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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, 2021
Reorganizations [Abstract] |
Schedule Of Liabilities Subject to Compromise | Liabilities subject to compromise at December 31, 2020 (Predecessor) consisted 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 the Revolving Credit Facility |  | 581.0 |
Accrued Interest on Senior Notes 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.
Schedule Of Reorganization Items In Consolidated Statement of Operations And Cash Flow |
|  |  | Successor |  |  | Predecessor
|  |  | Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020
DIP facility fees |  |  | $ | — |  |  |  | $ | — |  | $ | 20.0 |
Professional fees |  |  | 17.2 |  |  |  | 93.4 |  | 66.8 |
Contract items |  |  | (1.7) |  |  |  | 3.9 |  | 4.4 |
Reorganization items (fees) |  |  | 15.5 |  |  |  | 97.3 |  | 91.2 |
Write-off of unamortized debt discounts, premiums and issuance costs |  |  | — |  |  |  | — |  | 447.9 |
Contract items |  |  | — |  |  |  | 0.5 |  | (11.5) |
Backstop premium |  |  | — |  |  |  | 30.0 |  | — |
Gain on settlement of liabilities subject to compromise |  |  | — |  |  |  | (6,139.0) |  | — |
Issuance of Common Shares for backstop premium |  |  | — |  |  |  | 29.1 |  | — |
Issuance of Common Shares to the Shipyard |  |  | — |  |  |  | 5.4 |  | — |
Write-off of unrecognized share-based compensation expense |  |  | — |  |  |  | 16.0 |  | — |
Impact of newbuild contract amendments |  |  | — |  |  |  | 350.7 |  | — |
Loss on fresh start adjustments |  |  | — |  |  |  | 9,194.6 |  | — |
Reorganization items (non-cash) |  |  | — |  |  |  | 3,487.3 |  | 436.4 |
Total reorganization items, net |  |  | $ | 15.5 |  |  |  | $ | 3,584.6 |  | $ | 527.6 |
Reorganization items (fees) unpaid |  |  | $ | 0.8 |  |  |  | $ | 38.3 |  | $ | 61.2 |
Reorganization items (fees) paid |  |  | $ | 14.7 |  |  |  | $ | 59.0 |  | $ | 30.0 |

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