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Guarantees of Registered Securities (Tables)
 3 Months Ended
Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
Condensed Consolidating Income Statements
Rowan Companies plc and Subsidiaries
Condensed Consolidating Statements of Operations
Three months ended March 31, 2017
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
REVENUES
$
—

 
$
14.5

 
$
374.5

 
$
(14.7
)
 
$
374.3

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
5.1

 
178.5

 
(13.6
)
 
170.0

Depreciation and amortization
—

 
4.7

 
94.4

 
—

 
99.1

Selling, general and administrative
5.9

 
—

 
19.2

 
(1.1
)
 
24.0

Loss on disposals of property and equipment
—

 
0.2

 
3.2

 
—

 
3.4

Total costs and expenses
5.9

 
10.0

 
295.3

 
(14.7
)
 
296.5

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(5.9
)
 
4.5

 
79.2

 
—

 
77.8

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense
—

 
(39.6
)
 
(0.1
)
 
0.1

 
(39.6
)
Interest income
—

 
0.7

 
1.4

 
(0.1
)
 
2.0

Loss on extinguishment of debt
—

 
(0.2
)
 
—

 
—

 
(0.2
)
Other - net
5.1

 
(5.1
)
 
—

 
—

 
—

Total other income (expense), net
5.1

 
(44.2
)
 
1.3

 
—

 
(37.8
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(0.8
)
 
(39.7
)
 
80.5

 
—

 
40.0

Provision (benefit) for income taxes
—

 
(9.6
)
 
39.6

 
(0.3
)
 
29.7

Equity in earnings of subsidiaries, net of tax
11.1

 
19.9

 
—

 
(31.0
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
10.3

 
$
(10.2
)
 
$
40.9

 
$
(30.7
)
 
$
10.3


Rowan Companies plc and Subsidiaries
Condensed Consolidating Statements of Operations
Three months ended March 31, 2016
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
REVENUES
$
—

 
$
20.8

 
$
499.4

 
$
(20.0
)
 
$
500.2

 
 
 
 
 
 
 
 
 
 
COSTS AND EXPENSES:
 

 
 

 
 

 
 

 
 

Direct operating costs (excluding items below)
—

 
1.0

 
222.3

 
(18.5
)
 
204.8

Depreciation and amortization
—

 
4.2

 
94.4

 
0.3

 
98.9

Selling, general and administrative
7.0

 
—

 
21.7

 
(1.8
)
 
26.9

Loss on disposals of property and equipment
—

 
—

 
2.2

 
—

 
2.2

Total costs and expenses
7.0

 
5.2

 
340.6

 
(20.0
)
 
332.8

 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) FROM OPERATIONS
(7.0
)
 
15.6

 
158.8

 
—

 
167.4

 
 
 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 

 
 

 
 

 
 

 
 

Interest expense
—

 
(38.9
)
 
(2.0
)
 
2.0

 
(38.9
)
Interest income
—

 
2.0

 
0.4

 
(2.0
)
 
0.4

Gain on extinguishment of debt
—

 
0.6

 
—

 
—

 
0.6

Other - net
5.4

 
(5.4
)
 
(2.6
)
 
—

 
(2.6
)
Total other income (expense), net
5.4

 
(41.7
)
 
(4.2
)
 
—

 
(40.5
)
 
 
 
 
 
 
 
 
 
 
INCOME (LOSS) BEFORE INCOME TAXES
(1.6
)
 
(26.1
)
 
154.6

 
—

 
126.9

Provision for income taxes
—

 
11.0

 
2.4

 
(9.3
)
 
4.1

Equity in earnings of subsidiaries, net of tax
124.4

 
25.1

 
—

 
(149.5
)
 
—

 
 
 
 
 
 
 
 
 
 
NET INCOME (LOSS)
$
122.8

 
$
(12.0
)
 
$
152.2

 
$
(140.2
)
 
$
122.8
Statements of Comprehensive Income (Loss)
Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income (Loss)
Three months ended March 31, 2017
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
NET INCOME (LOSS)
$
10.3

 
$
(10.2
)
 
$
40.9

 
$
(30.7
)
 
$
10.3

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income (loss) as a component of net periodic benefit cost, net of income taxes
0.9

 
0.9

 
—

 
(0.9
)
 
0.9

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
11.2

 
$
(9.3
)
 
$
40.9

 
$
(31.6
)
 
$
11.2


Rowan Companies plc and Subsidiaries
Statements of Comprehensive Income (Loss)
Three months ended March 31, 2016
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
NET INCOME (LOSS)
$
122.8

 
$
(12.0
)
 
$
152.2

 
$
(140.2
)
 
$
122.8

 
 
 
 
 
 
 
 
 
 
