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Fresh Start Accounting (Tables)
 9 Months Ended
Sep. 30, 2021
Reorganizations [Abstract]  
Schedule of Fresh Start Accounting
The following table reconciles the enterprise value to the estimated fair value of Successor Common Shares as of the Effective Date (in millions, except per share value):
April 30, 2021
Enterprise Value$1,860.0 
Plus: Cash and cash equivalents607.6 
Less: Fair value of debt(544.8)
Less: Warrants(16.4)
Less: Noncontrolling interest1.1 
Less: Pension and other post retirement benefits liabilities(189.0)
Less: Adjustments not contemplated in Enterprise Value(639.0)
Fair value of Successor Common Shares$1,079.5 
Shares issued upon emergence75 
Per share value$14.39 

The following table reconciles the enterprise value to the reorganization value as of the Effective Date (in millions):
April 30, 2021
Enterprise Value$1,860.0 
Plus: Cash and cash equivalents607.6 
Plus: Non-interest bearing current liabilities346.0 
Less: Adjustments not contemplated in Enterprise Value(218.0)
Reorganization value of Successor assets$2,595.6 
As of April 30, 2021
PredecessorReorganization AdjustmentsFresh Start Accounting AdjustmentsSuccessor
ASSETS
CURRENT ASSETS  
    Cash and cash equivalents$280.2 $327.4 (a)$— $607.6 
Restricted cash45.7 42.7 (b)— 88.4 
    Accounts receivable, net425.9 — — 425.9 
    Other current assets370.1 1.5 (c)(281.1)(o)90.5 
Total current assets1,121.9 371.6 (281.1)1,212.4 
PROPERTY AND EQUIPMENT, NET10,026.4 (417.6)(d)(8,699.7)(p)909.1 
LONG-TERM NOTES RECEIVABLE FROM ARO442.7 — (214.4)(q)228.3 
INVESTMENT IN ARO123.9 — (43.4)(r)80.5 
OTHER ASSETS166.4 (10.0)(e)8.9 (s)165.3 
 $11,881.3 $(56.0)$(9,229.7)$2,595.6 
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES  
Accounts payable - trade$161.5 $13.1 (f)$(.5)(t)$174.1 
Accrued liabilities and other290.7 (12.4)(g)(61.8)(u)216.5 
Total current liabilities452.2 .7 (62.3)390.6 
LONG-TERM DEBT— 544.8 (h)— 544.8 
OTHER LIABILITIES706.2 (55.2)(i)(85.6)(v)565.4 
Total liabilities not subject to compromise 1,158.4 490.3 (147.9)1,500.8 
LIABILITIES SUBJECT TO COMPROMISE7,313.7 (7,313.7)(j)— — 
COMMITMENTS AND CONTINGENCIES
VALARIS SHAREHOLDERS' EQUITY  
Predecessor Class A ordinary shares82.5 (82.5)(k)— — 
Predecessor Class B ordinary shares.1 (.1)(k)— — 
Successor common shares— .8 (l)— .8 
Successor stock warrants— 16.4 (m)— 16.4 
Predecessor additional paid-in capital8,644.0 (8,644.0)(k)— — 
Successor additional paid-in capital— 1,078.7 (l)— 1,078.7 
Retained deficit(5,147.4)14,322.6 (n)(9,175.2)(w)— 
Accumulated other comprehensive loss(93.4)— 93.4 (x)— 
Predecessor treasury shares(75.5)75.5 (k)— — 
Total Valaris shareholders' equity3,410.3 6,767.4 (9,081.8)1,095.9 
NONCONTROLLING INTERESTS(1.1)— — (1.1)
Total equity3,409.2 6,767.4 (9,081.8)1,094.8 
 $11,881.3 $(56.0)$(9,229.7)$2,595.6 
Cash
Represents the reorganization adjustments (in millions):

Receipt of cash for First Lien Notes$500.0 
Loan proceeds from backstop lenders20.0 
Funds received for liquidation of rabbi trust related to certain employee benefits17.6 
Payments to Predecessor creditors
(129.9)
Transfer of funds for payment of certain professional fees to escrow account(42.7)
Payment for certain professional services fees(29.0)
Various other(8.6)
$327.4 
Other assets
Represents the reorganization adjustments (in millions):

