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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, 2016 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 28.3 | $ | — | $ | — | $ | 28.3 | |||||||
Total financial assets | $ | 28.3 | $ | — | $ | — | $ | 28.3 | |||||||
Derivatives, net | $ | — | $ | (4.3 | ) | $ | — | $ | (4.3 | ) | |||||
Total financial liabilities | $ | — | $ | (4.3 | ) | $ | — | $ | (4.3 | ) | |||||
As of December 31, 2015 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Total financial assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Derivatives, net | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) | |||||
Total financial liabilities | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) |
September 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019 | $ | 486.1 | $ | 473.0 | $ | 566.4 | $ | 510.2 | |||||||
6.875% Senior notes due 2020 | 739.4 | 674.8 | 990.9 | 850.5 | |||||||||||
4.70% Senior notes due 2021 | 673.9 | 613.0 | 1,476.7 | 1,254.0 | |||||||||||
4.50% Senior notes due 2024 | 618.5 | 449.7 | 619.7 | 417.4 | |||||||||||
5.20% Senior notes due 2025 | 662.6 | 505.3 | 692.5 | 505.2 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 123.4 | 149.1 | 133.5 | |||||||||||
7.875% Senior notes due 2040 | 378.7 | 240.7 | 379.8 | 244.0 | |||||||||||
5.75% Senior notes due 2044 | 994.3 | 650.3 | 993.5 | 707.1 | |||||||||||
Total | $ | 4,702.6 | $ | 3,730.2 | $ | 5,868.6 | $ | 4,621.9 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 5.9 | $ | .6 | $ | 9.8 | $ | 20.7 | |||||||
Foreign currency forward contracts - non-current(2) | .4 | .2 | .7 | 1.5 | |||||||||||
6.3 | .8 | 10.5 | 22.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .8 | 2.6 | .9 | .9 | |||||||||||
.8 | 2.6 | .9 | .9 | ||||||||||||
Total | $ | 7.1 | $ | 3.4 | $ | 11.4 | $ | 23.1 |
(1) | Derivative assets and liabilities with maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, in our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, in our condensed consolidated balance sheets. |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.1 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(4) | — | (14.8 | ) | (2.1 | ) | (5.7 | ) | .2 | (.3 | ) | |||||||||||||
Total | $ | — | $ | (14.8 | ) | $ | (2.2 | ) | $ | (5.8 | ) | $ | .2 | $ | (.3 | ) |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from AOCI into Income (Effective Portion)(1) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.2 | ) | $ | (.6 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (.6 | ) | (23.5 | ) | (9.9 | ) | (15.3 | ) | 2.1 | (.1 | ) | ||||||||||||
Total | $ | (.6 | ) | $ | (23.5 | ) | $ | (10.1 | ) | $ | (15.9 | ) | $ | 2.1 | $ | (.1 | ) |
(1) | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. |
(4) | During the three-month period ended September 30, 2016, $2.3 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2015, $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the nine-month period ended September 30, 2016, $10.5 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2015, $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income from continuing operations | $ | 88.0 | $ | 317.1 | $ | 858.4 | $ | 918 | |||||||
Income from continuing operations attributable to noncontrolling interests | (2.0 | ) | (1.7 | ) | (5.4 | ) | (7.3 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 86.0 | $ | 315.4 | $ | 853.0 | $ | 910.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Loss from discontinued operations | $ | (.7 | ) | $ | (23.3 | ) | $ | (1.8 | ) | $ | (33.6 | ) | |||
Loss from discontinued operations attributable to noncontrolling interests | — | (.1 | ) | — | (.1 | ) | |||||||||
Loss from discontinued operations attributable to Ensco | $ | (.7 | ) | $ | (23.4 | ) | $ | (1.8 | ) | $ | (33.7 | ) |
|
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | Discount % | |||||||||
8.50% Senior Notes due 2019 | $ | 60.3 | $ | 53.9 | 10.6 | % | |||||
6.875% Senior Notes due 2020 | 219.2 | 181.5 | 17.2 | % | |||||||
4.70% Senior Notes due 2021 | 817.0 | 609.0 | 25.5 | % | |||||||
4.50% Senior Notes due 2024 | 1.7 | .9 | 47.1 | % | |||||||
5.20% Senior Notes due 2025 | 30.7 | 16.8 | 45.3 | % | |||||||
Total | $ | 1,128.9 | $ | 862.1 | 23.6 | % |
(1) | The aggregate repurchase price excludes accrued interest. |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | $ | — | $ | 1.7 | $ | — | $ | 19.4 | |||||||
Operating expenses | .3 | 5.6 | 2.7 | 38.8 | |||||||||||
Operating loss | (.3 | ) | (3.9 | ) | (2.7 | ) | (19.4 | ) | |||||||
Income tax (expense) benefit | (.5 | ) | (2.1 | ) | (.2 | ) | 7.1 | ||||||||
Loss on impairment, net | — | (17.3 | ) | — | (24.5 | ) | |||||||||
Gain on disposal of discontinued operations, net | .1 | — | 1.1 | 3.2 | |||||||||||
Loss from discontinued operations, net | $ | (.7 | ) | $ | (23.3 | ) | $ | (1.8 | ) | $ | (33.6 | ) |
|
|
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Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 319.3 | $ | 213.8 | $ | 15.1 | $ | 548.2 | $ | — | $ | 548.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 153.7 | 133.2 | 11.2 | 298.1 | — | 298.1 | |||||||||||||||||
Depreciation | 72.9 | 32.1 | — | 105.0 | 4.4 | 109.4 | |||||||||||||||||
General and administrative | — | — | — | — | 25.3 | 25.3 | |||||||||||||||||
Operating income | $ | 92.7 | $ | 48.5 | $ | 3.9 | $ | 145.1 | $ | (29.7 | ) | $ | 115.4 | ||||||||||
Property and equipment, net | $ | 8,360.4 | $ | 2,537.9 | $ | — | $ | 10,898.3 | $ | 61.4 | $ | 10,959.7 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 646.4 | $ | 325.8 | $ | 40.0 | $ | 1,012.2 | $ | — | $ | 1,012.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 242.4 | 160.0 | 31.1 | 433.5 | — | 433.5 | |||||||||||||||||
Depreciation | 95.7 | 44.8 | — | 140.5 | 4.7 | 145.2 | |||||||||||||||||
Loss on impairment | — | 2.4 | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | — | — | — | — | 28.4 | 28.4 | |||||||||||||||||
Operating income | $ | 308.3 | $ | 118.6 | $ | 8.9 | $ | 435.8 | $ | (33.1 | ) | $ | 402.7 | ||||||||||
Property and equipment, net | $ | 10,260.5 | $ | 3,194.6 | $ | — | $ | 13,455.1 | $ | 73.8 | $ | 13,528.9 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,468.3 | $ | 743.0 | $ | 60.5 | $ | 2,271.8 | $ | — | $ | 2,271.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 573.6 | 390.0 | 48.4 | 1,012.0 | — | 1,012.0 | |||||||||||||||||
Depreciation | 231.0 | 90.8 | — | 321.8 | 13.3 | 335.1 | |||||||||||||||||
General and administrative | — | — | — | — | 76.1 | 76.1 | |||||||||||||||||
Operating income | $ | 663.7 | $ | 262.2 | $ | 12.1 | $ | 938.0 | $ | (89.4 | ) | $ | 848.6 | ||||||||||
Property and equipment, net | $ | 8,360.4 | $ | 2,537.9 | $ | — | $ | 10,898.3 | $ | 61.4 | $ | 10,959.7 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,975.7 | $ | 1,138.2 | $ | 121.2 | $ | 3,235.1 | $ | — | $ | 3,235.1 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 813.6 | 544.2 | 96.6 | 1,454.4 | — | 1,454.4 | |||||||||||||||||
Depreciation | 283.1 | 129.9 | — | 413.0 | 9.8 | 422.8 | |||||||||||||||||
Loss on impairment | — | 2.4 | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | — | — | — | 88.2 | 88.2 | ||||||||||||||||||
Operating income | $ | 879.0 | $ | 461.7 | $ | 24.6 | $ | 1,365.3 | $ | (98.0 | ) | $ | 1,267.3 | ||||||||||
Property and equipment, net | $ | 10,260.5 | $ | 3,194.6 | $ | — | $ | 13,455.1 | $ | 73.8 | $ | 13,528.9 |
