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Guarantee Of Registered Securities | 9 Months Ended
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Sep. 30, 2019
Guarantees [Abstract] |
Guarantee Of Registered Securities | Guarantee of Registered Securities In connection with the Pride International LLC ("Pride") acquisition, Valaris 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 Valaris 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 $422.8 million as of September 30, 2019. The Valaris guarantee provides for the unconditional and irrevocable guarantee of the prompt payment, when due, of any amount owed to the holders of the notes. Valaris 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 $112.1 million as of September 30, 2019. Pride and Ensco International Incorporated are 100% owned subsidiaries of Valaris. All guarantees are unsecured obligations of Valaris 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 and nine-month periods ended September 30, 2019 and 2018; the unaudited condensed consolidating statements of comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2019 and 2018; the condensed consolidating balance sheets as of September 30, 2019 (unaudited) and December 31, 2018; and the unaudited condensed consolidating statements of cash flows for the nine-month periods ended September 30, 2019 and 2018, in accordance with Rule 3-10 of Regulation S-X. VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 15.7 |  |  | $ | 53.0 |  |  | $ | — |  |  | $ | 588.8 |  |  | $ | (106.2) |  |  | $ | 551.3 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 19.3 |  |  | 45.3 |  |  | — |  |  | 538.1 |  |  | (106.2) |  |  | 496.5 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 88.2 |  |  | — |  |  | 88.2 |
Depreciation | — |  |  | 7.7 |  |  | — |  |  | 155.3 |  |  | — |  |  | 163.0 |
General and administrative | 9.7 |  |  | .1 |  |  | — |  |  | 26.3 |  |  | — |  |  | 36.1 |
Total operating expenses | 29.0 |  |  | 53.1 |  |  | — |  |  | 807.9 |  |  | (106.2) |  |  | 783.8 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (3.7) |  |  | — |  |  | (3.7) |
OPERATING LOSS | (13.3) |  |  | (.1) |  |  | — |  |  | (222.8) |  |  | — |  |  | (236.2) |
OTHER INCOME (EXPENSE), NET | 94.7 |  |  | (5.6) |  |  | (20.2) |  |  | (33.0) |  |  | 4.3 |  |  | 40.2 |
INCOME (LOSS) BEFORE INCOME TAXES |  | 81.4 |  |  | (5.7) |  |  | (20.2) |  |  | (255.8) |  |  | 4.3 |  |  | (196.0) |
INCOME TAX PROVISION | — |  |  | (18.4) |  |  | — |  |  | 19.9 |  |  | — |  |  | 1.5 |
EQUITY LOSSES IN AFFILIATES, NET OF TAX |  | (278.5) |  |  | (40.2) |  |  | (68.0) |  |  | — |  |  | 386.7 |  |  | — |
NET LOSS |  | (197.1) |  |  | (27.5) |  |  | (88.2) |  |  | (275.7) |  |  | 391.0 |  |  | (197.5) |
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | .4 |  |  | — |  |  | .4 |
NET LOSS ATTRIBUTABLE TO VALARIS |  | $ | (197.1) |  |  | $ | (27.5) |  |  | $ | (88.2) |  |  | $ | (275.3) |  |  | $ | 391.0 |  |  | $ | (197.1) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended September 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 12.1 |  |  | $ | 40.7 |  |  | $ | — |  |  | $ | 459.2 |  |  | $ | (81.1) |  |  | $ | 430.9 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 15.2 |  |  | 36.4 |  |  | — |  |  | 356.6 |  |  | (81.1) |  |  | 327.1 |
Depreciation | — |  |  | 3.6 |  |  | — |  |  | 117.0 |  |  | — |  |  | 120.6 |
