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Chapter 11 Proceedings and Ability to Continue as a Going Concern (Tables) | 3 Months Ended
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Mar. 31, 2021
Reorganizations [Abstract] |
Schedule Of Reorganization Items | The following table provides information about reorganization items incurred during the three months ended March 31, 2021 (in millions):
|  |  |  | Three Months Ended March 31, 2021
Professional fees |  |  |  | $ | 47.8 |
Contract items |  |  |  | 3.9 |
Reorganization items (fees) |  |  |  | 51.7 |
Contract items |  |  |  | .5 |
Reorganization items (non-cash) |  |  |  | .5 |
Total reorganization items, net |  |  |  | $ | 52.2 |
Reorganization items (fees) unpaid |  |  |  | $ | 35.8 |
Reorganization items (fees) paid |  |  |  | $ | 15.9 |
Schedule Of Liabilities Subject to Compromise | Liabilities subject to compromise at March 31, 2021 and December 31, 2020 consist of the following (in millions):
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 (Unaudited) (In millions)
| Three Months Ended March 31, |  |
| 2021 |  |
OPERATING REVENUES |  |  |
Operating revenues | $ | 250.1 |  |  |
Operating revenues from non-debtor subsidiaries | 20.6 |  |  |
Total operating revenues | 270.7 |  |  |
OPERATING EXPENSES |  |  |
Contract drilling (exclusive of depreciation) | 207.7 |  |  |
Loss on impairment | 756.5 |  |  |
Depreciation | 113.9 |  |  |
General and administrative | 24.2 |  |  |
Operating expenses for non-debtor subsidiaries | 17.7 |  |  |
Total operating expenses | 1,120.0 |  |  |
EQUITY IN EARNINGS OF ARO | 1.9 |  |  |
OPERATING LOSS | (847.4) |  |  |
OTHER INCOME (EXPENSE) |  |  |
Interest income | 2.6 |  |  |
Interest income for non-debtor subsidiaries | 58.6 |  |  |
Interest expense, net | (1.3) |  |  |
Interest expense for non-debtor subsidiaries | (66.4) |  |  |
Reorganization items, net | (52.2) |  |  |
Other, net | 18.9 |  |  |
| (39.8) |  |  |
LOSS BEFORE INCOME TAXES | (887.2) |  |  |
EQUITY IN LOSSES OF SUBSIDIARIES | (12.5) |  |  |
PROVISION FOR INCOME TAXES | 15.0 |  |  |
NET LOSS | $ | (914.7) |  |  |
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)
|  | March 31, 2021 |  | December 31, 2020
|  | (Unaudited) |  |
ASSETS |  |
CURRENT ASSETS |  |  |  |
Cash and cash equivalents |  | $ | 186.2 |  |  | $ | 228.9 |
Accounts receivable, net |  | 389.1 |  |  | 382.5 |
Accounts receivable from non-debtor subsidiaries |  | 2,804.7 |  |  | 2,812.0 |
Other current assets |  | 360.6 |  |  | 377.4 |
Total current assets |  | 3,740.6 |  |  | 3,800.8 |
PROPERTY AND EQUIPMENT, AT COST |  | 11,172.8 |  |  | 12,256.1 |
Less accumulated depreciation |  | 1,758.8 |  |  | 1,973.8 |
Property and equipment, net |  | 9,414.0 |  |  | 10,282.3 |
LONG-TERM NOTES RECEIVABLE FROM ARO |  | 442.7 |  |  | 442.7 |
LONG-TERM NOTES RECEIVABLE FROM NON-DEBTOR SUBSIDIARIES |  | 2,205.3 |  |  | 2,205.3 |
INVESTMENT IN ARO |  | 122.8 |  |  | 120.9 |
INVESTMENTS IN NON-DEBTOR SUBSIDIARIES |  | 573.4 |  |  | 585.9 |
OTHER ASSETS |  | 151.9 |  |  | 158.2 |
|  | $ | 16,650.7 |  |  | $ | 17,596.1 |
LIABILITIES AND SHAREHOLDERS' EQUITY |  |
CURRENT LIABILITIES |  |  |  |
Accounts payable - trade |  | $ | 152.1 |  |  | $ | 149.4 |
Accrued liabilities and other |  | 235.4 |  |  | 196.2 |
Total current liabilities |  | 387.5 |  |  | 345.6 |
LONG-TERM NOTES PAYABLE TO NON-DEBTOR SUBSIDIARIES |  | 2,548.6 |  |  | 2,548.6 |
OTHER LIABILITIES |  | 531.3 |  |  | 602.3 |
Total liabilities not subject to compromise |  | 3,467.4 |  |  | 3,496.5 |
Liabilities subject to compromise |  | 7,313.7 |  |  | 7,313.7 |
Total debtors' equity |  | 5,869.6 |  |  | 6,785.9 |
Total liabilities and debtors' equity |  | $ | 16,650.7 |  |  | $ | 17,596.1 |
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)
|  | Three Months Ended March 31,
|  | 2021
OPERATING ACTIVITIES |  |
Net loss |  | $ | (914.7) |
Adjustments to reconcile net loss to net cash used in operating activities: |  |
Loss on impairment |  | 756.5 |
Depreciation expense |  | 113.9 |
Equity in losses of non-debtor subsidiaries |  | 12.5 |
Amortization, net |  | (4.6) |
Share-based compensation expense |  | 3.8 |
Equity in earnings of ARO |  | (1.9) |
Other |  | .7 |
Changes in operating assets and liabilities |  | 8.3 |
Contributions to pension plans and other post-retirement benefits |  | (22.2) |
Changes in advances (to)/from non-debtor subsidiaries |  | 7.3 |
Net cash used in operating activities |  | (40.4) |
INVESTING ACTIVITIES |  |
Additions to property and equipment |  | (6.0) |
Net proceeds from disposition of assets |  | 3.7 |
Net cash used in investing activities |  | (2.3) |
DECREASE IN CASH AND CASH EQUIVALENTS |  | (42.7) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |  | 228.9 |
CASH AND CASH EQUIVALENTS, END OF PERIOD |  | $ | 186.2 |

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