$VAL
Valaris Ltd

2021 Q1 Form 10-Q Financial Statement

#000031480821000029 Filed on April 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1 2019 Q4
Revenue $307.1M $456.6M $512.1M
YoY Change -32.74% 12.49% 28.35%
Cost Of Revenue $476.6M
YoY Change 47.65%
Gross Profit $35.50M
YoY Change -53.41%
Gross Profit Margin 6.93%
Selling, General & Admin $24.30M $53.40M $42.00M
YoY Change -54.49% 153.08%
% of Gross Profit 118.31%
Research & Development $252.2M $476.0M $476.6M
YoY Change -47.02% 43.11%
% of Gross Profit 1342.54%
Depreciation & Amortization $122.1M $164.5M $163.8M
YoY Change -25.78% 77.45%
% of Gross Profit 461.41%
Operating Expenses $253.6M $476.0M $682.4M
YoY Change -46.72% 43.11%
Operating Profit -$847.5M -$3.052B -$193.1M
YoY Change -72.23% 3653.75% 75.39%
Interest Expense $3.200M -$114.7M -$118.6M
YoY Change -102.79% -391.86%
% of Operating Profit
Other Income/Expense, Net -$28.40M -$107.9M $41.90M
YoY Change -73.68% 43.48% -160.03%
Pretax Income -$875.9M -$3.160B -$151.2M
YoY Change -72.28% 1918.98% -15.95%
Income Tax $31.70M -$152.0M $62.80M
% Of Pretax Income
Net Earnings -$910.0M -$3.006B -$216.0M
YoY Change -69.73% 1478.94% 6.09%
Net Earnings / Revenue -296.32% -658.41% -42.18%
Basic Earnings Per Share -$4.56
Diluted Earnings Per Share -$4.56 -$40.08M -$2.880M
COMMON SHARES
Basic Shares Outstanding 199.6M shares 197.3M shares 197.9M shares
Diluted Shares Outstanding 199.6M shares

Balance Sheet

Concept 2021 Q1 2020 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $292.0M $185.0M $97.00M
YoY Change 57.84% -65.93%
Cash & Equivalents $291.7M $184.9M $97.20M
Short-Term Investments
Other Short-Term Assets $383.5M $427.5M $446.5M
YoY Change -10.29% 20.49% 23.72%
Inventory $270.0M $309.0M $340.1M
Prepaid Expenses $28.80M $11.40M $13.50M
Receivables $242.0M $432.0M $460.0M
Other Receivables $208.0M $61.00M $61.00M
Total Short-Term Assets $1.125B $1.106B $1.064B
YoY Change 1.75% -5.38% -18.73%
LONG-TERM ASSETS
Property, Plant & Equipment $10.08B $12.16B $15.10B
YoY Change -17.05% -2.81% 19.66%
Goodwill
YoY Change
Intangibles $10.40M $11.90M
YoY Change 376.0%
Long-Term Investments $123.0M $122.0M $129.0M
YoY Change 0.82%
Other Assets $172.5M $187.0M $188.3M
YoY Change -7.75% 45.41% 92.54%
Total Long-Term Assets $10.82B $12.92B $15.87B
YoY Change -16.24% 90.23% 24.8%
TOTAL ASSETS
Total Short-Term Assets $1.125B $1.106B $1.064B
Total Long-Term Assets $10.82B $12.92B $15.87B
Total Assets $11.95B $14.03B $16.93B
YoY Change -14.82% 76.19% 20.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $176.8M $258.4M $288.2M
YoY Change -31.58% 20.63% 36.91%
Accrued Expenses $179.0M $307.0M $327.0M
YoY Change -41.69% 165.34% 188.36%
Deferred Revenue $53.60M $24.50M $30.00M
YoY Change 118.78% -56.94% -47.28%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $224.5M $124.8M
YoY Change 11.53%
Total Short-Term Liabilities $467.4M $885.2M $830.7M
YoY Change -47.2% 108.28% 57.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.149B $5.924B
YoY Change -100.0% 166.21% 18.22%
Other Long-Term Liabilities $704.6M $695.7M $867.4M
YoY Change 1.28% 126.76% 119.04%
Total Long-Term Liabilities $704.6M $6.844B $6.791B
YoY Change -89.71% 161.58% 25.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $467.4M $885.2M $830.7M
Total Long-Term Liabilities $704.6M $6.844B $6.791B
Total Liabilities $1.172B $7.730B $7.622B
YoY Change -84.84% 154.13% 28.42%
SHAREHOLDERS EQUITY
Retained Earnings -$5.094B -$2.335B $671.7M
YoY Change 118.19% -163.44% -23.16%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $76.00M $77.30M $77.30M
YoY Change -1.68% 1740.48% 7.06%
Treasury Stock Shares 6.400M shares 8.100M shares 7.900M shares
Shareholders Equity $3.463B $6.298B $9.311B
YoY Change
Total Liabilities & Shareholders Equity $11.95B $14.03B $16.93B
YoY Change -14.82% 76.19% 20.73%

Cashflow Statement

Concept 2021 Q1 2020 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$910.0M -$3.006B -$216.0M
YoY Change -69.73% 1478.94% 6.09%
Depreciation, Depletion And Amortization $122.1M $164.5M $163.8M
YoY Change -25.78% 77.45%
Cash From Operating Activities -$31.70M -$204.4M $150.6M
YoY Change -84.49% 737.7%
INVESTING ACTIVITIES
Capital Expenditures $6.000M $36.30M -$52.80M
YoY Change -83.47% 25.17%
Acquisitions
YoY Change
Other Investing Activities $3.700M $10.40M $12.80M
YoY Change -64.42% -3566.67%
Cash From Investing Activities -$2.300M -$25.90M -$40.00M
YoY Change -91.12% -146.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00 $9.700M
YoY Change -100.0%
Cash From Financing Activities $0.00 $318.3M -143.2M
YoY Change -100.0% -4460.27%
