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Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2018

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

	September 30, 2018				December 31, 2017
Trade	$	334.7			$	335.4
Other	17.7				33.6
	352.4				369.0
Allowance for doubtful accounts	(3.9		)		(23.6		)
	$	348.5			$	345.4

Other Current Assets

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

	September 30, 2018				December 31, 2017
Inventory	$	270.7			$	278.8
Prepaid taxes	70.2				43.5
Deferred costs	29.7				29.7
Prepaid expenses	19.5				14.2
Derivative asset	0.4				6.8
Other	13.5				8.2
	$	404.0			$	381.2

Other Assets, Net

Other assets consisted of the following (in millions):

	September 30, 2018				December 31, 2017
Deferred tax assets	$	33.1			$	38.8
Supplemental executive retirement plan assets	30.5				30.9
Deferred costs	21.1				37.4
Intangible assets	5.4				15.7
Other	14.4				17.4
	$	104.5			$	140.2

Accrued Liabilities And Other

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

	September 30, 2018				December 31, 2017
Personnel costs	$	80.9			$	112.0
Accrued interest	78.1				83.1
Deferred revenue	69.0				71.9
Taxes	46.8				46.4
Derivative liabilities	8.8				0.4
Other	26.4				12.1
	$	310.0			$	325.9

Other Liabilities

Other liabilities consisted of the following (in millions):

	September 30, 2018				December 31, 2017
Unrecognized tax benefits (inclusive of interest and penalties)	$	182.8			$	178.0
Deferred tax liabilities	62.7				18.5
Intangible liabilities	54.3				59.6
Supplemental executive retirement plan liabilities	32.1				32.0
Personnel costs	24.8				18.1
Deferred revenue	13.4				51.2
Deferred rent	12.1				17.1
Other	7.8				12.2
	$	390.0			$	386.7

Accumulated other comprehensive income

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

	September 30, 2018				December 31, 2017
Derivative instruments	$	13.5			$	22.5
Currency translation adjustment	7.4				7.8
Other	(1.7		)		(1.7		)
	$	19.2			$	28.6

Schedule of Revenue by Major Customers by Reporting Segments

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

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Total(1)	14	%		24	%		14	%		23	%
Saudi Aramco(2)	11	%		10	%		10	%		9	%
Petrobras(1)	5	%		11	%		9	%		11	%
BP(3)	5	%		15	%		7	%		15	%
Other	65	%		40	%		60	%		42	%
	100	%		100	%		100	%		100	%

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

⁽²⁾  During the three-month and nine-month periods ended September 30, 2018 and 2017, all revenues were attributable to our Jackups segment.

⁽³⁾  During the three-month period ended September 30, 2018, 27% of the revenues provided by BP were attributable to our Jackups segment and the remainder was attributable to our Other segment. During the three-month period ended September 30, 2017, 78% of the revenues provided by BP were attributable to our Floaters segment and the remainder was attributable to our Other segment.

During the nine-month period ended September 30, 2018, 33% of the revenues provided by BP were attributable to our Floaters segment, 18% of the revenues were attributable to our Jackups segment and the remainder was attributable to our Other segment. During the nine-month period ended September 30, 2017, 78% of the revenues provided by BP were attributable to our Floaters segment and the remainder was attributable to our Other segment.

Revenue from External Customers by Geographic Areas

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

	Three Months Ended September 30,								Nine Months Ended September 30,
	2018				2017				2018				2017
Angola(1)	$	76.2			$	118.9			$	209.5			$	356.5
Australia(2)	75.1				48.7				207.7				158.6
U.S. Gulf of Mexico(3)	59.3				34.9				172.4				112.2
United Kingdom(4)	55.4				49.1				155.7				117.0
Saudi Arabia(4)	49.0				44.2				131.8				127.4
Brazil(5)	22.1				51.1				118.5				147.6
Egypt(5)	—				53.8				31.2				160.4
Other	93.8				59.5				279.6				209.1
	$	430.9			$	460.2			$	1,306.4			$	1,388.8

⁽¹⁾  During the three-month periods ended September 30, 2018 and 2017, 82% and 85% 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 nine-month periods ended September 30, 2018 and 2017, 87% 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.

⁽²⁾  During the three-month periods ended September 30, 2018 and 2017, 87% and 92% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. During the nine-month periods ended September 30, 2018 and 2017, 94% and 83% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

⁽³⁾  During the three-month period ended September 30, 2018, 35% 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 September 30, 2017, 21% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 35% were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the nine-month period ended September 30, 2018, 36% of revenues in the U.S. Gulf of Mexico were attributable to our Floaters segment, 38% were attributable to our Jackups segment, and the remaining revenues were attributable to our Other segment. During the nine-month period ended September 30, 2017, 24% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 37% were attributable to our Jackups segment, and the remaining revenues were attributable to our Other segment.

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

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

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