ENSCO PLC, 10-Q filed on 7/28/2016
Quarterly Report
Document And Entity Information
6 Months Ended
Jun. 30, 2016
Jul. 22, 2016
Document And Entity Information [Abstract]
 
 
Document Type
10-Q 
 
Amendment Flag
false 
 
Document Period End Date
Jun. 30, 2016 
 
Document Fiscal Year Focus
2016 
 
Document Fiscal Period Focus
Q2 
 
Entity Registrant Name
Ensco plc 
 
Entity Central Index Key
0000314808 
 
Current Fiscal Year End Date
--12-31 
 
Entity Filer Category
Large Accelerated Filer 
 
Entity Common Shares, Shares Outstanding
 
301,337,497 
Condensed Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Income Statement [Abstract]
 
 
 
 
OPERATING REVENUES
$ 909.6 
$ 1,059.0 
$ 1,723.6 
$ 2,222.9 
OPERATING EXPENSES
 
 
 
 
Contract drilling (exclusive of depreciation)
350.2 
502.6 
713.9 
1,020.9 
Depreciation
112.4 
140.5 
225.7 
277.6 
General and administrative
27.4 
29.7 
50.8 
59.8 
Total operating expenses
490.0 
672.8 
990.4 
1,358.3 
OPERATING (LOSS) INCOME
419.6 
386.2 
733.2 
864.6 
OTHER INCOME (EXPENSE)
 
 
 
 
Interest income
2.5 
3.4 
4.8 
5.8 
Interest expense, net
(54.0)
(51.2)
(119.1)
(103.6)
Other, net
261.4 
(7.6)
259.6 
(30.2)
Other income (expense), net
209.9 
(55.4)
145.3 
(128.0)
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
629.5 
330.8 
878.5 
736.6 
PROVISION FOR INCOME TAXES
 
 
 
 
Current income tax expense
48.6 
43.9 
86.7 
106.6 
Deferred income tax (benefit) expense
(11.9)
14.1 
21.4 
29.1 
Total provision for income taxes
36.7 
58.0 
108.1 
135.7 
INCOME FROM CONTINUING OPERATIONS
592.8 
272.8 
770.4 
600.9 
DISCONTINUED OPERATIONS
 
 
 
 
Discontinued operations, net
0.2 
10.1 
1.1 
10.3 
NET INCOME
592.6 
262.7 
769.3 
590.6 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.0)
(2.4)
(3.4)
(5.6)
NET INCOME ATTRIBUTABLE TO ENSCO
590.6 
260.3 
765.9 
585.0 
EARNINGS PER SHARE - BASIC AND DILUTED
 
 
 
 
Income (Loss) from Continuing Operations, Per Basic and Diluted Share
$ 2.04 
$ 1.15 
$ 2.92 
$ 2.53 
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic and Diluted Share
$ 0.00 
$ (0.04)
$ 0.00 
$ (0.04)
Earnings Per Share, Basic and Diluted
$ 2.04 
$ 1.11 
$ 2.92 
$ 2.49 
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED
$ 580.8 
$ 256.7 
$ 753.9 
$ 577.7 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
 
 
Basic (in shares)
284.6 
232.1 
258.5 
232.0 
Diluted (in shares)
284.6 
232.2 
258.5 
232.1 
CASH DIVIDENDS PER SHARE (in dollars per share)
$ 0.010 
$ 0.150 
$ 0.020 
$ 0.300 
Condensed Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Statement of Comprehensive Income [Abstract]
 
 
 
 
NET INCOME
$ 592.6 
$ 262.7 
$ 769.3 
$ 590.6 
OTHER COMPREHENSIVE (LOSS) INCOME, NET
 
 
 
 
Net change in fair value of derivatives
(4.1)
8.7 
(0.6)
(8.7)
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income
2.0 
5.1 
7.9 
10.1 
Other
0.1 
(1.3)
1.3 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(2.0)
12.5 
7.3 
2.7 
COMPREHENSIVE INCOME
590.6 
275.2 
776.6 
593.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.0)
(2.4)
(3.4)
(5.6)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ 588.6 
$ 272.8 
$ 773.2 
$ 587.7 
Condensed Consolidated Balance Sheets (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Deferred Tax Liabilities, Net, Noncurrent
$ 8.7 
$ 4.4 
CURRENT ASSETS
 
 
Cash and cash equivalents
790.3 
121.3 
Short-term Investments
1,010.0 
1,180.0 
Accounts receivable, net
408.0 
582.0 
Other
346.4 
401.8 
Total current assets
2,554.7 
2,285.1 
PROPERTY AND EQUIPMENT, AT COST
12,877.2 
12,719.4 
Less accumulated depreciation
1,856.0 
1,631.6 
Property and equipment, net
11,021.2 
11,087.8 
OTHER ASSETS, NET
189.1 
237.6 
TOTAL ASSETS
13,765.0 
13,610.5 
CURRENT LIABILITIES
 
 
Accounts payable - trade
152.3 
224.6 
Accrued liabilities and other
458.5 
550.9 
Total current liabilities
610.8 
775.5 
LONG-TERM DEBT
4,905.6 
5,868.6 
OTHER LIABILITIES
361.7 
449.2 
COMMITMENTS AND CONTINGENCIES
   
   
ENSCO SHAREHOLDERS' EQUITY
 
 
Additional paid-in capital
6,148.9 
5,554.5 
Retained earnings
1,746.0 
985.3 
Accumulated other comprehensive income
19.8 
12.5 
Treasury shares, at cost
(65.8)
(63.8)
Total Ensco shareholders' equity
7,879.9 
6,512.9 
NONCONTROLLING INTERESTS
7.0 
4.3 
Total equity
7,886.9 
6,517.2 
Total liabilities and shareholders' equity
13,765.0 
13,610.5 
Class A ordinary shares, U.S. [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
30.9 
24.3 
Common Class B, Par Value In GBP [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
$ 0.1 
$ 0.1 
Condensed Consolidated Balance Sheets (Parenthetical)
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
Class A ordinary shares, U.S. [Member]
USD ($)
Dec. 31, 2015
Class A ordinary shares, U.S. [Member]
USD ($)
Jun. 30, 2016
Common Class B, Par Value In GBP [Member]
GBP (£)
Dec. 31, 2015
Common Class B, Par Value In GBP [Member]
GBP (£)
Common stock, par value per share (in dollars per share or pounds sterling per share)
 
 
$ 0.1 
$ 0.10 
£ 1 
£ 1 
Common shares, shares authorized (in shares)
 
 
450,000,000.0 
450,000,000 
50,000 
50,000 
Common shares, shares issued (in shares)
 
 
308,500,000 
242,900,000 
50,000 
50,000 
Treasury shares, shares held (in shares)
7,100,000 
7,600,000 
 
 
 
 
Condensed Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES
 
 
Net income
$ 769.3 
$ 590.6 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
Discontinued operations, net
1.1 
10.3 
Depreciation expense
225.7 
277.6 
Deferred income tax (benefit) expense
21.4 
29.1 
Share-based compensation expense
18.6 
23.0 
Amortization of Debt Discount (Premium)
(11.2)
(13.0)
Gain (Loss) on Extinguishment of Debt
260.8 
(33.5)
Other
(5.5)
(9.9)
Changes in operating assets and liabilities
41.6 
(50.2)
Net cash provided by operating activities of continuing operations
800.2 
891.0 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(209.4)
(913.9)
Maturities of short-term investments
1,032.0 
757.3 
Payments to Acquire Marketable Securities
(862.0)
(650.0)
Other
7.6 
1.1 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
(31.8)
(805.5)
FINANCING ACTIVITIES
 
 
Proceeds from Issuance of Senior Long-term Debt
1,078.7 
Cash dividends paid
(5.5)
(70.5)
Reduction of long-term borrowings
(684.8)
(1,058.0)
Proceeds from Issuance or Sale of Equity
585.5 
Payments of Debt Issuance Costs
(10.5)
Payments of Debt Extinguishment Costs
(30.3)
Other
(1.9)
(6.8)
Net cash provided by (used in) financing activities
(106.7)
(97.4)
DISCONTINUED OPERATIONS
 
 
Operating activities
1.4 
(4.2)
Investing activities
6.3 
(0.6)
Net cash provided by discontinued operations
7.7 
(4.8)
Effect of exchange rate changes on cash and cash equivalents
(0.4)
0.2 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
669.0 
(16.5)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
121.3 
664.8 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$ 790.3 
$ 648.3 
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
Unaudited Condensed Consolidated Financial Statements
 
We prepared the accompanying condensed consolidated financial statements of Ensco plc and subsidiaries (the "Company," "Ensco," "our," "we" or "us") in accordance with accounting principles generally accepted in the United States of America ("GAAP"), pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC") included in the instructions to Form 10-Q and Article 10 of Regulation S-X. The financial information included in this report is unaudited but, in our opinion, includes all adjustments (consisting of normal recurring adjustments) that are necessary for a fair presentation of our financial position, results of operations and cash flows for the interim periods presented. The December 31, 2015 condensed consolidated balance sheet data were derived from our 2015 audited consolidated financial statements, but do not include all disclosures required by GAAP. Certain previously reported amounts have been reclassified to conform to the current year presentation. The preparation of our condensed consolidated financial statements requires us to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.
 
The financial data for the three-month and six-month periods ended June 30, 2016 and 2015 included herein have been subjected to a limited review by KPMG LLP, our independent registered public accounting firm. The accompanying independent registered public accounting firm's review report is not a report within the meaning of Sections 7 and 11 of the Securities Act, and the independent registered public accounting firm's liability under Section 11 does not extend to it.
 
Results of operations for the three-month and six-month periods ended June 30, 2016 are not necessarily indicative of the results of operations that will be realized for the year ending December 31, 2016.  We recommend these condensed consolidated financial statements be read in conjunction with our annual report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 24, 2016 and our quarterly report on Form 10-Q filed with the SEC on April 28, 2016.

Operating Revenues and Expenses

During the three-month and six-month periods ended June 30, 2016, operating revenues included $185.0 million for the lump-sum consideration received in settlement and release of the ENSCO DS-9 customer's ongoing early termination obligations and $20.0 million for the lump-sum consideration received in settlement of the ENSCO 8503 customer's remaining obligations under the contract. The ENSCO DS-9 contract was terminated for convenience by the customer in July 2015, whereby our customer was obligated to pay us monthly termination fees for two years under the termination provisions of the contract. The ENSCO 8503 contract was originally scheduled to expire in August 2017.

New Accounting Pronouncements

In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Transition methods vary for the related amendments. We are currently evaluating the effect that Update 2016-09 will have on our condensed consolidated financial statements and related disclosures.

