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Guarantee Of Registered Securities | 3 Months Ended
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Mar. 31, 2018
Guarantees [Abstract] |
Guarantee Of Registered Securities | Guarantee of Registered Securities In connection with the Pride acquisition, Ensco plc and Pride entered into a supplemental indenture to the indenture dated as of July 1, 2004, between Pride and the Bank of New York Mellon, as indenture trustee, providing for, among other matters, the full and unconditional guarantee by Ensco plc of Pride’s 6.875% unsecured senior notes due 2020 and 7.875% unsecured senior notes due 2040, which had an aggregate outstanding principal balance of $422.9 million as of March 31, 2018. The Ensco plc guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Ensco plc is also a full and unconditional guarantor of the 7.2% debentures due 2027 issued by ENSCO International Incorporated during 1997, which had an aggregate outstanding principal balance of $150.0 million as of March 31, 2018. Pride and Ensco International Incorporated are 100% owned subsidiaries of Ensco plc. All guarantees are unsecured obligations of Ensco plc ranking equal in right of payment with all of its existing and future unsecured and unsubordinated indebtedness. The following tables present the unaudited condensed consolidating statements of operations for the three month periods ended March 31, 2018 and 2017; the unaudited condensed consolidating statements of comprehensive income (loss) for the three month periods ended March 31, 2018 and 2017; the condensed consolidating balance sheets as of March 31, 2018 (unaudited) and December 31, 2017; and the unaudited condensed consolidating statements of cash flows for the three month periods ended March 31, 2018 and 2017, in accordance with Rule 3-10 of Regulation S-X.
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2018 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 12.3 |  |  | $ | 40.3 |  |  | $ | — |  |  | $ | 443.5 |  |  | $ | (79.1 | ) |  | $ | 417.0 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 13.4 |  |  | 36.6 |  |  | — |  |  | 354.3 |  |  | (79.1 | ) |  | 325.2 |
Depreciation | — |  |  | 3.5 |  |  | — |  |  | 111.7 |  |  | — |  |  | 115.2 |
General and administrative | 10.2 |  |  | .2 |  |  | — |  |  | 17.5 |  |  | — |  |  | 27.9 |
OPERATING LOSS | (11.3 | ) |  | — |  |  | — |  |  | (40.0 | ) |  | — |  |  | (51.3 | )
OTHER INCOME (EXPENSE), NET | 5.6 |  |  | (28.0 | ) |  | (30.3 | ) |  | (33.4 | ) |  | 15.4 |  |  | (70.7 | )
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (5.7 | ) |  | (28.0 | ) |  | (30.3 | ) |  | (73.4 | ) |  | 15.4 |  |  | (122.0 | )
INCOME TAX PROVISION | — |  |  | 4.3 |  |  | — |  |  | 14.1 |  |  | — |  |  | 18.4 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
EQUITY IN EARNINGS (LOSSES) OF AFFILIATES, NET OF TAX | (134.4 | ) |  | 20.8 |  |  | 23.4 |  |  | — |  |  | 90.2 |  |  | — |
NET LOSS | (140.1 | ) |  | (11.5 | ) |  | (6.9 | ) |  | (87.6 | ) |  | 105.6 |  |  | (140.5 | )
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | .4 |  |  | — |  |  | .4 |
NET LOSS ATTRIBUTABLE TO ENSCO | $ | (140.1 | ) |  | $ | (11.5 | ) |  | $ | (6.9 | ) |  | $ | (87.2 | ) |  | $ | 105.6 |  |  | $ | (140.1 | )