Floaters | Jackups | Total(1) | |||
North & South America | 8 | 7 | 15 | ||
Europe & Mediterranean | 5 | 11 | 16 | ||
Middle East & Africa | 2 | 10 | 12 | ||
Asia & Pacific Rim | 4 | 7 | 11 | ||
Asia & Pacific Rim (under construction) | 1 | 2 | 3 | ||
Held-for-sale | 1 | 3 | 4 | ||
Total | 21 | 40 | 61 |
(1) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
September 30, 2016 | December 31, 2015 | ||||||
Trade | $ | 355.7 | $ | 595.0 | |||
Other | 21.5 | 16.3 | |||||
377.2 | 611.3 | ||||||
Allowance for doubtful accounts | (25.1 | ) | (29.3 | ) | |||
$ | 352.1 | $ | 582.0 |
September 30, 2016 | December 31, 2015 | ||||||
Inventory | $ | 231.3 | $ | 235.3 | |||
Prepaid taxes | 51.2 | 73.5 | |||||
Deferred costs | 34.9 | 52.1 | |||||
Prepaid expenses | 11.7 | 20.5 | |||||
Assets held-for-sale | 2.4 | 5.5 | |||||
Other | 14.7 | 14.9 | |||||
$ | 346.2 | $ | 401.8 |
September 30, 2016 | December 31, 2015 | ||||||
Deferred tax assets | $ | 67.5 | $ | 94.8 | |||
Deferred costs | 38.9 | 55.8 | |||||
Prepaid taxes on intercompany transfers of property | 33.4 | 37.1 | |||||
Supplemental executive retirement plan assets | 28.3 | 33.1 | |||||
Other | 8.8 | 16.8 | |||||
$ | 176.9 | $ | 237.6 |
September 30, 2016 | December 31, 2015 | ||||||
Deferred revenue | $ | 135.1 | $ | 197.2 | |||
Personnel costs | 116.1 | 161.6 | |||||
Accrued interest | 70.2 | 88.4 | |||||
Taxes | 65.0 | 70.8 | |||||
Derivative liabilities | 10.7 | 21.6 | |||||
Other | 11.0 | 11.3 | |||||
$ | 408.1 | $ | 550.9 |
September 30, 2016 | December 31, 2015 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 154.0 | $ | 149.7 | |||
Deferred revenue | 139.2 | 218.6 | |||||
Supplemental executive retirement plan liabilities | 29.4 | 34.4 | |||||
Personnel costs | 11.3 | 17.7 | |||||
Deferred tax liabilities | 9.3 | 4.4 | |||||
Other | 10.9 | 24.4 | |||||
$ | 354.1 | $ | 449.2 |
September 30, 2016 | December 31, 2015 | ||||||
Derivative instruments | $ | 16.1 | $ | 6.6 | |||
Currency translation adjustment | 7.6 | 7.8 | |||||
Other | (2.2 | ) | (1.9 | ) | |||
$ | 21.5 | $ | 12.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Total(1) | 23 | % | 7 | % | 16 | % | 8 | % | |||
BP (2)(3) | 13 | % | 27 | % | 12 | % | 18 | % | |||
Petrobras(1) | 9 | % | 16 | % | 11 | % | 14 | % | |||
ConocoPhillips(4) | 2 | % | 6 | % | 12 | % | 4 | % | |||
Other | 53 | % | 44 | % | 49 | % | 56 | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
(1) | During the three-month and nine-month periods ended September 30, 2016 and 2015, all revenues were attributable to our Floater segment. |
(2) | During the three-month periods ended September 30, 2016 and 2015, 73% and 86% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2016 and 2015, 75% and 84% of the revenues provided by BP, respectively, were attributable to our Floaters segment. |
(3) | During the three-month and nine-month periods ended September 30, 2015, excluding the impact of ENSCO DS-4 lump-sum termination payments of $110.6 million, revenues from BP represented 18% and 15%, respectively. |
(4) | During the nine-month period ended September 30, 2016, excluding the impact of the ENSCO DS-9 lump-sum termination payment of $185.0 million, revenues from ConocoPhillips represented 3% of our consolidated revenues. During the three-month and nine-month period ended September 30, 2015, excluding the impact of a lump-sum payment of $18.4 million associated with the ENSCO DS-9 contract termination, revenues from ConocoPhillips represented 5% and 3%, respectively. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Angola(1) | $ | 142.7 | $ | 136.6 | $ | 411.3 | $ | 488.3 | |||||||
United Kingdom(2) | 60.5 | 91.5 | 204.0 | 316.4 | |||||||||||
Brazil(3) | 48.6 | 112.9 | 251.3 | 351.3 | |||||||||||
U.S. Gulf of Mexico(4) | 33.6 | 363.0 | 498.3 | 972.8 | |||||||||||
Other | 262.8 | 308.2 | 906.9 | 1,106.3 | |||||||||||
$ | 548.2 | $ | 1,012.2 | $ | 2,271.8 | $ | 3,235.1 |
(1) | During the three-month periods ended September 30, 2016 and 2015, 87% of the revenues earned in Angola were attributable to our Floaters segment. During the nine-month period ended September 30, 2016 and 2015, 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. |
(2) | During the three-month and nine-month periods ended September 30, 2016 and 2015, all revenues were attributable to our Jackups segment. |
(3) | During the three-month and nine-month periods ended September 30, 2016 and 2015, all revenues were attributable to our Floaters segment. |
(4) | During the three-month periods ended September 30, 2016 and 2015, 41% and 90% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2016 and 2015, 86% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. Revenue recognized during the nine-month period ended September 30, 2016 and three-month and nine-month periods ended September 30, 2015 included lump-sum payments totaling $205.0 million and $129.0 million, respectively, as discussed in "Note 1 - Unaudited Condensed Consolidated Financial Statements." ENSCO DS-9 termination revenues were attributed to the U.S. Gulf of Mexico as the related drilling contract was intended for operations in that region. |
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ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 6.7 | $ | 36.1 | $ | — | $ | 581.0 | $ | (75.6 | ) | $ | 548.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.7 | 36.5 | — | 330.5 | (75.6 | ) | 298.1 | ||||||||||||||||
Depreciation | — | 4.2 | — | 105.2 | — | 109.4 | |||||||||||||||||
General and administrative | 9.1 | .1 | — | 16.1 | — | 25.3 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.1 | ) | (4.7 | ) | — | 129.2 | — | 115.4 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 6.9 | (32.5 | ) | (18.9 | ) | 7.8 | 5.8 | (30.9 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2.2 | ) | (37.2 | ) | (18.9 | ) | 137.0 | 5.8 | 84.5 | ||||||||||||||
INCOME TAX PROVISION | — | (3.5 | ) | (.6 | ) | .6 | — | (3.5 | ) | ||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.7 | ) | — | (.7 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 87.5 | 60.2 | 23.2 | — | (170.9 | ) | — | ||||||||||||||||
NET INCOME | 85.3 | 26.5 | 4.9 | 135.7 | (165.1 | ) | 87.3 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 85.3 | $ | 26.5 | $ | 4.9 | $ | 133.7 | $ | (165.1 | ) | $ | 85.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 9.8 | $ | 34.8 | $ | — | $ | 1,039.4 | $ | (71.8 | ) | $ | 1,012.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 7.3 | 34.8 | — | 463.2 | (71.8 | ) | 433.5 | ||||||||||||||||
Depreciation | — | 4.3 | — | 140.9 | — | 145.2 | |||||||||||||||||
Loss on impairment | — | — | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | 11.8 | .1 | — | 16.5 | — | 28.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.3 | ) | (4.4 | ) | — | 416.4 | — | 402.7 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (37.1 | ) | (7.2 | ) | (15.7 | ) | 7.6 | — | (52.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (46.4 | ) | (11.6 | ) | (15.7 | ) | 424.0 | — | 350.3 | ||||||||||||||
INCOME TAX PROVISION | — | .9 | — | 32.3 | — | 33.2 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (23.3 | ) | — | (23.3 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 338.4 | 111.2 | 14.6 | — | (464.2 | ) | — | ||||||||||||||||
