XML 71 R42.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Guarantee Of Registered Securities (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Guarantees [Abstract] |
Condensed Consolidating Statements Of Income |
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 | )
Schedule of Condensed Consolidated Statements of Comprehensive Income | 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 | )
Condensed Consolidating Balance Sheets |
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 |
Condensed Consolidating Statements Of Cash Flows |
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 Schedule of condensed consolidated balance sheet [Table Text Block] + References No definition available. + Details
Name: | val_ScheduleOfCondensedConsolidatedBalanceSheetTableTextBlock
Namespace Prefix: | val_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of condensed consolidated statements of cash flows [Table Text Block] + References No definition available. + Details
Name: | val_ScheduleOfCondensedConsolidatedStatementsOfCashFlowsTableTextBlock
Namespace Prefix: | val_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Condensed Consolidated Statements of Comprehensive Income [Table Text Block] + References No definition available. + Details
Name: | val_ScheduleOfCondensedConsolidatedStatementsOfComprehensiveIncomeTableTextBlock
Namespace Prefix: | val_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of condensed consolidated statements of income [Table Text Block]. + References No definition available. + Details
Name: | val_ScheduleOfCondensedConsolidatedStatementsOfIncomeTableTextBlock
Namespace Prefix: | val_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration