XML 60 R23.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Guarantee Of Registered Securities | 12 Months Ended
--- | ---
Dec. 31, 2019
Guarantees [Abstract] |
Guarantee Of Registered Securities | GUARANTEE OF REGISTERED SECURITIES In connection with the 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% senior notes due 2020 and 7.875% senior notes due 2040, which had an aggregate outstanding principal balance of $422.9 million as of December 31, 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 in November 1997, which had an aggregate outstanding principal balance of $112.1 million as of December 31, 2019. Pride International LLC 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 our condensed consolidating statements of operations for each of the years in the three-year period ended December 31, 2019; our condensed consolidating statements of comprehensive income (loss) for each of the years in the three-year period ended December 31, 2019; our condensed consolidating balance sheets as of December 31, 2019 and 2018; and our condensed consolidating statements of cash flows for each of the years in the three-year period ended December 31, 2019, in accordance with Rule 3-10 of Regulation S-X.
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2019 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 56.7 |  |  | $ | 165.5 |  |  | $ | — |  |  | $ | 2,168.9 |  |  | $ | (337.9 | ) |  | $ | 2,053.2 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 82.6 |  |  | 147.1 |  |  | — |  |  | 1,914.2 |  |  | (337.9 | ) |  | 1,806.0 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 104.0 |  |  | — |  |  | 104.0 |
Depreciation | .1 |  |  | 17.3 |  |  | — |  |  | 592.3 |  |  | — |  |  | 609.7 |
General and administrative | 85.5 |  |  | .4 |  |  | — |  |  | 103.0 |  |  | — |  |  | 188.9 |
| 168.2 |  |  | 164.8 |  |  | — |  |  | 2,713.5 |  |  | (337.9 | ) |  | 2,708.6 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (12.6 | ) |  | — |  |  | (12.6 | )
OPERATING INCOME (LOSS) | (111.5 | ) |  | 0.7 |  |  | — |  |  | (557.2 | ) |  | — |  |  | (668.0 | )
OTHER INCOME (EXPENSE), NET | 723.9 |  |  | (35.7 | ) |  | (80.8 | ) |  | (20.2 | ) |  | 17.0 |  |  | 604.2 |
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | 612.4 |  |  | (35.0 | ) |  | (80.8 | ) |  | (577.4 | ) |  | 17.0 |  |  | (63.8 | )
INCOME TAX EXPENSE | — |  |  | 39.8 |  |  | — |  |  | 88.6 |  |  | — |  |  | 128.4 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (810.4 | ) |  | 47.8 |  |  | 25.0 |  |  | — |  |  | 737.6 |  |  | — |
NET LOSS | (198.0 | ) |  | (27.0 | ) |  | (55.8 | ) |  | (666.0 | ) |  | 754.6 |  |  | (192.2 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (5.8 | ) |  | — |  |  | (5.8 | )
NET LOSS ATTRIBUTABLE TO VALARIS | $ | (198.0 | ) |  | $ | (27.0 | ) |  | $ | (55.8 | ) |  | $ | (671.8 | ) |  | $ | 754.6 |  |  | $ | (198.0 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2018 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 49.5 |  |  | $ | 155.2 |  |  | $ | — |  |  | $ | 1,802.8 |  |  | $ | (302.1 | ) |  | $ | 1,705.4 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 51.0 |  |  | 139.5 |  |  | — |  |  | 1,431.0 |  |  | (302.1 | ) |  | 1,319.4 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 40.3 |  |  | — |  |  | 40.3 |
Depreciation | — |  |  | 14.2 |  |  | — |  |  | 464.7 |  |  | — |  |  | 478.9 |
General and administrative | 46.3 |  |  | .4 |  |  | — |  |  | 56.0 |  |  | — |  |  | 102.7 |
OPERATING INCOME (LOSS) | (47.8 | ) |  | 1.1 |  |  | — |  |  | (189.2 | ) |  | — |  |  | (235.9 | )
OTHER INCOME (EXPENSE), NET | 2.7 |  |  | (135.2 | ) |  | (89.0 | ) |  | (109.0 | ) |  | 27.5 |  |  | (303.0 | )
LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (45.1 | ) |  | (134.1 | ) |  | (89.0 | ) |  | (298.2 | ) |  | 27.5 |  |  | (538.9 | )