OTHER COMPREHENSIVE INCOME:
 

 
 

 
 

 
 

 
 

Net reclassification adjustments for amount recognized in net income (loss) as a component of net periodic benefit cost, net of income taxes
2.5

 
2.5

 
—

 
(2.5
)
 
2.5

 
 
 
 
 
 
 
 
 
 
COMPREHENSIVE INCOME (LOSS)
$
125.3

 
$
(9.5
)
 
$
152.2

 
$
(142.7
)
 
$
125.3
Condensed Consolidating Balance Sheets
Rowan Companies plc and Subsidiaries
Condensed Consolidating Balance Sheets
March 31, 2017
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
CURRENT ASSETS:
 

 
 

 
 

 
 

 
 

Cash and cash equivalents
$
3.9

 
$
302.1

 
$
867.2

 
$
—

 
$
1,173.2

Receivables - trade and other
—

 
6.3

 
310.8

 
—

 
317.1

Prepaid expenses and other current assets
0.2

 
20.9

 
3.5

 
—

 
24.6

Total current assets
4.1

 
329.3

 
1,181.5

 
—

 
1,514.9

 
 
 
 
 
 
 
 
 
 
Property and equipment - gross
—

 
615.7

 
8,506.5

 
—

 
9,122.2

Less accumulated depreciation and amortization
—

 
280.0

 
1,858.4

 
—

 
2,138.4

Property and equipment - net
—

 
335.7

 
6,648.1

 
—

 
6,983.8

 
 
 
 
 
 
 
 
 
 
Investments in subsidiaries
5,339.6

 
6,118.8

 
—

 
(11,458.4
)
 
—

Due from affiliates
0.3

 
623.4

 
48.8

 
(672.5
)
 
—

Other assets
—

 
6.9

 
47.7

 
—

 
54.6

 
$
5,344.0

 
$
7,414.1

 
$
7,926.1

 
$
(12,130.9
)
 
$
8,553.3

 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

 
 

 
 

Accounts payable - trade
0.2

 
27.7

 
65.2

 
—

 
93.1

Deferred revenues
—

 
—

 
108.2

 
—

 
108.2

Accrued liabilities
0.1

 
94.1

 
44.1

 
—

 
138.3

Total current liabilities
0.3

 
121.8

 
217.5

 
—

 
339.6

 
 
 
 
 
 
 
 
 
 
Long-term debt, less current portion
—

 
2,552.5

 
—

 
—

 
2,552.5

Due to affiliates
7.5

 
47.6

 
617.4

 
(672.5
)
 
—

Other liabilities
4.4

 
277.6

 
38.6

 
—

 
320.6

Deferred income taxes - net
—

 
521.4

 
39.6

 
(552.2
)
 
8.8

Shareholders' equity
5,331.8

 
3,893.2

 
7,013.0

 
(10,906.2
)
 
5,331.8

 
$
5,344.0

 
$
7,414.1

 
$
7,926.1

 
$
(12,130.9
)
 
$
8,553.3


Rowan Companies plc and Subsidiaries
Condensed Consolidating Balance Sheets
December 31, 2016
(In millions)
(Unaudited)

 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
CURRENT ASSETS:
 
 
 
 
 
 
 
 
 
Cash and cash equivalents
$
3.7

 
$
532.0

 
$
719.8

 
$
—

 
$
1,255.5

Receivables - trade and other
—

 
1.8

 
299.5

 
—

 
301.3

Prepaid expenses and other current assets
0.3

 
12.9

 
10.3

 
—

 
23.5

Total current assets
4.0

 
546.7

 
1,029.6

 
—

 
1,580.3

 
 
 
 
 
 
 
 
 
 
Property and equipment - gross
—

 
631.0

 
8,469.8

 
—

 
9,100.8

Less accumulated depreciation and amortization
—

 
273.8

 
1,767.0

 
—

 
2,040.8

Property and equipment - net
—

 
357.2

 
6,702.8

 
—

 
7,060.0

 
 
 
 
 
 
 
 
 
 
Investments in subsidiaries
5,115.8

 
6,097.9

 
—

 
(11,213.7
)
 
—

Due from affiliates
0.4

 
437.2

 
64.2

 
(501.8
)
 
—

Other assets
—

 
5.6

 
29.7

 
—

 
35.3

 
$
5,120.2

 
$
7,444.6

 
$
7,826.3

 
$
(11,715.5
)
 
$
8,675.6

 
 
 
 
 
 
 
 
 
 
CURRENT LIABILITIES:
 

 
 

 
 

 
 

 
 

