|
|
|
|
|
|
|
2011 |
2010 | ||||
Income from continuing operations |
$65.5 |
|
$162.0 |
||
Income from continuing operations attributable to noncontrolling interests |
(.9 |
) |
(1.6 |
) | |
Income from continuing operations attributable to Ensco |
$64.6 |
$160.4 |
2010 | ||||
Income from discontinued operations |
$29.6 |
|||
Income from discontinued operations attributable to noncontrolling interests |
(.2 |
) | ||
Income from discontinued operations attributable to Ensco |
$29.4 |
|
Derivative Assets |
Derivative Liabilities | |||
March 31,
2011 |
December 31,
2010 |
March 31,
2011 |
December 31,
2010 | |
Derivatives Designated as Hedging Instruments |
||||
Foreign currency forward contracts - current(1) |
$13.3 |
$16.8 |
$ .1 |
$.6 |
Foreign currency forward contracts - non-current(2) |
.2 |
.1 |
.3 |
.1 |
13.5 | 16.9 | .4 | .7 | |
Derivatives Not Designated as Hedging Instruments |
||||
Foreign currency forward contracts – current(1) | .1 |
.2 |
.0 | -- |
.1 |
.2 |
.0 | -- | |
Total | $13.6 |
$17.1 |
$ .4 | $.7 |
(1) |
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) |
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
|
Gain (Loss)
Recognized in
Other Comprehensive
Income ("OCI")
(Effective Portion) |
(Loss) Gain
Reclassified from
Accumulated Other
Comprehensive Income
("AOCI") into Income
(Effective Portion) |
(Loss) Gain
Recognized in Income on
Derivatives (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing)(1) | |||||||||
2011 |
2010 |
2011 |
2010 |
2011 |
2010 | |||||||
Interest rate lock contracts(2) |
$ -- |
$ -- |
$(.1) |
$(.1) |
$ -- |
$ -- | ||||||
Foreign currency forward contracts(3) |
2.9 |
(1.4) |
.9 |
1.4 |
(.4) |
.0 | ||||||
Total |
$ 2.9 |
$(1.4) |
$ .8 |
$1.3 |
$(.4) |
$.0 |
(1) |
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other income, net, in our condensed consolidated statements of income. |
(2) |
Gains and losses on derivatives reclassified from AOCI into income (effective portion) were included in other income, net, in our condensed consolidated statements of income.
|
(3) |
Gains and losses on derivatives reclassified from AOCI into income (effective portion) were included in contract drilling expense in our condensed consolidated statements of income. |
Net unrealized gains to be reclassified to contract drilling expense |
$1.8 |
|||
Net realized losses to be reclassified to other income, net |
(.3 |
) |
||
Net gains to be reclassified to earnings |
$1.5 |
|
2011 | 2010 | ||
Deferred revenue |
$ 49.6 |
$ 48.1 | |
Personnel costs |
39.3 |
58.0 | |
Wreckage and debris removal |
21.0 |
21.0 | |
Taxes |
20.7 |
22.1 | |
Other |
25.3 |
19.1 | |
$155.9 |
$168.3 |
|
|
2011 | 2010 | ||
Net income |
$65.5 |
|
$191.6 |
Other comprehensive income: |
|||
Net change in fair value of derivatives |
2.9 |
|
(1.4) |
Reclassification of gains and losses on derivative
instruments from other comprehensive income into net income |
(.8) |
|
(1.3) |
Net other comprehensive income (loss) |
2.1 |
|
(2.7) |
Comprehensive income |
67.6 |
|
188.9 |
Comprehensive income attributable to noncontrolling interests |
(.9) |
|
(1.8) |
Comprehensive income attributable to Ensco |
$66.7 |
|
$187.1 |
|
Quoted Prices |
Significant |
||||||||||||
in Active |
Other |
Significant |
|||||||||||
Markets for |