NET INCOME (LOSS) | 292.0 | 98.7 | (1.1 | ) | 368.4 | (464.2 | ) | 293.8 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.0 | $ | 98.7 | $ | (1.1 | ) | $ | 366.6 | $ | (464.2 | ) | $ | 292.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 21.5 | $ | 108.2 | $ | — | $ | 2,361.7 | $ | (219.6 | ) | $ | 2,271.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 20.6 | 108.6 | — | 1,102.4 | (219.6 | ) | 1,012.0 | ||||||||||||||||
Depreciation | — | 12.9 | — | 322.2 | — | 335.1 | |||||||||||||||||
General and administrative | 25.8 | .2 | — | 50.1 | — | 76.1 | |||||||||||||||||
OPERATING (LOSS) INCOME | (24.9 | ) | (13.5 | ) | — | 887.0 | — | 848.6 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 145.9 | (39.2 | ) | (56.8 | ) | (1.2 | ) | 65.7 | 114.4 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 121.0 | (52.7 | ) | (56.8 | ) | 885.8 | 65.7 | 963.0 | |||||||||||||||
INCOME TAX PROVISION | — | 11.9 | (.6 | ) | 93.3 | — | 104.6 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 730.2 | 113.7 | 87.0 | — | (930.9 | ) | — | ||||||||||||||||
NET INCOME | 851.2 | 49.1 | 30.8 | 790.7 | (865.2 | ) | 856.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.4 | ) | — | (5.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 851.2 | $ | 49.1 | $ | 30.8 | $ | 785.3 | $ | (865.2 | ) | $ | 851.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 27.2 | $ | 104.1 | $ | — | $ | 3,317.6 | $ | (213.8 | ) | $ | 3,235.1 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 20.4 | 104.1 | — | 1,543.7 | (213.8 | ) | 1,454.4 | ||||||||||||||||
Depreciation | .1 | 9.2 | — | 413.5 | — | 422.8 | |||||||||||||||||
Loss on impairment | — | — | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | 38.8 | .2 | — | 49.2 | — | 88.2 | |||||||||||||||||
OPERATING (LOSS) INCOME | (32.1 | ) | (9.4 | ) | — | 1,308.8 | — | 1,267.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (133.3 | ) | (21.6 | ) | (46.8 | ) | 21.3 | — | (180.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (165.4 | ) | (31.0 | ) | (46.8 | ) | 1,330.1 | — | 1,086.9 | ||||||||||||||
INCOME TAX PROVISION | — | 28.8 | — | 140.1 | — | 168.9 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (33.6 | ) | — | (33.6 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,042.4 | 203.9 | 149.9 | — | (1,396.2 | ) | — | ||||||||||||||||
NET INCOME | 877.0 | 144.1 | 103.1 | 1,156.4 | (1,396.2 | ) | 884.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.4 | ) | — | (7.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 877.0 | $ | 144.1 | $ | 103.1 | $ | 1,149.0 | $ | (1,396.2 | ) | $ | 877.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 85.3 | $ | 26.5 | $ | 4.9 | $ | 135.7 | $ | (165.1 | ) | $ | 87.3 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | — | — | — | — | — | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.2 | — | — | — | 2.2 | |||||||||||||||||
Other | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 2.2 | — | (.5 | ) | — | 1.7 | ||||||||||||||||
COMPREHENSIVE INCOME | 85.3 | 28.7 | 4.9 | 135.2 | (165.1 | ) | 89.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 85.3 | $ | 28.7 | $ | 4.9 | $ | 133.2 | $ | (165.1 | ) | $ | 87.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 292.0 | $ | 98.7 | $ | (1.1 | ) | $ | 368.4 | $ | (464.2 | ) | $ | 293.8 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (14.8 | ) | — | — | — | (14.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 5.8 | — | — | — | 5.8 | |||||||||||||||||
Other | — | — | — | 2.9 | — | 2.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (9.0 | ) | — | 2.9 | — | (6.1 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 292.0 | 89.7 | (1.1 | ) | 371.3 | (464.2 | ) | 287.7 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.0 | $ | 89.7 | $ | (1.1 | ) | $ | 369.5 | $ | (464.2 | ) | $ | 285.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 851.2 | $ | 49.1 | $ | 30.8 | $ | 790.7 | $ | (865.2 | ) | $ | 856.6 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (.6 | ) | — | — | — | (.6 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 10.1 | — | — | — | 10.1 | |||||||||||||||||
Other | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 9.5 | — | (.5 | ) | — | 9.0 | ||||||||||||||||
COMPREHENSIVE INCOME | 851.2 | 58.6 | 30.8 | 790.2 | (865.2 | ) | 865.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.4 | ) | — | (5.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 851.2 | $ | 58.6 | $ | 30.8 | $ | 784.8 | $ | (865.2 | ) | $ | 860.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 877.0 | $ | 144.1 | $ | 103.1 | $ | 1,156.4 | $ | (1,396.2 | ) | $ | 884.4 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (23.5 | ) | — | — | — | (23.5 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 15.9 | — | — | — | 15.9 | |||||||||||||||||
Other | — | — | — | 4.2 | — | 4.2 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (7.6 | ) | — | 4.2 | — | (3.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 877.0 | 136.5 | 103.1 | 1,160.6 | (1,396.2 | ) | 881.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.4 | ) | — | (7.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 877.0 | $ | 136.5 | $ | 103.1 | $ | 1,153.2 | $ | (1,396.2 | ) | $ | 873.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 175.2 | $ | — | $ | 20.8 | $ | 269.4 | $ | — | $ | 465.4 | |||||||||||
Short-term investments | 880.0 | — | — | 422.0 | — | 1,302.0 | |||||||||||||||||
Accounts receivable, net | 3.8 | — | — | 348.3 | — | 352.1 | |||||||||||||||||
Accounts receivable from affiliates | 706.5 | 661.5 | .1 | 546.0 | (1,914.1 | ) | — | ||||||||||||||||
Other | .1 | 24.6 | — | 321.5 | — | 346.2 | |||||||||||||||||
Total current assets | 1,765.6 | 686.1 | 20.9 | 1,907.2 | (1,914.1 | ) | 2,465.7 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 120.2 | — | 12,801.9 | — | 12,923.9 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 59.6 | — | 1,902.8 | — | 1,964.2 | |||||||||||||||||
Property and equipment, net | — | 60.6 | — | 10,899.1 | — | 10,959.7 | |||||||||||||||||
DUE FROM AFFILIATES | 1,520.7 | 5,207.2 | 2,008.5 | 6,887.9 | (15,624.3 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,511.7 | 975.9 | — | — | (9,487.6 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 69.8 | — | 107.1 | — | 176.9 | |||||||||||||||||
$ | 11,798.0 | $ | 6,999.6 | $ | 2,029.4 | $ | 19,801.3 | $ | (27,026.0 | ) | $ | 13,602.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 50.8 | $ | 42.4 | $ | 20.0 | $ | 451.4 | $ | — | $ | 564.6 | |||||||||||
Accounts payable to affiliates | 45.6 | 643.4 | 3.4 | 1,221.7 | (1,914.1 | ) | $ | — | |||||||||||||||
Current maturities of long-term debt | 23.8 | — | 1.8 | — | — | 25.6 | |||||||||||||||||
Total current liabilities | 120.2 | 685.8 | 25.2 | 1,673.1 | (1,914.1 | ) | 590.2 | ||||||||||||||||
DUE TO AFFILIATES | 771.3 | 5,519.0 | 2,156.6 | 7,177.4 | (15,624.3 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,925.5 | 149.2 | 1,602.3 | — | — | 4,677.0 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | — | 1,234.1 | (1,234.1 | ) | — | |||||||||||||||||
OTHER LIABILITIES | — | 3.7 | — | 350.4 | — | 354.1 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 7,981.0 | 641.9 | (2,988.8 | ) | 10,592.1 | (8,253.5 | ) | 7,972.7 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 8.3 | — | 8.3 | |||||||||||||||||
Total equity | 7,981.0 | 641.9 | (2,988.8 | ) | 10,600.4 | (8,253.5 | ) | 7,981.0 | |||||||||||||||
