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Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of September 30, 2012 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 29.5 | $ | — | $ | — | $ | 29.5 | |||||||
Derivatives, net | — | 4.4 | — | 4.4 | |||||||||||
Total financial assets | $ | 29.5 | $ | 4.4 | $ | — | $ | 33.9 | |||||||
As of December 31, 2011 | |||||||||||||||
Hercules Offshore, Inc. common stock | $ | 32.2 | $ | — | $ | — | $ | 32.2 | |||||||
Supplemental executive retirement plan assets | 25.6 | — | — | 25.6 | |||||||||||
Total financial assets | $ | 57.8 | $ | — | $ | — | $ | 57.8 | |||||||
Derivatives, net | $ | — | $ | 7.1 | $ | — | $ | 7.1 | |||||||
Total financial liabilities | $ | — | $ | 7.1 | $ | — | $ | 7.1 |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.7% Senior notes due 2021 | $ | 1,474.0 | $ | 1,706.2 | $ | 1,472.2 | $ | 1,565.8 | |||||||
6.875% Senior notes due 2020 | 1,044.5 | 1,130.6 | 1,055.8 | 1,042.7 | |||||||||||
3.25% Senior notes due 2016 | 994.6 | 1,070.4 | 993.5 | 1,016.5 | |||||||||||
8.5% Senior notes due 2019 | 620.3 | 663.2 | 631.7 | 615.3 | |||||||||||
7.875% Senior notes due 2040 | 384.1 | 431.7 | 385.0 | 381.9 | |||||||||||
7.2% Debentures due 2027 | 149.0 | 198.9 | 149.0 | 167.2 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 121.3 | 122.1 | 146.7 | 156.4 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 44.3 | 48.6 | 50.7 | 64.0 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 38.3 | 44.0 | 40.5 | 49.6 | |||||||||||
Total | $ | 4,870.4 | $ | 5,415.7 | $ | 4,925.1 | $ | 5,059.4 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 4.5 | $ | .2 | $ | .6 | $ | 7.1 | |||||||
Foreign currency forward contracts - non-current(2) | .6 | .1 | — | .1 | |||||||||||
5.1 | .3 | .6 | 7.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | — | — | .1 | .2 | |||||||||||
— | — | .1 | .2 | ||||||||||||
Total | $ | 5.1 | $ | .3 | $ | .7 | $ | 7.4 |
(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. |
Derivatives Designated as Cash Flow Hedges | Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(1) | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
Interest rate lock contracts(2) | $ | — | $ | — | $ | .2 | $ | (.1 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(3) | 4.0 | (7.6 | ) | .1 | .6 | .6 | (.2 | ) | |||||||||||||||
Total | $ | 4.0 | $ | (7.6 | ) | $ | .3 | $ | .5 | $ | .6 | $ | (.2 | ) |
Derivatives Designated as Cash Flow Hedges | Gain (Loss) Recognized in OCI (Effective Portion) | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(1) | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
Interest rate lock contracts(2) | $ | — | $ | — | $ | .4 | $ | (.4 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(3) | 10.2 | (1.6 | ) | .8 | 3.2 | .8 | .5 | ||||||||||||||||
Total | $ | 10.2 | $ | (1.6 | ) | $ | 1.2 | $ | 2.8 | $ | .8 | $ | .5 |
(1) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income. |
(2) | Losses on derivatives reclassified from AOCI into income (effective portion) were included in interest expense 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. |
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Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 629.2 | $ | 93.8 | $ | 380.9 | $ | 19.7 | $ | 1,123.6 | $ | — | $ | 1,123.6 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 245.6 | 65.2 | 189.9 | 22.4 | 523.1 | — | 523.1 | ||||||||||||||||||||
Depreciation | 83.4 | 16.8 | 42.7 | .5 | 143.4 | 1.8 | 145.2 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 40.2 | 40.2 | ||||||||||||||||||||
Operating income (loss) | $ | 300.2 | $ | 11.8 | $ | 148.3 | $ | (3.2 | ) | $ | 457.1 | $ | (42.0 | ) | $ | 415.1 | |||||||||||
Property and equipment, net | $ | 9,799.3 | $ | 907.0 | $ | 2,387.7 | $ | — | $ | 13,094.0 | $ | 26.0 | $ | 13,120.0 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 440.4 | $ | 121.3 | $ | 330.1 | $ | 23.8 | $ | 915.6 | $ | — | $ | 915.6 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 233.0 | 72.1 | 154.7 | 17.7 | 477.5 | — | 477.5 | ||||||||||||||||||||
Depreciation | 73.5 | 15.7 | 44.2 | .6 | 134.0 | 1.8 | 135.8 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 40.8 | 40.8 | ||||||||||||||||||||
Operating income (loss) | $ | 133.9 | $ | 33.5 | $ | 131.2 | $ | 5.5 | $ | 304.1 | $ | (42.6 | ) | $ | 261.5 | ||||||||||||
Property and equipment, net | $ | 8,981.7 | $ | 904.1 | $ | 2,376.7 | $ | 26.6 | $ | 12,289.1 | $ | 22.6 | $ | 12,311.7 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 1,749.5 | $ | 286.4 | $ | 1,123.6 | $ | 62.5 | $ | 3,222.0 | $ | — | $ | 3,222.0 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 738.2 | 191.7 | 547.9 | 55.2 | 1,533.0 | — | 1,533.0 | ||||||||||||||||||||
Depreciation | 237.8 | 49.2 | 128.2 | 1.5 | 416.7 | 7.4 | 424.1 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 113.9 | 113.9 | ||||||||||||||||||||
Operating income (loss) | $ | 773.5 | $ | 45.5 | $ | 447.5 | $ | 5.8 | $ | 1,272.3 | $ | (121.3 | ) | $ | 1,151.0 | ||||||||||||
Property and equipment, net | $ | 9,799.3 | $ | 907.0 | $ | 2,387.7 | $ | — | $ | 13,094.0 | $ | 26.0 | $ | 13,120.0 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 770.8 | $ | 157.5 | $ | 882.7 | $ | 30.3 | $ | 1,841.3 | $ | — | $ | 1,841.3 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 385.0 | 95.0 | 450.4 | 25.0 | 955.4 | — | 955.4 | ||||||||||||||||||||
Depreciation | 123.7 | 20.9 | 129.8 | 1.5 | 275.9 | 2.9 | 278.8 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 118.3 | 118.3 | ||||||||||||||||||||
Operating income (loss) | $ | 262.1 | $ | 41.6 | $ | 302.5 | $ | 3.8 | $ | 610.0 | $ | (121.2 | ) | $ | 488.8 | ||||||||||||
Property and equipment, net | $ | 8,981.7 | $ | 904.1 | $ | 2,376.7 | $ | 26.6 | $ | 12,289.1 | $ | 22.6 | $ | 12,311.7 |
Deepwater | Midwater | Jackup | Total* | ||||