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended March 31, 2017 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 12.7 |  |  | $ | 46.0 |  |  | $ | — |  |  | $ | 500.7 |  |  | $ | (88.3 | ) |  | $ | 471.1 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 11.3 |  |  | 42.0 |  |  | — |  |  | 313.1 |  |  | (88.3 | ) |  | 278.1 |
Depreciation | — |  |  | 4.2 |  |  | — |  |  | 105.0 |  |  | — |  |  | 109.2 |
General and administrative | 11.5 |  |  | .1 |  |  | — |  |  | 14.4 |  |  | — |  |  | 26.0 |
OPERATING INCOME (LOSS) | (10.1 | ) |  | (.3 | ) |  | — |  |  | 68.2 |  |  | — |  |  | 57.8 |
OTHER INCOME (EXPENSE), NET | (6.5 | ) |  | (31.3 | ) |  | (18.7 | ) |  | (7.7 | ) |  | 6.5 |  |  | (57.7 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (16.6 | ) |  | (31.6 | ) |  | (18.7 | ) |  | 60.5 |  |  | 6.5 |  |  | 0.1 |
INCOME TAX PROVISION | — |  |  | 14.6 |  |  | — |  |  | 9.5 |  |  | — |  |  | 24.1 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (.6 | ) |  | — |  |  | (.6 | )
EQUITY IN EARNINGS (LOSSES) OF AFFILIATES, NET OF TAX | (9.1 | ) |  | 54.9 |  |  | 26.3 |  |  | — |  |  | (72.1 | ) |  | — |
NET INCOME (LOSS) | (25.7 | ) |  | 8.7 |  |  | 7.6 |  |  | 50.4 |  |  | (65.6 | ) |  | (24.6 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.1 | ) |  | — |  |  | (1.1 | )
NET INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | (25.7 | ) |  | $ | 8.7 |  |  | $ | 7.6 |  |  | $ | 49.3 |  |  | $ | (65.6 | ) |  | $ | (25.7 | )
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended March 31, 2018 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
NET LOSS | $ | (140.1 | ) |  | $ | (11.5 | ) |  | $ | (6.9 | ) |  | $ | (87.6 | ) |  | $ | 105.6 |  |  | $ | (140.5 | )
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives | — |  |  | 2.7 |  |  | — |  |  | — |  |  | — |  |  | 2.7 |
Reclassification of net gains on derivative instruments from other comprehensive income into net income | — |  |  | (2.2 | ) |  | — |  |  | — |  |  | — |  |  | (2.2 | )
Other | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
NET OTHER COMPREHENSIVE INCOME (LOSS) | — |  |  | .5 |  |  | — |  |  | (.1 | ) |  | — |  |  | .4 |
COMPREHENSIVE LOSS | (140.1 | ) |  | (11.0 | ) |  | (6.9 | ) |  | (87.7 | ) |  | 105.6 |  |  | (140.1 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | .4 |  |  | — |  |  | .4 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO ENSCO | $ | (140.1 | ) |  | $ | (11.0 | ) |  | $ | (6.9 | ) |  | $ | (87.3 | ) |  | $ | 105.6 |  |  | $ | (139.7 | )
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended March 31, 2017 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (25.7 | ) |  | $ | 8.7 |  |  | $ | 7.6 |  |  | $ | 50.4 |  |  | $ | (65.6 | ) |  | $ | (24.6 | )
OTHER COMPREHENSIVE INCOME, NET |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives | — |  |  | 3.1 |  |  | — |  |  | — |  |  | — |  |  | 3.1 |
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — |  |  | .9 |  |  | — |  |  | — |  |  | — |  |  | .9 |
Other | — |  |  | — |  |  | — |  |  | .5 |  |  | — |  |  | .5 |
NET OTHER COMPREHENSIVE INCOME | — |  |  | 4.0 |  |  | — |  |  | .5 |  |  | — |  |  | 4.5 |
COMPREHENSIVE INCOME (LOSS) | (25.7 | ) |  | 12.7 |  |  | 7.6 |  |  | 50.9 |  |  | (65.6 | ) |  | (20.1 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.1 | ) |  | — |  |  | (1.1 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO ENSCO | $ | (25.7 | ) |  | $ | 12.7 |  |  | $ | 7.6 |  |  | $ | 49.8 |  |  | $ | (65.6 | ) |  | $ | (21.2 | )
