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Unaudited Quarterly Financial Data
 12 Months Ended
Dec. 31, 2017
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, 2017 and 2016 (in millions, except per share amounts):

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 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 4 - 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 2 - Acquisition of Atwood" for additional information.

(4) 
Fourth quarter included a bargain purchase gain of $140.2 million related to the Merger. See "Note 2 - 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.

2016
 
First 
Quarter
 
Second
Quarter
 
Third
Quarter
 
Fourth 
Quarter
 
Year
Operating revenues(1)
 
$
814.0

 
$
909.6

 
$
548.2

 
$
504.6

 
$
2,776.4

Operating expenses
 
 

 
 

 
 

 
 
 
 

Contract drilling (exclusive of depreciation)
 
363.7

 
350.2

 
298.1

 
289.0

 
1,301.0

Depreciation
 
113.3

 
112.4

 
109.4

 
110.2

 
445.3

General and administrative
 
23.4

 
27.4

 
25.3

 
24.7

 
100.8

Operating income
 
313.6

 
419.6

 
115.4

 
80.7

 
929.3

Other income (expense), net(2)
 
(64.6
)
 
209.9

 
(30.9
)
 
(46.2
)
 
68.2

Income from continuing operations before income taxes
 
249.0

 
629.5

 
84.5

 
34.5

 
997.5

Income tax expense (benefit)
 
71.4

 
36.7

 
(3.5
)
 
3.9

 
108.5

Income from continuing operations
 
177.6

 
592.8

 
88.0

 
30.6

 
889.0

Income (loss) from discontinued operations, net
 
(.9
)
 
(.2
)
 
(.7
)
 
9.9

 
8.1

Net income
 
176.7

 
592.6

 
87.3

 
40.5

 
897.1

Net income attributable to noncontrolling interests
 
(1.4
)
 
(2.0
)
 
(2.0
)
 
(1.5
)
 
(6.9
)
Net income attributable to Ensco
 
$
175.3

 
$
590.6

 
$
85.3

 
$
39.0

 
$
890.2

Earnings per share – basic and diluted
 
 

 
 

 
 

 
 

 


Continuing operations
 
$
.74

 
$
2.04

 
$
.28

 
$
.10

 
$
3.10

Discontinued operations
 
—

 
—

 
—

 
.03

 
.03

 
 
$
.74

 
$
2.04

 
$
.28

 
$
.13

 
$
3.13



(1) 
Second quarter includes lump-sum termination payments for ENSCO DS-9 and ENSCO 8503 totaling $205.0 million. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information.

(2) 
Second quarter included pre-tax gains on debt extinguishment totaling $287.8 million. See "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II for additional information.