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Guarantee Of Registered Securities (Tables) | 6 Months Ended
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Jun. 30, 2020
Guarantees [Abstract] |
Condensed Consolidating Statements Of Operations | VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 17.6 |  |  | $ | 49.7 |  |  | $ | — |  |  | $ | 445.7 |  |  | $ | (124.2 | ) |  | $ | 388.8 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 35.6 |  |  | 52.6 |  |  | — |  |  | 406.7 |  |  | (124.2 | ) |  | 370.7 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 838.0 |  |  | — |  |  | 838.0 |
Depreciation | — |  |  | 4.7 |  |  | — |  |  | 126.8 |  |  | — |  |  | 131.5 |
General and administrative | 13.5 |  |  | 13.3 |  |  | — |  |  | 35.8 |  |  | — |  |  | 62.6 |
Total operating expenses | 49.1 |  |  | 70.6 |  |  | — |  |  | 1,407.3 |  |  | (124.2 | ) |  | 1,402.8 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (5.2 | ) |  | — |  |  | (5.2 | )
OPERATING LOSS | (31.5 | ) |  | (20.9 | ) |  | — |  |  | (966.8 | ) |  | — |  |  | (1,019.2 | )
OTHER INCOME (EXPENSE), NET | (129.6 | ) |  | (0.4 | ) |  | (18.3 | ) |  | 38.4 |  |  | 4.5 |  |  | (105.4 | )
LOSS BEFORE INCOME TAXES | (161.1 | ) |  | (21.3 | ) |  | (18.3 | ) |  | (928.4 | ) |  | 4.5 |  |  | (1,124.6 | )
PROVISION (BENEFIT) FOR INCOME TAXES | — |  |  | (88.4 | ) |  | — |  |  | 72.6 |  |  | — |  |  | (15.8 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (946.3 | ) |  | (50.0 | ) |  | 9.3 |  |  | — |  |  | 987.0 |  |  | — |
NET INCOME (LOSS) | (1,107.4 | ) |  | 17.1 |  |  | (9.0 | ) |  | (1,001.0 | ) |  | 991.5 |  |  | (1,108.8 | )
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (1,107.4 | ) |  | $ | 17.1 |  |  | $ | (9.0 | ) |  | $ | (999.6 | ) |  | $ | 991.5 |  |  | $ | (1,107.4 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Three Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 19.9 |  |  | $ | 36.1 |  |  | $ | — |  |  | $ | 607.9 |  |  | $ | (80.0 | ) |  | $ | 583.9 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 18.3 |  |  | 31.8 |  |  | — |  |  | 530.2 |  |  | (80.0 | ) |  | 500.3 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Depreciation | — |  |  | 4.0 |  |  | — |  |  | 153.9 |  |  | — |  |  | 157.9 |
General and administrative | 46.4 |  |  | .1 |  |  | — |  |  | 34.7 |  |  | — |  |  | 81.2 |
Total operating expenses | 64.7 |  |  | 35.9 |  |  | — |  |  | 721.3 |  |  | (80.0 | ) |  | 741.9 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
OPERATING INCOME (LOSS) | (44.8 | ) |  | .2 |  |  | — |  |  | (112.8 | ) |  | — |  |  | (157.4 | )
OTHER INCOME (EXPENSE), NET | 694.9 |  |  | (15.6 | ) |  | (20.3 | ) |  | (66.0 | ) |  | 4.3 |  |  | 597.3 |
INCOME (LOSS) BEFORE INCOME TAXES | 650.1 |  |  | (15.4 | ) |  | (20.3 | ) |  | (178.8 | ) |  | 4.3 |  |  | 439.9 |
PROVISION FOR INCOME TAXES | — |  |  | 12.4 |  |  | — |  |  | 20.2 |  |  | — |  |  | 32.6 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (244.6 | ) |  | 43.2 |  |  | 27.0 |  |  | — |  |  | 174.4 |  |  | — |
