| Debt
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2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 | ||||
Income from continuing operations allocated to non-vested share awards | (7.9 | ) | (15.1 | ) | (11.2 | ) | |||||
(Loss) income from continuing operations attributable to Ensco shares | $ | (2,711.0 | ) | $ | 1,406.5 | $ | 1,058.4 |
2014 | 2013 | 2012 | ||||||
Weighted-average shares - basic | 231.6 | 230.9 | 229.4 | |||||
Potentially dilutive shares | — | .2 | .3 | |||||
Weighted-average shares - diluted | 231.6 | 231.1 | 229.7 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations | $ | (2,689.3 | ) | $ | 1,430.1 | $ | 1,076.1 | ||||
Income from continuing operations attributable to noncontrolling interests | (13.8 | ) | (8.5 | ) | (6.5 | ) | |||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from discontinued operations | $ | (1,199.2 | ) | $ | (2.2 | ) | $ | 100.6 | |||
Income from discontinued operations attributable to noncontrolling interests | (.3 | ) | (1.2 | ) | (.5 | ) | |||||
(Loss) income from discontinued operations attributable to Ensco | $ | (1,199.5 | ) | $ | (3.4 | ) | $ | 100.1 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations | $ | (2,689.3 | ) | $ | 1,430.1 | $ | 1,076.1 | ||||
Income from continuing operations attributable to noncontrolling interests | (13.8 | ) | (8.5 | ) | (6.5 | ) | |||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from discontinued operations | $ | (1,199.2 | ) | $ | (2.2 | ) | $ | 100.6 | |||
Income from discontinued operations attributable to noncontrolling interests | (.3 | ) | (1.2 | ) | (.5 | ) | |||||
(Loss) income from discontinued operations attributable to Ensco | $ | (1,199.5 | ) | $ | (3.4 | ) | $ | 100.1 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of December 31, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 43.2 | $ | — | $ | — | $ | 43.2 | |||||||
Total financial assets | $ | 43.2 | $ | — | $ | — | $ | 43.2 | |||||||
Derivatives, net | — | (26.3 | ) | — | (26.3 | ) | |||||||||
Total financial liabilities | $ | — | $ | (26.3 | ) | $ | — | $ | (26.3 | ) | |||||
As of December 31, 2013 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 37.7 | $ | — | $ | — | $ | 37.7 | |||||||
Derivatives, net | — | 1.8 | — | 1.8 | |||||||||||
Total financial assets | $ | 37.7 | $ | 1.8 | $ | — | $ | 39.5 |
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
4.70% Senior notes due 2021 | $ | 1,479.9 | $ | 1,505.3 | $ | 1,477.2 | $ | 1,596.9 | ||||||||
6.875% Senior notes due 2020 | 1,008.2 | 1,008.5 | 1,024.8 | 1,086.7 | ||||||||||||
3.25% Senior notes due 2016 | 998.0 | 1,018.3 | 996.5 | 1,045.8 | ||||||||||||
4.50% Senior notes due 2024 | 624.2 | 602.0 | — | — | ||||||||||||
5.75% Senior notes due 2044 | 622.3 | 615.8 | — | — | ||||||||||||
8.50% Senior notes due 2019 | 583.8 | 611.8 | 600.5 | 635.8 | ||||||||||||
7.875% Senior notes due 2040 | 381.2 | 363.8 | 382.6 | 410.5 | ||||||||||||
7.20% Debentures due 2027 | 149.2 | 171.4 | 149.1 | 178.6 | ||||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 46.6 | 46.8 | 78.9 | 79.7 | ||||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | — | — | 25.3 | 27.1 | ||||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 27.0 | 29.7 | 31.5 | 35.2 | ||||||||||||
Total | $ | 5,920.4 | $ | 5,973.4 | $ | 4,766.4 | $ | 5,096.3 |
|
2014 | 2013 | |||||||
Drilling rigs and equipment | $ | 13,253.2 | $ | 15,839.0 | ||||
Other | 135.0 | 101.0 | ||||||
Work in progress | 1,587.3 | 1,558.5 | ||||||
$ | 14,975.5 | $ | 17,498.5 |
|
2014 | 2013 | |||||||
4.70% Senior notes due 2021 | $ | 1,479.9 | $ | 1,477.2 | ||||
6.875% Senior notes due 2020 | 1,008.2 | 1,024.8 | ||||||
3.25% Senior notes due 2016 | 998.0 | 996.5 | ||||||
4.50% Senior notes due 2024 | 624.2 | — | ||||||
5.75% Senior notes due 2044 | 622.3 | — | ||||||
8.50% Senior notes due 2019 | 583.8 | 600.5 | ||||||
7.875% Senior notes due 2040 | 381.2 | 382.6 | ||||||
7.20% Debentures due 2027 | 149.2 | 149.1 | ||||||
4.33% MARAD bonds due 2016 | 46.6 | 78.9 | ||||||
6.36% MARAD bonds due 2015 | — | 25.3 | ||||||
4.65% MARAD bonds due 2020 | 27.0 | 31.5 | ||||||
Total debt | 5,920.4 | 4,766.4 | ||||||
Less current maturities | (34.8 | ) | (47.5 | ) | ||||
Total long-term debt | $ | 5,885.6 | $ | 4,718.9 |
2015 | $ | 34.8 | ||
2016 | 1,019.7 | |||
2017 | 4.5 | |||
2018 | 4.5 | |||
2019 | 504.5 | |||
Thereafter | 4,104.5 | |||
Total | $ | 5,672.5 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | .4 | $ | 9.1 | $ | 17.2 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | .1 | 1.2 | 2.9 | .6 | |||||||||||
.5 | 10.3 | 20.1 | 10.4 | ||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .2 | 2.5 | 6.9 | .6 | |||||||||||
.2 | 2.5 | 6.9 | .6 | ||||||||||||
Total | $ | .7 | $ | 12.8 | $ | 27.0 | $ | 11.0 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | (.4 | ) | $ | (.5 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Foreign currency forward contracts(4) | (11.7 | ) | (5.8 | ) | 8.7 | 1.3 | (1.6 | ) | .5 | (.7 | ) | (.3 | ) | (.3 | ) | ||||||||||||||||||||
Total | $ | (11.7 | ) | $ | (5.8 | ) | $ | 8.7 | $ | .9 | $ | (2.0 | ) | $ | — | $ | (.7 | ) | $ | (.3 | ) | $ | (.3 | ) |
(1) | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our consolidated statements of operations. |
(4) | During the year ended December 31, 2014, $400,000 of gains were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. During the year ended December 31, 2013, $2.5 million of losses were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Net unrealized losses to be reclassified to contract drilling expense | $ | (9.4 | ) | |
Net realized gains to be reclassified to depreciation expense | .9 | |||
Net realized losses to be reclassified to interest expense | (.4 | ) | ||
Net losses to be reclassified to earnings | $ | (8.9 | ) |
|
2014 | 2013 | 2012 | |||||||||
Contract drilling | $ | 20.9 | $ | 21.3 | $ | 17.1 | |||||
General and administrative | 20.7 | 21.6 | 24.8 | ||||||||
Non-vested share award related compensation expense included in operating expenses | 41.6 | 42.9 | 41.9 | ||||||||
Tax benefit | (5.1 | ) | (5.4 | ) | (7.0 | ) | |||||
Total non-vested share award related compensation expense included in net income | $ | 36.5 | $ | 37.5 | $ | 34.9 |
2014 | 2013 | 2012 | |||||||||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ | 51.22 | $ | 59.79 | $ | 48.32 | |||||
Total fair value of non-vested share awards vested during the period (in millions) | $ | 46.2 | $ | 49.6 | $ | 42.5 |
Shares | Weighted-Average Grant-Date Fair Value | |||||
Non-vested share awards as of December 31, 2013 | 2,496 | $ | 52.95 | |||
Granted | 1,242 | 51.22 | ||||
Vested | (898 | ) | 51.07 | |||
Forfeited | (199 | ) | 53.80 | |||
Non-vested share awards as of December 31, 2014 | 2,641 | $ | 52.86 |
|
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | ||||||||||||||||||
Floaters | |||||||||||||||||||||||
Balance, beginning of period | $ | 3,081.4 | $ | — | $ | 3,081.4 | $ | 3,081.4 | $ | — | $ | 3,081.4 | |||||||||||
Loss on impairment | — | (2,997.9 | ) | (2,997.9 | ) | — | — | — | |||||||||||||||
Balance, end of period | $ | 3,081.4 | $ | (2,997.9 | ) | $ | 83.5 | $ | 3,081.4 | $ | — | $ | 3,081.4 | ||||||||||
Jackups | |||||||||||||||||||||||
Balance, beginning of period | $ | 192.6 | $ | — | $ | 192.6 | $ | 192.6 | $ | — | $ | 192.6 | |||||||||||
Loss on impairment | — | — | — | — | — | — | |||||||||||||||||
Balance, end of period | $ | 192.6 | $ | — | $ | 192.6 | $ | 192.6 | $ | — | $ | 192.6 |
• | decreases in estimated market day rates and utilization due to greater-than-expected market pressures, downtime and other risks associated with offshore rig operations; |
• | sustained declines in our stock price; |
• | decreases in revenue due to our inability to attract and retain skilled personnel; |
• | changes in worldwide rig supply and demand, competition or technology, including changes as a result of newbuild rig deliveries; |
• | changes in future levels of drilling activity and expenditures, whether as a result of global capital markets and liquidity, prices of oil and natural gas or otherwise, which may cause us to idle or stack additional rigs; |
• | possible cancellation or suspension of drilling contracts as a result of mechanical difficulties, performance or other reasons; |
• | delays in contract commencement dates; |
• | the outcome of litigation, legal proceedings, investigations or other claims or contract disputes resulting in significant cash outflows; |
• | governmental, regulatory, legislative and permitting requirements affecting drilling operations, including limitations on drilling locations (such as the Gulf of Mexico during hurricane season); |
• | increases in the market-participant risk-adjusted WACC; |
• | declines in anticipated growth rates. |
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Drilling contract intangible assets | |||||||||||||||||||||||
Balance, beginning of period | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | |||||||||
Amortization | — | (32.7 | ) | (32.7 | ) | — | (42.3 | ) | (42.3 | ) | |||||||||||||
Balance, end of period | $ | 209.0 | $ | (163.3 | ) | $ | 45.7 | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | |||||||||
Drilling contract intangible liabilities | |||||||||||||||||||||||
Balance, beginning of period | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 | |||||||||
Amortization | — | (28.4 | ) | (28.4 | ) | — | (48.9 | ) | (48.9 | ) | |||||||||||||
Balance, end of period | $ | 278.0 | $ | (237.3 | ) | $ | 40.7 | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 |
2015 | $ | (4.5 | ) | |
2016 | (.8 | ) | ||
2017 | .3 | |||
Total | $ | (5.0 | ) |
|
2014 | 2013 | 2012 | |||||||||
Current income tax expense: | |||||||||||
U.S. | $ | 114.8 | $ | 94.4 | $ | 46.6 | |||||
Non-U.S. | 149.2 | 98.6 | 154.2 | ||||||||