General and administrative | 10.5 |  |  | 1.9 |  |  | — |  |  | 12.7 |  |  | — |  |  | 25.1 |
OPERATING LOSS |  | (13.6) |  |  | (1.2) |  |  | — |  |  | (27.1) |  |  | — |  |  | (41.9) |
OTHER EXPENSE, NET | (.6) |  |  | (32.6) |  |  | (19.5) |  |  | (29.0) |  |  | 4.0 |  |  | (77.7) |
LOSS BEFORE INCOME TAXES |  | (14.2) |  |  | (33.8) |  |  | (19.5) |  |  | (56.1) |  |  | 4.0 |  |  | (119.6) |
INCOME TAX PROVISION | — |  |  | 9.5 |  |  | — |  |  | 13.8 |  |  | — |  |  | 23.3 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX |  | (130.8) |  |  | 28.2 |  |  | 23.1 |  |  | — |  |  | 79.5 |  |  | — |
NET INCOME (LOSS) |  | (145.0) |  |  | (15.1) |  |  | 3.6 |  |  | (69.9) |  |  | 83.5 |  |  | (142.9) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (2.1) |  |  | — |  |  | (2.1) |
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS |  | $ | (145.0) |  |  | $ | (15.1) |  |  | $ | 3.6 |  |  | $ | (72.0) |  |  | $ | 83.5 |  |  | $ | (145.0) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 47.0 |  |  | $ | 128.6 |  |  | $ | — |  |  | $ | 1,627.1 |  |  | $ | (261.6) |  |  | $ | 1,541.1 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 49.3 |  |  | 112.8 |  |  | — |  |  | 1,428.9 |  |  | (261.6) |  |  | 1,329.4 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 90.7 |  |  | — |  |  | 90.7 |
Depreciation | — |  |  | 15.4 |  |  | — |  |  | 430.5 |  |  | — |  |  | 445.9 |
General and administrative | 71.0 |  |  | .3 |  |  | — |  |  | 75.6 |  |  | — |  |  | 146.9 |
Total operating expenses | 120.3 |  |  | 128.5 |  |  | — |  |  | 2,025.7 |  |  | (261.6) |  |  | 2,012.9 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (3.1) |  |  | — |  |  | (3.1) |
OPERATING INCOME (LOSS) | (73.3) |  |  | 0.1 |  |  | — |  |  | (401.7) |  |  | — |  |  | (474.9) |
OTHER INCOME (EXPENSE), NET | 773.5 |  |  | (36.6) |  |  | (61.0) |  |  | (126.3) |  |  | 12.7 |  |  | 562.3 |
INCOME (LOSS) BEFORE INCOME TAXES |  | 700.2 |  |  | (36.5) |  |  | (61.0) |  |  | (528.0) |  |  | 12.7 |  |  | 87.4 |
INCOME TAX PROVISION | — |  |  | 10.6 |  |  | — |  |  | 55.0 |  |  | — |  |  | 65.6 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (682.2) |  |  | 35.1 |  |  | (14.9) |  |  | — |  |  | 662.0 |  |  | — |
NET INCOME (LOSS) |  | 18.0 |  |  | (12.0) |  |  | (75.9) |  |  | (583.0) |  |  | 674.7 |  |  | 21.8 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (3.8) |  |  | — |  |  | (3.8) |
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS |  | $ | 18.0 |  |  | $ | (12.0) |  |  | $ | (75.9) |  |  | $ | (586.8) |  |  | $ | 674.7 |  |  | $ | 18.0 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Nine Months Ended September 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 36.7 |  |  | $ | 120.8 |  |  | $ | — |  |  | $ | 1,387.0 |  |  | $ | (238.1) |  |  | $ | 1,306.4 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 41.6 |  |  | 109.2 |  |  | — |  |  | 1,083.9 |  |  | (238.1) |  |  | 996.6 |
Depreciation | — |  |  | 10.6 |  |  | — |  |  | 345.9 |  |  | — |  |  | 356.5 |
General and administrative | 31.0 |  |  | 2.2 |  |  | — |  |  | 45.9 |  |  | — |  |  | 79.1 |
OPERATING LOSS |  | (35.9) |  |  | (1.2) |  |  | — |  |  | (88.7) |  |  | — |  |  | (125.8) |
OTHER INCOME (EXPENSE), NET | (0.1) |  |  | (101.1) |  |  | (69.5) |  |  | (85.9) |  |  | 23.4 |  |  | (233.2) |
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES |  | (36.0) |  |  | (102.3) |  |  | (69.5) |  |  | (174.6) |  |  | 23.4 |  |  | (359.0) |
