
Operating income | $ | 571.0 | $ | 213.7 | $ | 8.2 | $ | 792.9 | $ | (59.7 | ) | $ | 733.2 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,329.3 | $ | 812.4 | $ | 81.2 | $ | 2,222.9 | $ | — | $ | 2,222.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 571.2 | 384.2 | 65.5 | 1,020.9 | — | 1,020.9 | |||||||||||||||||
Depreciation | 187.4 | 85.1 | — | 272.5 | 5.1 | 277.6 | |||||||||||||||||
General and administrative | — | — | — | — | 59.8 | 59.8 | |||||||||||||||||
Operating income | $ | 570.7 | $ | 343.1 | $ | 15.7 | $ | 929.5 | $ | (64.9 | ) | $ | 864.6 | ||||||||||
Property and equipment, net | $ | 9,870.7 | $ | 3,223.4 | $ | — | $ | 13,094.1 | $ | 75.8 | $ | 13,169.9 |
Floaters | Jackups | Total(1) | |||
North & South America | 9 | 7 | 16 | ||
Europe & Mediterranean | 4 | 11 | 15 | ||
Middle East & Africa | 2 | 11 | 13 | ||
Asia & Pacific Rim | 4 | 7 | 11 | ||
Asia & Pacific Rim (under construction) | 1 | 1 | 2 | ||
Middle East & Africa (under construction) | — | 2 | 2 | ||
Held-for-sale | 1 | 1 | 2 | ||
Total | 21 | 40 | 61 |
(1) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
June 30, 2016 | December 31, 2015 | ||||||
Trade | $ | 415.8 | $ | 595.0 | |||
Other | 16.7 | 16.3 | |||||
432.5 | 611.3 | ||||||
Allowance for doubtful accounts | (24.5 | ) | (29.3 | ) | |||
$ | 408.0 | $ | 582.0 |
June 30, 2016 | December 31, 2015 | ||||||
Inventory | $ | 231.4 | $ | 235.3 | |||
Prepaid taxes | 50.0 | 73.5 | |||||
Deferred costs | 40.2 | 52.1 | |||||
Prepaid expenses | 8.0 | 20.5 | |||||
Assets held-for-sale | 1.8 | 5.5 | |||||
Other | 15.0 | 14.9 | |||||
$ | 346.4 | $ | 401.8 |
June 30, 2016 | December 31, 2015 | ||||||
Deferred tax assets | $ | 69.8 | $ | 94.8 | |||
Deferred costs | 42.6 | 55.8 | |||||
Prepaid taxes on intercompany transfers of property | 33.8 | 37.1 | |||||
Supplemental executive retirement plan assets | 33.3 | 33.1 | |||||
Other | 9.6 | 16.8 | |||||
$ | 189.1 | $ | 237.6 |
June 30, 2016 | December 31, 2015 | ||||||
Deferred revenue | $ | 172.9 | $ | 197.2 | |||
Personnel costs | 104.2 | 161.6 | |||||
Taxes | 79.6 | 70.8 | |||||
Accrued interest | 74.3 | 88.4 | |||||
Derivative liabilities | 14.9 | 21.6 | |||||
Other | 12.6 | 11.3 | |||||
$ | 458.5 | $ | 550.9 |
June 30, 2016 | December 31, 2015 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 153.4 | $ | 149.7 | |||
Deferred revenue | 143.5 | 218.6 | |||||
Supplemental executive retirement plan liabilities | 34.5 | 34.4 | |||||
Personnel costs | 11.4 | 17.7 | |||||
Deferred tax liabilities | 8.7 | 4.4 | |||||
Other | 10.2 | 24.4 | |||||
$ | 361.7 | $ | 449.2 |
June 30, 2016 | December 31, 2015 | ||||||
Currency translation adjustment | $ | 7.6 | $ | 7.8 | |||
Derivative instruments | 13.9 | 6.6 | |||||
Other | (1.7 | ) | (1.9 | ) | |||
$ | 19.8 | $ | 12.5 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
ConocoPhillips(1) | 23 | % | 3 | % | 15 | % | 3 | % | |||
Total(2) | 13 | % | 10 | % | 14 | % | 9 | % | |||
BP (3) | 10 | % | 16 | % | 12 | % | 14 | % | |||
Petrobras(2) | 9 | % | 15 | % | 12 | % | 13 | % | |||
Other | 45 | % | 56 | % | 47 | % | 61 | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
(1) | During the three-month and six-month periods ended June 30, 2016, excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4%, respectively, of our consolidated revenues. |
(2) | During the three-month and six-month periods ended June 30, 2016 and 2015, all revenues were attributable to our Floater segment. |
(3) | During the three-month periods ended June 30, 2016 and 2015, 75% and 79% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the six-month periods ended June 30, 2016 and 2015, 76% and 82% of the revenues provided by BP, respectively, were attributable to our Floaters segment. |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
U.S. Gulf of Mexico(1) | $ | 304.5 | $ | 271.0 | $ | 464.7 | $ | 609.8 | |||||||
Angola(2) | 132.4 | 182.4 | 268.6 | 351.7 | |||||||||||
Brazil(3) | 81.7 | 115.7 | 202.7 | 238.4 | |||||||||||
United Kingdom(4) | 69.7 | 104.3 | 143.5 | 224.9 | |||||||||||
Other | 321.3 | 385.6 | 644.1 | 798.1 | |||||||||||
$ | 909.6 | $ | 1,059.0 | $ | 1,723.6 | $ | 2,222.9 |
(1) | During the three-month periods ended June 30, 2016 and 2015, 92% and 83% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2016 and 2015, 89% and 84% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. |
(2) | During the three-month periods ended June 30, 2016 and 2015, 88% and 91% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2016 and 2015, 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. |
(3) | During the three-month and six-month periods ended June 30, 2016 and 2015, all revenues were attributable to our Floaters segment. |
(4) | During the three-month and six-month periods ended June 30, 2016 and 2015, all revenues were attributable to our Jackups segment. |
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ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 7.6 | $ | 36.5 | $ | — | $ | 937.4 | $ | (71.9 | ) | $ | 909.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.7 | 36.4 | — | 379.0 | (71.9 | ) | 350.2 | ||||||||||||||||
Depreciation | — | 4.4 | — | 108.0 | — | 112.4 | |||||||||||||||||
General and administrative | 10.5 | — | — | 16.9 | — | 27.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.6 | ) | (4.3 | ) | — | 433.5 | — | 419.6 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 175.8 | (8.3 | ) | (18.8 | ) | 1.3 | 59.9 | 209.9 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 166.2 | (12.6 | ) | (18.8 | ) | 434.8 | 59.9 | 629.5 | |||||||||||||||