North & South America (excl. Brazil) | 8 | — | 14 | 22 | |||
Brazil | 6 | 5 | — | 11 | |||
Europe & Mediterranean | 1 | — | 8 | 9 | |||
Middle East & Africa | 3 | 1 | 11 | 15 | |||
Asia & Pacific Rim | 2 | — | 11 | 13 | |||
Asia & Pacific Rim (under construction) | 3 | — | 3 | 6 | |||
Total | 23 | 6 | 47 | 76 |
|
September 30, 2012 | December 31, 2011 | ||||||
Trade | $ | 853.9 | $ | 816.7 | |||
Other | 19.2 | 48.6 | |||||
873.1 | 865.3 | ||||||
Allowance for doubtful accounts | (19.9 | ) | (13.6 | ) | |||
$ | 853.2 | $ | 851.7 |
September 30, 2012 | December 31, 2011 | |||||||
Inventory | $ | 205.1 | $ | 201.4 | ||||
Prepaid taxes | 75.3 | 64.9 | ||||||
Deferred mobilization costs | 32.8 | 43.8 | ||||||
Assets held for sale | 29.0 | — | — | |||||
Prepaid expenses | 25.9 | 22.3 | ||||||
Deferred tax assets | 8.2 | 9.8 | ||||||
Marketable securities | — | 32.2 | ||||||
Other | 21.3 | 24.5 | ||||||
$ | 397.6 | $ | 398.9 |
September 30, 2012 | December 31, 2011 | ||||||
Intangible assets | $ | 156.9 | $ | 197.3 | |||
Unbilled reimbursable receivables | 88.4 | 119.4 | |||||
Prepaid taxes on intercompany transfers of property | 59.1 | 68.8 | |||||
Warranty and other claim receivables | 30.6 | — | |||||
Supplemental executive retirement plan assets | 29.5 | 25.6 | |||||
Wreckage and debris removal receivables | 13.4 | 19.8 | |||||
Deferred mobilization costs | 12.4 | 38.4 | |||||
Deferred tax assets | 10.9 | 25.9 | |||||
Other | 28.5 | 26.4 | |||||
$ | 429.7 | $ | 521.6 |
September 30, 2012 | December 31, 2011 | ||||||
Personnel costs | $ | 198.6 | $ | 159.9 | |||
Deferred revenue | 134.6 | 111.3 | |||||
Taxes | 94.3 | 74.0 | |||||
Accrued interest | 35.6 | 69.4 | |||||
Wreckage and debris removal | 13.0 | 16.0 | |||||
Intangible liabilities | — | 43.4 | |||||
Other | 44.6 | 41.7 | |||||
$ | 520.7 | $ | 515.7 |
September 30, 2012 | December 31, 2011 | ||||||
Deferred revenue | $ | 187.5 | $ | 124.4 | |||
Intangible liabilities | 134.3 | 177.8 | |||||
Unrecognized tax benefits (inclusive of interest and penalties) | 55.8 | 75.5 | |||||
Supplemental executive retirement plan liabilities | 32.5 | 30.1 | |||||
Other | 65.5 | 56.8 | |||||
$ | 475.6 | $ | 464.6 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.7 | $ | 32.4 | $ | — | $ | 1,162.2 | $ | (76.7 | ) | $ | 1,123.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 23.2 | 32.4 | — | 544.2 | (76.7 | ) | 523.1 | ||||||||||||||||
Depreciation | .1 | .9 | — | 144.2 | — | 145.2 | |||||||||||||||||
General and administrative | 19.6 | — | — | 20.6 | — | 40.2 | |||||||||||||||||
OPERATING INCOME (LOSS) | (37.2 | ) | (.9 | ) | — | 453.2 | — | 415.1 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | (11.3 | ) | — | (12.4 | ) | (1.5 | ) | — | (25.2 | ) | |||||||||||||
INCOME BEFORE INCOME TAXES | (48.5 | ) | (.9 | ) | (12.4 | ) | 451.7 | — | 389.9 | ||||||||||||||
INCOME TAX PROVISION | — | 13.0 | (7.0 | ) | 38.5 | — | 44.5 | ||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 392.0 | 95.0 | 124.1 | — | (611.1 | ) | — | ||||||||||||||||
NET INCOME | 343.5 | 81.1 | 118.7 | 413.2 | (611.1 | ) | 345.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | $ | 81.1 | $ | 118.7 | $ | 411.3 | $ | (611.1 | ) | $ | 343.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | — | $ | — | $ | 916.1 | $ | (.5 | ) | $ | 915.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1.4 | — | — | 476.6 | (.5 | ) | 477.5 | ||||||||||||||||
Depreciation | .1 | .7 | — | 135.0 | — | 135.8 | |||||||||||||||||
General and administrative | 11.6 | — | — | 29.2 | — | 40.8 | |||||||||||||||||
OPERATING INCOME (LOSS) | (13.1 | ) | (.7 | ) | — | 275.3 | — | 261.5 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 22.7 | 3.3 | (11.0 | ) | (28.5 | ) | — | (13.5 | ) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 9.6 | 2.6 | (11.0 | ) | 246.8 | — | 248.0 | ||||||||||||||||
INCOME TAX PROVISION | — | 13.5 | 1.2 | 27.2 | — | 41.9 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 194.9 | 93.6 | 58.3 | — | (346.8 | ) | — | ||||||||||||||||
NET INCOME | 204.5 | 82.7 | 46.1 | 219.6 | (346.8 | ) | 206.1 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 204.5 | $ | 82.7 | $ | 46.1 | $ | 218.0 | $ | (346.8 | ) | $ | 204.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Nine Months Ended September 30, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 39.0 | $ | 107.7 | $ | — | $ | 3,321.3 | $ | (246.0 | ) | $ | 3,222.0 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 49.3 | 107.7 | — | 1,622.0 | (246.0 | ) | 1,533.0 | ||||||||||||||||
Depreciation | .3 | 2.6 | — | 421.2 | — | 424.1 | |||||||||||||||||
General and administrative | 48.1 | .1 | — | 65.7 | — | 113.9 | |||||||||||||||||
OPERATING INCOME (LOSS) | (58.7 | ) | (2.7 | ) | — | 1,212.4 | — | 1,151.0 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | (31.4 | ) | (5.9 | ) | (39.0 | ) | .4 | — | (75.9 | ) | |||||||||||||
INCOME BEFORE INCOME TAXES | (90.1 | ) | (8.6 | ) | (39.0 | ) | 1,212.8 | — | 1,075.1 | ||||||||||||||
INCOME TAX PROVISION | — | 45.9 | — | 73.7 | — | 119.6 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,040.3 | 220.6 | 300.9 | — | (1,561.8 | ) | — | ||||||||||||||||
NET INCOME | 950.2 | 166.1 | 261.9 | 1,139.1 | (1,561.8 | ) | 955.5 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | $ | 166.1 | $ | 261.9 | $ | 1,133.8 | $ | (1,561.8 | ) | $ | 950.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Nine Months Ended September 30, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | — | $ | — | $ | 1,842.6 | $ | (1.3 | ) | $ | 1,841.3 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 3.0 | — | — | 953.7 | (1.3 | ) | 955.4 | ||||||||||||||||
Depreciation | .3 | 1.2 | — | 277.3 | — | 278.8 | |||||||||||||||||
General and administrative | 36.4 | — | — | 81.9 | — | 118.3 | |||||||||||||||||
