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Chapter 11 Proceeding and Ability to Continue as a Going Concern - Condensed Combined Statement of Cash Flows (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended
--- | --- | ---
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019
OPERATING ACTIVITIES |  |  |  |
Net income (loss) | $ (672.0) | $ (197.5) | $ (4,788.5) | $ 21.8
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |
Loss on impairment | 0.0 | 88.2 | 3,646.2 | 90.7
Depreciation expense | 122.4 | 163.0 | 418.4 | 445.9
Gain on extinguishment of debt | 0.0 | (194.1) | (3.1) | (194.1)
Share-based compensation expense |  |  | 17.8 | 28.7
Amortization, net |  |  | 14.4 | (18.1)
Equity in earnings of ARO | (3.9) | 3.7 | 7.6 | 3.1
(Gain on) adjustment to bargain purchase | 0.0 | $ 53.0 | 6.3 | (659.8)
Other |  |  | 2.4 | (4.7)
Changes in operating assets and liabilities |  |  | (131.8) | (147.3)
Contributions to pension plans and other post-retirement benefits |  |  | (11.0) | (8.0)
Net cash used in operating activities |  |  | (396.4) | (427.5)
INVESTING ACTIVITIES |  |  |  |
Additions to property and equipment |  |  | (82.9) | (174.2)
Net proceeds from disposition of assets |  |  | 44.2 | 4.9
Maturities of short-term investments |  |  | 0.0 | 474.0
Rowan cash acquired |  |  | 0.0 | 931.9
Purchases of short-term investments |  |  | 0.0 | (145.0)
Net cash used in investing activities |  |  | (38.7) | 1,091.6
FINANCING ACTIVITIES |  |  |  |
Borrowings on credit facility |  |  | 596.0 | 175.0
Repayments of credit facility borrowings |  |  | (15.0) | (34.4)
Repayments of Long-term Debt |  |  | (9.7) | (928.1)
Purchase of noncontrolling interests |  |  | (7.2) | 0.0
Other |  |  | (1.9) | (7.7)
Net cash provided by (used in) financing activities |  |  | 518.4 | (809.1)
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.1) | (0.6)
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | 83.2 | $ (145.6)
Valaris, PLC And Certain Subsidiaries Party To The Bankruptcy Cases |  |  |  |
OPERATING ACTIVITIES |  |  |  |
Net income (loss) | (647.1) |  | (4,675.2) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |  |  |  |
Non cash reorganization items, net |  |  | 447.9 |
Loss on impairment | 0.0 |  | 3,643.9 |
Depreciation expense | 114.2 |  | 393.4 |
Income (Loss) from Equity Method Investment from Non-Debtor Subsidiaries |  |  | (27.5) |
Gain on extinguishment of debt |  |  | (3.1) |
Share-based compensation expense |  |  | 43.8 |
Amortization, net |  |  | 14.4 |
Equity in earnings of ARO | (3.9) |  | 7.6 |
(Gain on) adjustment to bargain purchase |  |  | 6.3 |
Other |  |  | (57.7) |
Changes in operating assets and liabilities |  |  | (151.1) |
Contributions to pension plans and other post-retirement benefits |  |  | (120.3) |
Net cash used in operating activities |  |  | (477.6) |
INVESTING ACTIVITIES |  |  |  |
Additions to property and equipment |  |  | (82.9) |
Net proceeds from disposition of assets |  |  | 44.2 |
Net cash used in investing activities |  |  | (38.7) |
FINANCING ACTIVITIES |  |  |  |
Borrowings on credit facility |  |  | 596.0 |
Repayments of credit facility borrowings |  |  | (15.0) |
Debtor in Possession financing fees and payments on Backstop Agreement |  |  | 43.8 |
Repayments of Long-term Debt |  |  | (9.7) |
Other |  |  | (1.9) |
Net cash provided by (used in) financing activities |  |  | 525.6 |
Effect of exchange rate changes on cash and cash equivalents |  |  | (0.1) |
NET INCREASE IN CASH AND CASH EQUIVALENTS |  |  | 9.2 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |  |  | 71.7 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 80.9 |  | $ 80.9 |

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