$ | 11,798.0 | $ | 6,999.6 | $ | 2,029.4 | $ | 19,801.3 | $ | (27,026.0 | ) | $ | 13,602.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 94.0 | $ | — | $ | 2.0 | $ | 25.3 | $ | — | $ | 121.3 | |||||||||||
Short-term investments | 1,180.0 | — | — | — | — | $ | 1,180.0 | ||||||||||||||||
Accounts receivable, net | 1.2 | — | — | 580.8 | — | 582.0 | |||||||||||||||||
Accounts receivable from affiliates | 808.7 | 237.3 | — | 148.1 | (1,194.1 | ) | — | ||||||||||||||||
Other | .2 | 229.3 | — | 172.3 | — | 401.8 | |||||||||||||||||
Total current assets | 2,084.1 | 466.6 | 2.0 | 926.5 | (1,194.1 | ) | 2,285.1 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 117.5 | — | 12,600.1 | — | 12,719.4 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 47.7 | — | 1,582.1 | — | 1,631.6 | |||||||||||||||||
Property and equipment, net | — | 69.8 | — | 11,018.0 | — | 11,087.8 | |||||||||||||||||
DUE FROM AFFILIATES | 1,303.7 | 5,270.0 | 2,035.5 | 6,869.9 | (15,479.1 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 7,743.8 | — | — | — | (7,743.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 43.1 | — | 324.9 | (130.4 | ) | 237.6 | ||||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 60.7 | $ | 69.6 | $ | 34.8 | $ | 610.4 | $ | — | $ | 775.5 | |||||||||||
Accounts payable to affiliates | 19.4 | 176.3 | — | 998.4 | (1,194.1 | ) | — | ||||||||||||||||
Total current liabilities | 80.1 | 245.9 | 34.8 | 1,608.8 | (1,194.1 | ) | 775.5 | ||||||||||||||||
DUE TO AFFILIATES | 751.9 | 4,354.3 | 1,763.7 | 8,609.2 | (15,479.1 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,782.4 | 149.0 | 1,937.2 | — | — | 5,868.6 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | 442.0 | 1,319.3 | — | (1,761.3 | ) | — | ||||||||||||||||
OTHER LIABILITIES | — | 135.7 | — | 443.9 | (130.4 | ) | 449.2 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 6,517.2 | 522.6 | (3,017.5 | ) | 8,473.1 | (5,982.5 | ) | 6,512.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||
Total equity | 6,517.2 | 522.6 | (3,017.5 | ) | 8,477.4 | (5,982.5 | ) | 6,517.2 | |||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 150.4 | $ | (23.6 | ) | $ | (95.3 | ) | $ | 963.3 | $ | — | $ | 994.8 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 1,582.0 | — | — | — | — | 1,582.0 | |||||||||||||||||
Purchases of short-term investments | (1,282.0 | ) | — | — | (422.0 | ) | — | (1,704.0 | ) | ||||||||||||||
Additions to property and equipment | — | — | — | (255.5 | ) | — | (255.5 | ) | |||||||||||||||
Purchase of affiliate debt | (237.9 | ) | — | — | — | 237.9 | — | ||||||||||||||||
Other | — | — | — | 7.7 | — | 7.7 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 62.1 | — | — | (669.8 | ) | 237.9 | (369.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Reduction of long-term borrowings | (862.4 | ) | — | — | 237.9 | (237.9 | ) | (862.4 | ) | ||||||||||||||
Proceeds from equity issuance | 585.5 | — | — | — | — | 585.5 | |||||||||||||||||
Cash dividends paid | (8.5 | ) | — | — | — | — | (8.5 | ) | |||||||||||||||
Advances from (to) affiliates | 156.1 | 23.6 | 114.1 | (293.8 | ) | — | — | ||||||||||||||||
Other | (2.0 | ) | — | — | (.3 | ) | — | (2.3 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (131.3 | ) | 23.6 | 114.1 | (56.2 | ) | (237.9 | ) | (287.7 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||
Investing activities | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | 7.4 | — | 7.4 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.6 | ) | — | (.6 | ) | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 81.2 | — | 18.8 | 244.1 | — | 344.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94.0 | — | 2.0 | 25.3 | — | 121.3 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 175.2 | $ | — | $ | 20.8 | $ | 269.4 | $ | — | $ | 465.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (34.2 | ) | $ | (7.1 | ) | $ | (86.1 | ) | $ | 1,402.0 | $ | — | $ | 1,274.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,445.8 | ) | — | (1,445.8 | ) | |||||||||||||||
Maturities of short-term investments | 712.0 | — | — | 45.3 | 757.3 | ||||||||||||||||||
Purchases of short-term investments | (850.0 | ) | — | — | — | — | (850.0 | ) | |||||||||||||||
Other | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||
Net cash used in investing activities of continuing operations | (138.0 | ) | — | — | (1,399.1 | ) | — | (1,537.1 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,078.7 | — | — | — | — | 1,078.7 | |||||||||||||||||
Reduction of long-term borrowings | (1,072.5 | ) | — | — | — | — | (1,072.5 | ) | |||||||||||||||
Cash dividends paid | (105.9 | ) | — | — | — | — | (105.9 | ) | |||||||||||||||
Premium paid on redemption of debt | (30.3 | ) | — | — | — | — | (30.3 | ) | |||||||||||||||
Debt financing costs | (10.5 | ) | — | — | — | — | (10.5 | ) | |||||||||||||||
Advances (to) from affiliates | 175.0 | 7.2 | 9.9 | (192.1 | ) | — | — | ||||||||||||||||
Other | (5.2 | ) | — | — | (3.2 | ) | — | (8.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 29.3 | 7.2 | 9.9 | (195.3 | ) | — | (148.9 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (12.7 | ) | — | (12.7 | ) | |||||||||||||||
Investing activities | — | — | — | (.3 | ) | — | (.3 | ) | |||||||||||||||
Net cash used in discontinued operations | — | — | — | (13.0 | ) | — | (13.0 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (142.9 | ) | .1 | (76.2 | ) | (205.4 | ) | — | (424.4 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 287.4 | — | 90.8 | 286.6 | — | 664.8 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 144.5 | $ | .1 | $ | 14.6 | $ | 81.2 | $ | — | $ | 240.4 |
|
|
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, 2016 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 28.3 | $ | — | $ | — | $ | 28.3 | |||||||
Total financial assets | $ | 28.3 | $ | — | $ | — | $ | 28.3 | |||||||
Derivatives, net | $ | — | $ | (4.3 | ) | $ | — | $ | (4.3 | ) | |||||
Total financial liabilities | $ | — | $ | (4.3 | ) | $ | — | $ | (4.3 | ) | |||||
As of December 31, 2015 | |||||||||||||||
Supplemental executive retirement plan assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Total financial assets | $ | 33.1 | $ | — | $ | — | $ | 33.1 | |||||||
Derivatives, net | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) | |||||
Total financial liabilities | $ | — | $ | (19.7 | ) | $ | — | $ | (19.7 | ) |
September 30, 2016 | December 31, 2015 | ||||||||||||||
Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | ||||||||||||
8.50% Senior notes due 2019 | $ | 486.1 | $ | 473.0 | $ | 566.4 | $ | 510.2 | |||||||
6.875% Senior notes due 2020 | 739.4 | 674.8 | 990.9 | 850.5 | |||||||||||
4.70% Senior notes due 2021 | 673.9 | 613.0 | 1,476.7 | 1,254.0 | |||||||||||
4.50% Senior notes due 2024 | 618.5 | 449.7 | 619.7 | 417.4 | |||||||||||
5.20% Senior notes due 2025 | 662.6 | 505.3 | 692.5 | 505.2 | |||||||||||
7.20% Debentures due 2027 | 149.1 | 123.4 | 149.1 | 133.5 | |||||||||||
7.875% Senior notes due 2040 | 378.7 | 240.7 | 379.8 | 244.0 | |||||||||||
5.75% Senior notes due 2044 | 994.3 | 650.3 | 993.5 | 707.1 | |||||||||||
Total | $ | 4,702.6 | $ | 3,730.2 | $ | 5,868.6 | $ | 4,621.9 |
|
Derivative Assets | Derivative Liabilities | ||||||||||||||
September 30, 2016 | December 31, 2015 | September 30, 2016 | December 31, 2015 | ||||||||||||
Derivatives Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | $ | 5.9 | $ | .6 | $ | 9.8 | $ | 20.7 | |||||||
Foreign currency forward contracts - non-current(2) | .4 | .2 | .7 | 1.5 | |||||||||||
6.3 | .8 | 10.5 | 22.2 | ||||||||||||
Derivatives Not Designated as Hedging Instruments | |||||||||||||||
Foreign currency forward contracts - current(1) | .8 | 2.6 | .9 | .9 | |||||||||||
.8 | 2.6 | .9 | .9 | ||||||||||||
Total | $ | 7.1 | $ | 3.4 | $ | 11.4 | $ | 23.1 |
(1) | Derivative assets and liabilities with maturity dates equal to or less than twelve months from the respective balance sheet date were included in other current assets and accrued liabilities and other, respectively, in our condensed consolidated balance sheets. |
(2) | Derivative assets and liabilities with maturity dates greater than twelve months from the respective balance sheet date were included in other assets, net, and other liabilities, respectively, in our condensed consolidated balance sheets. |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from Accumulated Other Comprehensive Income ("AOCI") into Income (Effective Portion)(1) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.1 | ) | $ | (.1 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(4) | — | (14.8 | ) | (2.1 | ) | (5.7 | ) | .2 | (.3 | ) | |||||||||||||
Total | $ | — | $ | (14.8 | ) | $ | (2.2 | ) | $ | (5.8 | ) | $ | .2 | $ | (.3 | ) |
Loss Recognized in Other Comprehensive Income (Effective Portion) | Loss Reclassified from AOCI into Income (Effective Portion)(1) | Gain (Loss) Recognized in Income on Derivatives (Ineffective Portion and Amount Excluded from Effectiveness Testing)(2) | |||||||||||||||||||||
2016 | 2015 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||||
Interest rate lock contracts(3) | $ | — | $ | — | $ | (.2 | ) | $ | (.6 | ) | $ | — | $ | — | |||||||||
Foreign currency forward contracts(5) | (.6 | ) | (23.5 | ) | (9.9 | ) | (15.3 | ) | 2.1 | (.1 | ) | ||||||||||||
Total | $ | (.6 | ) | $ | (23.5 | ) | $ | (10.1 | ) | $ | (15.9 | ) | $ | 2.1 | $ | (.1 | ) |
(1) | Changes in the effective portion of cash flow hedge fair values are recorded in AOCI. Amounts recorded in AOCI associated with cash flow hedges are subsequently reclassified into contract drilling, depreciation or interest expense as earnings are affected by the underlying hedged forecasted transaction. |
(2) | Gains and losses recognized in income for ineffectiveness and amounts excluded from effectiveness testing were included in other, net, in our condensed consolidated statements of operations. |
(3) | Losses on interest rate lock derivatives reclassified from AOCI into income were included in interest expense, net, in our condensed consolidated statements of operations. |
(4) | During the three-month period ended September 30, 2016, $2.3 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the three-month period ended September 30, 2015, $5.9 million of losses were reclassified from AOCI into contract drilling expense and $200,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
(5) | During the nine-month period ended September 30, 2016, $10.5 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. During the nine-month period ended September 30, 2015, $15.9 million of losses were reclassified from AOCI into contract drilling expense and $600,000 of gains were reclassified from AOCI into depreciation expense in our condensed consolidated statement of operations. |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Income from continuing operations | $ | 88.0 | $ | 317.1 | $ | 858.4 | $ | 918 | |||||||
Income from continuing operations attributable to noncontrolling interests | (2.0 | ) | (1.7 | ) | (5.4 | ) | (7.3 | ) | |||||||
Income from continuing operations attributable to Ensco | $ | 86.0 | $ | 315.4 | $ | 853.0 | $ | 910.7 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Loss from discontinued operations | $ | (.7 | ) | $ | (23.3 | ) | $ | (1.8 | ) | $ | (33.6 | ) | |||
Loss from discontinued operations attributable to noncontrolling interests | — | (.1 | ) | — | (.1 | ) | |||||||||
Loss from discontinued operations attributable to Ensco | $ | (.7 | ) | $ | (23.4 | ) | $ | (1.8 | ) | $ | (33.7 | ) |
|
Aggregate Principal Amount Repurchased | Aggregate Repurchase Price(1) | Discount % | |||||||||
8.50% Senior Notes due 2019 | $ | 60.3 | $ | 53.9 | 10.6 | % | |||||
6.875% Senior Notes due 2020 | 219.2 | 181.5 | 17.2 | % | |||||||
4.70% Senior Notes due 2021 | 817.0 | 609.0 | 25.5 | % | |||||||
4.50% Senior Notes due 2024 | 1.7 | .9 | 47.1 | % | |||||||
5.20% Senior Notes due 2025 | 30.7 | 16.8 | 45.3 | % | |||||||
Total | $ | 1,128.9 | $ | 862.1 | 23.6 | % |
(1) | The aggregate repurchase price excludes accrued interest |
|
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Revenues | $ | — | $ | 1.7 | $ | — | $ | 19.4 | |||||||
Operating expenses | .3 | 5.6 | 2.7 | 38.8 | |||||||||||
Operating loss | (.3 | ) | (3.9 | ) | (2.7 | ) | (19.4 | ) | |||||||
Income tax (expense) benefit | (.5 | ) | (2.1 | ) | (.2 | ) | 7.1 | ||||||||
Loss on impairment, net | — | (17.3 | ) | — | (24.5 | ) | |||||||||
Gain on disposal of discontinued operations, net | .1 | — | 1.1 | 3.2 | |||||||||||
Loss from discontinued operations, net | $ | (.7 | ) | $ | (23.3 | ) | $ | (1.8 | ) | $ | (33.6 | ) |
|
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 319.3 | $ | 213.8 | $ | 15.1 | $ | 548.2 | $ | — | $ | 548.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 153.7 | 133.2 | 11.2 | 298.1 | — | 298.1 | |||||||||||||||||
Depreciation | 72.9 | 32.1 | — | 105.0 | 4.4 | 109.4 | |||||||||||||||||
General and administrative | — | — | — | — | 25.3 | 25.3 | |||||||||||||||||
Operating income | $ | 92.7 | $ | 48.5 | $ | 3.9 | $ | 145.1 | $ | (29.7 | ) | $ | 115.4 | ||||||||||
Property and equipment, net | $ | 8,360.4 | $ | 2,537.9 | $ | — | $ | 10,898.3 | $ | 61.4 | $ | 10,959.7 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 646.4 | $ | 325.8 | $ | 40.0 | $ | 1,012.2 | $ | — | $ | 1,012.2 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 242.4 | 160.0 | 31.1 | 433.5 | — | 433.5 | |||||||||||||||||
Depreciation | 95.7 | 44.8 | — | 140.5 | 4.7 | 145.2 | |||||||||||||||||
Loss on impairment | — | 2.4 | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | — | — | — | — | 28.4 | 28.4 | |||||||||||||||||
Operating income | $ | 308.3 | $ | 118.6 | $ | 8.9 | $ | 435.8 | $ | (33.1 | ) | $ | 402.7 | ||||||||||
Property and equipment, net | $ | 10,260.5 | $ | 3,194.6 | $ | — | $ | 13,455.1 | $ | 73.8 | $ | 13,528.9 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,468.3 | $ | 743.0 | $ | 60.5 | $ | 2,271.8 | $ | — | $ | 2,271.8 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 573.6 | 390.0 | 48.4 | 1,012.0 | — | 1,012.0 | |||||||||||||||||
Depreciation | 231.0 | 90.8 | — | 321.8 | 13.3 | 335.1 | |||||||||||||||||
General and administrative | — | — | — | — | 76.1 | 76.1 | |||||||||||||||||
Operating income | $ | 663.7 | $ | 262.2 | $ | 12.1 | $ | 938.0 | $ | (89.4 | ) | $ | 848.6 | ||||||||||
Property and equipment, net | $ | 8,360.4 | $ | 2,537.9 | $ | — | $ | 10,898.3 | $ | 61.4 | $ | 10,959.7 |
Floaters | Jackups | Other | Operating Segments Total | Reconciling Items | Consolidated Total | ||||||||||||||||||
Revenues | $ | 1,975.7 | $ | 1,138.2 | $ | 121.2 | $ | 3,235.1 | $ | — | $ | 3,235.1 | |||||||||||
Operating expenses | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 813.6 | 544.2 | 96.6 | 1,454.4 | — | 1,454.4 | |||||||||||||||||