INCOME TAX PROVISION | — |  |  | 32.4 |  |  | — |  |  | 34.0 |  |  | — |  |  | 66.4 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (8.1) |  |  | — |  |  | (8.1) |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (400.1) |  |  | 77.7 |  |  | 69.1 |  |  | — |  |  | 253.3 |  |  | — |
NET LOSS |  | (436.1) |  |  | (57.0) |  |  | (0.4) |  |  | (216.7) |  |  | 276.7 |  |  | (433.5) |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (2.6) |  |  | — |  |  | (2.6) |
NET LOSS ATTRIBUTABLE TO VALARIS |  | $ | (436.1) |  |  | $ | (57.0) |  |  | $ | (.4) |  |  | $ | (219.3) |  |  | $ | 276.7 |  |  | $ | (436.1) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended September 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS |  | $ | (197.1) |  |  | $ | (27.5) |  |  | $ | (88.2) |  |  | $ | (275.7) |  |  | $ | 391.0 |  |  | $ | (197.5) |
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (5.7) |  |  | — |  |  | — |  |  | — |  |  | (5.7) |
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — |  |  | 4.9 |  |  | — |  |  | — |  |  | — |  |  | 4.9 |
Other | — |  |  | — |  |  | — |  |  | (.2) |  |  | — |  |  | (.2) |
NET OTHER COMPREHENSIVE LOSS |  | — |  |  | (.8) |  |  | — |  |  | (.2) |  |  | — |  |  | (1.0) |
COMPREHENSIVE LOSS |  | (197.1) |  |  | (28.3) |  |  | (88.2) |  |  | (275.9) |  |  | 391.0 |  |  | (198.5) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | .4 |  |  | — |  |  | .4 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS |  | $ | (197.1) |  |  | $ | (28.3) |  |  | $ | (88.2) |  |  | $ | (275.5) |  |  | $ | 391.0 |  |  | $ | (198.1) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended September 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) |  | $ | (145.0) |  |  | $ | (15.1) |  |  | $ | 3.6 |  |  | $ | (69.9) |  |  | $ | 83.5 |  |  | $ | (142.9) |
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (1.9) |  |  | — |  |  | — |  |  | — |  |  | (1.9) |
Reclassification of net gains on derivative instruments from other comprehensive income into net loss | — |  |  | .7 |  |  | — |  |  | — |  |  | — |  |  | .7 |
Other | — |  |  | — |  |  | — |  |  | (.1) |  |  | — |  |  | (.1) |
NET OTHER COMPREHENSIVE LOSS |  | — |  |  | (1.2) |  |  | — |  |  | (.1) |  |  | — |  |  | (1.3) |
COMPREHENSIVE INCOME (LOSS) |  | (145.0) |  |  | (16.3) |  |  | 3.6 |  |  | (70.0) |  |  | 83.5 |  |  | (144.2) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (2.1) |  |  | — |  |  | (2.1) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS |  | $ | (145.0) |  |  | $ | (16.3) |  |  | $ | 3.6 |  |  | $ | (72.1) |  |  | $ | 83.5 |  |  | $ | (146.3) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Nine Months Ended September 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) |  | $ | 18.0 |  |  | $ | (12.0) |  |  | $ | (75.9) |  |  | $ | (583.0) |  |  | $ | 674.7 |  |  | $ | 21.8 |
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (7.3) |  |  | — |  |  | — |  |  | — |  |  | (7.3) |
Reclassification of net gains on derivative instruments from other comprehensive income (loss) to net income (loss) | — |  |  | 8.3 |  |  | — |  |  | — |  |  | — |  |  | 8.3 |
Other | — |  |  | — |  |  | — |  |  | (.3) |  |  | — |  |  | (.3) |
NET OTHER COMPREHENSIVE INCOME (LOSS) |  | — |  |  | 1.0 |  |  | — |  |  | (.3) |  |  | — |  |  | .7 |
