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Equity Method Investment in ARO (Tables)

12 Months Ended

Dec. 31, 2019

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments

A reconciliation of those components is presented below (in millions):

		April 11, 2019 - December 31, 2019
50% interest in ARO net income		$	12.3
Amortization of basis differences		(24.9		)
Equity in earnings of ARO		$	(12.6	)

Summarized financial information for ARO is as follows (in millions):

		April 11, 2019 - December 31, 2019
Revenues		$	410.5
Operating expenses
Contract drilling (exclusive of depreciation)		280.2
Depreciation		40.3
General and administrative		27.1
Operating income		62.9
Other expense, net		28.6
Provision for income taxes		9.7
Net income		$	24.6

		December 31, 2019
Current assets		$	407.2
Non-current assets		874.8
Total assets		$	1,282.0
Current liabilities		$	183.2
Non-current liabilities		1,015.5
Total liabilities		$	1,198.7

The following summarizes the total assets and liabilities as reflected in our consolidated balance sheet as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the outstanding balance on our shareholder notes receivable; and (3) other receivables for services provided to ARO, partially offset by payables for services received.

	December 31, 2019
Total assets	$	623.5
Less: total liabilities	.7
Maximum exposure to loss	$	622.8

Schedule of Related Party Transactions

Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions):

		Year Ended December 31, 2019
Lease revenue		$	58.2
Secondment revenue		49.9
Transition Services revenue		17.3
Total revenue from ARO (1)		$	125.4

⁽¹⁾  All of the revenues presented above are included in our Other segment in our segment disclosures. See Note 15 for additional information.

Schedule of Notes Receivable

The following table summarizes the maturity schedule of our notes receivable from ARO as of December 31, 2019 (in millions):

Maturity Date	Principal Amount
October 2027	$	275.2
October 2028	177.7
Total	$	452.9

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- Definition

Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

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