Depreciation | 283.1 | 129.9 | — | 413.0 | 9.8 | 422.8 | |||||||||||||||||
Loss on impairment | — | 2.4 | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | — | — | — | 88.2 | 88.2 | ||||||||||||||||||
Operating income | $ | 879.0 | $ | 461.7 | $ | 24.6 | $ | 1,365.3 | $ | (98.0 | ) | $ | 1,267.3 | ||||||||||
Property and equipment, net | $ | 10,260.5 | $ | 3,194.6 | $ | — | $ | 13,455.1 | $ | 73.8 | $ | 13,528.9 |
Floaters | Jackups | Total(1) | |||
North & South America | 8 | 7 | 15 | ||
Europe & Mediterranean | 5 | 11 | 16 | ||
Middle East & Africa | 2 | 10 | 12 | ||
Asia & Pacific Rim | 4 | 7 | 11 | ||
Asia & Pacific Rim (under construction) | 1 | 2 | 3 | ||
Held-for-sale | 1 | 3 | 4 | ||
Total | 21 | 40 | 61 |
(1) | We provide management services on two rigs owned by third-parties not included in the table above. |
|
September 30, 2016 | December 31, 2015 | ||||||
Trade | $ | 355.7 | $ | 595.0 | |||
Other | 21.5 | 16.3 | |||||
377.2 | 611.3 | ||||||
Allowance for doubtful accounts | (25.1 | ) | (29.3 | ) | |||
$ | 352.1 | $ | 582.0 |
September 30, 2016 | December 31, 2015 | ||||||
Inventory | $ | 231.3 | $ | 235.3 | |||
Prepaid taxes | 51.2 | 73.5 | |||||
Deferred costs | 34.9 | 52.1 | |||||
Prepaid expenses | 11.7 | 20.5 | |||||
Assets held-for-sale | 2.4 | 5.5 | |||||
Other | 14.7 | 14.9 | |||||
$ | 346.2 | $ | 401.8 |
September 30, 2016 | December 31, 2015 | ||||||
Deferred tax assets | $ | 67.5 | $ | 94.8 | |||
Deferred costs | 38.9 | 55.8 | |||||
Prepaid taxes on intercompany transfers of property | 33.4 | 37.1 | |||||
Supplemental executive retirement plan assets | 28.3 | 33.1 | |||||
Other | 8.8 | 16.8 | |||||
$ | 176.9 | $ | 237.6 |
September 30, 2016 | December 31, 2015 | ||||||
Deferred revenue | $ | 135.1 | $ | 197.2 | |||
Personnel costs | 116.1 | 161.6 | |||||
Accrued interest | 70.2 | 88.4 | |||||
Taxes | 65.0 | 70.8 | |||||
Derivative liabilities | 10.7 | 21.6 | |||||
Other | 11.0 | 11.3 | |||||
$ | 408.1 | $ | 550.9 |
September 30, 2016 | December 31, 2015 | ||||||
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 154.0 | $ | 149.7 | |||
Deferred revenue | 139.2 | 218.6 | |||||
Supplemental executive retirement plan liabilities | 29.4 | 34.4 | |||||
Personnel costs | 11.3 | 17.7 | |||||
Deferred tax liabilities | 9.3 | 4.4 | |||||
Other | 10.9 | 24.4 | |||||
$ | 354.1 | $ | 449.2 |
September 30, 2016 | December 31, 2015 | ||||||
Derivative instruments | $ | 16.1 | $ | 6.6 | |||
Currency translation adjustment | 7.6 | 7.8 | |||||
Other | (2.2 | ) | (1.9 | ) | |||
$ | 21.5 | $ | 12.5 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||
Total(1) | 23 | % | 7 | % | 16 | % | 8 | % | |||
BP (2)(3) | 13 | % | 27 | % | 12 | % | 18 | % | |||
Petrobras(1) | 9 | % | 16 | % | 11 | % | 14 | % | |||
ConocoPhillips(4) | 2 | % | 6 | % | 12 | % | 4 | % | |||
Other | 53 | % | 44 | % | 49 | % | 56 | % | |||
100 | % | 100 | % | 100 | % | 100 | % |
(1) | During the three-month and nine-month periods ended September 30, 2016 and 2015, all revenues were attributable to our Floater segment. |
(2) | During the three-month periods ended September 30, 2016 and 2015, 73% and 86% of the revenues provided by BP, respectively, were attributable to our Floaters segment. During the nine-month periods ended September 30, 2016 and 2015, 75% and 84% of the revenues provided by BP, respectively, were attributable to our Floaters segment. |
(3) | During the three-month and nine-month periods ended September 30, 2015, excluding the impact of ENSCO DS-4 lump-sum termination payments of $110.6 million, revenues from BP represented 18% and 15%, respectively. |
(4) | During the nine-month period ended September 30, 2016, excluding the impact of the ENSCO DS-9 lump-sum termination payment of $185.0 million, revenues from ConocoPhillips represented 3% of our consolidated revenues. |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2016 | 2015 | 2016 | 2015 | ||||||||||||
Angola(1) | $ | 142.7 | $ | 136.6 | $ | 411.3 | $ | 488.3 | |||||||
United Kingdom(2) | 60.5 | 91.5 | 204.0 | 316.4 | |||||||||||
Brazil(3) | 48.6 | 112.9 | 251.3 | 351.3 | |||||||||||
U.S. Gulf of Mexico(4) | 33.6 | 363.0 | 498.3 | 972.8 | |||||||||||
Other | 262.8 | 308.2 | 906.9 | 1,106.3 | |||||||||||
$ | 548.2 | $ | 1,012.2 | $ | 2,271.8 | $ | 3,235.1 |
(1) | During the three-month periods ended September 30, 2016 and 2015, 87% of the revenues earned in Angola were attributable to our Floaters segment. During the nine-month period ended September 30, 2016 and 2015, 87% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. |
(2) | During the three-month and nine-month periods ended September 30, 2016 and 2015, all revenues were attributable to our Jackups segment. |
|
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 6.7 | $ | 36.1 | $ | — | $ | 581.0 | $ | (75.6 | ) | $ | 548.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 6.7 | 36.5 | — | 330.5 | (75.6 | ) | 298.1 | ||||||||||||||||
Depreciation | — | 4.2 | — | 105.2 | — | 109.4 | |||||||||||||||||
General and administrative | 9.1 | .1 | — | 16.1 | — | 25.3 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.1 | ) | (4.7 | ) | — | 129.2 | — | 115.4 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 6.9 | (32.5 | ) | (18.9 | ) | 7.8 | 5.8 | (30.9 | ) | ||||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (2.2 | ) | (37.2 | ) | (18.9 | ) | 137.0 | 5.8 | 84.5 | ||||||||||||||
INCOME TAX PROVISION | — | (3.5 | ) | (.6 | ) | .6 | — | (3.5 | ) | ||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (.7 | ) | — | (.7 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 87.5 | 60.2 | 23.2 | — | (170.9 | ) | — | ||||||||||||||||
NET INCOME | 85.3 | 26.5 | 4.9 | 135.7 | (165.1 | ) | 87.3 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 85.3 | $ | 26.5 | $ | 4.9 | $ | 133.7 | $ | (165.1 | ) | $ | 85.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 9.8 | $ | 34.8 | $ | — | $ | 1,039.4 | $ | (71.8 | ) | $ | 1,012.2 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 7.3 | 34.8 | — | 463.2 | (71.8 | ) | 433.5 | ||||||||||||||||
Depreciation | — | 4.3 | — | 140.9 | — | 145.2 | |||||||||||||||||
Loss on impairment | — | — | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | 11.8 | .1 | — | 16.5 | — | 28.4 | |||||||||||||||||
OPERATING (LOSS) INCOME | (9.3 | ) | (4.4 | ) | — | 416.4 | — | 402.7 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (37.1 | ) | (7.2 | ) | (15.7 | ) | 7.6 | — | (52.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (46.4 | ) | (11.6 | ) | (15.7 | ) | 424.0 | — | 350.3 | ||||||||||||||
INCOME TAX PROVISION | — | .9 | — | 32.3 | — | 33.2 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (23.3 | ) | — | (23.3 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 338.4 | 111.2 | 14.6 | — | (464.2 | ) | — | ||||||||||||||||
NET INCOME (LOSS) | 292.0 | 98.7 | (1.1 | ) | 368.4 | (464.2 | ) | 293.8 | |||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.0 | $ | 98.7 | $ | (1.1 | ) | $ | 366.6 | $ | (464.2 | ) | $ | 292.0 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 21.5 | $ | 108.2 | $ | — | $ | 2,361.7 | $ | (219.6 | ) | $ | 2,271.8 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 20.6 | 108.6 | — | 1,102.4 | (219.6 | ) | 1,012.0 | ||||||||||||||||
Depreciation | — | 12.9 | — | 322.2 | — | 335.1 | |||||||||||||||||
General and administrative | 25.8 | .2 | — | 50.1 | — | 76.1 | |||||||||||||||||
