XML 31 R18.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Supplemental Financial Information | 6 Months Ended
--- | ---
Jun. 30, 2017
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Trade | $ | 359.9 |  |  | $ | 358.4 |
Other | 28.1 |  |  | 24.5 |
| 388.0 |  |  | 382.9 |
Allowance for doubtful accounts | (21.6 | ) |  | (21.9 | )
| $ | 366.4 |  |  | $ | 361.0 |
Other current assets consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Inventory | $ | 219.2 |  |  | $ | 225.2 |
Prepaid taxes | 41.1 |  |  | 30.7 |
Deferred costs | 26.9 |  |  | 32.4 |
Prepaid expenses | 11.0 |  |  | 7.9 |
Other | 17.2 |  |  | 19.8 |
| $ | 315.4 |  |  | $ | 316.0 |
Other assets, net, consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Deferred tax assets | $ | 63.5 |  |  | $ | 69.3 |
Deferred costs | 30.8 |  |  | 35.7 |
Supplemental executive retirement plan assets | 29.4 |  |  | 27.7 |
Prepaid taxes on intercompany transfers of property | — |  |  | 33.0 |
Other | 9.4 |  |  | 10.2 |
| $ | 133.1 |  |  | $ | 175.9 |
Accrued liabilities and other consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Deferred revenue | $ | 100.1 |  |  | $ | 116.7 |
Accrued interest | 85.2 |  |  | 71.7 |
Personnel costs | 82.1 |  |  | 124.0 |
Taxes | 38.3 |  |  | 40.7 |
Derivative liabilities | 1.9 |  |  | 12.7 |
Other | 7.4 |  |  | 10.8 |
| $ | 315.0 |  |  | $ | 376.6 |
Other liabilities consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 138.5 |  |  | $ | 142.9 |
Deferred revenue | 80.5 |  |  | 120.9 |
Supplemental executive retirement plan liabilities | 30.3 |  |  | 28.9 |
Personnel costs | 13.8 |  |  | 13.5 |
Other | 22.8 |  |  | 16.3 |
| $ | 285.9 |  |  | $ | 322.5 |
Accumulated other comprehensive income consisted of the following (in millions):
| June 30, 2017 |  | December 31, 2016
Derivative instruments | $ | 20.8 |  |  | $ | 13.6 |
Currency translation adjustment | 7.8 |  |  | 7.6 |
Other | (1.7 | ) |  | (2.2 | )
| $ | 26.9 |  |  | $ | 19.0 |
Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, our short-term investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. We mitigate our credit risk relating to cash and cash equivalents by focusing on diversification and quality of instruments. Cash equivalents consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to derivative counterparties through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. See "Note 3 - Derivative Instruments" for additional information on our derivatives. Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Total(1) | 22 | % |  | 13 | % |  | 22 | % |  | 14 | %
BP (2) | 15 | % |  | 10 | % |  | 15 | % |  | 12 | %
Petrobras(1) | 11 | % |  | 9 | % |  | 10 | % |  | 12 | %
ConocoPhillips(3) | 2 | % |  | 23 | % |  | 2 | % |  | 15 | %
Other | 50 | % |  | 45 | % |  | 51 | % |  | 47 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
(1) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Floater segment.
(2) | During the three-month periods ended June 30, 2017 and 2016, 79% and 75% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment. During the six-month periods ended June 30, 2017 and 2016, 79% and 76% of the revenues provided by BP, respectively, were attributable to our Floaters segment and no revenue was attributable to our Jackups segment.
(3) | During the three-month and six-month periods ended June 30, 2016, excluding the impact of the lump-sum termination payment of $185.0 million for ENSCO DS-9, revenues from ConocoPhillips represented 3% and 4%, respectively, of our consolidated revenues.
Consolidated revenues by region for the three-month and six-month periods ended June 30, 2017 and 2016 were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2017 |  | 2016 |  | 2017 |  | 2016
Angola(1) | $ | 115.9 |  |  | $ | 132.4 |  |  | $ | 237.6 |  |  | $ | 268.6 |
Australia(2) | 55.3 |  |  | 62.3 |  |  | 109.9 |  |  | 124.8 |
Egypt(3) | 53.4 |  |  | 36.5 |  |  | 106.6 |  |  | 36.5 |
Brazil(3) | 48.7 |  |  | 81.7 |  |  | 96.5 |  |  | 202.7 |
United Kingdom(4) | 36.7 |  |  | 69.7 |  |  | 67.9 |  |  | 143.5 |
U.S. Gulf of Mexico(5)(6) | 33.0 |  |  | 304.5 |  |  | 77.3 |  |  | 464.7 |
Other | 114.5 |  |  | 222.5 |  |  | 232.8 |  |  | 482.8 |
| $ | 457.5 |  |  | $ | 909.6 |  |  | $ | 928.6 |  |  | $ | 1,723.6 |
(1) | During the three-month periods ended June 30, 2017 and 2016, 87% and 88% of the revenues earned in Angola, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016, 86% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment.
(2) | During the three-month and six-month periods ended June 30, 2017, 78% of the revenues earned in Australia were attributable to our Floaters segment. For the three-month and six-month periods ended June 30, 2016, all revenues were attributable to our Floaters segment.
(3) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Floaters segment.
(4) | During the three-month and six-month periods ended June 30, 2017 and 2016, all revenues were attributable to our Jackups segment.
(5) | During the three-month periods ended June 30, 2017 and 2016, 46% and 3% of the revenues earned, respectively, were attributable to our Jackups segment and 10% and 92% of the revenues earned, respectively, were attributable to our Floaters segment. During the six-month period ended June 30, 2017 and 2016, 37% and 4% of the revenues earned, respectively, were attributable to our Jackups segment and 25% and 89% earned, respectively, were attributable to our Floaters segment.
(6) | Revenue recognized during the three-month and six-month periods ended June 30, 2016 related to the U.S. Gulf of Mexico included termination fees totaling $205.0 million 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.

X
- Definition Supplemental Financial Information [Abstract] + References No definition available. + Details
Name: | esv_SupplementalFinancialInformationAbstract
Namespace Prefix: | esv_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosures of supplemental information, including descriptions and amounts, related to the balance sheet, income statement, and/or cash flow statement. + References No definition available. + Details
Name: | us-gaap_AdditionalFinancialInformationDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration