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Guarantees of Registered Securities (Tables)
 6 Months Ended
Jun. 30, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Balance Sheets
Condensed Consolidating Balance Sheets
June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
CURRENT ASSETS:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
7,849

 
$
148,161

 
$
605,413

 
$
—

 
$
761,423

Receivables - trade and other
110

 
3,438

 
546,868

 
—

 
550,416

Other current assets
—

 
23,484

 
6,810

 
—

 
30,294

Total current assets
7,959

 
175,083

 
1,159,091

 
—

 
1,342,133

 
 
 
 
 
 
 
 
 
 
Property and equipment - gross
—

 
610,407

 
8,488,962

 
—

 
9,099,369

Less accumulated depreciation and amortization
—

 
258,901

 
1,585,535

 
—

 
1,844,436

Property and equipment - net
—

 
351,506

 
6,903,427

 
—

 
7,254,933

 
 
 
 
 
 
 
 
 
 
Investments in subsidiaries
5,125,250

 
6,327,992

 
—

 
(11,453,242
)
 
—

Due from affiliates
251

 
831,567

 
25,650

 
(857,468
)
 
—

Other assets
—

 
5,182

 
17,413

 
—

 
22,595

 
$
5,133,460

 
$
7,691,330

 
$
8,105,581

 
$
(12,310,710
)
 
$
8,619,661

 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
$
—

 
$
—

 
$
—

 
$
—

 
$
—

Accounts payable - trade
426

 
32,921

 
76,297

 
—

 
109,644

Deferred revenues
—

 
—

 
23,619

 
—

 
23,619

Accrued liabilities
317

 
102,376

 
72,190

 
—

 
174,883

Total current liabilities
743

 
135,297

 
172,106

 
—

 
308,146

 
 
 
 
 
 
 
 
 
 
Long-term debt, less current portion
—

 
2,645,367

 
—

 
—

 
2,645,367

Due to affiliates
1,529

 
25,693

 
830,246

 
(857,468
)
 
—

Other liabilities
4,396

 
304,574

 
39,706

 
—

 
348,676

Deferred income taxes - net
—

 
538,035

 
148,169

 
(495,524
)
 
190,680

Shareholders' equity
5,126,792

 
4,042,364

 
6,915,354

 
(10,957,718
)
 
5,126,792

 
$
5,133,460

 
$
7,691,330

 
$
8,105,581

 
$
(12,310,710
)
 
$
8,619,661

Rowan Companies plc and Subsidiaries
Condensed Consolidating Balance Sheets
December 31, 2015
(in thousands)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
CURRENT ASSETS:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
17,297

 
$
9,506

 
$
457,425

 
$
—

 
$
484,228

Receivables - trade and other
110

 
1,369

 
409,040

 
—

 
410,519

Other current assets
394

 
19,230

 
6,904

 
—

 
26,528

Total current assets
17,801

 
30,105

 
873,369

 
—

 
921,275

 
 
 
 
 
 
 
 
 
 
Property and equipment - gross
—

 
592,809

 
8,475,284

 
—

 
9,068,093

Less accumulated depreciation and amortization
—

 
242,665

 
1,419,596

 
—

 
1,662,261

Property and equipment - net
—

 
350,144

 
7,055,688

 
—

 
7,405,832

 
 
 
 
 
 
 
 
 
 
Investments in subsidiaries
4,763,306

 
6,028,242

 
—

 
(10,791,548
)
 
—

Due from affiliates
629

 
1,218,233

 
55,751

 
(1,274,613
)
 
—

Other assets
—

 
4,999

 
15,161

 
—

 
20,160

 
$
4,781,736

 
$
7,631,723

 
$
7,999,969

 
$
(12,066,161
)
 
$
8,347,267

 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

 
 

 
 