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. We are currently evaluating the effect that Update 2016-02 will have on our condensed consolidated financial statements and related disclosures.

During 2015, the Financial Accounting Standards Board issued Accounting Standards Update 2015-03, Interest - Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs ("Update 2015-03"), as updated by Update 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements - Amendments to SEC Paragraphs Pursuant to Staff Announcements at June 18, 2015 EITF Meeting ("Update 2015-15"), which require that debt issuance costs related to a recognized debt liability be presented on the balance sheet as a direct deduction from the carrying amount of the related debt liability, consistent with debt discounts. Debt issuance costs related to line-of-credit arrangements may be presented as an asset regardless of whether there are any outstanding borrowings on the arrangement. We adopted Update 2015-03 and Update 2015-15 on a retrospective basis effective January 1, 2016. Accordingly, all debt issuance costs, except for the balance related to our line-of-credit arrangement, were presented as a deduction from the carrying amount of the related debt liability on our condensed consolidated balance sheet for all periods presented. As a result of retrospective application, we reclassified debt issuance costs of $26.5 million on our condensed consolidated balance sheet as of December 31, 2015. There is no impact to the manner in which debt issuance costs are amortized in our consolidated financial statements.

During 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. During 2015, the Financial Accounting Standards Board voted to delay the effective date one year. Update 2014-09 is now effective for annual and interim periods for fiscal years beginning after December 15, 2017, though companies have an option of adopting the standard for fiscal years beginning after December 15, 2016. During 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-08, Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations ("Update 2016-08"), Accounting Standards Update 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("Update 2016-10") and Account Standards Update 2016-12, Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients ("Update 2016-12"). The amendments in Update 2016-08, 2016-10 and 2016-12 do not change the core principle of Update 2014-09 but instead clarify the implementation guidance on principle versus agent considerations, identify performance obligations and the licensing implementation guidance, and provide narrow-scope improvements, respectively. Update 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP and may be adopted using a retrospective, modified retrospective or prospective with a cumulative catch-up approach. We are currently evaluating the effect that Update 2014-09 will have on our condensed consolidated financial statements and related disclosures.
Fair Value Measurements
Fair Value Measurements
Fair Value Measurements
 
The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of 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
)


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



The estimated fair values of our senior notes and debentures were determined using quoted market prices. The decline in the carrying value of long-term debt instruments from December 31, 2015 to June 30, 2016 is due to debt repurchases as discussed in "Note 6 - Debt." The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of June 30, 2016 and December 31, 2015. Our short-term investments consisted of time deposits with initial maturities in excess of three months but less than one year as of each respective balance sheet date.
Derivative Instruments
Derivative Instruments
Derivative Instruments
    
Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar. These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. We use foreign currency forward contracts to reduce our exposure to various market risks, primarily foreign currency exchange rate risk.
 
All derivatives were recorded on our condensed consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset in our condensed consolidated balance sheets. Accounting for the gains and losses resulting from changes in derivative fair value depends on the use of the derivative and whether it qualifies for hedge accounting.  Net liabilities of $8.5 million and $19.7 million associated with our foreign currency forward contracts were included on our condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015, respectively.  All of our derivatives mature during the next 18 months.  See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives.
 
Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
 
Derivative Assets
 
Derivative Liabilities
 
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.
 
We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies. As of June 30, 2016, we had cash flow hedges outstanding to exchange an aggregate $230.3 million for various foreign currencies, including $107.6 million for British pounds, $43.6 million for Australian dollars, $33.8 million for Euros, $28.3 million for Brazilian reais and $17.0 million for other currencies.

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

Three Months Ended June 30, 2016 and 2015
 
(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


Six Months Ended June 30, 2016 and 2015
 
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.

We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments.  In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of June 30, 2016, we held derivatives not designated as hedging instruments to exchange an aggregate $145.2 million for various foreign currencies, including $78.2 million for euros, $16.9 million for British pounds, $16.0 million for Swiss francs, $12.5 million for Indonesian rupiah, $9.9 million for Brazilian reais and $11.7 million for other currencies.
     
Net losses of $3.5 million and net gains of $4.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the three-month periods ended June 30, 2016 and 2015, respectively. Net gains of $900,000 and net losses of $9.0 million associated with our derivatives not designated as hedging instruments were included in other, net, in our condensed consolidated statements of operations for the six-month periods ended June 30, 2016 and 2015, respectively. These gains and losses were largely offset by net foreign currency exchange gains and losses during the respective periods.

As of June 30, 2016, the estimated amount of net losses associated with derivative instruments, net of tax, that would be reclassified into earnings during the next twelve months totaled $4.6 million.
Noncontrolling Interests (Notes)
Noncontrolling Interests
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our condensed consolidated balance sheets, and net income attributable to noncontrolling interests is presented separately in our condensed consolidated statements of operations.
    
Income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2016 and 2015 was as follows (in millions):
 
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

Earnings Per Share
Earnings Per Share
Earnings Per Share
 
We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.

The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Income from continuing operations attributable to Ensco
$
590.8

 
$
270.4

 
$
767.0

 
$
595.3

Income from continuing operations allocated to non-vested share awards
(9.8
)
 
(3.7
)
 
(12.0
)
 
(7.4
)
Income from continuing operations attributable to Ensco shares
$
581.0

 
$
266.7

 
$
755.0

 
$
587.9


 
The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Weighted-average shares - basic
284.6

 
232.1

 
258.5

 
232.0

Potentially dilutive shares

 
.1

 

 
.1

Weighted-average shares - diluted
284.6

 
232.2

 
258.5

 
232.1


 
Antidilutive share awards totaling 500,000 and 600,000 were excluded from the computation of diluted EPS for the three-month and six-month periods ended June 30, 2016. Antidilutive share awards totaling 500,000 were excluded from the computation of diluted EPS for the three-month and six-month ended June 30, 2015.
Debt (Notes)
Debt Disclosure [Text Block]
Debt

Tender Offers and Open Market Repurchases

In March 2016, we launched cash tender offers (the "Tender Offers") to repurchase up to $750.0 million aggregate purchase price of our outstanding debt. The Tender Offers expired on April 1, 2016. We received tenders totaling $860.7 million for an aggregate purchase price of $622.3 million. In April, we used cash on-hand to settle the tendered debt. In addition, during the second quarter, we repurchased $79.5 million of our 4.70% Senior Notes due 2021 for $62.5 million on the open market. Our Tender Offers and open market repurchases during the quarter were as follows (in millions):
 
 
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.
During the second quarter, we recognized a pre-tax gain from debt extinguishment of $260.8 million included in other, net, in our consolidated statements of operations, related to the Tender Offers and open market repurchases, net of discounts, premiums, debt issuance costs and transaction costs.

After giving effect to the Tender Offers and open market repurchases, our next debt maturity is $454.3 million during 2019, followed by $759.9 million, $778.0 million, $623.2 million and $669.3 million during 2020, 2021, 2024 and 2025, respectively.

Revolving Credit

We have a $2.25 billion senior unsecured revolving credit facility with a syndicate of banks to be used for general corporate purposes with a term expiring on September 30, 2019 (the "Credit Facility"). Advances under the Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate, depending on our credit ratings. We are required to pay a quarterly commitment fee on the undrawn portion of the $2.25 billion commitment, which is also based on our credit rating.

In February, Moody’s announced a downgrade of our credit rating to B1, which is below investment grade. Following the downgrade, the applicable margin rates are 0.50% per annum for Base Rate advances and 1.50% per annum for LIBOR advances. Our quarterly commitment fee is 0.225% per annum on the undrawn portion of the $2.25 billion commitment. 

In July, Standard & Poor's downgraded our credit rating one notch to BBB-, which maintains our investment grade rating with the rating agency. As previous rating actions resulted in the highest applicable margin rate and commitment fees under our Credit Facility, the July downgrade does not impact our applicable margin rate on borrowings or our quarterly commitment fee. We have limited or no access to the commercial paper market as a result of our current credit ratings.

Our access to credit and capital markets depends on the credit ratings assigned to our debt. There can be no assurance that we will be able to maintain our credit ratings, and any additional actual or anticipated downgrades in our credit ratings, including any announcement that our ratings are under review for a downgrade, could limit our available options when accessing credit and capital markets, or when restructuring or refinancing our debt. In addition, future financings or refinancings may result in higher borrowing costs and require more restrictive terms and covenants.

The Credit Facility requires us to maintain a total debt to total capitalization ratio that is less than or equal to 60%. The Credit Facility also contains customary restrictive covenants, including, among others, prohibitions on creating, incurring or assuming certain debt and liens; entering into certain merger arrangements; selling, leasing, transferring or otherwise disposing of all or substantially all of our assets; making a material change in the nature of the business; and entering into certain transactions with affiliates. We have the right, subject to receipt of commitments from new or existing lenders, to increase the commitments under the Credit Facility to an aggregate amount of up to $2.75 billion and to extend the term of the Credit Facility by one year on up to two occasions.

As of June 30, 2016, we were in compliance in all material respects with our covenants under the Credit Facility. We had no amounts outstanding under the Credit Facility as of June 30, 2016 and December 31, 2015.
Shareholders' Equity (Notes)
Stockholders' Equity Note Disclosure [Text Block]
We filed an automatically effective shelf registration statement on Form S-3 with the U.S. Securities and Exchange Commission on January 15, 2015, which provides us the ability to issue debt securities, equity securities, guarantees and/or units of securities in one or more offerings. The registration statement, as amended, expires in January 2018.

On April 20, 2016, we closed an underwritten public offering of 65,550,000 Class A ordinary shares at $9.25 per share, inclusive of shares purchased under an underwriters' option. We received net proceeds from the offering of $585.5 million. The offering resulted in an increase in Class A ordinary shares and Additional Paid in Capital on our condensed consolidated balance sheet of $6.6 million and $578.9 million, respectively.
Share-Based Compensation
Share-Based Compensation

During the quarter ended June 30, 2016, we granted 3.4 million non-vested share units to our employees pursuant to our 2012 Long-Term Incentive Plan, which will be settled in cash upon vesting. Grants of our non-vested share units generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. The non-vested share units have dividend rights effective on the date of grant. Compensation expense for awards to be settled in cash is remeasured each quarter with a cumulative adjustment to compensation cost during the period based on changes in our share price. The weighted-average grant date fair value for our non-vested share units to be settled in cash that were granted during the quarter ended June 30, 2016 was $9.65.
Discontinued Operations (Notes)
Discontinued Operations
Discontinued Operations
    
The following table summarizes loss from discontinued operations, net, for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
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
)


During the second quarter of 2016, we sold ENSCO DS-2, ENSCO 6000 and ENSCO 58 for scrap value resulting in a net pre-tax gain on sale of $1.2 million included in loss from discontinued operations, net, on our condensed consolidated statements of operations.