Observable |
Unobservable |
|||||||||||
Identical Assets |
Inputs |
Inputs |
|||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total | ||||||||||
As of March 31, 2011 |
|||||||||||||
Supplemental executive retirement plan assets |
$26.5 |
$ -- |
$ -- |
$26.5 |
|||||||||
Derivatives, net |
-- |
13.2 |
-- |
13.2 |
|||||||||
Total financial assets |
$26.5 |
$13.2 |
$ -- |
$39.7 |
|||||||||
As of December 31, 2010 |
|||||||||||||
Auction rate securities |
$ -- |
$ -- |
$44.5 |
$44.5 |
|||||||||
Supplemental executive retirement plan assets |
23.0 |
-- |
-- |
23.0 |
|||||||||
Derivatives, net |
-- |
16.4 |
-- |
16.4 |
|||||||||
Total financial assets |
$23.0 |
$16.4 |
$44.5 |
$83.9 |
2011 |
2010 |
||||
Beginning Balance |
$44.5 |
$60.5 |
|||
Sales |
(49.3) |
(5.4) |
|||
Realized losses* | (.1) | -- | |||
Unrealized gains* |
4.9 |
.3 |
|||
Transfers in and/or out of Level 3 |
-- |
-- |
|||
Ending balance |
$ -- |
$55.4 |
* |
Realized losses and unrealized gains are included in other income, net, in our condensed consolidated statements of income. |
March 31, |
December 31, | ||||||||
2011 |
2010 | ||||||||
Estimated |
Estimated | ||||||||
Carrying |
Fair |
Carrying |
Fair | ||||||
Value |
Value |
Value |
Value | ||||||
4.70% Senior Notes | $1,470.5 | $1,488.9 | $ -- | $ -- | |||||
3.25% Senior Notes | 992.4 | 1,001.1 | -- | -- | |||||
7.20% Debentures |
148.9 |
168.4 |
148.9 |
165.0 |
|||||
6.36% Bonds, including current maturities |
63.4 |
70.8 |
63.4 |
71.9 |
|||||
4.65% Bonds, including current maturities |
45.0 |
50.0 |
45.0 |
50.6 |
|
|
2010 | |||
Revenues |
$12.6 | ||
Operating expenses |
10.8 | ||
Operating income before income taxes |
1.8 | ||
Income tax expense |
1.4 | ||
Gain on disposal of discontinued operations, net |
29.2 | ||
Income from discontinued operations |
$29.6 |
|
|
|
||||||||||||||
|
|
Operating |
||||||||||||
|
|
|
Segments |
Reconciling |
Consolidated | |||||||||
Deepwater |
Midwater |
Jackup |
Other |
Total |
Items |
Total | ||||||||
Revenues |
$ 98.2 |
$ -- |
$ 263.3 |
$ -- |
$ 361.5 |
$ -- |
$ 361.5 |
|||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
40.9 |
-- |
150.3 |
0.4 |
191.6 |
-- |
191.6 |
|||||||
Depreciation |
16.3 |
-- |
42.4 |
0.4 |
59.1 |
.4 |
59.5 |
|||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
30.1 |
30.1 |
|||||||
Operating income (loss) |
$ 41.0 |
$ -- |
$ 70.6 |
$(0.8) |
$ 110.8 |
$(30.5) |
$ 80.3 |
|||||||
Property and equipment, net |
$3,008.7 |
$ -- |
$2,232.8 |
$14.0 |
$5,255.5 |
$ 3.6 |
$5,259.1 |
|
||||||||||||||
|
|
Operating |
||||||||||||
|
|
|
Segments |
Reconciling |
Consolidated | |||||||||
Deepwater |
Midwater |
Jackup |
Other |
Total |
Items |
Total | ||||||||
Revenues |
$ 130.4 |
$ -- |
$ 318.2 |
$ -- |
$ 448.6 |
$ -- |
$ 448.6 |
|||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
45.0 |
-- |
137.0 |
0.4 |
182.4 |
-- |
182.4 |
|||||||
Depreciation |
9.8 |
-- |
40.9 |
0.7 |
51.4 |
.3 |
51.7 |
|||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
20.6 |
20.6 |
|||||||
Operating income (loss) |
$ 75.6 |
$ -- |
$ 140.3 |
$(1.1) |
$ 214.8 |
$(20.9) |
$ 193.9 |
|||||||
Property and equipment, net |
$2,341.5 |
$ -- |
$2,108.8 |
$28.1 |
$4,478.4 |
$ 4.2 |
$4,482.6 |
|
|
2011 |
2010 | ||||
Income from continuing operations |
$65.5 |