INCOME TAX PROVISION | — | (15.6 | ) | — | 52.3 | — | 36.7 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 424.4 | 20.0 | 10.2 | — | (454.6 | ) | — | ||||||||||||||||
NET INCOME (LOSS) | 590.6 | 23.0 | (8.6 | ) | 382.3 | (394.7 | ) | 592.6 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
NET INCOME (LOSS)ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 380.3 | $ | (394.7 | ) | $ | 590.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 8.7 | $ | 34.5 | $ | — | $ | 1,086.6 | $ | (70.8 | ) | $ | 1,059.0 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.3 | 34.5 | — | 532.6 | (70.8 | ) | 502.6 | ||||||||||||||||
Depreciation | — | 2.4 | — | 138.1 | — | 140.5 | |||||||||||||||||
General and administrative | 13.7 | — | — | 16.0 | — | 29.7 | |||||||||||||||||
OPERATING (LOSS) INCOME | (11.3 | ) | (2.4 | ) | — | 399.9 | — | 386.2 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (36.3 | ) | 2.4 | (15.2 | ) | (6.3 | ) | — | (55.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (47.6 | ) | — | (15.2 | ) | 393.6 | — | 330.8 | |||||||||||||||
INCOME TAX PROVISION | — | 14.1 | — | 43.9 | — | 58.0 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (10.1 | ) | — | (10.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 307.9 | 47.5 | 71.4 | — | (426.8 | ) | — | ||||||||||||||||
NET INCOME | 260.3 | 33.4 | 56.2 | 339.6 | (426.8 | ) | 262.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.4 | ) | — | (2.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 260.3 | $ | 33.4 | $ | 56.2 | $ | 337.2 | $ | (426.8 | ) | $ | 260.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 14.8 | $ | 72.1 | $ | — | $ | 1,780.7 | $ | (144.0 | ) | $ | 1,723.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.9 | 72.1 | — | 771.9 | (144.0 | ) | 713.9 | ||||||||||||||||
Depreciation | — | 8.7 | — | 217.0 | — | 225.7 | |||||||||||||||||
General and administrative | 16.7 | .1 | — | 34.0 | — | 50.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (15.8 | ) | (8.8 | ) | — | 757.8 | — | 733.2 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 139.0 | (6.7 | ) | (37.9 | ) | (9.0 | ) | 59.9 | 145.3 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 123.2 | (15.5 | ) | (37.9 | ) | 748.8 | 59.9 | 878.5 | |||||||||||||||
INCOME TAX PROVISION | — | 15.4 | — | 92.7 | — | 108.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 642.7 | 53.5 | 63.8 | — | (760.0 | ) | — | ||||||||||||||||
NET INCOME | 765.9 | 22.6 | 25.9 | 655.0 | (700.1 | ) | 769.3 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 765.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 17.4 | $ | 69.3 | $ | — | $ | 2,278.2 | $ | (142.0 | ) | $ | 2,222.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.1 | 69.3 | — | 1,080.5 | (142.0 | ) | 1,020.9 | ||||||||||||||||
Depreciation | .1 | 4.9 | — | 272.6 | — | 277.6 | |||||||||||||||||
General and administrative | 27.0 | .1 | — | 32.7 | — | 59.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (22.8 | ) | (5.0 | ) | — | 892.4 | — | 864.6 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (96.2 | ) | (14.4 | ) | (31.1 | ) | 13.7 | — | (128.0 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (119.0 | ) | (19.4 | ) | (31.1 | ) | 906.1 | — | 736.6 | ||||||||||||||
INCOME TAX PROVISION | — | 27.9 | — | 107.8 | — | 135.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (10.3 | ) | — | (10.3 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 704.0 | 92.7 | 135.3 | — | (932.0 | ) | — | ||||||||||||||||
NET INCOME | 585.0 | 45.4 | 104.2 | 788.0 | (932.0 | ) | 590.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 585.0 | $ | 45.4 | $ | 104.2 | $ | 782.4 | $ | (932.0 | ) | $ | 585.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 382.3 | $ | (394.7 | ) | $ | 592.6 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (4.1 | ) | — | — | — | (4.1 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | .1 | — | .1 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (2.1 | ) | — | .1 | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 590.6 | 20.9 | (8.6 | ) | 382.4 | (394.7 | ) | 590.6 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 20.9 | $ | (8.6 | ) | $ | 380.4 | $ | (394.7 | ) | $ | 588.6 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 260.3 | $ | 33.4 | $ | 56.2 | $ | 339.6 | $ | (426.8 | ) | $ | 262.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | 8.7 | — | — | — | 8.7 | |||||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | 5.1 | — | — | — | 5.1 | |||||||||||||||||
Other | — | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 13.8 | — | (1.3 | ) | — | 12.5 | ||||||||||||||||
COMPREHENSIVE INCOME | 260.3 | 47.2 | 56.2 | 338.3 | (426.8 | ) | 275.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.4 | ) | — | (2.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 260.3 | $ | 47.2 | $ | 56.2 | $ | 335.9 | $ | (426.8 | ) | $ | 272.8 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 655.0 | $ | (700.1 | ) | $ | 769.3 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (.6 | ) | — | — | — | (.6 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 7.9 | — | — | — | 7.9 | |||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 7.3 | — | — | — | 7.3 | |||||||||||||||||