ENSCO 7500 and ENSCO 90 remain classified as held-for-sale on our June 30, 2016 condensed consolidated balance sheet and are included in discontinued operations.

For the three-month and six-month periods ended June 30, 2015, loss from discontinued operations, net, included the operating results of ENSCO 93 and ENSCO 58, stacking costs for uncontracted rigs included in discontinued operations, a pre-tax impairment of $7.2 million on ENSCO 6000 and a pre-tax gain of $1.6 million on the sale of ENSCO 5002. A discrete tax benefit of $13.3 million was included in loss from discontinued operations, net, in the first quarter of 2015.

Debt and interest expense are not allocated to our discontinued operations.
Income Taxes
Income Taxes
Income Taxes
 
Our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2016 was 5.8% and 12.3%, respectively. Excluding the impact of discrete tax items, our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2016 was 19.9% and 24.3%, respectively. Discrete tax items for the three-month period ended June 30, 2016 resulted primarily from the gain on debt extinguishment, income from the ENSCO DS-9 lump-sum consideration and restructuring transactions involving certain of our subsidiaries.

Our consolidated effective income tax rate for the three-month and six-month periods ended June 30, 2015 was 17.5% and 18.4%, respectively. There were no material discrete tax items for the three-month period ended June 30, 2015. Excluding the impact of discrete income tax items for the six-month period ended June 30, 2015, our consolidated effective income tax rate was 17.5%. These discrete tax items were primarily attributable to the recognition of liabilities for unrecognized tax benefits associated with tax positions taken in prior years.

The increase in our consolidated effective tax rate, excluding discrete items, for the three-month and six-month periods ended June 30, 2016 is primarily attributable to an increase in the relative components of our estimated 2016 earnings, excluding discrete items, generated in tax jurisdictions with higher tax rates, partially offset by the impact of restructuring transactions involving certain of our subsidiaries.
Contingencies
Contingencies
nducting our compliance review, we became aware of an internal audit report by Petrobras alleging irregularities in relation to the DSA. Upon learning of the Petrobras internal audit report, our Audit Committee appointed independent counsel to lead an investigation into the alleged irregularities. Further, in June and July 2015, we voluntarily contacted the SEC and the DOJ, respectively, to advise them of this matter and our Audit Committee’s investigation. Independent counsel, under the direction of our Audit Committee, has substantially completed its investigation by reviewing and analyzing available documents and correspondence and interviewing current and former employees involved in the DSA negotiations and the negotiation of the ENSCO DS-5 construction contract with SHI (the "DS-5 Construction Contract").
    
To date, our Audit Committee has found no evidence that Pride or Ensco or any of their current or former employees were aware of or involved in any wrongdoing, and our Audit Committee has found no evidence linking Ensco or Pride to any illegal acts committed by our former marketing consultant, who provided services to Pride and Ensco in connection with the DSA. Independent counsel has continued to provide the SEC and DOJ with updates throughout the investigation, including detailed briefings regarding its investigation and findings. On December 21, 2015, we entered into a one-year tolling agreement with the DOJ. On March 7, 2016, we entered into a one-year tolling agreement with the SEC.

Subsequent to initiating our Audit Committee investigation, Brazilian court documents connected to the prosecution of former Petrobras directors and employees as well as certain other third parties, including our former marketing consultant, referenced the alleged irregularities cited in the Petrobras internal audit report. Our former marketing consultant has entered into a plea agreement with the Brazilian authorities. On January 10, 2016, Brazilian authorities filed an indictment against a former Petrobras director. This indictment states that the former Petrobras director received bribes paid out of proceeds from a brokerage agreement entered into for purposes of intermediating a drillship construction contract between SHI and Pride, which we believe to be the DS-5 Construction Contract. The parties to the brokerage agreement were a company affiliated with a person acting on behalf of the former Petrobras director, a company affiliated with our former marketing consultant, and SHI. The indictment alleges that amounts paid by SHI under the brokerage agreement ultimately were used to pay bribes to the former Petrobras director. The indictment does not state that Pride or Ensco or any of their current or former employees were involved in the bribery scheme or had any knowledge of the bribery scheme.    

On January 4, 2016, we received a notice from Petrobras declaring the DSA void effective immediately. Petrobras’ notice alleges that our former marketing consultant both received and procured improper payments from SHI for employees of Petrobras and that Pride had knowledge of this activity and assisted in the procurement of and/or facilitated these improper payments. We disagree with Petrobras’ allegations. See "—DSA Dispute" below for additional information.

Outside of Petrobras’ allegations, we have not been contacted by any Brazil governmental authority regarding alleged wrongdoing by Pride or Ensco or any of their current or former employees related to this matter. We cannot predict whether any U.S., Brazilian or other governmental authority will seek to investigate Pride's involvement in this matter, or if a proceeding were opened, the scope or ultimate outcome of any such investigation. If the SEC or DOJ determines that violations of the FCPA have occurred, or if any governmental authority determines that we have violated applicable anti-bribery laws, they could seek civil and criminal sanctions, including monetary penalties, against us, as well as changes to our business practices and compliance programs, any of which could have a material adverse effect on our business and financial condition. Although our internal investigation is substantially complete, we cannot predict whether any additional allegations will be made or whether any additional facts relevant to the investigation will be uncovered during the course of the investigation and what impact those allegations and additional facts will have on the timing or conclusions of the investigation. Our Audit Committee will examine any such additional allegations and additional facts and the circumstances surrounding them.

DSA Dispute

As described above, on January 4, 2016, Petrobras sent a notice to us declaring the DSA void effective immediately, reserving its rights and stating its intention to seek any restitution to which it may be entitled. We disagree with Petrobras’ declaration that the DSA is void. We believe that Petrobras has repudiated the DSA and have therefore accepted the DSA as terminated on April 8, 2016 (the "Termination Date"). At this time, we cannot reasonably determine the validity of Petrobras' claim or the range of our potential exposure, if any. As a result, there can be no assurance as to how this dispute will ultimately be resolved.

We did not recognize revenue for amounts owed to us under the DSA from the beginning of the fourth quarter of 2015 through the Termination Date, as we concluded that collectability of these amounts was not reasonably assured. Additionally, our receivables from Petrobras related to the DSA from prior to the fourth quarter of 2015 are fully reserved on our condensed consolidated balance sheet as of June 30, 2016. We have initiated arbitration proceedings in the U.K. against Petrobras seeking payment of all amounts owed to us under the DSA, in addition to any other amounts to which we are entitled, and intend to vigorously pursue our claims. Petrobras subsequently filed a counterclaim seeking restitution of certain sums paid under the DSA less value received by Petrobras under the DSA. We have also initiated separate arbitration proceedings in the U.K. against SHI for any losses we have incurred in connection with the foregoing. There can be no assurance as to how these arbitration proceedings will ultimately be resolved.
    
Asbestos Litigation

We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Mississippi and Louisiana by approximately 46 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s.
    
During 2013, we reached an agreement in principle with 58 plaintiffs to settle lawsuits filed in Mississippi for a nominal amount. A special master reviewed all 58 cases and made an allocation of settlement funds among the parties.  The District Court Judge reviewed the allocations and accepted the special master’s recommendations and approved the settlements.  The settlement documents for most of the individual plaintiffs have been processed, and the cases dismissed. The settlement documents for approximately 13 individual plaintiffs continue to be processed.

We intend to vigorously defend against the remaining claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any. 
    
In addition to the pending cases in Mississippi and Louisiana, we have other asbestos or lung injury claims pending against us in litigation in other jurisdictions. Although we do not expect final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits.

   Other Matters

In addition to the foregoing, we are named defendants or parties in certain other lawsuits, claims or proceedings incidental to our business and are involved from time to time as parties to governmental investigations or proceedings, including matters related to taxation, arising in the ordinary course of business. Although the outcome of such lawsuits or other proceedings cannot be predicted with certainty and the amount of any liability that could arise with respect to such lawsuits or other proceedings cannot be predicted accurately, we do not expect these matters to have a material adverse effect on our financial position, operating results or cash flows.

In the ordinary course of business with customers and others, we have entered into letters of credit and surety bonds to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit and surety bonds outstanding as of June 30, 2016 totaled $72.3 million and were issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit and surety bonds are not normally called as we typically comply with the underlying performance requirement. As of June 30, 2016, we were not required to make collateral deposits with respect to these agreements.
Segment Information
Segment Information
Segment Information
 
Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.
    
Segment information for the three-month and six-month periods ended 2016 and 2015 is presented below (in millions). General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and are included in "Reconciling Items." We measure segment assets as property and equipment.

Three Months Ended June 30, 2016
 
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


Three Months Ended June 30, 2015
 
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


Six Months Ended June 30, 2016
 
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


Six Months Ended June 30, 2015
 
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



Information about Geographic Areas    

As of June 30, 2016, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
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.
Supplemental Financial Information
Supplemental Financial Information
Supplemental Financial Information

Consolidated Balance Sheet Information

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



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

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


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


        
Other liabilities consisted of the following (in millions):
 
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


    
Accumulated other comprehensive income consisted of the following (in millions):
 
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



Concentration of Risk

We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions.  

We mitigate our credit risk relating to derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions.  Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events.  See "Note 3 - Derivative Instruments" for additional information on our derivatives.

Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2016 and 2015 were as follows:

 
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.

Consolidated revenues by region for the three-month and six-month periods ended June 30, 2016 and 2015 were as follows:

 
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.
Guarantee Of Registered Securities
Guarantee Of Registered Securities
Guarantee of Registered Securities

Ensco plc provides for the full and unconditional guarantee of Pride International, Inc.'s, a wholly-owned subsidiary of Ensco plc, 8.5% unsecured senior notes due 2019, 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $1.5 billion as of June 30, 2016. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the note holders.
 
Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated, a wholly-owned subsidiary of Ensco plc, during 1997, which had an aggregate outstanding principal balance of $150.0 million as of June 30, 2016.
    
All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.
   
The following tables present the unaudited condensed consolidating statements of operations for the three-month and six-month periods ended June 30, 2016 and 2015; the unaudited condensed consolidating statements of comprehensive income for the three-month and six-month periods ended June 30, 2016 and 2015; the condensed consolidating balance sheets as of June 30, 2016 (unaudited) and December 31, 2015; and the unaudited condensed consolidating statements of cash flows for the six-month periods ended June 30, 2016 and 2015, in accordance with Rule 3-10 of Regulation S-X.