|
$162.0 |
||
Income from continuing operations attributable to noncontrolling interests |
(.9 |
) |
(1.6 |
) | |
Income from continuing operations attributable to Ensco |
$64.6 |
$160.4 |
2010 | ||||
Income from discontinued operations |
$29.6 |
|||
Income from discontinued operations attributable to noncontrolling interests |
(.2 |
) | ||
Income from discontinued operations attributable to Ensco |
$29.4 |
|
Derivative Assets |
Derivative Liabilities | |||
March 31,
2011 |
December 31,
2010 |
March 31,
2011 |
December 31,
2010 | |
Derivatives Designated as Hedging Instruments |
||||
Foreign currency forward contracts - current(1) |
$13.3 |
$16.8 |
$ .1 |
$.6 |
Foreign currency forward contracts - non-current(2) |
.2 |
.1 |
.3 |
.1 |
13.5 | 16.9 | .4 | .7 | |
Derivatives Not Designated as Hedging Instruments |
||||
Foreign currency forward contracts – current(1) | .1 |
.2 |
.0 | -- |
.1 |
.2 |
.0 | -- | |
Total | $13.6 |
$17.1 |
$ .4 | $.7 |
(1) |
Derivative assets and liabilities that have maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, on our condensed consolidated balance sheets. |
(2) |
Derivative assets and liabilities that have maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, on our condensed consolidated balance sheets. |
|
Gain (Loss)
Recognized in
Other Comprehensive
Income ("OCI")
(Effective Portion) |
(Loss) Gain
Reclassified from
Accumulated Other
Comprehensive Income
("AOCI") into Income
(Effective Portion) |
(Loss) Gain
Recognized in Income on
Derivatives (Ineffective
Portion and Amount
Excluded from
Effectiveness Testing)(1) | |||||||||
2011 |
2010 |
2011 |
2010 |
2011 |
2010 | |||||||
Interest rate lock contracts(2) |
$ -- |
$ -- |
$(.1) |
$(.1) |
$ -- |
$ -- | ||||||
Foreign currency forward contracts(3) |
2.9 |
(1.4) |
.9 |
1.4 |
(.4) |
.0 | ||||||
Total |
$ 2.9 |
$(1.4) |
$ .8 |
$1.3 |
$(.4) |
$.0 |
(1) |
Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other income, net, in our condensed consolidated statements of income. |
(2) |
Gains and losses on derivatives reclassified from AOCI into income (effective portion) were included in other income, net, in our condensed consolidated statements of income.
|
(3) |
Gains and losses on derivatives reclassified from AOCI into income (effective portion) were included in contract drilling expense in our condensed consolidated statements of income. |
Net unrealized gains to be reclassified to contract drilling expense |
$1.8 |
|||
Net realized losses to be reclassified to other income, net |
(.3 |
) |
||
Net gains to be reclassified to earnings |
$1.5 |
|
2011 | 2010 | ||
Deferred revenue |
$ 49.6 |
$ 48.1 | |
Personnel costs |
39.3 |
58.0 | |
Wreckage and debris removal |
21.0 |
21.0 | |
Taxes |
20.7 |
22.1 | |
Other |
25.3 |
19.1 | |
$155.9 |
$168.3 |
|
2011 | 2010 | ||
Net income |
$65.5 |
|
$191.6 |
Other comprehensive income: |
|||
Net change in fair value of derivatives |
2.9 |
|
(1.4) |
Reclassification of gains and losses on derivative
instruments from other comprehensive income into net income |
(.8) |
|
(1.3) |
Net other comprehensive income (loss) |
2.1 |
|
(2.7) |
Comprehensive income |
67.6 |
|
188.9 |
Comprehensive income attributable to noncontrolling interests |
(.9) |
|
(1.8) |
Comprehensive income attributable to Ensco |