NET CHANGE
Cash From Operating Activities -$31.70M -$204.4M 150.6M
Cash From Investing Activities -$2.300M -$25.90M -40.00M
Cash From Financing Activities $0.00 $318.3M -143.2M
Net Change In Cash -$34.10M $87.70M -32.60M
YoY Change -138.88% 276.39%
FREE CASH FLOW
Cash From Operating Activities -$31.70M -$204.4M $150.6M
Capital Expenditures $6.000M $36.30M -$52.80M
Free Cash Flow -$37.70M -$240.7M $203.4M
YoY Change -84.34% 350.75%

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IncreaseDecreaseInOtherOperatingCapitalNet
-20900000 USD
CY2020Q1 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
129900000 USD
CY2021Q1 us-gaap Pension Contributions
PensionContributions
22200000 USD
CY2020Q1 us-gaap Pension Contributions
PensionContributions
4000000.0 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31700000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-204400000 USD
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000000.0 USD
CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
36300000 USD
CY2021Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
3700000 USD
CY2020Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
10400000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2300000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25900000 USD
CY2021Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
0 USD
CY2020Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
343900000 USD
CY2021Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
0 USD
CY2020Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
15000000.0 USD
CY2021Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 USD
CY2020Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9700000 USD
CY2021Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
0 USD
CY2020Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-900000 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
318300000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-100000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-300000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34100000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
87700000 USD
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
325800000 USD
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
97200000 USD
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
291700000 USD
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184900000 USD
CY2021Q1 val Plan Of Reorganization Support Of Revolving Credit Facility Percentage
PlanOfReorganizationSupportOfRevolvingCreditFacilityPercentage
1
CY2020Q3 val Plan Of Reorganization Support Of Noteholders Percentage
PlanOfReorganizationSupportOfNoteholdersPercentage
0.72
CY2021Q1 val Plan Of Reorganization Support Of Revolving Credit Facility Percentage
PlanOfReorganizationSupportOfRevolvingCreditFacilityPercentage
1
CY2021Q1 val Plan Of Reorganization Support Of Noteholders Percentage
PlanOfReorganizationSupportOfNoteholdersPercentage
0.72
CY2020Q3 val Plan Of Reorganization Emergence From Chapter11 Extension Period
PlanOfReorganizationEmergenceFromChapter11ExtensionPeriod
P60D
CY2020Q3 us-gaap Debtor In Possession Financing Amount Arranged
DebtorInPossessionFinancingAmountArranged
500000000.0 USD
CY2020Q3 us-gaap Debtor In Possession Financing Amount Arranged
DebtorInPossessionFinancingAmountArranged
500000000.0 USD
CY2020Q3 val Debtor In Possession Financing Interest Rate On Borrowings Outstanding Paid In Kind
DebtorInPossessionFinancingInterestRateOnBorrowingsOutstandingPaidInKind
0.0800
CY2020Q3 val Debtor In Possession Financing Interest Rate On Borrowings Outstanding Paid In Cash
DebtorInPossessionFinancingInterestRateOnBorrowingsOutstandingPaidInCash
0.0700
CY2020Q3 val Debtor In Possession Maximum Cash Disbursement Percentage
DebtorInPossessionMaximumCashDisbursementPercentage
0.15
CY2021Q1 us-gaap Debtor In Possession Financing Borrowings Outstanding
DebtorInPossessionFinancingBorrowingsOutstanding
0 USD
CY2020Q3 val Backstop Commitment Agreement Shares To Be Allocated
BackstopCommitmentAgreementSharesToBeAllocated
0.30
CY2020Q3 val Backstop Commitment Agreement Cash Settlement
BackstopCommitmentAgreementCashSettlement
520000000 USD
CY2020Q3 val Backstop Commitment Agreement Note Issued
BackstopCommitmentAgreementNoteIssued
550000000 USD
CY2021Q1 us-gaap Debtor Reorganization Items Legal And Advisory Professional Fees
DebtorReorganizationItemsLegalAndAdvisoryProfessionalFees
47800000 USD
CY2021Q1 us-gaap Debtor Reorganization Items Provision For Expected Allowed Claims
DebtorReorganizationItemsProvisionForExpectedAllowedClaims