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS March 31, 2018 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 321.8 |  |  | $ | — |  |  | $ | 14.5 |  |  | $ | 129.1 |  |  | $ | — |  |  | $ | 465.4 |
Short-term investments | 399.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 399.0 |
Accounts receivable, net | 2.6 |  |  | .6 |  |  | — |  |  | 300.9 |  |  | — |  |  | 304.1 |
Accounts receivable from affiliates | 993.8 |  |  | 387.1 |  |  | .7 |  |  | 379.7 |  |  | (1,761.3 | ) |  | — |
Other | .3 |  |  | 7.9 |  |  | — |  |  | 402.0 |  |  | — |  |  | 410.2 |
Total current assets | 1,717.5 |  |  | 395.6 |  |  | 15.2 |  |  | 1,211.7 |  |  | (1,761.3 | ) |  | 1,578.7 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 122.9 |  |  | — |  |  | 15,283.6 |  |  | — |  |  | 15,408.3 |
Less accumulated depreciation | 1.8 |  |  | 80.6 |  |  | — |  |  | 2,491.1 |  |  | — |  |  | 2,573.5 |
Property and equipment, net | — |  |  | 42.3 |  |  | — |  |  | 12,792.5 |  |  | — |  |  | 12,834.8 |
DUE FROM AFFILIATES | 3,081.7 |  |  | 2,682.2 |  |  | 167.3 |  |  | 4,322.7 |  |  | (10,253.9 | ) |  | — |
INVESTMENTS IN AFFILIATES | 8,970.7 |  |  | 3,612.7 |  |  | 1,130.0 |  |  | — |  |  | (13,713.4 | ) |  | — |
OTHER ASSETS, NET | 10.5 |  |  | — |  |  | — |  |  | 226.0 |  |  | (116.3 | ) |  | 120.2 |
| $ | 13,780.4 |  |  | $ | 6,732.8 |  |  | $ | 1,312.5 |  |  | $ | 18,552.9 |  |  | $ | (25,844.9 | ) |  | $ | 14,533.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 60.8 |  |  | $ | 21.1 |  |  | $ | 4.1 |  |  | $ | 487.3 |  |  | $ | — |  |  | $ | 573.3 |
Accounts payable to affiliates | 46.9 |  |  | 390.4 |  |  | 8.9 |  |  | 1,315.1 |  |  | (1,761.3 | ) |  | — |
Total current liabilities | 107.7 |  |  | 411.5 |  |  | 13.0 |  |  | 1,802.4 |  |  | (1,761.3 | ) |  | 573.3 |
DUE TO AFFILIATES | 1,410.0 |  |  | 3,560.2 |  |  | 1,398.0 |  |  | 3,885.7 |  |  | (10,253.9 | ) |  | — |
LONG-TERM DEBT | 3,671.6 |  |  | 149.2 |  |  | 505.9 |  |  | 660.6 |  |  | — |  |  | 4,987.3 |
OTHER LIABILITIES | — |  |  | 6.6 |  |  | — |  |  | 491.7 |  |  | (116.3 | ) |  | 382.0 |
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,591.1 |  |  | 2,605.3 |  |  | (604.4 | ) |  | 11,715.0 |  |  | (13,713.4 | ) |  | 8,593.6 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.5 | ) |  | — |  |  | (2.5 | )
Total equity | 8,591.1 |  |  | 2,605.3 |  |  | (604.4 | ) |  | 11,712.5 |  |  | (13,713.4 | ) |  | 8,591.1 |
| $ | 13,780.4 |  |  | $ | 6,732.8 |  |  | $ | 1,312.5 |  |  | $ | 18,552.9 |  |  | $ | (25,844.9 | ) |  | $ | 14,533.7 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2017 (in millions)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 185.2 |  |  | $ | — |  |  | $ | 25.6 |  |  | $ | 234.6 |  |  | $ | — |  |  | $ | 445.4 |
Short-term investments | 440.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 440.0 |
Accounts receivable, net | 6.9 |  |  | .4 |  |  | — |  |  | 338.1 |  |  | — |  |  | 345.4 |
Accounts receivable from affiliates | 351.8 |  |  | 492.7 |  |  | — |  |  | 424.3 |  |  | (1,268.8 | ) |  | — |
Other | — |  |  | 8.8 |  |  | — |  |  | 372.4 |  |  | — |  |  | 381.2 |
Total current assets | 983.9 |  |  | 501.9 |  |  | 25.6 |  |  | 1,369.4 |  |  | (1,268.8 | ) |  | 1,612.0 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 120.8 |  |  | — |  |  | 15,209.5 |  |  | — |  |  | 15,332.1 |
Less accumulated depreciation | 1.8 |  |  | 77.1 |  |  | — |  |  | 2,379.5 |  |  | — |  |  | 2,458.4 |
Property and equipment, net | — |  |  | 43.7 |  |  | — |  |  | 12,830.0 |  |  | — |  |  | 12,873.7 |
DUE FROM AFFILIATES | 3,002.1 |  |  | 2,618.0 |  |  | 165.1 |  |  | 3,736.1 |  |  | (9,521.3 | ) |  | — |
INVESTMENTS IN AFFILIATES | 9,098.5 |  |  | 3,591.9 |  |  | 1,106.6 |  |  | — |  |  | (13,797.0 | ) |  | — |
OTHER ASSETS, NET | 12.9 |  |  | 5.0 |  |  | — |  |  | 226.5 |  |  | (104.2 | ) |  | 140.2 |
| $ | 13,097.4 |  |  | $ | 6,760.5 |  |  | $ | 1,297.3 |  |  | $ | 18,162.0 |  |  | $ | (24,691.3 | ) |  | $ | 14,625.9 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 55.4 |  |  | $ | 39.0 |  |  | $ | 21.7 |  |  | $ | 642.4 |  |  | $ | — |  |  | $ | 758.5 |
Accounts payable to affiliates | 67.3 |  |  | 458.3 |  |  | 12.4 |  |  | 730.8 |  |  | (1,268.8 | ) |  | — |
Total current liabilities | 122.7 |  |  | 497.3 |  |  | 34.1 |  |  | 1,373.2 |  |  | (1,268.8 | ) |  | 758.5 |
DUE TO AFFILIATES | 1,402.9 |  |  | 3,559.2 |  |  | 753.9 |  |  | 3,805.3 |  |  | (9,521.3 | ) |  | — |
LONG-TERM DEBT | 2,841.8 |  |  | 149.2 |  |  | 1,106.0 |  |  | 653.7 |  |  | — |  |  | 4,750.7 |
OTHER LIABILITIES | — |  |  | 3.1 |  |  | — |  |  | 487.8 |  |  | (104.2 | ) |  | 386.7 |
ENSCO SHAREHOLDERS' EQUITY (DEFICIT) | 8,730.0 |  |  | 2,551.7 |  |  | (596.7 | ) |  | 11,844.1 |  |  | (13,797.0 | ) |  | 8,732.1 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.1 | ) |  | — |  |  | (2.1 | )
Total equity | 8,730.0 |  |  | 2,551.7 |  |  | (596.7 | ) |  | 11,842.0 |  |  | (13,797.0 | ) |  | 8,730.0 |
| $ | 13,097.4 |  |  | $ | 6,760.5 |  |  | $ | 1,297.3 |  |  | $ | 18,162.0 |  |  | $ | (24,691.3 | ) |  | $ | 14,625.9 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2018 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities | $ | 18.0 |  |  | $ | (36.9 | ) |  | $ | (45.0 | ) |  | $ | 103.4 |  |  | $ | — |  |  | $ | 39.5 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Maturities of short-term investments | 390.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 390.0 |
Purchases of short-term investments | (349.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (349.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (269.3 | ) |  | — |  |  | (269.3 | )
Purchase of affiliate debt | (552.5 | ) |  | — |  |  | — |  |  | — |  |  | 552.5 |  |  | — |
Sale of affiliate debt | 479.0 |  |  | — |  |  | — |  |  | — |  |  | (479.0 | ) |  | — |
Other | — |  |  | — |  |  | — |  |  | .1 |  |  | — |  |  | .1 |
Net cash used in investing activities | (32.5 | ) |  | — |  |  | — |  |  | (269.2 | ) |  | 73.5 |  |  | (228.2 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,000.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000.0 |
Reduction of long-term borrowings | (159.7 | ) |  | — |  |  | (537.8 | ) |  | — |  |  | (73.5 | ) |  | (771.0 | )
Debt financing costs | (16.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (16.8 | )
Cash dividends paid | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Advances from (to) affiliates | (666.7 | ) |  | 36.9 |  |  | 571.7 |  |  | 58.1 |  |  | — |  |  | — |
Other | (1.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (1.2 | )
Net cash provided by (used in) financing activities | 151.1 |  |  | 36.9 |  |  | 33.9 |  |  | 58.1 |  |  | (73.5 | ) |  | 206.5 |