Accounts payable - trade
$
960

 
$
19,111

 
$
89,503

 
$
—

 
$
109,574

Deferred revenues
—

 
6

 
33,056

 
—

 
33,062

Accrued liabilities
778

 
119,388

 
65,869

 
—

 
186,035

Total current liabilities
1,738

 
138,505

 
188,428

 
—

 
328,671

 
 
 
 
 
 
 
 
 
 
Long-term debt
—

 
2,692,419

 
—

 
—

 
2,692,419

Due to affiliates
2,880

 
55,750

 
1,215,983

 
(1,274,613
)
 
—

Other liabilities
4,659

 
304,709

 
48,555

 
—

 
357,923

Deferred income taxes - net
—

 
522,927

 
150,822

 
(477,954
)
 
195,795

Shareholders' equity
4,772,459

 
3,917,413

 
6,396,181

 
(10,313,594
)
 
4,772,459

 
$
4,781,736

 
$
7,631,723

 
$
7,999,969

 
$
(12,066,161
)
 
$
8,347,267
Condensed Consolidating Income Statements
Condensed Consolidating Income Statements
Three months ended June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
REVENUES
$
—

 
$
15,070

 
$
610,108

 
$
(13,317
)
 
$
611,861

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
6,244

 
213,305

 
(12,064
)
 
207,485

Depreciation and amortization
—

 
4,487

 
95,455

 
199

 
100,141

Selling, general and administrative
6,811

 
—

 
20,752

 
(1,452
)
 
26,111

Loss on disposals of property and equipment
—

 
60

 
1,878

 
—

 
1,938

Total costs and expenses
6,811

 
10,791

 
331,390

 
(13,317
)
 
335,675

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(6,811
)
 
4,279

 
278,718

 
—

 
276,186

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense, net of interest capitalized
—

 
(38,249
)
 
(1,130
)
 
1,130

 
(38,249
)
Interest income
9

 
1,226

 
344

 
(1,130
)
 
449

Gain on extinguishment of debt
—

 
1,787

 
—

 
—

 
1,787

Other - net
5,111

 
(5,091
)
 
(664
)
 
—

 
(644
)
Total other income (expense) - net
5,120

 
(40,327
)
 
(1,450
)
 
—

 
(36,657
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(1,691
)
 
(36,048
)
 
277,268

 
—

 
239,529

Provision (benefit) for income taxes
—

 
10,706

 
20,030

 
(7,936
)
 
22,800

Equity in earnings of subsidiaries, net of tax
218,420

 
162,264

 
—

 
(380,684
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
216,729

 
$
115,510

 
$
257,238

 
$
(372,748
)
 
$
216,729







Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Three months ended June 30, 2015
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
REVENUES
$
—

 
$
18,290

 
$
509,095

 
$
(18,649
)
 
$
508,736

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
3,173

 
268,259

 
(17,488
)
 
253,944

Depreciation and amortization
—

 
3,388

 
91,538

 
464

 
95,390

Selling, general and administrative
7,006

 
1,423

 
24,354

 
(1,625
)
 
31,158

Gain on disposals of property and equipment
—

 
346

 
(8
)
 
—

 
338

Material charges and other operating expenses
—

 
—

 
5,000

 
—

 
5,000

Total costs and expenses
7,006

 
8,330

 
389,143

 
(18,649
)
 
385,830

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(7,006
)
 
9,960

 
119,952

 
—

 
122,906

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense, net of interest capitalized
—

 
(30,840
)
 
(4,092
)
 
4,092

 
(30,840
)
Interest income
124

 
4,100

 
303

 
(4,092
)
 
435

Other - net
5,601

 
(5,595
)
 
(86
)
 
—

 
(80
)
Total other income (expense) - net
5,725

 
(32,335
)
 
(3,875
)
 
—

 
(30,485
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(1,281
)
 
(22,375
)
 
116,077

 
—

 
92,421

Provision (benefit) for income taxes
—

 
2,017

 
13,467

 
(7,798
)
 
7,686

Equity in earnings of subsidiaries, net of tax
86,016

 
1,429

 
—

 
(87,445
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
84,735

 
$
(22,963
)
 
