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Unaudited Quarterly Financial Data (Tables) | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Data [Abstract] |
Summary Of Unaudited Quarterly Consolidated Income Statement | The following tables summarize our unaudited quarterly condensed consolidated income statement data for the years ended December 31, 2019 and 2018 (in millions, except per share amounts):
|  | 2019
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Year
Operating revenues |  | $ | 405.9 |  |  | $ | 583.9 |  |  | $ | 551.3 |  |  | $ | 512.1 |  |  | $ | 2,053.2 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) |  | 332.6 |  |  | 500.3 |  |  | 496.5 |  |  | 476.6 |  |  | 1,806.0 |
Loss on impairment(1) |  | — |  |  | 2.5 |  |  | 88.2 |  |  | 13.3 |  |  | 104.0 |
Depreciation |  | 125.0 |  |  | 157.9 |  |  | 163.0 |  |  | 163.8 |  |  | 609.7 |
General and administrative |  | 29.6 |  |  | 81.2 |  |  | 36.1 |  |  | 42.0 |  |  | 188.9 |
Equity in earnings of ARO |  | — |  |  | 0.6 |  |  | (3.7 | ) |  | (9.5 | ) |  | (12.6 | )
Operating loss |  | (81.3 | ) |  | (157.4 | ) |  | (236.2 | ) |  | (193.1 | ) |  | (668.0 | )
Other income (expense), net |  | (75.2 | ) |  | 597.3 |  |  | 40.2 |  |  | 41.9 |  |  | 604.2 |
Income (loss) from continuing operations before income taxes |  | (156.5 | ) |  | 439.9 |  |  | (196.0 | ) |  | (151.2 | ) |  | (63.8 | )
Income tax expense |  | 31.5 |  |  | 32.6 |  |  | 1.5 |  |  | 62.8 |  |  | 128.4 |
Net income (loss) |  | (188.0 | ) |  | 407.3 |  |  | (197.5 | ) |  | (214.0 | ) |  | (192.2 | )
Net (income) loss attributable to noncontrolling interests |  | (2.4 | ) |  | (1.8 | ) |  | .4 |  |  | (2.0 | ) |  | (5.8 | )
Net income (loss) attributable to Valaris |  | $ | (190.4 | ) |  | $ | 405.5 |  |  | $ | (197.1 | ) |  | $ | (216.0 | ) |  | $ | (198.0 | )
Income (loss) per share – basic and diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (1.75 | ) |  | $ | 2.09 |  |  | $ | (1.00 | ) |  | $ | (1.09 | ) |  | $ | (1.14 | )
Discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
|  | $ | (1.75 | ) |  | $ | 2.09 |  |  | $ | (1.00 | ) |  | $ | (1.09 | ) |  | $ | (1.14 | )
(1) | The quarterly periods included losses associated with the impairment of older, less capable, non-core rigs and operating lease impairments. See "Note 6 - Property and Equipment" and "Note 14 - Leases" for additional information.
|  | 2018
|  | First Quarter |  | Second Quarter |  | Third Quarter |  | Fourth Quarter |  | Year
Operating revenues |  | $ | 417.0 |  |  | $ | 458.5 |  |  | $ | 430.9 |  |  | $ | 399.0 |  |  | $ | 1,705.4 |
Operating expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) |  | 325.2 |  |  | 344.3 |  |  | 327.1 |  |  | 322.8 |  |  | 1,319.4 |
Loss on impairment(1) |  | — |  |  | — |  |  | — |  |  | 40.3 |  |  | 40.3 |
Depreciation |  | 115.2 |  |  | 120.7 |  |  | 120.6 |  |  | 122.4 |  |  | 478.9 |
General and administrative |  | 27.9 |  |  | 26.1 |  |  | 25.1 |  |  | 23.6 |  |  | 102.7 |
Operating loss |  | (51.3 | ) |  | (32.6 | ) |  | (41.9 | ) |  | (110.1 | ) |  | (235.9 | )
Other expense, net |  | (70.7 | ) |  | (84.8 | ) |  | (77.7 | ) |  | (69.8 | ) |  | (303.0 | )
Loss from continuing operations before income taxes |  | (122.0 | ) |  | (117.4 | ) |  | (119.6 | ) |  | (179.9 | ) |  | (538.9 | )
Income tax expense |  | 18.4 |  |  | 24.7 |  |  | 23.3 |  |  | 23.2 |  |  | 89.6 |
Loss from continuing operations |  | (140.4 | ) |  | (142.1 | ) |  | (142.9 | ) |  | (203.1 | ) |  | (628.5 | )
Loss from discontinued operations, net |  | (.1 | ) |  | (8.0 | ) |  | — |  |  | — |  |  | (8.1 | )
Net loss |  | (140.5 | ) |  | (150.1 | ) |  | (142.9 | ) |  | (203.1 | ) |  | (636.6 | )
Net (income) loss attributable to noncontrolling interests |  | .4 |  |  | (.9 | ) |  | (2.1 | ) |  | (.5 | ) |  | (3.1 | )
Net loss attributable to Valaris |  | $ | (140.1 | ) |  | $ | (151.0 | ) |  | $ | (145.0 | ) |  | $ | (203.6 | ) |  | $ | (639.7 | )
Loss per share – basic and diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | (1.29 | ) |  | $ | (1.31 | ) |  | $ | (1.34 | ) |  | $ | (1.88 | ) |  | $ | (5.82 | )
Discontinued operations |  | — |  |  | (0.08 | ) |  | — |  |  | — |  |  | (0.08 | )
|  | $ | (1.29 | ) |  | $ | (1.39 | ) |  | $ | (1.34 | ) |  | $ | (1.88 | ) |  | $ | (5.90 | )
(1) Fourth quarter included an aggregate loss of $40.3 million associated with the impairment of an older, non-core jackup rig. See "Note 6 - Property and Equipment" for additional information.

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