Net cash provided by discontinued operations | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | (.3 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 136.6 |  |  | — |  |  | (11.1 | ) |  | (105.5 | ) |  | — |  |  | 20.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 185.2 |  |  | — |  |  | 25.6 |  |  | 234.6 |  |  | — |  |  | 445.4 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 321.8 |  |  | $ | — |  |  | $ | 14.5 |  |  | $ | 129.1 |  |  | $ | — |  |  | $ | 465.4 |
ENSCO PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Three Months Ended March 31, 2017 (in millions) (Unaudited)
| Ensco plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Ensco |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities of continuing operations | $ | 0.2 |  |  | $ | (19.5 | ) |  | $ | (41.3 | ) |  | $ | 165.2 |  |  | $ | — |  |  | $ | 104.6 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of short-term investments | (965.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (965.0 | )
Maturities of short-term investments | 330.0 |  |  | — |  |  | — |  |  | 272.0 |  |  | — |  |  | 602.0 |
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (282.6 | ) |  | — |  |  | (282.6 | )
Repurchase of affiliate debt | (151.1 | ) |  | — |  |  | — |  |  | — |  |  | 151.1 |  |  | — |
Other | — |  |  | — |  |  | — |  |  | .2 |  |  | — |  |  | .2 |
Net cash provided by (used in) investing activities of continuing operations | (786.1 | ) |  | — |  |  | — |  |  | (10.4 | ) |  | 151.1 |  |  | (645.4 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduction of long-term borrowings | (185.5 | ) |  | — |  |  | — |  |  | — |  |  | (151.1 | ) |  | (336.6 | )
Debt financing costs | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Cash dividends paid | (3.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (3.2 | )
Advances from (to) affiliates | 268.2 |  |  | 19.5 |  |  | 37.0 |  |  | (324.7 | ) |  | — |  |  | — |
Other | (1.5 | ) |  | — |  |  | — |  |  | (.9 | ) |  | — |  |  | (2.4 | )
Net cash provided by (used in) financing activities | 73.5 |  |  | 19.5 |  |  | 37.0 |  |  | (325.6 | ) |  | (151.1 | ) |  | (346.7 | )
Net cash used in discontinued operations | — |  |  | — |  |  | — |  |  | (0.6 | ) |  | — |  |  | (0.6 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | .1 |  |  | — |  |  | .1 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (712.4 | ) |  | — |  |  | (4.3 | ) |  | (171.3 | ) |  | — |  |  | (888.0 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 892.6 |  |  | — |  |  | 19.8 |  |  | 247.3 |  |  | — |  |  | 1,159.7 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 180.2 |  |  | $ | — |  |  | $ | 15.5 |  |  | $ | 76.0 |  |  | $ | — |  |  | $ | 271.7 |

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- Definition The entire disclosure for each guarantee obligation, or each group of similar guarantee obligations, including (a) the nature of the guarantee, including its term, how it arose, and the events or circumstances that would require the guarantor to perform under the guarantee; (b) the maximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee; (c) the current carrying amount of the liability, if any, for the guarantor's obligations under the guarantee; and (d) the nature of any recourse provisions under the guarantee, and any assets held either as collateral or by third parties, and any relevant related party disclosure. Excludes disclosures about product warranties. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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