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Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2019

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

			September 30, 2019						December 31, 2018
Trade			$	518.7					$	301.7
Other			56.1						46.4
			574.8						348.1
Allowance for doubtful accounts			(7.8)						(3.4)
			$	567.0					$	344.7

Other Current Assets

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

			September 30, 2019						December 31, 2018
Materials and supplies			$	347.1					$	268.1
Prepaid taxes			59.2						35.0
Deferred costs			25.2						23.5
Prepaid expenses			17.3						15.2
Assets held-for-sale			8.9						—
Other			29.8						19.1
			$	487.5					$	360.9

Other Assets, Net

Other assets consisted of the following (in millions):

			September 30, 2019						December 31, 2018
Right-of-use assets			$	64.9					$	—
Deferred tax assets			42.7						29.4
Tax receivables			36.6						8.4
Supplemental executive retirement plan assets			25.1						27.2
Intangible assets			13.4						2.5
Deferred costs			10.5						21.5
Other			11.6						8.8
			$	204.8					$	97.8

Accrued Liabilities And Other

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

			September 30, 2019						December 31, 2018
Personnel costs			$	117.9					$	82.5
Accrued interest			99.0						100.6
Income and other taxes payable			65.3						36.9
Pension and other post-retirement benefits			34.1						—
Deferred revenue			24.6						56.9
Lease liabilities			23.4						—
Derivative liabilities			7.8						10.9
Accrued rig holding costs			7.2						14.3
Other			28.4						15.9
			$	407.7					$	318.0

Other Liabilities

Other liabilities consisted of the following (in millions):

			September 30, 2019						December 31, 2018
Unrecognized tax benefits (inclusive of interest and penalties)			$	313.5					$	177.0
Pension and other post-retirement benefits			194.5						—
Deferred tax liabilities			88.4						70.7
Lease liabilities			53.5						—
Intangible liabilities			52.7						53.5
Supplemental executive retirement plan liabilities			25.6						28.1
Personnel costs			21.0						25.1
Deferred revenue			11.7						20.5
Deferred rent			—						11.7
Other			37.3						9.4
			$	798.2					$	396.0

Accumulated other comprehensive income

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

			September 30, 2019						December 31, 2018
Derivative instruments			$	13.6					$	12.6
Currency translation adjustment			7.0						7.3
Other			(1.7)						(1.7)
			$	18.9					$	18.2

Schedule of Revenue by Major Customers by Reporting Segments

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

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2019						2018						2019						2018
Saudi Aramco(1)			16		%				11		%				12		%				10		%
Total(2)			15		%				14		%				15		%				14		%
BP(3)			10		%				5		%				8		%				7		%
INPEX(4)			7		%				10		%				7		%				7		%
Other			52		%				60		%				58		%				62		%
			84		%				89		%				88		%				90		%

⁽¹⁾During the three-month and nine-month periods ended September 30, 2019 and 2018, all revenues were attributable to our Jackups segment.

⁽²⁾During the three-month and nine-month periods ended September 30, 2019, 90% and 93% 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 nine-month periods ended September 30, 2018, all revenues were attributable to the Floaters segment.

⁽³⁾During the three-month period ended September 30, 2019, 43% of the revenues provided by BP were attributable to our Jackups segment, 17% of the revenues were attributable to our Floaters segment and the remaining was attributable to our Other segment. 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 nine-month period ended September 30, 2019, 41% of the revenues provided by BP were attributable to our Jackups segment, 16% of the revenues 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.

⁽⁴⁾During the three-month and nine-month periods ended September 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 nine-month periods ended September 30, 2019 and 2018 were as follows:

			Three Months Ended September 30,																		Nine Months Ended September 30,
			2019						2018						2019						2018
Saudi Arabia(1)			$	90.3					$	49.0					$	226.9					$	131.8
U.S. Gulf of Mexico(2)			83.1						59.3						231.2						172.4
Angola(3)			72.1						76.2						210.8						209.5
United Kingdom(4)			59.6						55.4						157.2						155.7
Australia(5)			51.6						75.1						189.0						207.7
Other			194.6						115.9						526.0						429.3
			$	551.3					$	430.9					$	1,541.1					$	1,306.4

⁽¹⁾During the three-month and nine-month periods ended September 30, 2019, 58% and 69% of the revenues earned in Saudi Arabia were attributable to our Jackups segment, respectively. The remaining revenues were attributable to our Other segment and related to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. During the three-month and nine-month periods ended September 30, 2018, all revenues earned in Saudi Arabia were attributable to our Jackups segment.

⁽²⁾During the three-month period ended September 30, 2019, 52% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 22% were attributable to our Jackups segment and the remaining revenues were attributable to our Other segment. During the three-month period ended September 30, 2018, 35% of the revenues earned in 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 nine-month period ended September 30, 2019, 40% of revenues 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 the 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.

⁽³⁾During the three-month periods ended September 30, 2019 and 2018, 86% and 82% of the revenues earned in Angola were attributable to our Floaters segment, respectively, and the remaining revenues were attributable to our Jackups segment. During the nine-month periods ended September 30, 2019 and 2018, 87% of the revenues earned in Angola were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment.

⁽⁴⁾During the three-month and nine-month periods ended September 30, 2019 and 2018, all revenues earned in the United Kingdom were attributable to our Jackups segment.

⁽⁵⁾During the three-month periods ended September 30, 2019 and 2018, 99% and 87% of the revenues earned in Australia, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the nine-month periods ended September 30, 2019 and 2018, 95% and 94% of the revenues earned in Australia were attributable to our Floaters segment, respectively, and the remaining revenues were attributable to our Jackups segment.

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