Liquidation of rabbi trust related to certain employee benefits$(17.6)
Elimination of right-of-use asset associated with Newbuild Rigs(5.5)
Fair value of options to purchase Newbuild Rigs13.1 
$(10.0)
Reflects the following reorganization adjustments (in millions):

Professional fees incurred upon emergence$26.1 
Payment of professional fees incurred prior to emergence(12.6)
Payment of certain accounts payable incurred prior to emergence(.4)
$13.1 
Accrued liabilities and other
Reflects the following reorganization adjustments (in millions):

Elimination of lease liabilities associated with Newbuild Rigs$(5.0)
Elimination of accrued post-petition holding costs associated with Newbuild Rigs(4.1)
Payment of certain accrued liabilities incurred prior to emergence(3.3)
$(12.4)
Other liabilities
Reflects the following reorganization adjustments (in millions):

Elimination of construction contract intangible liabilities associated with Newbuild Rigs$(49.9)
Elimination of accrued post-petition holding costs associated with Newbuild Rigs(4.7)
Elimination of lease liabilities associated with Newbuild Rigs(.6)
$(55.2)
Liabilities subject to compromise
Reflects the following reorganization adjustments (in millions):

Settlement of liabilities subject to compromise$7,313.7 
Issuance of common stock to Predecessor creditors(721.0)
Issuance of common stock to backstop parties(323.8)
Payment to Predecessor creditors(129.9)
Gain on settlement of liabilities subject to compromise$6,139.0 
Represents the reorganization adjustments to total equity as follows (in millions):
Gain on settlement of liabilities subject to compromise$(6,139.0)
Issuance of Common Shares for backstop premium29.1 
Issuance of Common Shares to the Shipyard5.4 
Write-off of unrecognized share-based compensation expense16.0 
Professional fees and success fees35.9 
Backstop premium30.0 
Impact of newbuild contract amendments350.7 
Reorganization items, net(5,671.9)
Cancellation of Predecessor common shares(82.6)
Cancellation of Predecessor treasury shares75.5 
Cancellation of Predecessor additional paid in capital(7,856.4)
Cancellation of equity component of Predecessor convertible notes(220.0)
Cancellation of Predecessor cash and equity compensation plans(583.6)
Fair value of Warrants16.4 
$(14,322.6)
Other current assets
Reflects the fresh start adjustments to record the estimated fair value of other current assets as follows (in millions):

Elimination of materials and supplies$(260.8)
Elimination of historical deferred contract drilling expenses(20.3)
$(281.1)
Other assets
Reflects the fresh start adjustments to record the estimated fair value of other assets as follows (in millions):
Deferred tax impacts of certain fresh start adjustments$21.1 
Fair value of contracts with customers8.5 
Fair value adjustments to right-of-use assets.4 
Elimination of historical deferred contract drilling expenses(16.5)
Elimination of other deferred costs(4.6)
$8.9 
Accrued liabilities and other
Reflects the fresh start adjustments to record the estimated fair value of current liabilities as follows (in millions):
Elimination of customer payable balance$(36.8)
Elimination of historical deferred revenues(25.9)
Fair value of contracts with customers.5 
Fair value adjustment to lease liabilities.4 
$(61.8)
Other liabilities
    Reflects the fresh start adjustments to record the estimated fair value of other liabilities as follows (in millions):
Adjustment to fair value of pension and other post-retirement plan liabilities$(82.7)
Elimination of historical deferred revenue(5.9)
Deferred tax impacts of certain fresh start adjustments1.7 
Fair value adjustments to lease liabilities1.1 
Fair value adjustments to other liabilities.2 
$(85.6)
Reflects the fresh start adjustments to retained deficit as follows (in millions):
Fair value adjustments to prepaid and other current assets$(281.1)
Fair value adjustments to property(8,699.7)
Fair value of intangible assets8.5 
Fair value adjustment to investment in ARO(43.4)
Fair value adjustment to note receivable from ARO(214.4)
Fair value adjustments to other assets(20.7)
Fair value adjustments to other current liability62.8 
Fair value of intangible liabilities(.5)
Fair value adjustment to other liabilities87.3 
Elimination of Predecessor accumulated other comprehensive loss(93.4)
Total fresh start adjustments included in reorganization items, net$(9,194.6)
Tax impact of fresh start adjustments19.4 
$(9,175.2)