NET INCOME (LOSS) | 405.5 |  |  | 15.4 |  |  | 6.7 |  |  | (199.0 | ) |  | 178.7 |  |  | 407.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.8 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 405.5 |  |  | $ | 15.4 |  |  | $ | 6.7 |  |  | $ | (200.8 | ) |  | $ | 178.7 |  |  | $ | 405.5 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 34.9 |  |  | $ | 96.7 |  |  | $ | — |  |  | $ | 939.0 |  |  | $ | (225.2 | ) |  | $ | 845.4 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 56.2 |  |  | 95.7 |  |  | — |  |  | 920.0 |  |  | (225.2 | ) |  | 846.7 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 3,646.2 |  |  | — |  |  | 3,646.2 |
Depreciation | — |  |  | 9.3 |  |  | — |  |  | 286.7 |  |  | — |  |  | 296.0 |
General and administrative | 33.7 |  |  | 24.8 |  |  | — |  |  | 57.5 |  |  | — |  |  | 116.0 |
Total operating expenses | 89.9 |  |  | 129.8 |  |  | — |  |  | 4,910.4 |  |  | (225.2 | ) |  | 4,904.9 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | (11.5 | ) |  | — |  |  | (11.5 | )
OPERATING LOSS | (55.0 | ) |  | (33.1 | ) |  | — |  |  | (3,982.9 | ) |  | — |  |  | (4,071.0 | )
OTHER INCOME (EXPENSE), NET | 215.5 |  |  | (.2 | ) |  | (37.8 | ) |  | (399.7 | ) |  | 8.9 |  |  | (213.3 | )
INCOME (LOSS) BEFORE INCOME TAXES | 160.5 |  |  | (33.3 | ) |  | (37.8 | ) |  | (4,382.6 | ) |  | 8.9 |  |  | (4,284.3 | )
BENEFIT FOR INCOME TAXES | — |  |  | (100.0 | ) |  | — |  |  | (67.8 | ) |  | — |  |  | (167.8 | )
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (4,274.2 | ) |  | (134.6 | ) |  | 14.9 |  |  | — |  |  | 4,393.9 |  |  | — |
NET LOSS | (4,113.7 | ) |  | (67.9 | ) |  | (22.9 | ) |  | (4,314.8 | ) |  | 4,402.8 |  |  | (4,116.5 | )
NET LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
NET LOSS ATTRIBUTABLE TO VALARIS | $ | (4,113.7 | ) |  | $ | (67.9 | ) |  | $ | (22.9 | ) |  | $ | (4,312.0 | ) |  | $ | 4,402.8 |  |  | $ | (4,113.7 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF OPERATIONS Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING REVENUES | $ | 31.3 |  |  | $ | 75.6 |  |  | $ | — |  |  | $ | 1,038.3 |  |  | $ | (155.4 | ) |  | $ | 989.8 |
OPERATING EXPENSES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) | 30.0 |  |  | 67.5 |  |  | — |  |  | 890.8 |  |  | (155.4 | ) |  | 832.9 |
Loss on impairment | — |  |  | — |  |  | — |  |  | 2.5 |  |  | — |  |  | 2.5 |
Depreciation | — |  |  | 7.7 |  |  | — |  |  | 275.2 |  |  | — |  |  | 282.9 |
General and administrative | 61.3 |  |  | .2 |  |  | — |  |  | 49.3 |  |  | — |  |  | 110.8 |
Total operating expenses | 91.3 |  |  | 75.4 |  |  | — |  |  | 1,217.8 |  |  | (155.4 | ) |  | 1,229.1 |
EQUITY IN EARNINGS OF ARO | — |  |  | — |  |  | — |  |  | .6 |  |  | — |  |  | .6 |
OPERATING INCOME (LOSS) | (60.0 | ) |  | .2 |  |  | — |  |  | (178.9 | ) |  | — |  |  | (238.7 | )
OTHER INCOME (EXPENSE), NET | 678.8 |  |  | (31.0 | ) |  | (40.8 | ) |  | (93.3 | ) |  | 8.4 |  |  | 522.1 |
INCOME (LOSS) BEFORE INCOME TAXES | 618.8 |  |  | (30.8 | ) |  | (40.8 | ) |  | (272.2 | ) |  | 8.4 |  |  | 283.4 |
PROVISION FOR INCOME TAXES | — |  |  | 29.0 |  |  | — |  |  | 35.1 |  |  | — |  |  | 64.1 |
