XML 36 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Unaudited Quarterly Financial Data
 12 Months Ended
Dec. 31, 2018
Quarterly Financial Data [Abstract]  
Unaudited Quarterly Financial Data
UNAUDITED QUARTERLY FINANCIAL DATA

The following tables summarize our unaudited quarterly condensed consolidated income statement data for the years ended December 31, 2018 and 2017 (in millions, except per share amounts):

 
 
2018
 
 
First 
Quarter  
 
Second
Quarter
 
Third
Quarter
 
Fourth 
Quarter
 
Year
Operating revenues
 
$
417.0

 
$
458.5

 
$
430.9

 
$
399.0

 
$
1,705.4

Operating expenses
 
 
 
 

 
 

 
 

 
 

Contract drilling (exclusive of depreciation)
 
325.2

 
344.3

 
327.1

 
322.8

 
1,319.4

Loss on impairment(1)
 
—

 
—

 
—

 
40.3

 
40.3

Depreciation
 
115.2

 
120.7

 
120.6

 
122.4

 
478.9

General and administrative
 
27.9

 
26.1

 
25.1

 
23.6

 
102.7

Operating loss
 
(51.3
)
 
(32.6
)
 
(41.9
)
 
(110.1
)
 
(235.9
)
Other expense, net
 
(70.7
)
 
(84.8
)
 
(77.7
)
 
(69.8
)
 
(303.0
)
Loss from continuing operations before income taxes
 
(122.0
)
 
(117.4
)
 
(119.6
)
 
(179.9
)
 
(538.9
)
Income tax expense
 
18.4

 
24.7

 
23.3

 
23.2

 
89.6

Loss from continuing operations
 
(140.4
)
 
(142.1
)
 
(142.9
)
 
(203.1
)
 
(628.5
)
Loss from discontinued operations, net
 
(.1
)
 
(8.0
)
 
—

 
—

 
(8.1
)
Net loss
 
(140.5
)
 
(150.1
)
 
(142.9
)
 
(203.1
)
 
(636.6
)
Net (income) loss attributable to noncontrolling interests
 
.4

 
(.9
)
 
(2.1
)
 
(.5
)
 
(3.1
)
Net loss attributable to Ensco
 
$
(140.1
)
 
$
(151.0
)
 
$
(145.0
)
 
$
(203.6
)
 
$
(639.7
)
Loss per share – basic and diluted
 
 

 
 

 
 

 
 

 


Continuing operations
 
$
(.32
)
 
$
(.33
)
 
$
(.33
)
 
$
(.47
)
 
$
(1.45
)
Discontinued operations
 
—

 
(.02
)
 
—

 
—

 
(.02
)
 
 
$
(.32
)
 
$
(.35
)
 
$
(.33
)
 
$
(.47
)
 
$
(1.47
)


(1) 
Fourth quarter included an aggregate loss of $40.3 million associated with the impairment of an older, non-core jackup rig. See "Note 5 - Property and Equipment" for additional information.






 
 
2017
 
 
First 
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth 
Quarter
 
Year
Operating revenues
 
$
471.1

 
$
457.5

 
$
460.2

 
$
454.2

 
$
1,843.0

Operating expenses
 
 

 
 

 
 

 
 
 
 

Contract drilling (exclusive of depreciation)(1)
 
278.1

 
291.3

 
285.8

 
334.3

 
1,189.5

Loss on impairment(2)
 
—

 
—

 
—

 
182.9

 
182.9

Depreciation
 
109.2

 
107.9

 
108.2

 
119.5

 
444.8

General and administrative(3)
 
26.0

 
30.5

 
30.4

 
70.9

 
157.8

Operating income (loss)
 
57.8

 
27.8

 
35.8

 
(253.4
)
 
(132.0
)
Other income (expense), net(4)
 
(57.7
)
 
(53.2
)
 
(40.4
)
 
87.3

 
(64.0
)
Income (loss) from continuing operations before income taxes
 
.1

 
(25.4
)
 
(4.6
)
 
(166.1
)
 
(196.0
)
Income tax expense(5)
 
24.1

 
19.3

 
23.4

 
42.4

 
109.2

Loss from continuing operations
 
(24.0
)
 
(44.7
)
 
(28.0
)
 
(208.5
)
 
(305.2
)
Income (loss) from discontinued operations, net
 
(.6
)
 
.4

 
(.2
)
 
1.4

 
1.0

Net loss
 
(24.6
)
 
(44.3
)
 
(28.2
)
 
(207.1
)
 
(304.2
)
Net (income) loss attributable to noncontrolling interests
 
(1.1
)
 
(1.2
)
 
2.8

 
—

 
.5

Net loss attributable to Ensco
 
$
(25.7
)
 
$
(45.5
)
 
$
(25.4
)
 
$
(207.1
)
 
$
(303.7
)
Loss per share – basic and diluted
 
 

 
 

 
 

 
 

 


Continuing operations
 
$
(.09
)
 
$
(.15
)
 
$
(.08
)
 
$
(.49
)
 
$
(.91
)
Discontinued operations
 
—

 
—

 
—

 
—

 
—

 
 
$
(.09
)
 
$
(.15
)
 
$
(.08
)
 
$
(.49
)
 
$
(.91
)


(1) 
Fourth quarter included $7.0 million of integration costs associated with the Atwood Merger. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information.

(2) 
Fourth quarter included an aggregate loss of $182.9 million associated with the impairment of certain rigs. See "Note 5 - Property and Equipment" for additional information.

(3) 
Fourth quarter included integration costs of $30.9 million and merger-related costs consisting of various advisory, legal, accounting, valuation and other professional or consulting fees totaling $11.5 million. See "Note 3 - Acquisition of Atwood" for additional information.

(4) 
Fourth quarter included a bargain purchase gain of $140.2 million related to the Atwood Merger. See "Note 3 - Acquisition of Atwood" for additional information.

(5) 
Fourth quarter included net discrete tax expense of $16.5 million in connection with enactment of U.S. tax reform. See "Note 10 - Income taxes" for additional information.