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Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables) | 12 Months Ended
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Dec. 31, 2020
Reorganizations [Abstract] |
Schedule Of Reorganization Items In Consolidated Statement of Operations And Cash Flow | The following table provides information about reorganization items incurred during the year ended December 31, 2020, as of or subsequent to the Petition Date (in millions):
|  |  |  | Year Ended December 31, 2020
Write-off of unamortized debt discounts, premiums and issuance costs |  |  |  | $ | 447.9 |
Contract items |  |  |  | (11.5) |
Reorganization items (non-cash) |  |  |  | 436.4 |
DIP Facility fees |  |  |  | 20.0 |
Professional fees |  |  |  | 66.8 |
Contract items |  |  |  | 4.4 |
Reorganization items (fees) |  |  |  | 91.2 |
Total reorganization items, net |  |  |  | $ | 527.6 |
Reorganization items (fees) unpaid |  |  |  | $ | 61.2 |
Reorganization items (fees) paid |  |  |  | $ | 30.0 |
Schedule Of Liabilities Subject to Compromise | Liabilities subject to compromise at December 31, 2020 consist of the following (in millions):
|  | December 31, 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 facility |  | 581.0 |
Accrued Interest on Senior Notes, Exchangeable Senior Notes, Debentures and Revolving Credit Facility |  | 203.5 |
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 (In millions)
|  | Year Ended December 31, 2020
OPERATING REVENUES |  |
Operating revenues |  | $ | 1,185.1 |
Operating revenues from non-debtor subsidiaries |  | 169.8 |
Total operating revenues |  | 1,354.9 |
OPERATING EXPENSES |  |
Contract drilling (exclusive of depreciation) |  | 1,203.0 |
Loss on impairment |  | 3,643.9 |
Depreciation |  | 507.5 |
General and administrative |  | 213.6 |
Operating expenses for non-debtor subsidiaries |  | 169.1 |
Total operating expenses |  | 5,737.1 |
OTHER OPERATING INCOME |  | 118.1 |
EQUITY IN LOSSES OF ARO |  | (7.8) |
OPERATING LOSS |  | (4,271.9) |
OTHER INCOME (EXPENSE) |  |
Interest income |  | 19.7 |
Interest income for non-debtor subsidiaries |  | 285.7 |
Interest expense, net |  | (290.8) |
Interest Expense for non-debtor subsidiaries |  | (310.9) |
Reorganization items, net |  | (527.6) |
Other, net |  | (6.7) |
|  | (830.6) |
LOSS BEFORE INCOME TAXES |  | (5,102.5) |
EQUITY IN EARNINGS OF SUBSIDIARIES |  | 11.4 |
PROVISION (BENEFIT) FOR INCOME TAXES |  | (277.5) |
NET LOSS |  | $ | (4,813.6) |
Debtor-in-Possession, Condensed Balance Sheet | VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED BALANCE SHEET (In millions)
|  | December 31, 2020
ASSETS
CURRENT ASSETS |  |
Cash and cash equivalents |  | $ | 228.9 |
Accounts receivable, net |  | 382.5 |
Accounts receivable from non-debtor subsidiaries |  | 2,812.0 |
Other current assets |  | 377.4 |
Total current assets |  | 3,800.8 |
PROPERTY AND EQUIPMENT, AT COST |  | 12,256.1 |
Less accumulated depreciation |  | 1,973.8 |
Property and equipment, net |  | 10,282.3 |
LONG-TERM NOTES RECEIVABLE FROM ARO |  | 442.7 |
LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES |  | 2,205.3 |
INVESTMENT IN ARO |  | 120.9 |
INVESTMENTS IN NON-DEBTOR SUBSIDIARIES |  | 585.9 |
OTHER ASSETS |  | 158.2 |
|  | $ | 17,596.1 |
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES |  |
Accounts payable - trade |  | $ | 149.4 |
Accrued liabilities and other |  | 196.2 |
Total current liabilities |  | 345.6 |
LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES |  | 2,548.6 |
OTHER LIABILITIES |  | 602.3 |
Total liabilities not subject to compromise |  | 3,496.5 |
Liabilities subject to compromise |  | 7,313.7 |
Total debtors' equity |  | 6,785.9 |
Total liabilities and debtors' equity |  | $ | 17,596.1 |
Debtor-in-Possession, Condensed Cash Flow Statement | VALARIS PLC AND CERTAIN SUBSIDIARIES PARTY TO THE BANKRUPTCY CASES (DEBTOR-IN-POSSESSION) CONDENSED COMBINED STATEMENT OF CASH FLOWS (In millions)
|  | Year Ended December 31, 2020
OPERATING ACTIVITIES |  |
Net loss |  | $ | (4,813.6) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Loss on impairment |  | 3,643.9 |
Depreciation expense |  | 507.5 |
Non cash reorganization items, net |  | 436.4 |
Deferred income tax benefit |  | (107.5) |
Debtor in Possession financing fees and payments on Backstop Agreement |  | 40.0 |
Debt discounts and other |  | 36.8 |
Share-based compensation expense |  | 21.4 |
Equity in earnings of non-debtor subsidiaries |  | (11.4) |
Equity in losses of ARO |  | 7.8 |
(Gain on) adjustment to bargain purchase |  | 6.3 |
Amortization, net |  | 6.2 |
Gain on extinguishment of debt |  | (3.1) |
Other |  | 17.5 |
Changes in operating assets and liabilities |  | (44.5) |
Changes in advances (to)/from non-debtor subsidiaries |  | (74.0) |
Net cash used in operating activities |  | (330.3) |
INVESTING ACTIVITIES |  |
Additions to property and equipment |  | (93.8) |
Net proceeds from disposition of assets |  | 51.8 |
Net cash used in investing activities |  | (42.0) |
FINANCING ACTIVITIES |  |
Borrowings on credit facility |  | 596.0 |
Debtor in Possession financing fees and payments on Backstop Agreement |  | (40.0) |
Repayments of credit facility borrowings |  | (15.0) |
Reduction of long-term borrowings |  | (9.7) |
Other |  | (1.8) |
Net cash provided by financing activities |  | 529.5 |
Effect of exchange rate changes on cash and cash equivalents |  | — |
INCREASE IN CASH AND CASH EQUIVALENTS |  | 157.2 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |  | 71.7 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |  | $ | 228.9 |

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