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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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

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

In March 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-09, Compensation — Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ("Update 2016-09"), which simplifies several aspects of accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update is effective for annual and interim periods beginning after December 15, 2016, with early adoption permitted. Transition methods vary for the related amendments. We are currently evaluating the effect that Update 2016-09 will have on our condensed consolidated financial statements and related disclosures.

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-02, Leases (Topic 842): Amendments to the FASB Accounting Standards Codification ("Update 2016-02"), which requires an entity to recognize lease assets and lease liabilities on the balance sheet and to disclose key qualitative and quantitative information about the entity's leasing arrangements. This update is effective for annual and interim periods beginning after December 15, 2018, with early adoption permitted. A modified retrospective approach is required. We are currently evaluating the effect that Update 2016-02 will have on our condensed consolidated financial statements and related disclosures.
Fair Value Measurements (Tables)
The following fair value hierarchy table categorizes information regarding our financial assets and liabilities measured at fair value on a recurring basis (in millions):
 
Quoted Prices in Active Markets for Identical Assets
(Level 1)
 
Significant Other Observable Inputs
(Level 2)
 
Significant Unobservable Inputs
(Level 3)
 
Total
As of 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
)
The carrying values and estimated fair values of our long-term debt instruments were as follows (in millions):
 
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 Instruments (Tables)
Derivatives recorded at fair value on our condensed consolidated balance sheets consisted of the following (in millions):
 
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.
Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our condensed consolidated statements of operations and comprehensive income were as follows (in millions):

Three Months Ended June 30, 2016 and 2015
 
(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


Six Months Ended June 30, 2016 and 2015
 
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.

Noncontrolling Interests (Tables)
Reconciliation of Income from Continuing Operations
Income from continuing operations attributable to Ensco for the three-month and six-month periods ended June 30, 2016 and 2015 was as follows (in millions):
 
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

Earnings Per Share (Tables)
The following table is a reconciliation of income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Income from continuing operations attributable to Ensco
$
590.8

 
$
270.4

 
$
767.0

 
$
595.3

Income from continuing operations allocated to non-vested share awards
(9.8
)
 
(3.7
)
 
(12.0
)
 
(7.4
)
Income from continuing operations attributable to Ensco shares
$
581.0

 
$
266.7

 
$
755.0

 
$
587.9

The following table is a reconciliation of the weighted-average shares used in our basic and diluted EPS computations for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
 
2016
 
2015
 
2016
 
2015
Weighted-average shares - basic
284.6

 
232.1

 
258.5

 
232.0

Potentially dilutive shares

 
.1

 

 
.1

Weighted-average shares - diluted
284.6

 
232.2

 
258.5

 
232.1

Debt Schedule of Extinguishment of Debt (Tables)
Schedule of Extinguishment of Debt [Table Text Block]
 
 
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.
Discontinued Operations (Tables)
Summary of Loss from Discontinued Operations
The following table summarizes loss from discontinued operations, net, for the three-month and six-month periods ended June 30, 2016 and 2015 (in millions):
 
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
)
Segment Information (Tables)
Three Months Ended June 30, 2016
 
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


Three Months Ended June 30, 2015
 
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


Six Months Ended June 30, 2016
 
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


Six Months Ended June 30, 2015
 
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

As of June 30, 2016, the geographic distribution of our drilling rigs by reportable segment was as follows:
 
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.
Supplemental Financial Information (Tables)
Accounts receivable, net, consisted of the following (in millions):
 
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

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

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

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

Other liabilities consisted of the following (in millions):
 
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

Accumulated other comprehensive income consisted of the following (in millions):
 
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

Guarantee Of Registered Securities (Tables)

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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
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
 
 
 
 
 
 
 
 
 
 
 
 
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

Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements (Narrative) (Details) (Sales Revenue, Net [Member], USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Revenue from External Customer [Line Items]
 
Gain (Loss) on Contract Termination
$ 205.0 
ENSCO DS-9 [Member]
 
Revenue from External Customer [Line Items]
 
Gain (Loss) on Contract Termination
185.0 
ENSCO 8503 [Member]
 
Revenue from External Customer [Line Items]
 
Gain (Loss) on Contract Termination
$ 20.0 
Unaudited Condensed Consolidated Financial Statements New Accounting Pronouncements (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2015
New Accounting Pronouncements [Abstract]
 
Debt Issuance Cost, Gross, Noncurrent
$ 26.5 
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
$ 33.3 
$ 33.1 
Total financial assets
33.3 
33.1 
Derivative Assets (Liabilities), at Fair Value, Net
(8.5)
(19.7)
Financial Liabilities Fair Value Disclosure
(8.5)
(19.7)
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
33.3 
33.1 
Total financial assets
33.3 
33.1 
Derivative Assets (Liabilities), at Fair Value, Net
Financial Liabilities Fair Value Disclosure
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
Total financial assets
Derivative Assets (Liabilities), at Fair Value, Net
(8.5)
(19.7)
Financial Liabilities Fair Value Disclosure
(8.5)
(19.7)
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Supplemental executive retirement plan assets
Total financial assets
Derivative Assets (Liabilities), at Fair Value, Net
Financial Liabilities Fair Value Disclosure
$ 0 
$ 0 
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Carrying Value
$ 4,905.6 
$ 5,868.6 
Estimated Fair Value
3,707.0 
4,621.9 
Seven Point Two Zero Percent Debentures Member
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
7.20% 
7.20% 
Carrying Value
149.1 
149.1 
Estimated Fair Value
115.9 
133.5 
Seven Point Eight Seven Five Percent Senior Notes Member
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
7.875% 
7.875% 
Carrying Value
379.1 
379.8 
Estimated Fair Value
210.0 
244.0 
Eight Point Five Zero Percent Senior Notes Member
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
8.50% 
8.50% 
Carrying Value
506.5 
566.4 
Estimated Fair Value
467.0 
510.2 
Four Point Five Percent Senior Notes Member [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.50% 
4.50% 
Carrying Value
618.3 
619.7 
Estimated Fair Value
427.0 
417.4 
Five Point Two Percent Senior Notes [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.20% 
5.20% 
Carrying Value
662.4 
692.5 
Estimated Fair Value
465.2 
505.2 
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.875% 
6.875% 
Carrying Value
829.1 
990.9 
Estimated Fair Value
747.6 
850.5 
Five Point Seven Five Percent Senior Notes [Member]
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.75% 
5.75% 
Carrying Value
994.0 
993.5 
Estimated Fair Value
620.9 
707.1 
Four Point Seven Zero Percent Senior Notes Member
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.70% 
4.70% 
Carrying Value
767.1 
1,476.7 
Estimated Fair Value
$ 653.4 
$ 1,254.0 
Derivative Instruments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended 3 Months Ended 6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2016
Not Designated [Member]
Jun. 30, 2015
Not Designated [Member]
Jun. 30, 2016
Not Designated [Member]
Jun. 30, 2015
Not Designated [Member]
Jun. 30, 2016
Foreign Exchange [Member]
Cash Flow Hedges [Member]
Jun. 30, 2016
Foreign Exchange [Member]
Not Designated [Member]
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
 
 
 
 
 
Net assets associated with foreign currency derivatives
$ (8.5)
$ (19.7)
 
 
 
 
 
 
Maturity period of derivatives (in months)
18 months 
 
 
 
 
 
 
 
Aggregate cash flow hedges outstanding
 
 
 
 
 
 
230.3 
145.2 
Cash flow hedges outstanding for British pounds
 
 
 
 
 
 
107.6 
16.9 
Cash flow hedges outstanding for Brazilian reals
 
 
 
 
 
 
28.3 
9.9 
Cash flow hedges outstanding for euros
 
 
 
 
 
 
33.8 
78.2 
Cash flow hedges outstanding for Australian dollars
 
 
 
 
 
 
43.6 
 
Cash flow hedges outstanding for Indonesian rupiah
 
 
 
 
 
 
 
12.5 
Cash flow hedges outstanding for Swiss francs
 
 
 
 
 
 
 
16.0 
Cash flow hedges outstanding for other currencies
 
 
 
 
 
 
17.0 
11.7 
Net gains (losses) on derivatives not designated as hedging instruments
 
 
(3.5)
4.5 
0.9 
(9.0)
 
 
Estimated amount of net gains (losses) associated with derivative instruments, net of tax, in next twelve months
$ (4.6)
 
 
 
 
 
 
 
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Derivative [Line Items]
 
 
Total fair value of derivative assets
$ 7.5 
$ 3.4 
Total fair value of derivative liabilities
16.0 
23.1 
Designated As Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
6.0 
0.8 
Total fair value of derivative liabilities
13.8 
22.2 
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
5.0 1
0.6 1
Total fair value of derivative liabilities
12.7 1
20.7 1
Designated As Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Non-Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.0 2
0.2 2
Total fair value of derivative liabilities
1.1 2
1.5 2
Not Designated [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.5 
2.6 
Total fair value of derivative liabilities
2.2 
0.9 
Not Designated [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
1.5 1
2.6 1
Total fair value of derivative liabilities
$ 2.2 1
$ 0.9 1
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Interest Rate Lock Contracts [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
$ 0 1
$ 0 1
$ 0 1
$ 0 1
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
1 2
(400,000)1 2
(100,000)1 2
(500,000)1 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
1 3
1 3
1 3
1 3
Foreign Currency Forward Contracts [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(4,100,000)4
8,700,000 4
(600,000)5
(8,700,000)5
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(2,000,000)2 4
(4,700,000)2 4
(7,800,000)2 5
(9,600,000)2 5
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
800,000 3 4
300,000 3 4
1,900,000 3 5
200,000 3 5
Foreign Currency Forward Contracts [Member] |
Contract Drilling [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(2,200,000)
(4,900,000)
(8,200,000)
(10,000,000)
Foreign Currency Forward Contracts [Member] |
Depreciation Expense [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
200,000 
200,000 
400,000 
400,000 
Cash Flow Hedges [Member]
 
 
 
 
Derivative [Line Items]
 
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion)
(4,100,000)
8,700,000 
(600,000)
(8,700,000)
Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)
(2,000,000)2
(5,100,000)2
(7,900,000)2
(10,100,000)2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
$ 800,000 3
$ 300,000 3
$ 1,900,000 3
$ 200,000 3
Noncontrolling Interests Reconciliation of income from continuing operations (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Noncontrolling Interest [Abstract]
 
 
 
