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Shareholders' Equity
 12 Months Ended
Dec. 31, 2023
Stockholders' Equity Note [Abstract]  
Shareholders' Equity SHAREHOLDERS' EQUITY
 
Activity in our various shareholders' equity accounts for the years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor) were as follows (in millions):
 Shares
Issued
Par ValueAdditional
Paid-in
Capital		WarrantsRetained
Earnings (Deficit)		AOCITreasury
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 Warrants75.0 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)
Adjustment to unrecognized tax benefits
— — — — 11.0 — — — 
Net income (loss)— — — — (27.4)— — 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 $(16.4)$(9.1)$— $2.7 
Net income— — — — 176.5 — — 5.3 
Share-based compensation cost— — 17.4 — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Net changes in pension and other postretirement benefits— — — — — 23.8 — — 
Shares withheld for taxes on vesting of share-based awards— — (2.5)— — — — — 
BALANCE, December 31, 2022 (Successor)75.2 $0.8 $1,097.9 $16.4 $160.1 $14.7 $— $8.0 
Net income— — — — 865.4 — — 1.4 
Share-based compensation cost— — 27.3 — — — — — 
Shares issued under share-based compensation plans, net0.2 — — — — — — — 
Repurchase of Common Shares— — — — — — (200.1)— 
Net changes in pension and other postretirement benefits— — — — — 10.8 — — 
Shares withheld for taxes on vesting of share-based awards— — (5.4)— — — — — 
Net other comprehensive loss— — — — — (0.3)— — 
BALANCE, December 31, 2023 (Successor)75.4 $0.8 $1,119.8 $16.4 $1,025.5 $25.2 $(200.1)$9.4 
Valaris Limited Share Capital

As of the Effective Date, the authorized share capital of Valaris Limited is $8.5 million divided into 700.0 million Common Shares of a par value of $0.01 each and 150.0 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 75.0 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 5.6 million 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 9.0 million Common Shares for issuance pursuant to equity incentive awards to be granted under the MIP. See "Note 10 - Share Based Compensation" for information on equity awards granted under the MIP subsequent to the Effective Date.

Share Repurchase Program

In 2022, our board of directors authorized a share repurchase program under which we may purchase up to $100.0 million of our outstanding Common Shares. In April 2023, the board of directors authorized an increase of this amount to $300.0 million and in February 2024, they authorized a further increase to $600.0 million. The share repurchase program does not have a fixed expiration, may be modified, suspended or discontinued at any time and is subject to compliance with applicable covenants and restrictions under our financing agreements. During the year ended December 31, 2023, we repurchased 3.0 million shares at an aggregate cost of $200.0 million, exclusive of fees, at an average price of $66.77. There were no share repurchases during the year ended December 31, 2022.