264.0 | 193.0 | 200.8 | |||||||||
Deferred income tax expense (benefit): | |||||||||||
U.S. | (86.7 | ) | 19.2 | 29.4 | |||||||
Non-U.S. | (36.8 | ) | (9.1 | ) | (1.6 | ) | |||||
(123.5 | ) | 10.1 | 27.8 | ||||||||
Total income tax expense | $ | 140.5 | $ | 203.1 | $ | 228.6 |
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 204.5 | $ | 104.0 | ||||
Deferred revenue | 103.0 | 19.4 | ||||||
Premium on long-term debt | 99.2 | 111.9 | ||||||
Foreign tax credits | 98.6 | 159.0 | ||||||
Employee benefits, including share-based compensation | 39.5 | 41.7 | ||||||
Other | 16.7 | 19.8 | ||||||
Total deferred tax assets | 561.5 | 455.8 | ||||||
Valuation allowance | (271.3 | ) | (232.6 | ) | ||||
Net deferred tax assets | 290.2 | 223.2 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | (314.2 | ) | (453.6 | ) | ||||
Intercompany transfers of property | (23.0 | ) | (29.2 | ) | ||||
Deferred costs | (20.2 | ) | (11.4 | ) | ||||
Other | (14.1 | ) | (24.0 | ) | ||||
Total deferred tax liabilities | (371.5 | ) | (518.2 | ) | ||||
Net deferred tax liability | $ | (81.3 | ) | $ | (295.0 | ) | ||
Net current deferred tax asset | $ | 41.4 | $ | 20.9 | ||||
Net noncurrent deferred tax liability | (122.7 | ) | (315.9 | ) | ||||
Net deferred tax liability | $ | (81.3 | ) | $ | (295.0 | ) |
2014 | 2013 | 2012 | ||||||
U.K. statutory income tax rate | 21.5 | % | 23.3 | % | 24.5 | % | ||
Goodwill impairment | (25.3 | ) | — | — | ||||
Assets impairment | (10.9 | ) | — | — | ||||
Non-U.K. taxes | 9.6 | (13.2 | ) | (17.5 | ) | |||
Valuation allowance | (1.1 | ) | 1.0 | 5.0 | ||||
Income taxes associated with restructuring transactions | — | — | 3.9 | |||||
Other | .7 | 1.3 | 1.6 | |||||
Effective income tax rate | (5.5 | )% | 12.4 | % | 17.5 | % |
2014 | 2013 | |||||||
Balance, beginning of year | $ | 151.7 | $ | 110.7 | ||||
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 16.3 | 35.8 | ||||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 5.5 | 10.0 | ||||||
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (15.5 | ) | (3.7 | ) | ||||
Settlements with taxing authorities | (14.2 | ) | — | |||||
Lapse of applicable statutes of limitations | (.7 | ) | (1.1 | ) | ||||
Impact of foreign currency exchange rates | (8.7 | ) | — | |||||
Balance, end of year | $ | 134.4 | $ | 151.7 |
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Rig(3) | Date of Rig Sale | Segment(1) | Net Proceeds | Net Book Value(2) | Pre-tax Gain/(Loss) | |||||||||||
ENSCO 5000 | December 2014 | Floaters | $ | 1.3 | $ | .5 | $ | .8 | ||||||||
ENSCO 93 | September 2014 | Jackups | 51.7 | 52.9 | (1.2 | ) | ||||||||||
ENSCO 85 | April 2014 | Jackups | 64.4 | 54.1 | 10.3 | |||||||||||
ENSCO 69 & Pride Wisconsin | January 2014 | Jackups | 32.2 | 8.6 | 23.6 | |||||||||||
Pride Pennsylvania | March 2013 | Jackups | 15.5 | 15.7 | (.2 | ) | ||||||||||
ENSCO 5003 | December 2012 | Floaters | 68.2 | 89.4 | (21.2 | ) | ||||||||||
Pride Hawaii | October 2012 | Jackups | 18.8 | 16.8 | 2.0 | |||||||||||
ENSCO I | September 2012 | Other | 4.5 | 12.3 | (7.8 | ) | ||||||||||
ENSCO 61 | June 2012 | Jackups | 31.7 | 19.6 | 12.1 | |||||||||||
ENSCO 59 | May 2012 | Jackups | 22.8 | 21.9 | .9 | |||||||||||
$ | 311.1 | $ | 291.8 | $ | 19.3 |
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 325.0 | $ | 596.4 | $ | 668.6 | ||||||
Operating expenses | 372.0 | 577.6 | 544.3 | |||||||||
Operating (loss) income | (47.0 | ) | 18.8 | 124.3 | ||||||||
Other income | — | .3 | 1.3 | |||||||||
Income tax expense | (30.7 | ) | (20.2 | ) | (8.5 | ) | ||||||
Loss on impairment, net | (1,158.8 | ) | — | — | ||||||||
Gain (loss) on disposal of discontinued operations, net | 37.3 | (1.1 | ) | (16.5 | ) | |||||||
(Loss) income from discontinued operations | $ | (1,199.2 | ) | $ | (2.2 | ) | $ | 100.6 |
|
Cumulative Paid(1) | 2015 | 2016 | 2017 | Total(2) | ||||||||||||||||
ENSCO DS-8 | 161.4 | 384.4 | — | — | 545.8 | |||||||||||||||
ENSCO DS-9 | 157.4 | 375.0 | — | — | 532.4 | |||||||||||||||
ENSCO DS-10 | 206.0 | 310.3 | — | — | 516.3 | |||||||||||||||
ENSCO 110 | 41.0 | 166.2 | — | — | 207.2 | |||||||||||||||
ENSCO 123 | 53.5 | — | 217.0 | — | 270.5 | |||||||||||||||
ENSCO 140 | 78.4 | 78.9 | 39.2 | — | 196.5 | |||||||||||||||
ENSCO 141 | 39.2 | 38.7 | 117.6 | — | 195.5 | |||||||||||||||
$ | 736.9 | $ | 1,353.5 | $ | 373.8 | $ | — | $ | 2,464.2 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2014. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
|
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,697.6 | $ | 1,774.6 | $ | 92.3 | $ | 4,564.5 | $ | — | $ | 4,564.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,201.2 | 807.4 | 68.3 | 2,076.9 | — | 2,076.9 | |||||||||||||||||
Loss on impairment | 3,982.3 | 236.4 | — | 4,218.7 | — | 4,218.7 | |||||||||||||||||
Depreciation | 358.1 | 171.2 | — | 529.3 | 8.6 | 537.9 | |||||||||||||||||
General and administrative | — | — | — | — | 131.9 | 131.9 | |||||||||||||||||
Operating (loss) income | $ | (2,844.0 | ) | $ | 559.6 | $ | 24.0 | $ | (2,260.4 | ) | $ | (140.5 | ) | $ | (2,400.9 | ) | |||||||
Property and equipment, net | $ | 9,462.3 | $ | 2,995.3 | $ | — | $ | 12,457.6 | $ | 77.2 | $ | 12,534.8 | |||||||||||
Capital expenditures | $ | 856.2 | $ | 667.7 | $ | — | $ | 1,523.9 | $ | 44.9 | $ | 1,568.8 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,659.6 | $ | 1,588.7 | $ | 75.1 | $ | 4,323.4 | $ | — | $ | 4,323.4 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,126.0 | 762.6 | 58.5 | 1,947.1 | — | 1,947.1 | |||||||||||||||||
Depreciation | 342.2 | 147.5 | — | 489.7 | 6.5 | 496.2 | |||||||||||||||||
General and administrative | — | — | — | — | 146.8 | 146.8 | |||||||||||||||||
Operating income (loss) | $ | 1,191.4 | $ | 678.6 | $ | 16.6 | $ | 1,886.6 | $ | (153.3 | ) | $ | 1,733.3 | ||||||||||
Property and equipment, net | $ | 11,303.4 | $ | 2,961.6 | $ | — | $ | 14,265.0 | $ | 46.0 | $ | 14,311.0 | |||||||||||
Capital expenditures | $ | 1,028.6 | $ | 708.3 | $ | — | $ | 1,736.9 | $ | 26.6 | $ | 1,763.5 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,149.1 | $ | 1,406.9 | $ | 82.8 | $ | 3,638.8 | $ | — | $ | 3,638.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 894.5 | 687.2 | 61.1 | 1,642.8 | — | 1,642.8 | |||||||||||||||||
Depreciation | 283.3 | 151.6 | — | 434.9 | 8.9 | 443.8 | |||||||||||||||||
General and administrative | — | — | — | — | 148.9 | 148.9 | |||||||||||||||||
Operating income (loss) | $ | 971.3 | $ | 568.1 | $ | 21.7 | $ | 1,561.1 | $ | (157.8 | ) | $ | 1,403.3 | ||||||||||
Property and equipment, net | $ | 10,727.6 | $ | 2,389.8 | $ | — | $ | 13,117.4 | $ | 28.2 | $ | 13,145.6 | |||||||||||
Capital expenditures | $ | 1,519.4 | $ | 191.1 | $ | — | $ | 1,710.5 | $ | 2.7 | $ | 1,713.2 |
Floaters(1) | Jackups(1) | Total(2) | |||
North & South America (excluding Brazil) | 9 | 8 | 17 | ||
Middle East & Africa | 4 | 11 | 15 | ||
Europe & the Mediterranean | 4 | 11 | 15 | ||
Asia & Pacific Rim | 4 | 8 | 12 | ||
Asia & Pacific Rim (under construction) | 3 | 2 | 5 | ||
Brazil | 4 | — | 4 | ||
Middle East & Africa (under construction) | — | 2 | 2 | ||
Total | 28 | 42 | 70 |
(1) | The five floaters and two jackups classified as "held for sale" as of December 31, 2014 are included in the table above. |
(2) | We provide management services on six rigs owned by third-parties not included in the table above. |
Revenues | Long-lived Assets | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | 1,712.4 | $ | 1,687.2 | $ | 1,265.5 | $ | 5,240.4 | $ | 4,617.8 | $ | 4,525.9 | |||||||||||
Angola | 607.9 | 365.9 | 190.0 | 1,913.5 | 2,543.7 | 2,147.2 | |||||||||||||||||
Brazil | 459.1 | 683.7 | 776.3 | 1,459.0 | 2,447.5 | 2,911.3 | |||||||||||||||||
Other countries | 1,785.1 | 1,586.6 | 1,407.0 | 3,921.9 | 4,702.0 | 3,561.2 | |||||||||||||||||
Total | $ | 4,564.5 | $ | 4,323.4 | $ | 3,638.8 | $ | 12,534.8 | $ | 14,311.0 | $ | 13,145.6 |
|
2014 | 2013 | |||||||
Trade | $ | 878.8 | $ | 869.8 | ||||
Other | 15.9 | 14.3 | ||||||
894.7 | 884.1 | |||||||
Allowance for doubtful accounts | (11.4 | ) | (28.4 | ) | ||||
$ | 883.3 | $ | 855.7 |
2014 | 2013 | |||||||
Inventory | 240.3 | 256.4 | ||||||
Assets held for sale | 152.4 | 8.6 | ||||||
Prepaid taxes | 90.6 | 88.1 | ||||||
Deferred costs | 61.9 | 47.4 | ||||||
Deferred tax assets | 43.8 | 23.1 | ||||||
Prepaid expenses | 33.8 | 18.5 | ||||||
Derivative assets | .6 | 11.6 | ||||||
Other | 6.0 | 10.2 | ||||||
$ | 629.4 | $ | 463.9 |
2014 | 2013 | |||||||
Deferred costs | $ | 82.3 | $ | 59.1 | ||||
Intangible assets | 49.0 | 83.8 | ||||||
Supplemental executive retirement plan assets | 43.2 | 37.7 | ||||||
Prepaid taxes on intercompany transfers of property | 39.7 | 50.2 | ||||||
Deferred tax assets | 38.4 | 25.2 | ||||||
Warranty and other claim receivables | 30.6 | 30.6 | ||||||
Unbilled receivables | 18.6 | 51.9 | ||||||
Other | 12.4 | 14.2 | ||||||
$ | 314.2 | $ | 352.7 |
2014 | 2013 | |||||||
Deferred revenue | 241.3 | 169.8 | ||||||
Personnel costs | 214.0 | 242.0 | ||||||
Taxes | 97.0 | 84.2 | ||||||
Accrued interest | 83.8 | 68.0 | ||||||
Derivative liabilities | 24.1 | 10.4 | ||||||
Advance payment received on sale of assets | — | 33.0 | ||||||
Customer pre-payments | — | 20.0 | ||||||
Other | 36.4 | 31.3 | ||||||
$ | 696.6 | $ | 658.7 |
2014 | 2013 | |||||||
Deferred revenue | $ | 373.2 | $ | 217.6 | ||||
Unrecognized tax benefits (inclusive of interest and penalties) | 142.4 | 148.0 | ||||||
Supplemental executive retirement plan liabilities | 45.1 | 40.5 | ||||||
Intangible liabilities | 40.7 | 69.1 | ||||||
Personnel costs | 26.1 | 37.2 | ||||||
Other | 39.8 | 33.3 | ||||||
$ | 667.3 | $ | 545.7 |
2014 | 2013 | ||||||
Derivative Instruments | $ | 8.0 | $ | 20.6 | |||
Other | 3.9 | (2.4 | ) | ||||
$ | 11.9 | $ | 18.2 |
2014 | 2013 | 2012 | ||||||||||
Repair and maintenance expense | $ | 357.2 | $ | 287.8 | $ | 276.3 |