COMPREHENSIVE INCOME | 765.9 | 29.9 | 25.9 | 655.0 | (700.1 | ) | 776.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 29.9 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 773.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 585.0 | $ | 45.4 | $ | 104.2 | $ | 788.0 | $ | (932.0 | ) | $ | 590.6 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (8.7 | ) | — | — | — | (8.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | 10.1 | — | — | — | 10.1 | |||||||||||||||||
Other | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 1.4 | — | 1.3 | — | 2.7 | |||||||||||||||||
COMPREHENSIVE INCOME | 585.0 | 46.8 | 104.2 | 789.3 | (932.0 | ) | 593.3 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 585.0 | $ | 46.8 | $ | 104.2 | $ | 783.7 | $ | (932.0 | ) | $ | 587.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 712.8 | $ | — | $ | 26.1 | $ | 51.4 | $ | — | $ | 790.3 | |||||||||||
Short-term investments | 1,010.0 | — | — | — | — | 1,010.0 | |||||||||||||||||
Accounts receivable, net | 5.2 | — | — | 402.8 | — | 408.0 | |||||||||||||||||
Accounts receivable from affiliates | 245.7 | 637.7 | — | 565.8 | (1,449.2 | ) | — | ||||||||||||||||
Other | .1 | 10.1 | — | 336.2 | — | 346.4 | |||||||||||||||||
Total current assets | 1,973.8 | 647.8 | 26.1 | 1,356.2 | (1,449.2 | ) | 2,554.7 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 118.8 | — | 12,756.6 | — | 12,877.2 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 55.7 | — | 1,798.5 | — | 1,856.0 | |||||||||||||||||
Property and equipment, net | — | 63.1 | — | 10,958.1 | — | 11,021.2 | |||||||||||||||||
DUE FROM AFFILIATES | 1,428.5 | 5,069.7 | 2,043.1 | 6,731.5 | (15,272.8 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,412.1 | 1,717.2 | — | — | (10,129.3 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 40.0 | — | 290.5 | (141.4 | ) | 189.1 | ||||||||||||||||
$ | 11,814.4 | $ | 7,537.8 | $ | 2,069.2 | $ | 19,336.3 | $ | (26,992.7 | ) | $ | 13,765.0 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 48.0 | $ | 32.1 | $ | 30.9 | $ | 499.8 | $ | — | $ | 610.8 | |||||||||||
Accounts payable to affiliates | 46.4 | 591.2 | 3.8 | 807.8 | (1,449.2 | ) | $ | — | |||||||||||||||
Total current liabilities | 94.4 | 623.3 | 34.7 | 1,307.6 | (1,449.2 | ) | 610.8 | ||||||||||||||||
DUE TO AFFILIATES | 791.1 | 5,391.6 | 2,056.0 | 7,034.1 | (15,272.8 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,041.8 | 149.1 | 1,714.7 | — | — | 4,905.6 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | — | 1,215.2 | (1,215.2 | ) | — | |||||||||||||||||
OTHER LIABILITIES | — | 150.2 | — | 352.9 | (141.4 | ) | 361.7 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 7,887.1 | 1,223.6 | (2,951.4 | ) | 10,634.7 | (8,914.1 | ) | 7,879.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.0 | — | 7.0 | |||||||||||||||||
Total equity | 7,887.1 | 1,223.6 | (2,951.4 | ) | 10,641.7 | (8,914.1 | ) | 7,886.9 | |||||||||||||||
$ | 11,814.4 | $ | 7,537.8 | $ | 2,069.2 | $ | 19,336.3 | $ | (26,992.7 | ) | $ | 13,765.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (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 | $ | 94.0 | $ | — | $ | 2.0 | $ | 25.3 | $ | — | $ | 121.3 | |||||||||||
Short-term investments | 1,180.0 | — | — | — | — | $ | 1,180.0 | ||||||||||||||||
Accounts receivable, net | 1.2 | — | — | 580.8 | — | 582.0 | |||||||||||||||||
Accounts receivable from affiliates | 808.7 | 237.3 | — | 148.1 | (1,194.1 | ) | — | ||||||||||||||||
Other | .2 | 229.3 | — | 172.3 | — | 401.8 | |||||||||||||||||
Total current assets | 2,084.1 | 466.6 | 2.0 | 926.5 | (1,194.1 | ) | 2,285.1 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 117.5 | — | 12,600.1 | — | 12,719.4 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 47.7 | — | 1,582.1 | — | 1,631.6 | |||||||||||||||||
Property and equipment, net | — | 69.8 | — | 11,018.0 | — | 11,087.8 | |||||||||||||||||
DUE FROM AFFILIATES | 1,303.7 | 5,270.0 | 2,035.5 | 6,869.9 | (15,479.1 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 7,743.8 | — | — | — | (7,743.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 43.1 | — | 324.9 | (130.4 | ) | 237.6 | ||||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 60.7 | $ | 69.6 | $ | 34.8 | $ | 610.4 | $ | — | $ | 775.5 | |||||||||||
Accounts payable to affiliates | 19.4 | 176.3 | — | 998.4 | (1,194.1 | ) | — | ||||||||||||||||
Total current liabilities | 80.1 | 245.9 | 34.8 | 1,608.8 | (1,194.1 | ) | 775.5 | ||||||||||||||||
DUE TO AFFILIATES | 751.9 | 4,354.3 | 1,763.7 | 8,609.2 | (15,479.1 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,782.4 | 149.0 | 1,937.2 | — | — | 5,868.6 | |||||||||||||||||
INVESTMENTS IN AFFILIAITES | — | 442.0 | 1,319.3 | — | (1,761.3 | ) | — | ||||||||||||||||
OTHER LIABILITIES | — | 135.7 | — | 443.9 | (130.4 | ) | 449.2 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 6,517.2 | 522.6 | (3,017.5 | ) | 8,473.1 | (5,982.5 | ) | 6,512.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||
Total equity | 6,517.2 | 522.6 | (3,017.5 | ) | 8,477.4 | (5,982.5 | ) | 6,517.2 | |||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (83.4 | ) | $ | 130.8 | $ | (60.4 | ) | $ | 813.2 | $ | — | $ | 800.2 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 1,032.0 | — | — | — | — | 1,032.0 | |||||||||||||||||
Purchases of short-term investments | (862.0 | ) | — | — | — | — | (862.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (209.4 | ) | — | (209.4 | ) | |||||||||||||||
