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Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables)
 9 Months Ended
Sep. 30, 2020
Reorganizations [Abstract]  
Schedule Of Reorganization Items
The following table provides information about reorganization items incurred during the three and nine months ended September 30, 2020, as of or subsequent to the Petition Date (in millions):
Three and Nine Months Ended September 30, 2020
Write-off of unamortized debt discounts, premiums and issuance costs$447.9 
Reorganization items (non-cash)447.9 
DIP facility fees23.8 
Professional fees25.8 
Reorganization Items (Fees)49.6 
Total reorganization items, net$497.5 
Reorganization items (fees) unpaid$25.8 
Reorganization items (fees) paid$23.8 
Schedule Of Liabilities Subject to Compromise Liabilities subject to compromise at September 30, 2020 consist of the following (in millions):
September 30, 2020
6.875% Senior notes due 2020
$122.9 
4.70% Senior notes due 2021
100.7 
4.875% Senior notes due 2022
620.8 
3.00% Exchangeable senior notes due 2024
849.5 
4.50% Senior notes due 2024
303.4 
4.75% Senior notes due 2024
318.6 
8.00% Senior notes due 2024
292.3 
5.20% Senior notes due 2025
333.7 
7.375% Senior notes due 2025
360.8 
7.75% Senior notes due 2026
1,000.0 
7.20% Debentures due 2027
112.1 
7.875% Senior notes due 2040
300.0 
5.40% Senior notes due 2042
400.0 
5.75% Senior notes due 2044
1,000.5 
5.85% Senior notes due 2044
400.0 
Amounts drawn under revolving credit facility581.0 
Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility203.5 
Rig holding costs(1)
13.9 
Total liabilities subject to compromise$7,313.7 
(1)    Represents the holding costs incurred to maintain VALARIS DS-13 and VALARIS DS-14 in the shipyard until the delivery date.
Debtor-in-Possession, Condensed Combined Statement of Operations
VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES
(DEBTOR-IN-POSSESSION)
CONDENSED COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
(In millions)
Three Months Ended
September 30,		Nine Months Ended
September 30,
20202020
OPERATING REVENUES
Operating revenues$236.0 $944.6 
Operating revenues from non-debtor subsidiaries26.3 113.6 
Total operating revenues262.3 1,058.2 
OPERATING EXPENSES
Contract drilling (exclusive of depreciation)264.2 948.9 
Loss on impairment— 3,643.9 
Depreciation114.2 393.4 
General and administrative72.9 187.2 
Operating expenses for non-debtor subsidiaries16.0 81.4 
Total operating expenses467.3 5,254.8 
OTHER OPERATING INCOME118.1 118.1 
EQUITY IN EARNINGS OF ARO3.9 (7.6)
OPERATING LOSS(83.0)(4,086.1)
OTHER INCOME (EXPENSE)
Interest income4.7 15.2 
Interest income for non-debtor subsidiaries65.2 193.5 
Interest expense, net(59.8)(289.2)
Interest Expense for non-debtor subsidiaries(73.1)(210.5)
Reorganization items, net(497.5)(497.5)
Other, net4.5 12.5 
 (556.0)(776.0)
LOSS BEFORE INCOME TAXES(639.0)(4,862.1)
EQUITY IN EARNINGS OF SUBSIDIARIES9.2 27.5 
PROVISION (BENEFIT) FOR INCOME TAXES17.3 (159.4)
NET LOSS(647.1)(4,675.2)
Debtor-in-Possession, Condensed Balance Sheet
VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES
(DEBTOR-IN-POSSESSION)
CONDENSED COMBINED BALANCE SHEET
(Unaudited)
(In millions)
September 30, 2020
(Unaudited)
ASSETS
CURRENT ASSETS 
    Cash and cash equivalents$80.9 
    Accounts receivable, net376.1 
Accounts receivable from non-debtor subsidiaries2,930.6 
    Other current assets427.4 
Total current assets3,815.0 
PROPERTY AND EQUIPMENT, AT COST12,262.4 
    Less accumulated depreciation1,866.4 
       Property and equipment, net10,396.0 
LONG-TERM NOTES RECEIVABLE FROM ARO442.7 
LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES2,103.0 
INVESTMENT IN ARO121.1 
INVESTMENTS IN NON-DEBTOR SUBSIDIARIES654.9 
OTHER ASSETS175.3 
 $17,708.0 
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES 
Accounts payable - trade$149.3 
Accrued liabilities and other162.1 
Short term notes payable to non-debtors145.9 
Total current liabilities457.3 
LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES 2,402.7 
OTHER LIABILITIES536.6 
Total liabilities not subject to compromise 3,396.6 
Liabilities subject to compromise 7,313.7 
Total debtors' equity6,997.7 
Total liabilities and debtors' equity$17,708.0 
Debtor-in-Possession, Condensed Combined Cash Flow Statement
VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES
(DEBTOR-IN-POSSESSION)
CONDENSED COMBINED STATEMENT OF CASH FLOWS
(Unaudited)
(In millions)
 Nine Months Ended
September 30,
 2020
OPERATING ACTIVITIES 
Net loss$(4,675.2)
Adjustments to reconcile net loss to net cash used in operating activities:
Non cash reorganization items, net447.9 
Loss on impairment3,643.9 
Depreciation expense393.4 
Equity in earnings of non-debtor subsidiaries(27.5)
Gain on extinguishment of debt(3.1)
Debtor in Possession financing fees and payments on Backstop Agreement43.8 
Amortization, net14.4 
Equity in earnings of ARO7.6 
(Gain on) adjustment to bargain purchase6.3 
Other(57.7)
Changes in operating assets and liabilities(151.1)
Changes in advances (to)/from non-debtor subsidiaries(120.3)
Net cash used in operating activities(477.6)
INVESTING ACTIVITIES
Additions to property and equipment(82.9)
Net proceeds from disposition of assets44.2 
Net cash used in investing activities(38.7)
FINANCING ACTIVITIES
Borrowings on credit facility596.0 
Repayments of credit facility borrowings(15.0)
Debtor in Possession financing fees and payments on Backstop Agreement(43.8)
Reduction of long-term borrowings(9.7)
Other(1.9)
Net cash provided by financing activities525.6 
Effect of exchange rate changes on cash and cash equivalents(.1)
INCREASE IN CASH AND CASH EQUIVALENTS9.2 
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD71.7 
CASH AND CASH EQUIVALENTS, END OF PERIOD$80.9