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Unaudited Quarterly Financial Data | 12 Months Ended
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Dec. 31, 2019
Quarterly Financial Data [Abstract] |
Unaudited Quarterly Financial Data | UNAUDITED QUARTERLY FINANCIAL DATA 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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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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