OPERATING INCOME (LOSS) | (39.7 | ) | (1.2 | ) | — | 529.7 | — | 488.8 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 23.3 | 2.5 | (14.6 | ) | (40.6 | ) | — | (29.4 | ) | ||||||||||||||
INCOME BEFORE INCOME TAXES | (16.4 | ) | 1.3 | (14.6 | ) | 489.1 | — | 459.4 | |||||||||||||||
INCOME TAX PROVISION | — | 32.8 | — | 51.4 | — | 84.2 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 387.4 | 214.5 | 76.7 | — | (678.6 | ) | — | ||||||||||||||||
NET INCOME | 371.0 | 183.0 | 62.1 | 437.7 | (678.6 | ) | 375.2 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 371.0 | $ | 183.0 | $ | 62.1 | $ | 433.5 | $ | (678.6 | ) | $ | 371.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 343.5 | $ | 81.1 | $ | 118.7 | $ | 413.2 | $ | (611.1 | ) | $ | 345.4 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 3.0 | — | 1.0 | — | 4.0 | |||||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .1 | — | (.4 | ) | — | (.3 | ) | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 3.1 | — | .6 | — | 3.7 | |||||||||||||||||
COMPREHENSIVE INCOME | 343.5 | 84.2 | 118.7 | 413.8 | (611.1 | ) | 349.1 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | $ | 84.2 | $ | 118.7 | $ | 411.9 | $ | (611.1 | ) | $ | 347.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 204.5 | $ | 82.7 | $ | 46.1 | $ | 219.6 | $ | (346.8 | ) | $ | 206.1 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (12.3 | ) | — | 4.7 | — | (7.6 | ) | |||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .1 | — | (.6 | ) | — | (.5 | ) | |||||||||||||||
Other | — | — | — | 5.8 | — | 5.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (12.2 | ) | — | 9.9 | — | (2.3 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 204.5 | 70.5 | 46.1 | 229.5 | (346.8 | ) | 203.8 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 204.5 | $ | 70.5 | $ | 46.1 | $ | 227.9 | $ | (346.8 | ) | $ | 202.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 950.2 | $ | 166.1 | $ | 261.9 | $ | 1,139.1 | $ | (1,561.8 | ) | $ | 955.5 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (1.4 | ) | — | 11.6 | — | 10.2 | ||||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .2 | — | (1.4 | ) | — | (1.2 | ) | |||||||||||||||
Other | — | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (1.2 | ) | — | 8.7 | — | 7.5 | ||||||||||||||||
COMPREHENSIVE INCOME | 950.2 | 164.9 | 261.9 | 1,147.8 | (1,561.8 | ) | 963.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | $ | 164.9 | $ | 261.9 | $ | 1,142.5 | $ | (1,561.8 | ) | $ | 957.7 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 371.0 | $ | 183.0 | $ | 62.1 | $ | 437.7 | $ | (678.6 | ) | $ | 375.2 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (9.1 | ) | — | 7.5 | — | (1.6 | ) | |||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income)loss into net income | — | .2 | — | (3.0 | ) | — | (2.8 | ) | |||||||||||||||
Other | — | — | — | 5.8 | — | 5.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (8.9 | ) | — | 10.3 | — | 1.4 | ||||||||||||||||
COMPREHENSIVE INCOME | 371.0 | 174.1 | 62.1 | 448.0 | (678.6 | ) | 376.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 371.0 | $ | 174.1 | $ | 62.1 | $ | 443.8 | $ | (678.6 | ) | $ | 372.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2012 (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 | $ | 43.2 | $ | 2.2 | $ | 10.7 | $ | 103.7 | $ | — | $ | 159.8 | |||||||||||
Accounts receivable, net | — | 7.5 | — | 845.7 | — | 853.2 | |||||||||||||||||
Accounts receivable from affiliates | 1,307.8 | 167.8 | — | 2,030.9 | (3,506.5 | ) | — | ||||||||||||||||
Other | 3.1 | 30.5 | — | 364.0 | — | 397.6 | |||||||||||||||||
Total current assets | 1,354.1 | 208.0 | 10.7 | 3,344.3 | (3,506.5 | ) | 1,410.6 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 30.1 | — | 15,548.7 | — | 15,580.6 | |||||||||||||||||
Less accumulated depreciation | 1.0 | 22.7 | — | 2,436.9 | — | 2,460.6 | |||||||||||||||||
Property and equipment, net | .8 | 7.4 | — | 13,111.8 | — | 13,120.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 2,694.4 | 3,567.7 | 776.6 | 5,096.9 | (12,135.6 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,843.4 | 3,176.0 | 5,102.0 | — | (22,121.4 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 12.0 | 68.7 | — | 349.0 | — | 429.7 | |||||||||||||||||
$ | 17,904.7 | $ | 7,027.8 | $ | 5,889.3 | $ | 25,176.0 | $ | (37,763.5 | ) | $ | 18,234.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5.6 | $ | 31.5 | $ | 23.4 | $ | 806.9 | $ | — | $ | 867.4 | |||||||||||
Accounts payable to affiliates | 1,994.6 | 115.4 | — | 1,396.5 | (3,506.5 | ) | — | ||||||||||||||||
Short-term debt | — | — | — | — | — | — | |||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 2,000.2 | 146.9 | 23.4 | 2,250.9 | (3,506.5 | ) | 914.9 | ||||||||||||||||
DUE TO AFFILIATES | 1,742.0 | 2,708.2 | 667.9 | 7,017.5 | (12,135.6 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,468.6 | 149.0 | 2,048.9 | 156.4 | — | 4,822.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 320.0 | — | 7.0 | — | 327.0 | |||||||||||||||||
OTHER LIABILITIES | — | — | 11.2 | 464.4 | — | 475.6 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,693.9 | 3,703.7 | 3,137.9 | 15,273.0 | (22,121.4 | ) | 11,687.1 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 6.8 | — | 6.8 | |||||||||||||||||
Total equity | 11,693.9 | 3,703.7 | 3,137.9 | 15,279.8 | (22,121.4 | ) | 11,693.9 | ||||||||||||||||
$ | 17,904.7 | $ | 7,027.8 | $ | 5,889.3 | $ | 25,176.0 | $ | (37,763.5 | ) | $ | 18,234.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2011 (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 | $ | 236.6 | $ | — | $ | 22.6 | $ | 171.5 | $ | — | $ | 430.7 | |||||||||||
Accounts receivable, net | — | .3 | 5.2 | 846.2 | — | 851.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,268.4 | 89.8 | 278.2 | 1,194.5 | (2,830.9 | ) | — | ||||||||||||||||
Other | 2.8 | 35.2 | 46.2 | 314.7 | — | 398.9 | |||||||||||||||||
Total current assets | 1,507.8 | 125.3 | 352.2 | 2,526.9 | (2,830.9 | ) | 1,681.3 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 30.6 | — | 14,451.0 | — | 14,483.4 | |||||||||||||||||
Less accumulated depreciation | .7 | 23.8 | — | 2,037.0 | — | 2,061.5 | |||||||||||||||||
Property and equipment, net | 1.1 | 6.8 | — | 12,414.0 | — | 12,421.9 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 2,002.3 | 2,486.9 | 313.5 | 3,638.7 | (8,441.4 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 12,041.9 | 2,966.0 | 4,802.6 | — | (19,810.5 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 13.9 | 83.4 | 9.8 | 414.5 | — | 521.6 | |||||||||||||||||
$ | 15,567.0 | $ | 5,668.4 | $ | 5,478.1 | $ | 22,268.1 | $ | (31,082.8 | ) | $ | 17,898.8 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 30.4 | $ | 20.0 | $ | 27.4 | $ | 1,082.3 | $ | — | $ | 1,160.1 | |||||||||||
Accounts payable to affiliates | 575.1 | 606.6 | 85.2 | 1,564.0 | (2,830.9 | ) | — | ||||||||||||||||
Short-term debt | 125.0 | — | — | — | — | 125.0 | |||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 730.5 | 626.6 | 112.6 | 2,693.8 | (2,830.9 | ) | 1,332.6 | ||||||||||||||||
DUE TO AFFILIATES | 2,191.7 | 1,058.2 | 401.3 | 4,790.2 | (8,441.4 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,465.7 | 149.0 | 2,072.5 | 190.4 | — | 4,877.6 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 326.8 | — | 12.7 | — | 339.5 | |||||||||||||||||
OTHER LIABILITIES | — | 5.2 | 18.7 | 440.7 | — | 464.6 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 10,179.1 | 3,502.6 | 2,873.0 | 14,135.1 | (19,810.5 | ) | 10,879.3 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 5.2 | — | 5.2 | |||||||||||||||||
Total equity | 10,179.1 | 3,502.6 | 2,873.0 | 14,140.3 | (19,810.5 | ) | 10,884.5 | ||||||||||||||||
$ | 15,567.0 | $ | 5,668.4 | $ | 5,478.1 | $ | 22,268.1 | $ | (31,082.8 | ) | $ | 17,898.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 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 | $ | (83.3 | ) | $ | (45.1 | ) | $ | (12.8 | ) | $ | 1,728.8 | $ | — | $ | 1,587.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | .5 | — | (1,584.3 | ) | — | (1,583.8 | ) | |||||||||||||||
Proceeds from disposition of assets | — | — | — | 62.3 | — | 62.3 | |||||||||||||||||
Other | — | — | — | 4.5 | — | 4.5 | |||||||||||||||||
Net cash (used in) provided by investing activities | — | .5 | — | (1,517.5 | ) | — | (1,517.0 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (260.9 | ) | — | — | — | — | (260.9 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Reimbursement of equity issuance cost | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (30.9 | ) | — | (30.9 | ) | |||||||||||||||
Advances (to) from affiliates | 198.9 | 34.9 | .9 | (234.7 | ) | — | — | ||||||||||||||||
Other | 10.2 | 11.9 | — | (15.4 | ) | — | 6.7 | ||||||||||||||||
Net cash provided by (used in) financing activities | (110.1 | ) | 46.8 | .9 | (281.0 | ) | — | (343.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (193.4 | ) | 2.2 | (11.9 | ) | (67.8 | ) | — | (270.9 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 43.2 | $ | 2.2 | $ | 10.7 | $ | 103.7 | $ | — | $ | 159.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2011 (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 | $ | 18.2 | $ | (34.4 | ) | $ | (49.0 | ) | $ | 467.2 | $ | — | $ | 402.0 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisition of Pride International, Inc., net of cash acquired | — | — | 92.9 | (2,748.9 | ) | — | (2,656.0 | ) | |||||||||||||||
Additions to property and equipment | — | (4.8 | ) | — | (493.6 | ) | — | (498.4 | ) | ||||||||||||||
Proceeds from disposition of assets | — | — | — | 46.1 | — | 46.1 | |||||||||||||||||
Other | — | — | — | (4.5 | ) | — | (4.5 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | — | (4.8 | ) | 92.9 | (3,200.9 | ) | — | (3,112.8 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 2,462.8 | — | — | — | — | 2,462.8 | |||||||||||||||||
Cash dividends paid | (211.4 | ) | — | — | — | — | (211.4 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | (181.0 | ) | (15.7 | ) | — | (196.7 | ) | ||||||||||||||
Commercial paper borrowings, net | 175.0 | — | — | — | — | 175.0 | |||||||||||||||||
Equity financing costs | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Debt financing costs | (27.2 | ) | (4.7 | ) | — | — | — | (31.9 | ) | ||||||||||||||
Advances (to) from affiliates | (2,226.1 | ) | 26.2 | 167.3 | 2,032.6 | — | — | ||||||||||||||||
Other | — | 27.3 | — | (13.9 | ) | — | 13.4 | ||||||||||||||||
Net cash provided by (used in) financing activities | 102.6 | 48.8 | (13.7 | ) | 2,003.0 | — | 2,140.7 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.7 | ) | — | (.7 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120.8 | 9.6 | 30.2 | (731.4 | ) | — | (570.8 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3.4 | 19.1 | — | 1,028.2 | — | 1,050.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 124.2 | $ | 28.7 | $ | 30.2 | $ | 296.8 | $ | — | $ | 479.9 |
|
Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | ||||||||||||
As of September 30, 2012 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 29.5 | $ | — | $ | — | $ | 29.5 | |||||||
Derivatives, net | — | 4.4 | — | 4.4 | |||||||||||
Total financial assets | $ | 29.5 | $ | 4.4 | $ | — | $ | 33.9 | |||||||
As of December 31, 2011 | |||||||||||||||
Hercules Offshore, Inc. common stock | $ | 32.2 | $ | — | $ | — | $ | 32.2 | |||||||
Supplemental executive retirement plan assets | 25.6 | — | — | 25.6 | |||||||||||
Total financial assets | $ | 57.8 | $ | — | $ | — | $ | 57.8 | |||||||
Derivatives, net | $ | — | $ | 7.1 | $ | — | $ | 7.1 | |||||||
Total financial liabilities | $ | — | $ | 7.1 | $ | — | $ | 7.1 |
September 30, 2012 | December 31, 2011 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