3900000 USD
CY2021Q1 val Debtor Reorganization Items Reorganization Items Fees
DebtorReorganizationItemsReorganizationItemsFees
51700000 USD
CY2021Q1 us-gaap Debtor Reorganization Items Net Gain Loss On Rejection Of Leases And Other Executory Contracts1
DebtorReorganizationItemsNetGainLossOnRejectionOfLeasesAndOtherExecutoryContracts1
-500000 USD
CY2021Q1 val Debtor Reorganization Items Non Cash
DebtorReorganizationItemsNonCash
500000 USD
CY2021Q1 us-gaap Reorganization Items
ReorganizationItems
52200000 USD
CY2021Q1 val Debtor Reorganization Items Items Fees Unpaid
DebtorReorganizationItemsItemsFeesUnpaid
35800000 USD
CY2021Q1 val Debtor Reorganization Items Items Fees Paid
DebtorReorganizationItemsItemsFeesPaid
15900000 USD
CY2021Q1 val Liabilities Subject To Compromise Accrued Interest On Notes
LiabilitiesSubjectToCompromiseAccruedInterestOnNotes
203500000 USD
CY2020Q4 val Liabilities Subject To Compromise Accrued Interest On Notes
LiabilitiesSubjectToCompromiseAccruedInterestOnNotes
203500000 USD
CY2021Q1 val Liabilities Subject To Compromise Holding Cost Inclusive Of Interest
LiabilitiesSubjectToCompromiseHoldingCostInclusiveOfInterest
13900000 USD
CY2020Q4 val Liabilities Subject To Compromise Holding Cost Inclusive Of Interest
LiabilitiesSubjectToCompromiseHoldingCostInclusiveOfInterest
13900000 USD
CY2021Q1 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
7313700000 USD
CY2020Q4 us-gaap Liabilities Subject To Compromise
LiabilitiesSubjectToCompromise
7313700000 USD
CY2021Q1 us-gaap Contractual Interest Expense On Prepetition Liabilities Not Recognized In Statement Of Operations
ContractualInterestExpenseOnPrepetitionLiabilitiesNotRecognizedInStatementOfOperations
100300000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
2300000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
1400000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
300000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net Noncurrent
ContractWithCustomerAssetNetNoncurrent
400000 USD
CY2021Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
53600000 USD
CY2020Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
57600000 USD
CY2021Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
13900000 USD
CY2020Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
14300000 USD
CY2020Q4 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
1800000 USD
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
71900000 USD
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
2000000.0 USD
CY2021Q1 val Contractwith Customer Liability Increasefrom Cash Receipts
ContractwithCustomerLiabilityIncreasefromCashReceipts
9400000 USD
CY2021Q1 val Contractwith Customer Liability Revenue Recognized Included In Beginning Balance
ContractwithCustomerLiabilityRevenueRecognizedIncludedInBeginningBalance
-13800000 USD
CY2021Q1 us-gaap Contract With Customer Asset Reclassified To Receivable
ContractWithCustomerAssetReclassifiedToReceivable
-1200000 USD
CY2021Q1 us-gaap Contract With Customer Asset Net
ContractWithCustomerAssetNet
2600000 USD
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
67500000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
51300000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
15600000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
600000 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
0 USD
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
67500000 USD
CY2021Q1 val Capitalized Contract Cost Amortization Expense Remainder Of Fiscal Year
CapitalizedContractCostAmortizationExpenseRemainderOfFiscalYear
14900000 USD
CY2021Q1 val Capitalized Contract Cost Amortization Expense Year Two
CapitalizedContractCostAmortizationExpenseYearTwo
3500000 USD
CY2021Q1 val Capitalized Contract Cost Amortization Expense Year Three
CapitalizedContractCostAmortizationExpenseYearThree
500000 USD
CY2021Q1 val Capitalized Contract Cost Amortization Expense Year Fourand Thereafter
CapitalizedContractCostAmortizationExpenseYearFourandThereafter
0 USD
CY2021Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
18900000 USD
CY2021Q1 val Numberof Rigs Ownedby Aro
NumberofRigsOwnedbyARO
7 jackup
CY2021Q1 val Numberofjackupsleasedby Aro
NumberofjackupsleasedbyARO
9 jackup
CY2021Q1 val Numberofjackupsleasedby Aro
NumberofjackupsleasedbyARO
9 jackup
CY2021Q1 val Contracts Terms On Purchased Rigs
ContractsTermsOnPurchasedRigs
P15Y
CY2021Q1 val Numberof Newbuild Jackup Rigs
NumberofNewbuildJackupRigs
20 jackup
CY2021Q1 val Order Period
OrderPeriod
P10Y
CY2021Q1 val Aro Rigs Under Construction
ARORigsUnderConstruction
