ENSCO PLC, 10-K filed on 3/2/2015
Annual Report
Document And Entity Information (USD $)
In Thousands, except Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Feb. 24, 2015
Jun. 30, 2014
Document And Entity Information [Abstract]
 
 
 
Document Type
10-K 
 
 
Amendment Flag
false 
 
 
Document Period End Date
Dec. 31, 2014 
 
 
Entity Registrant Name
Ensco plc 
 
 
Entity Central Index Key
0000314808 
 
 
Current Fiscal Year End Date
--12-31 
 
 
Document Fiscal Year Focus
2014 
 
 
Document Fiscal Period Focus
FY 
 
 
Entity Well-known Seasoned Issuer
Yes 
 
 
Entity Voluntary Filers
No 
 
 
Entity Current Reporting Status
Yes 
 
 
Entity Filer Category
Large Accelerated Filer 
 
 
Entity Public Float
 
 
$ 11,554,518 
Entity Common Shares, Shares Outstanding
 
234,172,524 
 
Consolidated Statements Of Income (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Income Statement [Abstract]
 
 
 
OPERATING REVENUES
$ 4,564.5 
$ 4,323.4 
$ 3,638.8 
OPERATING EXPENSES
 
 
 
Contract drilling (exclusive of depreciation)
2,076.9 
1,947.1 
1,642.8 
Asset Impairment Charges
4,218.7 
Depreciation
537.9 
496.2 
443.8 
General and administrative
131.9 
146.8 
148.9 
Total operating expenses
6,965.4 
2,590.1 
2,235.5 
OPERATING INCOME
(2,400.9)
1,733.3 
1,403.3 
OTHER INCOME (EXPENSE)
 
 
 
Interest income
13.0 
16.6 
22.8 
Interest expense, net
(161.4)
(158.8)
(123.6)
Other, net
0.5 
42.1 
2.2 
Other income (expense), net
(147.9)
(100.1)
(98.6)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(2,548.8)
1,633.2 
1,304.7 
PROVISION FOR INCOME TAXES
 
 
 
Current income tax expense
264.0 
193.0 
200.8 
Deferred income tax expense (benefit)
(123.5)
10.1 
27.8 
Total provision for income taxes
140.5 
203.1 
228.6 
INCOME FROM CONTINUING OPERATIONS
(2,689.3)
1,430.1 
1,076.1 
DISCONTINUED OPERATIONS, NET
(1,199.2)
(2.2)
100.6 
NET INCOME
(3,888.5)
1,427.9 
1,176.7 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(14.1)
(9.7)
(7.0)
NET INCOME ATTRIBUTABLE TO ENSCO
(3,902.6)
1,418.2 
1,169.7 
EARNINGS PER SHARE - BASIC
 
 
 
Continuing operations
$ (11.70)
$ 6.09 
$ 4.62 
Discontinued operations
$ (5.18)
$ (0.01)
$ 0.43 
Total earnings per share - basic
$ (16.88)
$ 6.08 
$ 5.05 
EARNINGS PER SHARE - DILUTED
 
 
 
Continuing operations
$ (11.70)
$ 6.08 
$ 4.61 
Discontinued operations
$ (5.18)
$ (0.01)
$ 0.43 
Total earnings per share - diluted
$ (16.88)
$ 6.07 
$ 5.04 
NET INCOME ATTRIBUTABLE TO ENSCO SHARES - BASIC AND DILUTED
$ (3,910.5)
$ 1,403.1 
$ 1,157.4 
WEIGHTED-AVERAGE SHARES OUTSTANDING
 
 
 
Basic
231.6 
230.9 
229.4 
Diluted
231.6 
231.1 
229.7 
CASH DIVIDENDS PER SHARE
$ 3.0 
$ 2.25 
$ 1.50 
Consolidated Statements of Comprehensive Income (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Statement of Comprehensive Income [Abstract]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$ (3,448.5)
$ 432.9 
$ (1,169.6)
$ 296.7 
$ 364.0 
$ 381.4 
$ 362.6 
$ 319.9 
$ (3,888.5)
$ 1,427.9 
$ 1,176.7 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
(11.7)
(5.8)
8.7 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
(0.9)
2.0 
Other
 
 
 
 
 
 
 
 
6.3 
1.9 
2.8 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
(6.3)
(1.9)
11.5 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,894.8)
1,426.0 
1,188.2 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
(14.1)
(9.7)
(7.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
$ (3,908.9)
$ 1,416.3 
$ 1,181.2 
Consolidated Balance Sheets (USD $)
Dec. 31, 2014
Dec. 31, 2013
CURRENT ASSETS
 
 
Cash and cash equivalents
$ 664,800,000 
$ 165,600,000 
Short-term Investments
757,300,000 
50,000,000 
Accounts receivable, net
883,300,000 
855,700,000 
Other
629,400,000 
463,900,000 
Total current assets
2,934,800,000 
1,535,200,000 
PROPERTY AND EQUIPMENT, AT COST
14,975,500,000 
17,498,500,000 
Less accumulated depreciation
2,440,700,000 
3,187,500,000 
Property and equipment, net
12,534,800,000 
14,311,000,000 
GOODWILL
276,100,000 
3,274,000,000 
OTHER ASSETS, NET
314,200,000 
352,700,000 
TOTAL ASSETS
16,059,900,000 
19,472,900,000 
CURRENT LIABILITIES
 
 
Accounts payable - trade
373,200,000 
341,100,000 
Accrued liabilities and other
696,600,000 
658,700,000 
Short-term debt
Current maturities of long-term debt
34,800,000 
47,500,000 
Total current liabilities
1,104,600,000 
1,047,300,000 
LONG-TERM DEBT
5,885,600,000 
4,718,900,000 
DEFERRED INCOME TAXES
179,500,000 
362,100,000 
OTHER LIABILITIES
667,300,000 
545,700,000 
ENSCO SHAREHOLDERS' EQUITY
 
 
Additional paid-in capital
5,517,500,000 
5,467,200,000 
Retained earnings
2,720,400,000 
7,327,300,000 
Accumulated other comprehensive income
11,900,000 
18,200,000 
Treasury shares, at cost, 6.5 million shares and 6.0 million shares
(59,000,000)
(45,200,000)
Total Ensco shareholders' equity
8,215,000,000 
12,791,600,000 
NONCONTROLLING INTERESTS
7,900,000 
7,300,000 
Total equity
8,222,900,000 
12,798,900,000 
Total liabilities and shareholders' equity
16,059,900,000 
19,472,900,000 
Class A Ordinary Shares, U.S. [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
24,100,000 
24,000,000 
Common Class B, Par Value In GBP [Member]
 
 
ENSCO SHAREHOLDERS' EQUITY
 
 
Common shares, value
$ 100,000 
$ 100,000 
Consolidated Balance Sheets (Parenthetical)
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
Class A Ordinary Shares, U.S. [Member]
USD ($)
Dec. 31, 2013
Class A Ordinary Shares, U.S. [Member]
USD ($)
Dec. 31, 2014
Common Class B, Par Value In GBP [Member]
GBP (£)
Dec. 31, 2013
Common Class B, Par Value In GBP [Member]
GBP (£)
Common shares, par value
 
 
$ 0.10 
$ 0.10 
£ 1 
£ 1 
Common shares, shares authorized
 
 
450,000,000 
450,000,000.0 
50,000 
50,000 
Common shares, shares issued
 
 
240,700,000 
239,500,000 
50,000 
50,000 
Treasury shares, shares held
6,500,000 
6,000,000 
 
 
 
 
Consolidated Statements Of Cash Flows (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
OPERATING ACTIVITIES
 
 
 
Net income
$ (3,888.5)
$ 1,427.9 
$ 1,176.7 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
1,199.2 
2.2 
(100.6)
Asset Impairment Charges
4,218.7 
Cost of Services, Depreciation
537.9 
496.2 
443.8 
Settlement of warranty or other claims
(11.0)
(57.9)
Share-based compensation expense
45.1 
50.3 
53.2 
Amortization of intangibles and other, net
(7.9)
(28.4)
(33.6)
Deferred income tax expense (benefit)
(123.5)
10.1 
27.8 
Other
(16.4)
15.0 
6.0 
Changes in operating assets and liabilities
93.3 
(151.1)
439.2 
Net cash provided by operating activities of continuing operations
2,057.9 
1,811.2 
1,954.6 
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
(1,568.8)
(1,763.5)
(1,713.2)
Purchases of short-term investments
(790.6)
(50.0)
(90.0)
Proceeds from Sale of Property, Plant, and Equipment
169.2 
6.0 
3.2 
Maturities of short-term investments
83.3 
50.0 
44.5 
Net cash used in investing activities of continuing operations
(2,106.9)
(1,757.5)
(1,755.5)
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
(703.0)
(525.6)
(348.1)
Reduction of long-term borrowings
(60.1)
(47.5)
(47.5)
Proceeds from exercise of share options
2.6 
22.3 
35.8 
Debt financing costs
(13.4)
(4.6)
Commercial paper borrowings, net
(125.0)
Equity financing costs
66.7 
Proceeds from issuance of senior notes
1,246.4 
Other
(29.8)
(21.7)
(17.4)
Net cash (used in) provided by financing activities of continuing operations
442.7 
(577.1)
(435.5)
DISCONTINUED OPERATIONS
 
 
 
Operating activities
(3.8)
169.3 
232.5 
Investing activities
109.3 
32.8 
58.3 
Net Cash Provided by (Used in) Discontinued Operations
105.5 
202.1 
290.8 
Effect of exchange rate changes on cash and cash equivalents
(0.2)
2.0 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
499.2 
(321.5)
56.4 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
165.6 
487.1 
430.7 
CASH AND CASH EQUIVALENTS, END OF YEAR
664.8 
165.6 
487.1 
Ensco Plc [Member]
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
(3,902.6)
1,418.2 
1,169.7 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
Asset Impairment Charges
 
 
Cost of Services, Depreciation
0.2 
0.3 
0.4 
Net cash provided by operating activities of continuing operations
(63.8)
(114.8)
(71.6)
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
Purchases of short-term investments
(716.1)
Proceeds from Sale of Property, Plant, and Equipment
(0.3)
Maturities of short-term investments
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
(703.0)
(525.6)
(348.1)
Reduction of long-term borrowings
Proceeds from exercise of share options
2.6 
22.3 
23.9 
Debt financing costs
(13.4)
 
Commercial paper borrowings, net
 
 
(125.0)
Equity financing costs
 
 
66.7 
Proceeds from issuance of senior notes
1,246.4 
 
 
Other
(13.7)
(14.4)
(11.6)
Net cash (used in) provided by financing activities of continuing operations
1,020.8 
(110.5)
107.1 
DISCONTINUED OPERATIONS
 
 
 
Operating activities
Investing activities
Net Cash Provided by (Used in) Discontinued Operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
240.9 
(225.3)
35.2 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
46.5 
271.8 
236.6 
CASH AND CASH EQUIVALENTS, END OF YEAR
287.4 
46.5 
271.8 
Ensco International Inc [Member]
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
(3,657.4)
259.8 
256.2 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
Asset Impairment Charges
 
 
Cost of Services, Depreciation
7.6 
4.0 
3.5 
Net cash provided by operating activities of continuing operations
(167.6)
(128.7)
(38.2)
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
(37.2)
Purchases of short-term investments
Proceeds from Sale of Property, Plant, and Equipment
(4.1)
0.4 
Maturities of short-term investments
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
11.9 
Debt financing costs
(4.6)
 
Commercial paper borrowings, net
 
 
Equity financing costs
 
 
Proceeds from issuance of senior notes
 
 
Other
Net cash (used in) provided by financing activities of continuing operations
204.3 
131.6 
39.5 
DISCONTINUED OPERATIONS
 
 
 
Operating activities
Investing activities
Net Cash Provided by (Used in) Discontinued Operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(0.5)
(1.2)
1.7 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
0.5 
1.7 
CASH AND CASH EQUIVALENTS, END OF YEAR
0.5 
1.7 
Pride International Inc Member
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
(3,799.0)
83.7 
189.2 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
Asset Impairment Charges
 
 
Cost of Services, Depreciation
Net cash provided by operating activities of continuing operations
(90.9)
(62.9)
(21.6)
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
Purchases of short-term investments
Proceeds from Sale of Property, Plant, and Equipment
Maturities of short-term investments
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
Debt financing costs
 
Commercial paper borrowings, net
 
 
Equity financing costs
 
 
Proceeds from issuance of senior notes
 
 
Other
Net cash (used in) provided by financing activities of continuing operations
176.8 
(17.2)
84.0 
DISCONTINUED OPERATIONS
 
 
 
Operating activities
Investing activities
Net Cash Provided by (Used in) Discontinued Operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
85.9 
(80.1)
62.4 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
4.9 
85.0 
22.6 
CASH AND CASH EQUIVALENTS, END OF YEAR
90.8 
4.9 
85.0 
Other Non Guarantor Subsidiaries Member
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
(3,710.9)
1,684.1 
1,419.6 
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
1,199.2 
2.2 
(100.6)
Asset Impairment Charges
4,218.7 
 
 
Cost of Services, Depreciation
530.1 
491.9 
439.9 
Net cash provided by operating activities of continuing operations
2,380.2 
2,117.6 
2,086.0 
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
(1,531.6)
(1,763.5)
(1,713.2)
Purchases of short-term investments
(74.5)
(50.0)
(90.0)
Proceeds from Sale of Property, Plant, and Equipment
169.2 
10.1 
3.1 
Maturities of short-term investments
83.3 
50.0 
44.5 
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
Reduction of long-term borrowings
(60.1)
(47.5)
(47.5)
Proceeds from exercise of share options
Debt financing costs
 
Commercial paper borrowings, net
 
 
Equity financing costs
 
 
Proceeds from issuance of senior notes
 
 
Other
(16.1)
(7.3)
(5.8)
Net cash (used in) provided by financing activities of continuing operations
(959.2)
(581.0)
(666.1)
DISCONTINUED OPERATIONS
 
 
 
Operating activities
(3.8)
169.3 
232.5 
Investing activities
109.3 
32.8 
58.3 
Net Cash Provided by (Used in) Discontinued Operations
105.5 
202.1 
290.8 
Effect of exchange rate changes on cash and cash equivalents
(0.2)
2.0 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
172.9 
(14.9)
(42.9)
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
113.7 
128.6 
171.5 
CASH AND CASH EQUIVALENTS, END OF YEAR
286.6 
113.7 
128.6 
Consolidated Adjustments Member
 
 
 
OPERATING ACTIVITIES
 
 
 
Net income
11,181.4 
(2,017.9)
(1,858.0)
Adjustments to reconcile net income to net cash provided by operating activities of continuing operations:
 
 
 
Discontinued operations, net
 
Asset Impairment Charges
 
 
Cost of Services, Depreciation
Net cash provided by operating activities of continuing operations
INVESTING ACTIVITIES
 
 
 
Additions to property and equipment
Purchases of short-term investments
Proceeds from Sale of Property, Plant, and Equipment
Maturities of short-term investments
FINANCING ACTIVITIES
 
 
 
Cash dividends paid
Reduction of long-term borrowings
Proceeds from exercise of share options
Debt financing costs
 
Commercial paper borrowings, net
 
 
Equity financing costs
 
 
Proceeds from issuance of senior notes
 
 
Other
Net cash (used in) provided by financing activities of continuing operations
DISCONTINUED OPERATIONS
 
 
 
Operating activities
Investing activities
Net Cash Provided by (Used in) Discontinued Operations
Effect of exchange rate changes on cash and cash equivalents
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS, END OF YEAR
$ 0 
$ 0 
$ 0 
Description Of The Business And Summary Of Significant Accounting Policies
DESCRIPTION OF THE BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 
    Business
 
We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own an offshore drilling rig fleet of 70 rigs, including seven rigs under construction, spanning most of the strategic markets around the globe. Our rig fleet includes ten drillships, 13 dynamically positioned semisubmersible rigs, five moored semisubmersible rigs and 42 jackup rigs.  Our fleet is the world's second largest amongst competitive rigs, our ultra-deepwater fleet is one of the newest in the industry, and our premium jackup fleet is the largest of any offshore drilling company.

Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations and drilling contracts spanning approximately 20 countries on six continents in nearly every major offshore basin around the world. The markets in which we operate include the U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia.

We provide drilling services on a "day rate" contract basis. Under day rate contracts, we provide a drilling rig and rig crews and receive a fixed amount per day for each day we are performing drilling or related services. Our customers bear substantially all of the ancillary costs of constructing the well and supporting drilling operations, as well as the economic risk relative to the success of the well. In addition, our customers may pay all or a portion of the cost of moving our equipment and personnel to and from the well site. We do not provide "turnkey" or other risk-based drilling services.

Redomestication

During 2009, we completed a reorganization of the corporate structure of the group of companies controlled by our predecessor, ENSCO International Incorporated ("Ensco Delaware"), pursuant to which an indirect, wholly-owned subsidiary merged with Ensco Delaware, and Ensco plc became our publicly-held parent company incorporated under English law (the "redomestication").

We remain subject to the U.S. Securities and Exchange Commission (the "SEC") reporting requirements, the mandates of the Sarbanes-Oxley Act of 2002, as amended, and the applicable corporate governance rules of the New York Stock Exchange ("NYSE"), and we will continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We also must comply with additional reporting requirements of English law.

Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position.  The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006, which for the year ended December 31, 2014 will be prepared in accordance with generally accepted accounting principles in the U.K. and delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders.  The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the U.K. Companies Act 2006.
 
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Ensco plc and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation.

Pervasiveness of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.

Foreign Currency Remeasurement and Translation

Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations.  Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet.  Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $2.6 million of losses, $6.4 million of gains and $3.5 million of losses, and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.

Cash Equivalents and Short-Term Investments

Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments.

Short-term investments, consisting of time deposits with initial maturities in excess of three months but less than one year, were included in other current assets on our consolidated balance sheets and totaled $757.3 million and $50.0 million as of December 31, 2014 and 2013, respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2014, 2013 and 2012.
    
Property and Equipment

All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations.

Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years.  Buildings and improvements are depreciated over estimated useful lives ranging from two to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from two to six years.
 
We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held for sale is recorded at the lower of net book value or net realizable value.

During 2014, we recorded a pre-tax, non cash loss on impairment of long-lived assets of $2.5 billion. See "Note 3 - Property and Equipment" for additional information on these impairments.
    
If the global economy deteriorates and/or our expectation relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location.

Goodwill
Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.

We test goodwill for impairment on an annual basis as of December 31 of each year or when events or changes in circumstances indicate that a potential impairment exists.  When testing goodwill for impairment, we perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount.

If we conclude that the fair value of one or both of our reporting units has more-likely-than-not declined below its carrying amount after qualitatively assessing existing facts and circumstances, we perform a quantitative assessment whereby we estimate the fair value of each reporting unit.  In most instances, our calculation of the fair value of our reporting units is based on estimates of future discounted cash flows to be generated by the drilling rigs in the reporting unit.

Based on a qualitative assessment performed as of December 31, 2014, we concluded it was more-likely-than-not that the fair value of our Floater reporting unit was less than its carrying amount and performed a quantitative assessment. As a result, we concluded that our Floater reporting unit goodwill balance was impaired. See "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on our goodwill.

We concluded the fair value of our Jackup reporting more-likely-than-not exceeded its carrying amount, and there was no impairment of goodwill.
 
Operating Revenues and Expenses

Substantially all of our drilling contracts ("contracts") are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. Day rate revenues are typically earned, and contract drilling expense is typically incurred, on a uniform basis over the terms of our contracts.

In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense.

Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and recognized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred.

Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $95.7 million and $66.6 million as of December 31, 2014 and 2013, respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $149.4 million and $76.8 million as of December 31, 2014 and 2013, respectively.

In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and recognized as revenue over the period that the related drilling services are performed. The cost of such capital improvements is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $428.9 million and $273.6 million as of December 31, 2014 and 2013, respectively.

We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $20.0 million and $18.3 million as of December 31, 2014 and 2013, respectively.

In certain countries in which we operate, taxes such as sales, use, value-added, gross receipts and excise may be assessed by the local government on our revenues. We generally record our tax-assessed revenue transactions on a net basis in our consolidated statement of operations.

Derivative Instruments

We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 5 - Derivative Instruments" for additional information on how and why we use derivatives.

All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis.

Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("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 transactions.

Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction is probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations.

We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, there generally is a natural hedging relationship where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations.

Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date.

Income Taxes

We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned.
 
Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions.
    
We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations.

Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, are deferred and amortized on a straight-line basis over the remaining useful life of the rig.

In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized.
   
We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. See "Note 9 - Income Taxes" for additional information on our deferred taxes, unrecognized tax benefits, intercompany transfers of drilling rigs and undistributed earnings.
 
Share-Based Compensation

We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Share-based compensation cost is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). The amount of compensation cost recognized in our consolidated statement of operations is based on the awards ultimately expected to vest and, therefore, reduced for estimated forfeitures. All changes in estimated forfeitures are based on historical experience and are recognized as a cumulative adjustment to compensation cost in the period in which they occur. See "Note 7 - Benefit Plans" for additional information on our share-based compensation.

Fair Value Measurements

We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3").  Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1.  See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities.

Earnings Per Share
    
We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.
 
The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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



The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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



Antidilutive share options totaling 400,000, 300,000 and 400,000 for the years ended December 31, 2014, 2013 and 2012, respectively, were excluded from the computation of diluted EPS.
 
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. 

(Loss) income from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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


    
(Loss) income from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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


New Accounting Pronouncements
    
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) ("Update 2014-09"), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective on January 1, 2017. Early application is not permitted. We are currently evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures.
Noncontrolling Interests

Third parties hold a noncontrolling ownership interest in certain of our non-U.S. subsidiaries. Noncontrolling interests are classified as equity on our consolidated balance sheet and net income attributable to noncontrolling interests is presented separately in our consolidated statement of operations. 

(Loss) income from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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


    
(Loss) income from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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


Fair Value Measurements
Fair Value Measurements
FAIR VALUE MEASUREMENTS

The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in millions):

 
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
  (Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of 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



Supplemental Executive Retirement Plans

Our Ensco supplemental executive retirement plans (the "SERP") are non-qualified plans that provide for eligible employees to defer a portion of their compensation for use after retirement. Assets held in the SERP were marketable securities measured at fair value on a recurring basis using Level 1 inputs and were included in other assets, net, on our consolidated balance sheets as of December 31, 2014 and 2013.  The fair value measurements of assets held in the SERP were based on quoted market prices. Net unrealized gains of $2.3 million, $6.2 million and $2.8 million from marketable securities held in our SERP were included in other, net, in our consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.
 
Derivatives

Our derivatives were measured at fair value on a recurring basis using Level 2 inputs as of December 31, 2014 and 2013.  See "Note 5 - Derivative Instruments" for additional information on our derivatives, including a description of our foreign currency hedging activities and related methodologies used to manage foreign currency exchange rate risk. The fair value measurements of our derivatives were based on market prices that are generally observable for similar assets or liabilities at commonly quoted intervals.

Other Financial Instruments

The carrying values and estimated fair values of our debt instruments as of December 31, 2014 and 2013 were as follows (in millions):
 
 
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


 
The estimated fair values of our senior notes and debentures were determined using quoted market prices. The estimated fair values of our U.S. Maritime Administration ("MARAD") bonds were determined using an income approach valuation model. The estimated fair values of our cash and cash equivalents, short-term investments, receivables, trade payables and other liabilities approximated their carrying values as of December 31, 2014 and 2013.

See "Note 3 - Property and Equipment" for additional information on the fair value measurement of property and equipment and "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on the fair value measurement of goodwill.
Property And Equipment
Property And Equipment
PROPERTY AND EQUIPMENT

Property and equipment as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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


 
During 2014, drilling rigs and equipment declined $2.6 billion primarily due to a loss on impairment of $2.5 billion, depreciation expense of $537.9 million and $152.4 million classified as "held for sale" included in other current assets on our December 31, 2014 consolidated balance sheet. These declines were partially offset by ENSCO 120, ENSCO 121 and ENSCO 122, which were placed into service during 2014 and capital upgrades to the existing rig fleet.
 
Work in progress as of December 31, 2014 primarily consisted of $820.1 million related to the construction of ENSCO DS-8, ENSCO DS-9 and ENSCO DS-10 ultra-deepwater drillships, $233.1 million related to a capital enhancement project on ENSCO 5006, $179.3 million related to the construction of ENSCO 110, ENSCO 140 and ENSCO 141 premium jackup rigs, $59.2 million related to the construction of ENSCO 123 ultra-premium harsh environment jackup rig and costs associated with various modification and enhancement projects.

Work in progress as of December 31, 2013 primarily consisted of $627.2 million related to the construction of ENSCO 120 Series ultra-premium harsh environment jackup rigs, $513.4 million related to the construction of ENSCO DS-8, ENSCO DS-9 and ENSCO D-S 10 ultra-deepwater drillships, $43.7 million related to the construction of ENSCO 110 premium jackup rig and costs associated with various modification and enhancement projects.

Impairment of Long-Lived Assets

During 2014, we recorded a pre-tax, non cash loss on impairment of long-lived assets of $2,463.1 million, of which $1,220.8 million was included in (loss) income from continuing operations and $1,242.3 million was included in (loss) income from discontinued operations, net in our consolidated statement of operations. These losses were recorded during the second and fourth quarters.

During the second quarter, demand for floaters deteriorated as a result of continued reductions in capital spending by operators in addition to delays in operators’ drilling programs. The reduction in demand, combined with the increasing supply from newbuild floater deliveries, led to a very competitive market. In general, contracting activity declined significantly, and day rates and utilization came under pressure, especially for older, less capable floaters.
In response to the adverse change in the floaters business climate, management evaluated our older, less capable floaters and committed to a plan to sell five rigs. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000 and ENSCO 7500 were removed from our portfolio of rigs marketed for contract drilling services and actively marketed for sale. These rigs were written down to fair value, less costs to sell. We completed the sale of ENSCO 5000 in December 2014. The remaining four floaters were classified as "held for sale" on our December 31, 2014 consolidated balance sheet.
We measured the fair value of the "held for sale" rigs by applying a market approach, which was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. We recorded a pre-tax, non-cash loss on impairment totaling $546.4 million during the second quarter associated with our "held for sale" rigs. The impairment charge was included in (loss) income from discontinued operations, net in our consolidated statement of operations for the year ended December 31, 2014.
During the fourth quarter, Brent crude oil prices declined from approximately $95 per barrel to near $55 per barrel on December 31, 2014. These declines resulted in further reductions in capital spending by operators, including the cancellation or deferral of planned drilling programs. As a result, day rates and utilization came under further pressure, especially for older, less capable rigs. The significant supply and demand imbalance will continue to be adversely impacted by future newbuild deliveries, program delays and lower capital spending by operators.
In response to the adverse change in business climate, management evaluated our aged rigs and committed to a plan to sell one additional floater and two jackups. ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. These rigs were written down to fair value, less costs to sell, during the fourth quarter and classified as "held for sale" on our December 31, 2014 consolidated balance sheet.
As of December 31, 2014, we measured the fair value of our seven "held for sale" rigs by applying a market approach, which was based on unobservable third-party estimated prices that would be received in exchange for the assets in an orderly transaction between market participants. In addition to the asset impairment recorded during the second quarter, we recorded an additional pre-tax, non-cash loss on impairment totaling $407.9 million during the fourth quarter. The impairment charge was included in (loss) income from discontinued operations, net in our consolidated statement of operations for the year ended December 31, 2014. See "Note 10 - Discontinued Operations" for additional information on our "held for sale" rigs.
On a quarterly basis, we evaluate the carrying value of our property and equipment to identify events or changes in circumstances ("triggering events") that indicate the carrying value may not be recoverable. During the second quarter, as a result of the adverse change in the floater business climate, management's decision to sell five floaters and the impairment charge incurred on the "held for sale" floaters, management concluded that a triggering event had occurred and performed an asset impairment analysis on our remaining older, less capable floaters.
Based on the analysis performed as of May 31, 2014, we recorded an additional pre-tax, non-cash loss on impairment with respect to four other floaters totaling $991.5 million, of which $288.0 million related to ENSCO DS-2 which was removed from our portfolio of rigs marketed for contract drilling services during the fourth quarter. The ENSCO DS-2 impairment charge was reclassified to (loss) income from discontinued operations, net in our consolidated statement of operations for the year ended December 31, 2014. The remaining $703.5 million impairment charge was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014. We measured the fair value of these rigs by applying an income approach, using projected discounted cash flows. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements.
During the fourth quarter, as a result of the decline in commodity prices and adverse changes in the offshore drilling market, management's decision to sell an additional floater and two jackups and the impairment charge incurred on the "held for sale" rigs, management concluded that a triggering event had occurred and performed an asset impairment analysis for all floaters and jackups.
Based on the analysis performed as of December 31, 2014, we recorded an additional pre-tax, non-cash loss on impairment with respect to two older, less capable floaters and ten older, less capable jackups totaling $517.3 million. The impairment charge was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014. We measured the fair value of these rigs by applying either an income approach, using projected discounted cash flows, or a market approach. These valuations were based on unobservable inputs that require significant judgments for which there is limited information, including assumptions regarding future day rates, utilization, operating costs and capital requirements.
Debt
Debt
DEBT

The carrying value of long-term debt as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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



 Senior Notes
 
On September 29, 2014, we issued $625.0 million aggregate principal amount of unsecured 4.50% notes due 2024 at a discount of $850,000 and $625.0 million aggregate principal amount of unsecured 5.75% notes due 2044 (collectively the “2014 Notes”) at a discount of $2.8 million in a public offering. Interest on these notes is payable semiannually in April and October of each year commencing April 1, 2015.  The 2014 Notes were issued pursuant to an Indenture between us and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”), dated March 17, 2011 (the "Indenture") and a Second Supplemental Indenture between us and the Trustee, dated September 29, 2014. The net proceeds from the sale of the 2014 Notes are being used for general corporate purposes. 

During 2011, we issued $1.0 billion aggregate principal amount of unsecured 3.25% notes due 2016 at a discount of $7.6 million and $1.5 billion aggregate principal amount of unsecured 4.70% notes due 2021 (collectively the “2011 Notes”) at a discount of $29.6 million in a public offering. Interest on these notes is payable semiannually in March and September of each year.  The 2011 Notes were issued pursuant to the Indenture, and a supplemental indenture between us and the Trustee, dated March 17, 2011. The net proceeds from the sale of the 2011 Notes were used to fund a portion of the cash consideration payable in connection with the Pride acquisition.

Upon consummation of the Pride acquisition during 2011, we assumed the acquired company's outstanding debt comprised of $900.0 million aggregate principal amount of 6.875% senior notes due 2020$500.0 million aggregate principal amount of 8.5% senior notes due 2019 and $300.0 million aggregate principal amount of 7.875% senior notes due 2040 (the "Acquired Notes").  Under a supplemental indenture, Ensco plc has fully and unconditionally guaranteed the performance of all Pride obligations with respect to the Acquired Notes.  See "Note 15 - Guarantee of Registered Securities" for additional information on the guarantee of the Acquired Notes. 
   
We may redeem each series of the 2014 Notes in whole, at any time or in part from time to time, prior to maturity. If we elect to redeem the 2014 Notes due 2024 before the date that is three months prior to the maturity date or the 2014 Notes due 2044 before the date that is six months prior to the maturity date, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest and a "make-whole" premium. If we elect to redeem the 2014 Notes on or after the aforementioned dates, we will pay an amount equal to 100% of the principal amount of the notes redeemed plus accrued and unpaid interest but we are not required to pay a "make-whole" premium. We may redeem each series of the 2011 Notes and the Acquired Notes, in whole or in part, at any time, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium.

The indentures governing the 2014 Notes, the 2011 Notes and the Acquired Notes contain customary events of default, including failure to pay principal or interest on such Notes when due, among others. The indentures governing the 2014 Notes, the 2011 Notes and the Acquired Notes also contain certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions.

Debentures Due 2027

During 1997, Ensco Delaware issued $150.0 million of unsecured 7.20% Debentures due November 15, 2027 (the "Debentures") in a public offering. Interest on the Debentures is payable semiannually in May and November. We may redeem the Debentures, in whole or in part, at any time prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest and a "make-whole" premium. The Debentures are not subject to any sinking fund requirements. During 2009, in connection with the redomestication, Ensco plc entered into a supplemental indenture to unconditionally guarantee the principal and interest payments on the Debentures.

The Debentures and the indenture and the supplemental indentures pursuant to which the Debentures were issued, also contain customary events of default, including failure to pay principal or interest on the Debentures when due, among others. The indenture and the supplemental indentures contain certain restrictions, including, among others, restrictions on our ability and the ability of our subsidiaries to create or incur secured indebtedness, enter into certain sale/leaseback transactions and enter into certain merger or consolidation transactions.

MARAD Bonds Due 2016 and 2020

During 2001, a subsidiary of Ensco Delaware issued $190.0 million of 15-year bonds which are guaranteed by MARAD to provide long-term financing for ENSCO 7500. In December 2014, we fully redeemed the remaining outstanding principal of these bonds and incurred a "make-whole" payment of $600,000, and MARAD released all interests in ENSCO 7500.

During 2003, a subsidiary of Ensco Delaware issued $76.5 million of 17-year bonds which are guaranteed by MARAD to provide long-term financing for ENSCO 105. The bonds will be repaid in 34 equal semiannual principal installments of $2.3 million ending in October 2020. Interest on the bonds is payable semiannually, in April and October, at a fixed rate of 4.65%.

Ensco Delaware issued separate guaranties to MARAD, guaranteeing the performance of obligations under the bonds.  During 2010, the documents governing MARAD's guarantee commitments were amended to address certain changes arising from the redomestication and to include Ensco plc as an additional guarantor of the debt obligations of Ensco Delaware and its subsidiaries.

Upon consummation of the Pride acquisition, we assumed $151.5 million of MARAD bonds issued to provide long-term financing for ENSCO 6003 and ENSCO 6004. The bonds are guaranteed by MARAD and will be repaid in semiannual principal installments ending in 2016. Interest on the bonds is payable semiannually at a weighted average fixed rate of 4.33%.

Commercial Paper
 
We participate in a commercial paper program with four commercial paper dealers pursuant to which we may issue, on a private placement basis, unsecured commercial paper notes. During 2014, we increased the size of our program to permit the issuance of commercial paper notes in an aggregate principal amount not to exceed $2.25 billion at any time outstanding. Amounts issued under the commercial paper program are supported by the available and unused committed capacity under our credit facility. As a result, amounts issued under the commercial paper program are limited by the amount of our available and unused committed capacity under our credit facility. The proceeds of such financings may be used for capital expenditures and other general corporate purposes. The commercial paper bears interest at rates that vary based on market conditions and the ratings assigned by credit rating agencies at the time of issuance. The weighted-average interest rate on our commercial paper borrowings was 0.26% and 0.35% during 2014 and 2013, respectively.  Commercial paper maturities will vary but may not exceed 364 days from the date of issue. The commercial paper is not redeemable or subject to voluntary prepayment by us prior to maturity.  We had no amounts outstanding under our commercial paper program as of December 31, 2014 and 2013.
 
Revolving Credit Facility
 
On September 30, 2014, we entered into an amendment to the Fourth Amended and Restated Credit Agreement (the "Five-Year Credit Facility"), among Ensco, Citibank, N.A., as Administrative Agent, DNB Bank ASA, as Syndication Agent, and a syndicate of banks. This amendment extended the Five-Year Credit Facility maturity date from May 7, 2018 to September 30, 2019 and increased the total commitment of the lenders from $2.0 billion to $2.25 billion. As amended, the Five-Year Credit Facility provides for a $2.25 billion senior unsecured revolving credit facility to be used for general corporate purposes.

Advances under the Five-Year Credit Facility bear interest at Base Rate or LIBOR plus an applicable margin rate (currently 0.125% per annum for Base Rate advances and 1.125% per annum for LIBOR advances) depending on our credit rating. Amounts repaid may be re-borrowed during the term of the Five-Year Credit Facility. We are required to pay a quarterly commitment fee (currently 0.125% per annum) on the undrawn portion of the $2.25 billion commitment which is also based on our credit rating. In addition to other customary restrictive covenants, the Five-Year Credit Facility requires us to maintain a total debt to total capitalization ratio of less than or equal to 50%. We have the right, subject to receipt of commitments from new or existing lenders, to increase the commitments under the Five-Year Credit Facility to an aggregate amount of up to $2.75 billion. We had no amounts outstanding under the Five-Year Credit Facility as of December 31, 2014 and 2013.

Maturities

The aggregate maturities of our debt, excluding net unamortized premiums of $247.9 million, as of December 31, 2014 were as follows (in millions):
2015
 
$
34.8

2016
 
1,019.7

2017
 
4.5

2018
 
4.5

2019
 
504.5

Thereafter
 
4,104.5

Total
 
$
5,672.5


    
Interest expense totaled $161.4 million, $158.8 million and $123.6 million for the years ended December 31, 2014, 2013 and 2012, respectively, which was net of interest amounts capitalized of $78.2 million, $67.7 million and $105.8 million in connection with our newbuild rig construction and other capital projects.
Derivative Instruments
Derivative Instruments
DERIVATIVE INSTRUMENTS
   
We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. We maintain a foreign currency exchange rate risk management strategy that utilizes derivatives to reduce our exposure to unanticipated fluctuations in earnings and cash flows caused by changes in foreign currency exchange rates. We mitigate our credit risk relating to the counterparties of our derivatives by transacting with multiple, high-quality financial institutions, thereby limiting exposure to individual counterparties, and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all of our derivative counterparties. See "Note 14 - Supplemental Financial Information" for additional information on the mitigation of credit risk relating to counterparties of our derivatives. We do not enter into derivatives for trading or other speculative purposes.
 
All derivatives were recorded on our consolidated balance sheets at fair value. Derivatives subject to legally enforceable master netting agreements were not offset on our consolidated balance sheets. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. See "Note 1 - Description of the Business and Summary of Significant Accounting Policies" for additional information on our accounting policy for derivatives and "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of our derivatives.
 
As of December 31, 2014 and 2013, our consolidated balance sheets included net foreign currency derivative liabilities of $26.3 million and net assets of $1.8 million, respectively.  All of our derivatives mature during the next 18 months.  

Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2014 and 2013 consisted of the following (in millions):
 
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.

We utilize cash flow hedges to hedge forecasted foreign currency denominated transactions, primarily to reduce our exposure to foreign currency exchange rate risk associated with contract drilling expenses and capital expenditures denominated in various currencies.  As of December 31, 2014, we had cash flow hedges outstanding to exchange an aggregate $373.1 million for various foreign currencies, including $194.3 million for British pounds, $81.2 million for Brazilian reais, $35.5 million for Euros, $28.5 million for Singapore dollars, $20.1 million for Australian dollars and $13.5 million for other currencies.

Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2014 were as follows (in millions):
 
(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.

We have net assets and liabilities denominated in numerous foreign currencies and use various methods to manage our exposure to foreign currency exchange rate risk. We predominantly structure our drilling contracts in U.S. dollars, which significantly reduces the portion of our cash flows and assets denominated in foreign currencies. We occasionally enter into derivatives that hedge the fair value of recognized foreign currency denominated assets or liabilities but do not designate such derivatives as hedging instruments. In these situations, a natural hedging relationship generally exists whereby changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. As of December 31, 2014, we held derivatives not designated as hedging instruments to exchange an aggregate $207.5 million for various foreign currencies, including $98.9 million for Euros, $36.1 million for British pounds, $31.1 million for Swiss francs, $10.3 million for Indonesian Rupiah, $8.6 million for Brazilian reais and $22.5 million for other currencies.

Net losses of $24.8 million and net gains of $3.6 million and $1.5 million associated with our derivatives not designated as hedging instruments were included in other, net, in our consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.

As of December 31, 2014, the estimated amount of net losses associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions):
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
)
Shareholders' Equity
Shareholders' Equity
SHAREHOLDERS' EQUITY
 
Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 Shares 
 
 
Par Value 
 
 
Additional
Paid-in
Capital

 
Retained
Earnings

 
AOCI 
 
 
Treasury
Shares  

 
Noncontrolling
Interest

BALANCE, December 31, 2011
235.9

 
$
23.7

 
$
5,253.0

 
$
5,613.1

 
$
8.6

 
$
(19.1
)
 
$
5.2

Net income

 

 

 
1,169.7

 

 

 
7.0

Dividends paid

 

 

 
(348.1
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(6.5
)
Shares issued under share-based compensation plans, net
1.8

 
.2

 
35.3

 

 

 
(.1
)
 

Equity issuance costs

 

 
66.7

 

 

 

 

Tax deficiency from share-based compensation

 

 
(1.0
)
 

 

 

 

Repurchase of shares

 

 

 

 

 
(11.8
)
 

Share-based compensation cost

 

 
44.7

 

 

 

 

Net other comprehensive income

 

 

 

 
11.5

 

 

BALANCE, December 31, 2012
237.7

 
23.9

 
5,398.7

 
6,434.7

 
20.1

 
(31.0
)
 
5.7

Net income

 

 

 
1,418.2

 

 

 
9.7

Dividends paid

 

 

 
(525.6
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(8.1
)
Shares issued in connection with share-based compensation plans, net
1.9

 
.2

 
21.8

 

 

 
(.1
)
 

Tax benefit from share-based compensation

 

 
.1

 

 

 

 

Repurchase of shares

 

 

 

 

 
(14.1
)
 

Share-based compensation cost

 

 
46.6

 

 

 

 

Net other comprehensive loss

 

 

 

 
(1.9
)
 

 

BALANCE, December 31, 2013
239.6

 
24.1

 
5,467.2

 
7,327.3

 
18.2

 
(45.2
)
 
7.3

Net (loss) income

 

 

 
(3,902.6
)
 

 

 
14.1

Dividends paid

 

 

 
(704.3
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(13.5
)
Shares issued in connection with share-based compensation plans, net
1.1

 
.1

 
.4

 

 

 
(.1
)
 

Tax benefit from share-based compensation

 

 
1.2

 

 

 

 

Repurchase of shares

 

 

 

 

 
(13.7
)
 

Share-based compensation cost

 

 
48.7

 

 

 

 

Net other comprehensive loss

 

 

 

 
(6.3
)
 

 

BALANCE, December 31, 2014
240.7

 
$
24.2

 
$
5,517.5

 
$
2,720.4

 
$
11.9

 
$
(59.0
)
 
$
7.9



During 2013, our shareholders approved a new share repurchase program. Subject to certain provisions under English law, including the requirement of Ensco plc to have sufficient distributable reserves, we may purchase up to a maximum of $2.0 billion in the aggregate under the program, but in no case more than 35.0 million shares. The program terminates during 2018. As of December 31, 2014, there had been no share repurchases under this program.
Benefit Plans
Benefit Plans
BENEFIT PLANS
 
Our shareholders approved the 2012 Long-Term Incentive Plan (the “2012 LTIP”) effective January 1, 2012, to provide for the issuance of non-vested share awards, share option awards and performance awards (collectively "awards"). Under the 2012 LTIP, 14.0 million shares were reserved for issuance as awards to officers, non-employee directors and key employees who are in a position to contribute materially to our growth, development and long-term success. As of December 31, 2014, there were 7.7 million shares available for issuance as awards under the 2012 LTIP. Awards may be satisfied by newly issued shares, including shares held by a subsidiary or affiliated entity, or by delivery of shares held in an affiliated employee benefit trust at the Company's discretion.

Non-Vested Share Awards
 
Grants of non-vested share awards generally vest at rates of 20% or 33% per year, as determined by a committee or subcommittee of the Board of Directors at the time of grant. Our non-vested share awards have voting and dividend rights effective on the date of grant. Compensation expense is measured using the market value of our shares on the date of grant and is recognized on a straight-line basis over the requisite service period (usually the vesting period).

The following table summarizes non-vested share award related compensation expense recognized during each of the years in the three-year period ended December 31, 2014 (in millions):
 
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



The following table summarizes the value of non-vested share awards granted and vested during each of the years in the three-year period ended December 31, 2014:
 
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


    
The following table summarizes non-vested share award activity for the year ended December 31, 2014 (shares in thousands): 
 
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



As of December 31, 2014, there was $100.7 million of total unrecognized compensation cost related to non-vested share awards, which is expected to be recognized over a weighted-average period of 2.1 years.

Share Option Awards

Share option awards ("options") granted to officers and employees generally become exercisable in 25% increments over a four-year period or 33% increments over a three-year period and, to the extent not exercised, expire on the seventh anniversary of the date of grant. Options granted to non-employee directors are immediately exercisable and, to the extent not exercised, expire on the seventh anniversary of the date of grant. The exercise price of options granted under the 2012 LTIP equals the market value of the underlying shares on the date of grant. As of December 31, 2014, options granted to purchase 472,000 shares with a weighted average exercise price of $41.09 were outstanding under the 2012 LTIP and predecessor or acquired plans. No options have been granted since 2011, and there were no unrecognized compensation costs related to options as of December 31, 2014.

Performance Awards

Under the 2012 LTIP, performance awards may be issued to our senior executive officers. Performance awards granted prior to 2013 are payable in Ensco shares, cash or a combination thereof upon attainment of specified performance goals based on relative total shareholder return ("TSR") and absolute and relative return on capital employed ("ROCE"). Performance awards granted during 2013 and 2014 are payable in Ensco shares upon attainment of specified performance goals based on relative TSR and relative ROCE. The performance goals are determined by a committee or subcommittee of the Board of Directors.

Performance awards generally vest at the end of a three-year measurement period based on attainment of performance goals. Our performance awards granted prior to 2013 are classified as liability awards with compensation expense measured based on the estimated probability of attainment of the specified performance goals and recognized on a straight-line basis over the requisite service period. The estimated probable outcome of attainment of the specified performance goals is based on historical experience, and any subsequent changes in this estimate are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs.

Our performance awards granted during 2013 and 2014 are classified as equity awards with compensation expense recognized on a straight-line basis over the requisite service period. The estimated probable outcome of attainment of the specified performance goals is based on historical experience, and any subsequent changes in this estimate for the relative ROCE performance goal are recognized as a cumulative adjustment to compensation cost in the period in which the change in estimate occurs.

The aggregate grant-date fair value of performance awards granted during 2014, 2013 and 2012 totaled $7.4 million, $8.2 million and $7.2 million, respectively. The aggregate fair value of performance awards vested during 2014, 2013 and 2012 totaled $6.9 million, $7.4 million and $5.3 million, respectively, all of which was paid in cash.

During the years ended December 31, 2014, 2013 and 2012, we recognized $3.4 million, $6.6 million and $9.7 million of compensation expense for performance awards, respectively, which was included in general and administrative expense in our consolidated statements of operations.  As of December 31, 2014, there was $5.0 million of total unrecognized compensation cost related to unvested performance awards, which is expected to be recognized over a weighted-average period of 1.9 years.

Savings Plans

We have profit sharing plans (the "Ensco Savings Plan," the "Ensco Multinational Savings Plan" and the "Ensco Limited Retirement Plan"), which cover eligible employees, as defined within each plan.  The Ensco Savings Plan includes a 401(k) savings plan feature which allows eligible employees to make tax deferred contributions to the plan.  The Ensco Limited Retirement Plan also allows eligible employees to make tax deferred contributions to the plan. Contributions made to the Ensco Multinational Savings Plan may or may not qualify for tax deferral based on each plan participant's local tax requirements.
 
We generally make matching cash contributions to the plans.  We match 100% of the amount contributed by the employee up to a maximum of 5% of eligible salary. Matching contributions totaled $20.7 million, $21.1 million and $16.5 million for the years ended December 31, 2014, 2013 and 2012, respectively.  Profit sharing contributions made into the plans require approval of the Board of Directors and are generally paid in cash.  We recorded profit sharing contribution provisions of $30.7 million, $55.3 million and $45.1 million for the years ended December 31, 2014, 2013 and 2012, respectively.  Matching contributions and profit sharing contributions become vested in 33% increments upon completion of each initial year of service with all contributions becoming fully vested subsequent to achievement of three or more years of service.  We have 1.0 million shares reserved for issuance as matching contributions under the Ensco Savings Plan.
Goodwill and Other Intangible Assets and Liabilities
Goodwill and Other Intangible Assets and Liabilities
GOODWILL AND OTHER INTANGIBLE ASSETS AND LIABILITIES

Goodwill

The carrying amount of goodwill as of December 31, 2014 is detailed below by reporting unit (in millions):
 
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



Impairment of Goodwill

Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.
We test goodwill for impairment on an annual basis or when events or changes in circumstances indicate that a potential impairment exists.  During the second quarter, demand for floaters deteriorated as a result of a continued reduction in capital spending by operators in addition to announced delays in operators’ drilling programs. The reduction in demand, combined with increasing supply from newbuild floater deliveries, led to a very competitive market. In general, contracting activity for floaters declined significantly and day rates and utilization came under pressure, especially for older, less capable floaters.
Management considered the adverse change in the floater business climate, the commitment to a plan to sell five floaters in May 2014, and the impairment charge on the "held for sale" floaters during the second quarter and concluded that a triggering event had occurred. We performed an interim goodwill impairment test to evaluate the recoverability of the Floaters reporting unit goodwill balance of $3.1 billion as of May 31, 2014. Based on the valuation performed, the Floaters reporting unit estimated fair value exceeded the carrying value by approximately 7%; therefore, we concluded that the goodwill balance was not impaired.  
As part of our annual goodwill impairment test as of December 31, 2014, we considered the significant decline in commodity prices during the fourth quarter of 2014. Specifically, Brent crude oil prices declined from approximately $95 per barrel at September 30, 2014 to near $55 per barrel at December 31, 2014. These declines resulted in further reductions in capital spending by operators, including the cancellation or deferral of planned drilling programs. We expect that this reduction in demand will cause further deterioration in day rates and utilization and that current market dynamics will create a challenging contracting environment into 2016.