INCOME TAX EXPENSE | — |  |  | 43.3 |  |  | — |  |  | 46.3 |  |  | — |  |  | 89.6 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | (8.1 | ) |  | — |  |  | (8.1 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (594.6 | ) |  | 121.8 |  |  | 93.3 |  |  | — |  |  | 379.5 |  |  | — |
NET INCOME (LOSS) | (639.7 | ) |  | (55.6 | ) |  | 4.3 |  |  | (352.6 | ) |  | 407.0 |  |  | (636.6 | )
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (3.1 | ) |  | — |  |  | (3.1 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (639.7 | ) |  | $ | (55.6 | ) |  | $ | 4.3 |  |  | $ | (355.7 | ) |  | $ | 407.0 |  |  | $ | (639.7 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Year Ended December 31, 2017 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 52.9 |  |  | $ | 163.3 |  |  | $ | — |  |  | $ | 1,941.2 |  |  | $ | (314.4 | ) |  | $ | 1,843.0 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 50.0 |  |  | 149.9 |  |  | — |  |  | 1,304.0 |  |  | (314.4 | ) |  | 1,189.5 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 182.9 |  |  | — |  |  | 182.9 |
Depreciation | — |  |  | 15.9 |  |  | — |  |  | 428.9 |  |  | — |  |  | 444.8 |
General and administrative | 45.4 |  |  | 50.8 |  |  | — |  |  | 61.6 |  |  | — |  |  | 157.8 |
OPERATING LOSS | (42.5 | ) |  | (53.3 | ) |  | — |  |  | (36.2 | ) |  | — |  |  | (132.0 | )
OTHER INCOME (EXPENSE), NET | (6.8 | ) |  | (110.5 | ) |  | (71.7 | ) |  | 110.5 |  |  | 14.5 |  |  | (64.0 | )
INCOME (LOSS) FROM CONTINUING OPERATIONS BEFORE INCOME TAXES | (49.3 | ) |  | (163.8 | ) |  | (71.7 | ) |  | 74.3 |  |  | 14.5 |  |  | (196.0 | )
INCOME TAX EXPENSE | — |  |  | 45.0 |  |  | — |  |  | 64.2 |  |  | — |  |  | 109.2 |
DISCONTINUED OPERATIONS, NET | — |  |  | — |  |  | — |  |  | 1.0 |  |  | — |  |  | 1.0 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (254.4 | ) |  | 129.6 |  |  | 84.2 |  |  | — |  |  | 40.6 |  |  | — |
NET INCOME (LOSS) | (303.7 | ) |  | (79.2 | ) |  | 12.5 |  |  | 11.1 |  |  | 55.1 |  |  | (304.2 | )
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | .5 |  |  | — |  |  | .5 |
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (303.7 | ) |  | $ | (79.2 | ) |  | $ | 12.5 |  |  | $ | 11.6 |  |  | $ | 55.1 |  |  | $ | (303.7 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2019 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS | $ | (198.0 | ) |  | $ | (27.0 | ) |  | $ | (55.8 | ) |  | $ | (666.0 | ) |  | $ | 754.6 |  |  | $ | (192.2 | )
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |  |
Net changes in pension and other postretirement plan assets and benefit obligations recognized in other comprehensive loss, net of income tax benefits of ($5.9 million) | — |  |  | — |  |  | — |  |  | (21.7 | ) |  | — |  |  | $ | (21.7 | )
Net change in fair value of derivatives | — |  |  | 1.6 |  |  | — |  |  | — |  |  | — |  |  | 1.6 |
Reclassification of net gains on derivative instruments from other comprehensive loss into net loss | — |  |  | 8.3 |  |  | — |  |  | — |  |  | — |  |  | 8.3 |
Other | — |  |  | — |  |  | — |  |  | (.2 | ) |  | — |  |  | (.2 | )
NET OTHER COMPREHENSIVE INCOME (LOSS) | — |  |  | 9.9 |  |  | — |  |  | (21.9 | ) |  | — |  |  | (12.0 | )
COMPREHENSIVE LOSS | (198.0 | ) |  | (17.1 | ) |  | (55.8 | ) |  | (687.9 | ) |  | 754.6 |  |  | (204.2 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (5.8 | ) |  | — |  |  | (5.8 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS | $ | (198.0 | ) |  | $ | (17.1 | ) |  | $ | (55.8 | ) |  | $ | (693.7 | ) |  | $ | 754.6 |  |  | $ | (210.0 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2018 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (639.7 | ) |  | $ | (55.6 | ) |  | $ | 4.3 |  |  | $ | (352.6 | ) |  | $ | 407.0 |  |  | $ | (636.6 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives | — |  |  | (9.7 | ) |  | — |  |  | — |  |  | — |  |  | (9.7 | )