2 drillship
CY2021Q1 val Cost Of Aro Newbuild Jackups Each
CostOfARONewbuildJackupsEach
176000000 USD
CY2021Q1 val Maximum Contingent Contributions To Joint Venture
MaximumContingentContributionsToJointVenture
1250000000 USD
CY2021Q1 val Minimum Renewal Contract Terms For New Build Rigs
MinimumRenewalContractTermsForNewBuildRigs
P8Y
CY2021Q1 val Numberof Rigs Ownedby Aro
NumberofRigsOwnedbyARO
7 jackup
CY2021Q1 val Equity Method Investment Summarized Financial Information Accounts Receivable
EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable
13900000 USD
CY2020Q4 val Equity Method Investment Summarized Financial Information Accounts Receivable
EquityMethodInvestmentSummarizedFinancialInformationAccountsReceivable
21600000 USD
CY2020Q1 val Equity Method Investment Summarized Financial Information Accounts Payable
EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable
34900000 USD
CY2020Q4 val Equity Method Investment Summarized Financial Information Accounts Payable
EquityMethodInvestmentSummarizedFinancialInformationAccountsPayable
30900000 USD
CY2020Q4 us-gaap Due From Joint Ventures Noncurrent
DueFromJointVenturesNoncurrent
442700000 USD
CY2021Q1 val Equity Method Investment Summarized Financial Information Interest Income
EquityMethodInvestmentSummarizedFinancialInformationInterestIncome
2600000 USD
CY2020Q1 val Equity Method Investment Summarized Financial Information Interest Income
EquityMethodInvestmentSummarizedFinancialInformationInterestIncome
4600000 USD
CY2021Q1 val Equity Method Investment Summarized Financial Information Interest Receivable
EquityMethodInvestmentSummarizedFinancialInformationInterestReceivable
2600000 USD
CY2021Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
18700000 USD
CY2021Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
18700000 USD
CY2021Q1 val Total Financial Assets
TotalFinancialAssets
18700000 USD
CY2020Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
22600000 USD
CY2020Q4 val Total Financial Assets
TotalFinancialAssets
22600000 USD
CY2021Q1 us-gaap Debt Instrument Convertible Carrying Amount Of The Equity Component
DebtInstrumentConvertibleCarryingAmountOfTheEquityComponent
220000000.0 USD
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12125900000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13209300000 USD
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
756500000 USD
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
756500000 USD
srt Average Sales Prices
AverageSalesPrices
60
CY2021Q1 srt Average Sales Prices
AverageSalesPrices
20
CY2021Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
0 USD
CY2020Q1 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
600000 USD
CY2021Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
5000000.0 USD
CY2020Q1 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
6500000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
9100000 USD
CY2020Q1 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
9500000 USD
CY2021Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-100000 USD
CY2020Q1 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
0 USD
CY2021Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-4000000.0 USD
CY2020Q1 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-2400000 USD
CY2021Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
22200000 USD
CY2020Q1 val Defined Benefit Plan Plan Assets Contributions By Employer Related To Prior Year
DefinedBenefitPlanPlanAssetsContributionsByEmployerRelatedToPriorYear
7000000.0 USD
CY2019Q1 val Defined Benefit Plan Plan Assets Contributions By Employer Related To Prior Year
DefinedBenefitPlanPlanAssetsContributionsByEmployerRelatedToPriorYear
5300000 USD
CY2021Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Current Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsCurrentFiscalYear
2700000 USD
CY2021Q1 val Income Lossfrom Continuing Operations Attributableto Parent Availableto Common Stockholders
IncomeLossfromContinuingOperationsAttributabletoParentAvailabletoCommonStockholders
-910000000.0 USD
CY2021Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-910000000.0 USD
CY2020Q1 val Income Lossfrom Continuing Operations Attributableto Parent Availableto Common Stockholders
IncomeLossfromContinuingOperationsAttributabletoParentAvailabletoCommonStockholders
-3000000000.0 USD
CY2020Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-3000000000.0 USD
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
300000 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares
CY2020Q3 us-gaap Debtor In Possession Financing Amount Arranged
