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v3.23.1

Property and Equipment | 3 Months Ended
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Mar. 31, 2023
Property, Plant and Equipment [Abstract] |
Property and Equipment | Property and Equipment Property and equipment consisted of the following (in millions):
|  | March 31, 2023 |  | December 31, 2022
Drilling rigs and equipment |  | $ | 1,049.3 |  |  | $ | 1,036.5 |
Work-in-progress |  | 108.0 |  |  | 59.8 |
Other |  | 38.8 |  |  | 38.2 |
|  | $ | 1,196.1 |  |  | $ | 1,134.5 |
No assets were classified as held-for-sale on our Condensed Consolidated Balance Sheet as of March 31, 2023, or December 31, 2022. In April 2023, VALARIS 54 was sold resulting in a pre-tax gain on the sale of approximately $28.0 million in the second quarter of 2023. The rig had an immaterial net book value as of March 31, 2023.

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- Definition The entire disclosure for long-lived, physical asset used in normal conduct of business and not intended for resale. Includes, but is not limited to, work of art, historical treasure, and similar asset classified as collections. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//360/tableOfContent Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 6 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-6 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7 -SubTopic 360 -Topic 958 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480321/958-360-50-7 + Details
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