Our stock price also declined significantly during the latter half of 2014, reaching a five-year low of $25.88 on December 16th. Our stock price traded between $25.88 and $41.99 during the fourth quarter of 2014 and averaged $35.23 during this period.
Management considered the adverse changes in the current floater business climate, the sustained decline in stock price and the impairment charge on older, less capable floaters during the fourth quarter and concluded it was more-likely-than-not that the fair value of the Floater reporting unit was less than its carrying amount. As a result, we estimated the fair value of the reporting unit using a blended income and market approach. Based on the valuation performed as of December 31, 2014, the reporting unit estimated fair value was less than the carrying value; therefore, we concluded that the Floater goodwill balance was impaired.  We compared the estimated fair value of the reporting unit to the fair value of all assets and liabilities of the reporting unit to calculate the implied fair value of goodwill. As a result, we recorded a non-cash loss on impairment totaling $3.0 billion which was included in loss on impairment in our consolidated statement of operations for the year ended December 31, 2014.
The income approach was based on a discounted cash flow model, which utilized present values of cash flows to estimate fair value. The future cash flows were projected based on our estimates of future day rates, utilization, operating costs, capital requirements, growth rates and terminal values. Forecasted day rates and utilization take into account current market conditions and our anticipated business outlook, both of which have been impacted by the adverse changes in the floater business environment during 2014. The day rates reflected contracted rates during the respective contracted periods and management's estimate of market day rates in uncontracted periods. The forecasted market day rates were held constant in the near-term but were forecasted to grow in the longer-term and terminal period.
Operating costs were forecasted using a combination of our historical average operating costs and expected future costs, adjusted for an estimated inflation factor. Capital requirements in the discounted cash flow model were based on management's estimates of future capital costs, taking into consideration our historical trends. The estimated capital requirements included cash outflows for new rig construction, rig enhancements and minor upgrades and improvements.
A terminal period was used to reflect our estimate of stable, perpetual growth. The terminal period reflects a terminal growth rate of 3.0%, which includes an estimated inflation factor. The future cash flows were discounted using a market-participant risk-adjusted weighted average cost of capital ("WACC") of 11.0%. These assumptions were derived from unobservable inputs and reflect management's judgments and assumptions.     
The market approach was based upon the application of price-to-earnings multiples to management's estimates of future earnings adjusted for a control premium. The price-to-earnings multiples used in the market valuation ranged from 6.0x to 6.8x and were based on market participant multiples. Management's earnings estimates were derived from unobservable inputs that require significant estimates, judgments and assumptions as described in the income approach.
The estimated fair value of the Floaters reporting unit determined under the income approach was consistent with the estimated fair value determined under the market approach. For purposes of the goodwill impairment test, we calculated the Floaters reporting unit estimated fair value as the average of the values calculated under the income approach and the market approach.    
We evaluated the estimated fair value of our reporting units compared to our market capitalization as of December 31, 2014. To perform this assessment, we used a market approach to estimate the fair value of the Jackups reporting unit. The aggregate fair values of our reporting units exceeded our market capitalization, and we believe the resulting implied control premium was reasonable based on recent market transactions within our industry or other relevant benchmark data.
We performed a qualitative assessment for our Jackup reporting unit as of December 31, 2014. Goodwill impairment tests performed during prior years indicated that the fair value of the Jackup reporting unit significantly exceeded its carrying amount. Despite the adverse changes in the offshore drilling climate, we concluded that the fair value remains substantially in excess of the carrying value of the reporting unit, as evidenced by the estimated fair value of the Jackup reporting unit calculated for the purpose of reconciling the fair value of our reporting units to our market capitalization. Therefore, we concluded that it remains more-likely-than-not that the Jackup reporting unit was not impaired.
The estimates used to determine the fair value of the Floaters reporting unit reflect management's best estimates, and we believe they are reasonable. Future declines in the Floaters reporting unit's operating performance or our anticipated business outlook may reduce the estimated fair value of our Floaters reporting unit and result in additional impairments. Factors that could have a negative impact on the fair value of the Floaters reporting unit include, but are not limited to:
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.

Adverse changes in one or more of these factors could result in additional goodwill impairments in future periods.

Drilling Contract Intangibles
In connection with the Pride acquisition, we recorded intangible assets and liabilities representing the estimated fair values of the acquired company's firm drilling contracts in place at the date of acquisition with favorable or unfavorable contract terms as compared to then-current market day rates for comparable drilling rigs.
The gross carrying amounts of our drilling contract intangibles, which we consider to be definite-lived intangibles assets and intangible liabilities, and accumulated amortization as of December 31, 2014 and 2013 were as follows (in millions):
 
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



The various factors considered in the determination of the fair values of our drilling contract intangibles were (1) the contracted day rate for each contract, (2) the remaining term of each contract, (3) the rig class and (4) the market conditions for each respective rig class at the date of acquisition.  The intangible assets and liabilities were calculated based on the present value of the difference in cash inflows over the remaining contract term as compared to a hypothetical contract with the same remaining term at an estimated then-current market day rate using a risk-adjusted discount rate and an estimated effective income tax rate.  

We amortize the drilling contract intangibles to operating revenues over the respective remaining drilling contract terms on a straight-line basis. The estimated net (reduction) increase to future operating revenues related to the amortization of these intangible assets and liabilities as of December 31, 2014, is as follows (in millions):
2015
 
$
(4.5
)
2016
 
(.8
)
2017
 
.3

Total
 
$
(5.0
)
Income Taxes
Income Taxes
INCOME TAXES

We generated loss of $460.3 million, income of $173.4 million and $101.1 million from continuing operations before income taxes in the U.S. and loss of $2.1 billion, income of $1.5 billion and $1.2 billion from continuing operations before income taxes in non-U.S. countries for the years ended December 31, 2014, 2013 and 2012, respectively.

The following table summarizes components of the provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2014 (in millions):
 
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


    
Deferred Taxes

The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2014 and 2013 (in millions):
 
 
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
)

     
The realization of substantially all of our deferred tax assets is dependent on generating sufficient taxable income during future periods in various jurisdictions in which we operate. Realization of certain of our deferred tax assets is not assured. We recognize a valuation allowance for deferred tax assets when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. The amount of deferred tax assets considered realizable could increase or decrease in the near-term if our estimates of future taxable income change.

As of December 31, 2014, we had deferred tax assets of $98.6 million for U.S. foreign tax credits (“FTC”) and $204.5 million related to $814.5 million of net operating loss (“NOL”) carryforwards, which can be used to reduce our income taxes payable in future years.  The FTC expire between 2017 and 2023.  NOL carryforwards, which were generated in various jurisdictions worldwide, include $459.5 million that do not expire and $355.0 million that will expire, if not utilized, beginning in 2015 through 2020.  Due to the uncertainty of realization, we have a $267.5 million valuation allowance on FTC and NOL carryforwards, primarily relating to countries where we no longer operate or do not expect to generate future taxable income.
 
Effective Tax Rate

     Ensco plc, our parent company, is domiciled and resident in the U.K. Our subsidiaries conduct operations and earn income in numerous countries and are subject to the laws of taxing jurisdictions within those countries. The income of our non-U.K. subsidiaries is not subject to U.K. taxation. As a result of frequent changes in the taxing jurisdictions in which our drilling rigs are operated and/or owned, changes in the overall level of our income and changes in tax laws, our consolidated effective income tax rate may vary substantially from one reporting period to another. Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2014, differs from the U.K. statutory income tax rate as follows:
 
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
 %


Our consolidated effective income tax rate for 2014 includes the impact of various discrete tax items, including the recognition of a net $18.4 million tax expense associated with liabilities for unrecognized tax benefits and other adjustments relating to prior years, and a $16.4 million tax benefit associated with rig impairments. In addition, we recognized a net $41.4 million tax benefit in connection with the utilization of foreign tax credits that were previously subject to a valuation allowance.

The majority of discrete tax expense recognized during 2013 was attributable to the recognition of a $7.4 million liability for taxes associated with a $30.6 million reimbursement from the resolution of a dispute with the Mexican tax authority and a $7.0 million increase in the valuation allowance on U.S. foreign tax credits resulting from a restructuring transaction in December 2013.

The majority of discrete tax expense recognized during 2012 was attributable to $51.2 million of income tax expense associated with the restructuring of certain subsidiaries of Pride in December 2012, and tax expense associated with liabilities for unrecognized tax benefits and other adjustments relating to prior years.

Excluding the impact of the aforementioned tax items and goodwill and asset impairments, our consolidated effective income tax rates for the years ended December 31, 2014, 2013 and 2012 were 10.7%, 12.2% and 12.4%, respectively. The changes in our consolidated effective income tax rate excluding discrete tax items during the three years result primarily from changes in the relative components of our earnings from the various taxing jurisdictions in which our drilling rigs are operated and/or owned and the differences in the tax rates in such tax jurisdictions.

Unrecognized Tax Benefits

Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information.  As of December 31, 2014, we had $134.4 million of unrecognized tax benefits, of which $115.9 million was included in other liabilities on our consolidated balance sheet and the remaining $18.5 million, which is associated with a tax position taken in tax years with NOL carryforwards, was presented as a reduction of deferred tax assets. As of December 31, 2013, we had $151.7 million of unrecognized tax benefits, of which $130.7 million was included in other liabilities on our consolidated balance sheet and the remaining $21.0 million was presented as a reduction of deferred tax assets. If recognized, $110.4 million of our unrecognized tax benefits would impact our consolidated effective income tax rate. A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows (in millions):
 
 
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


   
Accrued interest and penalties totaled $26.5 million and $17.3 million as of December 31, 2014 and 2013, respectively, and were included in other liabilities on our consolidated balance sheets. We recognized net expense of $9.2 million, benefits $1.6 million and $2.8 million associated with interest and penalties during the years ended December 31, 2014, 2013 and 2012, respectively. Interest and penalties are included in current income tax expense in our consolidated statements of operations.
 
Tax years as early as 2004 remain subject to examination in the major tax jurisdictions in which we operated. Ensco Delaware and Ensco United Incorporated, an indirect wholly-owned subsidiary of Ensco, participate in the U.S. Internal Revenue Service’s Compliance Assurance Process ("IRS CAP") which, among other things, provides for the resolution of tax issues in a timely manner and generally eliminates the need for lengthy post-filing examinations. The 2010, 2011, 2012 and 2013 U.S. federal tax returns of Ensco Delaware remain subject to examination under the IRS CAP.

Statutes of limitations applicable to certain of our tax positions lapsed during 2014, 2013 and 2012, resulting in net income tax benefits, inclusive of interest and penalties, of $2.4 million, $3.1 million and $28.6 million, respectively.
  
Statutes of limitations applicable to certain of our tax positions will lapse during 2015.  Therefore, it is reasonably possible that our unrecognized tax benefits will decline during the next 12 months by $9.6 million, inclusive of $2.8 million of accrued interest and penalties, all of which would impact our consolidated effective income tax rate if recognized.

Intercompany Transfer of Drilling Rigs
 
During the three-year period ended December 31, 2014, we transferred ownership of certain drilling rigs among our subsidiaries, including three jackup rigs during 2014, two semisubmersible rigs during 2013 and one jackup rig during 2012.  There was no income tax liability associated with the intercompany transfers of drilling rigs during 2014 and 2013. A $1.7 million income tax liability resulted from the gain on the intercompany transfer of the jackup rig in 2012. The related income tax expense was deferred and is being amortized on a straight-line basis over the 15-year remaining useful life of the rig. There were no temporary differences associated with any of the intercompany transfers of drilling rigs during the three-year period ended December 31, 2014

As of December 31, 2014 and 2013, the unamortized balance associated with deferred charges for income taxes incurred in connection with intercompany transfers of drilling rigs totaled $39.7 million and $50.2 million, respectively, and was included in other assets, net, on our consolidated balance sheets. Current income tax expense for the years ended December 31, 2014, 2013 and 2012 included $2.6 million, $4.1 million and $9.1 million, respectively, of amortization of income taxes incurred in connection with intercompany transfers of drilling rigs.
 
As of December 31, 2014 and 2013, the unamortized balance associated with the deferred tax liability for reversing temporary differences of transferred drilling rigs totaled $23.0 million and $29.2 million, respectively, and was included in deferred income taxes on our consolidated balance sheets.  Deferred income tax benefit for the year ended December 31, 2014 and deferred income tax expense for the years ended December 31, 2013 and 2012 included benefits of $4.8 million, $1.9 million and $3.4 million, respectively, of amortization of deferred reversing temporary differences associated with intercompany transfers of drilling rigs.
 
Undistributed Earnings
    
Dividend income received by Ensco plc from its subsidiaries is exempt from U.K. taxation. We do not provide deferred taxes on undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. Each of the subsidiaries for which we maintain such policy has significant net assets, liquidity, contract backlog and/or other financial resources available to meet operational and capital investment requirements and otherwise allow us to continue to maintain our policy of reinvesting the undistributed earnings indefinitely.

In December 2012, a U.S. subsidiary received $530.0 million in earnings distributions from two non-U.S. subsidiaries. There was no net U.S. tax liability on the earnings repatriation, as we utilized net operating loss carryforwards to offset the previously untaxed portion of the earnings distribution. The earnings distribution was made in consideration of unique circumstances, and our U.S. subsidiaries continue to have significant net assets, liquidity, contract backlog and other financial resources available to meet operational and capital investment requirements. Accordingly, this distribution did not change, and we continue to maintain, our policy and intention to reinvest the undistributed earnings of the two aforementioned subsidiaries indefinitely.

As of December 31, 2014 and 2013, the aggregate undistributed earnings of the subsidiaries for which we maintain a policy and intention to reinvest earnings indefinitely totaled $2.3 billion and $2.1 billion, respectively. Should we make a distribution from these subsidiaries in the form of dividends or otherwise, we would be subject to additional income taxes. The unrecognized deferred tax liability related to these undistributed earnings was not practicable to estimate as of December 31, 2014.
Discontinued Operations
Discontinued Operations
DISCONTINUED OPERATIONS

We sold the following rigs during the three-year period ended December 31, 2014 (in millions):
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

(1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2014 and were previously included within the operating segment noted in the above table.
(2) Includes the rig's net book value as well as inventory and other assets on the date of the sale.
(3) In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in (loss) income from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2014.
    
During 2014, management committed to a plan to sell six floaters and two jackups. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. These rigs were written down to fair value, less costs to sell. We recorded a non-cash loss on impairment totaling $1.2 billion, net of tax benefits of $83.5 million, during the year ended December 31, 2014. The impairment charge was included in (loss) income from discontinued operations, net in our consolidated statement of operations for the year ended December 31, 2014.

We completed the sale of ENSCO 5000 for net proceeds of $1.3 million in December 2014. The remaining five floaters and two jackups are being actively marketed for sale and were classified as "held for sale" on our December 31, 2014 consolidated balance sheet.

The operating results from these rigs were included in (loss) income from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2014.

During 2014, we sold ENSCO 93, a jackup contracted to Pemex. In connection with this sale, we executed a charter agreement with the purchaser to continue operating the rig for the remainder of the Pemex contract, which had an anticipated completion date in late 2015. Based on market developments during the fourth quarter, we now expect that the ENSCO 93 charter agreement will terminate prior to September 30, 2015. As a result, the loss on sale of $1.2 million and ENSCO 93 operating results were reclassified to (loss) income from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2014. Net proceeds from the sale of $51.7 million were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. See "Note 12 - Sale-leaseback" for additional information.
    
During 2014, we sold ENSCO 85 for net proceeds of $64.4 million and ENSCO 69 and Pride Wisconsin for net proceeds of $32.2 million. The operating results of these rigs were included in (loss) income from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2014. The net proceeds from the sale for ENSCO 69 and Pride Wisconsin were received in December 2013 and included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2013.

During 2012, we classified jackup rig Pride Pennsylvania as held for sale, and the rig was written down to fair value less estimated cost to sell. We recognized a $2.5 million loss for assets classified as held for sale during the year ended December 31, 2012.

The following table summarizes (loss) income from discontinued operations for each of the years in the three-year period ended December 31, 2014 (in millions):
 
 
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



Debt and interest expense are not allocated to our discontinued operations.

During 2008, ENSCO 74 was lost as a result of Hurricane Ike in the U.S. Gulf of Mexico. The owner of a pipeline filed claims alleging that ENSCO 74 caused the pipeline to rupture during Hurricane Ike. We incurred $3.6 million in professional fees in connection with this matter, which we applied against our $10.0 million per occurrence deductible under our liability insurance policy.

In February 2014, we reached an agreement with the owner of the pipeline to settle the claims for $9.6 million. Accordingly, we recorded a $6.4 million charge for our remaining obligation under our liability insurance policy in loss from discontinued operations in our consolidated statement of operations for the year ended December 31, 2013. The remaining $3.2 million was settled by our underwriters. See "Note 11 - Commitments and Contingencies" for additional information on the ENSCO 74 loss.
Commitments And Contingencies
Commitments And Contingencies
COMMITMENTS AND CONTINGENCIES

Leases

We are obligated under leases for certain of our offices and equipment.  Rental expense relating to operating leases was $54.4 million, $49.1 million and $46.9 million during the years ended December 31, 2014, 2013 and 2012, respectively. Future minimum rental payments under our noncancellable operating lease obligations are as follows:  $77.3 million during 2015; $31.8 million during 2016; $16.2 million during 2017; $10.6 million during 2018; $10.2 million during 2019 and $55.0 million thereafter.

Capital Commitments

The following table summarizes the cumulative amount of contractual payments made as of December 31, 2014 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): 
 
 
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.

Future contractual payments for rig enhancement projects, which are not reflected in the table above, are $42.8 million. We currently estimate these payments will be made during 2015.     

The timing of these expenditures may vary based on the completion of various construction milestones, which are, to a large extent, beyond our control.
 
ENSCO 29 Wreck Removal

During 2005, a portion of the ENSCO 29 platform drilling rig was lost over the side of a customer's platform as a result of Hurricane Katrina. In June 2014, we received a letter from an operator demanding that Ensco retrieve the derrick and drawworks from the seabed.

Our property insurance policies include coverage for the ENSCO 29 wreckage and debris removal costs up to $3.8 million. We also maintain liability insurance policies that provide coverage under certain circumstances for wreckage and debris removal costs in excess of the $3.8 million coverage provided under the property insurance policies. We believe that it is not probable a liability exists with respect to this matter, and no liability has been recorded on our consolidated balance sheet as of December 31, 2014. While we cannot reasonably estimate a range of possible loss at this time, it is possible that removal costs may be in excess of our insurance coverage. Although we do not expect costs associated with the ENSCO 29 wreck removal to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome.

ENSCO 74 Loss

During 2008, ENSCO 74 was lost as a result of Hurricane Ike in the U.S. Gulf of Mexico.  The sunken rig hull of ENSCO 74 was located approximately 95 miles from the original drilling location when it was struck by an oil tanker during 2009.  Wreck removal operations on the sunken rig hull of ENSCO 74 were completed during 2010.

We filed a petition for exoneration or limitation of liability under U.S. admiralty and maritime law during 2009. A number of claimants presented claims in the exoneration/limitation proceedings. We have liability insurance policies that provide coverage for such claims as well as removal of wreckage and debris in excess of the property insurance policy sublimit, subject to a $10.0 million per occurrence deductible for third-party claims and an annual aggregate limit of $490.0 million

The owner of a pipeline filed claims alleging that ENSCO 74 caused the pipeline to rupture during Hurricane Ike and sought damages for the cost of repairs and business interruption in an amount in excess of $26.0 million. During 2014, we reached an agreement with the owner of the pipeline to settle the claims for $9.6 million. Prior to the settlement we incurred legal fees of $3.6 million for this matter. During 2014, we paid the remaining $6.4 million of our deductible under our liability insurance policy, which was included in (loss) income from discontinued operations, net in our consolidated statement of operations for the year ended December 31, 2013. The remaining $3.2 million was paid by our underwriters under the terms of the related insurance policies.

The owner of the oil tanker that struck the hull of ENSCO 74 filed claims seeking monetary damages currently in excess of $5.0 million for losses incurred when the tanker struck the sunken hull of ENSCO 74. This matter went to trial in June 2014, and the Company won a directed verdict on all claims. The plaintiff has the right to appeal the decision. We believe that it is not probable that a liability exists with respect to these claims.
 
We believe all liabilities associated with the ENSCO 74 loss during Hurricane Ike resulted from a single occurrence under the terms of the applicable insurance policies. However, legal counsel for certain liability underwriters have asserted that the liability claims arise from separate occurrences. In the event of multiple occurrences, the self-insured retention is $15.0 million for two occurrences and $1.0 million for each occurrence thereafter.

Although we do not expect final disposition of the claims associated with the ENSCO 74 loss to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome.

Asbestos Litigation

We and certain subsidiaries have been named as defendants, along with numerous third-party companies as co-defendants, in multi-party lawsuits filed in Illinois, Mississippi, Texas, Louisiana and the UK by approximately 125 plaintiffs. The lawsuits seek an unspecified amount of monetary damages on behalf of individuals alleging personal injury or death, primarily under the Jones Act, purportedly resulting from exposure to asbestos on drilling rigs and associated facilities during the 1960s through the 1980s.

During 2013, we reached an agreement in principle with 58 of the plaintiffs to settle lawsuits filed in Mississippi for a nominal amount. A special master reviewed all 58 cases and made an allocation of settlement funds among the parties.  The District Court Judge reviewed the allocations and accepted the special master’s recommendations and approved the settlements.  The settlement documents and final documentation for the individual plaintiffs are being processed.
We intend to vigorously defend against the remaining claims and have filed responsive pleadings preserving all defenses and challenges to jurisdiction and venue. However, discovery is still ongoing and, therefore, available information regarding the nature of all pending claims is limited. At present, we cannot reasonably determine how many of the claimants may have valid claims under the Jones Act or estimate a range of potential liability exposure, if any.
 
In addition to the pending cases in Illinois, Mississippi, Texas, Louisiana and the UK, we have other asbestos or lung injury claims pending against us in litigation in other jurisdictions. Although we do not expect final disposition of these asbestos or lung injury lawsuits to have a material adverse effect upon our financial position, operating results or cash flows, there can be no assurances as to the ultimate outcome of the lawsuits.
    
  Other Matters

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

In the ordinary course of business with customers and others, we have entered into letters of credit to guarantee our performance as it relates to our drilling contracts, contract bidding, customs duties, tax appeals and other obligations in various jurisdictions. Letters of credit outstanding as of December 31, 2014 totaled $263.9 million and are issued under facilities provided by various banks and other financial institutions. Obligations under these letters of credit are not normally called, as we typically comply with the underlying performance requirement. As of December 31, 2014, we had not been required to make collateral deposits with respect to these agreements.
Sale Leaseback (Notes)
Sale Leaseback Transaction Disclosure [Text Block]
SALE-LEASEBACK    

In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which were contracted to Pemex. We received proceeds of $211.8 million and incurred commissions and other incremental, direct costs of $5.3 million. The carrying value of these rigs was $169.6 million.
    
In connection with this sale, we executed charter agreements with the purchaser to continue operating the rigs for the remainder of the Pemex contracts, which have anticipated completion dates in either late 2015 or 2016. We accounted for the transaction as a sale-leaseback, whereby we will retain a significant portion of the remaining use of the rigs as a result of the charter agreements.
    
We recorded an aggregate gain on sale of $7.5 million at the time of disposal, which represented the portion of the gain that exceeded the present value of payments due under the charter agreements, and was included in contract drilling expense in our consolidated statement of operations for the year ended December 31, 2014. The remaining $29.4 million gain was deferred and amortized to contract drilling expense within the Jackup segment over the remaining charter term of each rig. Of the $29.4 million deferred gain, $7.0 million was recognized in contract drilling expense in our consolidated statement of operations for the year ended December 31, 2014 and $22.4 million was included in accrued liabilities and other on our consolidated balance sheet as of December 31, 2014.
    
Due to our charter agreements with the purchaser, we expect to have significant continuing involvement and cash flows related to ENSCO 83, ENSCO 89 and ENSCO 98; therefore, the operating results for these rigs were included in income from continuing operations within the Jackup segment for periods prior to the date of sale (September 30, 2014). Operating results for periods beginning after September 30, 2014 were included in income from continuing operations within the Other segment. The proceeds from the sale of these rigs were included in investing activities of continuing operations in our consolidated statement of cash flows for the year ended December 31, 2014.
    