Purchase of affiliate debt | (142.0 | ) | — | — | — | 142.0 | — | ||||||||||||||||
Other | — | — | — | 7.6 | — | 7.6 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 28.0 | — | — | (201.8 | ) | 142.0 | (31.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Reduction of long-term borrowings | (542.8 | ) | — | — | — | (142.0 | ) | (684.8 | ) | ||||||||||||||
Proceeds from equity issuance | 585.5 | — | — | — | — | 585.5 | |||||||||||||||||
Cash dividends paid | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||
Advances from (to) affiliates | 638.9 | (130.8 | ) | 84.5 | (592.6 | ) | — | — | |||||||||||||||
Other | (1.9 | ) | — | — | — | — | (1.9 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 674.2 | (130.8 | ) | 84.5 | (592.6 | ) | (142.0 | ) | (106.7 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||
Investing activities | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | 7.7 | — | 7.7 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.4 | ) | — | (.4 | ) | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 618.8 | — | 24.1 | 26.1 | — | 669.0 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94.0 | — | 2.0 | 25.3 | — | 121.3 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 712.8 | $ | — | $ | 26.1 | $ | 51.4 | $ | — | $ | 790.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (66.2 | ) | $ | (19.7 | ) | $ | (49.9 | ) | $ | 1,026.8 | $ | — | $ | 891.0 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (5.1 | ) | — | (908.8 | ) | — | (913.9 | ) | ||||||||||||||
Maturities of short-term investments | 712.0 | — | — | 45.3 | 757.3 | ||||||||||||||||||
Purchases of short-term investments | (650.0 | ) | — | — | — | — | (650.0 | ) | |||||||||||||||
Other | — | — | — | 1.1 | — | 1.1 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 62 | (5.1 | ) | — | (862.4 | ) | — | (805.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,078.7 | — | — | — | — | 1,078.7 | |||||||||||||||||
Reduction of long-term borrowings | (998.3 | ) | — | — | (59.7 | ) | — | (1,058.0 | ) | ||||||||||||||
Cash dividends paid | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Premium paid on redemption of debt | (27.2 | ) | — | — | (3.1 | ) | — | (30.3 | ) | ||||||||||||||
Debt financing costs | (10.5 | ) | — | — | — | — | (10.5 | ) | |||||||||||||||
Advances from (to) affiliates | 88.2 | 24.8 | 63.5 | (176.5 | ) | — | — | ||||||||||||||||
Other | (9.0 | ) | — | — | 2.2 | — | (6.8 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 51.4 | 24.8 | 63.5 | (237.1 | ) | — | (97.4 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
Investing activities | — | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||||
Net cash used in discontinued operations | — | — | — | (4.8 | ) | — | (4.8 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | .2 | — | .2 | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47.2 | — | 13.6 | (77.3 | ) | — | (16.5 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 287.4 | — | 90.8 | 286.6 | — | 664.8 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 334.6 | $ | — | $ | 104.4 | $ | 209.3 | $ | — | $ | 648.3 |
|
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of June 30, 2016 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.3 | $ | — | $ | — | $ | 33.3 | |||||||
Total financial assets | $ | 33.3 | $ | — | $ | — | $ | 33.3 | |||||||
Derivatives, net | $ | — | $ | (8.5 | ) | $ | — | $ | (8.5 | ) | |||||
Total financial liabilities | $ | — | $ | (8.5 | ) | $ | — | $ | (8.5 | ) | |||||
As of December 31, 2015 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Total financial assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Derivatives, net | — | (19.7 | ) | — | (19.7 | ) | |||||||||
Total financial liabilities | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) |
June 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019 | $ | 506.5 | $ | 467.0 | $ | 566.4 | $ | 510.2 | |||||||
6.875% Senior notes due 2020 | 829.1 | 747.6 | 990.9 | 850.5 | |||||||||||
4.70% Senior notes due 2021 | 767.1 | 653.4 | 1,476.7 | 1,254.0 | |||||||||||
4.50% Senior notes due 2024 | 618.3 | 427.0 | 619.7 | 417.4 | |||||||||||
5.20% Senior notes due 2025 | 662.4 | 465.2 | 692.5 | 505.2 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 115.9 | 149.1 | 133.5 | |||||||||||
7.875% Senior notes due 2040 | 379.1 | 210.0 | 379.8 | 244.0 | |||||||||||
5.75% Senior notes due 2044 | 994.0 | 620.9 | 993.5 | 707.1 | |||||||||||
Total | $ | 4,905.6 | $ | 3,707.0 | $ | 5,868.6 | $ | 4,621.9 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
June 30, 2016 | December 31, 2015 | June 30, 2016 | December 31, 2015 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 5.0 | $ | .6 | $ | 12.7 | $ | 20.7 | |||||||
Foreign currency forward contracts - non-current(2) | 1.0 | .2 | 1.1 | 1.5 | |||||||||||
6.0 | .8 | 13.8 | 22.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | 1.5 | 2.6 | 2.2 | .9 | |||||||||||
1.5 | 2.6 | 2.2 | .9 | ||||||||||||
Total | $ | 7.5 | $ | 3.4 | $ | 16.0 | $ | 23.1 |
(1) | Derivative assets and liabilities with maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(4) | (4.1 | ) | 8.7 | (2.0 | ) | (4.7 | ) | .8 | .3 | ||||||||||||||
