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Supplemental Financial Information

3 Months Ended

Mar. 31, 2020

Supplemental Financial Information [Abstract]

Consolidated Balance Sheet Information

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



	March 31, 2020			December 31, 2019
Trade	$	442.4		$	466.4
Other	60.9			60.3
	503.3			526.7
Allowance for doubtful accounts	(10.1		)	(6.0		)
	$	493.2		$	520.7

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



	March 31, 2020		December 31, 2019
Materials and supplies	$	308.9	$	340.1
Prepaid taxes	45.5		36.2
Deferred costs	32.6		23.3
Prepaid expenses	11.4		13.5
Other	29.1		33.4
	$	427.5	$	446.5

Other assets consisted of the following (in millions):



	March 31, 2020		December 31, 2019
Tax receivables	$	61.1	$	36.3
Right-of-use assets	53.9		58.1
Supplemental executive retirement plan assets	21.2		26.0
Deferred tax assets	19.0		26.6
Intangible assets	10.4		11.9
Deferred costs	7.3		7.1
Other	14.1		22.3
	$	187.0	$	188.3

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



	March 31, 2020		December 31, 2019
Personnel costs	$	126.4	$	134.4
Accrued interest	100.1		115.2
Income and other taxes payable	71.1		61.2
Deferred revenue	24.5		30.0
Settlement of legal dispute	20.3		20.3
Lease liabilities	19.1		21.1
Derivative liabilities	14.1		.9
Other	26.7		34.6
	$	402.3	$	417.7

Other liabilities consisted of the following (in millions):



	March 31, 2020		December 31, 2019
Pension and other post-retirement benefits	$	243.1	$	246.7
Unrecognized tax benefits (inclusive of interest and penalties)	233.4		323.1
Intangible liabilities	51.5		52.1
Lease liabilities	48.0		51.8
Deferred tax liabilities	35.2		99.0
Supplemental executive retirement plan liabilities	21.6		26.7
Personnel costs	13.9		24.5
Deferred revenue	8.8		9.7
Other	40.2		33.8
	$	695.7	$	867.4

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



	March 31, 2020			December 31, 2019
Pension and other post-retirement benefits	$	(21.7	)	$	(21.7	)
Derivative instruments	9.6			22.6
Currency translation adjustment	6.7			7.1
Other	(1.8		)	(1.8		)
	$	(7.2	)	$	6.2

Concentration of Risk

We are exposed to credit risk related to our receivables from customers, our cash and cash equivalents, 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 our expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments.

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 International Swaps and Derivatives Association, Inc. ("ISDA") Master Agreements, which include

provisions for a legally enforceable master netting agreement, with our 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. See "Note 8 - Derivative Instruments" for additional information on our derivative activity.

Consolidated revenues by customer for the three-month periods ended March 31, 2020 and 2019 were as follows:



	Three Months Ended March 31,
	2020		2019
Total⁽¹⁾	16	%	18	%
Saudi Aramco⁽²⁾	10	%	13	%
Other	74	%	69	%
	100	%	100	%


⁽¹⁾	During the three months ended March 31, 2020, 89% of revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segment. During the three months ended March 31, 2019, all revenues were attributable to our Floaters segment.


⁽²⁾	During the three-month periods ended March 31, 2020 and 2019, all revenues were attributable to our Jackups segment.

Consolidated revenues by region for the three-month periods ended March 31, 2020 and 2019 were as follows:



	Three Months Ended March 31,
	2020		2019
Saudi Arabia⁽¹⁾	$	83.9	$	53.4
U.S. Gulf of Mexico⁽²⁾	78.7		54.7
Angola⁽³⁾	61.5		70.6
United Kingdom⁽⁴⁾	52.5		43.4
Australia⁽⁵⁾	26.0		67.3
Other	154.0		116.5
	$	456.6	$	405.9


⁽¹⁾	During the three months ended March 31, 2020, 53% and 47% of the revenues earned in Saudi Arabia were attributable to our Jackups and Other segments, respectively. During the three months ended March 31, 2019, all revenues earned in Saudi Arabia were attributable to our Jackups segment.

⁽²⁾

During the three months ended March 31, 2020, 57% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 16% were attributable to our Jackups segment, and the remaining revenues were attributable to our managed rigs. During the three months ended March 31, 2019, 25% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 45% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs.


⁽³⁾	During the three-month periods ended March 31, 2020 and 2019, 82% and 86% of the revenue earned in Angola, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.


⁽⁴⁾	During the three-month periods ended March 31, 2020 and 2019, all revenues earned in the United Kingdom were attributable to our Jackups segment.

⁽⁵⁾

During the three-month periods ended March 31, 2020 and 2019, 59% and 94% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and remaining revenues were attributable to our Jackups segment.