At the time of sale, we expected to also have significant continuing involvement and cash flows related to ENSCO 93; therefore, the operating results for the rig were included in income from continuing operations within the Jackup segment at September 30, 2014. Based on market developments during the fourth quarter, we now expect that the ENSCO 93 charter agreement will terminate prior to September 30, 2015. As a result, the loss on sale of $1.2 million and ENSCO 93 operating results were reclassified to (loss) income from discontinued operations, net in our consolidated statements of operations for the three-year period December 31, 2014. The proceeds from the sale were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. See "Note 10 - Discontinued Operations" for additional information.
Segment Information
Segment Information
SEGMENT INFORMATION

    Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.

Segment information for each of the years in the three-year period ended December 31, 2014 is presented below (in millions).  General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income and were included in "Reconciling Items." We measure segment assets as property and equipment. Prior year information has been reclassified to conform to the current year presentation.

Year Ended December 31, 2014
 
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


Year Ended December 31, 2013
 
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


Year Ended December 31, 2012
 
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


 
Information about Geographic Areas
 
As of December 31, 2014, our Floaters segment consisted of seven drillships, 13 dynamically positioned semisubmersible rigs and five moored semisubmersible rigs deployed in various locations throughout North and South America, Middle East and Africa, Asia Pacific, Europe and the Mediterranean and Brazil. Additionally, our Floaters segment included three ultra-deepwater drillships under construction in South Korea.  

Our Jackups segment consisted of 42 jackup rigs, of which 38 were deployed in various locations throughout North and South America, Middle East and Africa, Asia Pacific and Europe and the Mediterranean and four of which were under construction in Singapore and the United Arab Emirates.  
 
As of December 31, 2014, the geographic distribution of our drilling rigs by operating segment was as follows:
 
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. 

For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned and assets to the geographic location of the drilling rig as of the end of the applicable year. For new construction projects, assets are attributed to the location of future operation if known or to the location of construction if the ultimate location of operation is undetermined.

Information by country for those countries that account for more than 10% of total revenues or 10% of our long-lived assets was as follows (in millions):
 
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

Supplemental Financial Information
Supplemental Financial Information
SUPPLEMENTAL FINANCIAL INFORMATION

Consolidated Balance Sheet Information

Accounts receivable, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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



Other current assets as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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


    
Assets held for sale primarily consists of drilling rigs and equipment. See "Note 3 - Property and Equipment" for additional information on the assets classified as "held for sale" on our balance sheet as of December 31, 2014.
    
Other assets, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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



      Accrued liabilities and other as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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



Other liabilities as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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


 
Accumulated other comprehensive income as of December 31, 2014 and 2013 consisted of the following (in millions):
 
2014
 
2013
Derivative Instruments
$
8.0

 
$
20.6

Other
3.9

 
(2.4
)
 
$
11.9

 
$
18.2



Consolidated Statement of Operations Information

Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
2014
 
2013
 
2012
Repair and maintenance expense
 
$
357.2

 
$
287.8

 
$
276.3



Consolidated Statement of Cash Flows Information
 
Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
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



Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
2014
 
2013
 
2012
Interest, net of amounts capitalized
 
$
170.0

 
$
182.2

 
$
150.7

Income taxes
 
218.2

 
195.4

 
77.9



Capitalized interest totaled $78.2 million, $67.7 million and $105.8 million during the years ended December 31, 2014, 2013 and 2012, respectively. Capital expenditure accruals totaling $137.2 million, $111.8 million and $110.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, were excluded from investing activities in our consolidated statements of cash flows. 

Amortization of intangibles and other, net, included amortization of intangible assets and liabilities related to the estimated fair values of acquired Company firm drilling contracts in place at the Pride acquisition date, debt premiums related to the fair value adjustment of acquired Company debt instruments, deferred charges for income taxes incurred on intercompany transfers of drilling rigs and certain other deferred costs.

Concentration of Risk

We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. During 2014, we insured certain receivables deemed to have a higher credit risk. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions.  

We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into ISDA Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events, or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events.
 
During 2014, BP accounted for $723.9 million, or 16%, of our consolidated revenues, 80% of which were attributable to our Floaters segment.

During 2013, Petrobras accounted for $604.8 million, or 14%, of consolidated revenues, all of which were provided by our Floaters segment, and BP accounted for $444.9 million, or 10%, of consolidated revenues, 84% of which were attributable to our Floaters segment.

During 2012, Petrobras accounted for $771.9 million, or 21%, of our consolidated revenues, all of which were attributable to our Floaters segment.

During 2014, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.7 billion, or 38%, of our consolidated revenues, of which 79% were provided by our Floaters segment. Revenues provided by our drilling operations in Angola and Brazil during the year ended December 31, 2014 totaled $607.9 million and $459.1 million, or 13% and 10%, of our consolidated revenues, all of which were provided by our Floaters segment.

During 2013, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.7 billion, or 39%, of our consolidated revenues, of which 77% were provided by our Floaters segment. Revenues provided by our drilling operations in Brazil during the year ended December 31, 2013 totaled $683.7 million, or 16%, of our consolidated revenue, all of which were provided by our Floaters segment.

During 2012, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.3 billion, or 35%, of our consolidated revenues, of which 75% were provided by our Floaters segment. Revenues provided by our drilling operations in Brazil during the year ended December 31, 2012 totaled $776.3 million, or 21%, of our consolidated revenues, all of which were provided by our Floaters segment.
Guarantee Of Registered Securities
Guarantee Of Registered Securities
GUARANTEE OF REGISTERED SECURITIES
 
In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004 between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 8.5% senior notes due 2019, 6.875% senior notes due 2020 and 7.875% senior notes due 2040, which had an aggregate outstanding principal balance of $1.7 billion as of December 31, 2014. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes.
 
Ensco plc is also a full and unconditional guarantor of the 7.2% Debentures due 2027 issued by Ensco Delaware in November 1997, which had an aggregate outstanding principal balance of $150.0 million as of December 31, 2014.
 
All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness.

The following tables present our condensed consolidating statements of operations for each of the years in the three-year period ended December 31, 2014; our condensed consolidating statements of comprehensive (loss) income for each of the years in the three-year period ended December 31, 2014; our condensed consolidating balance sheets as of December 31, 2014 and 2013; and our condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2014, in accordance with Rule 3-10 of Regulation S-X. 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2014
(in millions)
 
 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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2013
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2012
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
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

Unaudited Quarterly Financial Data
Unaudited Quarterly Financial Data
UNAUDITED QUARTERLY FINANCIAL DATA

The following tables summarize our unaudited quarterly consolidated income statement data for the years ended December 31, 2014 and 2013 (in millions, except per share amounts):

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

Description Of The Business And Summary Of Significant Accounting Policies (Policies)
Business
 
We are one of the leading providers of offshore contract drilling services to the international oil and gas industry. We own an offshore drilling rig fleet of 70 rigs, including seven rigs under construction, spanning most of the strategic markets around the globe. Our rig fleet includes ten drillships, 13 dynamically positioned semisubmersible rigs, five moored semisubmersible rigs and 42 jackup rigs.  Our fleet is the world's second largest amongst competitive rigs, our ultra-deepwater fleet is one of the newest in the industry, and our premium jackup fleet is the largest of any offshore drilling company.

Our customers include many of the leading national and international oil companies, in addition to many independent operators. We are among the most geographically diverse offshore drilling companies, with current operations and drilling contracts spanning approximately 20 countries on six continents in nearly every major offshore basin around the world. The markets in which we operate include the U.S. Gulf of Mexico, Mexico, Brazil, the Mediterranean, the North Sea, the Middle East, West Africa, Australia and Southeast Asia.

Redomestication

During 2009, we completed a reorganization of the corporate structure of the group of companies controlled by our predecessor, ENSCO International Incorporated ("Ensco Delaware"), pursuant to which an indirect, wholly-owned subsidiary merged with Ensco Delaware, and Ensco plc became our publicly-held parent company incorporated under English law (the "redomestication").

We remain subject to the U.S. Securities and Exchange Commission (the "SEC") reporting requirements, the mandates of the Sarbanes-Oxley Act of 2002, as amended, and the applicable corporate governance rules of the New York Stock Exchange ("NYSE"), and we will continue to report our consolidated financial results in U.S. dollars and in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"). We also must comply with additional reporting requirements of English law.

Basis of Presentation—U.K. Companies Act 2006 Section 435 Statement

The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP, which the Board of Directors consider to be the most meaningful presentation of our results of operations and financial position.  The accompanying consolidated financial statements do not constitute statutory accounts required by the U.K. Companies Act 2006, which for the year ended December 31, 2014 will be prepared in accordance with generally accepted accounting principles in the U.K. and delivered to the Registrar of Companies in the U.K. following the annual general meeting of shareholders.  The U.K. statutory accounts are expected to include an unqualified auditor’s report, which is not expected to contain any references to matters on which the auditors drew attention by way of emphasis without qualifying the report or any statements under Sections 498(2) or 498(3) of the U.K. Companies Act 2006.
Principles of Consolidation

The accompanying consolidated financial statements include the accounts of Ensco plc and its majority-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated. Certain previously reported amounts have been reclassified to conform to the current year presentation.
Cash Equivalents and Short-Term Investments

Highly liquid investments with maturities of three months or less at the date of purchase are considered cash equivalents. Highly liquid investments with maturities of greater than three months but less than one year at the date of purchase are classified as short-term investments.

Short-term investments, consisting of time deposits with initial maturities in excess of three months but less than one year, were included in other current assets on our consolidated balance sheets and totaled $757.3 million and $50.0 million as of December 31, 2014 and 2013, respectively. Cash flows from purchases and maturities of short-term investments were classified as investing activities in our consolidated statements of cash flows for the years ended December 31, 2014, 2013 and 2012.
Pervasiveness of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the related revenues and expenses and disclosures of gain and loss contingencies as of the date of the financial statements. Actual results could differ from those estimates.
Foreign Currency Remeasurement and Translation

Our functional currency is the U.S. dollar. As is customary in the oil and gas industry, a majority of our revenues and expenses are denominated in U.S. dollars; however, a portion of the revenues earned and expenses incurred by certain of our subsidiaries are denominated in currencies other than the U.S. dollar ("foreign currencies"). These transactions are remeasured in U.S. dollars based on a combination of both current and historical exchange rates. Most transaction gains and losses, including certain gains and losses on our derivative instruments, are included in other, net, in our consolidated statement of operations.  Certain gains and losses from the translation of foreign currency balances of our non-U.S. dollar functional currency subsidiaries are included in accumulated other comprehensive income on our consolidated balance sheet.  Net foreign currency exchange gains and losses, inclusive of offsetting fair value derivatives, were $2.6 million of losses, $6.4 million of gains and $3.5 million of losses, and were included in other, net, in our consolidated statements of operations for the years ended December 31, 2014, 2013 and 2012, respectively.

Property and Equipment

All costs incurred in connection with the acquisition, construction, major enhancement and improvement of assets are capitalized, including allocations of interest incurred during periods that our drilling rigs are under construction or undergoing major enhancements and improvements. Repair and maintenance costs are charged to contract drilling expense in the period in which they are incurred. Upon sale or retirement of assets, the related cost and accumulated depreciation are removed from the balance sheet, and the resulting gain or loss is included in contract drilling expense, unless reclassified to discontinued operations.

Our property and equipment is depreciated on a straight-line basis, after allowing for salvage values, over the estimated useful lives of our assets. Drilling rigs and related equipment are depreciated over estimated useful lives ranging from four to 35 years.  Buildings and improvements are depreciated over estimated useful lives ranging from two to 30 years. Other equipment, including computer and communications hardware and software costs, is depreciated over estimated useful lives ranging from two to six years.
 
We evaluate the carrying value of our property and equipment for impairment when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. For property and equipment used in our operations, recoverability generally is determined by comparing the carrying value of an asset to the expected undiscounted future cash flows of the asset. If the carrying value of an asset is not recoverable, the amount of impairment loss is measured as the difference between the carrying value of the asset and its estimated fair value. Property and equipment held for sale is recorded at the lower of net book value or net realizable value.

During 2014, we recorded a pre-tax, non cash loss on impairment of long-lived assets of $2.5 billion. See "Note 3 - Property and Equipment" for additional information on these impairments.
    
If the global economy deteriorates and/or our expectation relative to future offshore drilling industry conditions decline, it is reasonably possible that additional impairment charges may occur with respect to specific individual rigs, groups of rigs, such as a specific type of drilling rig, or rigs in a certain geographic location.

Goodwill
Our business consists of three operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups and (3) Other, which consists of management services on rigs owned by third-parties. Our two reportable segments, Floaters and Jackups, provide one service, contract drilling.

We test goodwill for impairment on an annual basis as of December 31 of each year or when events or changes in circumstances indicate that a potential impairment exists.  When testing goodwill for impairment, we perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying amount.

If we conclude that the fair value of one or both of our reporting units has more-likely-than-not declined below its carrying amount after qualitatively assessing existing facts and circumstances, we perform a quantitative assessment whereby we estimate the fair value of each reporting unit.  In most instances, our calculation of the fair value of our reporting units is based on estimates of future discounted cash flows to be generated by the drilling rigs in the reporting unit.

Based on a qualitative assessment performed as of December 31, 2014, we concluded it was more-likely-than-not that the fair value of our Floater reporting unit was less than its carrying amount and performed a quantitative assessment. As a result, we concluded that our Floater reporting unit goodwill balance was impaired. See "Note 8 - Goodwill and Other Intangible Assets and Liabilities" for additional information on our goodwill.

We concluded the fair value of our Jackup reporting more-likely-than-not exceeded its carrying amount, and there was no impairment of goodwill.
Operating Revenues and Expenses

Substantially all of our drilling contracts ("contracts") are performed on a day rate basis, and the terms of such contracts are typically for a specific period of time or the period of time required to complete a specific task, such as drill a well. Contract revenues and expenses are recognized on a per day basis, as the work is performed. Day rate revenues are typically earned, and contract drilling expense is typically incurred, on a uniform basis over the terms of our contracts.

In connection with some contracts, we receive lump-sum fees or similar compensation for the mobilization of equipment and personnel prior to the commencement of drilling services or the demobilization of equipment and personnel upon contract completion. Fees received for the mobilization or demobilization of equipment and personnel are included in operating revenues. The costs incurred in connection with the mobilization and demobilization of equipment and personnel are included in contract drilling expense.

Mobilization fees received and costs incurred prior to commencement of drilling operations are deferred and recognized on a straight-line basis over the period that the related drilling services are performed. Demobilization fees and related costs are recognized as incurred upon contract completion. Costs associated with the mobilization of equipment and personnel to more promising market areas without contracts are expensed as incurred.

Deferred mobilization costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $95.7 million and $66.6 million as of December 31, 2014 and 2013, respectively. Deferred mobilization revenue was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $149.4 million and $76.8 million as of December 31, 2014 and 2013, respectively.

In connection with some contracts, we receive up-front lump-sum fees or similar compensation for capital improvements to our drilling rigs. Such compensation is deferred and recognized as revenue over the period that the related drilling services are performed. The cost of such capital improvements is capitalized and depreciated over the useful life of the asset. Deferred revenue associated with capital improvements was included in accrued liabilities and other, and other liabilities on our consolidated balance sheets and totaled $428.9 million and $273.6 million as of December 31, 2014 and 2013, respectively.

We must obtain certifications from various regulatory bodies in order to operate our drilling rigs and must maintain such certifications through periodic inspections and surveys. The costs incurred in connection with maintaining such certifications, including inspections, tests, surveys and drydock, as well as remedial structural work and other compliance costs, are deferred and amortized over the corresponding certification periods. Deferred regulatory certification and compliance costs were included in other current assets and other assets, net, on our consolidated balance sheets and totaled $20.0 million and $18.3 million as of December 31, 2014 and 2013, respectively.

In certain countries in which we operate, taxes such as sales, use, value-added, gross receipts and excise may be assessed by the local government on our revenues. We generally record our tax-assessed revenue transactions on a net basis in our consolidated statement of operations.

Derivative Instruments

We use derivatives to reduce our exposure to various market risks, primarily foreign currency exchange rate risk. See "Note 5 - Derivative Instruments" for additional information on how and why we use derivatives.

All derivatives are recorded on our consolidated balance sheet at fair value. Derivatives subject to legally enforceable master netting agreements are not offset on our consolidated balance sheet. Accounting for the gains and losses resulting from changes in the fair value of derivatives depends on the use of the derivative and whether it qualifies for hedge accounting. Derivatives qualify for hedge accounting when they are formally designated as hedges and are effective in reducing the risk exposure that they are designated to hedge. Our assessment of hedge effectiveness is formally documented at hedge inception, and we review hedge effectiveness and measure any ineffectiveness throughout the designated hedge period on at least a quarterly basis.

Changes in the fair value of derivatives that are designated as hedges of the variability in expected future cash flows associated with existing recognized assets or liabilities or forecasted transactions ("cash flow hedges") are recorded in accumulated other comprehensive income ("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 transactions.

Gains and losses on a cash flow hedge, or a portion of a cash flow hedge, that no longer qualifies as effective due to an unanticipated change in the forecasted transaction are recognized currently in earnings and included in other, net, in our consolidated statement of operations based on the change in the fair value of the derivative. When a forecasted transaction is probable of not occurring, gains and losses on the derivative previously recorded in AOCI are reclassified currently into earnings and included in other, net, in our consolidated statement of operations.

We occasionally enter into derivatives that hedge the fair value of recognized assets or liabilities, but do not designate such derivatives as hedges or the derivatives otherwise do not qualify for hedge accounting. In these situations, there generally is a natural hedging relationship where changes in the fair value of the derivatives offset changes in the fair value of the underlying hedged items. Changes in the fair value of these derivatives are recognized currently in earnings in other, net, in our consolidated statement of operations.

Derivatives with asset fair values are reported in other current assets or other assets, net, on our consolidated balance sheet depending on maturity date. Derivatives with liability fair values are reported in accrued liabilities and other, or other liabilities on our consolidated balance sheet depending on maturity date.
Income Taxes

We conduct operations and earn income in numerous countries. Current income taxes are recognized for the amount of taxes payable or refundable based on the laws and income tax rates in the taxing jurisdictions in which operations are conducted and income is earned.
 
Deferred tax assets and liabilities are recognized for the anticipated future tax effects of temporary differences between the financial statement basis and the tax basis of our assets and liabilities using the enacted tax rates in effect at year-end. A valuation allowance for deferred tax assets is recorded when it is more-likely-than-not that the benefit from the deferred tax asset will not be realized. We do not offset deferred tax assets and deferred tax liabilities attributable to different tax paying jurisdictions.
    
We operate in certain jurisdictions where tax laws relating to the offshore drilling industry are not well developed and change frequently. Furthermore, we may enter into transactions with affiliates or employ other tax planning strategies that generally are subject to complex tax regulations. As a result of the foregoing, the tax liabilities and assets we recognize in our financial statements may differ from the tax positions taken, or expected to be taken, in our tax returns. Our tax positions are evaluated for recognition using a more-likely-than-not threshold, and those tax positions requiring recognition are measured as the largest amount of tax benefit that is greater than 50% likely of being realized upon effective settlement with a taxing authority that has full knowledge of all relevant information. Interest and penalties relating to income taxes are included in current income tax expense in our consolidated statement of operations.

Our drilling rigs frequently move from one taxing jurisdiction to another based on where they are contracted to perform drilling services. The movement of drilling rigs among taxing jurisdictions may involve a transfer of drilling rig ownership among our subsidiaries (“intercompany rig sale”). The pre-tax profit resulting from an intercompany rig sale is eliminated from our consolidated financial statements, and the carrying value of a rig sold in an intercompany transaction remains at historical net depreciated cost prior to the transaction. Our consolidated financial statements do not reflect the asset disposition transaction of the selling subsidiary or the asset acquisition transaction of the acquiring subsidiary. Income taxes resulting from an intercompany rig sale, as well as the tax effect of any reversing temporary differences resulting from the sale, are deferred and amortized on a straight-line basis over the remaining useful life of the rig.

In some instances, we may determine that certain temporary differences will not result in a taxable or deductible amount in future years, as it is more-likely-than-not we will commence operations and depart from a given taxing jurisdiction without such temporary differences being recovered or settled. Under these circumstances, no future tax consequences are expected and no deferred taxes are recognized in connection with such operations. We evaluate these determinations on a periodic basis and, in the event our expectations relative to future tax consequences change, the applicable deferred taxes are recognized or derecognized.
   
We do not provide deferred taxes on the undistributed earnings of certain subsidiaries because our policy and intention is to reinvest such earnings indefinitely. See "Note 9 - Income Taxes" for additional information on our deferred taxes, unrecognized tax benefits, intercompany transfers of drilling rigs and undistributed earnings.
Share-Based Compensation

We sponsor share-based compensation plans that provide equity compensation to our key employees, officers and non-employee directors. Share-based compensation cost is measured at fair value on the date of grant and recognized on a straight-line basis over the requisite service period (usually the vesting period). The amount of compensation cost recognized in our consolidated statement of operations is based on the awards ultimately expected to vest and, therefore, reduced for estimated forfeitures. All changes in estimated forfeitures are based on historical experience and are recognized as a cumulative adjustment to compensation cost in the period in which they occur. See "Note 7 - Benefit Plans" for additional information on our share-based compensation.
Fair Value Measurements

We measure certain of our assets and liabilities based on a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy assigns the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities ("Level 1") and the lowest priority to unobservable inputs ("Level 3").  Level 2 measurements represent inputs that are observable for similar assets or liabilities, either directly or indirectly, other than quoted prices included within Level 1.  See "Note 2 - Fair Value Measurements" for additional information on the fair value measurement of certain of our assets and liabilities.
Earnings Per Share
    
We compute basic and diluted earnings per share ("EPS") in accordance with the two-class method. Net (loss) income attributable to Ensco used in our computations of basic and diluted EPS is adjusted to exclude net income allocated to non-vested shares granted to our employees and non-employee directors. Weighted-average shares outstanding used in our computation of diluted EPS is calculated using the treasury stock method and excludes non-vested shares.
 
The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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



The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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



Antidilutive share options totaling 400,000, 300,000 and 400,000 for the years ended December 31, 2014, 2013 and 2012, respectively, were excluded from the computation of diluted EPS.
Description Of The Business And Summary Of Significant Accounting Policies (Tables)
The following table is a reconciliation of (loss) income from continuing operations attributable to Ensco shares used in our basic and diluted EPS computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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

The following table is a reconciliation of the weighted-average shares used in our basic and diluted earnings per share computations for each of the years in the three-year period ended December 31, 2014 (in millions):

 
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

(Loss) income from continuing operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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

(Loss) income from discontinued operations attributable to Ensco for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):

 
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


Fair Value Measurements (Tables)
The following fair value hierarchy table categorizes information regarding our net financial assets measured at fair value on a recurring basis as of December 31, 2014 and 2013 (in millions):

 
Quoted Prices in
Active Markets
for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
  (Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
Total
As of 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

The carrying values and estimated fair values of our debt instruments as of December 31, 2014 and 2013 were as follows (in millions):
 
 
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

Property And Equipment (Tables)
Schedule Of Property And Equipment
Property and equipment as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

Debt (Tables)
The carrying value of long-term debt as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

The aggregate maturities of our debt, excluding net unamortized premiums of $247.9 million, as of December 31, 2014 were as follows (in millions):
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 Instruments (Tables)
Derivatives recorded at fair value on our consolidated balance sheets as of December 31, 2014 and 2013 consisted of the following (in millions):
 
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.
Gains and losses, net of tax, on derivatives designated as cash flow hedges included in our consolidated statements of operations and comprehensive income for each of the years in the three-year period ended December 31, 2014 were as follows (in millions):
 
(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.
As of December 31, 2014, the estimated amount of net losses associated with derivatives, net of tax, that will be reclassified to earnings during the next 12 months was as follows (in millions):
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
)
Shareholders' Equity (Tables)
Schedule Of Activity In Our Various Shareholders' Equity
Activity in our various shareholders' equity accounts for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 Shares 
 
 
Par Value 
 
 
Additional
Paid-in
Capital

 
Retained
Earnings

 
AOCI 
 
 
Treasury
Shares  

 
Noncontrolling
Interest

BALANCE, December 31, 2011
235.9

 
$
23.7

 
$
5,253.0

 
$
5,613.1

 
$
8.6

 
$
(19.1
)
 
$
5.2

Net income

 

 

 
1,169.7

 

 

 
7.0

Dividends paid

 

 

 
(348.1
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(6.5
)
Shares issued under share-based compensation plans, net
1.8

 
.2

 
35.3

 

 

 
(.1
)
 

Equity issuance costs

 

 
66.7

 

 

 

 

Tax deficiency from share-based compensation

 

 
(1.0
)
 

 

 

 

Repurchase of shares

 

 

 

 

 
(11.8
)
 

Share-based compensation cost

 

 
44.7

 

 

 

 

Net other comprehensive income

 

 

 

 
11.5

 

 

BALANCE, December 31, 2012
237.7

 
23.9

 
5,398.7

 
6,434.7

 
20.1

 
(31.0
)
 
5.7

Net income

 

 

 
1,418.2

 

 

 
9.7

Dividends paid

 

 

 
(525.6
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(8.1
)
Shares issued in connection with share-based compensation plans, net
1.9

 
.2

 
21.8

 

 

 
(.1
)
 

Tax benefit from share-based compensation

 

 
.1

 

 

 

 

Repurchase of shares

 

 

 

 

 
(14.1
)
 

Share-based compensation cost

 

 
46.6

 

 

 

 

Net other comprehensive loss

 

 

 

 
(1.9
)
 

 

BALANCE, December 31, 2013
239.6

 
24.1

 
5,467.2

 
7,327.3

 
18.2

 
(45.2
)
 
7.3

Net (loss) income

 

 

 
(3,902.6
)
 

 

 
14.1

Dividends paid

 

 

 
(704.3
)
 

 

 

Distributions to noncontrolling interests

 

 

 

 

 

 
(13.5
)
Shares issued in connection with share-based compensation plans, net
1.1

 
.1

 
.4

 

 

 
(.1
)
 

Tax benefit from share-based compensation

 

 
1.2

 

 

 

 

Repurchase of shares

 

 

 

 

 
(13.7
)
 

Share-based compensation cost

 

 
48.7

 

 

 

 

Net other comprehensive loss

 

 

 

 
(6.3
)
 

 

BALANCE, December 31, 2014
240.7

 
$
24.2

 
$
5,517.5

 
$
2,720.4

 
$
11.9

 
$
(59.0
)
 
$
7.9

Benefit Plans (Tables)
The following table summarizes non-vested share award related compensation expense recognized during each of the years in the three-year period ended December 31, 2014 (in millions):
 
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

The following table summarizes the value of non-vested share awards granted and vested during each of the years in the three-year period ended December 31, 2014:
 
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

The following table summarizes non-vested share award activity for the year ended December 31, 2014 (shares in thousands): 
 
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

Goodwill and Other Intangible Assets and Liabilities (Tables)
The carrying amount of goodwill as of December 31, 2014 is detailed below by reporting unit (in millions):
 
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

The gross carrying amounts of our drilling contract intangibles, which we consider to be definite-lived intangibles assets and intangible liabilities, and accumulated amortization as of December 31, 2014 and 2013 were as follows (in millions):
 
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

The estimated net (reduction) increase to future operating revenues related to the amortization of these intangible assets and liabilities as of December 31, 2014, is as follows (in millions):
2015
 
$
(4.5
)
2016
 
(.8
)
2017
 
.3

Total
 
$
(5.0
)
Income Taxes (Tables)
The following table summarizes components of the provision for income taxes from continuing operations for each of the years in the three-year period ended December 31, 2014 (in millions):
 
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

The following table summarizes significant components of deferred income tax assets (liabilities) as of December 31, 2014 and 2013 (in millions):
 
 
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
)
Our consolidated effective income tax rate on continuing operations for each of the years in the three-year period ended December 31, 2014, differs from the U.K. statutory income tax rate as follows:
 
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
 %
A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2014 and 2013 is as follows (in millions):
 
 
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

Discontinued Operations (Tables)
Summary Of Rig Sales and Income From Discontinued Operations
The following table summarizes (loss) income from discontinued operations for each of the years in the three-year period ended December 31, 2014 (in millions):
 
 
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

We sold the following rigs during the three-year period ended December 31, 2014 (in millions):
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

(1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2014 and were previously included within the operating segment noted in the above table.
(2) Includes the rig's net book value as well as inventory and other assets on the date of the sale.
(3) In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in (loss) income from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2014.
    
Commitments And Contingencies (Tables)
Capital Commitments
The following table summarizes the cumulative amount of contractual payments made as of December 31, 2014 for our rigs under construction and estimated timing of our remaining contractual payments (in millions): 
 
 
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.

Segment Information (Tables)
Year Ended December 31, 2014
 
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


Year Ended December 31, 2013
 
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


Year Ended December 31, 2012
 
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

As of December 31, 2014, the geographic distribution of our drilling rigs by operating segment was as follows:
 
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. 
Information by country for those countries that account for more than 10% of total revenues or 10% of our long-lived assets was as follows (in millions):
 
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

Supplemental Financial Information (Tables)
Accounts receivable, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

Other current assets as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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


    
Other assets, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

Accrued liabilities and other as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

Other liabilities as of December 31, 2014 and 2013 consisted of the following (in millions):
 
 
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

Accumulated other comprehensive income as of December 31, 2014 and 2013 consisted of the following (in millions):
 
2014
 
2013
Derivative Instruments
$
8.0

 
$
20.6

Other
3.9

 
(2.4
)
 
$
11.9

 
$
18.2

Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
2014
 
2013
 
2012
Repair and maintenance expense
 
$
357.2

 
$
287.8

 
$
276.3

Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
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

Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
 
 
2014
 
2013
 
2012
Interest, net of amounts capitalized
 
$
170.0

 
$
182.2

 
$
150.7

Income taxes
 
218.2

 
195.4

 
77.9

Guarantee Of Registered Securities (Tables)
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2014
(in millions)
 
 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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2013
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
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 AND SUBSIDIARIES
CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Year Ended December 31, 2012
(in millions)
 
 
Ensco plc
 
ENSCO International Incorporated
 
Pride International, Inc.
 
Other Non-Guarantor Subsidiaries of Ensco
 
Consolidating Adjustments
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
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

Unaudited Quarterly Financial Data (Tables)
Summary Of Unaudited Quarterly Consolidated Income Statement
The following tables summarize our unaudited quarterly consolidated income statement data for the years ended December 31, 2014 and 2013 (in millions, except per share amounts):

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

Description Of The Business And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $)
Share data in Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
continent
country
segments
service
rigs
Dec. 31, 2013
Dec. 31, 2012
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of rigs under construction
 
 
Number of different countries having drilling contracts spanning
20 
 
 
Number of different continents having drilling contracts
 
 
Net foreign currency exchange gains (losses)
$ (2,600,000)
$ 6,400,000 
$ (3,500,000)
Short-term Investments
757,300,000 
50,000,000 
 
Number of operating segments
 
 
Number of reportable segments
 
 
Number of services
 
 
Antidilutive share options excluded from computation of diluted earnings per share
0.4 
0.3 
0.4 
Impairment of Long Lived Assets
2,500,000,000 
 
 
Deferred Mobilization Costs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Other assets
95,700,000 
66,600,000 
 
Deferred Regulatory Certification And Compliance Costs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Other assets
20,000,000 
18,300,000 
 
Offshore Drilling Rigs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of contract drilling rigs
70 
 
 
Ultra Deepwater Drillships [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of contract drilling rigs
10 
 
 
Semisubmersible Rigs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of contract drilling rigs
13 
 
 
Moored Semisubmersible Rigs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of contract drilling rigs
 
 
Jackup Rigs [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Number of contract drilling rigs
42 
 
 
Drilling Rigs And Equipment [Member] |
Minimum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
4 years 
 
 
Drilling Rigs And Equipment [Member] |
Maximum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
35 years 
 
 
Buildings And Improvements [Member] |
Minimum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
2 years 
 
 
Buildings And Improvements [Member] |
Maximum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
30 years 
 
 
Other Equipment, Computer And Communications Hardware And Software [Member] |
Minimum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
2 years 
 
 
Other Equipment, Computer And Communications Hardware And Software [Member] |
Maximum [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Estimated useful lives assets, minimum years
6 years 
 
 
Capital Reimbursements [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Deferred revenue
428,900,000 
273,600,000 
 
Mobilization Revenue [Member]
 
 
 
Description Of The Business And Summary Of Significant Accounting Policies [Line Items]
 
 
 
Deferred revenue
$ 149,400,000 
$ 76,800,000 
 
Description Of The Business And Summary Of Significant Accounting Policies Description Of The Business And Summary Of Significant Accounting Policies (Reconciliation Of Net Income Attributable To Ensco Shares Used In Basic And Diluted EPS Computations) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Description Of The Business And Summary Of Significant Accounting Policies [Abstract]
 
 
 
Income (Loss) from Continuing Operations Attributable to Parent
$ (2,703.1)
$ 1,421.6 
$ 1,069.6 
Other Preferred Stock Dividends and Adjustments
7.9 
15.1 
11.2 
Income (Loss) from Continuing Operations Attributable to Parent, Available to Common Stockholders
$ (2,711.0)
$ 1,406.5 
$ 1,058.4 
Description Of The Business And Summary Of Significant Accounting Policies (Reconciliation Of The Weighted-Average Shares Used In Basic And Diluted Earnings Per Share Computations) (Details)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Description Of The Business And Summary Of Significant Accounting Policies [Abstract]
 
 
 
Weighted-average shares - basic
231.6 
230.9 
229.4 
Potentially dilutive share options
0.2 
0.3 
Weighted-average shares - diluted
231.6 
231.1 
229.7 
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Continuing Operations Attributable To Ensco) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Description Of The Business And Summary Of Significant Accounting Policies [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Income from continuing operations
$ (3,060.5)
$ 423.7 
$ (351.2)
$ 298.7 
$ 401.4 
$ 389.5 
$ 336.6 
$ 302.6 
$ (2,689.3)
$ 1,430.1 
$ 1,076.1 
Income (Loss) from Continuing Operations, Portion Attributable to Noncontrolling Interest
 
 
 
 
 
 
 
 
(13.8)
(8.5)
(6.5)
Income from continuing operations attributable to Ensco
 
 
 
 
 
 
 
 
$ (2,703.1)
$ 1,421.6 
$ 1,069.6 
Description Of The Business And Summary Of Significant Accounting Policies (Schedule Of Income From Discontinued Operations Attributable To Ensco) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Description Of The Business And Summary Of Significant Accounting Policies [Abstract]
 
 
 
 
 
 
 
 
 
 
 
(Loss) income from discontinued operations
$ (388.0)
$ 9.2 
$ (818.4)
$ (2.0)
$ (37.4)
$ (8.1)
$ 26.0 
$ 17.3 
$ (1,199.2)
$ (2.2)
$ 100.6 
Income from discontinued operations attributable to noncontrolling interests
 
 
 
 
 
 
 
 
(0.3)
(1.2)
(0.5)
(Loss) income from discontinued operations attributable to Ensco
 
 
 
 
 
 
 
 
$ (1,199.5)
$ (3.4)
$ 100.1 
Fair Value Measurements (Narrative) (Details) (Supplemental Executive Retirement Plans [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Supplemental Executive Retirement Plans [Member]
 
 
 
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
 
 
 
Change in unrealized gains (losses) included in other income
$ 2.3 
$ 6.2 
$ 2.8 
Fair Value Measurements (Schedule Of Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
$ 43.2 
$ 37.7 
Derivatives, net
 
1.8 
Total financial assets
43.2 
39.5 
Derivative Assets (Liabilities), at Fair Value, Net
(26.3)
 
Financial Liabilities Fair Value Disclosure
(26.3)
 
Quoted Prices In Active Markets For Identical Assets (Level 1) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
43.2 
37.7 
Derivatives, net
 
Total financial assets
43.2 
37.7 
Derivative Assets (Liabilities), at Fair Value, Net
 
Financial Liabilities Fair Value Disclosure
 
Significant Other Observable Inputs (Level 2) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
 
1.8 
Total financial assets
1.8 
Derivative Assets (Liabilities), at Fair Value, Net
(26.3)
 
Financial Liabilities Fair Value Disclosure
(26.3)
 
Significant Unobservable Inputs (Level 3) [Member]
 
 
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
Supplemental executive retirement plan assets
Derivatives, net
 
Total financial assets
Derivative Assets (Liabilities), at Fair Value, Net
 
Financial Liabilities Fair Value Disclosure
$ 0 
 
Fair Value Measurements (Schedule Of Carrying Values And Estimated Fair Values Of Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
7.20% Debentures due 2027 [Member]
Dec. 31, 2014
4.33% MARAD bonds, including current maturities, due 2016 [Member]
Dec. 31, 2014
6.36% MARAD bonds, including current maturities, due 2015 [Member]
Dec. 31, 2014
4.65% MARAD bonds, including current maturities, due 2020 [Member]
Dec. 31, 2014
Carrying Value [Member]
Dec. 31, 2013
Carrying Value [Member]
Dec. 31, 2014
Carrying Value [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2013
Carrying Value [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
Carrying Value [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2013
Carrying Value [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
Carrying Value [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2013
Carrying Value [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
Carrying Value [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2013
Carrying Value [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Carrying Value [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2013
Carrying Value [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
Carrying Value [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2013
Carrying Value [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
Carrying Value [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2013
Carrying Value [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
Carrying Value [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2013
Carrying Value [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2014
Carrying Value [Member]
4.33% MARAD bonds, including current maturities, due 2016 [Member]
Dec. 31, 2013
Carrying Value [Member]
4.33% MARAD bonds, including current maturities, due 2016 [Member]
Dec. 31, 2014
Carrying Value [Member]
6.36% MARAD bonds, including current maturities, due 2015 [Member]
Dec. 31, 2013
Carrying Value [Member]
6.36% MARAD bonds, including current maturities, due 2015 [Member]
Dec. 31, 2014
Carrying Value [Member]
4.65% MARAD bonds, including current maturities, due 2020 [Member]
Dec. 31, 2013
Carrying Value [Member]
4.65% MARAD bonds, including current maturities, due 2020 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
4.33% MARAD bonds, including current maturities, due 2016 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
4.33% MARAD bonds, including current maturities, due 2016 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
6.36% MARAD bonds, including current maturities, due 2015 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
6.36% MARAD bonds, including current maturities, due 2015 [Member]
Dec. 31, 2014
Estimated Fair Value [Member]
4.65% MARAD bonds, including current maturities, due 2020 [Member]
Dec. 31, 2013
Estimated Fair Value [Member]
4.65% MARAD bonds, including current maturities, due 2020 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument
 
 
 
 
 
 
 
 
 
 
 
$ 5,920.4 
$ 4,766.4 
$ 1,479.9 
$ 1,477.2 
$ 1,008.2 
$ 1,024.8 
$ 998.0 
$ 996.5 
$ 624.2 
$ 0 
$ 622.3 
$ 0 
$ 583.8 
$ 600.5 
$ 381.2 
$ 382.6 
$ 149.2 
$ 149.1 
$ 46.6 
$ 78.9 
$ 0 
$ 25.3 
$ 27.0 
$ 31.5 
$ 5,973.4 
$ 5,096.3 
$ 1,505.3 
$ 1,596.9 
$ 1,008.5 
$ 1,086.7 
$ 1,018.3 
$ 1,045.8 
$ 602.0 
$ 0 
$ 615.8 
$ 0 
$ 611.8 
$ 635.8 
$ 363.8 
$ 410.5 
$ 171.4 
$ 178.6 
$ 46.8 
$ 79.7 
$ 0 
$ 27.1 
$ 29.7 
$ 35.2 
Debt instrument, interest rate, stated percentage
4.70% 
6.875% 
3.25% 
4.50% 
5.75% 
8.50% 
7.875% 
7.20% 
4.33% 
6.36% 
4.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument maturity period
2021 
2020 
2016 
2024 
2044 
2019 
2040 
2027 
2016 
2015 
2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Property And Equipment (Narrative) (Details) (USD $)
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
rigs
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets Held-for-use
$ 517,300,000 
 
 
 
 
 
 
 
$ 1,220,800,000 
 
 
Cost of Services, Depreciation
139,400,000 
135,200,000 
132,200,000 
131,100,000 
127,500,000 
124,700,000 
124,000,000 
120,000,000 
537,900,000 
496,200,000 
443,800,000 
Assets held for sale
152,400,000 
 
 
 
8,600,000 
 
 
 
152,400,000 
8,600,000 
 
Property and equipment
14,975,500,000 
 
 
 
17,498,500,000 
 
 
 
14,975,500,000 
17,498,500,000 
 
Impairment of Long Lived Assets
 
 
 
 
 
 
 
 
2,500,000,000 
 
 
Impairment of Long-Lived Assets to be Disposed of
 
 
 
 
 
 
 
 
1,242,300,000 
 
 
Price Per Barrel
55 
95 
 
 
 
 
 
 
55 
 
 
Asset Impairment Charges
3,515,200,000 
703,500,000 
 
 
 
 
4,218,700,000 
Number Of Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
Drilling rigs and equipment [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Increase in drilling rigs and equipment
 
 
 
 
 
 
 
 
(2,585,800,000)
 
 
Property and equipment
13,253,200,000 
 
 
 
15,839,000,000 
 
 
 
13,253,200,000 
15,839,000,000 
 
Work in progress [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Property and equipment
1,587,300,000 
 
 
 
1,558,500,000 
 
 
 
1,587,300,000 
1,558,500,000 
 
Work in progress [Member] |
Jackup Rigs [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Property and equipment
179,300,000 
 
 
 
43,700,000 
 
 
 
179,300,000 
43,700,000 
 
Work in progress [Member] |
Ultra Deepwater Drillships [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Property and equipment
820,100,000 
 
 
 
513,400,000 
 
 
 
820,100,000 
513,400,000 
 
Work in progress [Member] |
Premium Jackup Rigs [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Property and equipment
59,200,000 
 
 
 
627,200,000 
 
 
 
59,200,000 
627,200,000 
 
Rig Enhancement Projects [Member] |
Moored Semisubmersible Rigs [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Property and equipment
233,100,000 
 
 
 
 
 
 
 
233,100,000 
 
 
ENSCO DS-2 [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of
 
 
(288,000,000)
 
 
 
 
 
 
 
 
Discontinued Operations [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of
407,900,000 
 
546,400,000 
 
 
 
 
 
 
 
 
Floaters [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets Held-for-use
 
 
991,500,000 
 
 
 
 
 
 
 
 
Impaired Long-Lived Assets Held and Used, Asset Description
 
 
 
 
 
 
 
 
 
 
Cost of Services, Depreciation
 
 
 
 
 
 
 
 
358,100,000 
342,200,000 
283,300,000 
Asset Impairment Charges
 
 
 
 
 
 
 
 
3,982,300,000 
 
 
Number Of Additional Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
Number Of Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
Jackups [Member]
 
 
 
 
 
 
 
 
 
 
 
Property, Plant and Equipment [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Impaired Long-Lived Assets Held and Used, Asset Description
 
 
 
 
 
 
 
 
10 
 
 
Cost of Services, Depreciation
 
 
 
 
 
 
 
 
171,200,000 
147,500,000 
151,600,000 
Asset Impairment Charges
 
 
 
 
 
 
 
 
$ 236,400,000 
 
 
Number Of Additional Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
Number Of Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
Property And Equipment (Schedule Of Property And Equipment) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
$ 14,975.5 
$ 17,498.5 
Drilling rigs and equipment [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
13,253.2 
15,839.0 
Other [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
135.0 
101.0 
Work in progress [Member]
 
 
Property, Plant and Equipment [Line Items]
 
 
Property and equipment
$ 1,587.3 
$ 1,558.5 
Debt (Narrative) (Details) (USD $)
12 Months Ended 12 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Senior Notes [Member]
Dec. 31, 2014
Commercial Paper Program [Member]
Dec. 31, 2013
Commercial Paper Program [Member]
Dec. 31, 2014
Debentures Due 2027 [Member]
Dec. 31, 2014
ENSCO 7500 [Member]
Bonds Due 2015 And 2020 [Member]
Dec. 31, 2014
ENSCO 105 [Member]
Bonds Due 2015 And 2020 [Member]
Dec. 31, 2014
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Four Point Five Percent Senior Notes Member [Member]
Senior Notes [Member]
Dec. 31, 2014
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
Five Point Seven Five Percent Senior Notes [Member]
Senior Notes [Member]
Dec. 31, 2014
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
6.875% Senior notes due 2020 [Member]
Acquired Debt [Member]
Dec. 31, 2014
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
8.50% Senior notes due 2019 [Member]
Acquired Debt [Member]
Dec. 31, 2014
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
7.875% Senior notes due 2040 [Member]
Acquired Debt [Member]
Dec. 31, 2014
4.33% MARAD bonds due 2016 [Member]
Dec. 31, 2014
4.33% MARAD bonds due 2016 [Member]
Acquired Debt [Member]
Dec. 31, 2014
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
3.25% Senior notes due 2016 [Member]
Senior Notes [Member]
Dec. 31, 2014
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
4.70% Senior notes due 2021 [Member]
Senior Notes [Member]
Dec. 31, 2014
Five Year Credit Facility Member
Jun. 30, 2014
Five Year Credit Facility Member
Dec. 31, 2013
Five Year Credit Facility Member
Dec. 31, 2014
Base Rate [Member]
Five Year Credit Facility Member
Dec. 31, 2014
London Interbank Offered Rate (LIBOR) [Member]
Five Year Credit Facility Member
Dec. 31, 2014
Maximum [Member]
Five Year Credit Facility Member
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
1.125% 
 
Unsecured debt instruments issued
 
 
 
 
 
 
$ 150,000,000.0 
 
$ 76,500,000 
 
 
 
 
 
$ 900,000,000 
 
$ 500,000,000 
 
$ 300,000,000 
 
$ 151,500,000 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate stated percentage
 
 
 
 
 
 
7.20% 
 
4.65% 
4.50% 
4.50% 
5.75% 
5.75% 
6.875% 
6.875% 
8.50% 
8.50% 
7.875% 
7.875% 
4.33% 
 
3.25% 
3.25% 
4.70% 
4.70% 
 
 
 
 
 
 
Debt Instrument, Redemption Price, Percentage
 
 
 
100.00% 
 
 
100.00% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper, capacity
 
 
 
 
2,250,000,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current borrowing capacity
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,250,000,000 
2,000,000,000 
 
 
 
 
Aggregate amount of unsecured debt instrument
 
 
 
 
 
 
 
190,000,000.0 
 
 
625,000,000 
 
625,000,000 
 
 
 
 
 
 
 
 
 
1,000,000,000 
 
1,500,000,000 
 
 
 
 
 
 
Discount to senior notes
 
 
 
 
 
 
 
 
 
 
850,000 
 
2,800,000 
 
 
 
 
 
 
 
 
 
7,600,000 
 
29,600,000 
 
 
 
 
 
 
Number of semiannual principal installments
 
 
 
 
 
 
 
 
34 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Semiannual principal installment amount
 
 
 
 
 
 
 
 
2,300,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum days of maturity of notes
 
 
 
 
364 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commercial paper
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument maturity term, years
 
 
 
 
 
 
 
15 
17 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gains (Losses) on Extinguishment of Debt
600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total facility fee commitment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Maximum amount of right to increase the commitment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2,750,000,000 
 
 
 
 
 
Maximum percentage of debt to total capitalization ratio
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
50.00% 
Amounts outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Basis spread on variable rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
0.125% 
 
 
Debt instrument maturity period
 
 
 
 
 
 
 
 
 
2024 
2024 
2044 
2044 
2020 
2020 
2019 
2019 
2040 
2040 
2016 
 
2016 
2016 
2021 
2021 
 
 
 
 
 
 
Weighted-average interest rate
 
 
 
 
0.26% 
0.35% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net unamortized premiums
247,900,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest Expense
161,400,000 
158,800,000 
123,600,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Capitalized interest
78,200,000 
67,700,000 
105,800,000 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Line of Credit Facility, Fair Value of Amount Outstanding
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 0 
 
 
 
 
 
Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
7.20% Debentures due 2027 [Member]
Dec. 31, 2014
4.33% MARAD bonds due 2016 [Member]
Dec. 31, 2014
6.36% MARAD bonds due 2015 [Member]
Dec. 31, 2014
4.65% MARAD bonds due 2020 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
4.70% Senior notes due 2021 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
6.875% Senior notes due 2020 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
3.25% Senior notes due 2016 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
Four Point Five Percent Senior Notes Member [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
Five Point Seven Five Percent Senior Notes [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
8.50% Senior notes due 2019 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
7.875% Senior notes due 2040 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
7.20% Debentures due 2027 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
4.33% MARAD bonds due 2016 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
4.33% MARAD bonds due 2016 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
6.36% MARAD bonds due 2015 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
6.36% MARAD bonds due 2015 [Member]
Dec. 31, 2014
Reported Value Measurement [Member]
4.65% MARAD bonds due 2020 [Member]
Dec. 31, 2013
Reported Value Measurement [Member]
4.65% MARAD bonds due 2020 [Member]
Debt Instrument [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt Instrument, Fair Value Disclosure
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 5,920.4 
$ 4,766.4 
$ 1,479.9 
$ 1,477.2 
$ 1,008.2 
$ 1,024.8 
$ 998.0 
$ 996.5 
$ 624.2 
$ 0 
$ 622.3 
$ 0 
$ 583.8 
$ 600.5 
$ 381.2 
$ 382.6 
$ 149.2 
$ 149.1 
$ 46.6 
$ 78.9 
$ 0 
$ 25.3 
$ 27.0 
$ 31.5 
Total
5,920.4 
4,766.4 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Less current maturities
(34.8)
(47.5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total long-term debt
$ 5,885.6 
$ 4,718.9 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument interest rate stated percentage
 
