Atwood Merger (Tables)

9 Months Ended

Sep. 30, 2017

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