Reclassification of net losses on derivative instruments from other comprehensive income into net income | — |  |  | (1.0 | ) |  | — |  |  | — |  |  | — |  |  | (1.0 | )
Other | — |  |  | — |  |  | — |  |  | (.5 | ) |  | — |  |  | (.5 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (10.7 | ) |  | — |  |  | (.5 | ) |  | — |  |  | (11.2 | )
COMPREHENSIVE INCOME (LOSS) | (639.7 | ) |  | (66.3 | ) |  | 4.3 |  |  | (353.1 | ) |  | 407.0 |  |  | (647.8 | )
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (3.1 | ) |  | — |  |  | (3.1 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (639.7 | ) |  | $ | (66.3 | ) |  | $ | 4.3 |  |  | $ | (356.2 | ) |  | $ | 407.0 |  |  | $ | (650.9 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME Year Ended December 31, 2017 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (303.7 | ) |  | $ | (79.2 | ) |  | $ | 12.5 |  |  | $ | 11.1 |  |  | $ | 55.1 |  |  | $ | (304.2 | )
OTHER COMPREHENSIVE INCOME, NET |  |  |  |  |  |  |  |  |  |  |
Net change in fair value of derivatives | — |  |  | 8.5 |  |  | — |  |  | — |  |  | — |  |  | 8.5 |
Reclassification of net gains on derivative instruments from other comprehensive income into net loss | — |  |  | .4 |  |  | — |  |  | — |  |  | — |  |  | .4 |
Other | — |  |  | — |  |  | — |  |  | .7 |  |  | — |  |  | .7 |
NET OTHER COMPREHENSIVE INCOME | — |  |  | 8.9 |  |  | — |  |  | .7 |  |  | — |  |  | 9.6 |
COMPREHENSIVE INCOME (LOSS) | (303.7 | ) |  | (70.3 | ) |  | 12.5 |  |  | 11.8 |  |  | 55.1 |  |  | (294.6 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | .5 |  |  | — |  |  | .5 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (303.7 | ) |  | $ | (70.3 | ) |  | $ | 12.5 |  |  | $ | 12.3 |  |  | $ | 55.1 |  |  | $ | (294.1 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS December 31, 2019 (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 | $ | 21.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 75.7 |  |  | $ | — |  |  | $ | 97.2 |
Short-term investments | — |  |  |  |  |  |  |  |  | — |  |  |  |  |  | — |
Accounts receivable, net | 0.2 |  |  | 19.7 |  |  |  |  |  | 500.8 |  |  | — |  |  | 520.7 |
Accounts receivable from affiliates | 4,031.4 |  |  | 386.0 |  |  |  |  |  | 897.2 |  |  | (5,314.6 | ) |  | — |
Other | .6 |  |  | 11.6 |  |  |  |  |  | 434.3 |  |  |  |  |  | 446.5 |
Total current assets | 4,053.7 |  |  | 417.3 |  |  | — |  |  | 1,908.0 |  |  | (5,314.6 | ) |  | 1,064.4 |
PROPERTY AND EQUIPMENT, AT COST | 1.9 |  |  | 108.8 |  |  |  |  |  | 18,283.1 |  |  |  |  |  | 18,393.8 |
Less accumulated depreciation | 1.9 |  |  | 84.7 |  |  |  |  |  | 3,210.3 |  |  |  |  |  | 3,296.9 |
Property and equipment, net | — |  |  | 24.1 |  |  | — |  |  | 15,072.8 |  |  | — |  |  | 15,096.9 |
SHAREHOLDER NOTE FROM ARO | — |  |  | — |  |  | — |  |  | 452.9 |  |  | — |  |  | 452.9 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 128.7 |  |  | — |  |  | 128.7 |
DUE FROM AFFILIATES | 73.8 |  |  | — |  |  | 38.9 |  |  | 1,775.7 |  |  | (1,888.4 | ) |  | — |
INVESTMENTS IN AFFILIATES | 9,778.5 |  |  | 788.8 |  |  | 1,224.9 |  |  | — |  |  | (11,792.2 | ) |  | — |
OTHER ASSETS | 7.9 |  |  | 3.8 |  |  | — |  |  | 182.6 |  |  | (6.0 | ) |  | 188.3 |
| $ | 13,913.9 |  |  | $ | 1,234.0 |  |  | $ | 1,263.8 |  |  | $ | 19,520.7 |  |  | $ | (19,001.2 | ) |  | $ | 16,931.2 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 99.2 |  |  | $ | 29.3 |  |  | $ | 12.2 |  |  | $ | 565.2 |  |  | $ | — |  |  | $ | 705.9 |
Accounts payable to affiliates | 818.8 |  |  | 147.8 |  |  | 815.1 |  |  | 3,532.9 |  |  | (5,314.6 | ) |  | — |
Current maturities of long - term debt | — |  |  | — |  |  | 124.8 |  |  | — |  |  | — |  |  | 124.8 |
Total current liabilities | 918.0 |  |  | 177.1 |  |  | 952.1 |  |  | 4,098.1 |  |  | (5,314.6 | ) |  | 830.7 |
DUE TO AFFILIATES | 710.3 |  |  | 478.8 |  |  | 586.6 |  |  | 112.7 |  |  | (1,888.4 | ) |  | — |