 
4.70% 
6.875% 
3.25% 
4.50% 
5.75% 
8.50% 
7.875% 
7.20% 
4.33% 
6.36% 
4.65% 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt instrument maturity period
 
 
2021 
2020 
2016 
2024 
2044 
2019 
2040 
2027 
2016 
2015 
2020 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Debt (Aggregate Maturities Of Long-Term Debt) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Debt Instruments [Abstract]
 
2013
$ 34.8 
2014
1,019.7 
2015
4.5 
2016
4.5 
2017
504.5 
Thereafter
4,104.5 
Total
$ 5,672.5 
Derivative Instruments (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Assets (Liabilities), at Fair Value, Net
$ (26.3)
 
 
Maximum maturity period for all derivatives
18 months 
 
 
Not Designated as Hedging Instrument [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Net gains on derivatives not designated as hedging instruments
(24.8)
3.6 
1.5 
Cash Flow Hedges [Member] |
Designated as Hedging Instrument [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
0.9 
(2.0)
Foreign Currency Derivative [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Assets (Liabilities), at Fair Value, Net
(26.3)
1.8 
 
Foreign Exchange Forward [Member] |
Cash Flow Hedges [Member] |
Designated as Hedging Instrument [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
1.3 1 2
(1.6)1 2
0.5 1 2
Foreign Exchange [Member] |
Not Designated as Hedging Instrument [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Aggregate cash flow hedges outstanding
207.5 
 
 
British pounds
36.1 
 
 
Brazilian reais
8.6 
 
 
Euros
98.9 
 
 
Indonesian rupiah
10.3 
 
 
Swiss francs
31.1 
 
 
Other currencies
22.5 
 
 
Foreign Exchange [Member] |
Cash Flow Hedges [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Aggregate cash flow hedges outstanding
373.1 
 
 
British pounds
194.3 
 
 
Brazilian reais
81.2 
 
 
Singapore dollars
28.5 
 
 
Australian dollars
20.1 
 
 
Euros
35.5 
 
 
Other currencies
13.5 
 
 
Contract Drilling [Member] |
Foreign Exchange Forward [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
0.4 
(2.5)
 
Depreciation Expense [Member] |
Foreign Exchange Forward [Member]
 
 
 
Derivative Instruments, Gain (Loss) [Line Items]
 
 
 
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net
$ 0.9 
$ 0.9 
 
Derivative Instruments (Schedule Of Derivatives At Fair Value) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Derivative [Line Items]
 
 
Total fair value of derivative assets
$ 0.7 
$ 12.8 
Total fair value of derivative liabilities
27.0 
11.0 
Designated as Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.5 
10.3 
Total fair value of derivative liabilities
20.1 
10.4 
Designated as Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.4 1
9.1 1
Total fair value of derivative liabilities
17.2 1
9.8 1
Designated as Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Non-Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.1 2
1.2 2
Total fair value of derivative liabilities
2.9 2
0.6 2
Not Designated as Hedging Instrument [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.2 
2.5 
Total fair value of derivative liabilities
6.9 
0.6 
Not Designated as Hedging Instrument [Member] |
Foreign Currency Forward Contracts - Current [Member]
 
 
Derivative [Line Items]
 
 
Total fair value of derivative assets
0.2 1
2.5 1
Total fair value of derivative liabilities
$ 6.9 1
$ 0.6 1
Derivative Instruments (Gains And Losses On Derivatives Designated As Cash Flow Hedges) (Details) (Designated as Hedging Instrument [Member], Cash Flow Hedges [Member], USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Derivative [Line Items]
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion)
$ (11.7)
$ (5.8)
$ 8.7 
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
0.9 
(2.0)
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
(0.7)
(0.3)
(0.3)
Interest Rate Lock Contracts [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (Loss) Recognized in Other Comprehensive Income ("OCI") on Derivatives (Effective Portion)
1
1
1
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
(0.4)1 2
(0.4)1 2
(0.5)1 2
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
1 3
1 3
1 3
Foreign Currency Forward Contracts [Member]
 
 
 
Derivative [Line Items]
 
 
 
Gain (Loss) Reclassified from AOCI into Income (Effective Portion)
1.3 2 4
(1.6)2 4
0.5 2 4
Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)
(0.7)3 4
(0.3)3 4
(0.3)3 4
Derivative Instruments, Gain (Loss) Recognized in Other Comprehensive Income (Loss), Effective Portion, Net
$ (11.7)4
$ (5.8)4
$ 8.7 4
Derivative Instruments (Schedule Of Estimated Amount Of Net Gains Associated With Derivatives) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]
 
Net unrealized gains to be reclassified to contract drilling expense
$ (9.4)
Net realized gains to be reclassified to depreciation expense
0.9 
Net realized (losses) to be reclassified to interest expense
(0.4)
Net gains to be reclassified to earnings
$ (8.9)
Shareholders' Equity (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]
 
Stock Repurchase Program, Authorized Amount
$ 2,000,000,000.0 
Stock Repurchase Program, Number of Shares Authorized to be Repurchased
35,000,000.0 
Stock Repurchased During Period, Shares
Shareholders' Equity (Schedule Of Activity In Our Various Shareholders' Equity) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
$ 12,798.9 
 
 
 
 
$ 12,798.9 
 
 
Net income
(3,448.5)
432.9 
(1,169.6)
296.7 
364.0 
381.4 
362.6 
319.9 
(3,888.5)
1,427.9 
1,176.7 
Equity financing costs
 
 
 
 
 
 
 
 
(66.7)
Net other comprehensive income (loss)
 
 
 
 
 
 
 
 
(6.3)
(1.9)
11.5 
BALANCE
8,222.9 
 
 
 
12,798.9 
 
 
 
8,222.9 
12,798.9 
 
Common Stock [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE, shares
 
 
 
239.6 
 
 
 
237.7 
239.6 
237.7 
235.9 
BALANCE
 
 
 
24.1 
 
 
 
23.9 
24.1 
23.9 
23.7 
Shares issued under share-based compensation plans, net, shares
 
 
 
 
 
 
 
 
1.1 
1.9 
1.8 
Shares issued under share-based compensation plans, net
 
 
 
 
 
 
 
 
0.1 
0.2 
0.2 
BALANCE, shares
240.7 
 
 
 
239.6 
 
 
 
240.7 
239.6 
237.7 
BALANCE
24.2 
 
 
 
24.1 
 
 
 
24.2 
24.1 
23.9 
Additional Paid-In Capital [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
5,467.2 
 
 
 
5,398.7 
5,467.2 
5,398.7 
5,253.0 
Shares issued under share-based compensation plans, net
 
 
 
 
 
 
 
 
0.4 
21.8 
35.3 
Equity financing costs
 
 
 
 
 
 
 
 
 
 
66.7 
Tax benefit (deficiency) from share-based compensation
 
 
 
 
 
 
 
 
1.2 
0.1 
(1.0)
Share-based compensation cost
 
 
 
 
 
 
 
 
48.7 
46.6 
44.7 
BALANCE
5,517.5 
 
 
 
5,467.2 
 
 
 
5,517.5 
5,467.2 
5,398.7 
Retained Earnings [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
7,327.3 
 
 
 
6,434.7 
7,327.3 
6,434.7 
5,613.1 
Net income
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
Cash dividends paid
 
 
 
 
 
 
 
 
(704.3)
(525.6)
(348.1)
BALANCE
2,720.4 
 
 
 
7,327.3 
 
 
 
2,720.4 
7,327.3 
6,434.7 
AOCI [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
18.2 
 
 
 
20.1 
18.2 
20.1 
8.6 
Net other comprehensive income (loss)
 
 
 
 
 
 
 
 
(6.3)
(1.9)
11.5 
BALANCE
11.9 
 
 
 
18.2 
 
 
 
11.9 
18.2 
20.1 
Treasury Shares [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
(45.2)
 
 
 
(31.0)
(45.2)
(31.0)
(19.1)
Shares issued under share-based compensation plans, net
 
 
 
 
 
 
 
 
(0.1)
(0.1)
(0.1)
Repurchase of shares
 
 
 
 
 
 
 
 
(13.7)
(14.1)
(11.8)
BALANCE
(59.0)
 
 
 
(45.2)
 
 
 
(59.0)
(45.2)
(31.0)
Noncontrolling Interest [Member]
 
 
 
 
 
 
 
 
 
 
 
Increase (Decrease) in Stockholders' Equity [Roll Forward]
 
 
 
 
 
 
 
 
 
 
 
BALANCE
 
 
 
7.3 
 
 
 
5.7 
7.3 
5.7 
5.2 
Net income
 
 
 
 
 
 
 
 
14.1 
9.7 
7.0 
Distributions to noncontrolling interests
 
 
 
 
 
 
 
 
(13.5)
(8.1)
(6.5)
BALANCE
$ 7.9 
 
 
 
$ 7.3 
 
 
 
$ 7.9 
$ 7.3 
$ 5.7 
Benefit Plans (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Long-Term Incentive Plan (LTIP) [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Shares reserved for issuance as awards
14,000,000 
 
 
Non-Vested Share Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Unrecognized compensation cost on awards
$ 100,700,000 
 
 
Recognized compensation cost, weighted-average period, years
2 years 1 month 6 days 
 
 
Non-Vested Share Awards [Member] |
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share awards, vest rate
33.00% 
 
 
Non-Vested Share Awards [Member] |
Minimum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share awards, vest rate
20.00% 
 
 
Share Options Award [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Shares reserved for issuance as awards
7,700,000 
 
 
Unrecognized compensation cost on awards
 
 
Share options award, outstanding
472,000 
 
 
Exercisable In Increments Over Four-Year Period [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share awards, vest rate
25.00% 
 
 
Exercisable In Increments Over Three-Year Period [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Share awards, vest rate
33.00% 
 
 
Performance Awards [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Unrecognized compensation cost on awards
5,000,000 
 
 
Recognized compensation cost, weighted-average period, years
1 year 10 months 24 days 
 
 
Share option awards, exercisable, increment
3 years 
 
 
Performance awards, granted, aggregate grant-date fair value
7,400,000 
8,200,000 
7,200,000 
Performance awards, vested, aggregate fair value
6,900,000 
7,400,000 
5,300,000 
Recognized compensation expense
3,400,000 
6,600,000 
9,700,000 
Savings Plan [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Shares reserved for issuance as awards
1,000,000 
 
 
Share awards, vest rate
33.00% 
 
 
Share option awards, exercisable, increment
3 years 
 
 
Employee match
100.00% 
 
 
Total matching contributions
20,700,000 
21,100,000 
16,500,000 
Profit sharing contribution provisions
$ 30,700,000 
$ 55,300,000 
$ 45,100,000 
Savings Plan [Member] |
Maximum [Member]
 
 
 
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
 
 
 
Maximum percentage of eligible employee compensation to be matched by employer
5.00% 
 
 
Benefit Plans (Summary Of Value Of Non-Vested Share Awards Granted And Vested) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
 
 
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 
Benefit Plans (Summary Of Non-Vested Share Award Activity) (Details) (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
 
 
 
Non-vested as of December 31, 2011, Shares
2,496 
 
 
Non-vested Granted, Shares
1,242 
 
 
Non-vested Vested, Shares
(898)
 
 
Non-vested Forfeited, Shares
(199)
 
 
Non-vested as of December 31, 2012, Shares
2,641 
2,496 
 
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward]
 
 
 
Non-vested as of December 31, 2011, Weighted-Average Grant-Date Fair Value
$ 52.95 
 
 
Non-vested Granted, Weighted-Average Grant-Date Fair Value
$ 51.22 
$ 59.79 
$ 48.32 
Non-vested Vested, Weighted-Average Grant-Date Fair Value
$ 51.07 
 
 
Non-vested Forfeited, Weighted-Average Grant-Date Fair Value
$ 53.80 
 
 
Non-vested as of December 31, 2012, Weighted-Average Grant-Date Fair Value
$ 52.86 
$ 52.95 
 
Benefit Plans (Summary Of Option Activity) (Details)
Dec. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
 
Exercisable as of December 31, 2012, Weighted-Average Exercise Price
$ 41.09 
Goodwill and Other Intangible Assets and Liabilities (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 16, 2014
Sep. 30, 2014
May 31, 2014
Dec. 31, 2012
Goodwill [Line Items]
 
 
 
 
 
 
Asset Impairment Charges, Assumptions Used, Weighted Average Capital Cost
11.00% 
 
 
 
 
 
Goodwill, Gross
 
 
 
 
$ 3,100.0 
 
Price Per Barrel
55 
 
 
95 
 
 
Goodwill
276.1 
3,274.0 
 
 
 
 
Drilling contract intangible assets, Gross Carrying Amount
209.0 
209.0 
 
 
 
209.0 
Intangible Assets, Accumulated Amortization [Roll Forward]
 
 
 
 
 
 
Balance, beginning of period
(130.6)
(88.3)
 
 
 
 
Amortization
(32.7)
(42.3)
 
 
 
 
Balance, end of period
(163.3)
(130.6)
 
 
 
 
Intangible Assets, Net Carrying Amount [Roll Forward]
 
 
 
 
 
 
Balance, beginning of period
78.4 
120.7 
 
 
 
 
Amortization
(32.7)
(42.3)
 
 
 
 
Balance, end of period
45.7 
78.4 
 
 
 
 
Drilling contract intangible liabilities, Gross Carrying Amount
278.0 
278.0 
 
 
 
278.0 
Intangible Liabilities, Accumulated Amortization [Roll Forward]
 
 
 
 
 
 
Balance, beginning of period
(208.9)
(160.0)
 
 
 
 
Amortization
(28.4)
(48.9)
 
 
 
 
Balance, end of period
(237.3)
(208.9)
 
 
 
 
Intangible Liabilities, Net Carrying Amount [Roll Forward]
 
 
 
 
 
 
Balance, beginning of period
69.1 
118.0 
 
 
 
 
Amortization
(28.4)
(48.9)
 
 
 
 
Balance, end of period
40.7 
69.1 
 
 
 
 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
2014
(4.5)
 
 
 
 
 
2015
(0.8)
 
 
 
 
 
2016
0.3 
 
 
 
 
 
Total
(5.0)
 
 
 
 
 
Share Price
 
 
$ 25.88 
 
 
 
Asset Impairment Charges, Assumptions Used, Terminal Growth Rate
3.00% 
 
 
 
 
 
Floaters [Member]
 
 
 
 
 
 
Goodwill [Line Items]
 
 
 
 
 
 
Goodwill, Gross
3,081.4 
3,081.4 
 
 
 
3,081.4 
Reporting Unit, Percentage of Fair Value in Excess of Carrying Amount
 
 
 
 
7.00% 
 
Goodwill
83.5 
3,081.4 
 
 
 
3,081.4 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
Goodwill, Impaired, Accumulated Impairment Loss
(2,997.9)
 
 
 
Jackups [Member]
 
 
 
 
 
 
Goodwill [Line Items]
 
 
 
 
 
 
Goodwill, Gross
192.6 
192.6 
 
 
 
192.6 
Goodwill
192.6 
192.6 
 
 
 
192.6 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
Goodwill, Impaired, Accumulated Impairment Loss
$ 0 
$ 0 
 
 
 
$ 0 
Minimum [Member]
 
 
 
 
 
 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
Share Price During The Period
$ 25.88 
 
 
 
 
 
Asset Impairment Charges, Assumptions Used, Price-To-Earnings Multiple
6.0 
 
 
 
 
 
Maximum [Member]
 
 
 
 
 
 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
Share Price During The Period
$ 41.99 
 
 
 
 
 
Asset Impairment Charges, Assumptions Used, Price-To-Earnings Multiple
6.75 
 
 
 
 
 
Weighted Average [Member]
 
 
 
 
 
 
Finite-Lived Intangible Assets, Net, Amortization Income (Expense), Fiscal Year Maturity [Abstract]
 
 
 
 
 
 
Share Price
$ 35.23 
 
 
 
 
 
Income Taxes (Narrative) (Details) (USD $)
1 Months Ended 3 Months Ended 12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2014
jackup
Dec. 31, 2013
jackup
Dec. 31, 2012
jackup
Income Tax Expense (Benefit), Discrete Item
 
 
 
 
 
 
$ 18,400,000 
 
 
Income from continuing operations before income taxes in the U.S. countries
 
 
 
 
 
 
(460,300,000)
173,400,000 
101,100,000 
Income from continuing operations before income taxes in the non-U.S. countries
 
 
 
 
 
 
(2,088,500,000)
1,500,000,000 
1,203,600,000 
Deferred tax assets related to U.S. foreign tax credits
159,000,000 
 
98,600,000 
 
 
 
98,600,000 
159,000,000 
 
Deferred tax assets related to net operating loss carryforwards
104,000,000 
 
204,500,000 
 
 
 
204,500,000 
104,000,000 
 
Net operating loss carryforwards
 
 
814,500,000 
 
 
 
814,500,000 
 
 
Operating loss carryforwards, Not subject to expiration
 
 
459,500,000 
 
 
 
459,500,000 
 
 
Operating loss carryforwards, Subject to expiration
 
 
355,000,000 
 
 
 
355,000,000 
 
 
Valuation allowance on NOL carryforwards and FTC
 
 
267,500,000 
 
 
 
267,500,000 
 
 
Proceeds from Income Tax Refunds
 
 
 
 
 
 
9,600,000 
 
 
Valuation Allowance, Deferred Tax Asset, Change in Amount
7,000,000 
 
 
 
 
 
41,400,000 
 
 
Asset Impairment Charges
 
 
3,515,200,000 
703,500,000 
4,218,700,000 
Consilidated effective income tax rate excluding discrete items
 
 
 
 
 
 
10.70% 
12.20% 
12.40% 
Restructuring Charges, Tax
 
 
 
 
 
 
 
 
51,200,000 
Minimum percentage threshold for recognition of tax benefits
 
 
 
 
 
 
50.00% 
 
 
Total unrecognized tax benefits
151,700,000 
110,700,000 
134,400,000 
 
 
 
134,400,000 
151,700,000 
110,700,000 
Unrecognized Tax Benefits, Increase Resulting from Prior Period Tax Positions With Net Operating Loss Carryforwards
 
 
 
 
 
 
18,500,000 
21,000,000 
 
Amount of unrecognized tax benefits affecting the consolidated effective income tax rate if recognized
 
 
110,400,000 
 
 
 
110,400,000 
 
 
Amount of accrued interest and penalties included in other liabilities
17,300,000 
 
26,500,000 
 
 
 
26,500,000 
17,300,000 
 
Amount of interest and penalties recognized in net tax expense
 
 
 
 
 
 
(9,200,000)
1,600,000 
2,800,000 
Income tax benefits, inclusive of interest and penalties due to lapses in statute of limitations
3,100,000 
28,600,000 
2,400,000 
 
 
 
2,400,000 
3,100,000 
28,600,000 
Decline in unrecognized tax benefits during next twelve months
 
 
9,600,000 
 
 
 
9,600,000 
 
 
Accrued interest and penalty assessments related to the decline in unrecognized tax benefits
 
 
2,800,000 
 
 
 
2,800,000 
 
 
Number of assets transferred (in drillships or jackups)
 
 
 
 
 
 
Income tax liability from gain on intercompany transfers
 
1,700,000 
 
 
 
 
1,700,000 
Remaining useful life of drilling rigs associated with amortization of deferred income tax expense, minimum years
 
 
 
 
 
 
15 years 
 
 
Unamortized deferred charges related to intercompany transfers
50,200,000 
 
39,700,000 
 
 
 
39,700,000 
50,200,000 
 
Amount included in current income taxes for amortization of deferred income taxes related to intercompany transfers
 
 
 
 
 
 
2,600,000 
4,100,000 
9,100,000 
Deferred tax liability related to temporary difference from transferred drilling rigs
29,200,000 
 
23,000,000 
 
 
 
23,000,000 
29,200,000 
 
Tax benefits included in deferred income tax expense related to amortization of deferred reversing temporary differences from intercompany transfers
 
 
 
 
 
 
4,800,000 
1,900,000 
3,400,000 
Aggregate Indefinitely reinvested undistributed subsidiary earnings.
 
530,000,000 
 
 
 
 
 
 
 
Undistributed Earnings of Foreign Subsidiaries
2,100,000,000 
 
2,300,000,000 
 
 
 
2,300,000,000 
2,100,000,000 
 
Other Liabilities [Member]
 
 
 
 
 
 
 
 
 
Total unrecognized tax benefits
130,700,000 
 
115,900,000 
 
 
 
115,900,000 
130,700,000 
 
Minimum [Member]
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Foreign, Expiration Date
 
 
 
 
 
 
2017 
 
 
Operating loss carryforwards tax credits expiration year
 
 
 
 
 
 
2015 
 
 
Maximum [Member]
 
 
 
 
 
 
 
 
 
Deferred Tax Assets, Foreign, Expiration Date
 
 
 
 
 
 
2023 
 
 
Operating loss carryforwards tax credits expiration year
 
 
 
 
 
 
2020 
 
 
Mexican Tax Authority [Member]
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities, Gross
 
 
 
 
 
 
 
7,400,000 
 
Proceeds from Income Tax Refunds
 
 
 
 
 
 
 
30,600,000 
 
Rig Impairments [Member]
 
 
 
 
 
 
 
 
 
Income Tax Expense (Benefit), Discrete Item
 
 
 
 
 
 
$ 16,400,000 
 
 
Income Taxes (Summary Of Components Of Provision For Income Taxes From Continuing Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Current income tax expense, U.S.
 
 
 
 
 
 
 
 
$ 114.8 
$ 94.4 
$ 46.6 
Current income tax expense, Non-U.S.
 
 
 
 
 
 
 
 
149.2 
98.6 
154.2 
Current Income Tax Expense, Total
 
 
 
 
 
 
 
 
264.0 
193.0 
200.8 
Deferred income tax expense (benefit), U.S.
 
 
 
 
 
 
 
 
(86.7)
19.2 
29.4 
Deferred income tax expense (benefit), Non-U.S.
 
