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Supplemental Financial Information | 12 Months Ended
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Dec. 31, 2014
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
|  | 2014 |  | 2013
Trade |  | $ | 878.8 |  |  | $ | 869.8 |
Other |  | 15.9 |  |  | 14.3 |
|  | 894.7 |  |  | 884.1 |
Allowance for doubtful accounts |  | (11.4 | ) |  | (28.4 | )
|  | $ | 883.3 |  |  | $ | 855.7 |
Other current assets as of December 31, 2014 and 2013 consisted of the following (in millions):
|  | 2014 |  | 2013
Inventory |  | 240.3 |  |  | 256.4 |
Assets held for sale |  | 152.4 |  |  | 8.6 |
Prepaid taxes |  | 90.6 |  |  | 88.1 |
Deferred costs |  | 61.9 |  |  | 47.4 |
Deferred tax assets |  | 43.8 |  |  | 23.1 |
Prepaid expenses |  | 33.8 |  |  | 18.5 |
Derivative assets |  | .6 |  |  | 11.6 |
Other |  | 6.0 |  |  | 10.2 |
|  | $ | 629.4 |  |  | $ | 463.9 |
Assets held for sale primarily consists of drilling rigs and equipment. See "Note 3 - Property and Equipment" for additional information on the assets classified as "held for sale" on our balance sheet as of December 31, 2014. Other assets, net, as of December 31, 2014 and 2013 consisted of the following (in millions):
|  | 2014 |  | 2013
Deferred costs |  | $ | 82.3 |  |  | $ | 59.1 |
Intangible assets |  | 49.0 |  |  | 83.8 |
Supplemental executive retirement plan assets |  | 43.2 |  |  | 37.7 |
Prepaid taxes on intercompany transfers of property |  | 39.7 |  |  | 50.2 |
Deferred tax assets |  | 38.4 |  |  | 25.2 |
Warranty and other claim receivables |  | 30.6 |  |  | 30.6 |
Unbilled receivables |  | 18.6 |  |  | 51.9 |
Other |  | 12.4 |  |  | 14.2 |
|  | $ | 314.2 |  |  | $ | 352.7 |
Accrued liabilities and other as of December 31, 2014 and 2013 consisted of the following (in millions):
|  | 2014 |  | 2013
Deferred revenue |  | 241.3 |  |  | 169.8 |
Personnel costs |  | 214.0 |  |  | 242.0 |
Taxes |  | 97.0 |  |  | 84.2 |
Accrued interest |  | 83.8 |  |  | 68.0 |
Derivative liabilities |  | 24.1 |  |  | 10.4 |
Advance payment received on sale of assets |  | — |  |  | 33.0 |
Customer pre-payments |  | — |  |  | 20.0 |
Other |  | 36.4 |  |  | 31.3 |
|  | $ | 696.6 |  |  | $ | 658.7 |
Other liabilities as of December 31, 2014 and 2013 consisted of the following (in millions):
|  | 2014 |  | 2013
Deferred revenue |  | $ | 373.2 |  |  | $ | 217.6 |
Unrecognized tax benefits (inclusive of interest and penalties) |  | 142.4 |  |  | 148.0 |
Supplemental executive retirement plan liabilities |  | 45.1 |  |  | 40.5 |
Intangible liabilities |  | 40.7 |  |  | 69.1 |
Personnel costs |  | 26.1 |  |  | 37.2 |
Other |  | 39.8 |  |  | 33.3 |
|  | $ | 667.3 |  |  | $ | 545.7 |
Accumulated other comprehensive income as of December 31, 2014 and 2013 consisted of the following (in millions):
| 2014 |  | 2013
Derivative Instruments | $ | 8.0 |  |  | $ | 20.6 |
Other | 3.9 |  |  | (2.4 | )
| $ | 11.9 |  |  | $ | 18.2 |
Consolidated Statement of Operations Information Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
|  | 2014 |  | 2013 |  | 2012
Repair and maintenance expense |  | $ | 357.2 |  |  | $ | 287.8 |  |  | $ | 276.3 |
Consolidated Statement of Cash Flows Information Net cash provided by operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
|  | 2014 |  | 2013 |  | 2012
Increase (decrease) in liabilities |  | 208.2 |  |  | (10.3 | ) |  | 312.3 |
(Increase) decrease in other assets |  | (76.4 | ) |  | (94.1 | ) |  | 67.8 |
(Increase) decrease in accounts receivable |  | (38.5 | ) |  | (46.7 | ) |  | 59.1 |
|  | $ | 93.3 |  |  | $ | (151.1 | ) |  | $ | 439.2 |
Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2014 was as follows (in millions):
|  | 2014 |  | 2013 |  | 2012
Interest, net of amounts capitalized |  | $ | 170.0 |  |  | $ | 182.2 |  |  | $ | 150.7 |
Income taxes |  | 218.2 |  |  | 195.4 |  |  | 77.9 |
Capitalized interest totaled $78.2 million, $67.7 million and $105.8 million during the years ended December 31, 2014, 2013 and 2012, respectively. Capital expenditure accruals totaling $137.2 million, $111.8 million and $110.7 million for the years ended December 31, 2014, 2013 and 2012, respectively, were excluded from investing activities in our consolidated statements of cash flows. Amortization of intangibles and other, net, included amortization of intangible assets and liabilities related to the estimated fair values of acquired Company firm drilling contracts in place at the Pride acquisition date, debt premiums related to the fair value adjustment of acquired Company debt instruments, deferred charges for income taxes incurred on intercompany transfers of drilling rigs and certain other deferred costs. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which generally have been within management's expectations. During 2014, we insured certain receivables deemed to have a higher credit risk. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several well-capitalized financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high-quality financial institutions, thereby limiting our exposure to individual counterparties and by entering into ISDA Master Agreements, which include provisions for a legally enforceable master netting agreement, with almost all derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events, or set-off provisions. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. During 2014, BP accounted for $723.9 million, or 16%, of our consolidated revenues, 80% of which were attributable to our Floaters segment. During 2013, Petrobras accounted for $604.8 million, or 14%, of consolidated revenues, all of which were provided by our Floaters segment, and BP accounted for $444.9 million, or 10%, of consolidated revenues, 84% of which were attributable to our Floaters segment. During 2012, Petrobras accounted for $771.9 million, or 21%, of our consolidated revenues, all of which were attributable to our Floaters segment. During 2014, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.7 billion, or 38%, of our consolidated revenues, of which 79% were provided by our Floaters segment. Revenues provided by our drilling operations in Angola and Brazil during the year ended December 31, 2014 totaled $607.9 million and $459.1 million, or 13% and 10%, of our consolidated revenues, all of which were provided by our Floaters segment. During 2013, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.7 billion, or 39%, of our consolidated revenues, of which 77% were provided by our Floaters segment. Revenues provided by our drilling operations in Brazil during the year ended December 31, 2013 totaled $683.7 million, or 16%, of our consolidated revenue, all of which were provided by our Floaters segment. During 2012, revenues provided by our drilling operations in the U.S. Gulf of Mexico totaled $1.3 billion, or 35%, of our consolidated revenues, of which 75% were provided by our Floaters segment. Revenues provided by our drilling operations in Brazil during the year ended December 31, 2012 totaled $776.3 million, or 21%, of our consolidated revenues, all of which were provided by our Floaters segment.

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