 
Income (loss) 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 (loss) from continuing operations attributable to Ensco
$ 590.8 
$ 270.4 
$ 767.0 
$ 595.3 
Earnings Per Share (Reconciliation Of Net Income Attributable To Ensco Shares) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share [Abstract]
 
 
 
 
Income (loss) from continuing operations attributable to Ensco
$ 590.8 
$ 270.4 
$ 767.0 
$ 595.3 
Other Preferred Stock Dividends and Adjustments
9.8 
3.7 
12.0 
7.4 
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders
$ 581.0 
$ 266.7 
$ 755.0 
$ 587.9 
Earnings Per Share (Reconciliation Of Weighted-Average Shares Used In Earnings Per Share Computations) (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Earnings Per Share [Abstract]
 
 
 
 
Weighted-average shares - basic (in shares)
284,600,000 
232,100,000 
258,500,000 
232,000,000 
Potentially dilutive share options (in shares)
100,000 
100,000 
Weighted-average shares - diluted (in shares)
284,600,000 
232,200,000 
258,500,000 
232,100,000 
Antidilutive share options excluded from computation of diluted earnings per share (in shares)
500,000 
500,000 
600,000 
500,000 
Debt (Details) (USD $)
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Five Point Two Percent Senior Notes [Member]
Dec. 31, 2015
Five Point Two Percent Senior Notes [Member]
Jun. 30, 2016
Senior Notes [Member]
Jun. 30, 2016
Four Point Seven Zero Percent Senior Notes Member
Dec. 31, 2015
Four Point Seven Zero Percent Senior Notes Member
Jun. 30, 2016
Eight Point Five Zero Percent Senior Notes Member
Dec. 31, 2015
Eight Point Five Zero Percent Senior Notes Member
Jun. 30, 2016
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member
Dec. 31, 2015
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member
Jun. 30, 2016
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2015
Four Point Five Percent Senior Notes Member [Member]
Jun. 30, 2016
Revolving Credit Facility [Member]
Five Year Credit Facility Member
Dec. 31, 2015
Revolving Credit Facility [Member]
Five Year Credit Facility Member
Jun. 30, 2016
Revolving Credit Facility [Member]
Base Rate [Member]
Five Year Credit Facility Member
Jun. 30, 2016
Revolving Credit Facility [Member]
London Interbank Offered Rate (LIBOR) [Member]
Five Year Credit Facility Member
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal after Year Five
 
 
$ 669,300,000 
 
 
 
 
 
 
 
 
$ 623,200,000 
 
 
 
 
 
Gain (Loss) on Extinguishment of Debt
260,800,000 
(33,500,000)
 
 
260,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Repurchased Face Amount
940,200,000 
 
30,700,000 
 
 
722,000,000 
 
45,700,000 
 
140,100,000 
 
1,700,000 
 
 
 
 
 
Debt Instrument, Interest Rate, Stated Percentage
 
 
5.20% 
5.20% 
 
4.70% 
4.70% 
8.50% 
8.50% 
6.875% 
6.875% 
4.50% 
4.50% 
 
 
 
 
Debt Instrument, Repurchase Amount
684,800,000 
 
16,800,000 
 
 
525,100,000 
 
38,300,000 
 
103,700,000 
 
900,000 
 
 
 
 
 
Line of Credit Facility, Maximum Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
2,750,000,000 
 
 
 
Line of Credit Facility, Current Borrowing Capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
2,250,000,000 
 
 
 
Maximum Percent of Debt to Total Capitalization Ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
60.00% 
 
 
 
Debt Instrument, Basis Spread on Variable Rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.50% 
1.50% 
Line of Credit Facility, Commitment Fee Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
0.225% 
 
 
 
Line of Credit Facility, Fair Value of Amount Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Five
 
 
 
 
 
778,000,000 
 
 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Three
 
 
 
 
 
 
 
454,300,000 
 
 
 
 
 
 
 
 
 
Long-term Debt, Maturities, Repayments of Principal in Year Four
 
 
 
 
 
 
 
 
 
$ 759,900,000 
 
 
 
 
 
 
 
Debt Tender Offers (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Extinguishment of Debt [Line Items]
 
 
Tender Offer
$ 750.0 
 
Debt Instrument, Repurchased Face Amount
940.2 
 
Debt Instrument, Repurchase Amount
684.8 
 
Discount on Principal
27.1644% 
 
Tender Offer [Member]
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Repurchased Face Amount
860.7 
 
Debt Instrument, Repurchase Amount
622.3 
 
Eight Point Five Zero Percent Senior Notes Member
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
8.50% 
8.50% 
Debt Instrument, Repurchased Face Amount
45.7 
 
Debt Instrument, Repurchase Amount
38.3 
 
Discount on Principal
16.1926% 
 
Six Point Eight Seven Five Percent Senior Notes Due Two Thousand Twenty Member
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
6.875% 
6.875% 
Debt Instrument, Repurchased Face Amount
140.1 
 
Debt Instrument, Repurchase Amount
103.7 
 
Discount on Principal
25.9814% 
 
Four Point Seven Zero Percent Senior Notes Member
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.70% 
4.70% 
Debt Instrument, Repurchased Face Amount
722.0 
 
Debt Instrument, Repurchase Amount
525.1 
 
Discount on Principal
27.2715% 
 
Four Point Five Percent Senior Notes Member [Member]
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
4.50% 
4.50% 
Debt Instrument, Repurchased Face Amount
1.7 
 
Debt Instrument, Repurchase Amount
0.9 
 
Discount on Principal
47.0588% 
 
Five Point Two Percent Senior Notes [Member]
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Interest Rate, Stated Percentage
5.20% 
5.20% 
Debt Instrument, Repurchased Face Amount
30.7 
 
Debt Instrument, Repurchase Amount
16.8 
 
Discount on Principal
45.2769% 
 
Open Market Repurchase [Member]
 
 
Extinguishment of Debt [Line Items]
 
 
Debt Instrument, Repurchased Face Amount
79.5 
 
Debt Instrument, Repurchase Amount
$ 62.5 
 
Shareholders' Equity (Details) (USD $)
In Millions, except Share data, unless otherwise specified
3 Months Ended
Jun. 30, 2016
Equity [Abstract]
 
Stock Issued During Period, Shares, New Issues
65,550,000 
Shares Issued, Price Per Share
$ 9.25 
Proceeds from (Repurchase of) Equity
$ 585.5 
Increase in Common Stock, value due to Equity Issuance
6.6 
Increase in Additional Paid in Capital due to Equity Issuance
$ 578.9 
Share-Based Compensation (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2016
Cash-based restricted share unit awards [Member]
Jun. 30, 2016
Restricted share awards and share unit awards [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Awards granted
 
3.4 
 
Vesting rate
 
 
20.00% 
Vesting rate for certain officers and non-employee directors
 
 
33.00% 
Share-based Compensation Arrangement to be paid in Cash, Liability Award, Grants in period, Weighted Average Grant Date Fair Value
$ 9.65 
 
 
Discontinued Operations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Discontinued Operations, Income Tax Expense (Benefit), Discrete Item
 
 
$ 13.3 
 
 
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit
7.2 
 
7.2 
Net proceeds from rig sale
 
 
1.2 
 
 
ENSCO 6000 [Member] |
Floaters [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of
 
 
7.2 
 
 
ENSCO 5002 [Member] [Member] |
Floaters [Member]
 
 
 
 
 
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
Net proceeds from rig sale
 
 
$ 1.6 
 
 
Discontinued Operations (Summary of Income From Discontinued Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
 
 
 
 
 
Revenues
$ 0 
 
$ 8.1 
 
 
 
$ 0 
$ 17.7 
Operating expenses
1.6 
 
11.3 
 
 
 
2.4 
33.2 
Operating loss before income taxes
(1.6)
 
(3.2)
 
 
 
(2.4)
(15.5)
Income tax (expense) benefit
0.4 
 
(2.9)
 
 
 
0.3 
9.2 
Loss on impairment, net
 
(7.2)
 
 
 
(7.2)
Gain (loss) on disposal of discontinued operations, net
1.0 
 
3.2 
 
 
 
1.0 
3.2 
Income (loss) from discontinued operations
$ (0.2)
$ (0.2)
$ (10.1)
$ (10.1)
$ (1.1)
$ (10.3)
$ (1.1)
$ (10.3)
Income Taxes (Narrative) (Details)
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Income Tax Examination [Line Items]
 
 
 
 
 
 
Consolidated effective income tax rate including tax expense attributable to prior periods
5.80% 
 
 
 
12.30% 
 
Effective Income Tax Rate Reconciliation, Percent
 
19.90% 
17.50% 
17.50% 
24.30% 
18.40% 
Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
plaintiffs
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
Loss Contingency, Number of Plaintiffs
46 
Loss Contingency, Claims Settled, Number
58 
Loss Contingency, Claims Settled Pending Documentation, Number
13 
Letters of Credit Outstanding, Amount
$ 72.3 
Segment Information (Narrative) (Details)
6 Months Ended
Jun. 30, 2016
segments
Segment Reporting Information, Revenue for Reportable Segment [Abstract]
 
Number of operating segments (in segments)
Number of reportable segments (in segments)
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2015
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
$ 909,600,000 
$ 1,059,000,000 
$ 1,723,600,000 
$ 2,222,900,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
350,200,000 
502,600,000 
713,900,000 
1,020,900,000 
 
Depreciation
112,400,000 
140,500,000 
225,700,000 
277,600,000 
 
General and administrative
27,400,000 
29,700,000 
50,800,000 
59,800,000 
 
OPERATING (LOSS) INCOME
419,600,000 
386,200,000 
733,200,000 
864,600,000 
 
Property and equipment, net
11,021,200,000 
13,169,900,000 
11,021,200,000 
13,169,900,000 
11,087,800,000 
Floaters [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
636,400,000 
634,300,000 
1,149,000,000 
1,329,300,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
208,600,000 
277,700,000 
419,900,000 
571,200,000 
 
Depreciation
77,800,000 
94,400,000 
158,100,000 
187,400,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
350,000,000 
262,200,000 
571,000,000 
570,700,000 
 
Property and equipment, net
8,414,100,000 
9,870,700,000 
8,414,100,000 
9,870,700,000 
 
Jackup [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
251,300,000 
384,100,000 
529,200,000 
812,400,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
122,300,000 
192,700,000 
256,800,000 
384,200,000 
 
Depreciation
30,100,000 
43,600,000 
58,700,000 
85,100,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
98,900,000 
147,800,000 
213,700,000 
343,100,000 
 
Property and equipment, net
2,543,000,000 
3,223,400,000 
2,543,000,000 
3,223,400,000 
 
