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Atwood Merger (Tables) | 9 Months Ended
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Sep. 30, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Merger Date and are as follows (in millions):
| Estimated Fair Value
Assets: |
Cash and cash equivalents(1) | $ | 445.4 |
Accounts receivable(2) | 59.4 |
Other current assets | 115.9 |
Property and equipment | 1,776.1 |
Other assets | 26.0 |
Liabilities: |
Debt(1) | 1,305.9 |
Other liabilities | 167.1 |
Net assets acquired | 949.8 |
Less: merger consideration | (782.0 | )
Bargain purchase gain | $ | 167.8 |
(1) Upon closing of the Merger, we utilized acquired cash of $445.4 million and cash on hand from the liquidation of short-term investments to repay Atwood's debt and accrued interest of $1.3 billion. (2) Gross contractual amounts receivable totaled $61.8 million as of the Merger Date.
Business Acquisition, Pro Forma Information | The following unaudited supplemental pro forma results present consolidated information as if the Merger was completed on January 1, 2016. The pro forma results include, among others, (i) the amortization associated with acquired intangible assets and liabilities, (ii) a reduction in depreciation expense for adjustments to property and equipment and (iii) a reduction to interest expense resulting from the retirement of Atwood's revolving credit facility and 6.50% senior notes due 2020. The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Merger.
(in millions, except per share amounts) | Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2017 | 2016 |  | 2017 | 2016
Revenues | $ | 561.2 |  | $ | 732.2 |  |  | $ | 1,769.8 |  | $ | 2,960.8 |
Net income | (14.3 | ) | 136.0 |  |  | (24.0 | ) | 1,196.9 |
Earnings per share - basic and diluted | (0.03 | ) | 0.31 |  |  | (0.06 | ) | 2.95 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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