2014 | 2013 | 2012 | ||||||||||
Increase (decrease) in liabilities | 208.2 | (10.3 | ) | 312.3 | ||||||||
(Increase) decrease in other assets | (76.4 | ) | (94.1 | ) | 67.8 | |||||||
(Increase) decrease in accounts receivable | (38.5 | ) | (46.7 | ) | 59.1 | |||||||
$ | 93.3 | $ | (151.1 | ) | $ | 439.2 |
2014 | 2013 | 2012 | ||||||||||
Interest, net of amounts capitalized | $ | 170.0 | $ | 182.2 | $ | 150.7 | ||||||
Income taxes | 218.2 | 195.4 | 77.9 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 34.5 | $ | 145.4 | $ | — | $ | 4,683.0 | $ | (298.4 | ) | $ | 4,564.5 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 31.8 | 145.4 | — | 2,198.1 | (298.4 | ) | 2,076.9 | ||||||||||||||||
Loss on impairment | — | — | — | 4,218.7 | — | 4,218.7 | |||||||||||||||||
Depreciation | .2 | 7.6 | — | 530.1 | — | 537.9 | |||||||||||||||||
General and administrative | 52.0 | .4 | — | 79.5 | — | 131.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (49.5 | ) | (8.0 | ) | — | (2,343.4 | ) | — | (2,400.9 | ) | |||||||||||||
OTHER (EXPENSE) INCOME, NET | (67.0 | ) | (43.3 | ) | (54.7 | ) | 17.1 | — | (147.9 | ) | |||||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (116.5 | ) | (51.3 | ) | (54.7 | ) | (2,326.3 | ) | — | (2,548.8 | ) | ||||||||||||
INCOME TAX (BENEFIT) EXPENSE | — | (44.9 | ) | — | 185.4 | — | 140.5 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1,199.2 | ) | — | (1,199.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (3,786.1 | ) | (3,651.0 | ) | (3,744.3 | ) | — | 11,181.4 | — | ||||||||||||||
NET LOSS | (3,902.6 | ) | (3,657.4 | ) | (3,799.0 | ) | (3,710.9 | ) | 11,181.4 | (3,888.5 | ) | ||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (14.1 | ) | — | (14.1 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (3,902.6 | ) | $ | (3,657.4 | ) | $ | (3,799.0 | ) | $ | (3,725.0 | ) | $ | 11,181.4 | $ | (3,902.6 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 35.0 | $ | 149.4 | $ | — | $ | 4,446.4 | $ | (307.4 | ) | $ | 4,323.4 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 27.5 | 149.4 | — | 2,077.6 | (307.4 | ) | 1,947.1 | ||||||||||||||||
Depreciation | .3 | 4.0 | — | 491.9 | — | 496.2 | |||||||||||||||||
General and administrative | 63.5 | .5 | — | 82.8 | — | 146.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (56.3 | ) | (4.5 | ) | — | 1,794.1 | — | 1,733.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (65.6 | ) | (9.4 | ) | (27.9 | ) | 2.8 | — | (100.1 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (121.9 | ) | (13.9 | ) | (27.9 | ) | 1,796.9 | — | 1,633.2 | ||||||||||||||
INCOME TAX EXPENSE | — | 92.5 | — | 110.6 | — | 203.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (2.2 | ) | — | (2.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,540.1 | 366.2 | 111.6 | — | (2,017.9 | ) | — | ||||||||||||||||
NET INCOME | 1,418.2 | 259.8 | 83.7 | 1,684.1 | (2,017.9 | ) | 1,427.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,674.4 | $ | (2,017.9 | ) | $ | 1,418.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 44.0 | $ | 147.6 | $ | — | $ | 3,767.3 | $ | (320.1 | ) | $ | 3,638.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 51.2 | 147.6 | — | 1,764.1 | (320.1 | ) | 1,642.8 | ||||||||||||||||
Depreciation | .4 | 3.5 | — | 439.9 | — | 443.8 | |||||||||||||||||
General and administrative | 63.8 | .4 | — | 84.7 | — | 148.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (71.4 | ) | (3.9 | ) | — | 1,478.6 | — | 1,403.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (41.8 | ) | (7.0 | ) | (50.0 | ) | .2 | — | (98.6 | ) | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (113.2 | ) | (10.9 | ) | (50.0 | ) | 1,478.8 | — | 1,304.7 | ||||||||||||||
INCOME TAX EXPENSE | — | 68.8 | — | 159.8 | — | 228.6 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 100.6 | 100.6 | ||||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,282.9 | 335.9 | 239.2 | — | (1,858.0 | ) | — | ||||||||||||||||
NET INCOME | 1,169.7 | 256.2 | 189.2 | 1,419.6 | (1,858.0 | ) | 1,176.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,412.6 | $ | (1,858.0 | ) | $ | 1,169.7 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET LOSS | $ | (3,902.6 | ) | $ | (3,657.4 | ) | $ | (3,799.0 | ) | $ | (3,710.9 | ) | $ | 11,181.4 | $ | (3,888.5 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (11.7 | ) | — | — | — | (11.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (.9 | ) | — | — | — | (.9 | ) | |||||||||||||||
Other | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (12.6 | ) | — | 6.3 | — | (6.3 | ) | |||||||||||||||
COMPREHENSIVE LOSS | (3,902.6 | ) | (3,670.0 | ) | (3,799.0 | ) | (3,704.6 | ) | 11,181.4 | (3,894.8 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (14.1 | ) | — | (14.1 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (3,902.6 | ) | $ | (3,670.0 | ) | $ | (3,799.0 | ) | $ | (3,718.7 | ) | $ | 11,181.4 | $ | (3,908.9 | ) |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,684.1 | $ | (2,017.9 | ) | $ | 1,427.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.8 | ) | — | — | — | (5.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.8 | ) | — | 1.9 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,418.2 | 256.0 | 83.7 | 1,686.0 | (2,017.9 | ) | 1,426.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 256.0 | $ | 83.7 | $ | 1,676.3 | $ | (2,017.9 | ) | $ | 1,416.3 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,419.6 | $ | (1,858.0 | ) | $ | 1,176.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 6.3 | — | 2.4 | — | 8.7 | |||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (.2 | ) | — | — | ||||||||||||||||
Other | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 6.5 | — | 5.0 | — | 11.5 | |||||||||||||||||
COMPREHENSIVE INCOME | 1,169.7 | 262.7 | 189.2 | 1,424.6 | (1,858.0 | ) | 1,188.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 262.7 | $ | 189.2 | $ | 1,417.6 | $ | (1,858.0 | ) | $ | 1,181.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (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 | $ | 287.4 | $ | — | $ | 90.8 | $ | 286.6 | $ | — | $ | 664.8 | |||||||||||
Short-term investments | 712.0 | — | — | 45.3 | — | 757.3 | |||||||||||||||||
Accounts receivable, net | — | — | — | 883.3 | — | 883.3 | |||||||||||||||||
Accounts receivable from affiliates | 34.5 | 210.4 | — | 134.6 | (379.5 | ) | — | ||||||||||||||||
Other | 4.1 | 86.9 | — | 538.4 | — | 629.4 | |||||||||||||||||
Total current assets | 1,038.0 | 297.3 | 90.8 | 1,888.2 | (379.5 | ) | 2,934.8 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 71.5 | — | 14,901.9 | — | 14,975.5 | |||||||||||||||||
Less accumulated depreciation | 1.7 | 34.1 | — | 2,404.9 | — | 2,440.7 | |||||||||||||||||
Property and equipment, net | .4 | 37.4 | — | 12,497.0 | — | 12,534.8 | |||||||||||||||||
GOODWILL | — | — | — | 276.1 | — | 276.1 | |||||||||||||||||
DUE FROM AFFILIATES | 2,873.2 | 4,748.2 | 1,835.0 | 6,308.8 | (15,765.2 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 9,084.8 | 1,233.5 | 461.6 | — | (10,779.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 17.0 | 47.4 | — | 249.8 | — | 314.2 | |||||||||||||||||
$ | 13,013.4 | $ | 6,363.8 | $ | 2,387.4 | $ | 21,219.9 | $ | (26,924.6 | ) | $ | 16,059.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 47.8 | $ | 42.8 | $ | 34.3 | $ | 944.9 | $ | — | $ | 1,069.8 | |||||||||||
Accounts payable to affiliates | 23.5 | 158.3 | — | 197.7 | (379.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 34.8 | — | 34.8 | |||||||||||||||||
Total current liabilities | 71.3 | 201.1 | 34.3 | 1,177.4 | (379.5 | ) | 1,104.6 | ||||||||||||||||
DUE TO AFFILIATES | 994.8 | 3,817.4 | 1,547.7 | 9,405.3 | (15,765.2 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,724.4 | 149.2 | 1,973.2 | 38.8 | — | 5,885.6 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 176.8 | — | 2.7 | — | 179.5 | |||||||||||||||||
OTHER LIABILITIES | — | 6.1 | 7.0 | 654.2 | — | 667.3 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,222.9 | 2,013.2 | (1,174.8 | ) | 9,933.6 | (10,779.9 | ) | 8,215.0 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.9 | — | 7.9 | |||||||||||||||||
Total equity | 8,222.9 | 2,013.2 | (1,174.8 | ) | 9,941.5 | (10,779.9 | ) | 8,222.9 | |||||||||||||||
$ | 13,013.4 | $ | 6,363.8 | $ | 2,387.4 | $ | 21,219.9 | $ | (26,924.6 | ) | $ | 16,059.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 | |||||||||||
Short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Accounts receivable, net | — | — | — | 855.7 | — | 855.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,235.0 | 213.8 | 5.5 | 4,169.2 | (5,623.5 | ) | — | ||||||||||||||||
Other | 3.2 | 61.3 | — | 399.4 | — | 463.9 | |||||||||||||||||
Total current assets | 1,284.7 | 275.6 | 10.4 | 5,588.0 | (5,623.5 | ) | 1,535.2 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 34.3 | — | 17,462.1 | — | 17,498.5 | |||||||||||||||||
Less accumulated depreciation | 1.5 | 26.5 | — | 3,159.5 | — | 3,187.5 | |||||||||||||||||
Property and equipment, net | .6 | 7.8 | — | 14,302.6 | — | 14,311.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,876.8 | 4,236.0 | 1,898.0 | 5,069.7 | (16,080.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,830.1 | 4,868.6 | 4,092.2 | — | (22,790.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.8 | 60.1 | — | 283.8 | — | 352.7 | |||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.5 | $ | 9.1 | $ | 34.2 | $ | 925.0 | $ | — | $ | 999.8 | |||||||||||
Accounts payable to affiliates | 3,666.1 | 549.7 | — | 1,407.7 | (5,623.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 3,697.6 | 558.8 | 34.2 | 2,380.2 | (5,623.5 | ) | 1,047.3 | ||||||||||||||||
DUE TO AFFILIATES | 1,030.8 | 2,760.4 | 1,331.1 | 10,958.2 | (16,080.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,473.7 | 149.1 | 2,007.8 | 88.3 | — | 4,718.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 358.3 | — | 3.8 | — | 362.1 | |||||||||||||||||
OTHER LIABILITIES | — | 2.3 | 8.7 | 534.7 | — | 545.7 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,798.9 | 5,619.2 | 2,618.8 | 14,545.6 | (22,790.9 | ) | 12,791.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.3 | — | 7.3 | |||||||||||||||||
Total equity | 12,798.9 | 5,619.2 | 2,618.8 | 14,552.9 | (22,790.9 | ) | 12,798.9 | ||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (63.8 | ) | $ | (167.6 | ) | $ | (90.9 | ) | $ | 2,380.2 | $ | — | $ | 2,057.9 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (37.2 | ) | — | (1,531.6 | ) | — | (1,568.8 | ) | ||||||||||||||
Purchases of short-term investments | (716.1 | ) | — | — | (74.5 | ) | — | (790.6 | ) | ||||||||||||||
Net proceeds from disposition of assets | — | — | — | 169.2 | — | 169.2 | |||||||||||||||||
Maturities of short-term investments | — | — | — | 83.3 | — | 83.3 | |||||||||||||||||
Net cash used in investing activities of continuing operations | (716.1 | ) | (37.2 | ) | — | (1,353.6 | ) | — | (2,106.9 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from debt issuance | 1,246.4 | — | — | — | — | 1,246.4 | |||||||||||||||||
Cash dividends paid | (703.0 | ) | — | — | — | — | (703.0 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (60.1 | ) | — | (60.1 | ) | |||||||||||||||
Debt financing costs | (13.4 | ) | — | — | — | — | (13.4 | ) | |||||||||||||||
Proceeds from exercise of share options | 2.6 | — | — | — | — | 2.6 | |||||||||||||||||
Advances from (to) affiliates | 501.9 | 204.3 | 176.8 | (883.0 | ) | — | — | ||||||||||||||||
Other | (13.7 | ) | — | — | (16.1 | ) | — | (29.8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 1,020.8 | 204.3 | 176.8 | (959.2 | ) | — | 442.7 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Investing activities | — | — | — | 109.3 | — | 109.3 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 105.5 | — | 105.5 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 240.9 | (0.5 | ) | 85.9 | 172.9 | — | 499.2 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 46.5 | 0.5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 287.4 | $ | — | $ | 90.8 | $ | 286.6 | $ | — | $ | 664.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (114.8 | ) | $ | (128.7 | ) | $ | (62.9 | ) | $ | 2,117.6 | $ | — | $ | 1,811.2 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,763.5 | ) | — | (1,763.5 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (50.0 | ) | — | (50.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Net proceeds from disposition of assets | — | (4.1 | ) | — | 10.1 | — | 6.0 | ||||||||||||||||
Net cash used in investing activities of continuing operations | — | (4.1 | ) | — | (1,753.4 | ) | — | (1,757.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (525.6 | ) | — | — | — | — | (525.6 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 22.3 | — | — | — | — | 22.3 | |||||||||||||||||
Debt financing costs | — | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||||
Advances from (to) affiliates | 407.2 | 136.2 | (17.2 | ) | (526.2 | ) | — | — | |||||||||||||||
Other | (14.4 | ) | — | — | (7.3 | ) | — | (21.7 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (110.5 | ) | 131.6 | (17.2 | ) | (581.0 | ) | — | (577.1 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 169.3 | — | 169.3 | |||||||||||||||||
Investing activities | — | — | — | 32.8 | — | 32.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 202.1 | — | 202.1 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (225.3 | ) | (1.2 | ) | (80.1 | ) | (14.9 | ) | — | (321.5 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (71.6 | ) | $ | (38.2 | ) | $ | (21.6 | ) | $ | 2,086.0 | $ | — | $ | 1,954.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,713.2 | ) | — | (1,713.2 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (90.0 | ) | — | (90.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 44.5 | — | 44.5 | |||||||||||||||||
Net proceeds from disposition of assets | (.3 | ) | .4 | — | 3.1 | — | 3.2 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (.3 | ) | .4 | — | (1,755.6 | ) | — | (1,755.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (348.1 | ) | — | — | — | — | (348.1 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Equity issuance cost | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 23.9 | 11.9 | — | — | — | 35.8 | |||||||||||||||||
Advances from (to) affiliates | 501.2 | 27.6 | 84.0 | (612.8 | ) | — | — | ||||||||||||||||
Other | (11.6 | ) | — | — | (5.8 | ) | — | (17.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 107.1 | 39.5 | 84.0 | (666.1 | ) | — | (435.5 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 232.5 | — | 232.5 | |||||||||||||||||
Investing activities | — | — | — | 58.3 | — | 58.3 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 290.8 | — | 290.8 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 2.0 | — | 2.0 | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35.2 | 1.7 | 62.4 | (42.9 | ) | — | 56.4 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 |
|
2014 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 1,066.7 | $ | 1,136.6 | $ | 1,201.4 | $ | 1,159.8 | $ | 4,564.5 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 520.2 | 542.5 | 500.2 | 514.0 | 2,076.9 | ||||||||||||||
Loss on impairment | — | 703.5 | — | 3,515.2 | 4,218.7 | ||||||||||||||
Depreciation | 131.1 | 132.2 | 135.2 | 139.4 | 537.9 | ||||||||||||||
General and administrative | 38.1 | 36.2 | 29.3 | 28.3 | 131.9 | ||||||||||||||
Operating income | 377.3 | (277.8 | ) | 536.7 | (3,037.1 | ) | (2,400.9 | ) | |||||||||||
Other expense, net | (29.1 | ) | (30.8 | ) | (38.4 | ) | (49.6 | ) | (147.9 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 348.2 | (308.6 | ) | 498.3 | (3,086.7 | ) | (2,548.8 | ) | |||||||||||
Income tax expense (benefit) | 49.5 | 42.6 | 74.6 | (26.2 | ) | 140.5 | |||||||||||||
Income (loss) from continuing operations | 298.7 | (351.2 | ) | 423.7 | (3,060.5 | ) | (2,689.3 | ) | |||||||||||
(Loss) income from discontinued operations, net | (2.0 | ) | (818.4 | ) | 9.2 | (388.0 | ) | (1,199.2 | ) | ||||||||||
Net income (loss) | 296.7 | (1,169.6 | ) | 432.9 | (3,448.5 | ) | (3,888.5 | ) | |||||||||||
Net income attributable to noncontrolling interests | (4.2 | ) | (3.1 | ) | (3.5 | ) | (3.3 | ) | (14.1 | ) | |||||||||
Net income (loss) attributable to Ensco | $ | 292.5 | $ | (1,172.7 | ) | $ | 429.4 | $ | (3,451.8 | ) | $ | (3,902.6 | ) | ||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.26 | $ | (1.53 | ) | $ | 1.79 | $ | (13.22 | ) | $ | (11.70 | ) | ||||||
Discontinued operations | (0.01 | ) | (3.54 | ) | 0.04 | (1.67 | ) | (5.18 | ) | ||||||||||
$ | 1.25 | $ | (5.07 | ) | $ | 1.83 | $ | (14.89 | ) | $ | (16.88 | ) | |||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.26 | $ | (1.53 | ) | $ | 1.79 | $ | (13.22 | ) | $ | (11.70 | ) | ||||||
Discontinued operations | (0.01 | ) | (3.54 | ) | 0.04 | (1.67 | ) | (5.18 | ) | ||||||||||
$ | 1.25 | $ | (5.07 | ) | $ | 1.83 | $ | (14.89 | ) | $ | (16.88 | ) |
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 989.4 | $ | 1,076.1 | $ | 1,119.9 | $ | 1,138.0 | $ | 4,323.4 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 451.4 | 496.1 | 499.2 | 500.4 | 1,947.1 | ||||||||||||||
Depreciation | 120.0 | 124.0 | 124.7 | 127.5 | 496.2 | ||||||||||||||
General and administrative | 37.8 | 36.4 | 37.4 | 35.2 | 146.8 | ||||||||||||||
Operating income | 380.2 | 419.6 | 458.6 | 474.9 | 1,733.3 | ||||||||||||||
Other expense, net | (29.8 | ) | (39.8 | ) | (1.6 | ) | (28.9 | ) | (100.1 | ) | |||||||||
Income from continuing operations before income taxes | 350.4 | 379.8 | 457.0 | 446.0 | 1,633.2 | ||||||||||||||
Income tax expense | 47.8 | 43.2 | 67.5 | 44.6 | 203.1 | ||||||||||||||
Income from continuing operations | 302.6 | 336.6 | 389.5 | 401.4 | 1,430.1 | ||||||||||||||
Income (loss) from discontinued operations, net | 17.3 | 26.0 | (8.1 | ) | (37.4 | ) | (2.2 | ) | |||||||||||
Net income | 319.9 | 362.6 | 381.4 | 364.0 | 1,427.9 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.8 | ) | (1.7 | ) | (2.6 | ) | (2.6 | ) | (9.7 | ) | |||||||||
Net income attributable to Ensco | $ | 317.1 | $ | 360.9 | $ | 378.8 | $ | 361.4 | $ | 1,418.2 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.29 | $ | 1.44 | $ | 1.66 | $ | 1.71 | $ | 6.09 | |||||||||
Discontinued operations | 0.07 | 0.11 | (0.04 | ) | (0.16 | ) | (0.01 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.55 | $ | 6.08 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.29 | $ | 1.44 | $ | 1.66 | $ | 1.70 | $ | 6.08 | |||||||||
Discontinued operations | 0.07 | 0.11 | (0.04 | ) | (0.16 | ) | (0.01 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.54 | $ | 6.07 |
|
2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 | ||||
Income from continuing operations allocated to non-vested share awards | (7.9 | ) | (15.1 | ) | (11.2 | ) | |||||
(Loss) income from continuing operations attributable to Ensco shares | $ | (2,711.0 | ) | $ | 1,406.5 | $ | 1,058.4 |
2014 | 2013 | 2012 | ||||||
Weighted-average shares - basic | 231.6 | 230.9 | 229.4 | |||||
Potentially dilutive shares | — | .2 | .3 | |||||
Weighted-average shares - diluted | 231.6 | 231.1 | 229.7 |
|
2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 | ||||
Income from continuing operations allocated to non-vested share awards | (7.9 | ) | (15.1 | ) | (11.2 | ) | |||||
(Loss) income from continuing operations attributable to Ensco shares | $ | (2,711.0 | ) | $ | 1,406.5 | $ | 1,058.4 |
2014 | 2013 | 2012 | ||||||
Weighted-average shares - basic | 231.6 | 230.9 | 229.4 | |||||
Potentially dilutive shares | — | .2 | .3 | |||||
