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Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2019

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

	June 30, 2019				December 31, 2018
Trade	$	568.3			$	301.7
Other	68.9				46.4
	637.2				348.1
Allowance for doubtful accounts	(8.5		)		(3.4		)
	$	628.7			$	344.7

Other Current Assets

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

	June 30, 2019				December 31, 2018
Materials and supplies	$	360.7			$	268.1
Prepaid taxes	58.3				35.0
Deferred costs	47.5				23.5
Prepaid expenses	16.2				15.2
Other	17.0				19.1
	$	499.7			$	360.9

Other Assets, Net

Other assets consisted of the following (in millions):

	June 30, 2019				December 31, 2018
Right-of-use assets	$	57.1			$	—
Deferred tax assets	31.4				29.4
Supplemental executive retirement plan assets	26.2				27.2
Deferred costs	19.9				21.5
Intangible assets	14.9				—
Other	19.9				19.7
	$	169.4			$	97.8

Accrued Liabilities And Other

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

	June 30, 2019				December 31, 2018
Accrued interest	$	136.9			$	100.6
Personnel costs	101.2				82.5
Income and other taxes payable	53.7				36.9
Deferred revenue	46.2				56.9
Accrued rig holding costs	26.5				14.3
Lease liabilities	21.5				—
Pension and other post-retirement benefits	19.7				—
Derivative liabilities	5.1				10.9
Other	27.5				15.9
	$	438.3			$	318.0

Other Liabilities

Other liabilities consisted of the following (in millions):

	June 30, 2019				December 31, 2018
Unrecognized tax benefits (inclusive of interest and penalties)	$	276.2			$	177.0
Pension and other post-retirement benefits	214.4				—
Deferred tax liabilities	106.5				70.7
Intangible liabilities	53.8				53.5
Lease liabilities	48.6				—
Supplemental executive retirement plan liabilities	26.9				28.1
Personnel costs	22.7				25.1
Deferred revenue	14.8				20.5
Deferred rent	—				11.7
Other	35.1				9.4
	$	799.0			$	396.0

Accumulated other comprehensive income

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

	June 30, 2019				December 31, 2018
Derivative instruments	$	14.4			$	12.6
Currency translation adjustment	7.3				7.3
Other	(1.8		)		(1.7		)
	$	19.9			$	18.2

Schedule of Revenue by Major Customers by Reporting Segments

Consolidated revenues by customer for the three-month and six-month periods ended June 30, 2019 and 2018 were as follows:

	Three Months Ended June 30,						Six Months Ended June 30,
	2019			2018			2019			2018
Total(1)	13	%		13	%		15	%		14	%
Saudi Aramco(2)	9	%		9	%		10	%		9	%
BP(3)	9	%		5	%		8	%		8	%
Petrobras(4)	4	%		10	%		5	%		11	%
Other	65	%		63	%		62	%		58	%
	100	%		100	%		100	%		100	%

⁽¹⁾  During the three-month and six-month periods ended June 30, 2019, 90% and 95% of revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segments. During the three-month and six-month periods ended June 30, 2018, all revenues were attributable to our Floaters segment.

⁽²⁾  During the three-month and six-month periods ended June 30, 2019 and 2018, all revenues were attributable to our Jackups segment.

⁽³⁾  During the three-month period ended June 30, 2019, 44% of the revenues provided by BP were attributable to our Jackups segment, 19% of the revenues were attributable to our Floaters segment and the remaining was attributable to our managed rigs. During the three-month period ended June 30, 2018, 28% of the revenues provided by BP were attributable to our Jackups segment and the remainder was attributable to our managed rigs.

During the six-month period ended June 30, 2019, 39% of the revenues provided by BP were attributable to our Jackups segment, 13% of the revenues were attributable to our Floaters segment and the remainder was attributable to our managed rigs. 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 remainder was attributable to our managed rigs.

⁽⁴⁾  During the three-month and six-month periods ended June 30, 2019 and 2018, all revenues were attributable to our Floaters segment.

Revenue from External Customers by Geographic Areas

Consolidated revenues by region for the three-month and six-month periods ended June 30, 2019 and 2018 were as follows:

	Three Months Ended June 30,								Six Months Ended June 30,
	2019				2018				2019				2018
U.S. Gulf of Mexico(1)	$	93.4			$	59.5			$	148.1			$	113.1
Saudi Arabia(2)	83.2				39.5				136.6				82.7
Australia(3)	70.0				80.4				137.3				132.6
Angola(4)	68.1				72.2				138.7				133.3
United Kingdom(5)	54.2				53.7				97.6				100.3
Brazil(6)	25.1				46.1				47.1				96.4
Other	189.9				107.1				284.4				217.1
	$	583.9			$	458.5			$	989.8			$	875.5

⁽¹⁾  During the three-month period ended June 30, 2019, 39% 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 managed rigs. 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 managed rigs.

During the six-month period ended June 30, 2019, 34% of revenues in the U.S. Gulf of Mexico were attributable to our Floaters segment, 41% were attributable to our Jackups segment, and the remaining revenues were attributable to our managed rigs. During the six-month period ended June 30, 2018, our Floaters and Jackups segments each earned 37% of the revenues in the U.S. Gulf of Mexico, and the remaining revenues were attributable to our managed rigs.

⁽²⁾  During the three-month and six-month periods ended June 30, 2019, 60% and 76% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. During the three-month and six-month period ended June 30, 2018, all revenues earned in Saudi Arabia were attributable to our Jackups segment.

⁽³⁾  During the three-month periods ended June 30, 2019 and 2018, 94% and 95% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment. During the six-month periods ended June 30, 2019 and 2018, 94% and 97% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

⁽⁴⁾  During the three-month periods ended June 30, 2019 and 2018, 90% and 84% 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, 2019 and 2018, 88% and 90% of the revenues earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

⁽⁵⁾  During the three-month and six-month periods ended June 30, 2019 and 2018, all revenues earned in the United Kingdom were attributable to our Jackups segment.

⁽⁶⁾  During the three-month and six-month periods ended June 30, 2019 and 2018, all revenues earned in Brazil were attributable to our Floaters segment.

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