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v3.20.2

Condensed Consolidated Statements Of Operations - USD ($) shares in Millions | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019
Income Statement [Abstract] |  |  |  |
Revenues | $ 388,800,000 | $ 583,900,000 | $ 845,400,000 | $ 989,800,000
OPERATING EXPENSES |  |  |  |
Contract Drilling | 370,700,000 | 500,300,000 | 846,700,000 | 832,900,000
Asset Impairment Charges | 838,000,000.0 | 2,500,000 | 3,646,200,000 | 2,500,000
Depreciation expense | 131,500,000 | 157,900,000 | 296,000,000.0 | 282,900,000
General and administrative | 62,600,000 | 81,200,000 | 116,000,000.0 | 110,800,000
Total operating expenses | 1,402,800,000 | 741,900,000 | 4,904,900,000 | 1,229,100,000
Equity in earnings of ARO | 5,200,000 | (600,000) | 11,500,000 | (600,000)
OPERATING LOSS | (1,019,200,000) | (157,400,000) | (4,071,000,000.0) | (238,700,000)
OTHER INCOME (EXPENSE) |  |  |  |
Interest income | 5,700,000 | 11,900,000 | 10,500,000 | 15,400,000
Interest expense, net | (116,200,000) | (118,300,000) | (229,400,000) | (199,300,000)
Other, net | 5,100,000 | 703,700,000 | 5,600,000 | 706,000,000.0
Other income (expense), net | (105,400,000) | 597,300,000 | (213,300,000) | 522,100,000
INCOME (LOSS) BEFORE INCOME TAXES | (1,124,600,000) | 439,900,000 | (4,284,300,000) | 283,400,000
PROVISION FOR INCOME TAXES |  |  |  |
Current income tax expense | 13,800,000 | 21,200,000 | (58,700,000) | 46,800,000
Deferred income tax expense (benefit) | (29,600,000) | 11,400,000 | (109,100,000) | 17,300,000
Total provision for income taxes | (15,800,000) | 32,600,000 | (167,800,000) | 64,100,000
NET INCOME (LOSS) | (1,108,800,000) | 407,300,000 | (4,116,500,000) | 219,300,000
NET (INCOME) LOSS ATTRIBUTABLE TO NONCONTROLLING INTERESTS | 1,400,000 | (1,800,000) | 2,800,000 | (4,200,000)
NET INCOME (LOSS) ATTRIBUTABLE TO VALARIS | $ (1,107,400,000) | $ 405,500,000 | $ (4,113,700,000) | $ 215,100,000
EARNINGS (LOSS) PER SHARE - BASIC AND DILUTED |  |  |  |
Continuing operations (in dollars per share) | $ (5.58) | $ 2.09 | $ (20.75) | $ 1.40
WEIGHTED-AVERAGE SHARES OUTSTANDING |  |  |  |
Basic and Diluted (in shares) | 198.6 | 188.6 | 198.3 | 148.9

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