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Guarantee Of Registered Securities
 9 Months Ended
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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 administrative9.7  .1  —  26.3  —  36.1  
Total operating expenses29.0  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 plcENSCO
International Incorporated		Pride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 administrative10.5  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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 administrative71.0  .3  —  75.6  —  146.9  
Total operating expenses120.3  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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 administrative31.0  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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
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 assets3,356.5  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 AFFILIATES1,100.0  —  38.9  2,590.3  (3,729.2) —  
INVESTMENTS IN AFFILIATES
9,934.2  776.1  1,184.9  —  (11,895.2) —  
OTHER ASSETS1.5  —  —  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 affiliates213.7  112.9  796.8  2,813.3  (3,936.7) —  
Current maturities of long-term debt
—  —  125.5  —  —  125.5  
Total current liabilities295.3  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 plcENSCO International IncorporatedPride International LLCOther Non-Guarantor Subsidiaries of ValarisConsolidating AdjustmentsTotal
ASSETS 
      
CURRENT ASSETS      
Cash and cash equivalents$199.8  $—  $2.7  $72.6  $—  $275.1  
Short-term investments329.0  —  —  —  —  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 assets2,397.9  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 AFFILIATES2,413.8  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 ASSETS8.1  —  —  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 affiliates59.7  139.5  38.2  1,926.9  (2,164.3) —  
Total current liabilities145.0  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 LIABILITIES0.1  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