Total | $ | (4.1 | ) | $ | 8.7 | $ | (2.0 | ) | $ | (5.1 | ) | $ | .8 | $ | .3 |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from AOCI into Income (Effective Portion)(1) | Gain Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.5 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (.6 | ) | (8.7 | ) | (7.8 | ) | (9.6 | ) | 1.9 | .2 | |||||||||||||
Total | $ | (.6 | ) | $ | (8.7 | ) | $ | (7.9 | ) | $ | (10.1 | ) | $ | 1.9 | $ | .2 |
(1) | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. |
(4) | During the three-month period ended June 30, 2016, $2.2 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended June 30, 2015, $4.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the six-month period ended June 30, 2016, $8.2 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the six-month period ended June 30, 2015, $10.0 million of losses were reclassified from AOCI into contract drilling expense and $400,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income from continuing operations | $ | 592.8 | $ | 272.8 | $ | 770.4 | $ | 600.9 | |||||||
Income from continuing operations attributable to noncontrolling interests | (2.0 | ) | (2.4 | ) | (3.4 | ) | (5.6 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 590.8 | $ | 270.4 | $ | 767.0 | $ | 595.3 |
|
Aggregate Principal Amount Purchased | Aggregate Purchase Price(1) | Discount % | |||||||||
8.50% Senior Notes due 2019 | $ | 45.7 | $ | 38.3 | 16.2 | % | |||||
6.875% Senior Notes due 2020 | 140.1 | 103.7 | 26.0 | % | |||||||
4.70% Senior Notes due 2021 | 722.0 | 525.1 | 27.3 | % | |||||||
4.50% Senior Notes due 2024 | 1.7 | 0.9 | 47.1 | % | |||||||
5.20% Senior Notes due 2025 | 30.7 | 16.8 | 45.3 | % | |||||||
Total | $ | 940.2 | $ | 684.8 | 27.2 | % |
(1) | Excludes accrued interest paid to holders who tendered in connection with the Tender Offers. |
|
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | $ | — | $ | 8.1 | $ | — | $ | 17.7 | |||||||
Operating expenses | 1.6 | 11.3 | 2.4 | 33.2 | |||||||||||
Operating loss | (1.6 | ) | (3.2 | ) | (2.4 | ) | (15.5 | ) | |||||||
Income tax benefit (expense) | 0.4 | (2.9 | ) | 0.3 | 9.2 | ||||||||||
Loss on impairment, net | — | (7.2 | ) | — | (7.2 | ) | |||||||||
Gain on disposal of discontinued operations, net | 1.0 | 3.2 | 1.0 | 3.2 | |||||||||||
Loss from discontinued operations, net | $ | (.2 | ) | $ | (10.1 | ) | $ | (1.1 | ) | $ | (10.3 | ) |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 636.4 | $ | 251.3 | $ | 21.9 | $ | 909.6 | $ | — | $ | 909.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 208.6 | 122.3 | 19.3 | 350.2 | — | 350.2 | |||||||||||||||||
Depreciation | 77.8 | 30.1 | — | 107.9 | 4.5 | 112.4 | |||||||||||||||||
General and administrative | — | — | — | — | 27.4 | 27.4 | |||||||||||||||||
Operating income | $ | 350.0 | $ | 98.9 | $ | 2.6 | $ | 451.5 | $ | (31.9 | ) | $ | 419.6 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 634.3 | $ | 384.1 | $ | 40.6 | $ | 1,059.0 | $ | — | $ | 1,059.0 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 277.7 | 192.7 | 32.2 | 502.6 | — | 502.6 | |||||||||||||||||
Depreciation | 94.4 | 43.6 | — | 138.0 | 2.5 | 140.5 | |||||||||||||||||
General and administrative | — | — | — | — | 29.7 | 29.7 | |||||||||||||||||
Operating income | $ | 262.2 | $ | 147.8 | $ | 8.4 | $ | 418.4 | $ | (32.2 | ) | $ | 386.2 | ||||||||||
Property and equipment, net | $ | 9,870.7 | $ | 3,223.4 | $ | — | $ | 13,094.1 | $ | 75.8 | $ | 13,169.9 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,149.0 | $ | 529.2 | $ | 45.4 | $ | 1,723.6 | $ | — | $ | 1,723.6 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 419.9 | 256.8 | 37.2 | 713.9 | — | 713.9 | |||||||||||||||||
Depreciation | 158.1 | 58.7 | — | 216.8 | 8.9 | 225.7 | |||||||||||||||||
General and administrative | — | — | — | — | 50.8 | 50.8 | |||||||||||||||||
Operating income | $ | 571.0 | $ | 213.7 | $ | 8.2 | $ | 792.9 | $ | (59.7 | ) | $ | 733.2 | ||||||||||
Property and equipment, net | $ | 8,414.1 | $ | 2,543.0 | $ | — | $ | 10,957.1 | $ | 64.1 | $ | 11,021.2 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,329.3 | $ | 812.4 | $ | 81.2 | $ | 2,222.9 | $ | — | $ | 2,222.9 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 571.2 | 384.2 | 65.5 | 1,020.9 | — | 1,020.9 | |||||||||||||||||
Depreciation | 187.4 | 85.1 | — | 272.5 | 5.1 | 277.6 | |||||||||||||||||
General and administrative | — | — | — | — | 59.8 | 59.8 | |||||||||||||||||
Operating income | $ | 570.7 | $ | 343.1 | $ | 15.7 | $ | 929.5 | $ | (64.9 | ) | $ | 864.6 | ||||||||||
Property and equipment, net | $ | 9,870.7 | $ | 3,223.4 | $ | — | $ | 13,094.1 | $ | 75.8 | $ | 13,169.9 |
Floaters | Jackups | Total(1) | |||
North & South America | 9 | 7 | 16 | ||
Europe & Mediterranean | 4 | 11 | 15 | ||
Middle East & Africa | 2 | 11 | 13 | ||
Asia & Pacific Rim | 4 | 7 | 11 | ||
Asia & Pacific Rim (under construction) | 1 | 1 | 2 | ||
Middle East & Africa (under construction) | — | 2 | 2 | ||
Held-for-sale | 1 | 1 | 2 | ||
Total | 21 | 40 | 61 |
(1) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
June 30, 2016 | December 31, 2015 | ||||||
Trade | $ | 415.8 | $ | 595.0 | |||
Other | 16.7 | 16.3 | |||||
432.5 | 611.3 | ||||||
Allowance for doubtful accounts | (24.5 | ) | (29.3 | ) | |||
$ | 408.0 | $ | 582.0 |
June 30, 2016 | December 31, 2015 | ||||||
Inventory | $ | 231.4 | $ | 235.3 | |||
Prepaid taxes | 50.0 | 73.5 | |||||
Deferred costs | 40.2 | 52.1 | |||||
Prepaid expenses | 8.0 | 20.5 | |||||
Assets held-for-sale | 1.8 | 5.5 | |||||