COMPREHENSIVE INCOME (LOSS) |  | 18.0 |  |  | (11.0) |  |  | (75.9) |  |  | (583.3) |  |  | 674.7 |  |  | 22.5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (3.8) |  |  | — |  |  | (3.8) |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS |  | $ | 18.0 |  |  | $ | (11.0) |  |  | $ | (75.9) |  |  | $ | (587.1) |  |  | $ | 674.7 |  |  | $ | 18.7 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Nine Months Ended September 30, 2018 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS |  | $ | (436.1) |  |  | $ | (57.0) |  |  | $ | (.4) |  |  | $ | (216.7) |  |  | $ | 276.7 |  |  | $ | (433.5) |
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (7.6) |  |  | — |  |  | — |  |  | — |  |  | (7.6) |
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss | — |  |  | (2.2) |  |  | — |  |  | — |  |  | — |  |  | (2.2) |
Other | — |  |  | — |  |  | — |  |  | (.4) |  |  | — |  |  | (.4) |
NET OTHER COMPREHENSIVE LOSS |  | — |  |  | (9.8) |  |  | — |  |  | (.4) |  |  | — |  |  | (10.2) |
COMPREHENSIVE LOSS |  | (436.1) |  |  | (66.8) |  |  | (.4) |  |  | (217.1) |  |  | 276.7 |  |  | (443.7) |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS |  | — |  |  | — |  |  | — |  |  | (2.6) |  |  | — |  |  | (2.6) |
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS |  | $ | (436.1) |  |  | $ | (66.8) |  |  | $ | (.4) |  |  | $ | (219.7) |  |  | $ | 276.7 |  |  | $ | (446.3) |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS September 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 72.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 57.0 |  |  | $ | — |  |  | $ | 129.5 |
Short-term investments | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Accounts receivable, net | 2.0 |  |  | 25.4 |  |  | — |  |  | 539.6 |  |  | — |  |  | 567.0 |
Accounts receivable from affiliates | 3,282.0 |  |  | 372.2 |  |  | 2.0 |  |  | 280.5 |  |  | (3,936.7) |  |  | — |
Other | — |  |  | 8.9 |  |  | — |  |  | 478.6 |  |  | — |  |  | 487.5 |
Total current assets | 3,356.5 |  |  | 406.5 |  |  | 2.0 |  |  | 1,355.7 |  |  | (3,936.7) |  |  | 1,184.0 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 123.2 |  |  | — |  |  | 18,267.9 |  |  | — |  |  | 18,392.9 |
Less accumulated depreciation | 1.8 |  |  | 82.8 |  |  | — |  |  | 3,057.6 |  |  | — |  |  | 3,142.2 |
Property and equipment, net | — |  |  | 40.4 |  |  | — |  |  | 15,210.3 |  |  | — |  |  | 15,250.7 |
LONG-TERM NOTES RECEIVABLE FROM ARO | — |  |  | — |  |  | — |  |  | 452.9 |  |  | — |  |  | 452.9 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 138.2 |  |  | — |  |  | 138.2 |
DUE FROM AFFILIATES | 1,100.0 |  |  | — |  |  | 38.9 |  |  | 2,590.3 |  |  | (3,729.2) |  |  | — |
INVESTMENTS IN AFFILIATES | 9,934.2 |  |  | 776.1 |  |  | 1,184.9 |  |  | — |  |  | (11,895.2) |  |  | — |
OTHER ASSETS | 1.5 |  |  | — |  |  | — |  |  | 203.3 |  |  | — |  |  | 204.8 |
| $ | 14,392.2 |  |  | $ | 1,223.0 |  |  | $ | 1,225.8 |  |  | $ | 19,950.7 |  |  | $ | (19,561.1) |  |  | $ | 17,230.6 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 81.6 |  |  | $ | 22.1 |  |  | $ | 4.7 |  |  | $ | 625.7 |  |  | $ | — |  |  | $ | 734.1 |
Accounts payable to affiliates | 213.7 |  |  | 112.9 |  |  | 796.8 |  |  | 2,813.3 |  |  | (3,936.7) |  |  | — |
Current maturities of long-term debt | — |  |  | — |  |  | 125.5 |  |  | — |  |  | — |  |  | 125.5 |
Total current liabilities | 295.3 |  |  | 135.0 |  |  | 927.0 |  |  | 3,439.0 |  |  | (3,936.7) |  |  | 859.6 |
DUE TO AFFILIATES | 1,454.3 |  |  | 542.4 |  |  | 593.6 |  |  | 1,138.9 |  |  | (3,729.2) |  |  | — |
LONG-TERM DEBT | 3,122.7 |  |  | 111.7 |  |  | 373.6 |  |  | 2,434.3 |  |  | — |  |  | 6,042.3 |
OTHER LIABILITIES | (10.6) |  |  | 56.0 |  |  | — |  |  | 752.8 |  |  | — |  |  | 798.2 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) |  | 9,530.5 |  |  | 377.9 |  |  | (668.4) |  |  | 12,186.6 |  |  | (11,895.2) |  |  | 9,531.4 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (.9) |  |  | — |  |  | (.9) |
Total equity (deficit) | 9,530.5 |  |  | 377.9 |  |  | (668.4) |  |  | 12,185.7 |  |  | (11,895.2) |  |  | 9,530.5 |
| $ | 14,392.2 |  |  | $ | 1,223.0 |  |  | $ | 1,225.8 |  |  | $ | 19,950.7 |  |  | $ | (19,561.1) |  |  | $ | 17,230.6 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2018 (In millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 199.8 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 72.6 |  |  | $ | — |  |  | $ | 275.1 |
Short-term investments | 329.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 329.0 |
Accounts receivable, net | 7.3 |  |  | 25.4 |  |  | — |  |  | 312.0 |  |  | — |  |  | 344.7 |
Accounts receivable from affiliates | 1,861.2 |  |  | 171.4 |  |  | — |  |  | 131.7 |  |  | (2,164.3) |  |  | — |
Other | .6 |  |  | 6.0 |  |  | — |  |  | 354.3 |  |  | — |  |  | 360.9 |
Total current assets | 2,397.9 |  |  | 202.8 |  |  | 2.7 |  |  | 870.6 |  |  | (2,164.3) |  |  | 1,309.7 |
PROPERTY AND EQUIPMENT, AT COST | 1.8 |  |  | 125.2 |  |  | — |  |  | 15,390.0 |  |  | — |  |  | 15,517.0 |
Less accumulated depreciation | 1.8 |  |  | 91.3 |  |  | — |  |  | 2,807.7 |  |  | — |  |  | 2,900.8 |
Property and equipment, net | — |  |  | 33.9 |  |  | — |  |  | 12,582.3 |  |  | — |  |  | 12,616.2 |
DUE FROM AFFILIATES | 2,413.8 |  |  | 234.5 |  |  | 125.0 |  |  | 2,715.1 |  |  | (5,488.4) |  |  | — |
INVESTMENTS IN AFFILIATES | 8,522.6 |  |  | 3,713.7 |  |  | 1,199.9 |  |  | — |  |  | (13,436.2) |  |  | — |
OTHER ASSETS | 8.1 |  |  | — |  |  | — |  |  | 89.7 |  |  | — |  |  | 97.8 |
| $ | 13,342.4 |  |  | $ | 4,184.9 |  |  | $ | 1,327.6 |  |  | $ | 16,257.7 |  |  | $ | (21,088.9) |  |  | $ | 14,023.7 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 85.3 |  |  | $ | 32.0 |  |  | $ | 12.7 |  |  | $ | 398.5 |  |  | $ | — |  |  | $ | 528.5 |
Accounts payable to affiliates | 59.7 |  |  | 139.5 |  |  | 38.2 |  |  | 1,926.9 |  |  | (2,164.3) |  |  | — |
Total current liabilities | 145.0 |  |  | 171.5 |  |  | 50.9 |  |  | 2,325.4 |  |  | (2,164.3) |  |  | 528.5 |
DUE TO AFFILIATES | 1,432.0 |  |  | 1,226.9 |  |  | 1,366.5 |  |  | 1,463.0 |  |  | (5,488.4) |  |  | — |
LONG-TERM DEBT | 3,676.5 |  |  | 149.3 |  |  | 502.6 |  |  | 682.0 |  |  | — |  |  | 5,010.4 |
OTHER LIABILITIES | 0.1 |  |  | 64.3 |  |  | — |  |  | 331.6 |  |  | — |  |  | 396.0 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) |  | 8,088.8 |  |  | 2,572.9 |  |  | (592.4) |  |  | 11,458.3 |  |  | (13,436.2) |  |  | 8,091.4 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (2.6) |  |  | — |  |  | (2.6) |
Total equity (deficit) | 8,088.8 |  |  | 2,572.9 |  |  | (592.4) |  |  | 11,455.7 |  |  | (13,436.2) |  |  | 8,088.8 |
| $ | 13,342.4 |  |  | $ | 4,184.9 |  |  | $ | 1,327.6 |  |  | $ | 16,257.7 |  |  | $ | (21,088.9) |  |  | $ | 14,023.7 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 460 -URI http://asc.fasb.org/topic&trid=2155896 + Details
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