DebtorInPossessionFinancingAmountArranged
500000000.0 USD
CY2021Q1 us-gaap Debtor In Possession Financing Borrowings Outstanding
DebtorInPossessionFinancingBorrowingsOutstanding
0 USD
CY2021Q1 us-gaap Line Of Credit Facility Current Borrowing Capacity
LineOfCreditFacilityCurrentBorrowingCapacity
1600000000 USD
CY2021Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
20300000 USD
CY2020Q1 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
-164400000 USD
CY2021Q1 val Incometaxexpenseadjustedfordiscreteitems
Incometaxexpenseadjustedfordiscreteitems
11400000 USD
CY2020Q1 val Incometaxexpenseadjustedfordiscreteitems
Incometaxexpenseadjustedfordiscreteitems
12400000 USD
CY2021Q1 val Maximum Contingent Contributions To Joint Venture
MaximumContingentContributionsToJointVenture
1250000000 USD
CY2021Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
116600000 USD
CY2021Q1 us-gaap Deposit Liabilities Collateral Issued Financial Instruments
DepositLiabilitiesCollateralIssuedFinancialInstruments
12700000 USD
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
4 Reportable_segment
CY2021Q1 us-gaap Revenues
Revenues
307100000 USD
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
252200000 USD
CY2021Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
756500000 USD
CY2021Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
122100000 USD
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
24300000 USD
CY2021Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
1900000 USD
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-846100000 USD
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10083900000 USD
CY2020Q1 us-gaap Revenues
Revenues
456600000 USD
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
476000000.0 USD
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
2808200000 USD
CY2020Q1 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
164500000 USD
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
53400000 USD
CY2020Q1 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-6300000 USD
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-3051800000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12157200000 USD
CY2021Q1 val Total Number Of Contract Drilling Rigs
TotalNumberOfContractDrillingRigs
61
CY2021Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
466100000 USD
CY2020Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
465400000 USD
CY2021Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
16300000 USD
CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
16200000 USD
CY2021Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
449800000 USD
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
449200000 USD
CY2021Q1 us-gaap Inventory Gross
InventoryGross
269700000 USD
CY2020Q4 us-gaap Inventory Gross
InventoryGross
279400000 USD
CY2021Q1 us-gaap Prepaid Taxes
PrepaidTaxes
39200000 USD
CY2020Q4 us-gaap Prepaid Taxes
PrepaidTaxes
32900000 USD
CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
28800000 USD
CY2020Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
43400000 USD
CY2021Q1 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
15400000 USD
CY2020Q4 us-gaap Other Deferred Costs Net
OtherDeferredCostsNet
17400000 USD
CY2021Q1 val Assets Current Other
AssetsCurrentOther
30400000 USD
CY2020Q4 val Assets Current Other
AssetsCurrentOther
24800000 USD
CY2021Q1 us-gaap Other Assets Current
OtherAssetsCurrent
383500000 USD
CY2020Q4 us-gaap Other Assets Current
OtherAssetsCurrent
397900000 USD
CY2021Q1 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
66300000 USD
CY2020Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
66800000 USD
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
39000000.0 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
35800000 USD
CY2021Q1 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
22700000 USD
CY2020Q4 us-gaap Deferred Income Tax Assets Net
DeferredIncomeTaxAssetsNet
21900000 USD
CY2021Q1 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
18700000 USD
CY2020Q4 us-gaap Assets Held In Trust Noncurrent
AssetsHeldInTrustNoncurrent
22600000 USD
CY2021Q1 val Assets Noncurrent Other
AssetsNoncurrentOther
25800000 USD
CY2020Q4 val Assets Noncurrent Other
AssetsNoncurrentOther
29100000 USD
CY2021Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
172500000 USD
CY2020Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
176200000 USD
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
88400000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
95600000 USD
CY2021Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