LONG-TERM DEBT | 2,990.6 |  |  | 111.7 |  |  | 373.3 |  |  | 2,447.9 |  |  | — |  |  | 5,923.5 |
OTHER LIABILITIES | (14.6 | ) |  | 90.6 |  |  | — |  |  | 797.4 |  |  | (6.0 | ) |  | 867.4 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 9,309.6 |  |  | 375.8 |  |  | (648.2 | ) |  | 12,065.9 |  |  | (11,792.2 | ) |  | 9,310.9 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.3 | ) |  | — |  |  | (1.3 | )
Total equity (deficit) | 9,309.6 |  |  | 375.8 |  |  | (648.2 | ) |  | 12,064.6 |  |  | (11,792.2 | ) |  | 9,309.6 |
| $ | 13,913.9 |  |  | $ | 1,234.0 |  |  | $ | 1,263.8 |  |  | $ | 19,520.7 |  |  | $ | (19,001.2 | ) |  | $ | 16,931.2 |
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 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities of continuing operations | $ | (181.2 | ) |  | $ | (57.9 | ) |  | $ | (111.3 | ) |  | $ | 73.5 |  |  | $ | — |  |  | $ | (276.9 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Acquisition of Rowan, net of cash acquired | — |  |  | — |  |  | — |  |  | 931.9 |  |  | — |  |  | 931.9 |
Maturities of short-term investments | 474.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 474.0 |
Purchases of short-term investments | (145.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (145.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (227.0 | ) |  | — |  |  | (227.0 | )
Net proceeds from disposition of assets |  |  |  | — |  |  | — |  |  | 17.7 |  |  | — |  |  | 17.7 |
Other | (.1 | ) |  | — |  |  | — |  |  | .1 |  |  | — |  |  | — |
Net cash provided by investing activities of continuing operations | 328.9 |  |  | — |  |  | — |  |  | 722.7 |  |  | — |  |  | 1,051.6 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduction of long-term borrowings | (536.6 | ) |  | (30.4 | ) |  | — |  |  | (361.1 | ) |  | — |  |  | (928.1 | )
Borrowings on credit facility | 215.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 215.0 |
Repayments of credit facility borrowings | (215.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (215.0 | )
Advances from (to) affiliates | 220.6 |  |  | 88.3 |  |  | 108.6 |  |  | (417.5 | ) |  | — |  |  | — |
Debt solicitation fees | — |  |  | — |  |  | — |  |  | (9.5 | ) |  | — |  |  | (9.5 | )
Cash dividends paid | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Other | (5.5 | ) |  | — |  |  | — |  |  | (4.7 | ) |  | — |  |  | (10.2 | )
Net cash provided by (used in) financing activities | (326.0 | ) |  | 57.9 |  |  | 108.6 |  |  | (792.8 | ) |  | — |  |  | (952.3 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | (.3 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (178.3 | ) |  | — |  |  | (2.7 | ) |  | 3.1 |  |  | — |  |  | (177.9 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 199.8 |  |  | — |  |  | 2.7 |  |  | 72.6 |  |  | — |  |  | 275.1 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 21.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 75.7 |  |  | $ | — |  |  | $ | 97.2 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2018 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities of continuing operations | $ | 18.1 |  |  | $ | (135.1 | ) |  | $ | (97.6 | ) |  | $ | 158.9 |  |  | $ | — |  |  | $ | (55.7 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Maturities of short-term investments | 1,030.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,030.0 |
Purchases of short-term investments | (919.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (919.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (426.7 | ) |  | — |  |  | (426.7 | )
Net proceeds from disposition of assets | — |  |  | — |  |  | — |  |  | 11.0 |  |  | — |  |  | 11.0 |
Purchase of affiliate debt | (551.7 | ) |  | — |  |  | — |  |  | — |  |  | 551.7 |  |  | — |
Sale of affiliate debt | 479.0 |  |  | — |  |  | — |  |  | — |  |  | (479.0 | ) |  | — |