Current portion of long-term debt
$
—

 
$
126.8

 
$
—

 
$
—

 
$
126.8

Accounts payable - trade
$
0.4

 
$
22.4

 
$
71.5

 
$
—

 
$
94.3

Deferred revenues
—

 
0.1

 
103.8

 
—

 
103.9

Accrued liabilities
0.3

 
107.4

 
51.1

 
—

 
158.8

Total current liabilities
0.7

 
256.7

 
226.4

 
—

 
483.8

 
 
 
 
 
 
 
 
 
 
Long-term debt, less current portion
—

 
2,553.4

 
—

 
—

 
2,553.4

Due to affiliates
0.4

 
63.9

 
437.5

 
(501.8
)
 
—

Other liabilities
5.2

 
283.9

 
49.7

 
—

 
338.8

Deferred income taxes - net
—

 
598.3

 
139.3

 
(551.9
)
 
185.7

Shareholders' equity
5,113.9

 
3,688.4

 
6,973.4

 
(10,661.8
)
 
5,113.9

 
$
5,120.2

 
$
7,444.6

 
$
7,826.3

 
$
(11,715.5
)
 
$
8,675.6
Consolidating Statements of Cash Flows
Rowan Companies plc and Subsidiaries
Condensed Consolidating Statements of Cash Flows
Three months ended March 31, 2017
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
(1.7
)
 
$
87.5

 
$
(4.3
)
 
$
—

 
$
81.5

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(9.7
)
 
(21.2
)
 
—

 
(30.9
)
Proceeds from disposals of property and equipment
—

 
—

 
0.1

 
—

 
0.1

 
 
 
 
 
 
 
 
 
 
Net cash used in investing activities
—

 
(9.7
)
 
(21.1
)
 
—

 
(30.8
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Advances (to) from affiliates
7.2

 
(180.0
)
 
172.8

 
—

 
—

Reductions of long-term debt
—

 
(127.7
)
 
—

 
—

 
(127.7
)
Shares repurchased for tax withholdings on vesting of restricted share units
(5.3
)
 
—

 
—

 
—

 
(5.3
)
 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) financing activities
1.9

 
(307.7
)
 
172.8

 
—

 
(133.0
)
 
 
 
 
 
 
 
 
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
0.2

 
(229.9
)
 
147.4

 
—

 
(82.3
)
CASH AND CASH EQUIVALENTS,   BEGINNING OF PERIOD
3.7

 
532.0

 
719.8

 
—

 
1,255.5

 
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
3.9

 
$
302.1

 
$
867.2

 
$
—

 
$
1,173.2

Rowan Companies plc and Subsidiaries
Condensed Consolidating Statements of Cash Flows
Three months ended March 31, 2016
(In millions)
(Unaudited)
 
Rowan plc (Parent)
 
RCI (Issuer)
 
Non-guarantor subsidiaries
 
Consolidating adjustments
 
Consolidated
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
$
0.3

 
$
(46.6
)
 
$
208.6

 
$
0.6

 
$
162.9

 
 
 
 
 
 
 
 
 
 
INVESTING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Capital expenditures
—

 
(9.1
)
 
(23.8
)
 
—

 
(32.9
)
Proceeds from disposals of property and equipment
—

 
0.2

 
0.1

 
—

 
0.3

Collections on subsidiary notes receivable
—

 
248.8

 
—

 
(248.8
)
 
—

Investments in consolidated subsidiaries
(0.2
)
 
(59.9
)
 
—

 
60.1

 
—

 
 
 
 
 
 
 
 
 
 
Net cash provided by (used in) investing activities
(0.2
)
 
180.0

 
(23.7
)
 
(188.7
)
 
(32.6
)
 
 
 
 
 
 
 
 
 
 
FINANCING ACTIVITIES:
 

 
 

 
 

 
 

 
 

Advances (to) from affiliates
(1.1
)
 
(38.3
)
 
40.0

 
(0.6
)
 
—

Contributions from issuer
—

 
—

 
60.1

 
(60.1
)
 
—

Reductions of long-term debt
—

 
(16.5
)
 
(248.8
)
 
248.8

 
(16.5
)
Shares repurchased for tax withholdings on vesting of restricted share units
(2.8
)
 
—

 
—

 
—

 
(2.8
)
 
 
 
 
 
 
 
 
 
 
Net cash used in financing activities
(3.9
)
 
(54.8
)
 
(148.7
)
 
188.1

 
(19.3
)
 
 
 
 
 
 
 
 
 
 
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(3.8
)
 
78.6

 
36.2

 
—

 
111.0

CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
17.3

 
9.5

 
457.4

 
—

 
484.2

 
 
 
 
 
 
 
 
 
 
CASH AND CASH EQUIVALENTS, END OF PERIOD
$
13.5

 
$
88.1

 
$
493.6

 
$
—

 
$
595.2