EQUITY EARNINGS (LOSSES) IN AFFILIATES, NET OF TAX | (403.7 | ) |  | 75.3 |  |  | 53.1 |  |  | — |  |  | 275.3 |  |  | — |
NET INCOME (LOSS) | 215.1 |  |  | 15.5 |  |  | 12.3 |  |  | (307.3 | ) |  | 283.7 |  |  | 219.3 |
NET INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (4.2 | ) |  | — |  |  | (4.2 | )
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 215.1 |  |  | $ | 15.5 |  |  | $ | 12.3 |  |  | $ | (311.5 | ) |  | $ | 283.7 |  |  | $ | 215.1 |
Condensed Consolidating Statements Of Comprehensive Income | VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Three Months Ended June 30, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | (1,107.4 | ) |  | $ | 17.1 |  |  | $ | (9.0 | ) |  | $ | (1,001.0 | ) |  | $ | 991.5 |  |  | $ | (1,108.8 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | 4.8 |  |  | — |  |  | — |  |  | — |  |  | 4.8 |
Reclassification of net gains on derivative instruments from other comprehensive loss to net loss | — |  |  | (10.9 | ) |  | — |  |  | — |  |  | — |  |  | (10.9 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (6.1 | ) |  | — |  |  | — |  |  | — |  |  | (6.1 | )
COMPREHENSIVE INCOME (LOSS) | (1,107.4 | ) |  | 11.0 |  |  | (9.0 | ) |  | (1,001.0 | ) |  | 991.5 |  |  | (1,114.9 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 1.4 |  |  | — |  |  | 1.4 |
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | (1,107.4 | ) |  | $ | 11.0 |  |  | $ | (9.0 | ) |  | $ | (999.6 | ) |  | $ | 991.5 |  |  | $ | (1,113.5 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Three Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | 405.5 |  |  | $ | 15.4 |  |  | $ | 6.7 |  |  | $ | (199.0 | ) |  | $ | 178.7 |  |  | $ | 407.3 |
OTHER COMPREHENSIVE INCOME, NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | — |  |  | (1.6 | )
Reclassification of net losses on derivative instruments from other comprehensive income to net income (loss) | — |  |  | 1.8 |  |  | — |  |  | — |  |  | — |  |  | 1.8 |
NET OTHER COMPREHENSIVE INCOME | — |  |  | .2 |  |  | — |  |  | — |  |  | — |  |  | .2 |
COMPREHENSIVE INCOME (LOSS) | 405.5 |  |  | 15.6 |  |  | 6.7 |  |  | (199.0 | ) |  | 178.7 |  |  | 407.5 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (1.8 | ) |  | — |  |  | (1.8 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 405.5 |  |  | $ | 15.6 |  |  | $ | 6.7 |  |  | $ | (200.8 | ) |  | $ | 178.7 |  |  | $ | 405.7 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE LOSS Six Months Ended June 30, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET LOSS | $ | (4,113.7 | ) |  | $ | (67.9 | ) |  | $ | (22.9 | ) |  | $ | (4,314.8 | ) |  | $ | 4,402.8 |  |  | $ | (4,116.5 | )
OTHER COMPREHENSIVE LOSS, NET |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (8.1 | ) |  | — |  |  | — |  |  | — |  |  | (8.1 | )
Reclassification of net gains on derivative instruments from other comprehensive loss to net loss | — |  |  | (11.0 | ) |  | — |  |  | — |  |  | — |  |  | (11.0 | )
Other | — |  |  | — |  |  | — |  |  | (.4 | ) |  | — |  |  | (.4 | )