Weighted-average shares - diluted | 231.6 | 231.1 | 229.7 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from continuing operations | $ | (2,689.3 | ) | $ | 1,430.1 | $ | 1,076.1 | ||||
Income from continuing operations attributable to noncontrolling interests | (13.8 | ) | (8.5 | ) | (6.5 | ) | |||||
(Loss) income from continuing operations attributable to Ensco | $ | (2,703.1 | ) | $ | 1,421.6 | $ | 1,069.6 |
2014 | 2013 | 2012 | |||||||||
(Loss) income from discontinued operations | $ | (1,199.2 | ) | $ | (2.2 | ) | $ | 100.6 | |||
Income from discontinued operations attributable to noncontrolling interests | (.3 | ) | (1.2 | ) | (.5 | ) | |||||
(Loss) income from discontinued operations attributable to Ensco | $ | (1,199.5 | ) | $ | (3.4 | ) | $ | 100.1 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of December 31, 2014 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 43.2 | $ | — | $ | — | $ | 43.2 | |||||||
Total financial assets | $ | 43.2 | $ | — | $ | — | $ | 43.2 | |||||||
Derivatives, net | — | (26.3 | ) | — | (26.3 | ) | |||||||||
Total financial liabilities | $ | — | $ | (26.3 | ) | $ | — | $ | (26.3 | ) | |||||
As of December 31, 2013 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 37.7 | $ | — | $ | — | $ | 37.7 | |||||||
Derivatives, net | — | 1.8 | — | 1.8 | |||||||||||
Total financial assets | $ | 37.7 | $ | 1.8 | $ | — | $ | 39.5 |
December 31, 2014 | December 31, 2013 | |||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||
4.70% Senior notes due 2021 | $ | 1,479.9 | $ | 1,505.3 | $ | 1,477.2 | $ | 1,596.9 | ||||||||
6.875% Senior notes due 2020 | 1,008.2 | 1,008.5 | 1,024.8 | 1,086.7 | ||||||||||||
3.25% Senior notes due 2016 | 998.0 | 1,018.3 | 996.5 | 1,045.8 | ||||||||||||
4.50% Senior notes due 2024 | 624.2 | 602.0 | — | — | ||||||||||||
5.75% Senior notes due 2044 | 622.3 | 615.8 | — | — | ||||||||||||
8.50% Senior notes due 2019 | 583.8 | 611.8 | 600.5 | 635.8 | ||||||||||||
7.875% Senior notes due 2040 | 381.2 | 363.8 | 382.6 | 410.5 | ||||||||||||
7.20% Debentures due 2027 | 149.2 | 171.4 | 149.1 | 178.6 | ||||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 46.6 | 46.8 | 78.9 | 79.7 | ||||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | — | — | 25.3 | 27.1 | ||||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 27.0 | 29.7 | 31.5 | 35.2 | ||||||||||||
Total | $ | 5,920.4 | $ | 5,973.4 | $ | 4,766.4 | $ | 5,096.3 |
|
2014 | 2013 | |||||||
Drilling rigs and equipment | $ | 13,253.2 | $ | 15,839.0 | ||||
Other | 135.0 | 101.0 | ||||||
Work in progress | 1,587.3 | 1,558.5 | ||||||
$ | 14,975.5 | $ | 17,498.5 |
|
2014 | 2013 | |||||||
4.70% Senior notes due 2021 | $ | 1,479.9 | $ | 1,477.2 | ||||
6.875% Senior notes due 2020 | 1,008.2 | 1,024.8 | ||||||
3.25% Senior notes due 2016 | 998.0 | 996.5 | ||||||
4.50% Senior notes due 2024 | 624.2 | — | ||||||
5.75% Senior notes due 2044 | 622.3 | — | ||||||
8.50% Senior notes due 2019 | 583.8 | 600.5 | ||||||
7.875% Senior notes due 2040 | 381.2 | 382.6 | ||||||
7.20% Debentures due 2027 | 149.2 | 149.1 | ||||||
4.33% MARAD bonds due 2016 | 46.6 | 78.9 | ||||||
6.36% MARAD bonds due 2015 | — | 25.3 | ||||||
4.65% MARAD bonds due 2020 | 27.0 | 31.5 | ||||||
Total debt | 5,920.4 | 4,766.4 | ||||||
Less current maturities | (34.8 | ) | (47.5 | ) | ||||
Total long-term debt | $ | 5,885.6 | $ | 4,718.9 |
2015 | $ | 34.8 | ||
2016 | 1,019.7 | |||
2017 | 4.5 | |||
2018 | 4.5 | |||
2019 | 504.5 | |||
Thereafter | 4,104.5 | |||
Total | $ | 5,672.5 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | .4 | $ | 9.1 | $ | 17.2 | $ | 9.8 | |||||||
Foreign currency forward contracts - non-current(2) | .1 | 1.2 | 2.9 | .6 | |||||||||||
.5 | 10.3 | 20.1 | 10.4 | ||||||||||||
Derivatives not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .2 | 2.5 | 6.9 | .6 | |||||||||||
.2 | 2.5 | 6.9 | .6 | ||||||||||||
Total | $ | .7 | $ | 12.8 | $ | 27.0 | $ | 11.0 |
(1) | Derivative assets and liabilities that have maturity dates equal to or less than 12 months from the respective balance sheet dates were included in other current assets and accrued liabilities and other, respectively, on our consolidated balance sheets. |
(2) | Derivative assets and liabilities that have maturity dates greater than 12 months from the respective balance sheet dates were included in other assets, net, and other liabilities, respectively, on our consolidated balance sheets. |
(Loss) Gain Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion) | (Loss) Gain Reclassified from AOCI into Income (Effective Portion)(1) | Loss Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | — | $ | (.4 | ) | $ | (.4 | ) | $ | (.5 | ) | $ | — | $ | — | $ | — | ||||||||||||||
Foreign currency forward contracts(4) | (11.7 | ) | (5.8 | ) | 8.7 | 1.3 | (1.6 | ) | .5 | (.7 | ) | (.3 | ) | (.3 | ) | ||||||||||||||||||||
Total | $ | (11.7 | ) | $ | (5.8 | ) | $ | 8.7 | $ | .9 | $ | (2.0 | ) | $ | — | $ | (.7 | ) | $ | (.3 | ) | $ | (.3 | ) |
(1) | Changes in the fair value of cash flow hedges are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income (effective portion) were included in interest expense, net in our consolidated statements of operations. |
(4) | During the year ended December 31, 2014, $400,000 of gains were reclassified from AOCI into contract drilling expense and $900,000 of gains were reclassified from AOCI into depreciation expense in our consolidated statement of operations. |
Net unrealized losses to be reclassified to contract drilling expense | $ | (9.4 | ) | |
Net realized gains to be reclassified to depreciation expense | .9 | |||
Net realized losses to be reclassified to interest expense | (.4 | ) | ||
Net losses to be reclassified to earnings | $ | (8.9 | ) |
|
2014 | 2013 | 2012 | |||||||||
Contract drilling | $ | 20.9 | $ | 21.3 | $ | 17.1 | |||||
General and administrative | 20.7 | 21.6 | 24.8 | ||||||||
Non-vested share award related compensation expense included in operating expenses | 41.6 | 42.9 | 41.9 | ||||||||
Tax benefit | (5.1 | ) | (5.4 | ) | (7.0 | ) | |||||
Total non-vested share award related compensation expense included in net income | $ | 36.5 | $ | 37.5 | $ | 34.9 |
2014 | 2013 | 2012 | |||||||||
Weighted-average grant-date fair value of non-vested share awards granted (per share) | $ | 51.22 | $ | 59.79 | $ | 48.32 | |||||
Total fair value of non-vested share awards vested during the period (in millions) | $ | 46.2 | $ | 49.6 | $ | 42.5 |
Shares | Weighted-Average Grant-Date Fair Value | |||||
Non-vested share awards as of December 31, 2013 | 2,496 | $ | 52.95 | |||
Granted | 1,242 | 51.22 | ||||
Vested | (898 | ) | 51.07 | |||
Forfeited | (199 | ) | 53.80 | |||
Non-vested share awards as of December 31, 2014 | 2,641 | $ | 52.86 |
|
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | Gross Carrying Amount | Accumulated Impairment Losses | Net Carrying Amount | ||||||||||||||||||
Floaters | |||||||||||||||||||||||
Balance, beginning of period | $ | 3,081.4 | $ | — | $ | 3,081.4 | $ | 3,081.4 | $ | — | $ | 3,081.4 | |||||||||||
Loss on impairment | — | (2,997.9 | ) | (2,997.9 | ) | — | — | — | |||||||||||||||
Balance, end of period | $ | 3,081.4 | $ | (2,997.9 | ) | $ | 83.5 | $ | 3,081.4 | $ | — | $ | 3,081.4 | ||||||||||
Jackups | |||||||||||||||||||||||
Balance, beginning of period | $ | 192.6 | $ | — | $ | 192.6 | $ | 192.6 | $ | — | $ | 192.6 | |||||||||||
Loss on impairment | — | — | — | — | — | — | |||||||||||||||||
Balance, end of period | $ | 192.6 | $ | — | $ | 192.6 | $ | 192.6 | $ | — | $ | 192.6 |
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | ||||||||||||||||||
Drilling contract intangible assets | |||||||||||||||||||||||
Balance, beginning of period | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | $ | 209.0 | $ | (88.3 | ) | $ | 120.7 | |||||||||
Amortization | — | (32.7 | ) | (32.7 | ) | — | (42.3 | ) | (42.3 | ) | |||||||||||||
Balance, end of period | $ | 209.0 | $ | (163.3 | ) | $ | 45.7 | $ | 209.0 | $ | (130.6 | ) | $ | 78.4 | |||||||||
Drilling contract intangible liabilities | |||||||||||||||||||||||
Balance, beginning of period | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 | $ | 278.0 | $ | (160.0 | ) | $ | 118.0 | |||||||||
Amortization | — | (28.4 | ) | (28.4 | ) | — | (48.9 | ) | (48.9 | ) | |||||||||||||
Balance, end of period | $ | 278.0 | $ | (237.3 | ) | $ | 40.7 | $ | 278.0 | $ | (208.9 | ) | $ | 69.1 |
2015 | $ | (4.5 | ) | |
2016 | (.8 | ) | ||
2017 | .3 | |||
Total | $ | (5.0 | ) |
|
2014 | 2013 | 2012 | |||||||||
Current income tax expense: | |||||||||||
U.S. | $ | 114.8 | $ | 94.4 | $ | 46.6 | |||||
Non-U.S. | 149.2 | 98.6 | 154.2 | ||||||||
264.0 | 193.0 | 200.8 | |||||||||
Deferred income tax expense (benefit): | |||||||||||
U.S. | (86.7 | ) | 19.2 | 29.4 | |||||||
Non-U.S. | (36.8 | ) | (9.1 | ) | (1.6 | ) | |||||
(123.5 | ) | 10.1 | 27.8 | ||||||||
Total income tax expense | $ | 140.5 | $ | 203.1 | $ | 228.6 |
2014 | 2013 | |||||||
Deferred tax assets: | ||||||||
Net operating loss carryforwards | $ | 204.5 | $ | 104.0 | ||||
Deferred revenue | 103.0 | 19.4 | ||||||
Premium on long-term debt | 99.2 | 111.9 | ||||||
Foreign tax credits | 98.6 | 159.0 | ||||||
Employee benefits, including share-based compensation | 39.5 | 41.7 | ||||||
Other | 16.7 | 19.8 | ||||||
Total deferred tax assets | 561.5 | 455.8 | ||||||
Valuation allowance | (271.3 | ) | (232.6 | ) | ||||
Net deferred tax assets | 290.2 | 223.2 | ||||||
Deferred tax liabilities: | ||||||||
Property and equipment | (314.2 | ) | (453.6 | ) | ||||
Intercompany transfers of property | (23.0 | ) | (29.2 | ) | ||||
Deferred costs | (20.2 | ) | (11.4 | ) | ||||
Other | (14.1 | ) | (24.0 | ) | ||||
Total deferred tax liabilities | (371.5 | ) | (518.2 | ) | ||||
Net deferred tax liability | $ | (81.3 | ) | $ | (295.0 | ) | ||
Net current deferred tax asset | $ | 41.4 | $ | 20.9 | ||||
Net noncurrent deferred tax liability | (122.7 | ) | (315.9 | ) | ||||
Net deferred tax liability | $ | (81.3 | ) | $ | (295.0 | ) |
2014 | 2013 | 2012 | ||||||
U.K. statutory income tax rate | 21.5 | % | 23.3 | % | 24.5 | % | ||
Goodwill impairment | (25.3 | ) | — | — | ||||
Assets impairment | (10.9 | ) | — | — | ||||
Non-U.K. taxes | 9.6 | (13.2 | ) | (17.5 | ) | |||
Valuation allowance | (1.1 | ) | 1.0 | 5.0 | ||||
Income taxes associated with restructuring transactions | — | — | 3.9 | |||||
Other | .7 | 1.3 | 1.6 | |||||
Effective income tax rate | (5.5 | )% | 12.4 | % | 17.5 | % |
2014 | 2013 | |||||||
Balance, beginning of year | $ | 151.7 | $ | 110.7 | ||||
Increases in unrecognized tax benefits as a result of tax positions taken during prior years | 16.3 | 35.8 | ||||||
Increases in unrecognized tax benefits as a result of tax positions taken during the current year | 5.5 | 10.0 | ||||||
Decreases in unrecognized tax benefits as a result of tax positions taken during prior years | (15.5 | ) | (3.7 | ) | ||||
Settlements with taxing authorities | (14.2 | ) | — | |||||
Lapse of applicable statutes of limitations | (.7 | ) | (1.1 | ) | ||||
Impact of foreign currency exchange rates | (8.7 | ) | — | |||||
Balance, end of year | $ | 134.4 | $ | 151.7 |
|
2014 | 2013 | 2012 | ||||||||||
Revenues | $ | 325.0 | $ | 596.4 | $ | 668.6 | ||||||
Operating expenses | 372.0 | 577.6 | 544.3 | |||||||||
Operating (loss) income | (47.0 | ) | 18.8 | 124.3 | ||||||||
Other income | — | .3 | 1.3 | |||||||||
Income tax expense | (30.7 | ) | (20.2 | ) | (8.5 | ) | ||||||
Loss on impairment, net | (1,158.8 | ) | — | — | ||||||||
Gain (loss) on disposal of discontinued operations, net | 37.3 | (1.1 | ) | (16.5 | ) | |||||||
(Loss) income from discontinued operations | $ | (1,199.2 | ) | $ | (2.2 | ) | $ | 100.6 |
Rig(3) | Date of Rig Sale | Segment(1) | Net Proceeds | Net Book Value(2) | Pre-tax Gain/(Loss) | |||||||||||
ENSCO 5000 | December 2014 | Floaters | $ | 1.3 | $ | .5 | $ | .8 | ||||||||
ENSCO 93 | September 2014 | Jackups | 51.7 | 52.9 | (1.2 | ) | ||||||||||
ENSCO 85 | April 2014 | Jackups | 64.4 | 54.1 | 10.3 | |||||||||||
ENSCO 69 & Pride Wisconsin | January 2014 | Jackups | 32.2 | 8.6 | 23.6 | |||||||||||
Pride Pennsylvania | March 2013 | Jackups | 15.5 | 15.7 | (.2 | ) | ||||||||||
ENSCO 5003 | December 2012 | Floaters | 68.2 | 89.4 | (21.2 | ) | ||||||||||
Pride Hawaii | October 2012 | Jackups | 18.8 | 16.8 | 2.0 | |||||||||||
ENSCO I | September 2012 | Other | 4.5 | 12.3 | (7.8 | ) | ||||||||||
ENSCO 61 | June 2012 | Jackups | 31.7 | 19.6 | 12.1 | |||||||||||
ENSCO 59 | May 2012 | Jackups | 22.8 | 21.9 | .9 | |||||||||||
$ | 311.1 | $ | 291.8 | $ | 19.3 |
|
Cumulative Paid(1) | 2015 | 2016 | 2017 | Total(2) | ||||||||||||||||
ENSCO DS-8 | 161.4 | 384.4 | — | — | 545.8 | |||||||||||||||
ENSCO DS-9 | 157.4 | 375.0 | — | — | 532.4 | |||||||||||||||
ENSCO DS-10 | 206.0 | 310.3 | — | — | 516.3 | |||||||||||||||
ENSCO 110 | 41.0 | 166.2 | — | — | 207.2 | |||||||||||||||
ENSCO 123 | 53.5 | — | 217.0 | — | 270.5 | |||||||||||||||
ENSCO 140 | 78.4 | 78.9 | 39.2 | — | 196.5 | |||||||||||||||
ENSCO 141 | 39.2 | 38.7 | 117.6 | — | 195.5 | |||||||||||||||
$ | 736.9 | $ | 1,353.5 | $ | 373.8 | $ | — | $ | 2,464.2 |
(1) | Cumulative paid represents the aggregate amount of contractual payments made from commencement of the construction agreement through December 31, 2014. |
(2) | Total commitments are based on fixed-price shipyard construction contracts, exclusive of costs associated with commissioning, systems integration testing, project management and capitalized interest. |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,697.6 | $ | 1,774.6 | $ | 92.3 | $ | 4,564.5 | $ | — | $ | 4,564.5 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,201.2 | 807.4 | 68.3 | 2,076.9 | — | 2,076.9 | |||||||||||||||||
Loss on impairment | 3,982.3 | 236.4 | — | 4,218.7 | — | 4,218.7 | |||||||||||||||||
Depreciation | 358.1 | 171.2 | — | 529.3 | 8.6 | 537.9 | |||||||||||||||||
General and administrative | — | — | — | — | 131.9 | 131.9 | |||||||||||||||||
Operating (loss) income | $ | (2,844.0 | ) | $ | 559.6 | $ | 24.0 | $ | (2,260.4 | ) | $ | (140.5 | ) | $ | (2,400.9 | ) | |||||||
Property and equipment, net | $ | 9,462.3 | $ | 2,995.3 | $ | — | $ | 12,457.6 | $ | 77.2 | $ | 12,534.8 | |||||||||||
Capital expenditures | $ | 856.2 | $ | 667.7 | $ | — | $ | 1,523.9 | $ | 44.9 | $ | 1,568.8 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,659.6 | $ | 1,588.7 | $ | 75.1 | $ | 4,323.4 | $ | — | $ | 4,323.4 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1,126.0 | 762.6 | 58.5 | 1,947.1 | — | 1,947.1 | |||||||||||||||||
Depreciation | 342.2 | 147.5 | — | 489.7 | 6.5 | 496.2 | |||||||||||||||||
General and administrative | — | — | — | — | 146.8 | 146.8 | |||||||||||||||||
Operating income (loss) | $ | 1,191.4 | $ | 678.6 | $ | 16.6 | $ | 1,886.6 | $ | (153.3 | ) | $ | 1,733.3 | ||||||||||
Property and equipment, net | $ | 11,303.4 | $ | 2,961.6 | $ | — | $ | 14,265.0 | $ | 46.0 | $ | 14,311.0 | |||||||||||
Capital expenditures | $ | 1,028.6 | $ | 708.3 | $ | — | $ | 1,736.9 | $ | 26.6 | $ | 1,763.5 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 2,149.1 | $ | 1,406.9 | $ | 82.8 | $ | 3,638.8 | $ | — | $ | 3,638.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 894.5 | 687.2 | 61.1 | 1,642.8 | — | 1,642.8 | |||||||||||||||||
Depreciation | 283.3 | 151.6 | — | 434.9 | 8.9 | 443.8 | |||||||||||||||||
General and administrative | — | — | — | — | 148.9 | 148.9 | |||||||||||||||||
Operating income (loss) | $ | 971.3 | $ | 568.1 | $ | 21.7 | $ | 1,561.1 | $ | (157.8 | ) | $ | 1,403.3 | ||||||||||
Property and equipment, net | $ | 10,727.6 | $ | 2,389.8 | $ | — | $ | 13,117.4 | $ | 28.2 | $ | 13,145.6 | |||||||||||
Capital expenditures | $ | 1,519.4 | $ | 191.1 | $ | — | $ | 1,710.5 | $ | 2.7 | $ | 1,713.2 |
Floaters(1) | Jackups(1) | Total(2) | |||
North & South America (excluding Brazil) | 9 | 8 | 17 | ||
Middle East & Africa | 4 | 11 | 15 | ||
Europe & the Mediterranean | 4 | 11 | 15 | ||
Asia & Pacific Rim | 4 | 8 | 12 | ||
Asia & Pacific Rim (under construction) | 3 | 2 | 5 | ||
Brazil | 4 | — | 4 | ||
Middle East & Africa (under construction) | — | 2 | 2 | ||
Total | 28 | 42 | 70 |
(1) | The five floaters and two jackups classified as "held for sale" as of December 31, 2014 are included in the table above. |
(2) | We provide management services on six rigs owned by third-parties not included in the table above. |
Revenues | Long-lived Assets | ||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||
United States | $ | 1,712.4 | $ | 1,687.2 | $ | 1,265.5 | $ | 5,240.4 | $ | 4,617.8 | $ | 4,525.9 | |||||||||||
Angola | 607.9 | 365.9 | 190.0 | 1,913.5 | 2,543.7 | 2,147.2 | |||||||||||||||||
Brazil | 459.1 | 683.7 | 776.3 | 1,459.0 | 2,447.5 | 2,911.3 | |||||||||||||||||
Other countries | 1,785.1 | 1,586.6 | 1,407.0 | 3,921.9 | 4,702.0 | 3,561.2 | |||||||||||||||||
Total | $ | 4,564.5 | $ | 4,323.4 | $ | 3,638.8 | $ | 12,534.8 | $ | 14,311.0 | $ | 13,145.6 |
|
2014 | 2013 | |||||||
Trade | $ | 878.8 | $ | 869.8 | ||||
Other | 15.9 | 14.3 | ||||||
894.7 | 884.1 | |||||||
Allowance for doubtful accounts | (11.4 | ) | (28.4 | ) | ||||
$ | 883.3 | $ | 855.7 |
2014 | 2013 | |||||||
Inventory | 240.3 | 256.4 | ||||||
Assets held for sale | 152.4 | 8.6 | ||||||
Prepaid taxes | 90.6 | 88.1 | ||||||
Deferred costs | 61.9 | 47.4 | ||||||
Deferred tax assets | 43.8 | 23.1 | ||||||
Prepaid expenses | 33.8 | 18.5 | ||||||
Derivative assets | .6 | 11.6 | ||||||
Other | 6.0 | 10.2 | ||||||
$ | 629.4 | $ | 463.9 |
2014 | 2013 | |||||||
Deferred costs | $ | 82.3 | $ | 59.1 | ||||
Intangible assets | 49.0 | 83.8 | ||||||
Supplemental executive retirement plan assets | 43.2 | 37.7 | ||||||
Prepaid taxes on intercompany transfers of property | 39.7 | 50.2 | ||||||
Deferred tax assets | 38.4 | 25.2 | ||||||
Warranty and other claim receivables | 30.6 | 30.6 | ||||||
Unbilled receivables | 18.6 | 51.9 | ||||||
Other | 12.4 | 14.2 | ||||||
$ | 314.2 | $ | 352.7 |
2014 | 2013 | |||||||
Deferred revenue | 241.3 | 169.8 | ||||||
Personnel costs | 214.0 | 242.0 | ||||||
Taxes | 97.0 | 84.2 | ||||||
Accrued interest | 83.8 | 68.0 | ||||||
Derivative liabilities | 24.1 | 10.4 | ||||||
Advance payment received on sale of assets | — | 33.0 | ||||||
Customer pre-payments | — | 20.0 | ||||||
Other | 36.4 | 31.3 | ||||||
$ | 696.6 | $ | 658.7 |
2014 | 2013 | |||||||
Deferred revenue | $ | 373.2 | $ | 217.6 | ||||
Unrecognized tax benefits (inclusive of interest and penalties) | 142.4 | 148.0 | ||||||
Supplemental executive retirement plan liabilities | 45.1 | 40.5 | ||||||
Intangible liabilities | 40.7 | 69.1 | ||||||
Personnel costs | 26.1 | 37.2 | ||||||
Other | 39.8 | 33.3 | ||||||
$ | 667.3 | $ | 545.7 |
2014 | 2013 | ||||||
Derivative Instruments | $ | 8.0 | $ | 20.6 | |||
Other | 3.9 | (2.4 | ) | ||||
$ | 11.9 | $ | 18.2 |
2014 | 2013 | 2012 | ||||||||||
Repair and maintenance expense | $ | 357.2 | $ | 287.8 | $ | 276.3 |
2014 | 2013 | 2012 | ||||||||||
Increase (decrease) in liabilities | 208.2 | (10.3 | ) | 312.3 | ||||||||
(Increase) decrease in other assets | (76.4 | ) | (94.1 | ) | 67.8 | |||||||
(Increase) decrease in accounts receivable | (38.5 | ) | (46.7 | ) | 59.1 | |||||||
$ | 93.3 | $ | (151.1 | ) | $ | 439.2 |
2014 | 2013 | 2012 | ||||||||||
Interest, net of amounts capitalized | $ | 170.0 | $ | 182.2 | $ | 150.7 | ||||||
Income taxes | 218.2 | 195.4 | 77.9 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2014 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 34.5 | $ | 145.4 | $ | — | $ | 4,683.0 | $ | (298.4 | ) | $ | 4,564.5 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 31.8 | 145.4 | — | 2,198.1 | (298.4 | ) | 2,076.9 | ||||||||||||||||
Loss on impairment | — | — | — | 4,218.7 | — | 4,218.7 | |||||||||||||||||