OPERATING (LOSS) INCOME | (24.9 | ) | (13.5 | ) | — | 887.0 | — | 848.6 | |||||||||||||||
OTHER INCOME (EXPENSE), NET | 145.9 | (39.2 | ) | (56.8 | ) | (1.2 | ) | 65.7 | 114.4 | ||||||||||||||
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 121.0 | (52.7 | ) | (56.8 | ) | 885.8 | 65.7 | 963.0 | |||||||||||||||
INCOME TAX PROVISION | — | 11.9 | (.6 | ) | 93.3 | — | 104.6 | ||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 730.2 | 113.7 | 87.0 | — | (930.9 | ) | — | ||||||||||||||||
NET INCOME | 851.2 | 49.1 | 30.8 | 790.7 | (865.2 | ) | 856.6 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.4 | ) | — | (5.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 851.2 | $ | 49.1 | $ | 30.8 | $ | 785.3 | $ | (865.2 | ) | $ | 851.2 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING REVENUES | $ | 27.2 | $ | 104.1 | $ | — | $ | 3,317.6 | $ | (213.8 | ) | $ | 3,235.1 | ||||||||||
OPERATING EXPENSES | |||||||||||||||||||||||
Contract drilling (exclusive of depreciation) | 20.4 | 104.1 | — | 1,543.7 | (213.8 | ) | 1,454.4 | ||||||||||||||||
Depreciation | .1 | 9.2 | — | 413.5 | — | 422.8 | |||||||||||||||||
Loss on impairment | — | — | — | 2.4 | — | 2.4 | |||||||||||||||||
General and administrative | 38.8 | .2 | — | 49.2 | — | 88.2 | |||||||||||||||||
OPERATING (LOSS) INCOME | (32.1 | ) | (9.4 | ) | — | 1,308.8 | — | 1,267.3 | |||||||||||||||
OTHER (EXPENSE) INCOME, NET | (133.3 | ) | (21.6 | ) | (46.8 | ) | 21.3 | — | (180.4 | ) | |||||||||||||
(LOSS) INCOME FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (165.4 | ) | (31.0 | ) | (46.8 | ) | 1,330.1 | — | 1,086.9 | ||||||||||||||
INCOME TAX PROVISION | — | 28.8 | — | 140.1 | — | 168.9 | |||||||||||||||||
DISCONTINUED OPERATIONS, NET | — | — | — | (33.6 | ) | — | (33.6 | ) | |||||||||||||||
EQUITY EARNINGS IN AFFILIATES, NET OF TAX | 1,042.4 | 203.9 | 149.9 | — | (1,396.2 | ) | — | ||||||||||||||||
NET INCOME | 877.0 | 144.1 | 103.1 | 1,156.4 | (1,396.2 | ) | 884.4 | ||||||||||||||||
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.4 | ) | — | (7.4 | ) | |||||||||||||||
NET INCOME ATTRIBUTABLE TO ENSCO | $ | 877.0 | $ | 144.1 | $ | 103.1 | $ | 1,149.0 | $ | (1,396.2 | ) | $ | 877.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 85.3 | $ | 26.5 | $ | 4.9 | $ | 135.7 | $ | (165.1 | ) | $ | 87.3 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | — | — | — | — | — | |||||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 2.2 | — | — | — | 2.2 | |||||||||||||||||
Other | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 2.2 | — | (.5 | ) | — | 1.7 | ||||||||||||||||
COMPREHENSIVE INCOME | 85.3 | 28.7 | 4.9 | 135.2 | (165.1 | ) | 89.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (2.0 | ) | — | (2.0 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 85.3 | $ | 28.7 | $ | 4.9 | $ | 133.2 | $ | (165.1 | ) | $ | 87.0 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME (LOSS) | $ | 292.0 | $ | 98.7 | $ | (1.1 | ) | $ | 368.4 | $ | (464.2 | ) | $ | 293.8 | |||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (14.8 | ) | — | — | — | (14.8 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 5.8 | — | — | — | 5.8 | |||||||||||||||||
Other | — | — | — | 2.9 | — | 2.9 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (9.0 | ) | — | 2.9 | — | (6.1 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) | 292.0 | 89.7 | (1.1 | ) | 371.3 | (464.2 | ) | 287.7 | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (1.8 | ) | — | (1.8 | ) | |||||||||||||||
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | 292.0 | $ | 89.7 | $ | (1.1 | ) | $ | 369.5 | $ | (464.2 | ) | $ | 285.9 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 851.2 | $ | 49.1 | $ | 30.8 | $ | 790.7 | $ | (865.2 | ) | $ | 856.6 | ||||||||||
OTHER COMPREHENSIVE INCOME (LOSS), NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (.6 | ) | — | — | — | (.6 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 10.1 | — | — | — | 10.1 | |||||||||||||||||
Other | — | — | — | (.5 | ) | — | (.5 | ) | |||||||||||||||
NET OTHER COMPREHENSIVE INCOME (LOSS) | — | 9.5 | — | (.5 | ) | — | 9.0 | ||||||||||||||||
COMPREHENSIVE INCOME | 851.2 | 58.6 | 30.8 | 790.2 | (865.2 | ) | 865.6 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (5.4 | ) | — | (5.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 851.2 | $ | 58.6 | $ | 30.8 | $ | 784.8 | $ | (865.2 | ) | $ | 860.2 |
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
NET INCOME | $ | 877.0 | $ | 144.1 | $ | 103.1 | $ | 1,156.4 | $ | (1,396.2 | ) | $ | 884.4 | ||||||||||
OTHER COMPREHENSIVE (LOSS) INCOME, NET | |||||||||||||||||||||||
Net change in derivative fair value | — | (23.5 | ) | — | — | — | (23.5 | ) | |||||||||||||||
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — | 15.9 | — | — | — | 15.9 | |||||||||||||||||
Other | — | — | — | 4.2 | — | 4.2 | |||||||||||||||||
NET OTHER COMPREHENSIVE (LOSS) INCOME | — | (7.6 | ) | — | 4.2 | — | (3.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME | 877.0 | 136.5 | 103.1 | 1,160.6 | (1,396.2 | ) | 881.0 | ||||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — | — | — | (7.4 | ) | — | (7.4 | ) | |||||||||||||||
COMPREHENSIVE INCOME ATTRIBUTABLE TO ENSCO | $ | 877.0 | $ | 136.5 | $ | 103.1 | $ | 1,153.2 | $ | (1,396.2 | ) | $ | 873.6 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 175.2 | $ | — | $ | 20.8 | $ | 269.4 | $ | — | $ | 465.4 | |||||||||||
Short-term investments | 880.0 | — | — | 422.0 | — | 1,302.0 | |||||||||||||||||
Accounts receivable, net | 3.8 | — | — | 348.3 | — | 352.1 | |||||||||||||||||
Accounts receivable from affiliates | 706.5 | 661.5 | .1 | 546.0 | (1,914.1 | ) | — | ||||||||||||||||
Other | .1 | 24.6 | — | 321.5 | — | 346.2 | |||||||||||||||||
Total current assets | 1,765.6 | 686.1 | 20.9 | 1,907.2 | (1,914.1 | ) | 2,465.7 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 120.2 | — | 12,801.9 | — | 12,923.9 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 59.6 | — | 1,902.8 | — | 1,964.2 | |||||||||||||||||
Property and equipment, net | — | 60.6 | — | 10,899.1 | — | 10,959.7 | |||||||||||||||||
DUE FROM AFFILIATES | 1,520.7 | 5,207.2 | 2,008.5 | 6,887.9 | (15,624.3 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 8,511.7 | 975.9 | — | — | (9,487.6 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 69.8 | — | 107.1 | — | 176.9 | |||||||||||||||||
$ | 11,798.0 | $ | 6,999.6 | $ | 2,029.4 | $ | 19,801.3 | $ | (27,026.0 | ) | $ | 13,602.3 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 50.8 | $ | 42.4 | $ | 20.0 | $ | 451.4 | $ | — | $ | 564.6 | |||||||||||
Accounts payable to affiliates | 45.6 | 643.4 | 3.4 | 1,221.7 | (1,914.1 | ) | $ | — | |||||||||||||||
Current maturities of long-term debt | 23.8 | — | 1.8 | — | — | 25.6 | |||||||||||||||||
Total current liabilities | 120.2 | 685.8 | 25.2 | 1,673.1 | (1,914.1 | ) | 590.2 | ||||||||||||||||
DUE TO AFFILIATES | 771.3 | 5,519.0 | 2,156.6 | 7,177.4 | (15,624.3 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 2,925.5 | 149.2 | 1,602.3 | — | — | 4,677.0 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | — | 1,234.1 | (1,234.1 | ) | — | |||||||||||||||||
OTHER LIABILITIES | — | 3.7 | — | 350.4 | — | 354.1 | |||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 7,981.0 | 641.9 | (2,988.8 | ) | 10,592.1 | (8,253.5 | ) | 7,972.7 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 8.3 | — | 8.3 | |||||||||||||||||
Total equity | 7,981.0 | 641.9 | (2,988.8 | ) | 10,600.4 | (8,253.5 | ) | 7,981.0 | |||||||||||||||
$ | 11,798.0 | $ | 6,999.6 | $ | 2,029.4 | $ | 19,801.3 | $ | (27,026.0 | ) | $ | 13,602.3 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2015 (in millions) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-Guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
ASSETS | |||||||||||||||||||||||
CURRENT ASSETS | |||||||||||||||||||||||
Cash and cash equivalents | $ | 94.0 | $ | — | $ | 2.0 | $ | 25.3 | $ | — | $ | 121.3 | |||||||||||
Short-term investments | 1,180.0 | — | — | — | — | $ | 1,180.0 | ||||||||||||||||
Accounts receivable, net | 1.2 | — | — | 580.8 | — | 582.0 | |||||||||||||||||
Accounts receivable from affiliates | 808.7 | 237.3 | — | 148.1 | (1,194.1 | ) | — | ||||||||||||||||
Other | .2 | 229.3 | — | 172.3 | — | 401.8 | |||||||||||||||||
Total current assets | 2,084.1 | 466.6 | 2.0 | 926.5 | (1,194.1 | ) | 2,285.1 | ||||||||||||||||
PROPERTY AND EQUIPMENT, AT COST | 1.8 | 117.5 | — | 12,600.1 | — | 12,719.4 | |||||||||||||||||
Less accumulated depreciation | 1.8 | 47.7 | — | 1,582.1 | — | 1,631.6 | |||||||||||||||||
Property and equipment, net | — | 69.8 | — | 11,018.0 | — | 11,087.8 | |||||||||||||||||
DUE FROM AFFILIATES | 1,303.7 | 5,270.0 | 2,035.5 | 6,869.9 | (15,479.1 | ) | — | ||||||||||||||||
INVESTMENTS IN AFFILIATES | 7,743.8 | — | — | — | (7,743.8 | ) | — | ||||||||||||||||
OTHER ASSETS, NET | — | 43.1 | — | 324.9 | (130.4 | ) | 237.6 | ||||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 | |||||||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | |||||||||||||||||||||||
CURRENT LIABILITIES | |||||||||||||||||||||||
Accounts payable and accrued liabilities | $ | 60.7 | $ | 69.6 | $ | 34.8 | $ | 610.4 | $ | — | $ | 775.5 | |||||||||||
Accounts payable to affiliates | 19.4 | 176.3 | — | 998.4 | (1,194.1 | ) | — | ||||||||||||||||
Total current liabilities | 80.1 | 245.9 | 34.8 | 1,608.8 | (1,194.1 | ) | 775.5 | ||||||||||||||||
DUE TO AFFILIATES | 751.9 | 4,354.3 | 1,763.7 | 8,609.2 | (15,479.1 | ) | — | ||||||||||||||||
LONG-TERM DEBT | 3,782.4 | 149.0 | 1,937.2 | — | — | 5,868.6 | |||||||||||||||||
INVESTMENTS IN AFFILIATES | — | 442.0 | 1,319.3 | — | (1,761.3 | ) | — | ||||||||||||||||
OTHER LIABILITIES | — | 135.7 | — | 443.9 | (130.4 | ) | 449.2 | ||||||||||||||||
ENSCO SHAREHOLDERS' EQUITY | 6,517.2 | 522.6 | (3,017.5 | ) | 8,473.1 | (5,982.5 | ) | 6,512.9 | |||||||||||||||
NONCONTROLLING INTERESTS | — | — | — | 4.3 | — | 4.3 | |||||||||||||||||
Total equity | 6,517.2 | 522.6 | (3,017.5 | ) | 8,477.4 | (5,982.5 | ) | 6,517.2 | |||||||||||||||
$ | 11,131.6 | $ | 5,849.5 | $ | 2,037.5 | $ | 19,139.3 | $ | (24,547.4 | ) | $ | 13,610.5 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2016 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash provided by (used in) operating activities of continuing operations | $ | 150.4 | $ | (23.6 | ) | $ | (95.3 | ) | $ | 963.3 | $ | — | $ | 994.8 | |||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Maturities of short-term investments | 1,582.0 | — | — | — | — | 1,582.0 | |||||||||||||||||
Purchases of short-term investments | (1,282.0 | ) | — | — | (422.0 | ) | — | (1,704.0 | ) | ||||||||||||||
Additions to property and equipment | — | — | — | (255.5 | ) | — | (255.5 | ) | |||||||||||||||
Purchase of affiliate debt | (237.9 | ) | — | — | — | 237.9 | — | ||||||||||||||||
Other | — | — | — | 7.7 | — | 7.7 | |||||||||||||||||
Net cash provided by (used in) investing activities of continuing operations | 62.1 | — | — | (669.8 | ) | 237.9 | (369.8 | ) | |||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Reduction of long-term borrowings | (862.4 | ) | — | — | 237.9 | (237.9 | ) | (862.4 | ) | ||||||||||||||
Proceeds from equity issuance | 585.5 | — | — | — | — | 585.5 | |||||||||||||||||
Cash dividends paid | (8.5 | ) | — | — | — | — | (8.5 | ) | |||||||||||||||
Advances from (to) affiliates | 156.1 | 23.6 | 114.1 | (293.8 | ) | — | — | ||||||||||||||||
Other | (2.0 | ) | — | — | (.3 | ) | — | (2.3 | ) | ||||||||||||||
Net cash (used in) provided by financing activities | (131.3 | ) | 23.6 | 114.1 | (56.2 | ) | (237.9 | ) | (287.7 | ) | |||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | 1.2 | — | 1.2 | |||||||||||||||||
Investing activities | — | — | — | 6.2 | — | 6.2 | |||||||||||||||||
Net cash used in discontinued operations | — | — | — | 7.4 | — | 7.4 | |||||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | (.6 | ) | — | (.6 | ) | |||||||||||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS | 81.2 | — | 18.8 | 244.1 | — | 344.1 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 94.0 | — | 2.0 | 25.3 | — | 121.3 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 175.2 | $ | — | $ | 20.8 | $ | 269.4 | $ | — | $ | 465.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Nine Months Ended September 30, 2015 (in millions) (Unaudited) | |||||||||||||||||||||||
Ensco plc | ENSCO International Incorporated | Pride International, Inc. | Other Non-guarantor Subsidiaries of Ensco | Consolidating Adjustments | Total | ||||||||||||||||||
OPERATING ACTIVITIES | |||||||||||||||||||||||
Net cash (used in) provided by operating activities of continuing operations | $ | (34.2 | ) | $ | (7.1 | ) | $ | (86.1 | ) | $ | 1,402.0 | $ | — | $ | 1,274.6 | ||||||||
INVESTING ACTIVITIES | |||||||||||||||||||||||
Additions to property and equipment | — | — | — | (1,445.8 | ) | — | (1,445.8 | ) | |||||||||||||||
Maturities of short-term investments | 712.0 | — | — | 45.3 | 757.3 | ||||||||||||||||||
Purchases of short-term investments | (850.0 | ) | — | — | — | — | (850.0 | ) | |||||||||||||||
Other | — | — | — | 1.4 | — | 1.4 | |||||||||||||||||
Net cash used in investing activities of continuing operations | (138.0 | ) | — | — | (1,399.1 | ) | — | (1,537.1 | ) | ||||||||||||||
FINANCING ACTIVITIES | |||||||||||||||||||||||
Proceeds from issuance of senior notes | 1,078.7 | — | — | — | — | 1,078.7 | |||||||||||||||||
Reduction of long-term borrowings | (1,072.5 | ) | — | — | — | — | (1,072.5 | ) | |||||||||||||||
Cash dividends paid | (105.9 | ) | — | — | — | — | (105.9 | ) | |||||||||||||||
Premium paid on redemption of debt | (30.3 | ) | — | — | — | — | (30.3 | ) | |||||||||||||||
Debt financing costs | (10.5 | ) | — | — | — | — | (10.5 | ) | |||||||||||||||
Advances (to) from affiliates | 175.0 | 7.2 | 9.9 | (192.1 | ) | — | — | ||||||||||||||||
Other | (5.2 | ) | — | — | (3.2 | ) | — | (8.4 | ) | ||||||||||||||
Net cash provided by (used in) financing activities | 29.3 | 7.2 | 9.9 | (195.3 | ) | — | (148.9 | ) | |||||||||||||||
DISCONTINUED OPERATIONS | |||||||||||||||||||||||
Operating activities | — | — | — | (12.7 | ) | — | (12.7 | ) | |||||||||||||||
Investing activities | — | — | — | (.3 | ) | — | (.3 | ) | |||||||||||||||
Net cash used in discontinued operations | — | — | — | (13.0 | ) | — | (13.0 | ) | |||||||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | — | — | — | — | — | |||||||||||||||||
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (142.9 | ) | .1 | (76.2 | ) | (205.4 | ) | — | (424.4 | ) | |||||||||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 287.4 | — | 90.8 | 286.6 | — | 664.8 | |||||||||||||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 144.5 | $ | .1 | $ | 14.6 | $ | 81.2 | $ | — | $ | 240.4 |
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