Net cash provided by (used in) investing activities of continuing operations | 38.3 |  |  | — |  |  | — |  |  | (415.7 | ) |  | 72.7 |  |  | (304.7 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of senior notes | 1,000.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,000.0 |
Advances from (to) affiliates | (845.0 | ) |  | 135.1 |  |  | 612.5 |  |  | 97.4 |  |  | — |  |  | — |
Reduction of long-term borrowings | (159.9 | ) |  | — |  |  | (537.8 | ) |  | (0.8 | ) |  | (72.7 | ) |  | (771.2 | )
Debt issuance costs | (17.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (17.0 | )
Cash dividends paid | (17.9 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (17.9 | )
Other | (2.0 | ) |  | — |  |  | — |  |  | (3.7 | ) |  | — |  |  | (5.7 | )
Net cash provided by (used in) financing activities | (41.8 | ) |  | 135.1 |  |  | 74.7 |  |  | 92.9 |  |  | (72.7 | ) |  | 188.2 |
Net cash provided by discontinued operations | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.6 | ) |  | — |  |  | (.6 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 14.6 |  |  | — |  |  | (22.9 | ) |  | (162.0 | ) |  | — |  |  | (170.3 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 185.2 |  |  | — |  |  | 25.6 |  |  | 234.6 |  |  | — |  |  | 445.4 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 199.8 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 72.6 |  |  | $ | — |  |  | $ | 275.1 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Year Ended December 31, 2017 (in millions)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash provided by (used in) operating activities of continuing operations | $ | (18.2 | ) |  | $ | (117.6 | ) |  | $ | (100.1 | ) |  | $ | 495.3 |  |  | $ | — |  |  | $ | 259.4 |
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of short-term investments | (1,022.9 | ) |  | — |  |  | — |  |  | (17.1 | ) |  | — |  |  | (1,040.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (536.7 | ) |  | — |  |  | (536.7 | )
Maturities of short-term investments | 1,748.0 |  |  | 5.5 |  |  | — |  |  | 289.0 |  |  | — |  |  | 2,042.5 |
Net proceeds from disposition of assets | — |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
Purchase of affiliate debt | (316.3 | ) |  | — |  |  | — |  |  | — |  |  | 316.3 |  |  | — |
Acquisition of Atwood, net of cash acquired | — |  |  | — |  |  | — |  |  | (871.6 | ) |  | — |  |  | (871.6 | )
Net cash provided by (used in) investing activities of continuing operations | 408.8 |  |  | 5.5 |  |  | — |  |  | (1,133.6 | ) |  | 316.3 |  |  | (403.0 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Reduction of long-term borrowing | (220.7 | ) |  | — |  |  | — |  |  | — |  |  | (316.3 | ) |  | (537.0 | )
Cash dividends paid | (13.8 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (13.8 | )
Debt issuance costs | (12.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (12.0 | )
Advances from (to) affiliates | (848.9 | ) |  | 112.1 |  |  | 105.9 |  |  | 630.9 |  |  | — |  |  | — |
Other | (2.6 | ) |  | — |  |  | — |  |  | (5.1 | ) |  | — |  |  | (7.7 | )
Net cash provided by (used in) financing activities | (1,098.0 | ) |  | 112.1 |  |  | 105.9 |  |  | 625.8 |  |  | (316.3 | ) |  | (570.5 | )
Net cash used in discontinued operations | — |  |  | — |  |  | — |  |  | (.8 | ) |  | — |  |  | (.8 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (707.4 | ) |  | — |  |  | 5.8 |  |  | (12.7 | ) |  | — |  |  | (714.3 | )
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 892.6 |  |  | — |  |  | 19.8 |  |  | 247.3 |  |  | — |  |  | 1,159.7 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ | 185.2 |  |  | $ | — |  |  | $ | 25.6 |  |  | $ | 234.6 |  |  | $ | — |  |  | $ | 445.4 |

X
- References No definition available. + Details
Name: | us-gaap_GuaranteesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_GuaranteesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration