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Segment Information
 9 Months Ended
Sep. 30, 2020
Segment Reporting Information, Revenue for Reportable Segment [Abstract]  
Segment Information Segment Information
 
Our business consists of four operating segments: (1) Floaters, which includes our drillships and semisubmersible rigs, (2) Jackups, (3) ARO and (4) Other, which consists of management services on rigs owned by third-parties and the activities associated with our arrangements with ARO under the Transition Services Agreement, Rig Lease Agreements and Secondment Agreement. Floaters, Jackups and ARO are also reportable segments.

General and administrative expense and depreciation expense incurred by our corporate office are not allocated to our operating segments for purposes of measuring segment operating income (loss) and are included in "Reconciling Items." Substantially all of the expenses incurred associated with our Transition Services Agreement are included in general and administrative under "Reconciling Items" in the table set forth below. We measure segment assets as property and equipment.

The full operating results included below for ARO (representing only results of ARO from the Transaction Date) are not included within our consolidated results and thus deducted under "Reconciling Items" and replaced with our equity in earnings of ARO. See "Note 5 - Equity Method Investment in ARO" for additional information on ARO and related arrangements.

Segment information for the three and nine months ended September 30, 2020 and 2019 is presented below (in millions):

Three Months Ended September 30, 2020
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$57.1 $186.8 $145.6 $41.4 $(145.6)$285.3 
Operating expenses
Contract drilling (exclusive of depreciation)128.5 160.2 99.0 18.5 (99.0)307.2 
Loss on impairment— — — — — — 
Depreciation55.8 52.9 14.8 11.3 (12.4)122.4 
General and administrative— — 5.8 — 66.3 72.1 
Other operating income118.1 — — — — 118.1 
Equity in earnings of ARO— — — — 3.9 3.9 
Operating income (loss)$(9.1)$(26.3)$26.0 $11.6 $(96.6)$(94.4)
Property and equipment, net$6,465.9 $3,961.0 $736.3 $655.5 $(736.3)$11,082.4 
Three Months Ended September 30, 2019
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$269.8 $217.8 $138.4 $63.7 $(138.4)$551.3 
Operating expenses
Contract drilling (exclusive of depreciation)250.3 213.5 92.7 32.7 (92.7)496.5 
Loss on impairment88.2 — — — — 88.2 
Depreciation92.7 55.9 14.6 8.5 (8.7)163.0 
General and administrative— — 8.8 — 27.3 36.1 
Equity in losses of ARO— — — — (3.7)(3.7)
Operating income (loss)$(161.4)$(51.6)$22.3 $22.5 $(68.0)$(236.2)
Property and equipment, net$10,187.5 $5,022.0 $652.5 $— $(611.3)$15,250.7 

Nine Months Ended September 30, 2020
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$400.3 $585.9 $431.9 $144.5 $(431.9)$1,130.7 
Operating expenses
Contract drilling (exclusive of depreciation)513.2 569.0 319.8 71.7 (319.8)1,153.9 
Loss on impairment3,386.2 254.3 — 5.7 — 3,646.2 
Depreciation207.2 164.2 41.1 33.6 (27.7)418.4 
General and administrative— — 21.2 — 166.9 188.1 
Other operating income118.1 — — — — 118.1 
Equity in losses of ARO— — — — (7.6)(7.6)
Operating income (loss)$(3,588.2)$(401.6)$49.8 $33.5 $(258.9)$(4,165.4)
Property and equipment, net$6,465.9 $3,961.0 $736.3 $655.5 $(736.3)$11,082.4 

Nine Months Ended September 30, 2019
FloatersJackupsAROOtherReconciling ItemsConsolidated Total
Revenues$798.1 $604.0 262.2 $139.0 $(262.2)$1,541.1 
Operating expenses
Contract drilling (exclusive of depreciation)681.3 561.1 171.7 87.0 (171.7)1,329.4 
Loss on impairment88.2 — — — 2.5 90.7 
Depreciation271.4 146.0 26.9 15.3 (13.7)445.9 
General and administrative— — 13.9 — 133.0 146.9 
Equity in losses of ARO— — — — (3.1)(3.1)
Operating income (loss)$(242.8)$(103.1)$49.7 $36.7 $(215.4)$(474.9)
Property and equipment, net$10,187.5 $5,022.0 $652.5 $— $(611.3)$15,250.7 
Information about Geographic Areas

    As of September 30, 2020, the geographic distribution of our and ARO's drilling rigs was as follows:
FloatersJackupsOtherTotal ValarisARO
North & South America 56—11—
Europe & the Mediterranean714—21—
Middle East & Africa2109217
Asia & Pacific Rim26—8—
Asia & Pacific Rim (under construction)2——2—
Held-for-sale12—3—
Total19389667

We provide management services on two rigs owned by third-parties not included in the table above.