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Discontinued Operations | 12 Months Ended
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Dec. 31, 2015
Discontinued Operations and Disposal Groups [Abstract] |
Discontinued Operations | DISCONTINUED OPERATIONS Our business strategy has been to focus on ultra-deepwater floater and premium jackup operations. We continually assess our rig portfolio and actively work with our rig broker to market certain rigs that no longer meet our standards for economic returns or are not part of our long-term strategic plan. Consistent with this strategy, we sold the following rigs during the three-year period ended December 31, 2015 (in millions):
Rig(3) |  | Date of Rig Sale |  | Segment(1) |  | Net Proceeds |  | Net Book Value(2) |  | Pre-tax(Loss)/Gain
ENSCO 5001 |  | December 2015 |  | Floaters |  | $ | 2.4 |  |  | $ | 2.5 |  |  | $ | (.1 | )
ENSCO 5002 |  | June 2015 |  | Floaters |  | 1.6 |  |  | — |  |  | 1.6 |
ENSCO 5000 |  | December 2014 |  | Floaters |  | 1.3 |  |  | .5 |  |  | .8 |
ENSCO 93 |  | September 2014 |  | Jackups |  | 51.7 |  |  | 52.9 |  |  | (1.2 | )
ENSCO 85 |  | April 2014 |  | Jackups |  | 64.4 |  |  | 54.1 |  |  | 10.3 |
ENSCO 69 & Pride Wisconsin |  | January 2014 |  | Jackups |  | 32.2 |  |  | 8.6 |  |  | 23.6 |
Pride Pennsylvania |  | March 2013 |  | Jackups |  | 15.5 |  |  | 15.7 |  |  | (.2 | )
|  |  |  |  |  | $ | 169.1 |  |  | $ | 134.3 |  |  | $ | 34.8 |
(1) The rigs' operating results were reclassified to discontinued operations in our consolidated statements of operations for each of the years in the three-year period ended December 31, 2015 and were previously included within the operating segment noted in the above table. (2) Includes the rig's net book value as well as inventory and other assets on the date of the sale. (3) In September 2014, we sold jackup rigs ENSCO 83, ENSCO 89, ENSCO 93 and ENSCO 98, all of which are contracted to Pemex. As described below, the loss on sale and operating results of ENSCO 93 were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015. Due to our long-term charter agreements with the purchaser, ENSCO 83, ENSCO 89 and ENSCO 98 operating results were included in income from continuing operations. During 2014, we committed to a plan to sell six floaters and two jackups. ENSCO 5000, ENSCO 5001, ENSCO 5002, ENSCO 6000, ENSCO 7500, ENSCO DS-2, ENSCO 58 and ENSCO 90 were removed from our portfolio of rigs marketed for contract drilling services. The operating results from these rigs were included in loss from discontinued operations, net in our consolidated statement of operations for the three-year period ended December 31, 2015. On a quarterly basis, we reassess the fair values of our held-for-sale rigs to determine whether any adjustments to the carrying values are necessary. We recorded a non-cash loss on impairment totaling $120.6 million (net of tax benefits of $28.0 million) and $1.2 billion (net of tax benefits of $83.5 million), for the years ended December 31, 2015 and 2014, respectively, as a result of declines in the estimated fair values of our held-for-sale rigs. The loss on impairment was included in loss from discontinued operations, net, in our consolidated statement of operations for the years ended December 31, 2015 and 2014, respectively. We measured the fair value of held-for-sale rigs by applying a market approach, which was based on an unobservable third-party estimated price that would be received in exchange for the assets in an orderly transaction between market participants. During 2015, we sold ENSCO 5001 and ENSCO 5002 for net proceeds of $2.4 million and $1.6 million, respectively, which were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2015. During 2014, we sold ENSCO 5000 for net proceeds of $1.3 million, which was included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. The remaining three floaters and two jackups that are included in discontinued operations are being actively marketed for sale and were classified as held-for-sale on our December 31, 2015 consolidated balance sheet. During 2014, we sold ENSCO 93, a jackup contracted to Pemex. In connection with this sale, we executed a charter agreement with the purchaser to continue operating the rig for the remainder of the Pemex contract, which ended in July 2015, less than one year from the date of sale. Our management services following the sale did not constitute significant ongoing involvement and therefore, the $1.2 million loss on sale was included in loss from discontinued operations, net, in our consolidated statement of operations for the year ended December 31, 2014. ENSCO 93 operating results were included in loss from discontinued operations, net, in our consolidated statement of operations for the three-year period ended December 31, 2015. Net proceeds from the sale of $51.7 million were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. See "Note 12 - Sale-leaseback" for additional information. During 2014, we sold ENSCO 85 for net proceeds of $64.4 million and ENSCO 69 and Pride Wisconsin for net proceeds of $32.2 million. The operating results of these rigs were included in loss from discontinued operations, net, in our consolidated statement of operations. The net proceeds from the sale of ENSCO 85 were included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2014. The net proceeds from the sale of ENSCO 69 and Pride Wisconsin were received in December 2013 and included in investing activities of discontinued operations in our consolidated statement of cash flows for the year ended December 31, 2013. The following table summarizes (loss) income from discontinued operations for each of the years in the three-year period ended December 31, 2015 (in millions):
|  | 2015 |  | 2014 |  | 2013
Revenues |  | $ | 19.5 |  |  | $ | 325.0 |  |  | $ | 596.4 |
Operating expenses |  | 39.5 |  |  | 372.0 |  |  | 577.6 |
Operating (loss) income |  | (20.0 | ) |  | (47.0 | ) |  | 18.8 |
Other income |  | — |  |  | — |  |  | .3 |
Income tax benefit (expense) |  | 7.7 |  |  | (30.7 | ) |  | (20.2 | )
Loss on impairment, net |  | (120.6 | ) |  | (1,158.8 | ) |  | — |
Gain (loss) on disposal of discontinued operations, net |  | 4.3 |  |  | 37.3 |  |  | (1.1 | )
Loss from discontinued operations |  | $ | (128.6 | ) |  | $ | (1,199.2 | ) |  | $ | (2.2 | )
Income tax benefit (expense) from discontinued operations for the year ended December 31, 2015 included $12.6 million of discrete tax benefits. Debt and interest expense are not allocated to our discontinued operations.

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- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=51716988&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721675-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51719941&loc=SL51724579-110230 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721663-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51719941&loc=d3e2941-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1361-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721673-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721659-107760 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721671-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721677-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=51717284&loc=d3e1474-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=51717284&loc=SL51721683-107760 + Details
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