4.7% Senior notes due 2021 | $ | 1,474.0 | $ | 1,706.2 | $ | 1,472.2 | $ | 1,565.8 | |||||||
6.875% Senior notes due 2020 | 1,044.5 | 1,130.6 | 1,055.8 | 1,042.7 | |||||||||||
3.25% Senior notes due 2016 | 994.6 | 1,070.4 | 993.5 | 1,016.5 | |||||||||||
8.5% Senior notes due 2019 | 620.3 | 663.2 | 631.7 | 615.3 | |||||||||||
7.875% Senior notes due 2040 | 384.1 | 431.7 | 385.0 | 381.9 | |||||||||||
7.2% Debentures due 2027 | 149.0 | 198.9 | 149.0 | 167.2 | |||||||||||
4.33% MARAD bonds, including current maturities, due 2016 | 121.3 | 122.1 | 146.7 | 156.4 | |||||||||||
6.36% MARAD bonds, including current maturities, due 2015 | 44.3 | 48.6 | 50.7 | 64.0 | |||||||||||
4.65% MARAD bonds, including current maturities, due 2020 | 38.3 | 44.0 | 40.5 | 49.6 | |||||||||||
Total | $ | 4,870.4 | $ | 5,415.7 | $ | 4,925.1 | $ | 5,059.4 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2012 | December 31, 2011 | September 30, 2012 | December 31, 2011 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 4.5 | $ | .2 | $ | .6 | $ | 7.1 | |||||||
Foreign currency forward contracts - non-current(2) | .6 | .1 | — | .1 | |||||||||||
5.1 | .3 | .6 | 7.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | — | — | .1 | .2 | |||||||||||
— | — | .1 | .2 | ||||||||||||
Total | $ | 5.1 | $ | .3 | $ | .7 | $ | 7.4 |
(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. |
Derivatives Designated as Cash Flow Hedges | Gain (Loss) Recognized in Other Comprehensive Income ("OCI") (Effective Portion) | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(1) | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
Interest rate lock contracts(2) | $ | — | $ | — | $ | .2 | $ | (.1 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(3) | 4.0 | (7.6 | ) | .1 | .6 | .6 | (.2 | ) | |||||||||||||||
Total | $ | 4.0 | $ | (7.6 | ) | $ | .3 | $ | .5 | $ | .6 | $ | (.2 | ) |
Derivatives Designated as Cash Flow Hedges | Gain (Loss) Recognized in OCI (Effective Portion) | Gain (Loss) Reclassified from AOCI into Income (Effective Portion) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(1) | ||||||||||||||||||||
2012 | 2011 | 2012 | 2011 | 2012 | 2011 | ||||||||||||||||||
Interest rate lock contracts(2) | $ | — | $ | — | $ | .4 | $ | (.4 | ) | $ | — | $ | — | ||||||||||
Foreign currency forward contracts(3) | 10.2 | (1.6 | ) | .8 | 3.2 | .8 | .5 | ||||||||||||||||
Total | $ | 10.2 | $ | (1.6 | ) | $ | 1.2 | $ | 2.8 | $ | .8 | $ | .5 |
(1) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of income. |
(2) | Losses on derivatives reclassified from AOCI into income (effective portion) were included in interest expense 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. |
|
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 629.2 | $ | 93.8 | $ | 380.9 | $ | 19.7 | $ | 1,123.6 | $ | — | $ | 1,123.6 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 245.6 | 65.2 | 189.9 | 22.4 | 523.1 | — | 523.1 | ||||||||||||||||||||
Depreciation | 83.4 | 16.8 | 42.7 | .5 | 143.4 | 1.8 | 145.2 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 40.2 | 40.2 | ||||||||||||||||||||
Operating income (loss) | $ | 300.2 | $ | 11.8 | $ | 148.3 | $ | (3.2 | ) | $ | 457.1 | $ | (42.0 | ) | $ | 415.1 | |||||||||||
Property and equipment, net | $ | 9,799.3 | $ | 907.0 | $ | 2,387.7 | $ | — | $ | 13,094.0 | $ | 26.0 | $ | 13,120.0 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 440.4 | $ | 121.3 | $ | 330.1 | $ | 23.8 | $ | 915.6 | $ | — | $ | 915.6 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 233.0 | 72.1 | 154.7 | 17.7 | 477.5 | — | 477.5 | ||||||||||||||||||||
Depreciation | 73.5 | 15.7 | 44.2 | .6 | 134.0 | 1.8 | 135.8 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 40.8 | 40.8 | ||||||||||||||||||||
Operating income (loss) | $ | 133.9 | $ | 33.5 | $ | 131.2 | $ | 5.5 | $ | 304.1 | $ | (42.6 | ) | $ | 261.5 | ||||||||||||
Property and equipment, net | $ | 8,981.7 | $ | 904.1 | $ | 2,376.7 | $ | 26.6 | $ | 12,289.1 | $ | 22.6 | $ | 12,311.7 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 1,749.5 | $ | 286.4 | $ | 1,123.6 | $ | 62.5 | $ | 3,222.0 | $ | — | $ | 3,222.0 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 738.2 | 191.7 | 547.9 | 55.2 | 1,533.0 | — | 1,533.0 | ||||||||||||||||||||
Depreciation | 237.8 | 49.2 | 128.2 | 1.5 | 416.7 | 7.4 | 424.1 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 113.9 | 113.9 | ||||||||||||||||||||
Operating income (loss) | $ | 773.5 | $ | 45.5 | $ | 447.5 | $ | 5.8 | $ | 1,272.3 | $ | (121.3 | ) | $ | 1,151.0 | ||||||||||||
Property and equipment, net | $ | 9,799.3 | $ | 907.0 | $ | 2,387.7 | $ | — | $ | 13,094.0 | $ | 26.0 | $ | 13,120.0 |
Deepwater | Midwater | Jackup | Other | Operating Segments Total | Reconciling Items | Consolidated Total | |||||||||||||||||||||
Revenues | $ | 770.8 | $ | 157.5 | $ | 882.7 | $ | 30.3 | $ | 1,841.3 | $ | — | $ | 1,841.3 | |||||||||||||
Operating expenses | |||||||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 385.0 | 95.0 | 450.4 | 25.0 | 955.4 | — | 955.4 | ||||||||||||||||||||
Depreciation | 123.7 | 20.9 | 129.8 | 1.5 | 275.9 | 2.9 | 278.8 | ||||||||||||||||||||
General and administrative | — | — | — | — | — | 118.3 | 118.3 | ||||||||||||||||||||
Operating income (loss) | $ | 262.1 | $ | 41.6 | $ | 302.5 | $ | 3.8 | $ | 610.0 | $ | (121.2 | ) | $ | 488.8 | ||||||||||||
Property and equipment, net | $ | 8,981.7 | $ | 904.1 | $ | 2,376.7 | $ | 26.6 | $ | 12,289.1 | $ | 22.6 | $ | 12,311.7 |
Deepwater | Midwater | Jackup | Total* | ||||
North & South America (excl. Brazil) | 8 | — | 14 | 22 | |||
Brazil | 6 | 5 | — | 11 | |||
Europe & Mediterranean | 1 | — | 8 | 9 | |||
Middle East & Africa | 3 | 1 | 11 | 15 | |||
Asia & Pacific Rim | 2 | — | 11 | 13 | |||
Asia & Pacific Rim (under construction) | 3 | — | 3 | 6 | |||
Total | 23 | 6 | 47 | 76 |
|
September 30, 2012 | December 31, 2011 | ||||||
Trade | $ | 853.9 | $ | 816.7 | |||