$66.7 |
|
$187.1 |
|
Quoted Prices |
Significant |
||||||||||||
in Active |
Other |
Significant |
|||||||||||
Markets for |
Observable |
Unobservable |
|||||||||||
Identical Assets |
Inputs |
Inputs |
|||||||||||
(Level 1) |
(Level 2) |
(Level 3) |
Total | ||||||||||
As of March 31, 2011 |
|||||||||||||
Supplemental executive retirement plan assets |
$26.5 |
$ -- |
$ -- |
$26.5 |
|||||||||
Derivatives, net |
-- |
13.2 |
-- |
13.2 |
|||||||||
Total financial assets |
$26.5 |
$13.2 |
$ -- |
$39.7 |
|||||||||
As of December 31, 2010 |
|||||||||||||
Auction rate securities |
$ -- |
$ -- |
$44.5 |
$44.5 |
|||||||||
Supplemental executive retirement plan assets |
23.0 |
-- |
-- |
23.0 |
|||||||||
Derivatives, net |
-- |
16.4 |
-- |
16.4 |
|||||||||
Total financial assets |
$23.0 |
$16.4 |
$44.5 |
$83.9 |
2011 |
2010 |
||||
Beginning Balance |
$44.5 |
$60.5 |
|||
Sales |
(49.3) |
(5.4) |
|||
Realized losses* | (.1) | -- | |||
Unrealized gains* |
4.9 |
.3 |
|||
Transfers in and/or out of Level 3 |
-- |
-- |
|||
Ending balance |
$ -- |
$55.4 |
March 31, |
December 31, | ||||||||
2011 |
2010 | ||||||||
Estimated |
Estimated | ||||||||
Carrying |
Fair |
Carrying |
Fair | ||||||
Value |
Value |
Value |
Value | ||||||
4.70% Senior Notes | $1,470.5 | $1,488.9 | $ -- | $ -- | |||||
3.25% Senior Notes | 992.4 | 1,001.1 | -- | -- | |||||
7.20% Debentures |
148.9 |
168.4 |
148.9 |
165.0 |
|||||
6.36% Bonds, including current maturities |
63.4 |
70.8 |
63.4 |
71.9 |
|||||
4.65% Bonds, including current maturities |
45.0 |
50.0 |
45.0 |
50.6 |
|
2010 | |||
Revenues |
$12.6 | ||
Operating expenses |
10.8 | ||
Operating income before income taxes |
1.8 | ||
Income tax expense |
1.4 | ||
Gain on disposal of discontinued operations, net |
29.2 | ||
Income from discontinued operations |
$29.6 |
|
|
||||||||||||||
|
|
Operating |
||||||||||||
|
|
|
Segments |
Reconciling |
Consolidated | |||||||||
Deepwater |
Midwater |
Jackup |
Other |
Total |
Items |
Total | ||||||||
Revenues |
$ 98.2 |
$ -- |
$ 263.3 |
$ -- |
$ 361.5 |
$ -- |
$ 361.5 |
|||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
40.9 |
-- |
150.3 |
0.4 |
191.6 |
-- |
191.6 |
|||||||
Depreciation |
16.3 |
-- |
42.4 |
0.4 |
59.1 |
.4 |
59.5 |
|||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
30.1 |
30.1 |
|||||||
Operating income (loss) |
$ 41.0 |
$ -- |
$ 70.6 |
$(0.8) |
$ 110.8 |
$(30.5) |
$ 80.3 |
|||||||
Property and equipment, net |
$3,008.7 |
$ -- |
$2,232.8 |
$14.0 |
$5,255.5 |
$ 3.6 |
$5,259.1 |
|
||||||||||||||
|
|
Operating |
||||||||||||
|
|
|
Segments |
Reconciling |
Consolidated | |||||||||
Deepwater |
Midwater |
Jackup |
Other |
Total |
Items |
Total | ||||||||
Revenues |
$ 130.4 |
$ -- |
$ 318.2 |
$ -- |
$ 448.6 |
$ -- |
$ 448.6 |
|||||||
Operating expenses
Contract drilling (exclusive
of depreciation) |
45.0 |
-- |
137.0 |
0.4 |
182.4 |
-- |
182.4 |
|||||||
Depreciation |
9.8 |
-- |
40.9 |
0.7 |
51.4 |
.3 |
51.7 |
|||||||
General and administrative |
-- |
-- |
-- |
-- |
-- |
20.6 |
20.6 |
|||||||
Operating income (loss) |
$ 75.6 |
$ -- |
$ 140.3 |
$(1.1) |
$ 214.8 |
$(20.9) |
$ 193.9 |
|||||||
Property and equipment, net |
$2,341.5 |
$ -- |
$2,108.8 |
$28.1 |
$4,478.4 |
$ 4.2 |
$4,482.6 |
|
|
|
|
|
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