Other | 15.0 | 14.9 | |||||
$ | 346.4 | $ | 401.8 |
June 30, 2016 | December 31, 2015 | ||||||
Deferred tax assets | $ | 69.8 | $ | 94.8 | |||
Deferred costs | 42.6 | 55.8 | |||||
Prepaid taxes on intercompany transfers of property | 33.8 | 37.1 | |||||
Supplemental executive retirement plan assets | 33.3 | 33.1 | |||||
Other | 9.6 | 16.8 | |||||
$ | 189.1 | $ | 237.6 |
June 30, 2016 | December 31, 2015 | ||||||
Deferred revenue | $ | 172.9 | $ | 197.2 | |||
Personnel costs | 104.2 | 161.6 | |||||
Taxes | 79.6 | 70.8 | |||||
Accrued interest | 74.3 | 88.4 | |||||
Derivative liabilities | 14.9 | 21.6 | |||||
Other | 12.6 | 11.3 | |||||
$ | 458.5 | $ | 550.9 |
June 30, 2016 | December 31, 2015 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 153.4 | $ | 149.7 | |||
Deferred revenue | 143.5 | 218.6 | |||||
Supplemental executive retirement plan liabilities | 34.5 | 34.4 | |||||
Personnel costs | 11.4 | 17.7 | |||||
Deferred tax liabilities | 8.7 | 4.4 | |||||
Other | 10.2 | 24.4 | |||||
$ | 361.7 | $ | 449.2 |
June 30, 2016 | December 31, 2015 | ||||||
Currency translation adjustment | $ | 7.6 | $ | 7.8 | |||
Derivative instruments | 13.9 | 6.6 | |||||
Other | (1.7 | ) | (1.9 | ) | |||
$ | 19.8 | $ | 12.5 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 7.6 | $ | 36.5 | $ | — | $ | 937.4 | $ | (71.9 | ) | $ | 909.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.7 | 36.4 | — | 379.0 | (71.9 | ) | 350.2 | ||||||||||||||||
Depreciation | — | 4.4 | — | 108.0 | — | 112.4 | |||||||||||||||||
General and administrative | 10.5 | — | — | 16.9 | — | 27.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.6 | ) | (4.3 | ) | — | 433.5 | — | 419.6 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 175.8 | (8.3 | ) | (18.8 | ) | 1.3 | 59.9 | 209.9 | |||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 166.2 | (12.6 | ) | (18.8 | ) | 434.8 | 59.9 | 629.5 | |||||||||||||||
INCOME TAX PROVISION | — | (15.6 | ) | — | 52.3 | — | 36.7 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 424.4 | 20.0 | 10.2 | — | (454.6 | ) | — | ||||||||||||||||
NET INCOME (LOSS) | 590.6 | 23.0 | (8.6 | ) | 382.3 | (394.7 | ) | 592.6 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
NET INCOME (LOSS)ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 380.3 | $ | (394.7 | ) | $ | 590.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 8.7 | $ | 34.5 | $ | — | $ | 1,086.6 | $ | (70.8 | ) | $ | 1,059.0 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.3 | 34.5 | — | 532.6 | (70.8 | ) | 502.6 | ||||||||||||||||
Depreciation | — | 2.4 | — | 138.1 | — | 140.5 | |||||||||||||||||
General and administrative | 13.7 | — | — | 16.0 | — | 29.7 | |||||||||||||||||
OPERATING (LOSS) INCOME | (11.3 | ) | (2.4 | ) | — | 399.9 | — | 386.2 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (36.3 | ) | 2.4 | (15.2 | ) | (6.3 | ) | — | (55.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (47.6 | ) | — | (15.2 | ) | 393.6 | — | 330.8 | |||||||||||||||
INCOME TAX PROVISION | — | 14.1 | — | 43.9 | — | 58.0 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (10.1 | ) | — | (10.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 307.9 | 47.5 | 71.4 | — | (426.8 | ) | — | ||||||||||||||||
NET INCOME | 260.3 | 33.4 | 56.2 | 339.6 | (426.8 | ) | 262.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.4 | ) | — | (2.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 260.3 | $ | 33.4 | $ | 56.2 | $ | 337.2 | $ | (426.8 | ) | $ | 260.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 14.8 | $ | 72.1 | $ | — | $ | 1,780.7 | $ | (144.0 | ) | $ | 1,723.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.9 | 72.1 | — | 771.9 | (144.0 | ) | 713.9 | ||||||||||||||||
Depreciation | — | 8.7 | — | 217.0 | — | 225.7 | |||||||||||||||||
General and administrative | 16.7 | .1 | — | 34.0 | — | 50.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (15.8 | ) | (8.8 | ) | — | 757.8 | — | 733.2 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 139.0 | (6.7 | ) | (37.9 | ) | (9.0 | ) | 59.9 | 145.3 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 123.2 | (15.5 | ) | (37.9 | ) | 748.8 | 59.9 | 878.5 | |||||||||||||||
INCOME TAX PROVISION | — | 15.4 | — | 92.7 | — | 108.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1.1 | ) | — | (1.1 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 642.7 | 53.5 | 63.8 | — | (760.0 | ) | — | ||||||||||||||||
NET INCOME | 765.9 | 22.6 | 25.9 | 655.0 | (700.1 | ) | 769.3 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 765.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 17.4 | $ | 69.3 | $ | — | $ | 2,278.2 | $ | (142.0 | ) | $ | 2,222.9 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 13.1 | 69.3 | — | 1,080.5 | (142.0 | ) | 1,020.9 | ||||||||||||||||
Depreciation | .1 | 4.9 | — | 272.6 | — | 277.6 | |||||||||||||||||
General and administrative | 27.0 | .1 | — | 32.7 | — | 59.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (22.8 | ) | (5.0 | ) | — | 892.4 | — | 864.6 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (96.2 | ) | (14.4 | ) | (31.1 | ) | 13.7 | — | (128.0 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (119.0 | ) | (19.4 | ) | (31.1 | ) | 906.1 | — | 736.6 | ||||||||||||||
INCOME TAX PROVISION | — | 27.9 | — | 107.8 | — | 135.7 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (10.3 | ) | — | (10.3 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 704.0 | 92.7 | 135.3 | — | (932.0 | ) | — | ||||||||||||||||
