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Equity Method Investment in ARO (Tables)
 12 Months Ended
Dec. 31, 2020
Equity Method Investments and Joint Ventures [Abstract]  
Equity Method Investments
Summarized financial information for ARO is as follows (in millions):
Year Ended December 31, 2020April 11, 2019 - December 31, 2019
Revenues$549.4 $410.5 
Operating expenses
   Contract drilling (exclusive of depreciation)388.2 280.2 
   Depreciation54.8 40.3 
   General and administrative24.2 27.1 
Operating income82.2 62.9 
Other expense, net26.7 28.6 
Provision for income taxes14.2 9.7 
Net income$41.3 $24.6 
December 31, 2020December 31, 2019
Current assets$358.6 $407.2 
Non-current assets804.0 874.8 
Total assets$1,162.6 $1,282.0 
Current liabilities$70.8 $183.2 
Non-current liabilities950.8 1,015.5 
Total liabilities$1,021.6 $1,198.7 
A reconciliation of those components is presented below (in millions):
Year Ended December 31, 2020April 11, 2019 - December 31, 2019
50% interest in ARO net income$20.7 $12.3 
Amortization of basis differences(28.5)(24.9)
Equity in earnings (losses) of ARO$(7.8)$(12.6)
The following summarizes the total assets and liabilities as reflected in our consolidated balance sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the outstanding balance on our shareholder notes receivable; and (3) other receivables and contract assets related to services provided to ARO, partially offset by contract liabilities as well as payables for services received. Contract liabilities related to our Lease Agreements are subject to adjustment during the lease term. The per day bareboat charter amount in the lease agreements is subject to adjustment pursuant to the December Amendment based on actual performance of the respective rig.
December 31, 2020December 31, 2019
Total assets$585.2 $623.5 
Less: total liabilities30.9 .7 
Maximum exposure to loss$554.3 $622.8 
Schedule of Related Party Transactions
Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions):
Year Ended December 31, 2020April 11, 2019 - December 31, 2019
Lease revenue$52.2 $58.2 
Secondment revenue21.6 49.9 
Transition Services revenue1.3 17.3 
Total revenue from ARO (1)
$75.1 $125.4 

(1)    All of the revenues presented above are included in our Other segment in our segment disclosures. See "Note 16- Segment Information" for additional information.