NET OTHER COMPREHENSIVE LOSS | — |  |  | (19.1 | ) |  | — |  |  | (.4 | ) |  | — |  |  | (19.5 | )
COMPREHENSIVE LOSS | (4,113.7 | ) |  | (87.0 | ) |  | (22.9 | ) |  | (4,315.2 | ) |  | 4,402.8 |  |  | (4,136.0 | )
COMPREHENSIVE LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | 2.8 |  |  | — |  |  | 2.8 |
COMPREHENSIVE LOSS ATTRIBUTABLE TO VALARIS | $ | (4,113.7 | ) |  | $ | (87.0 | ) |  | $ | (22.9 | ) |  | $ | (4,312.4 | ) |  | $ | 4,402.8 |  |  | $ | (4,133.2 | )
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF COMPREHENSIVE INCOME (LOSS) Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
NET INCOME (LOSS) | $ | 215.1 |  |  | $ | 15.5 |  |  | $ | 12.3 |  |  | $ | (307.3 | ) |  | $ | 283.7 |  |  | $ | 219.3 |
OTHER COMPREHENSIVE INCOME (LOSS), NET |  |  |  |  |  |  |  |  |  |  |  |
Net change in derivative fair value | — |  |  | (1.6 | ) |  | — |  |  | — |  |  | — |  |  | (1.6 | )
Reclassification of net losses on derivative instruments from other comprehensive income (loss) to net income (loss) | — |  |  | 3.4 |  |  | — |  |  | — |  |  | — |  |  | 3.4 |
Other | — |  |  | — |  |  | — |  |  | (.1 | ) |  | — |  |  | (.1 | )
NET OTHER COMPREHENSIVE INCOME (LOSS) | — |  |  | 1.8 |  |  | — |  |  | (.1 | ) |  | — |  |  | 1.7 |
COMPREHENSIVE INCOME (LOSS) | 215.1 |  |  | 17.3 |  |  | 12.3 |  |  | (307.4 | ) |  | 283.7 |  |  | 221.0 |
COMPREHENSIVE INCOME ATTRIBUTABLE TO NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (4.2 | ) |  | — |  |  | (4.2 | )
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ | 215.1 |  |  | $ | 17.3 |  |  | $ | 12.3 |  |  | $ | (311.6 | ) |  | $ | 283.7 |  |  | $ | 216.8 |
Condensed Consolidating Balance Sheets |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING BALANCE SHEETS June 30, 2020 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-Guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
ASSETS |  |  |  |  |  |  |  |  |  |  |
CURRENT ASSETS |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 156.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 45.5 |  |  | $ | — |  |  | $ | 202.0 |
Accounts receivable, net | .2 |  |  | 25.7 |  |  | — |  |  | 337.4 |  |  | — |  |  | 363.3 |
Accounts receivable from affiliates | 4,334.8 |  |  | 201.2 |  |  | 1.4 |  |  | 1,224.7 |  |  | (5,762.1 | ) |  | — |
Other current assets | .5 |  |  | 53.6 |  |  | — |  |  | 446.7 |  |  | — |  |  | 500.8 |
Total current assets | 4,492.0 |  |  | 280.5 |  |  | 1.4 |  |  | 2,054.3 |  |  | (5,762.1 | ) |  | 1,066.1 |
PROPERTY AND EQUIPMENT, AT COST | 1.1 |  |  | 113.6 |  |  | — |  |  | 13,105.6 |  |  | — |  |  | 13,220.3 |
Less accumulated depreciation | 1.1 |  |  | 93.4 |  |  | — |  |  | 1,933.2 |  |  | — |  |  | 2,027.7 |
Property and equipment, net | — |  |  | 20.2 |  |  | — |  |  | 11,172.4 |  |  | — |  |  | 11,192.6 |
LONG - TERM NOTES RECEIVABLE FROM ARO | — |  |  | — |  |  | — |  |  | 452.8 |  |  | — |  |  | 452.8 |
INVESTMENT IN ARO | — |  |  | — |  |  | — |  |  | 117.2 |  |  | — |  |  | 117.2 |
DUE FROM AFFILIATES | 1,593.3 |  |  | 217.5 |  |  | 38.9 |  |  | 4,680.8 |  |  | (6,530.5 | ) |  | — |
INVESTMENTS IN AFFILIATES | 9,166.5 |  |  | 654.2 |  |  | 1,239.8 |  |  |  |  |  | (11,060.5 | ) |  | — |
OTHER ASSETS | 1.1 |  |  | 20.4 |  |  | — |  |  | 188.7 |  |  | — |  |  | 210.2 |
| $ | 15,252.9 |  |  | $ | 1,192.8 |  |  | $ | 1,280.1 |  |  | $ | 18,666.2 |  |  | $ | (23,353.1 | ) |  | $ | 13,038.9 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
CURRENT LIABILITIES |  |  |  |  |  |  |  |  |  |  |
Accounts payable and accrued liabilities | $ | 141.1 |  |  | $ | 16.6 |  |  | $ | 12.2 |  |  | $ | 380.1 |  |  | $ | — |  |  | $ | 550.0 |
Accounts payable to affiliates | 1,117.0 |  |  | 237.2 |  |  | 802.2 |  |  | 3,605.7 |  |  | (5,762.1 | ) |  | — |
Current maturities of long-term debt | 2,394.8 |  |  |  |  |  | 123.3 |  |  | — |  |  | — |  |  | 2,518.1 |
Total current liabilities | 3,652.9 |  |  | 253.8 |  |  | 937.7 |  |  | 3,985.8 |  |  | (5,762.1 | ) |  | 3,068.1 |
DUE TO AFFILIATES | 3,534.0 |  |  | 505.6 |  |  | 641.2 |  |  | 1,849.7 |  |  | (6,530.5 | ) |  | — |
LONG-TERM DEBT | 2,880.6 |  |  | 111.7 |  |  | 372.3 |  |  | 727.6 |  |  |  |  |  | 4,092.2 |
OTHER LIABILITIES |  |  |  | 247.6 |  |  |  |  |  | 445.6 |  |  | — |  |  | 693.2 |
VALARIS SHAREHOLDERS' EQUITY (DEFICIT) | 5,185.4 |  |  | 74.1 |  |  | (671.1 | ) |  | 11,662.5 |  |  | (11,060.5 | ) |  | 5,190.4 |
NONCONTROLLING INTERESTS | — |  |  | — |  |  | — |  |  | (5.0 | ) |  | — |  |  | (5.0 | )
Total equity (deficit) | 5,185.4 |  |  | 74.1 |  |  | (671.1 | ) |  | 11,657.5 |  |  | (11,060.5 | ) |  | 5,185.4 |
| $ | 15,252.9 |  |  | $ | 1,192.8 |  |  | $ | 1,280.1 |  |  | $ | 18,666.2 |  |  | $ | (23,353.1 | ) |  | $ | 13,038.9 |
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 |
Accounts receivable, net | .2 |  |  | 19.7 |  |  | — |  |  | 500.8 |  |  | — |  |  | 520.7 |
Accounts receivable from affiliates | 4,031.4 |  |  | 386.0 |  |  | — |  |  | 897.2 |  |  | (5,314.6 | ) |  | — |
Other current assets | .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 |
LONG-TERM NOTES RECEIVABLE 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 |
Condensed Consolidating Statements Of Cash Flows |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2020 (In millions) (Unaudited)
| 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 | $ | (203.1 | ) |  | $ | 149.5 |  |  | $ | (40.3 | ) |  | $ | (287.2 | ) |  | $ | — |  |  | $ | (381.1 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (67.1 | ) |  | — |  |  | (67.1 | )
Proceeds from disposition of assets | — |  |  | — |  |  | — |  |  | 13.8 |  |  | — |  |  | 13.8 |
Net cash used in investing activities | — |  |  | — |  |  | — |  |  | (53.3 | ) |  | — |  |  | (53.3 | )
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings on credit facility | 566.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 566.0 |
Advances from (to) affiliates | (202.9 | ) |  | (149.5 | ) |  | 40.3 |  |  | 312.1 |  |  | — |  |  | — |
Repayments of credit facility borrowings | (15.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (15.0 | )
Reduction of long -term borrowings | (9.7 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.7 | )
Other | (.3 | ) |  | — |  |  | — |  |  | (1.6 | ) |  | — |  |  | (1.9 | )
Net cash provided by (used in) financing activities | 338.1 |  |  | (149.5 | ) |  | 40.3 |  |  | 310.5 |  |  | — |  |  | 539.4 |
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.2 | ) |  |  |  |  | (.2 | )
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 135.0 |  |  | — |  |  | — |  |  | (30.2 | ) |  | — |  |  | 104.8 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 21.5 |  |  | — |  |  | — |  |  | 75.7 |  |  | — |  |  | 97.2 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 156.5 |  |  | $ | — |  |  | $ | — |  |  | $ | 45.5 |  |  | $ | — |  |  | $ | 202.0 |
VALARIS PLC AND SUBSIDIARIES CONDENSED CONSOLIDATING STATEMENTS OF CASH FLOWS Six Months Ended June 30, 2019 (In millions) (Unaudited)
| Valaris plc |  | ENSCO International Incorporated |  | Pride International LLC |  | Other Non-guarantor Subsidiaries of Valaris |  | Consolidating Adjustments |  | Total
OPERATING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net cash used in operating activities | $ | (79.9 | ) |  | $ | (117.5 | ) |  | $ | (68.6 | ) |  | $ | (27.4 | ) |  | $ | — |  |  | $ | (293.4 | )
INVESTING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rowan cash acquired | — |  |  | — |  |  | — |  |  | 931.9 |  |  | — |  |  | 931.9 |
Maturities of short-term investments | 339.0 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 339.0 |
Purchases of short-term investments | (145.0 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (145.0 | )
Additions to property and equipment | — |  |  | — |  |  | — |  |  | (134.8 | ) |  | — |  |  | (134.8 | )
Other | 2.5 |  |  | — |  |  | — |  |  | 2.0 |  |  | — |  |  | 4.5 |
Net cash provided by investing activities | 196.5 |  |  | — |  |  | — |  |  | 799.1 |  |  | — |  |  | 995.6 |
FINANCING ACTIVITIES |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt solicitation fees | — |  |  | — |  |  | — |  |  | (8.7 | ) |  | — |  |  | (8.7 | )
Cash dividends paid | (4.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5 | )
Repurchase of common shares | (4.2 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.2 | )
Advances from (to) affiliates | 174.5 |  |  | 117.5 |  |  | 68.6 |  |  | (360.6 | ) |  | — |  |  | — |
Other | (0.5 | ) |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.5 | )
Net cash provided by (used in) financing activities | 165.3 |  |  | 117.5 |  |  | 68.6 |  |  | (369.3 | ) |  | — |  |  | (17.9 | )
Effect of exchange rate changes on cash and cash equivalents | — |  |  | — |  |  | — |  |  | (.3 | ) |  | — |  |  | (.3 | )
INCREASE IN CASH AND CASH EQUIVALENTS | 281.9 |  |  | — |  |  | — |  |  | 402.1 |  |  | — |  |  | 684.0 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 199.8 |  |  | — |  |  | 2.7 |  |  | 72.6 |  |  | — |  |  | 275.1 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 481.7 |  |  | $ | — |  |  | $ | 2.7 |  |  | $ | 474.7 |  |  | $ | — |  |  | $ | 959.1 |

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