NET INCOME | 585.0 | 45.4 | 104.2 | 788.0 | (932.0 | ) | 590.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 585.0 | $ | 45.4 | $ | 104.2 | $ | 782.4 | $ | (932.0 | ) | $ | 585.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 590.6 | $ | 23.0 | $ | (8.6 | ) | $ | 382.3 | $ | (394.7 | ) | $ | 592.6 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (4.1 | ) | — | — | — | (4.1 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | .1 | — | .1 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (2.1 | ) | — | .1 | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 590.6 | 20.9 | (8.6 | ) | 382.4 | (394.7 | ) | 590.6 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 590.6 | $ | 20.9 | $ | (8.6 | ) | $ | 380.4 | $ | (394.7 | ) | $ | 588.6 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 260.3 | $ | 33.4 | $ | 56.2 | $ | 339.6 | $ | (426.8 | ) | $ | 262.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | 8.7 | — | — | — | 8.7 | |||||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | 5.1 | — | — | — | 5.1 | |||||||||||||||||
Other | — | — | — | (1.3 | ) | — | (1.3 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 13.8 | — | (1.3 | ) | — | 12.5 | ||||||||||||||||
COMPREHENSIVE INCOME | 260.3 | 47.2 | 56.2 | 338.3 | (426.8 | ) | 275.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.4 | ) | — | (2.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 260.3 | $ | 47.2 | $ | 56.2 | $ | 335.9 | $ | (426.8 | ) | $ | 272.8 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 765.9 | $ | 22.6 | $ | 25.9 | $ | 655.0 | $ | (700.1 | ) | $ | 769.3 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (.6 | ) | — | — | — | (.6 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 7.9 | — | — | — | 7.9 | |||||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 7.3 | — | — | — | 7.3 | |||||||||||||||||
COMPREHENSIVE INCOME | 765.9 | 29.9 | 25.9 | 655.0 | (700.1 | ) | 776.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (3.4 | ) | — | (3.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 765.9 | $ | 29.9 | $ | 25.9 | $ | 651.6 | $ | (700.1 | ) | $ | 773.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 585.0 | $ | 45.4 | $ | 104.2 | $ | 788.0 | $ | (932.0 | ) | $ | 590.6 | ||||||||||
OTHER COMPREHENSIVE INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (8.7 | ) | — | — | — | (8.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | 10.1 | — | — | — | 10.1 | |||||||||||||||||
Other | — | — | — | 1.3 | — | 1.3 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 1.4 | — | 1.3 | — | 2.7 | |||||||||||||||||
COMPREHENSIVE INCOME | 585.0 | 46.8 | 104.2 | 789.3 | (932.0 | ) | 593.3 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.6 | ) | — | (5.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 585.0 | $ | 46.8 | $ | 104.2 | $ | 783.7 | $ | (932.0 | ) | $ | 587.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 712.8 | $ | — | $ | 26.1 | $ | 51.4 | $ | — | $ | 790.3 | |||||||||||
Short-term investments | 1,010.0 | — | — | — | — | 1,010.0 | |||||||||||||||||
Accounts receivable, net | 5.2 | — | — | 402.8 | — | 408.0 | |||||||||||||||||
Accounts receivable from affiliates | 245.7 | 637.7 | — | 565.8 | (1,449.2 | ) | — | ||||||||||||||||
Other | .1 | 10.1 | — | 336.2 | — | 346.4 | |||||||||||||||||
Total current assets | 1,973.8 | 647.8 | 26.1 | 1,356.2 | (1,449.2 | ) | 2,554.7 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 118.8 | — | 12,756.6 | — | 12,877.2 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 55.7 | — | 1,798.5 | — | 1,856.0 | |||||||||||||||||
Property and equipment, net | — | 63.1 | — | 10,958.1 | — | 11,021.2 | |||||||||||||||||
DUE FROM AFFILIATES | 1,428.5 | 5,069.7 | 2,043.1 | 6,731.5 | (15,272.8 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,412.1 | 1,717.2 | — | — | (10,129.3 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 40.0 | — | 290.5 | (141.4 | ) | 189.1 | ||||||||||||||||
$ | 11,814.4 | $ | 7,537.8 | $ | 2,069.2 | $ | 19,336.3 | $ | (26,992.7 | ) | $ | 13,765.0 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 48.0 | $ | 32.1 | $ | 30.9 | $ | 499.8 | $ | — | $ | 610.8 | |||||||||||
Accounts payable to affiliates | 46.4 | 591.2 | 3.8 | 807.8 | (1,449.2 | ) | $ | — | |||||||||||||||
Total current liabilities | 94.4 | 623.3 | 34.7 | 1,307.6 | (1,449.2 | ) | 610.8 | ||||||||||||||||
DUE TO AFFILIATES | 791.1 | 5,391.6 | 2,056.0 | 7,034.1 | (15,272.8 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,041.8 | 149.1 | 1,714.7 | — | — | 4,905.6 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | — | 1,215.2 | (1,215.2 | ) | — | |||||||||||||||||
OTHER LIABILITIES | — | 150.2 | — | 352.9 | (141.4 | ) | 361.7 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 7,887.1 | 1,223.6 | (2,951.4 | ) | 10,634.7 | (8,914.1 | ) | 7,879.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.0 | — | 7.0 | |||||||||||||||||
Total equity | 7,887.1 | 1,223.6 | (2,951.4 | ) | 10,641.7 | (8,914.1 | ) | 7,886.9 | |||||||||||||||
$ | 11,814.4 | $ | 7,537.8 | $ | 2,069.2 | $ | 19,336.3 | $ | (26,992.7 | ) | $ | 13,765.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (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 | $ | 94.0 | $ | — | $ | 2.0 | $ | 25.3 | $ | — | $ | 121.3 | |||||||||||
Short-term investments | 1,180.0 | — | — | — | — | $ | 1,180.0 | ||||||||||||||||
