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Unaudited Quarterly Financial Data
 12 Months Ended
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.