$
102,610

 
$
(79,647
)
 
$
84,735



Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Six months ended June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
REVENUES
$
—

 
$
35,858

 
$
1,109,519

 
$
(33,336
)
 
$
1,112,041

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
7,220

 
435,663

 
(30,566
)
 
412,317

Depreciation and amortization
—

 
8,682

 
189,794

 
517

 
198,993

Selling, general and administrative
13,838

 
—

 
42,490

 
(3,287
)
 
53,041

Loss on disposals of property and equipment
—

 
70

 
4,045

 
—

 
4,115

Total costs and expenses
13,838

 
15,972

 
671,992

 
(33,336
)
 
668,466

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(13,838
)
 
19,886

 
437,527

 
—

 
443,575

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense, net of interest capitalized
—

 
(77,173
)
 
(3,072
)
 
3,072

 
(77,173
)
Interest income
24

 
3,201

 
740

 
(3,072
)
 
893

Gain on extinguishment of debt
—

 
2,364

 
—

 
—

 
2,364

Other - net
10,468

 
(10,424
)
 
(3,265
)
 
—

 
(3,221
)
Total other income (expense) - net
10,492

 
(82,032
)
 
(5,597
)
 
—

 
(77,137
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(3,346
)
 
(62,146
)
 
431,930

 
—

 
366,438

(Benefit) Provision for income taxes
—

 
22,183

 
22,502

 
(17,775
)
 
26,910

Equity in earnings of subsidiaries, net of tax
342,874

 
188,858

 
—

 
(531,732
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
339,528

 
104,529

 
409,428

 
(513,957
)
 
339,528


Rowan Companies plc and Subsidiaries
Condensed Consolidating Income Statements
Six months ended June 30, 2015
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
REVENUES
$
—

 
$
33,336

 
$
1,056,446

 
$
(34,007
)
 
$
1,055,775

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
4,870

 
536,550

 
(31,742
)
 
509,678

Depreciation and amortization
—

 
7,968

 
176,399

 
713

 
185,080

Selling, general and administrative
11,218

 
2,065

 
48,439

 
(2,978
)
 
58,744

Loss (gain) on disposals of property and equipment
—

 
4

 
(179
)
 
—

 
(175
)
Material charges and other operating expenses
—

 
—

 
5,000

 
—

 
5,000

Total costs and expenses
11,218

 
14,907

 
766,209

 
(34,007
)
 
758,327

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(11,218
)
 
18,429

 
290,237

 
—

 
297,448

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense, net of interest capitalized
—

 
(63,586
)
 
(6,541
)
 
6,541

 
(63,586
)
Interest income
258

 
6,567

 
306

 
(6,541
)
 
590

Other - net
11,205

 
(11,118
)
 
(1,208
)
 
—

 
(1,121
)
Total other income (expense) - net
11,463

 
(68,137
)
 
(7,443
)
 
—

 
(64,117
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
245

 
(49,708
)
 
282,794

 
—

 
233,331

Provision for income taxes
—

 
2,407

 
42,216

 
(19,696
)
 
24,927

Equity in earnings of subsidiaries, net of tax
208,159

 
23,507

 
—

 
(231,666
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
208,404

 
(28,608
)
 
240,578

 
(211,970
)
 
208,404
Statements of Comprehensive Income
Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
216,729

 
$
115,510

 
$
257,238

 
$
(372,748
)
 
$
216,729

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income as a component of net periodic benefit cost, net of income taxes
2,515

 
2,515

 
—

 
(2,515
)
 
2,515

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
219,244

 
$
118,025

 
$
257,238

 
$
(375,263
)
 
$
219,244




Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Three months ended June 30, 2015
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
84,735

 
$
(22,963
)
 
$
102,610

 
$
(79,647
)
 
$
84,735

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income as a component of net periodic benefit cost, net of income taxes
3,413