Depreciation | .2 | 7.6 | — | 530.1 | — | 537.9 | |||||||||||||||||
General and administrative | 52.0 | .4 | — | 79.5 | — | 131.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (49.5 | ) | (8.0 | ) | — | (2,343.4 | ) | — | (2,400.9 | ) | |||||||||||||
OTHER (EXPENSE) INCOME, NET | (67.0 | ) | (43.3 | ) | (54.7 | ) | 17.1 | — | (147.9 | ) | |||||||||||||
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (116.5 | ) | (51.3 | ) | (54.7 | ) | (2,326.3 | ) | — | (2,548.8 | ) | ||||||||||||
INCOME TAX (BENEFIT) EXPENSE | — | (44.9 | ) | — | 185.4 | — | 140.5 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1,199.2 | ) | — | (1,199.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | (3,786.1 | ) | (3,651.0 | ) | (3,744.3 | ) | — | 11,181.4 | — | ||||||||||||||
NET LOSS | (3,902.6 | ) | (3,657.4 | ) | (3,799.0 | ) | (3,710.9 | ) | 11,181.4 | (3,888.5 | ) | ||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (14.1 | ) | — | (14.1 | ) | |||||||||||||||
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (3,902.6 | ) | $ | (3,657.4 | ) | $ | (3,799.0 | ) | $ | (3,725.0 | ) | $ | 11,181.4 | $ | (3,902.6 | ) |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 35.0 | $ | 149.4 | $ | — | $ | 4,446.4 | $ | (307.4 | ) | $ | 4,323.4 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 27.5 | 149.4 | — | 2,077.6 | (307.4 | ) | 1,947.1 | ||||||||||||||||
Depreciation | .3 | 4.0 | — | 491.9 | — | 496.2 | |||||||||||||||||
General and administrative | 63.5 | .5 | — | 82.8 | — | 146.8 | |||||||||||||||||
OPERATING (LOSS) INCOME | (56.3 | ) | (4.5 | ) | — | 1,794.1 | — | 1,733.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (65.6 | ) | (9.4 | ) | (27.9 | ) | 2.8 | — | (100.1 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (121.9 | ) | (13.9 | ) | (27.9 | ) | 1,796.9 | — | 1,633.2 | ||||||||||||||
INCOME TAX EXPENSE | — | 92.5 | — | 110.6 | — | 203.1 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (2.2 | ) | — | (2.2 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,540.1 | 366.2 | 111.6 | — | (2,017.9 | ) | — | ||||||||||||||||
NET INCOME | 1,418.2 | 259.8 | 83.7 | 1,684.1 | (2,017.9 | ) | 1,427.9 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,674.4 | $ | (2,017.9 | ) | $ | 1,418.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 44.0 | $ | 147.6 | $ | — | $ | 3,767.3 | $ | (320.1 | ) | $ | 3,638.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 51.2 | 147.6 | — | 1,764.1 | (320.1 | ) | 1,642.8 | ||||||||||||||||
Depreciation | .4 | 3.5 | — | 439.9 | — | 443.8 | |||||||||||||||||
General and administrative | 63.8 | .4 | — | 84.7 | — | 148.9 | |||||||||||||||||
OPERATING (LOSS) INCOME | (71.4 | ) | (3.9 | ) | — | 1,478.6 | — | 1,403.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (41.8 | ) | (7.0 | ) | (50.0 | ) | .2 | — | (98.6 | ) | |||||||||||||
(LOSS) INCOME BEFORE INCOME TAXES | (113.2 | ) | (10.9 | ) | (50.0 | ) | 1,478.8 | — | 1,304.7 | ||||||||||||||
INCOME TAX EXPENSE | — | 68.8 | — | 159.8 | — | 228.6 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | 100.6 | 100.6 | ||||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,282.9 | 335.9 | 239.2 | — | (1,858.0 | ) | — | ||||||||||||||||
NET INCOME | 1,169.7 | 256.2 | 189.2 | 1,419.6 | (1,858.0 | ) | 1,176.7 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,412.6 | $ | (1,858.0 | ) | $ | 1,169.7 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET LOSS | $ | (3,902.6 | ) | $ | (3,657.4 | ) | $ | (3,799.0 | ) | $ | (3,710.9 | ) | $ | 11,181.4 | $ | (3,888.5 | ) | ||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (11.7 | ) | — | — | — | (11.7 | ) | |||||||||||||||
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — | (.9 | ) | — | — | — | (.9 | ) | |||||||||||||||
Other | — | — | — | 6.3 | — | 6.3 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (12.6 | ) | — | 6.3 | — | (6.3 | ) | |||||||||||||||
COMPREHENSIVE LOSS | (3,902.6 | ) | (3,670.0 | ) | (3,799.0 | ) | (3,704.6 | ) | 11,181.4 | (3,894.8 | ) | ||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (14.1 | ) | — | (14.1 | ) | |||||||||||||||
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (3,902.6 | ) | $ | (3,670.0 | ) | $ | (3,799.0 | ) | $ | (3,718.7 | ) | $ | 11,181.4 | $ | (3,908.9 | ) |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,418.2 | $ | 259.8 | $ | 83.7 | $ | 1,684.1 | $ | (2,017.9 | ) | $ | 1,427.9 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (5.8 | ) | — | — | — | (5.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.0 | — | — | — | 2.0 | |||||||||||||||||
Other | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (3.8 | ) | — | 1.9 | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 1,418.2 | 256.0 | 83.7 | 1,686.0 | (2,017.9 | ) | 1,426.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (9.7 | ) | — | (9.7 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,418.2 | $ | 256.0 | $ | 83.7 | $ | 1,676.3 | $ | (2,017.9 | ) | $ | 1,416.3 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 1,169.7 | $ | 256.2 | $ | 189.2 | $ | 1,419.6 | $ | (1,858.0 | ) | $ | 1,176.7 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 6.3 | — | 2.4 | — | 8.7 | |||||||||||||||||
Reclassification of net losses (gains) on derivative instruments from other comprehensive income into net income | — | .2 | — | (.2 | ) | — | — | ||||||||||||||||
Other | — | — | — | 2.8 | — | 2.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 6.5 | — | 5.0 | — | 11.5 | |||||||||||||||||
COMPREHENSIVE INCOME | 1,169.7 | 262.7 | 189.2 | 1,424.6 | (1,858.0 | ) | 1,188.2 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.0 | ) | — | (7.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 1,169.7 | $ | 262.7 | $ | 189.2 | $ | 1,417.6 | $ | (1,858.0 | ) | $ | 1,181.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2014 (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 | $ | 287.4 | $ | — | $ | 90.8 | $ | 286.6 | $ | — | $ | 664.8 | |||||||||||
Short-term investments | 712.0 | — | — | 45.3 | — | 757.3 | |||||||||||||||||
Accounts receivable, net | — | — | — | 883.3 | — | 883.3 | |||||||||||||||||
Accounts receivable from affiliates | 34.5 | 210.4 | — | 134.6 | (379.5 | ) | — | ||||||||||||||||
Other | 4.1 | 86.9 | — | 538.4 | — | 629.4 | |||||||||||||||||
Total current assets | 1,038.0 | 297.3 | 90.8 | 1,888.2 | (379.5 | ) | 2,934.8 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 71.5 | — | 14,901.9 | — | 14,975.5 | |||||||||||||||||
Less accumulated depreciation | 1.7 | 34.1 | — | 2,404.9 | — | 2,440.7 | |||||||||||||||||
Property and equipment, net | .4 | 37.4 | — | 12,497.0 | — | 12,534.8 | |||||||||||||||||
GOODWILL | — | — | — | 276.1 | — | 276.1 | |||||||||||||||||
DUE FROM AFFILIATES | 2,873.2 | 4,748.2 | 1,835.0 | 6,308.8 | (15,765.2 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 9,084.8 | 1,233.5 | 461.6 | — | (10,779.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 17.0 | 47.4 | — | 249.8 | — | 314.2 | |||||||||||||||||
$ | 13,013.4 | $ | 6,363.8 | $ | 2,387.4 | $ | 21,219.9 | $ | (26,924.6 | ) | $ | 16,059.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 47.8 | $ | 42.8 | $ | 34.3 | $ | 944.9 | $ | — | $ | 1,069.8 | |||||||||||
Accounts payable to affiliates | 23.5 | 158.3 | — | 197.7 | (379.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 34.8 | — | 34.8 | |||||||||||||||||
Total current liabilities | 71.3 | 201.1 | 34.3 | 1,177.4 | (379.5 | ) | 1,104.6 | ||||||||||||||||
DUE TO AFFILIATES | 994.8 | 3,817.4 | 1,547.7 | 9,405.3 | (15,765.2 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,724.4 | 149.2 | 1,973.2 | 38.8 | — | 5,885.6 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 176.8 | — | 2.7 | — | 179.5 | |||||||||||||||||
OTHER LIABILITIES | — | 6.1 | 7.0 | 654.2 | — | 667.3 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,222.9 | 2,013.2 | (1,174.8 | ) | 9,933.6 | (10,779.9 | ) | 8,215.0 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.9 | — | 7.9 | |||||||||||||||||
Total equity | 8,222.9 | 2,013.2 | (1,174.8 | ) | 9,941.5 | (10,779.9 | ) | 8,222.9 | |||||||||||||||
$ | 13,013.4 | $ | 6,363.8 | $ | 2,387.4 | $ | 21,219.9 | $ | (26,924.6 | ) | $ | 16,059.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 | |||||||||||
Short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Accounts receivable, net | — | — | — | 855.7 | — | 855.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,235.0 | 213.8 | 5.5 | 4,169.2 | (5,623.5 | ) | — | ||||||||||||||||
Other | 3.2 | 61.3 | — | 399.4 | — | 463.9 | |||||||||||||||||
Total current assets | 1,284.7 | 275.6 | 10.4 | 5,588.0 | (5,623.5 | ) | 1,535.2 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 2.1 | 34.3 | — | 17,462.1 | — | 17,498.5 | |||||||||||||||||
Less accumulated depreciation | 1.5 | 26.5 | — | 3,159.5 | — | 3,187.5 | |||||||||||||||||
Property and equipment, net | .6 | 7.8 | — | 14,302.6 | — | 14,311.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 4,876.8 | 4,236.0 | 1,898.0 | 5,069.7 | (16,080.5 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,830.1 | 4,868.6 | 4,092.2 | — | (22,790.9 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 8.8 | 60.1 | — | 283.8 | — | 352.7 | |||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 31.5 | $ | 9.1 | $ | 34.2 | $ | 925.0 | $ | — | $ | 999.8 | |||||||||||
Accounts payable to affiliates | 3,666.1 | 549.7 | — | 1,407.7 | (5,623.5 | ) | — | ||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 3,697.6 | 558.8 | 34.2 | 2,380.2 | (5,623.5 | ) | 1,047.3 | ||||||||||||||||
DUE TO AFFILIATES | 1,030.8 | 2,760.4 | 1,331.1 | 10,958.2 | (16,080.5 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,473.7 | 149.1 | 2,007.8 | 88.3 | — | 4,718.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 358.3 | — | 3.8 | — | 362.1 | |||||||||||||||||