Other [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
21,900,000 
40,600,000 
45,400,000 
81,200,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
19,300,000 
32,200,000 
37,200,000 
65,500,000 
 
Depreciation
 
General and administrative
 
OPERATING (LOSS) INCOME
2,600,000 
8,400,000 
8,200,000 
15,700,000 
 
Property and equipment, net
 
Operating Segments Total [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
909,600,000 
1,059,000,000 
1,723,600,000 
2,222,900,000 
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
350,200,000 
502,600,000 
713,900,000 
1,020,900,000 
 
Depreciation
107,900,000 
138,000,000 
216,800,000 
272,500,000 
 
General and administrative
 
OPERATING (LOSS) INCOME
451,500,000 
418,400,000 
792,900,000 
929,500,000 
 
Property and equipment, net
10,957,100,000 
13,094,100,000 
10,957,100,000 
13,094,100,000 
 
Reconciling Items [Member]
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
Revenues
 
Operating Expenses [Abstract]
 
 
 
 
 
Contract drilling (exclusive of depreciation)
 
Depreciation
4,500,000 
2,500,000 
8,900,000 
5,100,000 
 
General and administrative
27,400,000 
29,700,000 
50,800,000 
59,800,000 
 
OPERATING (LOSS) INCOME
(31,900,000)
(32,200,000)
(59,700,000)
(64,900,000)
 
Property and equipment, net
$ 64,100,000 
$ 75,800,000 
$ 64,100,000 
$ 75,800,000 
 
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Jun. 30, 2016
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
61 1
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
21 
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
40 
North & South America (Excl. Brazil) [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
16 1
North & South America (Excl. Brazil) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
North & South America (Excl. Brazil) [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
15 1
Europe & Mediterranean [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Europe & Mediterranean [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 
Middle East & Africa [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
13 1
Middle East & Africa [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East & Africa [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
11 1
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Asia & Pacific Rim [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East Under Construction Member [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Middle East Under Construction Member [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Middle East Under Construction Member [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Discontinued Operations, Held-for-sale [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Discontinued Operations, Held-for-sale [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Discontinued Operations, Held-for-sale [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Construction in Progress [Member] |
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
1
Construction in Progress [Member] |
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Construction in Progress [Member] |
Asia & Pacific Rim [Member] |
Jackup [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs (in rigs)
Supplemental Financial Information Supplemental Financial Information (Narrative) (Details) (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Proceeds from Sale of Property, Plant, and Equipment
 
 
 
$ 1,200,000 
Customer Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
 
 
Concentration Risk, Percentage
100.00% 
100.00% 
100.00% 
100.00% 
Customer Concentration Risk [Member] |
Total S.A. [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
 
 
Concentration Risk, Percentage
13.00% 
10.00% 
14.00% 
9.00% 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member]
 
 
 
 
Concentration Risk, Percentage
10.00% 
16.00% 
12.00% 
14.00% 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
 
 
Concentration Risk, Percentage
75.00% 
79.00% 
76.00% 
82.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member]
 
 
 
 
Revenues
909,600,000.00 
1,059,000,000.00 
1,723,600,000.00 
2,222,900,000.00 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
US Gulf Of Mexico [Member]
 
 
 
 
Revenues
304,500,000.00 
271,000,000.00 
464,700,000.00 
609,800,000.00 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Angola [Member]
 
 
 
 
Revenues
132,400,000 
182,400,000 
268,600,000 
351,700,000 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
US Gulf Of Mexico [Member]
 
 
 
 
Concentration Risk, Percentage
92.00% 
83.00% 
89.00% 
84.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
Angola [Member]
 
 
 
 
Concentration Risk, Percentage
88.00% 
91.00% 
87.00% 
90.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
Brazil [Member]
 
 
 
 
Revenues
$ 81,700,000 
$ 115,700,000 
$ 202,700,000 
$ 238,400,000 
Supplemental Financial Information (Accounts Receivable, Net) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 432.5 
$ 611.3 
Allowance for doubtful accounts
(24.5)
(29.3)
Accounts receivable, net
408.0 
582.0 
Trade [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
415.8 
595.0 
Other [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 16.7 
$ 16.3 
Supplemental Financial Information (Other Current Assets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Financial Information [Abstract]
 
 
Assets held for sale
$ 1.8 
$ 5.5 
Inventory
231.4 
235.3 
Deferred costs
40.2 
52.1 
Prepaid Expense
8.0 
20.5 
Prepaid taxes
50.0 
73.5 
Other
15.0 
14.9 
Other current assets
$ 346.4 
$ 401.8 
Supplemental Financial Information (Other Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Financial Information [Abstract]
 
 
Deferred costs
$ 42.6 
$ 55.8 
Deferred tax assets
69.8 
94.8 
Supplemental executive retirement plan assets
33.3 
33.1 
Prepaid taxes on intercompany transfers of property
33.8 
37.1 
Other
9.6 
16.8 
Other Assets, Net
$ 189.1 
$ 237.6 
Supplemental Financial Information (Accrued Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Financial Information [Abstract]
 
 
Personnel costs
$ 104.2 
$ 161.6 
Deferred revenue
172.9 
197.2 
Taxes
79.6 
70.8 
Accrued interest
74.3 
88.4 
Derivative Liability, Current
14.9 
21.6 
Other
12.6 
11.3 
Accrued liabilities and other
$ 458.5 
$ 550.9 
Supplemental Financial Information (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Financial Information [Abstract]
 
 
Deferred revenue
$ 143.5 
$ 218.6 
Unrecognized tax benefits (inclusive of interest and penalties)
153.4 
149.7 
Supplemental executive retirement plan liabilities
34.5 
34.4 
Deferred Tax Liabilities, Net, Noncurrent
8.7 
4.4 
Personnel costs
11.4 
17.7 
Other
10.2 
24.4 
Other liabilities
$ 361.7 
$ 449.2 
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Supplemental Financial Information [Abstract]
 
 
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax
$ 7.6 
$ 7.8 
Derivative Instruments
13.9 
6.6 
Other
(1.7)
(1.9)
Accumulated other comprehensive income
$ 19.8 
$ 12.5 
Supplemental Financial Information Schedule of Revenue by Major Customers, by Reporting Segments (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
100.00% 
100.00% 
100.00% 
100.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
ConocoPhillips [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
3.00% 
 
4.00% 
 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
ConocoPhillips [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
23.00% 
3.00% 
15.00% 
3.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
Petrobras [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
9.00% 
15.00% 
12.00% 
13.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
Total S.A. [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
13.00% 
10.00% 
14.00% 
9.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
BP [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
10.00% 
16.00% 
12.00% 
14.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
BP [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
75.00% 
79.00% 
76.00% 
82.00% 
Sales Revenue, Services, Net [Member] |
Customer Concentration Risk [Member] |
Other Customers [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
45.00% 
56.00% 
47.00% 
61.00% 
Sales Revenue, Net [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Gain (Loss) on Contract Termination
 
 
$ 205.0 
 
ENSCO DS-9 [Member] |
Sales Revenue, Net [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Gain (Loss) on Contract Termination
 
 
$ 185.0 
 
Supplemental Financial Information Revenue from External Customers by Geographic Areas (USD $)
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
$ 909,600,000.00 
$ 1,059,000,000.00 
$ 1,723,600,000.00 
$ 2,222,900,000.00 
United Kingdom [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
69,700,000 
104,300,000 
143,500,000 
224,900,000 
US Gulf Of Mexico [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
304,500,000.00 
271,000,000.00 
464,700,000.00 
609,800,000.00 
US Gulf Of Mexico [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
92.00% 
83.00% 
89.00% 
84.00% 
Angola [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
132,400,000 
182,400,000 
268,600,000 
351,700,000 
Angola [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Concentration Risk, Percentage
88.00% 
91.00% 
87.00% 
90.00% 
Brazil [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member] |
Floaters [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
81,700,000 
115,700,000 
202,700,000 
238,400,000 
Other Geographic Areas [Member] |
Sales Revenue, Services, Net [Member] |
Geographic Concentration Risk [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Revenues
321,300,000.00 
385,600,000.00 
644,100,000.00 
798,100,000.00 
Sales Revenue, Net [Member]
 
 
 
 
Revenue, Major Customer [Line Items]
 
 
 
 
Gain (Loss) on Contract Termination
 
 
$ 205,000,000 
 
Guarantee Of Registered Securities (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Dec. 31, 2015
Guarantor Obligations [Line Items]
 
 
Senior notes aggregate outstanding principal balance
$ 1,500.0 
 
8.50% Senior Notes [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Debt instrument interest rate stated percentage
8.50% 
8.50% 
Senior note, maturity year
2019 
 
6.875% Senior Notes due 2020 [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Debt instrument interest rate stated percentage
6.875% 
6.875% 
Senior note, maturity year
2020 
 
7.875% Senior Notes [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Debt instrument interest rate stated percentage
7.875% 
7.875% 
Senior note, maturity year
2040 
 
7.20% Debentures Due 2027 [Member]
 
 
Guarantor Obligations [Line Items]
 
 
Debt instrument interest rate stated percentage
7.20% 
 
Senior note, maturity year
2027 
 
Senior notes aggregate outstanding principal balance
$ 150.0 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) (USD $)
3 Months Ended 6 Months Ended 12 Months Ended
Dec. 31, 2016
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
Dec. 31, 2016
Dec. 31, 2015
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
$ 909,600,000 
 
$ 1,059,000,000 
$ 1,723,600,000 
$ 2,222,900,000 
 
 
Contract drilling (exclusive of depreciation)
 
350,200,000 
 
502,600,000 
713,900,000 
1,020,900,000 
 
 
Depreciation
 
112,400,000 
 
140,500,000 
225,700,000 
277,600,000 
 
 
General and administrative
 
27,400,000 
 
29,700,000 
50,800,000 
59,800,000 
 
 
OPERATING (LOSS) INCOME
 
419,600,000 
 
386,200,000 
733,200,000 
864,600,000 
 
 
OTHER INCOME (EXPENSE), NET
 
209,900,000 
 
(55,400,000)
145,300,000 
(128,000,000)
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
629,500,000 
 
330,800,000 
878,500,000 
736,600,000 
 
 
INCOME TAX PROVISION
 
36,700,000 
 
58,000,000 
108,100,000 
135,700,000 
 
 
DISCONTINUED OPERATIONS, NET
(200,000)
(200,000)
(10,100,000)
(10,100,000)
(1,100,000)
(10,300,000)
(1,100,000)
(10,300,000)
NET INCOME
 
592,600,000 
 
262,700,000 
769,300,000 
590,600,000 
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
(2,000,000)
 
(2,400,000)
(3,400,000)
(5,600,000)
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
590,600,000 
 
260,300,000 
765,900,000 
585,000,000 
 
 
Ensco Plc [Member]
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
7,600,000 
 
8,700,000 
14,800,000 
17,400,000 
 
 
Contract drilling (exclusive of depreciation)
 
6,700,000 
 
6,300,000 
13,900,000 
13,100,000 
 
 
Depreciation
 
 
 
100,000 
 
 
General and administrative
 
10,500,000 
 
13,700,000 
16,700,000 
27,000,000 
 
 
OPERATING (LOSS) INCOME
 
(9,600,000)
 
(11,300,000)
(15,800,000)
(22,800,000)
 
 
OTHER INCOME (EXPENSE), NET
 
175,800,000 
 
(36,300,000)
139,000,000 
(96,200,000)
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
166,200,000 
 
(47,600,000)
123,200,000 
(119,000,000)
 
 
INCOME TAX PROVISION
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
424,400,000 
 
307,900,000 
642,700,000 
704,000,000 
 
 
NET INCOME
 
590,600,000 
 
260,300,000 
765,900,000 
585,000,000 
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
590,600,000 
 
260,300,000 
765,900,000 
585,000,000 
 
 
ENSCO International Inc. [Member]
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
36,500,000 
 
34,500,000 
72,100,000 
69,300,000 
 
 
Contract drilling (exclusive of depreciation)
 
36,400,000 
 
34,500,000 
72,100,000 
69,300,000 
 
 
Depreciation
 
4,400,000 
 
2,400,000 
8,700,000 
4,900,000 
 
 
General and administrative
 
 
100,000 
100,000 
 
 
OPERATING (LOSS) INCOME
 
(4,300,000)
 
(2,400,000)
(8,800,000)
(5,000,000)
 
 
OTHER INCOME (EXPENSE), NET
 
(8,300,000)
 
2,400,000 
(6,700,000)
(14,400,000)
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
(12,600,000)
 
(15,500,000)
(19,400,000)
 
 
INCOME TAX PROVISION
 
(15,600,000)
 
14,100,000 
15,400,000 
27,900,000 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
20,000,000 
 
47,500,000 
53,500,000 
92,700,000 
 
 
NET INCOME
 
23,000,000 
 
33,400,000 
22,600,000 
45,400,000 
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
23,000,000 
 
33,400,000 
22,600,000 
45,400,000 
 
 
Pride International, Inc. [Member]
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE), NET
 
(18,800,000)
 
(15,200,000)
(37,900,000)
(31,100,000)
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
(18,800,000)
 
(15,200,000)
(37,900,000)
(31,100,000)
 
 
INCOME TAX PROVISION
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
10,200,000 
 
71,400,000 
63,800,000 
135,300,000 
 
 
NET INCOME
 
(8,600,000)
 
56,200,000 
25,900,000 
104,200,000 
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
(8,600,000)
 
56,200,000 
25,900,000 
104,200,000 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
937,400,000 
 
1,086,600,000 
1,780,700,000 
2,278,200,000 
 
 
Contract drilling (exclusive of depreciation)
 
379,000,000 
 
532,600,000 
771,900,000 
1,080,500,000 
 
 
Depreciation
 
108,000,000 
 
138,100,000 
217,000,000 
272,600,000 
 
 
General and administrative
 
16,900,000 
 
16,000,000 
34,000,000 
32,700,000 
 
 
OPERATING (LOSS) INCOME
 
433,500,000 
 
399,900,000 
757,800,000 
892,400,000 
 
 
OTHER INCOME (EXPENSE), NET
 
1,300,000 
 
(6,300,000)
(9,000,000)
13,700,000 
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
434,800,000 
 
393,600,000 
748,800,000 
906,100,000 
 
 
INCOME TAX PROVISION
 
52,300,000 
 
43,900,000 
92,700,000 
107,800,000 
 
 
DISCONTINUED OPERATIONS, NET
 
(200,000)
 
(10,100,000)
(1,100,000)
(10,300,000)
 
 
NET INCOME
 
382,300,000 
 
339,600,000 
655,000,000 
788,000,000 
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
(2,000,000)
 
(2,400,000)
(3,400,000)
(5,600,000)
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
380,300,000 
 
337,200,000 
651,600,000 
782,400,000 
 
 
Consolidating Adjustments [Member]
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
(71,900,000)
 
(70,800,000)
(144,000,000)
(142,000,000)
 
 
Contract drilling (exclusive of depreciation)
 
(71,900,000)
 
(70,800,000)
(144,000,000)
(142,000,000)
 
 
Depreciation
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
OPERATING (LOSS) INCOME
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE), NET
 
59,900,000 
 
 
59,900,000 
 
 
 
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
59,900,000 
 
 
59,900,000 
 
 
 
INCOME TAX PROVISION
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
(454,600,000)
 
(426,800,000)
(760,000,000)
(932,000,000)
 
 
NET INCOME
 
(394,700,000)
 
(426,800,000)
(700,100,000)
(932,000,000)
 
 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
$ (394,700,000)
 
$ (426,800,000)
$ (700,100,000)
$ (932,000,000)
 
 
Guarantee Of Registered Securities Guarantee Of Registered Securities (Condensed Consolidating Statements of Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
Jun. 30, 2016
Jun. 30, 2015
NET INCOME
$ 592.6 
$ 262.7 
$ 769.3 
$ 590.6 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Net change in fair value of derivatives
(4.1)
8.7 
(0.6)
(8.7)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
2.0 
5.1 
7.9 
10.1 
Other
0.1 
(1.3)
1.3 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(2.0)
12.5 
7.3 
2.7 
COMPREHENSIVE INCOME
590.6 
275.2 
776.6 
593.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.0)
(2.4)
(3.4)
(5.6)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
588.6 
272.8 
773.2 
587.7 
Ensco Plc [Member]
 
 
 
 
NET INCOME
590.6 
260.3 
765.9 
585.0 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
590.6 
260.3 
765.9 
585.0 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
590.6 
260.3 
765.9 
585.0 
ENSCO International Inc. [Member]
 
 
 
 
NET INCOME
23.0 
33.4 
22.6 
45.4 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Net change in fair value of derivatives
(4.1)
8.7 
(0.6)
(8.7)
Reclassification of net (gains) losses on derivative instruments from other comprehensive income into net income
2.0 
5.1 
7.9 
10.1 
NET OTHER COMPREHENSIVE (LOSS) INCOME
(2.1)
13.8 
7.3 
1.4 
COMPREHENSIVE INCOME
20.9 
47.2 
29.9 
46.8 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
20.9 
47.2 
29.9 
46.8 
Pride International, Inc. [Member]
 
 
 
 
NET INCOME
(8.6)
56.2 
25.9 
104.2 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
(8.6)
56.2 
25.9 
104.2 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
(8.6)
56.2 
25.9 
104.2 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
NET INCOME
382.3 
339.6 
655.0 
788.0 
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
Other
0.1 
(1.3)
1.3 
NET OTHER COMPREHENSIVE (LOSS) INCOME
0.1 
(1.3)
1.3 
COMPREHENSIVE INCOME
382.4 
338.3 
655.0 
789.3 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(2.0)
(2.4)
(3.4)
(5.6)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
380.4 
335.9 
651.6 
783.7 
Consolidating Adjustments [Member]
 
 
 
 
NET INCOME
(394.7)
(426.8)
(700.1)
(932.0)
OTHER COMPREHENSIVE INCOME (LOSS), NET:
 
 
 
 
COMPREHENSIVE INCOME
(394.7)
(426.8)
(700.1)
(932.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
$ (394.7)
$ (426.8)
$ (700.1)
$ (932.0)
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Jun. 30, 2016
Dec. 31, 2015
Jun. 30, 2015
Dec. 31, 2014
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
$ 790.3 
$ 121.3 
$ 648.3 
$ 664.8 
Short-term Investments
1,010.0 
1,180.0 
 
 
Accounts receivable, net
408.0 
582.0 
 
 
Other
346.4 
401.8 
 
 
Total current assets
2,554.7 
2,285.1 
 
 
PROPERTY AND EQUIPMENT, AT COST
12,877.2 
12,719.4 
 
 
Less accumulated depreciation
1,856.0 
1,631.6 
 
 
Property and equipment, net
11,021.2 
11,087.8 
13,169.9 
 
OTHER ASSETS, NET
189.1 
237.6 
 
 
TOTAL ASSETS
13,765.0 
13,610.5 
 
 
Accounts payable and accrued liabilities
610.8 
775.5 
 
 
Total current liabilities
610.8 
775.5 
 
 
LONG-TERM DEBT
4,905.6 
5,868.6 
 
 
Due to Related Parties, Noncurrent
 
 
 
Due to Related Parties
 
 
 
OTHER LIABILITIES
361.7 
449.2 
 
 
ENSCO SHAREHOLDERS' EQUITY
7,879.9 
6,512.9 
 
 
NONCONTROLLING INTERESTS
7.0 
4.3 
 
 
Total equity
7,886.9 
6,517.2 
 
 
Total liabilities and shareholders' equity
13,765.0 
13,610.5 
 
 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
712.8 
94.0 
334.6 
287.4 
Short-term Investments
1,010.0 
1,180.0 
 
 
Accounts receivable, net
5.2 
1.2 
 
 
Accounts receivable from affiliates
245.7 
808.7 
 
 
Other
0.1 
0.2 
 
 
Total current assets
1,973.8 
2,084.1 
 
 
PROPERTY AND EQUIPMENT, AT COST
1.8 
1.8 
 
 
Less accumulated depreciation
1.8 
1.8 
 
 
Property and equipment, net
 
 
DUE FROM AFFILIATES
1,428.5 
1,303.7 
 
 
INVESTMENTS IN AFFILIATES
8,412.1 
7,743.8 
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
11,814.4 
11,131.6 
 
 
Accounts payable and accrued liabilities
48.0 
60.7 
 
 
Accounts payable to affiliates
46.4 
19.4 
 
 
Total current liabilities
94.4 
80.1 
 
 
Due to Affiliate
791.1 
751.9 
 
 
LONG-TERM DEBT
3,041.8 
3,782.4 
 
 
Due to Related Parties, Noncurrent
 
 
 
Due to Related Parties
 
 
 
OTHER LIABILITIES
 
 
 
ENSCO SHAREHOLDERS' EQUITY
7,887.1 
6,517.2 
 
 
Total equity
7,887.1 
6,517.2 
 
 
Total liabilities and shareholders' equity
11,814.4 
11,131.6 
 
 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
Short-term Investments
 
 
Accounts receivable, net
 
 
 
Accounts receivable from affiliates
637.7 
237.3 
 
 
Other
10.1 
229.3 
 
 
Total current assets
647.8 
466.6 
 
 
PROPERTY AND EQUIPMENT, AT COST
118.8 
117.5 
 
 
Less accumulated depreciation
55.7 
47.7 
 
 
Property and equipment, net
63.1 
69.8 
 
 
DUE FROM AFFILIATES
5,069.7 
5,270.0 
 
 
INVESTMENTS IN AFFILIATES
1,717.2 
 
 
OTHER ASSETS, NET
40.0 
43.1 
 
 
TOTAL ASSETS
7,537.8 
5,849.5 
 
 
Accounts payable and accrued liabilities
32.1 
69.6 
 
 
Accounts payable to affiliates
591.2 
176.3 
 
 
Total current liabilities
623.3 
245.9 
 
 
Due to Affiliate
5,391.6 
4,354.3 
 
 
LONG-TERM DEBT
149.1 
149.0 
 
 
Due to Related Parties, Noncurrent
 
 
 
Due to Related Parties
 
442.0 
 
 
OTHER LIABILITIES
150.2 
135.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
1,223.6 
522.6 
 
 
Total equity
1,223.6 
522.6 
 
 
Total liabilities and shareholders' equity
7,537.8 
5,849.5 
 
 
Pride International, Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
26.1 
2.0 
104.4 
90.8 
Short-term Investments
 
 
Accounts receivable, net
 
 
 
Accounts receivable from affiliates
 
 
Total current assets
26.1 
2.0 
 
 
DUE FROM AFFILIATES
2,043.1 
2,035.5 
 
 
INVESTMENTS IN AFFILIATES
 
 
TOTAL ASSETS
2,069.2 
2,037.5 
 
 
Accounts payable and accrued liabilities
30.9 
34.8 
 
 
Accounts payable to affiliates
3.8 
 
 
 
Total current liabilities
34.7 
34.8 
 
 
Due to Affiliate
2,056.0 
1,763.7 
 
 
LONG-TERM DEBT
1,714.7 
1,937.2 
 
 
Due to Related Parties, Noncurrent
1,215.2 
 
 
 
Due to Related Parties
 
1,319.3 
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
(2,951.4)
(3,017.5)
 
 
Total equity
(2,951.4)
(3,017.5)
 
 
Total liabilities and shareholders' equity
2,069.2 
2,037.5 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
51.4 
25.3 
209.3 
286.6 
Short-term Investments
 
 
Accounts receivable, net
402.8 
580.8 
 
 
Accounts receivable from affiliates
565.8 
148.1 
 
 
Other
336.2 
172.3 
 
 
Total current assets
1,356.2 
926.5 
 
 
PROPERTY AND EQUIPMENT, AT COST
12,756.6 
12,600.1 
 
 
Less accumulated depreciation
1,798.5 
1,582.1 
 
 
Property and equipment, net
10,958.1 
11,018.0 
 
 
DUE FROM AFFILIATES
6,731.5 
6,869.9 
 
 
OTHER ASSETS, NET
290.5 
324.9 
 
 
TOTAL ASSETS
19,336.3 
19,139.3 
 
 
Accounts payable and accrued liabilities
499.8 
610.4 
 
 
Accounts payable to affiliates
807.8 
998.4 
 
 
Total current liabilities
1,307.6 
1,608.8 
 
 
Due to Affiliate
7,034.1 
8,609.2 
 
 
LONG-TERM DEBT
 
 
Due to Related Parties
 
 
 
OTHER LIABILITIES
352.9 
443.9 
 
 
ENSCO SHAREHOLDERS' EQUITY
10,634.7 
8,473.1 
 
 
NONCONTROLLING INTERESTS
7.0 
4.3 
 
 
Total equity
10,641.7 
8,477.4 
 
 
Total liabilities and shareholders' equity
19,336.3 
19,139.3 
 
 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Short-term Investments
 
 
Accounts receivable, net
 
 
 
Accounts receivable from affiliates
(1,449.2)
(1,194.1)
 
 
Total current assets
(1,449.2)
(1,194.1)
 
 
DUE FROM AFFILIATES
(15,272.8)
(15,479.1)
 
 
INVESTMENTS IN AFFILIATES
(10,129.3)
(7,743.8)
 
 
OTHER ASSETS, NET
(141.4)
(130.4)
 
 
TOTAL ASSETS
(26,992.7)
(24,547.4)
 
 
Accounts payable to affiliates
(1,449.2)
(1,194.1)
 
 
Total current liabilities
(1,449.2)
(1,194.1)
 
 
Due to Affiliate
(15,272.8)
(15,479.1)
 
 
Due to Related Parties, Noncurrent
(1,215.2)
 
 
 
Due to Related Parties
 
(1,761.3)
 
 
OTHER LIABILITIES
(141.4)
(130.4)
 
 
ENSCO SHAREHOLDERS' EQUITY
(8,914.1)
(5,982.5)
 
 
Total equity
(8,914.1)
(5,982.5)
 
 
Total liabilities and shareholders' equity
$ (26,992.7)
$ (24,547.4)
 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
6 Months Ended
Jun. 30, 2016
Jun. 30, 2015
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
$ 800.2 
$ 891.0 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(209.4)
(913.9)
Purchase of Affiliate Debt
 
Maturities of short-term investments
1,032.0 
757.3 
Payments to Acquire Marketable Securities
(862.0)
(650.0)
Other
7.6 
1.1 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
(31.8)
(805.5)
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
585.5 
Proceeds from Issuance of Senior Long-term Debt
1,078.7 
Cash dividends paid
(5.5)
(70.5)
Payments for Advance to Affiliate
 
Reduction of long-term borrowings
(684.8)
(1,058.0)
Payments of Debt Issuance Costs
(10.5)
Advances from (to) affiliates
 
Payments of Debt Extinguishment Costs
(30.3)
Other
(1.9)
(6.8)
Net cash provided by (used in) financing activities
(106.7)
(97.4)
DISCONTINUED OPERATIONS
 
 
Operating activities
1.4 
(4.2)
Investing activities
6.3 
(0.6)
Net cash provided by discontinued operations
7.7 
(4.8)
Effect of exchange rate changes on cash and cash equivalents
(0.4)
0.2 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
669.0 
(16.5)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
121.3 
664.8 
CASH AND CASH EQUIVALENTS, END OF PERIOD
790.3 
648.3 
Ensco Plc [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(83.4)
(66.2)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
 
Purchase of Affiliate Debt
(142.0)
 
Maturities of short-term investments
1,032.0 
712.0 
Payments to Acquire Marketable Securities
(862.0)
(650.0)
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
28.0 
62.0 
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
585.5 
 
Proceeds from Issuance of Senior Long-term Debt
 
1,078.7 
Cash dividends paid
(5.5)
(70.5)
Reduction of long-term borrowings
(542.8)
(998.3)
Payments of Debt Issuance Costs
 
(10.5)
Advances from (to) affiliates
(638.9)
(88.2)
Payments of Debt Extinguishment Costs
 
(27.2)
Other
(1.9)
(9.0)
Net cash provided by (used in) financing activities
674.2 
51.4 
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
618.8 
47.2 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
94.0 
287.4 
CASH AND CASH EQUIVALENTS, END OF PERIOD
712.8 
334.6 
ENSCO International Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
130.8 
(19.7)
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(5.1)
Payments to Acquire Marketable Securities
 
Other
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
(5.1)
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
 
Proceeds from Issuance of Senior Long-term Debt
 
Cash dividends paid
Payments for Advance to Affiliate
(130.8)
 
Reduction of long-term borrowings
Payments of Debt Issuance Costs
 
Advances from (to) affiliates
 
(24.8)
Payments of Debt Extinguishment Costs
 
Other
Net cash provided by (used in) financing activities
(130.8)
24.8 
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS, END OF PERIOD
Pride International, Inc. [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
(60.4)
(49.9)
INVESTING ACTIVITIES
 
 
Purchase of Affiliate Debt
 
Payments to Acquire Marketable Securities
 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
 
Proceeds from Issuance of Senior Long-term Debt
 
Cash dividends paid
Reduction of long-term borrowings
Payments of Debt Issuance Costs
 
Advances from (to) affiliates
(84.5)
(63.5)
Payments of Debt Extinguishment Costs
 
Other
Net cash provided by (used in) financing activities
84.5 
63.5 
DISCONTINUED OPERATIONS
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
24.1 
13.6 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
2.0 
90.8 
CASH AND CASH EQUIVALENTS, END OF PERIOD
26.1 
104.4 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
813.2 
1,026.8 
INVESTING ACTIVITIES
 
 
Additions to property and equipment
(209.4)
(908.8)
Purchase of Affiliate Debt
 
Maturities of short-term investments
45.3 
Payments to Acquire Marketable Securities
Other
7.6 
1.1 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
(201.8)
(862.4)
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
 
Proceeds from Issuance of Senior Long-term Debt
 
Cash dividends paid
Payments for Advance to Affiliate
(592.6)
(176.5)
Reduction of long-term borrowings
(59.7)
Payments of Debt Issuance Costs
 
Payments of Debt Extinguishment Costs
 
(3.1)
Other
2.2 
Net cash provided by (used in) financing activities
(592.6)
(237.1)
DISCONTINUED OPERATIONS
 
 
Operating activities
1.4 
(4.2)
Investing activities
6.3 
(0.6)
Net cash provided by discontinued operations
7.7 
(4.8)
Effect of exchange rate changes on cash and cash equivalents
(0.4)
0.2 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
26.1 
(77.3)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
25.3 
286.6 
CASH AND CASH EQUIVALENTS, END OF PERIOD
51.4 
209.3 
Consolidating Adjustments [Member]
 
 
OPERATING ACTIVITIES
 
 
Net cash (used in) provided by operating activities of continuing operations
 
INVESTING ACTIVITIES
 
 
Purchase of Affiliate Debt
142.0 
 
Net Cash Provided by (Used in) Investing Activities, Continuing Operations
142.0 
FINANCING ACTIVITIES
 
 
Proceeds from Issuance or Sale of Equity
 
Proceeds from Issuance of Senior Long-term Debt
 
Cash dividends paid
Payments for Advance to Affiliate
 
Reduction of long-term borrowings
(142.0)
Payments of Debt Issuance Costs
 
Advances from (to) affiliates
 
Payments of Debt Extinguishment Costs
 
Other
Net cash provided by (used in) financing activities
$ (142.0)
$ 0