 
 
 
 
 
 
 
(36.8)
(9.1)
(1.6)
Deferred income tax expense
 
 
 
 
 
 
 
 
(123.5)
10.1 
27.8 
Income Tax Expense (Benefit)
$ (26.2)
$ 74.6 
$ 42.6 
$ 49.5 
$ 44.6 
$ 67.5 
$ 43.2 
$ 47.8 
$ 140.5 
$ 203.1 
$ 228.6 
Income Taxes (Summary Of Significant Components Of Deferred Income Tax Assets (Liabilities)) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Effective Income Tax Rate Reconciliation, Amount [Abstract]
 
 
Foreign tax credits
$ 98.6 
$ 159.0 
Premium on long-term debt
99.2 
111.9 
Net operating loss carryfowards
204.5 
104.0 
Employee benefits, including share-based compensation
39.5 
41.7 
Deferred revenue
103.0 
19.4 
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 
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)
Income Taxes (Summary Of Effective Income Tax Rate On Continuing Operations) (Details)
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
 
U.K. statutory income tax rate
21.50% 
23.30% 
24.50% 
Goodwill impairment
(25.30%)
0.00% 
0.00% 
Assets impairment
(10.90%)
0.00% 
0.00% 
Non-U.K. taxes
9.60% 
(13.20%)
(17.50%)
Redomestication related income taxes
0.00% 
0.00% 
3.90% 
Valuation allowance
(1.10%)
1.00% 
5.00% 
Other
0.70% 
1.30% 
1.60% 
Effective income tax rate
(5.50%)
12.40% 
17.50% 
Income Taxes (Summary Of Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]
 
 
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
(0.7)
(1.1)
Impact of foreign currency exchange rates
(8.7)
Balance, end of year
$ 134.4 
$ 151.7 
Discontinued Operations (Schedule of Rig Sales) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 32 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 1 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Dec. 31, 2014
Floaters [Member]
ENSCO 5000 [Member]
Dec. 31, 2012
Floaters [Member]
ENSCO 5003 [Member]
Sep. 30, 2014
Jackups [Member]
ENSCO 93 [Member]
Dec. 31, 2014
Jackups [Member]
ENSCO 93 [Member]
Mar. 31, 2014
Jackups [Member]
ENSCO 69 And Wisconsin [Member]
Jun. 30, 2014
Jackups [Member]
ENSCO 85 [Member]
Mar. 31, 2013
Jackups [Member]
Pride Pennsylvania Rig [Member]
Oct. 31, 2012
Jackups [Member]
Pride Hawaii [Member]
Jun. 30, 2012
Jackups [Member]
ENSCO 61 [Member]
May 31, 2012
Jackups [Member]
ENSCO 59 [Member]
Sep. 30, 2012
Other [Member]
ENSCO I [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net Book Value
$ 291.8 1 2
 
 
$ 291.8 1 2
$ 0.5 1 2
$ 89.4 1 2
$ 52.9 1 2
 
$ 8.6 1 2
$ 54.1 1 2
$ 15.7 1 2
$ 16.8 1 2
$ 19.6 1 2
$ 21.9 1 2
$ 12.3 1 2
Pre-tax Gain/(Loss)
 
 
 
19.3 2 3
0.8 
(21.2)
(1.2)
1.2 
23.6 
10.3 
(0.2)
2.0 
12.1 
0.9 
(7.8)
Net Cash Provided by (Used in) Discontinued Operations
$ 105.5 
$ 202.1 
$ 290.8 
$ 311.1 2
$ 1.3 2
$ 68.2 2
$ 51.7 2
$ 51.7 2
$ 32.2 2
$ 64.4 2
$ 15.5 2
$ 18.8 2
$ 31.7 2
$ 22.8 2
$ 4.5 2
Discontinued Operations (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended 32 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 1 Months Ended 3 Months Ended 12 Months Ended 3 Months Ended 12 Months Ended
Jun. 30, 2014
rigs
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
Dec. 31, 2012
Pride Pennsylvania Rig [Member]
Dec. 31, 2014
Jackups [Member]
rigs
Mar. 31, 2014
Jackups [Member]
ENSCO 69 And Wisconsin [Member]
Sep. 30, 2014
Jackups [Member]
ENSCO 93 [Member]
Dec. 31, 2014
Jackups [Member]
ENSCO 93 [Member]
Jun. 30, 2014
Jackups [Member]
ENSCO 85 [Member]
Mar. 31, 2013
Jackups [Member]
Pride Pennsylvania Rig [Member]
Dec. 31, 2014
Floaters [Member]
rigs
Dec. 31, 2014
Floaters [Member]
rigs
Dec. 31, 2014
Floaters [Member]
ENSCO 5000 [Member]
Dec. 31, 2014
Discontinued Operations [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number Of Rigs Committed To Be Sold
 
 
 
 
 
 
 
 
 
 
 
 
Impairment of Long-Lived Assets to be Disposed of, Tax Benefit
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ 83.5 
Pre-tax Gain/(Loss)
 
 
 
 
19.3 1 2
 
 
23.6 
(1.2)
1.2 
10.3 
(0.2)
 
 
0.8 
 
Net Cash Provided by (Used in) Discontinued Operations
 
105.5 
202.1 
290.8 
311.1 2
 
 
32.2 2
51.7 2
51.7 2
64.4 2
15.5 2
 
 
1.3 2
 
Impairment charge for asset write down
 
 
 
 
 
(2.5)
 
 
 
 
 
 
 
 
 
 
Litigation Settlement, Amount
 
9.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Legal Fees
 
3.6 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Estimated Litigation Liability
 
6.4 
 
 
6.4 
 
 
 
 
 
 
 
 
 
 
 
Liability insurance self-insured retention per occurrence
 
10.0 
 
 
10.0 
 
 
 
 
 
 
 
 
 
 
 
Litigation Settlement, Amount to be Paid by Underwriters
 
$ 3.2 
 
 
$ 3.2 
 
 
 
 
 
 
 
 
 
 
 
Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Discontinued Operations and Disposal Groups [Abstract]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
$ 325.0 
$ 596.4 
$ 668.6 
Operating expenses
 
 
 
 
 
 
 
 
372.0 
577.6 
544.3 
Operating (loss) income before income taxes
 
 
 
 
 
 
 
 
(47.0)
18.8 
124.3 
Other income (expense)
 
 
 
 
 
 
 
 
0.3 
1.3 
Income tax benefit
 
 
 
 
 
 
 
 
(30.7)
(20.2)
(8.5)
Impairment of Long-Lived Assets to be Disposed of, Net of Tax Benefit
 
 
 
 
 
 
 
 
1,158.8 
Gain on disposal of discontinued operations, net
 
 
 
 
 
 
 
 
37.3 
(1.1)
(16.5)
DISCONTINUED OPERATIONS, NET
$ (388.0)
$ 9.2 
$ (818.4)
$ (2.0)
$ (37.4)
$ (8.1)
$ 26.0 
$ 17.3 
$ (1,199.2)
$ (2.2)
$ 100.6 
Commitments And Contingencies (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
occurrence
plaintiffs
Dec. 31, 2013
Dec. 31, 2012
Mar. 31, 2009
mi
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
Aggregate Contractual Capital Commitments Due In One Year
$ 1,353.5 
 
 
 
Rental expenses
54.4 
49.1 
46.9 
 
2014
77.3 
 
 
 
2015
31.8 
 
 
 
2016
16.2 
 
 
 
2017
10.6 
 
 
 
2018
10.2 
 
 
 
Thereafter
55.0 
 
 
 
Distance from original drilling location in miles
 
 
 
95 
Liability insurance self-insured retention per occurrence
10.0 
 
 
 
Annual liability coverage limit for wreckage and debris removal costs
490.0 
 
 
 
Damages sought
5.0 
 
 
 
Civil litigation claim damages for cost of repairs and business interruption due to pipeline rupture
26.0 
 
 
 
Litigation Settlement, Amount
9.6 
 
 
 
Legal Fees
3.6 
 
 
 
Estimated Litigation Liability
6.4 
 
 
 
Litigation Settlement, Amount to be Paid by Underwriters
3.2 
 
 
 
Liability insurance self-insured retention
15.0 
 
 
 
Number of occurrences
 
 
 
Liability insurance self-insured retention for each occurrence thereafter
1.0 
 
 
 
Number of plaintiffs
125 
 
 
 
Loss Contingency, Claims Settled, Number
58 
 
 
 
Letters of Credit Outstanding, Amount
263.9 
 
 
 
Rig Enhancement Projects [Member]
 
 
 
 
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
Aggregate Contractual Capital Commitments Due In One Year
42.8 
 
 
 
Ensco 29 [Member]
 
 
 
 
Oil and Gas Delivery Commitments and Contracts [Line Items]
 
 
 
 
Annual liability coverage limit for wreckage and debris removal costs
$ 4.0 
 
 
 
Commitments And Contingencies (Capital Commitments) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
$ 736.9 1
2014
1,353.5 
2015
373.8 
2016
Total
2,464.2 2
ENSCO DS-8 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
161.4 1
2014
384.4 
2015
2016
Total
545.8 2
ENSCO DS-9 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
157.4 1
2014
375.0 
2015
2016
Total
532.4 2
ENSCO DS-10 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
206.0 1
2014
310.3 
2015
2016
Total
516.3 2
ENSCO 110 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
41.0 1
2014
166.2 
2015
2016
Total
207.2 2
ENSCO 123 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
53.5 1
2014
2015
217.0 
2016
Total
270.5 
ENSCO 140 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
78.4 1
2014
78.9 
2015
39.2 
2016
Total
196.5 
ENSCO 141 [Member]
 
Property, Plant and Equipment [Line Items]
 
Cumulative Paid
39.2 1
2014
38.7 
2015
117.6 
2016
Total
$ 195.5 
Sale Leaseback (Details) (USD $)
In Millions, unless otherwise specified
32 Months Ended 12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2014
ENSCO 83, 89, 93 and 98 [Member]
Sale Leaseback Transaction [Line Items]
 
 
 
Proceeds from Sale of Other Property, Plant, and Equipment
 
 
$ 211.8 
Sales Commissions and Fees
 
 
5.3 
Sale Leaseback Transaction, Net Book Value
 
 
169.6 
Gain (Loss) on Disposition of Property Plant Equipment
 
 
7.5 
Sale Leaseback Transaction, Deferred Gain, Net
 
 
29.4 
Deferred Gain on Sale of Property
22.4 
 
7.0 
Other Accrued Liabilities, Noncurrent
39.8 
33.3 
 
Discontinued Operation, Gain (Loss) from Disposal of Discontinued Operation, before Income Tax
$ 19.3 1 2
 
 
Segment Information (Narrative) (Details)
12 Months Ended
Dec. 31, 2014
service
segments
contract
Segment Reporting Information [Line Items]
 
Number of operating segments
Number of reportable segments
Number of services
Number of drilling management contracts
Moored Semisubmersible Rigs [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
Jackup Rigs [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
42 
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Number of drillships
Floaters [Member] |
Dynamically Positioned Semisubmersible [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
13 
Floaters [Member] |
Moored Semisubmersible Rigs [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
Floaters [Member] |
Ultra-Deepwater [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
Jackups [Member] |
Jackup Rigs [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
42 
Jackups [Member] |
Asset under Construction [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
Asia Pacific, Europe and Mediterranean, Middle East and Africa and North and South America [Member] |
Jackups [Member] |
Jackup Rigs [Member]
 
Segment Reporting Information [Line Items]
 
Number of contract drilling rigs
38 
Segment Information (Schedule Of Segment Reporting Information) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 1,159.8 
$ 1,201.4 
$ 1,136.6 
$ 1,066.7 
$ 1,138.0 
$ 1,119.9 
$ 1,076.1 
$ 989.4 
$ 4,564.5 
$ 4,323.4 
$ 3,638.8 
Operating expenses - Contract drilling (exclusive of depreciation)
514.0 
500.2 
542.5 
520.2 
500.4 
499.2 
496.1 
451.4 
2,076.9 
1,947.1 
1,642.8 
Asset Impairment Charges
3,515.2 
703.5 
 
 
 
 
4,218.7 
Depreciation
139.4 
135.2 
132.2 
131.1 
127.5 
124.7 
124.0 
120.0 
537.9 
496.2 
443.8 
General and administrative
28.3 
29.3 
36.2 
38.1 
35.2 
37.4 
36.4 
37.8 
131.9 
146.8 
148.9 
OPERATING INCOME
(3,037.1)
536.7 
(277.8)
377.3 
474.9 
458.6 
419.6 
380.2 
(2,400.9)
1,733.3 
1,403.3 
Property and equipment, net
12,534.8 
 
 
 
14,311.0 
 
 
 
12,534.8 
14,311.0 
13,145.6 
Capital expenditures
 
 
 
 
 
 
 
 
1,568.8 
1,763.5 
1,713.2 
Floaters [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
2,697.6 
2,659.6 
2,149.1 
Operating expenses - Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
1,201.2 
1,126.0 
894.5 
Asset Impairment Charges
 
 
 
 
 
 
 
 
3,982.3 
 
 
Depreciation
 
 
 
 
 
 
 
 
358.1 
342.2 
283.3 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
(2,844.0)
1,191.4 
971.3 
Property and equipment, net
9,462.3 
 
 
 
11,303.4 
 
 
 
9,462.3 
11,303.4 
10,727.6 
Capital expenditures
 
 
 
 
 
 
 
 
856.2 
1,028.6 
1,519.4 
Jackups [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
1,774.6 
1,588.7 
1,406.9 
Operating expenses - Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
807.4 
762.6 
687.2 
Asset Impairment Charges
 
 
 
 
 
 
 
 
236.4 
 
 
Depreciation
 
 
 
 
 
 
 
 
171.2 
147.5 
151.6 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
559.6 
678.6 
568.1 
Property and equipment, net
2,995.3 
 
 
 
2,961.6 
 
 
 
2,995.3 
2,961.6 
2,389.8 
Capital expenditures
 
 
 
 
 
 
 
 
667.7 
708.3 
191.1 
Other [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
92.3 
75.1 
82.8 
Operating expenses - Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
68.3 
58.5 
61.1 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
24.0 
16.6 
21.7 
Property and equipment, net
 
 
 
 
 
 
Capital expenditures
 
 
 
 
 
 
 
 
Operating Segments Total [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
4,564.5 
4,323.4 
3,638.8 
Operating expenses - Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
2,076.9 
1,947.1 
1,642.8 
Asset Impairment Charges
 
 
 
 
 
 
 
 
4,218.7 
 
 
Depreciation
 
 
 
 
 
 
 
 
529.3 
489.7 
434.9 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
(2,260.4)
1,886.6 
1,561.1 
Property and equipment, net
12,457.6 
 
 
 
14,265.0 
 
 
 
12,457.6 
14,265.0 
13,117.4 
Capital expenditures
 
 
 
 
 
 
 
 
1,523.9 
1,736.9 
1,710.5 
Reconciling Items [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
Operating expenses - Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
8.6 
6.5 
8.9 
General and administrative
 
 
 
 
 
 
 
 
131.9 
146.8 
148.9 
OPERATING INCOME
 
 
 
 
 
 
 
 
(140.5)
(153.3)
(157.8)
Property and equipment, net
77.2 
 
 
 
46.0 
 
 
 
77.2 
46.0 
28.2 
Capital expenditures
 
 
 
 
 
 
 
 
$ 44.9 
$ 26.6 
$ 2.7 
Segment Information (Schedule Of Geographic Distribution Of Rigs By Segment) (Details)
Dec. 31, 2014
contract
rigs
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
70 
Number of drilling management contracts
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
28 
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
42 
North & South America (Excluding Brazil) [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
17 
North & South America (Excluding Brazil) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
North & South America (Excluding Brazil) [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Middle East & Africa [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
15 
Middle East & Africa [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Middle East & Africa [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
11 
Asia & Pacific Rim [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
12 
Asia & Pacific Rim [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Asia & Pacific Rim [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Europe & Mediterranean [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
15 
Europe & Mediterranean [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Europe & Mediterranean [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
11 
Brazil [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Brazil [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Brazil [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Asia & Pacific Rim (Under Construction) [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Asia & Pacific Rim (Under Construction) [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Asia & Pacific Rim (Under Construction) [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Middle East Under Construction [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Middle East Under Construction [Member] |
Floaters [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Middle East Under Construction [Member] |
Jackups [Member]
 
Segment Reporting Information [Line Items]
 
Total number of contract drilling rigs
Segment Information (Schedule Of Revenues And Long-Lived Assets By Geographical Segment) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
$ 1,159.8 
$ 1,201.4 
$ 1,136.6 
$ 1,066.7 
$ 1,138.0 
$ 1,119.9 
$ 1,076.1 
$ 989.4 
$ 4,564.5 
$ 4,323.4 
$ 3,638.8 
Long-lived Assets
12,534.8 
 
 
 
14,311.0 
 
 
 
12,534.8 
14,311.0 
13,145.6 
Geographic Areas [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
4,564.5 
4,323.4 
3,638.8 
Long-lived Assets
12,534.8 
 
 
 
14,311.0 
 
 
 
12,534.8 
14,311.0 
13,145.6 
Geographic Areas [Member] |
United States [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
1,712.4 
1,687.2 
1,265.5 
Long-lived Assets
5,240.4 
 
 
 
4,617.8 
 
 
 
5,240.4 
4,617.8 
4,525.9 
Geographic Areas [Member] |
Brazil [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
459.1 
683.7 
776.3 
Long-lived Assets
1,459.0 
 
 
 
2,447.5 
 
 
 
1,459.0 
2,447.5 
2,911.3 
Geographic Areas [Member] |
Angola [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
607.9 
365.9 
190.0 
Long-lived Assets
1,913.5 
 
 
 
2,543.7 
 
 
 
1,913.5 
2,543.7 
2,147.2 
Geographic Areas [Member] |
Other countries [Member]
 
 
 
 
 
 
 
 
 
 
 
Segment Reporting Information [Line Items]
 
 
 
 
 
 
 
 
 
 
 
Revenues
 
 
 
 
 
 
 
 
1,785.1 
1,586.6 
1,407.0 
Long-lived Assets
$ 3,921.9 
 
 
 
$ 4,702.0 
 
 
 
$ 3,921.9 
$ 4,702.0 
$ 3,561.2 
Supplemental Financial Information (Narrative) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Capitalized interest
$ 78.2 
$ 67.7 
$ 105.8 
Capital expenditure accruals
137.2 
111.8 
110.7 
Customer Concentration Risk [Member] |
Petrobras [Member] |
Sales Revenue, Services, Net [Member]
 
 
 
Revenues
 
604.8 
771.9 
Concentration Risk, Percentage
 
14.00% 
21.00% 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member]
 
 
 
Revenues
723.9 
444.9 
 
Concentration Risk, Percentage
16.00% 
10.00% 
 
Customer Concentration Risk [Member] |
BP [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member]
 
 
 
Concentration Risk, Percentage
80.00% 
84.00% 
 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
U.S. Gulf of Mexico [Member]
 
 
 
Revenues
1,700.0 
1,700.0 
1,300.0 
Concentration Risk, Percentage
38.00% 
39.00% 
35.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Brazil [Member]
 
 
 
Revenues
459.1 
683.7 
776.3 
Concentration Risk, Percentage
10.00% 
16.00% 
21.00% 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Angola [Member]
 
 
 
Revenues
$ 607.9 
 
 
Concentration Risk, Percentage
13.00% 
 
 
Geographic Concentration Risk [Member] |
Sales Revenue, Services, Net [Member] |
Floaters [Member] |
U.S. Gulf of Mexico [Member]
 
 
 
Concentration Risk, Percentage
79.00% 
77.00% 
75.00% 
Supplemental Financial Information (Accounts Receivable, Net) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 894.7 
$ 884.1 
Allowance for doubtful accounts
(11.4)
(28.4)
Accounts receivable, net
883.3 
855.7 
Trade [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
878.8 
869.8 
Other Credit Derivatives [Member]
 
 
Supplemental Information For Property, Casualty Insurance Underwriters [Line Items]
 
 
Accounts receivable
$ 15.9 
$ 14.3 
Supplemental Financial Information (Other Current Assets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Inventory
$ 240.3 
$ 256.4 
Prepaid taxes
90.6 
88.1 
Deferred mobilization costs
61.9 
47.4 
Prepaid expenses
33.8 
18.5 
Derivative assets
0.6 
11.6 
Deferred tax assets
43.8 
23.1 
Assets held for sale
152.4 
8.6 
Other
6.0 
10.2 
Other current assets
$ 629.4 
$ 463.9 
Supplemental Financial Information (Other Assets, Net) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Intangible assets
$ 49.0 
$ 83.8 
Unbilled reimbursable receivables
18.6 
51.9 
Prepaid taxes on intercompany transfers of property
39.7 
50.2 
Supplemental executive retirement plan assets
43.2 
37.7 
Contracts Receivable, Claims and Uncertain Amounts
30.6 
30.6 
Deferred mobilization costs
82.3 
59.1 
Deferred tax assets
38.4 
25.2 
Other
12.4 
14.2 
Other assets, net
$ 314.2 
$ 352.7 
Supplemental Financial Information (Accrued Liabilities And Other) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Personnel costs
$ 214.0 
$ 242.0 
Deferred revenue
241.3 
169.8 
Taxes
97.0 
84.2 
Accrued interest
83.8 
68.0 
Prepayment Liability for Sale of Assets, Current
33.0 
Derivative Liability
24.1 
10.4 
Customer Prepayments, Current
20.0 
Other
36.4 
31.3 
Accrued liabilities and other
$ 696.6 
$ 658.7 
Supplemental Financial Information (Other Liabilities) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Deferred revenue
$ 373.2 
$ 217.6 
Intangible liabilities
40.7 
69.1 
Unrecognized tax benefits (inclusive of interest and penalties)
142.4 
148.0 
Supplemental executive retirement plan liabilities
45.1 
40.5 
Personnel costs
26.1 
37.2 
Other Accrued Liabilities, Noncurrent
39.8 
33.3 
Other liabilities
$ 667.3 
$ 545.7 
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Supplemental Financial Information [Abstract]
 
 
Derivative Instruments
$ 8.0 
$ 20.6 
Other
3.9 
(2.4)
Accumulated other comprehensive income
$ 11.9 
$ 18.2 
Supplemental Financial Information (Cash Flows Information) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Supplemental Financial Information [Abstract]
 
 
 
(Increase) decrease in other assets
$ (76.4)
$ (94.1)
$ 67.8 
Increase (decrease) in liabilities
208.2 
(10.3)
312.3 
(Increase) decrease in accounts receivable
(38.5)
(46.7)
59.1 
Changes in operating assets and liabilities
$ (93.3)
$ 151.1 
$ (439.2)
Guarantee Of Registered Securities (Narrative) (Details) (USD $)
12 Months Ended
Dec. 31, 2014
Guarantor Obligations [Line Items]
 
Senior notes aggregate outstanding principal balance
$ 1,700,000,000 
8.50% Senior Notes Due 2019 [Member]
 
Guarantor Obligations [Line Items]
 
Senior note, maturity year
2019 
Debt instrument interest rate stated percentage
8.50% 
6.875% Senior notes due 2020 [Member]
 
Guarantor Obligations [Line Items]
 
Senior note, maturity year
2020 
Debt instrument interest rate stated percentage
6.875% 
7.875% Senior Notes Due 2040 [Member]
 
Guarantor Obligations [Line Items]
 
Senior note, maturity year
2040 
Debt instrument interest rate stated percentage
7.875% 
7.20% Debentures due 2027 [Member]
 
Guarantor Obligations [Line Items]
 
Senior note, maturity year
2027 
Debt instrument interest rate stated percentage
7.20% 
Notes Issued
$ 150,000,000.0 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
$ 1,159.8 
$ 1,201.4 
$ 1,136.6 
$ 1,066.7 
$ 1,138.0 
$ 1,119.9 
$ 1,076.1 
$ 989.4 
$ 4,564.5 
$ 4,323.4 
$ 3,638.8 
Contract drilling (exclusive of depreciation)
514.0 
500.2 
542.5 
520.2 
500.4 
499.2 
496.1 
451.4 
2,076.9 
1,947.1 
1,642.8 
Asset Impairment Charges
3,515.2 
703.5 
 
 
 
 
4,218.7 
Depreciation
139.4 
135.2 
132.2 
131.1 
127.5 
124.7 
124.0 
120.0 
537.9 
496.2 
443.8 
General and administrative
28.3 
29.3 
36.2 
38.1 
35.2 
37.4 
36.4 
37.8 
131.9 
146.8 
148.9 
OPERATING INCOME
(3,037.1)
536.7 
(277.8)
377.3 
474.9 
458.6 
419.6 
380.2 
(2,400.9)
1,733.3 
1,403.3 
OTHER (EXPENSE) INCOME, NET
(49.6)
(38.4)
(30.8)
(29.1)
(28.9)
(1.6)
(39.8)
(29.8)
(147.9)
(100.1)
(98.6)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(3,086.7)
498.3 
(308.6)
348.2 
446.0 
457.0 
379.8 
350.4 
(2,548.8)
1,633.2 
1,304.7 
Total provision for income taxes
(26.2)
74.6 
42.6 
49.5 
44.6 
67.5 
43.2 
47.8 
140.5 
203.1 
228.6 
DISCONTINUED OPERATIONS, NET
(388.0)
9.2 
(818.4)
(2.0)
(37.4)
(8.1)
26.0 
17.3 
(1,199.2)
(2.2)
100.6 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
NET INCOME
(3,448.5)
432.9 
(1,169.6)
296.7 
364.0 
381.4 
362.6 
319.9 
(3,888.5)
1,427.9 
1,176.7 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.3)
(3.5)
(3.1)
(4.2)
(2.6)
(2.6)
(1.7)
(2.8)
(14.1)
(9.7)
(7.0)
NET INCOME ATTRIBUTABLE TO ENSCO
(3,451.8)
429.4 
(1,172.7)
292.5 
361.4 
378.8 
360.9 
317.1 
(3,902.6)
1,418.2 
1,169.7 
Ensco Plc [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
34.5 
35.0 
44.0 
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
31.8 
27.5 
51.2 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
0.2 
0.3 
0.4 
General and administrative
 
 
 
 
 
 
 
 
52.0 
63.5 
63.8 
OPERATING INCOME
 
 
 
 
 
 
 
 
(49.5)
(56.3)
(71.4)
OTHER (EXPENSE) INCOME, NET
 
 
 
 
 
 
 
 
(67.0)
(65.6)
(41.8)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
 
 
 
 
 
 
 
(116.5)
(121.9)
(113.2)
Total provision for income taxes
 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
(3,786.1)
1,540.1 
1,282.9 
NET INCOME
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
ENSCO International Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
145.4 
149.4 
147.6 
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
145.4 
149.4 
147.6 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
7.6 
4.0 
3.5 
General and administrative
 
 
 
 
 
 
 
 
0.4 
0.5 
0.4 
OPERATING INCOME
 
 
 
 
 
 
 
 
(8.0)
(4.5)
(3.9)
OTHER (EXPENSE) INCOME, NET
 
 
 
 
 
 
 
 
(43.3)
(9.4)
(7.0)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
 
 
 
 
 
 
 
(51.3)
(13.9)
(10.9)
Total provision for income taxes
 
 
 
 
 
 
 
 
(44.9)
92.5 
68.8 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
(3,651.0)
366.2 
335.9 
NET INCOME
 
 
 
 
 
 
 
 
(3,657.4)
259.8 
256.2 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,657.4)
259.8 
256.2 
Pride International Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
OTHER (EXPENSE) INCOME, NET
 
 
 
 
 
 
 
 
(54.7)
(27.9)
(50.0)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
 
 
 
 
 
 
 
(54.7)
(27.9)
(50.0)
Total provision for income taxes
 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
(3,744.3)
111.6 
239.2 
NET INCOME
 
 
 
 
 
 
 
 
(3,799.0)
83.7 
189.2 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,799.0)
83.7 
189.2 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
4,683.0 
4,446.4 
3,767.3 
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
2,198.1 
2,077.6 
1,764.1 
Asset Impairment Charges
 