OTHER LIABILITIES | — | 2.3 | 8.7 | 534.7 | — | 545.7 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 12,798.9 | 5,619.2 | 2,618.8 | 14,545.6 | (22,790.9 | ) | 12,791.6 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 7.3 | — | 7.3 | |||||||||||||||||
Total equity | 12,798.9 | 5,619.2 | 2,618.8 | 14,552.9 | (22,790.9 | ) | 12,798.9 | ||||||||||||||||
$ | 20,001.0 | $ | 9,448.1 | $ | 6,000.6 | $ | 28,518.1 | $ | (44,494.9 | ) | $ | 19,472.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2014 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (63.8 | ) | $ | (167.6 | ) | $ | (90.9 | ) | $ | 2,380.2 | $ | — | $ | 2,057.9 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | (37.2 | ) | — | (1,531.6 | ) | — | (1,568.8 | ) | ||||||||||||||
Purchases of short-term investments | (716.1 | ) | — | — | (74.5 | ) | — | (790.6 | ) | ||||||||||||||
Net proceeds from disposition of assets | — | — | — | 169.2 | — | 169.2 | |||||||||||||||||
Maturities of short-term investments | — | — | — | 83.3 | — | 83.3 | |||||||||||||||||
Net cash used in investing activities of continuing operations | (716.1 | ) | (37.2 | ) | — | (1,353.6 | ) | — | (2,106.9 | ) | |||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from debt issuance | 1,246.4 | — | — | — | — | 1,246.4 | |||||||||||||||||
Cash dividends paid | (703.0 | ) | — | — | — | — | (703.0 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (60.1 | ) | — | (60.1 | ) | |||||||||||||||
Debt financing costs | (13.4 | ) | — | — | — | — | (13.4 | ) | |||||||||||||||
Proceeds from exercise of share options | 2.6 | — | — | — | — | 2.6 | |||||||||||||||||
Advances from (to) affiliates | 501.9 | 204.3 | 176.8 | (883.0 | ) | — | — | ||||||||||||||||
Other | (13.7 | ) | — | — | (16.1 | ) | — | (29.8 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 1,020.8 | 204.3 | 176.8 | (959.2 | ) | — | 442.7 | ||||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (3.8 | ) | — | (3.8 | ) | |||||||||||||||
Investing activities | — | — | — | 109.3 | — | 109.3 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 105.5 | — | 105.5 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 240.9 | (0.5 | ) | 85.9 | 172.9 | — | 499.2 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 46.5 | 0.5 | 4.9 | 113.7 | — | 165.6 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 287.4 | $ | — | $ | 90.8 | $ | 286.6 | $ | — | $ | 664.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2013 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (114.8 | ) | $ | (128.7 | ) | $ | (62.9 | ) | $ | 2,117.6 | $ | — | $ | 1,811.2 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,763.5 | ) | — | (1,763.5 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (50.0 | ) | — | (50.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 50.0 | — | 50.0 | |||||||||||||||||
Net proceeds from disposition of assets | — | (4.1 | ) | — | 10.1 | — | 6.0 | ||||||||||||||||
Net cash used in investing activities of continuing operations | — | (4.1 | ) | — | (1,753.4 | ) | — | (1,757.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (525.6 | ) | — | — | — | — | (525.6 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 22.3 | — | — | — | — | 22.3 | |||||||||||||||||
Debt financing costs | — | (4.6 | ) | — | — | — | (4.6 | ) | |||||||||||||||
Advances from (to) affiliates | 407.2 | 136.2 | (17.2 | ) | (526.2 | ) | — | — | |||||||||||||||
Other | (14.4 | ) | — | — | (7.3 | ) | — | (21.7 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (110.5 | ) | 131.6 | (17.2 | ) | (581.0 | ) | — | (577.1 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 169.3 | — | 169.3 | |||||||||||||||||
Investing activities | — | — | — | 32.8 | — | 32.8 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 202.1 | — | 202.1 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.2 | ) | — | (.2 | ) | |||||||||||||||
DECREASE IN CASH AND CASH EQUIVALENTS | (225.3 | ) | (1.2 | ) | (80.1 | ) | (14.9 | ) | — | (321.5 | ) | ||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 271.8 | 1.7 | 85.0 | 128.6 | — | 487.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 46.5 | $ | .5 | $ | 4.9 | $ | 113.7 | $ | — | $ | 165.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (71.6 | ) | $ | (38.2 | ) | $ | (21.6 | ) | $ | 2,086.0 | $ | — | $ | 1,954.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,713.2 | ) | — | (1,713.2 | ) | |||||||||||||||
Purchases of short-term investments | — | — | — | (90.0 | ) | — | (90.0 | ) | |||||||||||||||
Maturities of short-term investments | — | — | — | 44.5 | — | 44.5 | |||||||||||||||||
Net proceeds from disposition of assets | (.3 | ) | .4 | — | 3.1 | — | 3.2 | ||||||||||||||||
Net cash (used in) provided by investing activities of continuing operations | (.3 | ) | .4 | — | (1,755.6 | ) | — | (1,755.5 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (348.1 | ) | — | — | — | — | (348.1 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Equity issuance cost | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (47.5 | ) | — | (47.5 | ) | |||||||||||||||
Proceeds from exercise of share options | 23.9 | 11.9 | — | — | — | 35.8 | |||||||||||||||||
Advances from (to) affiliates | 501.2 | 27.6 | 84.0 | (612.8 | ) | — | — | ||||||||||||||||
Other | (11.6 | ) | — | — | (5.8 | ) | — | (17.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 107.1 | 39.5 | 84.0 | (666.1 | ) | — | (435.5 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 232.5 | — | 232.5 | |||||||||||||||||
Investing activities | — | — | — | 58.3 | — | 58.3 | |||||||||||||||||
Net cash provided by discontinued operations | — | — | — | 290.8 | — | 290.8 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 2.0 | — | 2.0 | |||||||||||||||||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 35.2 | 1.7 | 62.4 | (42.9 | ) | — | 56.4 | ||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 271.8 | $ | 1.7 | $ | 85.0 | $ | 128.6 | $ | — | $ | 487.1 |
|
2014 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 1,066.7 | $ | 1,136.6 | $ | 1,201.4 | $ | 1,159.8 | $ | 4,564.5 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 520.2 | 542.5 | 500.2 | 514.0 | 2,076.9 | ||||||||||||||
Loss on impairment | — | 703.5 | — | 3,515.2 | 4,218.7 | ||||||||||||||
Depreciation | 131.1 | 132.2 | 135.2 | 139.4 | 537.9 | ||||||||||||||
General and administrative | 38.1 | 36.2 | 29.3 | 28.3 | 131.9 | ||||||||||||||
Operating income | 377.3 | (277.8 | ) | 536.7 | (3,037.1 | ) | (2,400.9 | ) | |||||||||||
Other expense, net | (29.1 | ) | (30.8 | ) | (38.4 | ) | (49.6 | ) | (147.9 | ) | |||||||||
Income (loss) from continuing operations before income taxes | 348.2 | (308.6 | ) | 498.3 | (3,086.7 | ) | (2,548.8 | ) | |||||||||||
Income tax expense (benefit) | 49.5 | 42.6 | 74.6 | (26.2 | ) | 140.5 | |||||||||||||
Income (loss) from continuing operations | 298.7 | (351.2 | ) | 423.7 | (3,060.5 | ) | (2,689.3 | ) | |||||||||||
(Loss) income from discontinued operations, net | (2.0 | ) | (818.4 | ) | 9.2 | (388.0 | ) | (1,199.2 | ) | ||||||||||
Net income (loss) | 296.7 | (1,169.6 | ) | 432.9 | (3,448.5 | ) | (3,888.5 | ) | |||||||||||
Net income attributable to noncontrolling interests | (4.2 | ) | (3.1 | ) | (3.5 | ) | (3.3 | ) | (14.1 | ) | |||||||||
Net income (loss) attributable to Ensco | $ | 292.5 | $ | (1,172.7 | ) | $ | 429.4 | $ | (3,451.8 | ) | $ | (3,902.6 | ) | ||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.26 | $ | (1.53 | ) | $ | 1.79 | $ | (13.22 | ) | $ | (11.70 | ) | ||||||
Discontinued operations | (0.01 | ) | (3.54 | ) | 0.04 | (1.67 | ) | (5.18 | ) | ||||||||||
$ | 1.25 | $ | (5.07 | ) | $ | 1.83 | $ | (14.89 | ) | $ | (16.88 | ) | |||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.26 | $ | (1.53 | ) | $ | 1.79 | $ | (13.22 | ) | $ | (11.70 | ) | ||||||
Discontinued operations | (0.01 | ) | (3.54 | ) | 0.04 | (1.67 | ) | (5.18 | ) | ||||||||||
$ | 1.25 | $ | (5.07 | ) | $ | 1.83 | $ | (14.89 | ) | $ | (16.88 | ) |
2013 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | ||||||||||||||
Operating revenues | $ | 989.4 | $ | 1,076.1 | $ | 1,119.9 | $ | 1,138.0 | $ | 4,323.4 | |||||||||
Operating expenses | |||||||||||||||||||
Contract drilling (exclusive of depreciation) | 451.4 | 496.1 | 499.2 | 500.4 | 1,947.1 | ||||||||||||||
Depreciation | 120.0 | 124.0 | 124.7 | 127.5 | 496.2 | ||||||||||||||
General and administrative | 37.8 | 36.4 | 37.4 | 35.2 | 146.8 | ||||||||||||||
Operating income | 380.2 | 419.6 | 458.6 | 474.9 | 1,733.3 | ||||||||||||||
Other expense, net | (29.8 | ) | (39.8 | ) | (1.6 | ) | (28.9 | ) | (100.1 | ) | |||||||||
Income from continuing operations before income taxes | 350.4 | 379.8 | 457.0 | 446.0 | 1,633.2 | ||||||||||||||
Income tax expense | 47.8 | 43.2 | 67.5 | 44.6 | 203.1 | ||||||||||||||
Income from continuing operations | 302.6 | 336.6 | 389.5 | 401.4 | 1,430.1 | ||||||||||||||
Income (loss) from discontinued operations, net | 17.3 | 26.0 | (8.1 | ) | (37.4 | ) | (2.2 | ) | |||||||||||
Net income | 319.9 | 362.6 | 381.4 | 364.0 | 1,427.9 | ||||||||||||||
Net income attributable to noncontrolling interests | (2.8 | ) | (1.7 | ) | (2.6 | ) | (2.6 | ) | (9.7 | ) | |||||||||
Net income attributable to Ensco | $ | 317.1 | $ | 360.9 | $ | 378.8 | $ | 361.4 | $ | 1,418.2 | |||||||||
Earnings (loss) per share – basic | |||||||||||||||||||
Continuing operations | $ | 1.29 | $ | 1.44 | $ | 1.66 | $ | 1.71 | $ | 6.09 | |||||||||
Discontinued operations | 0.07 | 0.11 | (0.04 | ) | (0.16 | ) | (0.01 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.55 | $ | 6.08 | ||||||||||
Earnings (loss) per share – diluted | |||||||||||||||||||
Continuing operations | $ | 1.29 | $ | 1.44 | $ | 1.66 | $ | 1.70 | $ | 6.08 | |||||||||
Discontinued operations | 0.07 | 0.11 | (0.04 | ) | (0.16 | ) | (0.01 | ) | |||||||||||
$ | 1.36 | $ | 1.55 | $ | 1.62 | $ | 1.54 | $ | 6.07 |
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