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Shareholders' Equity | 12 Months Ended
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Dec. 31, 2021
Stockholders' Equity Note [Abstract] |
Shareholders' Equity | SHAREHOLDERS' EQUITY Activity in our various shareholders' equity accounts for the eight months ended December 31, 2021 (Successor), the four months ended April 30, 2021 (Predecessor) and the years ended December 31, 2020 (Predecessor) and 2019 (Predecessor) were as follows (in millions, except per share amounts):
| Shares |  | Par Value |  | Additional Paid-in Capital |  | Warrants |  | Retained Earnings (Deficit) |  | AOCI |  | Treasury Shares |  | Non-controlling Interest
BALANCE, December 31, 2018 (Predecessor) | 115.2 |  |  | $ | 46.2 |  |  | $ | 7,225.0 |  |  | $ | — |  |  | $ | 874.2 |  |  | $ | 18.2 |  |  | $ | (72.2) |  |  | $ | (2.6) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (198.0) |  |  | — |  |  | — |  |  | 5.8 |
Dividends paid ($0.04 per share) | — |  |  | — |  |  | — |  |  | — |  |  | (4.5) |  |  | — |  |  | — |  |  | — |
Equity issuance in connection with the Rowan Transaction | 88.0 |  |  | 35.2 |  |  | 1,367.5 |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |
Net changes in pension and other postretirement benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21.7) |  |  | — |  |  | — |
Distributions to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5) |
Equity issuance cost | — |  |  | — |  |  | (0.6) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Shares issued under share-based compensation plans, net | 2.7 |  |  | 1.1 |  |  | (1.3) |  |  | — |  |  | — |  |  | — |  |  | (0.7) |  |  | — |
Repurchase of shares | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4.5) |  |  | — |
Share-based compensation cost | — |  |  | — |  |  | 37.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive income | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9.7 |  |  | — |  |  | — |
BALANCE, December 31, 2019 (Predecessor) | 205.9 |  |  | 82.5 |  |  | 8,627.8 |  |  | — |  |  | 671.7 |  |  | 6.2 |  |  | (77.3) |  |  | (1.3) |
Net loss | — |  |  | — |  |  | — |  |  | — |  |  | (4,855.5) |  |  | — |  |  | — |  |  | (2.1) |
Net changes in pension and other postretirement benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (76.5) |  |  | — |  |  | — |
Purchase of noncontrolling interests | — |  |  | — |  |  | (7.2) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Distributions to noncontrolling interests | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.9) |
Shares issued under share-based compensation plans, net | 0.2 |  |  | 0.1 |  |  | (1.9) |  |  | — |  |  | — |  |  | — |  |  | 2.0 |  |  | — |
Repurchase of shares | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (0.9) |  |  | — |
Share-based compensation cost | — |  |  | — |  |  | 21.2 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17.6) |  |  | — |  |  | — |
| Shares |  | Par Value |  | Additional Paid-in Capital |  | Warrants |  | Retained Earnings (Deficit) |  | AOCI |  | Treasury Shares |  | Non-controlling Interest
BALANCE, December 31, 2020 (Predecessor) | 206.1 |  |  | 82.6 |  |  | 8,639.9 |  |  | — |  |  | (4,183.8) |  |  | (87.9) |  |  | (76.2) |  |  | (4.3) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (4,467.0) |  |  | — |  |  | — |  |  | 3.2 |
Shares issued under share-based compensation plans, net | — |  |  | — |  |  | (0.7) |  |  | — |  |  | — |  |  | — |  |  | 0.7 |  |  | — |
Net changes in pension and other postretirement benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 0.1 |  |  | — |  |  | — |
Share-based compensation cost | — |  |  | — |  |  | 4.8 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net other comprehensive loss | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (5.6) |  |  | — |  |  | — |
Cancellation of Predecessor equity | (206.1) |  |  | (82.6) |  |  | (8,644.0) |  |  | — |  |  | 8,650.8 |  |  | 93.4 |  |  | 75.5 |  |  | — |
Issuance of Successor Common Shares and Warrants | 75.0 |  |  | 0.8 |  |  | 1,078.7 |  |  | 16.4 |  |  | — |  |  | — |  |  | — |  |  | — |
BALANCE, April 30, 2021 (Predecessor) | 75.0 |  |  | 0.8 |  |  | 1,078.7 |  |  | 16.4 |  |  | — |  |  | — |  |  | — |  |  | (1.1) |
BALANCE, May 1, 2021 (Successor) | 75.0 |  |  | 0.8 |  |  | 1,078.7 |  |  | 16.4 |  |  | — |  |  | — |  |  | — |  |  | (1.1) |
Net income (loss) | — |  |  | — |  |  | — |  |  | — |  |  | (33.0) |  |  | — |  |  | — |  |  | 3.8 |
Net changes in pension and other postretirement benefits | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9.1) |  |  | — |  |  | — |
Share-based compensation cost | — |  |  | — |  |  | 4.3 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |
BALANCE, December 31, 2021 (Successor) | 75.0 |  |  | $ | 0.8 |  |  | $ | 1,083.0 |  |  | $ | 16.4 |  |  | $ | (33.0) |  |  | $ | (9.1) |  |  | $ | — |  |  | $ | 2.7 |
In connection with the Rowan Transaction on April 11, 2019, we issued 88.3 million Class A ordinary shares with an aggregate value of $1.4 billion. See "Note 5 - Rowan Transaction" for additional information. Valaris Limited Share Capital As of the Effective Date, the authorized share capital of Valaris Limited is $8.5 million divided into 700 million Common Shares of a par value of $0.01 each and 150 million preference shares of a par value of $0.01. Issuance of Common Shares On the Effective Date, pursuant to the plan of reorganization, we issued 75 million Common Shares. Cancellation of Predecessor Equity and Issuance of Warrants On the Effective Date and pursuant to the plan of reorganization, the Legacy Valaris Class A ordinary shares were cancelled and the Company issued 5,645,161 Warrants to the former holders of the Company's equity interests outstanding prior to the Effective Date. The Warrants are exercisable for one Common Share per Warrant at an initial exercise price of $131.88 per Warrant, in each case as may be adjusted from time to time pursuant to the applicable warrant agreement. The Warrants are exercisable for a period of seven years and will expire on April 29, 2028. The exercise of these Warrants into Common Shares would have a dilutive effect to the holdings of Valaris Limited's existing shareholders. Management Incentive Plan In accordance with the plan of reorganization, Valaris Limited adopted the MIP as of the Effective Date and authorized and reserved 8,960,573 Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP, which may be in the form of incentive stock options, nonstatutory stock options, restricted stock, restricted stock units, stock appreciation rights, dividend equivalents and cash awards or any combination thereof. See "Note 12 - Share Based Compensation" for information on equity awards granted under the MIP subsequent to the Effective Date.

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- Definition The entire disclosure for shareholders' equity and share-based payment arrangement. Includes, but is not limited to, disclosure of policy and terms of share-based payment arrangement, deferred compensation arrangement, and employee stock purchase plan (ESPP). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -URI http://asc.fasb.org/topic&trid=2228938 + Details
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