Rowan Transaction Rowan Transaction (Tables)

3 Months Ended

Mar. 31, 2019

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

The provisional amounts for assets acquired and liabilities assumed are based on preliminary estimates of their fair values as of the Transaction Date and are as follows (in millions):



	Estimated Fair Value
Assets:
Cash and cash equivalents	$	928.9
Accounts receivable⁽¹⁾	199.1
Other current assets	200.0
Long-term notes receivable from ARO	454.5
Investment in ARO	152.3
Property and equipment	2,755.3
Other assets	184.4
Liabilities:
Accounts payable and accrued liabilities	252.1
Current portion of long-term debt	181.2
Long-term debt	1,910.9
Other liabilities	372.0
Net assets acquired	2,158.3
Less: Transaction consideration	(1,404.6		)
Bargain purchase gain	$	753.7


⁽¹⁾	Gross contractual amounts receivable totaled $201.1 million as of the Transaction Date.

Business Acquisition, Pro Forma Information [Table Text Block]

The pro forma results do not include any potential synergies or non-recurring charges that may result directly from the Rowan Transaction.



(in millions, except per share amounts)	Three Months Ended March 31,
	2019⁽¹⁾			2018
Revenues	$	580.4		$	628.2
Net loss	$	(271.6	)	$	(191.4	)
Earnings per share - basic and diluted	$	(1.38	)	$	(0.97	)


⁽¹⁾	Pro forma net income and earnings per share were adjusted to exclude an aggregate $9.4 million of transaction-related and integration costs incurred during the three-month period ended March 31, 2019.