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Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2018

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

Accounts receivable, net, consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Trade	$	338.6			$	335.4
Other	15.1				33.6
	353.7				369.0
Allowance for doubtful accounts	(21.0		)		(23.6		)
	$	332.7			$	345.4

Other Current Assets

Other current assets consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Inventory	$	274.8			$	278.8
Prepaid taxes	44.7				43.5
Deferred costs	38.2				29.7
Prepaid expenses	13.3				14.2
Assets held-for-sale	3.4				1.5
Derivative asset	1.3				6.8
Other	13.9				6.7
	$	389.6			$	381.2

Other Assets, Net

Other assets consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Supplemental executive retirement plan assets	$	30.5			$	30.9
Deferred costs	24.8				37.4
Deferred tax assets	15.5				38.8
Intangible assets	8.2				15.7
Other	14.9				17.4
	$	93.9			$	140.2

Accrued Liabilities And Other

Accrued liabilities and other consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Accrued interest	$	101.6			$	83.1
Personnel costs	81.7				112.0
Deferred revenue	76.6				71.9
Taxes	50.8				46.4
Derivative liabilities	6.7				0.4
Other	14.1				12.1
	$	331.5			$	325.9

Other Liabilities

Other liabilities consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Unrecognized tax benefits (inclusive of interest and penalties)	$	180.7			$	178.0
Intangible liabilities	55.1				59.6
Supplemental executive retirement plan liabilities	31.5				32.0
Personnel costs	24.1				18.1
Deferred revenue	23.2				51.2
Deferred tax liabilities	16.3				18.5
Deferred rent	13.0				17.1
Other	18.1				12.2
	$	362.0			$	386.7

Accumulated other comprehensive income

Accumulated other comprehensive income consisted of the following (in millions):

	June 30, 2018				December 31, 2017
Derivative instruments	$	14.7			$	22.5
Currency translation adjustment	7.5				7.8
Other	(1.7		)		(1.7		)
	$	20.5			$	28.6

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
Total(1)	13	%		22	%		14	%		22	%
Petrobras(1)	10	%		11	%		11	%		10	%
BP(2)	5	%		15	%		8	%		15	%
Other	72	%		52	%		67	%		53	%
	100	%		100	%		100	%		100	%

⁽¹⁾  During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues were attributable to our Floaters segment.

⁽²⁾  During the three-month periods ended June 30, 2018 and 2017, 28% of the revenues provided by BP were attributable to our Jackups segment and 79% were attributable to our Floaters segment, respectively, and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2018, 43% of the revenues provided by BP were attributable to our Floaters segment, 15% of the revenues were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2017, 79% of the revenues provided by BP were attributable to our Floaters segment and the remaining revenues were attributable to our Other segment.

Revenue from External Customers by Geographic Areas

Consolidated revenues by region for the three-month and six-month periods ended June 30, 2018 and 2017 were as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2018				2017				2018				2017
Australia(1)	$	80.4			$	55.3			$	132.6			$	109.9
Angola(2)	72.2				115.9				133.3				237.6
U.S. Gulf of Mexico(3)	59.5				33.0				113.1				77.3
United Kingdom(4)	53.7				36.7				100.3				67.9
Brazil(5)	46.1				48.7				96.4				96.5
Egypt(5)	—				53.4				31.2				106.6
Other	146.6				114.5				268.6				232.8
	$	458.5			$	457.5			$	875.5			$	928.6

⁽¹⁾  During the three-month periods ended June 30, 2018 and 2017, 95% and 78% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six-month periods ended June 30, 2018 and 2017, 97% and 78% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

⁽²⁾  During the three-month periods ended June 30, 2018 and 2017, 84% and 87% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the six-month periods ended June 30, 2018 and 2017, 90% and 86% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

⁽³⁾  During the three-month period ended June 30, 2018, 36% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment, 39% were attributable to our Jackups segment, and the remaining revenues were attributable to our Other segment. During the three-month period ended June 30, 2017, 10% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 46% were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2018, both the Jackups and Floaters segments earned 37% of revenues in the U.S. Gulf of Mexico and the remaining revenues were attributable to our Other segment. During the six-month period ended June 30, 2017, 37% and 25% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Jackups segment and Floaters segment, respectively, and the remaining revenues were attributable to our Other segment.

⁽⁴⁾  During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues earned in the United Kingdom were attributable to our Jackups segment.

⁽⁵⁾  During the three-month and six-month periods ended June 30, 2018 and 2017, all revenues earned in Brazil and Egypt were attributable to our Floaters segment.

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