Other | 19.2 | 48.6 | |||||
873.1 | 865.3 | ||||||
Allowance for doubtful accounts | (19.9 | ) | (13.6 | ) | |||
$ | 853.2 | $ | 851.7 |
September 30, 2012 | December 31, 2011 | |||||||
Inventory | $ | 205.1 | $ | 201.4 | ||||
Prepaid taxes | 75.3 | 64.9 | ||||||
Deferred mobilization costs | 32.8 | 43.8 | ||||||
Assets held for sale | 29.0 | — | — | |||||
Prepaid expenses | 25.9 | 22.3 | ||||||
Deferred tax assets | 8.2 | 9.8 | ||||||
Marketable securities | — | 32.2 | ||||||
Other | 21.3 | 24.5 | ||||||
$ | 397.6 | $ | 398.9 |
September 30, 2012 | December 31, 2011 | ||||||
Intangible assets | $ | 156.9 | $ | 197.3 | |||
Unbilled reimbursable receivables | 88.4 | 119.4 | |||||
Prepaid taxes on intercompany transfers of property | 59.1 | 68.8 | |||||
Warranty and other claim receivables | 30.6 | — | |||||
Supplemental executive retirement plan assets | 29.5 | 25.6 | |||||
Wreckage and debris removal receivables | 13.4 | 19.8 | |||||
Deferred mobilization costs | 12.4 | 38.4 | |||||
Deferred tax assets | 10.9 | 25.9 | |||||
Other | 28.5 | 26.4 | |||||
$ | 429.7 | $ | 521.6 |
September 30, 2012 | December 31, 2011 | ||||||
Personnel costs | $ | 198.6 | $ | 159.9 | |||
Deferred revenue | 134.6 | 111.3 | |||||
Taxes | 94.3 | 74.0 | |||||
Accrued interest | 35.6 | 69.4 | |||||
Wreckage and debris removal | 13.0 | 16.0 | |||||
Intangible liabilities | — | 43.4 | |||||
Other | 44.6 | 41.7 | |||||
$ | 520.7 | $ | 515.7 |
September 30, 2012 | December 31, 2011 | ||||||
Deferred revenue | $ | 187.5 | $ | 124.4 | |||
Intangible liabilities | 134.3 | 177.8 | |||||
Unrecognized tax benefits (inclusive of interest and penalties) | 55.8 | 75.5 | |||||
Supplemental executive retirement plan liabilities | 32.5 | 30.1 | |||||
Other | 65.5 | 56.8 | |||||
$ | 475.6 | $ | 464.6 |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 5.7 | $ | 32.4 | $ | — | $ | 1,162.2 | $ | (76.7 | ) | $ | 1,123.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 23.2 | 32.4 | — | 544.2 | (76.7 | ) | 523.1 | ||||||||||||||||
Depreciation | .1 | .9 | — | 144.2 | — | 145.2 | |||||||||||||||||
General and administrative | 19.6 | — | — | 20.6 | — | 40.2 | |||||||||||||||||
OPERATING INCOME (LOSS) | (37.2 | ) | (.9 | ) | — | 453.2 | — | 415.1 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | (11.3 | ) | — | (12.4 | ) | (1.5 | ) | — | (25.2 | ) | |||||||||||||
INCOME BEFORE INCOME TAXES | (48.5 | ) | (.9 | ) | (12.4 | ) | 451.7 | — | 389.9 | ||||||||||||||
INCOME TAX PROVISION | — | 13.0 | (7.0 | ) | 38.5 | — | 44.5 | ||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 392.0 | 95.0 | 124.1 | — | (611.1 | ) | — | ||||||||||||||||
NET INCOME | 343.5 | 81.1 | 118.7 | 413.2 | (611.1 | ) | 345.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | $ | 81.1 | $ | 118.7 | $ | 411.3 | $ | (611.1 | ) | $ | 343.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Three Months Ended September 30, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | — | $ | — | $ | 916.1 | $ | (.5 | ) | $ | 915.6 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 1.4 | — | — | 476.6 | (.5 | ) | 477.5 | ||||||||||||||||
Depreciation | .1 | .7 | — | 135.0 | — | 135.8 | |||||||||||||||||
General and administrative | 11.6 | — | — | 29.2 | — | 40.8 | |||||||||||||||||
OPERATING INCOME (LOSS) | (13.1 | ) | (.7 | ) | — | 275.3 | — | 261.5 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 22.7 | 3.3 | (11.0 | ) | (28.5 | ) | — | (13.5 | ) | ||||||||||||||
INCOME BEFORE INCOME TAXES | 9.6 | 2.6 | (11.0 | ) | 246.8 | — | 248.0 | ||||||||||||||||
INCOME TAX PROVISION | — | 13.5 | 1.2 | 27.2 | — | 41.9 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 194.9 | 93.6 | 58.3 | — | (346.8 | ) | — | ||||||||||||||||
NET INCOME | 204.5 | 82.7 | 46.1 | 219.6 | (346.8 | ) | 206.1 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 204.5 | $ | 82.7 | $ | 46.1 | $ | 218.0 | $ | (346.8 | ) | $ | 204.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Nine Months Ended September 30, 2012 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 39.0 | $ | 107.7 | $ | — | $ | 3,321.3 | $ | (246.0 | ) | $ | 3,222.0 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 49.3 | 107.7 | — | 1,622.0 | (246.0 | ) | 1,533.0 | ||||||||||||||||
Depreciation | .3 | 2.6 | — | 421.2 | — | 424.1 | |||||||||||||||||
General and administrative | 48.1 | .1 | — | 65.7 | — | 113.9 | |||||||||||||||||
OPERATING INCOME (LOSS) | (58.7 | ) | (2.7 | ) | — | 1,212.4 | — | 1,151.0 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | (31.4 | ) | (5.9 | ) | (39.0 | ) | .4 | — | (75.9 | ) | |||||||||||||
INCOME BEFORE INCOME TAXES | (90.1 | ) | (8.6 | ) | (39.0 | ) | 1,212.8 | — | 1,075.1 | ||||||||||||||
INCOME TAX PROVISION | — | 45.9 | — | 73.7 | — | 119.6 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,040.3 | 220.6 | 300.9 | — | (1,561.8 | ) | — | ||||||||||||||||
NET INCOME | 950.2 | 166.1 | 261.9 | 1,139.1 | (1,561.8 | ) | 955.5 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | $ | 166.1 | $ | 261.9 | $ | 1,133.8 | $ | (1,561.8 | ) | $ | 950.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF INCOME Nine Months Ended September 30, 2011 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | — | $ | — | $ | — | $ | 1,842.6 | $ | (1.3 | ) | $ | 1,841.3 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 3.0 | — | — | 953.7 | (1.3 | ) | 955.4 | ||||||||||||||||
Depreciation | .3 | 1.2 | — | 277.3 | — | 278.8 | |||||||||||||||||
General and administrative | 36.4 | — | — | 81.9 | — | 118.3 | |||||||||||||||||
OPERATING INCOME (LOSS) | (39.7 | ) | (1.2 | ) | — | 529.7 | — | 488.8 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 23.3 | 2.5 | (14.6 | ) | (40.6 | ) | — | (29.4 | ) | ||||||||||||||
INCOME BEFORE INCOME TAXES | (16.4 | ) | 1.3 | (14.6 | ) | 489.1 | — | 459.4 | |||||||||||||||
INCOME TAX PROVISION | — | 32.8 | — | 51.4 | — | 84.2 | |||||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 387.4 | 214.5 | 76.7 | — | (678.6 | ) | — | ||||||||||||||||
NET INCOME | 371.0 | 183.0 | 62.1 | 437.7 | (678.6 | ) | 375.2 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 371.0 | $ | 183.0 | $ | 62.1 | $ | 433.5 | $ | (678.6 | ) | $ | 371.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 343.5 | $ | 81.1 | $ | 118.7 | $ | 413.2 | $ | (611.1 | ) | $ | 345.4 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | 3.0 | — | 1.0 | — | 4.0 | |||||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .1 | — | (.4 | ) | — | (.3 | ) | |||||||||||||||
Other | — | — | — | — | — | — | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | 3.1 | — | .6 | — | 3.7 | |||||||||||||||||
COMPREHENSIVE INCOME | 343.5 | 84.2 | 118.7 | 413.8 | (611.1 | ) | 349.1 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.9 | ) | — | (1.9 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 343.5 | $ | 84.2 | $ | 118.7 | $ | 411.9 | $ | (611.1 | ) | $ | 347.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 204.5 | $ | 82.7 | $ | 46.1 | $ | 219.6 | $ | (346.8 | ) | $ | 206.1 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (12.3 | ) | — | 4.7 | — | (7.6 | ) | |||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .1 | — | (.6 | ) | — | (.5 | ) | |||||||||||||||
Other | — | — | — | 5.8 | — | 5.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (12.2 | ) | — | 9.9 | — | (2.3 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 204.5 | 70.5 | 46.1 | 229.5 | (346.8 | ) | 203.8 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.6 | ) | — | (1.6 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 204.5 | $ | 70.5 | $ | 46.1 | $ | 227.9 | $ | (346.8 | ) | $ | 202.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 950.2 | $ | 166.1 | $ | 261.9 | $ | 1,139.1 | $ | (1,561.8 | ) | $ | 955.5 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (1.4 | ) | — | 11.6 | — | 10.2 | ||||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income) loss into net income | — | .2 | — | (1.4 | ) | — | (1.2 | ) | |||||||||||||||
Other | — | — | — | (1.5 | ) | — | (1.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (1.2 | ) | — | 8.7 | — | 7.5 | ||||||||||||||||
COMPREHENSIVE INCOME | 950.2 | 164.9 | 261.9 | 1,147.8 | (1,561.8 | ) | 963.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.3 | ) | — | (5.3 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 950.2 | $ | 164.9 | $ | 261.9 | $ | 1,142.5 | $ | (1,561.8 | ) | $ | 957.7 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 371.0 | $ | 183.0 | $ | 62.1 | $ | 437.7 | $ | (678.6 | ) | $ | 375.2 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in fair value of derivatives | — | (9.1 | ) | — | 7.5 | — | (1.6 | ) | |||||||||||||||
Reclassification of gains and losses on derivative instruments from other comprehensive (income)loss into net income | — | .2 | — | (3.0 | ) | — | (2.8 | ) | |||||||||||||||
Other | — | — | — | 5.8 | — | 5.8 | |||||||||||||||||
NET OTHER COMPREHENSIVE INCOME | — | (8.9 | ) | — | 10.3 | — | 1.4 | ||||||||||||||||
COMPREHENSIVE INCOME | 371.0 | 174.1 | 62.1 | 448.0 | (678.6 | ) | 376.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (4.2 | ) | — | (4.2 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 371.0 | $ | 174.1 | $ | 62.1 | $ | 443.8 | $ | (678.6 | ) | $ | 372.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2012 (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 | $ | 43.2 | $ | 2.2 | $ | 10.7 | $ | 103.7 | $ | — | $ | 159.8 | |||||||||||
Accounts receivable, net | — | 7.5 | — | 845.7 | — | 853.2 | |||||||||||||||||
Accounts receivable from affiliates | 1,307.8 | 167.8 | — | 2,030.9 | (3,506.5 | ) | — | ||||||||||||||||
Other | 3.1 | 30.5 | — | 364.0 | — | 397.6 | |||||||||||||||||
Total current assets | 1,354.1 | 208.0 | 10.7 | 3,344.3 | (3,506.5 | ) | 1,410.6 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 30.1 | — | 15,548.7 | — | 15,580.6 | |||||||||||||||||
Less accumulated depreciation | 1.0 | 22.7 | — | 2,436.9 | — | 2,460.6 | |||||||||||||||||
Property and equipment, net | .8 | 7.4 | — | 13,111.8 | — | 13,120.0 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 2,694.4 | 3,567.7 | 776.6 | 5,096.9 | (12,135.6 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 13,843.4 | 3,176.0 | 5,102.0 | — | (22,121.4 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 12.0 | 68.7 | — | 349.0 | — | 429.7 | |||||||||||||||||
$ | 17,904.7 | $ | 7,027.8 | $ | 5,889.3 | $ | 25,176.0 | $ | (37,763.5 | ) | $ | 18,234.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 5.6 | $ | 31.5 | $ | 23.4 | $ | 806.9 | $ | — | $ | 867.4 | |||||||||||
Accounts payable to affiliates | 1,994.6 | 115.4 | — | 1,396.5 | (3,506.5 | ) | — | ||||||||||||||||
Short-term debt | — | — | — | — | — | — | |||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 2,000.2 | 146.9 | 23.4 | 2,250.9 | (3,506.5 | ) | 914.9 | ||||||||||||||||
DUE TO AFFILIATES | 1,742.0 | 2,708.2 | 667.9 | 7,017.5 | (12,135.6 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,468.6 | 149.0 | 2,048.9 | 156.4 | — | 4,822.9 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 320.0 | — | 7.0 | — | 327.0 | |||||||||||||||||
OTHER LIABILITIES | — | — | 11.2 | 464.4 | — | 475.6 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 11,693.9 | 3,703.7 | 3,137.9 | 15,273.0 | (22,121.4 | ) | 11,687.1 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 6.8 | — | 6.8 | |||||||||||||||||
Total equity | 11,693.9 | 3,703.7 | 3,137.9 | 15,279.8 | (22,121.4 | ) | 11,693.9 | ||||||||||||||||
$ | 17,904.7 | $ | 7,027.8 | $ | 5,889.3 | $ | 25,176.0 | $ | (37,763.5 | ) | $ | 18,234.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2011 (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 | $ | 236.6 | $ | — | $ | 22.6 | $ | 171.5 | $ | — | $ | 430.7 | |||||||||||
Accounts receivable, net | — | .3 | 5.2 | 846.2 | — | 851.7 | |||||||||||||||||
Accounts receivable from affiliates | 1,268.4 | 89.8 | 278.2 | 1,194.5 | (2,830.9 | ) | — | ||||||||||||||||
Other | 2.8 | 35.2 | 46.2 | 314.7 | — | 398.9 | |||||||||||||||||
Total current assets | 1,507.8 | 125.3 | 352.2 | 2,526.9 | (2,830.9 | ) | 1,681.3 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 30.6 | — | 14,451.0 | — | 14,483.4 | |||||||||||||||||
Less accumulated depreciation | .7 | 23.8 | — | 2,037.0 | — | 2,061.5 | |||||||||||||||||
Property and equipment, net | 1.1 | 6.8 | — | 12,414.0 | — | 12,421.9 | |||||||||||||||||
GOODWILL | — | — | — | 3,274.0 | — | 3,274.0 | |||||||||||||||||
DUE FROM AFFILIATES | 2,002.3 | 2,486.9 | 313.5 | 3,638.7 | (8,441.4 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 12,041.9 | 2,966.0 | 4,802.6 | — | (19,810.5 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | 13.9 | 83.4 | 9.8 | 414.5 | — | 521.6 | |||||||||||||||||
$ | 15,567.0 | $ | 5,668.4 | $ | 5,478.1 | $ | 22,268.1 | $ | (31,082.8 | ) | $ | 17,898.8 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 30.4 | $ | 20.0 | $ | 27.4 | $ | 1,082.3 | $ | — | $ | 1,160.1 | |||||||||||
Accounts payable to affiliates | 575.1 | 606.6 | 85.2 | 1,564.0 | (2,830.9 | ) | — | ||||||||||||||||
Short-term debt | 125.0 | — | — | — | — | 125.0 | |||||||||||||||||
Current maturities of long-term debt | — | — | — | 47.5 | — | 47.5 | |||||||||||||||||
Total current liabilities | 730.5 | 626.6 | 112.6 | 2,693.8 | (2,830.9 | ) | 1,332.6 | ||||||||||||||||
DUE TO AFFILIATES | 2,191.7 | 1,058.2 | 401.3 | 4,790.2 | (8,441.4 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,465.7 | 149.0 | 2,072.5 | 190.4 | — | 4,877.6 | |||||||||||||||||
DEFERRED INCOME TAXES | — | 326.8 | — | 12.7 | — | 339.5 | |||||||||||||||||
OTHER LIABILITIES | — | 5.2 | 18.7 | 440.7 | — | 464.6 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 10,179.1 | 3,502.6 | 2,873.0 | 14,135.1 | (19,810.5 | ) | 10,879.3 | ||||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 5.2 | — | 5.2 | |||||||||||||||||
Total equity | 10,179.1 | 3,502.6 | 2,873.0 | 14,140.3 | (19,810.5 | ) | 10,884.5 | ||||||||||||||||
$ | 15,567.0 | $ | 5,668.4 | $ | 5,478.1 | $ | 22,268.1 | $ | (31,082.8 | ) | $ | 17,898.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 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 | $ | (83.3 | ) | $ | (45.1 | ) | $ | (12.8 | ) | $ | 1,728.8 | $ | — | $ | 1,587.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | .5 | — | (1,584.3 | ) | — | (1,583.8 | ) | |||||||||||||||
Proceeds from disposition of assets | — | — | — | 62.3 | — | 62.3 | |||||||||||||||||
Other | — | — | — | 4.5 | — | 4.5 | |||||||||||||||||
Net cash (used in) provided by investing activities | — | .5 | — | (1,517.5 | ) | — | (1,517.0 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Cash dividends paid | (260.9 | ) | — | — | — | — | (260.9 | ) | |||||||||||||||
Commercial paper borrowings, net | (125.0 | ) | — | — | — | — | (125.0 | ) | |||||||||||||||
Reimbursement of equity issuance cost | 66.7 | — | — | — | — | 66.7 | |||||||||||||||||
Reduction of long-term borrowings | — | — | — | (30.9 | ) | — | (30.9 | ) | |||||||||||||||
Advances (to) from affiliates | 198.9 | 34.9 | .9 | (234.7 | ) | — | — | ||||||||||||||||
Other | 10.2 | 11.9 | — | (15.4 | ) | — | 6.7 | ||||||||||||||||
Net cash provided by (used in) financing activities | (110.1 | ) | 46.8 | .9 | (281.0 | ) | — | (343.4 | ) | ||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | 1.9 | — | 1.9 | |||||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (193.4 | ) | 2.2 | (11.9 | ) | (67.8 | ) | — | (270.9 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 236.6 | — | 22.6 | 171.5 | — | 430.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 43.2 | $ | 2.2 | $ | 10.7 | $ | 103.7 | $ | — | $ | 159.8 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2011 (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 | $ | 18.2 | $ | (34.4 | ) | $ | (49.0 | ) | $ | 467.2 | $ | — | $ | 402.0 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Acquisition of Pride International, Inc., net of cash acquired | — | — | 92.9 | (2,748.9 | ) | — | (2,656.0 | ) | |||||||||||||||
Additions to property and equipment | — | (4.8 | ) | — | (493.6 | ) | — | (498.4 | ) | ||||||||||||||
Proceeds from disposition of assets | — | — | — | 46.1 | — | 46.1 | |||||||||||||||||
Other | — | — | — | (4.5 | ) | — | (4.5 | ) | |||||||||||||||
Net cash (used in) provided by investing activities | — | (4.8 | ) | 92.9 | (3,200.9 | ) | — | (3,112.8 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 2,462.8 | — | — | — | — | 2,462.8 | |||||||||||||||||
Cash dividends paid | (211.4 | ) | — | — | — | — | (211.4 | ) | |||||||||||||||
Reduction of long-term borrowings | — | — | (181.0 | ) | (15.7 | ) | — | (196.7 | ) | ||||||||||||||
Commercial paper borrowings, net | 175.0 | — | — | — | — | 175.0 | |||||||||||||||||
Equity financing costs | (70.5 | ) | — | — | — | — | (70.5 | ) | |||||||||||||||
Debt financing costs | (27.2 | ) | (4.7 | ) | — | — | — | (31.9 | ) | ||||||||||||||
Advances (to) from affiliates | (2,226.1 | ) | 26.2 | 167.3 | 2,032.6 | — | — | ||||||||||||||||
Other | — | 27.3 | — | (13.9 | ) | — | 13.4 | ||||||||||||||||
Net cash provided by (used in) financing activities | 102.6 | 48.8 | (13.7 | ) | 2,003.0 | — | 2,140.7 | ||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.7 | ) | — | (.7 | ) | |||||||||||||||
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 120.8 | 9.6 | 30.2 | (731.4 | ) | — | (570.8 | ) | |||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3.4 | 19.1 | — | 1,028.2 | — | 1,050.7 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 124.2 | $ | 28.7 | $ | 30.2 | $ | 296.8 | $ | — | $ | 479.9 |
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