57600000 USD
CY2020Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
50800000 USD
CY2021Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
53600000 USD
CY2020Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
57600000 USD
CY2021Q1 val Customer Payable Amount Short Term
CustomerPayableAmountShortTerm
36800000 USD
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
18800000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15700000 USD
CY2021Q1 val Liabilities Current Other
LiabilitiesCurrentOther
35400000 USD
CY2020Q4 val Liabilities Current Other
LiabilitiesCurrentOther
30700000 USD
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
290600000 USD
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
250400000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
290200000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
286100000 USD
CY2021Q1 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
270200000 USD
CY2020Q4 us-gaap Pension And Other Postretirement And Postemployment Benefit Plans Liabilities Noncurrent
PensionAndOtherPostretirementAndPostemploymentBenefitPlansLiabilitiesNoncurrent
296600000 USD
CY2021Q1 val Intangible Liabilities Noncurrent
IntangibleLiabilitiesNoncurrent
50100000 USD
CY2020Q4 val Intangible Liabilities Noncurrent
IntangibleLiabilitiesNoncurrent
50400000 USD
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21100000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21600000 USD
CY2021Q1 val Supplemental Executive Retirement Plan Liabilities
SupplementalExecutiveRetirementPlanLiabilities
19000000.0 USD
CY2020Q4 val Supplemental Executive Retirement Plan Liabilities
SupplementalExecutiveRetirementPlanLiabilities
22900000 USD
CY2021Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
15700000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
13700000 USD
CY2021Q1 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
13900000 USD
CY2020Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
14300000 USD
CY2021Q1 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
13600000 USD
CY2020Q4 us-gaap Other Employee Related Liabilities Current And Noncurrent
OtherEmployeeRelatedLiabilitiesCurrentAndNoncurrent
11800000 USD
CY2020Q4 val Customer Payable Amount Long Term
CustomerPayableAmountLongTerm
35500000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
10800000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
9500000 USD
CY2021Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
704600000 USD
CY2020Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
762400000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
-98100000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Defined Benefit Pension And Other Postretirement Plans Net Of Tax
AccumulatedOtherComprehensiveIncomeLossDefinedBenefitPensionAndOtherPostretirementPlansNetOfTax
-98200000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
6600000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Foreign Currency Translation Adjustment Net Of Tax
AccumulatedOtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentNetOfTax
6500000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
0 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Cumulative Changes In Net Gain Loss From Cash Flow Hedges Effect Net Of Tax
AccumulatedOtherComprehensiveIncomeLossCumulativeChangesInNetGainLossFromCashFlowHedgesEffectNetOfTax
5600000 USD
CY2021Q1 val Accumulated Other Comprehensive Income Loss Other Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherNetOfTax
-1700000 USD
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-93200000 USD
CY2020Q4 val Accumulated Other Comprehensive Income Loss Other Net Of Tax
AccumulatedOtherComprehensiveIncomeLossOtherNetOfTax
-1800000 USD
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-87900000 USD
CY2021Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
16600000 USD
CY2020Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
3800000 USD
CY2021Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-4000000.0 USD
CY2020Q1 us-gaap Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component
NetPeriodicDefinedBenefitsExpenseReversalOfExpenseExcludingServiceCostComponent
-3000000.0 USD
CY2021Q1 val Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
500000 USD
CY2020Q1 val Other Nonoperating Income Expense Other
OtherNonoperatingIncomeExpenseOther
-6300000 USD
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
21100000 USD
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
500000 USD

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