Accounts receivable, net | 1.2 | — | — | 580.8 | — | 582.0 | |||||||||||||||||
Accounts receivable from affiliates | 808.7 | 237.3 | — | 148.1 | (1,194.1 | ) | — | ||||||||||||||||
Other | .2 | 229.3 | — | 172.3 | — | 401.8 | |||||||||||||||||
Total current assets | 2,084.1 | 466.6 | 2.0 | 926.5 | (1,194.1 | ) | 2,285.1 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 117.5 | — | 12,600.1 | — | 12,719.4 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 47.7 | — | 1,582.1 | — | 1,631.6 | |||||||||||||||||
Property and equipment, net | — | 69.8 | — | 11,018.0 | — | 11,087.8 | |||||||||||||||||
DUE FROM AFFILIATES | 1,303.7 | 5,270.0 | 2,035.5 | 6,869.9 | (15,479.1 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 7,743.8 | — | — | — | (7,743.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 43.1 | — | 324.9 | (130.4 | ) | 237.6 | ||||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 60.7 | $ | 69.6 | $ | 34.8 | $ | 610.4 | $ | — | $ | 775.5 | |||||||||||
Accounts payable to affiliates | 19.4 | 176.3 | — | 998.4 | (1,194.1 | ) | — | ||||||||||||||||
Total current liabilities | 80.1 | 245.9 | 34.8 | 1,608.8 | (1,194.1 | ) | 775.5 | ||||||||||||||||
DUE TO AFFILIATES | 751.9 | 4,354.3 | 1,763.7 | 8,609.2 | (15,479.1 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,782.4 | 149.0 | 1,937.2 | — | — | 5,868.6 | |||||||||||||||||
INVESTMENTS IN AFFILIAITES | — | 442.0 | 1,319.3 | — | (1,761.3 | ) | — | ||||||||||||||||
OTHER LIABILITIES | — | 135.7 | — | 443.9 | (130.4 | ) | 449.2 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 6,517.2 | 522.6 | (3,017.5 | ) | 8,473.1 | (5,982.5 | ) | 6,512.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||
Total equity | 6,517.2 | 522.6 | (3,017.5 | ) | 8,477.4 | (5,982.5 | ) | 6,517.2 | |||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (83.4 | ) | $ | 130.8 | $ | (60.4 | ) | $ | 813.2 | $ | — | $ | 800.2 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 1,032.0 | — | — | — | — | 1,032.0 | |||||||||||||||||
Purchases of short-term investments | (862.0 | ) | — | — | — | — | (862.0 | ) | |||||||||||||||
Additions to property and equipment | — | — | — | (209.4 | ) | — | (209.4 | ) | |||||||||||||||
Purchase of affiliate debt | (142.0 | ) | — | — | — | 142.0 | — | ||||||||||||||||
Other | — | — | — | 7.6 | — | 7.6 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 28.0 | — | — | (201.8 | ) | 142.0 | (31.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Reduction of long-term borrowings | (542.8 | ) | — | — | — | (142.0 | ) | (684.8 | ) | ||||||||||||||
Proceeds from equity issuance | 585.5 | — | — | — | — | 585.5 | |||||||||||||||||
Cash dividends paid | (5.5 | ) | — | — | — | — | (5.5 | ) | |||||||||||||||
Advances from (to) affiliates | 638.9 | (130.8 | ) | 84.5 | (592.6 | ) | — | — | |||||||||||||||
Other | (1.9 | ) | — | — | — | — | (1.9 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 674.2 | (130.8 | ) | 84.5 | (592.6 | ) | (142.0 | ) | (106.7 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||
Investing activities | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | 7.7 | — | 7.7 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.4 | ) | — | (.4 | ) | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 618.8 | — | 24.1 | 26.1 | — | 669.0 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94.0 | — | 2.0 | 25.3 | — | 121.3 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 712.8 | $ | — | $ | 26.1 | $ | 51.4 | $ | — | $ | 790.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (66.2 | ) | $ | (19.7 | ) | $ | (49.9 | ) | $ | 1,026.8 | $ | — | $ | 891.0 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (5.1 | ) | — | (908.8 | ) | — | (913.9 | ) | ||||||||||||||
Maturities of short-term investments | 712.0 | — | — | 45.3 | 757.3 | ||||||||||||||||||
Purchases of short-term investments | (650.0 | ) | — | — | — | — | (650.0 | ) | |||||||||||||||
Other | — | — | — | 1.1 | — | 1.1 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 62 | (5.1 | ) | — | (862.4 | ) | — | (805.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,078.7 | — | — | — | — | 1,078.7 | |||||||||||||||||
Reduction of long-term borrowings | (998.3 | ) | — | — | (59.7 | ) | — | (1,058.0 | ) | ||||||||||||||
Cash dividends paid | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Premium paid on redemption of debt | (27.2 | ) | — | — | (3.1 | ) | — | (30.3 | ) | ||||||||||||||
Debt financing costs | (10.5 | ) | — | — | — | — | (10.5 | ) | |||||||||||||||
Advances from (to) affiliates | 88.2 | 24.8 | 63.5 | (176.5 | ) | — | — | ||||||||||||||||
Other | (9.0 | ) | — | — | 2.2 | — | (6.8 | ) | |||||||||||||||
Net cash provided by (used in) financing activities | 51.4 | 24.8 | 63.5 | (237.1 | ) | — | (97.4 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
Investing activities | — | — | — | (0.6 | ) | — | (0.6 | ) | |||||||||||||||
Net cash used in discontinued operations | — | — | — | (4.8 | ) | — | (4.8 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | .2 | — | .2 | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 47.2 | — | 13.6 | (77.3 | ) | — | (16.5 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 287.4 | — | 90.8 | 286.6 | — | 664.8 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 334.6 | $ | — | $ | 104.4 | $ | 209.3 | $ | — | $ | 648.3 |
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