 
 
 
 
 
 
 
4,218.7 
 
 
Depreciation
 
 
 
 
 
 
 
 
530.1 
491.9 
439.9 
General and administrative
 
 
 
 
 
 
 
 
79.5 
82.8 
84.7 
OPERATING INCOME
 
 
 
 
 
 
 
 
(2,343.4)
1,794.1 
1,478.6 
OTHER (EXPENSE) INCOME, NET
 
 
 
 
 
 
 
 
17.1 
2.8 
0.2 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
 
 
 
 
 
 
 
(2,326.3)
1,796.9 
1,478.8 
Total provision for income taxes
 
 
 
 
 
 
 
 
185.4 
110.6 
159.8 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
 
(1,199.2)
(2.2)
100.6 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
(3,710.9)
1,684.1 
1,419.6 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
(14.1)
(9.7)
(7.0)
NET INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,725.0)
1,674.4 
1,412.6 
Consolidating Adjustments [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
 
 
 
 
 
 
 
 
(298.4)
(307.4)
(320.1)
Contract drilling (exclusive of depreciation)
 
 
 
 
 
 
 
 
(298.4)
(307.4)
(320.1)
Asset Impairment Charges
 
 
 
 
 
 
 
 
 
 
Depreciation
 
 
 
 
 
 
 
 
General and administrative
 
 
 
 
 
 
 
 
OPERATING INCOME
 
 
 
 
 
 
 
 
OTHER (EXPENSE) INCOME, NET
 
 
 
 
 
 
 
 
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
 
 
 
 
 
 
 
 
Total provision for income taxes
 
 
 
 
 
 
 
 
DISCONTINUED OPERATIONS, NET
 
 
 
 
 
 
 
 
 
EQUITY EARNINGS IN AFFILIATES, NET OF TAX
 
 
 
 
 
 
 
 
11,181.4 
(2,017.9)
(1,858.0)
NET INCOME
 
 
 
 
 
 
 
 
11,181.4 
(2,017.9)
(1,858.0)
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
NET INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
$ 11,181.4 
$ (2,017.9)
$ (1,858.0)
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Comprehensive Income) (Details) (USD $)
In Millions, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
$ (3,448.5)
$ 432.9 
$ (1,169.6)
$ 296.7 
$ 364.0 
$ 381.4 
$ 362.6 
$ 319.9 
$ (3,888.5)
$ 1,427.9 
$ 1,176.7 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
(11.7)
(5.8)
8.7 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
(0.9)
2.0 
Other
 
 
 
 
 
 
 
 
6.3 
1.9 
2.8 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
(6.3)
(1.9)
11.5 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,894.8)
1,426.0 
1,188.2 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
(14.1)
(9.7)
(7.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,908.9)
1,416.3 
1,181.2 
Ensco Plc [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,902.6)
1,418.2 
1,169.7 
ENSCO International Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
(3,657.4)
259.8 
256.2 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
(11.7)
(5.8)
6.3 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
(0.9)
2.0 
0.2 
Other
 
 
 
 
 
 
 
 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
(12.6)
(3.8)
6.5 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,670.0)
256.0 
262.7 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,670.0)
256.0 
262.7 
Pride International Inc. [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
(3,799.0)
83.7 
189.2 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,799.0)
83.7 
189.2 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,799.0)
83.7 
189.2 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
(3,710.9)
1,684.1 
1,419.6 
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
2.4 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
(0.2)
Other
 
 
 
 
 
 
 
 
6.3 
1.9 
2.8 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
6.3 
1.9 
5.0 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
(3,704.6)
1,686.0 
1,424.6 
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
(14.1)
(9.7)
(7.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
(3,718.7)
1,676.3 
1,417.6 
Consolidating Adjustments [Member]
 
 
 
 
 
 
 
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
 
 
 
 
 
 
 
NET INCOME
 
 
 
 
 
 
 
 
11,181.4 
(2,017.9)
(1,858.0)
OTHER COMPREHENSIVE INCOME (LOSS), NET
 
 
 
 
 
 
 
 
 
 
 
Net change in fair value of derivatives
 
 
 
 
 
 
 
 
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income
 
 
 
 
 
 
 
 
Other
 
 
 
 
 
 
 
 
NET OTHER COMPREHENSIVE INCOME (LOSS)
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME
 
 
 
 
 
 
 
 
11,181.4 
(2,017.9)
(1,858.0)
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO
 
 
 
 
 
 
 
 
$ 11,181.4 
$ (2,017.9)
$ (1,858.0)
Guarantee Of Registered Securities (Condensed Consolidating Balance Sheets) (Details) (USD $)
In Millions, unless otherwise specified
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
$ 664.8 
$ 165.6 
$ 487.1 
$ 430.7 
Short-term Investments
757.3 
50.0 
 
 
Accounts receivable
883.3 
855.7 
 
 
Accounts receivable from affiliates
 
 
Other
629.4 
463.9 
 
 
Total current assets
2,934.8 
1,535.2 
 
 
PROPERTY AND EQUIPMENT, AT COST
14,975.5 
17,498.5 
 
 
Less accumulated depreciation
2,440.7 
3,187.5 
 
 
Property and equipment, net
12,534.8 
14,311.0 
13,145.6 
 
GOODWILL
276.1 
3,274.0 
 
 
DUE FROM AFFILIATES
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
314.2 
352.7 
 
 
TOTAL ASSETS
16,059.9 
19,472.9 
 
 
Accounts payable and accrued liabilities
1,069.8 
999.8 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
34.8 
47.5 
 
 
Total current liabilities
1,104.6 
1,047.3 
 
 
DUE TO AFFILIATES
 
 
LONG-TERM DEBT
5,885.6 
4,718.9 
 
 
DEFERRED INCOME TAXES
179.5 
362.1 
 
 
OTHER LIABILITIES
667.3 
545.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
8,215.0 
12,791.6 
 
 
NONCONTROLLING INTERESTS
7.9 
7.3 
 
 
Total equity
8,222.9 
12,798.9 
 
 
Total liabilities and shareholders' equity
16,059.9 
19,472.9 
 
 
Ensco Plc [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
287.4 
46.5 
271.8 
236.6 
Short-term Investments
712.0 
 
 
Accounts receivable
 
 
Accounts receivable from affiliates
34.5 
1,235.0 
 
 
Other
4.1 
3.2 
 
 
Total current assets
1,038.0 
1,284.7 
 
 
PROPERTY AND EQUIPMENT, AT COST
2.1 
2.1 
 
 
Less accumulated depreciation
1.7 
1.5 
 
 
Property and equipment, net
0.4 
0.6 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
2,873.2 
4,876.8 
 
 
INVESTMENTS IN AFFILIATES
9,084.8 
13,830.1 
 
 
OTHER ASSETS, NET
17.0 
8.8 
 
 
TOTAL ASSETS
13,013.4 
20,001.0 
 
 
Accounts payable and accrued liabilities
47.8 
31.5 
 
 
Accounts payable to affiliates
23.5 
3,666.1 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
71.3 
3,697.6 
 
 
DUE TO AFFILIATES
994.8 
1,030.8 
 
 
LONG-TERM DEBT
3,724.4 
2,473.7 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
8,222.9 
12,798.9 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
8,222.9 
12,798.9 
 
 
Total liabilities and shareholders' equity
13,013.4 
20,001.0 
 
 
ENSCO International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
0.5 
1.7 
Short-term Investments
 
 
Accounts receivable
 
 
Accounts receivable from affiliates
210.4 
213.8 
 
 
Other
86.9 
61.3 
 
 
Total current assets
297.3 
275.6 
 
 
PROPERTY AND EQUIPMENT, AT COST
71.5 
34.3 
 
 
Less accumulated depreciation
34.1 
26.5 
 
 
Property and equipment, net
37.4 
7.8 
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
4,748.2 
4,236.0 
 
 
INVESTMENTS IN AFFILIATES
1,233.5 
4,868.6 
 
 
OTHER ASSETS, NET
47.4 
60.1 
 
 
TOTAL ASSETS
6,363.8 
9,448.1 
 
 
Accounts payable and accrued liabilities
42.8 
9.1 
 
 
Accounts payable to affiliates
158.3 
549.7 
 
 
Current maturities of long-term debt
 
 
Total current liabilities
201.1 
558.8 
 
 
DUE TO AFFILIATES
3,817.4 
2,760.4 
 
 
LONG-TERM DEBT
149.2 
149.1 
 
 
DEFERRED INCOME TAXES
176.8 
358.3 
 
 
OTHER LIABILITIES
6.1 
2.3 
 
 
ENSCO SHAREHOLDERS' EQUITY
2,013.2 
5,619.2 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
2,013.2 
5,619.2 
 
 
Total liabilities and shareholders' equity
6,363.8 
9,448.1 
 
 
Pride International Inc. [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
90.8 
4.9 
85.0 
22.6 
Short-term Investments
 
 
Accounts receivable
 
 
Accounts receivable from affiliates
5.5 
 
 
Other
 
 
Total current assets
90.8 
10.4 
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
1,835.0 
1,898.0 
 
 
INVESTMENTS IN AFFILIATES
461.6 
4,092.2 
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
2,387.4 
6,000.6 
 
 
Accounts payable and accrued liabilities
34.3 
34.2 
 
 
Accounts payable to affiliates
 
 
Current maturities of long-term debt
 
 
Total current liabilities
34.3 
34.2 
 
 
DUE TO AFFILIATES
1,547.7 
1,331.1 
 
 
LONG-TERM DEBT
1,973.2 
2,007.8 
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
7.0 
8.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
(1,174.8)
2,618.8 
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
(1,174.8)
2,618.8 
 
 
Total liabilities and shareholders' equity
2,387.4 
6,000.6 
 
 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
286.6 
113.7 
128.6 
171.5 
Short-term Investments
45.3 
50.0 
 
 
Accounts receivable
883.3 
855.7 
 
 
Accounts receivable from affiliates
134.6 
4,169.2 
 
 
Other
538.4 
399.4 
 
 
Total current assets
1,888.2 
5,588.0 
 
 
PROPERTY AND EQUIPMENT, AT COST
14,901.9 
17,462.1 
 
 
Less accumulated depreciation
2,404.9 
3,159.5 
 
 
Property and equipment, net
12,497.0 
14,302.6 
 
 
GOODWILL
276.1 
3,274.0 
 
 
DUE FROM AFFILIATES
6,308.8 
5,069.7 
 
 
INVESTMENTS IN AFFILIATES
 
 
OTHER ASSETS, NET
249.8 
283.8 
 
 
TOTAL ASSETS
21,219.9 
28,518.1 
 
 
Accounts payable and accrued liabilities
944.9 
925.0 
 
 
Accounts payable to affiliates
197.7 
1,407.7 
 
 
Current maturities of long-term debt
34.8 
47.5 
 
 
Total current liabilities
1,177.4 
2,380.2 
 
 
DUE TO AFFILIATES
9,405.3 
10,958.2 
 
 
LONG-TERM DEBT
38.8 
88.3 
 
 
DEFERRED INCOME TAXES
2.7 
3.8 
 
 
OTHER LIABILITIES
654.2 
534.7 
 
 
ENSCO SHAREHOLDERS' EQUITY
9,933.6 
14,545.6 
 
 
NONCONTROLLING INTERESTS
7.9 
7.3 
 
 
Total equity
9,941.5 
14,552.9 
 
 
Total liabilities and shareholders' equity
21,219.9 
28,518.1 
 
 
Consolidating Adjustments [Member]
 
 
 
 
Guarantor Obligations [Line Items]
 
 
 
 
Cash and cash equivalents
Short-term Investments
 
 
Accounts receivable
 
 
Accounts receivable from affiliates
(379.5)
(5,623.5)
 
 
Other
 
 
Total current assets
(379.5)
(5,623.5)
 
 
PROPERTY AND EQUIPMENT, AT COST
 
 
Less accumulated depreciation
 
 
Property and equipment, net
 
 
GOODWILL
 
 
DUE FROM AFFILIATES
(15,765.2)
(16,080.5)
 
 
INVESTMENTS IN AFFILIATES
(10,779.9)
(22,790.9)
 
 
OTHER ASSETS, NET
 
 
TOTAL ASSETS
(26,924.6)
(44,494.9)
 
 
Accounts payable and accrued liabilities
 
 
Accounts payable to affiliates
(379.5)
(5,623.5)
 
 
Current maturities of long-term debt
 
 
Total current liabilities
(379.5)
(5,623.5)
 
 
DUE TO AFFILIATES
(15,765.2)
(16,080.5)
 
 
LONG-TERM DEBT
 
 
DEFERRED INCOME TAXES
 
 
OTHER LIABILITIES
 
 
ENSCO SHAREHOLDERS' EQUITY
(10,779.9)
(22,790.9)
 
 
NONCONTROLLING INTERESTS
 
 
Total equity
(10,779.9)
(22,790.9)
 
 
Total liabilities and shareholders' equity
$ (26,924.6)
$ (44,494.9)
 
 
Guarantee Of Registered Securities (Condensed Consolidating Statements Of Cash Flows) (Details) (USD $)
In Millions, unless otherwise specified
12 Months Ended 32 Months Ended
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2014
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
$ 2,057.9 
$ 1,811.2 
$ 1,954.6 
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
(1,568.8)
(1,763.5)
(1,713.2)
 
Purchases of short-term investments
(790.6)
(50.0)
(90.0)
 
Maturities of short-term investments
83.3 
50.0 
44.5 
 
Proceeds from Sale of Property, Plant, and Equipment
169.2 
6.0 
3.2 
 
Net cash used in investing activities of continuing operations
(2,106.9)
(1,757.5)
(1,755.5)
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
1,246.4 
 
Cash dividends paid
(703.0)
(525.6)
(348.1)
 
Commercial paper borrowings, net
(125.0)
 
Equity financing costs
66.7 
 
Reduction of long-term borrowings
(60.1)
(47.5)
(47.5)
 
Proceeds from exercise of share options
2.6 
22.3 
35.8 
 
Debt financing costs
(13.4)
(4.6)
 
Advances (to) from affiliates
 
Other
(29.8)
(21.7)
(17.4)
 
Net cash (used in) provided by financing activities of continuing operations
442.7 
(577.1)
(435.5)
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
(3.8)
169.3 
232.5 
 
Investing activities
109.3 
32.8 
58.3 
 
Net cash provided by discontinued operations
105.5 
202.1 
290.8 
311.1 1
Effect of exchange rate changes on cash and cash equivalents
(0.2)
2.0 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
499.2 
(321.5)
56.4 
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
165.6 
487.1 
430.7 
 
CASH AND CASH EQUIVALENTS, END OF YEAR
664.8 
165.6 
487.1 
664.8 
Ensco Plc [Member]
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
(63.8)
(114.8)
(71.6)
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
 
Purchases of short-term investments
(716.1)
 
Maturities of short-term investments
 
Proceeds from Sale of Property, Plant, and Equipment
(0.3)
 
Net cash used in investing activities of continuing operations
(716.1)
(0.3)
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
1,246.4 
 
 
 
Cash dividends paid
(703.0)
(525.6)
(348.1)
 
Commercial paper borrowings, net
 
 
(125.0)
 
Equity financing costs
 
 
66.7 
 
Reduction of long-term borrowings
 
Proceeds from exercise of share options
2.6 
22.3 
23.9 
 
Debt financing costs
(13.4)
 
 
Advances (to) from affiliates
501.9 
407.2 
501.2 
 
Other
(13.7)
(14.4)
(11.6)
 
Net cash (used in) provided by financing activities of continuing operations
1,020.8 
(110.5)
107.1 
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
240.9 
(225.3)
35.2 
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
46.5 
271.8 
236.6 
 
CASH AND CASH EQUIVALENTS, END OF YEAR
287.4 
46.5 
271.8 
287.4 
ENSCO International Inc. [Member]
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
(167.6)
(128.7)
(38.2)
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
(37.2)
 
Purchases of short-term investments
 
Maturities of short-term investments
 
Proceeds from Sale of Property, Plant, and Equipment
(4.1)
0.4 
 
Net cash used in investing activities of continuing operations
(37.2)
(4.1)
0.4 
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
 
 
 
Cash dividends paid
 
Commercial paper borrowings, net
 
 
 
Equity financing costs
 
 
 
Reduction of long-term borrowings
 
Proceeds from exercise of share options
11.9 
 
Debt financing costs
(4.6)
 
 
Advances (to) from affiliates
204.3 
136.2 
27.6 
 
Other
 
Net cash (used in) provided by financing activities of continuing operations
204.3 
131.6 
39.5 
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(0.5)
(1.2)
1.7 
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
0.5 
1.7 
 
CASH AND CASH EQUIVALENTS, END OF YEAR
0.5 
1.7 
Pride International Inc. [Member]
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
(90.9)
(62.9)
(21.6)
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
 
Purchases of short-term investments
 
Maturities of short-term investments
 
Proceeds from Sale of Property, Plant, and Equipment
 
Net cash used in investing activities of continuing operations
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
 
 
 
Cash dividends paid
 
Commercial paper borrowings, net
 
 
 
Equity financing costs
 
 
 
Reduction of long-term borrowings
 
Proceeds from exercise of share options
 
Debt financing costs
 
 
Advances (to) from affiliates
176.8 
(17.2)
84.0 
 
Other
 
Net cash (used in) provided by financing activities of continuing operations
176.8 
(17.2)
84.0 
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
85.9 
(80.1)
62.4 
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
4.9 
85.0 
22.6 
 
CASH AND CASH EQUIVALENTS, END OF YEAR
90.8 
4.9 
85.0 
90.8 
Other Non-Guarantor Subsidiaries Of Ensco [Member]
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
2,380.2 
2,117.6 
2,086.0 
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
(1,531.6)
(1,763.5)
(1,713.2)
 
Purchases of short-term investments
(74.5)
(50.0)
(90.0)
 
Maturities of short-term investments
83.3 
50.0 
44.5 
 
Proceeds from Sale of Property, Plant, and Equipment
169.2 
10.1 
3.1 
 
Net cash used in investing activities of continuing operations
(1,353.6)
(1,753.4)
(1,755.6)
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
 
 
 
Cash dividends paid
 
Commercial paper borrowings, net
 
 
 
Equity financing costs
 
 
 
Reduction of long-term borrowings
(60.1)
(47.5)
(47.5)
 
Proceeds from exercise of share options
 
Debt financing costs
 
 
Advances (to) from affiliates
(883.0)
(526.2)
(612.8)
 
Other
(16.1)
(7.3)
(5.8)
 
Net cash (used in) provided by financing activities of continuing operations
(959.2)
(581.0)
(666.1)
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
(3.8)
169.3 
232.5 
 
Investing activities
109.3 
32.8 
58.3 
 
Net cash provided by discontinued operations
105.5 
202.1 
290.8 
 
Effect of exchange rate changes on cash and cash equivalents
(0.2)
2.0 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
172.9 
(14.9)
(42.9)
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
113.7 
128.6 
171.5 
 
CASH AND CASH EQUIVALENTS, END OF YEAR
286.6 
113.7 
128.6 
286.6 
Consolidating Adjustments [Member]
 
 
 
 
OPERATING ACTIVITIES
 
 
 
 
Net cash (used in) provided by operating activities of continuing operations
 
INVESTING ACTIVITIES
 
 
 
 
Additions to property and equipment
 
Purchases of short-term investments
 
Maturities of short-term investments
 
Proceeds from Sale of Property, Plant, and Equipment
 
Net cash used in investing activities of continuing operations
 
FINANCING ACTIVITIES
 
 
 
 
Proceeds from issuance of senior notes
 
 
 
Cash dividends paid
 
Commercial paper borrowings, net
 
 
 
Equity financing costs
 
 
 
Reduction of long-term borrowings
 
Proceeds from exercise of share options
 
Debt financing costs
 
 
Advances (to) from affiliates
 
Other
 
Net cash (used in) provided by financing activities of continuing operations
 
DISCONTINUED OPERATIONS
 
 
 
 
Operating activities
 
Investing activities
 
Net cash provided by discontinued operations
 
Effect of exchange rate changes on cash and cash equivalents
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
 
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR
 
CASH AND CASH EQUIVALENTS, END OF YEAR
$ 0 
$ 0 
$ 0 
$ 0 
Unaudited Quarterly Financial Data (Summary Of Unaudited Quarterly Consolidated Income Statement) (Details) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 12 Months Ended
Dec. 31, 2014
Sep. 30, 2014
Jun. 30, 2014
Mar. 31, 2014
Dec. 31, 2013
Sep. 30, 2013
Jun. 30, 2013
Mar. 31, 2013
Dec. 31, 2014
Dec. 31, 2013
Dec. 31, 2012
Quarterly Financial Data [Abstract]
 
 
 
 
 
 
 
 
 
 
 
OPERATING REVENUES
$ 1,159.8 
$ 1,201.4 
$ 1,136.6 
$ 1,066.7 
$ 1,138.0 
$ 1,119.9 
$ 1,076.1 
$ 989.4 
$ 4,564.5 
$ 4,323.4 
$ 3,638.8 
Contract drilling (exclusive of depreciation)
514.0 
500.2 
542.5 
520.2 
500.4 
499.2 
496.1 
451.4 
2,076.9 
1,947.1 
1,642.8 
Asset Impairment Charges
3,515.2 
703.5 
 
 
 
 
4,218.7 
Depreciation
139.4 
135.2 
132.2 
131.1 
127.5 
124.7 
124.0 
120.0 
537.9 
496.2 
443.8 
General and administrative
28.3 
29.3 
36.2 
38.1 
35.2 
37.4 
36.4 
37.8 
131.9 
146.8 
148.9 
OPERATING INCOME
(3,037.1)
536.7 
(277.8)
377.3 
474.9 
458.6 
419.6 
380.2 
(2,400.9)
1,733.3 
1,403.3 
Other income (expense), net
(49.6)
(38.4)
(30.8)
(29.1)
(28.9)
(1.6)
(39.8)
(29.8)
(147.9)
(100.1)
(98.6)
INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES
(3,086.7)
498.3 
(308.6)
348.2 
446.0 
457.0 
379.8 
350.4 
(2,548.8)
1,633.2 
1,304.7 
Provision for income taxes
(26.2)
74.6 
42.6 
49.5 
44.6 
67.5 
43.2 
47.8 
140.5 
203.1 
228.6 
Income from continuing operations
(3,060.5)
423.7 
(351.2)
298.7 
401.4 
389.5 
336.6 
302.6 
(2,689.3)
1,430.1 
1,076.1 
DISCONTINUED OPERATIONS, NET
(388.0)
9.2 
(818.4)
(2.0)
(37.4)
(8.1)
26.0 
17.3 
(1,199.2)
(2.2)
100.6 
NET INCOME
(3,448.5)
432.9 
(1,169.6)
296.7 
364.0 
381.4 
362.6 
319.9 
(3,888.5)
1,427.9 
1,176.7 
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS
(3.3)
(3.5)
(3.1)
(4.2)
(2.6)
(2.6)
(1.7)
(2.8)
(14.1)
(9.7)
(7.0)
NET INCOME ATTRIBUTABLE TO ENSCO
$ (3,451.8)
$ 429.4 
$ (1,172.7)
$ 292.5 
$ 361.4 
$ 378.8 
$ 360.9 
$ 317.1 
$ (3,902.6)
$ 1,418.2 
$ 1,169.7 
EARNINGS PER SHARE - BASIC
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
$ (13.22)
$ 1.79 
$ (1.53)
$ 1.26 
$ 1.71 
$ 1.66 
$ 1.44 
$ 1.29 
$ (11.70)
$ 6.09 
$ 4.62 
Discontinued operations
$ (1.67)
$ 0.04 
$ (3.54)
$ (0.01)
$ (0.16)
$ (0.04)
$ 0.11 
$ 0.07 
$ (5.18)
$ (0.01)
$ 0.43 
Total earnings per share - basic
$ (14.89)
$ 1.83 
$ (5.07)
$ 1.25 
$ 1.55 
$ 1.62 
$ 1.55 
$ 1.36 
$ (16.88)
$ 6.08 
$ 5.05 
EARNINGS PER SHARE - DILUTED
 
 
 
 
 
 
 
 
 
 
 
Continuing operations
$ (13.22)
$ 1.79 
$ (1.53)
$ 1.26 
$ 1.70 
$ 1.66 
$ 1.44 
$ 1.29 
$ (11.70)
$ 6.08 
$ 4.61 
Discontinued operations
$ (1.67)
$ 0.04 
$ (3.54)
$ (0.01)
$ (0.16)
$ (0.04)
$ 0.11 
$ 0.07 
$ (5.18)
$ (0.01)
$ 0.43 
Total earnings per share - diluted
$ (14.89)
$ 1.83 
$ (5.07)
$ 1.25 
$ 1.54 
$ 1.62 
$ 1.55 
$ 1.36 
$ (16.88)
$ 6.07 
$ 5.04