 
3,413

 
—

 
(3,413
)
 
3,413

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
88,148

 
$
(19,550
)
 
$
102,610

 
$
(83,060
)
 
$
88,148



Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Six months ended June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
339,528

 
$
104,529

 
$
409,428

 
$
(513,957
)
 
$
339,528

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income as a component of net periodic benefit cost, net of income taxes
5,030

 
5,030

 
—

 
(5,030
)
 
5,030

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
344,558

 
$
109,559

 
$
409,428

 
$
(518,987
)
 
$
344,558




Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income
Six months ended June 30, 2015
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
208,404

 
$
(28,608
)
 
$
240,578

 
$
(211,970
)
 
$
208,404

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income as a component of net periodic benefit cost, net of income taxes
6,799

 
6,799

 
—

 
(6,799
)
 
6,799

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
215,203

 
$
(21,809
)
 
$
240,578

 
$
(218,769
)
 
$
215,203
Consolidating Statements of Cash Flows
Consolidating Statements of Cash Flows
Six months ended June 30, 2016
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
(8,274
)
 
$
(49,243
)
 
$
445,165

 
$
722

 
$
388,370

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(23,399
)
 
(40,996
)
 
—

 
(64,395
)
Proceeds from disposals of property and equipment
—

 
410

 
672

 
—

 
1,082

Collections on subsidiary notes receivables
—

 
357,795

 
—

 
(357,795
)
 
—

Investments in consolidated subsidiaries
(200
)
 
(109,126
)
 
—

 
109,326

 
—

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(200
)
 
225,680

 
(40,324
)
 
(248,469
)
 
(63,313
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Advances (to) from affiliates
(974
)
 
10,080

 
(8,384
)
 
(722
)
 
—

Contributions from parent
—

 
—

 
109,326

 
(109,326
)
 
—

Reductions of long-term debt
—

 
(47,862
)
 
(357,795
)
 
357,795

 
(47,862
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
(974
)
 
(37,782
)
 
(256,853
)
 
247,747

 
(47,862
)
 
 
 
 
 
 
 
 
 
 
(DECREASE) INCREASE IN  CASH AND CASH EQUIVALENTS
(9,448
)
 
138,655

 
147,988

 
—

 
277,195

CASH AND CASH EQUIVALENTS,   BEGINNING OF PERIOD
17,297

 
9,506

 
457,425

 
—

 
484,228

 
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
7,849

 
$
148,161

 
$
605,413

 
$
—

 
$
761,423

Rowan Companies plc and Subsidiaries
Consolidating Statements of Cash Flows
Six months ended June 30, 2015
(in thousands)
(unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
 
 
 
 
 
 
 
 
 
 
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
(3,758
)
 
$
6,654

 
$
474,316

 
$
(28,492
)
 
$
448,720

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(7,113
)
 
(609,285
)
 
—

 
(616,398
)
Proceeds  from  disposals  of  property,   plant  and  equipment
—

 
1,704

 
594

 
—

 
2,298

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
—

 
(5,409
)
 
(608,691
)
 
—

 
(614,100
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Advances (to) from affiliates
(16,323
)
 
(74,952
)
 
92,783

 
(1,508
)
 
—

Proceeds from borrowings
—

 
220,000

 
—

 
—

 
220,000

Reductions of long-term debt
—

 
(170,000
)
 
—

 
—

 
(170,000
)
Dividends paid
(25,220
)
 
—

 
(30,000
)
 
30,000

 
(25,220
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing  activities
(41,543
)
 
(24,952
)
 
62,783

 
28,492

 
24,780

 
 
 
 
 
 
 
 
 
 
DECREASE IN CASH AND CASH EQUIVALENTS
(45,301
)
 
(23,707
)
 
(71,592
)
 
—

 
(140,600
)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
45,909

 
48,580

 
244,665

 
—

 
339,154

 
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
608

 
$
24,873

 
$
173,073

 
$
—

 
$
198,554