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Supplemental Financial Information | 9 Months Ended
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Sep. 30, 2020
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Trade | $ | 383.3 |  |  | $ | 466.4 |
Other | 55.9 |  |  | 60.3 |
| 439.2 |  |  | 526.7 |
Allowance for doubtful accounts | (9.5) |  |  | (6.0) |
| $ | 429.7 |  |  | $ | 520.7 |
Other current assets consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Materials and supplies | $ | 293.1 |  |  | $ | 340.1 |
Prepaid expenses | 64.3 |  |  | 13.5 |
Prepaid taxes | 49.9 |  |  | 36.2 |
Deferred costs | 21.5 |  |  | 23.3 |
Other | 25.9 |  |  | 33.4 |
| $ | 454.7 |  |  | $ | 446.5 |
Other assets consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Tax receivables | $ | 65.5 |  |  | $ | 36.3 |
Deferred tax assets | 42.9 |  |  | 26.6 |
Right-of-use assets | 41.6 |  |  | 58.1 |
Supplemental executive retirement plan assets | 21.9 |  |  | 26.0 |
Intangible assets | 3.1 |  |  | 11.9 |
Other | 25.2 |  |  | 29.4 |
| $ | 200.2 |  |  | $ | 188.3 |
Accrued liabilities and other consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Personnel costs | $ | 80.9 |  |  | $ | 134.4 |
Income and other taxes payable | 52.7 |  |  | 61.2 |
Deferred revenue | 38.9 |  |  | 30.0 |
Lease liabilities | 15.6 |  |  | 21.1 |
Accrued interest | — |  |  | 115.2 |
Settlement of legal dispute | — |  |  | 20.3 |
Other | 19.2 |  |  | 35.5 |
| $ | 207.3 |  |  | $ | 417.7 |
Other liabilities consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 253.3 |  |  | $ | 323.1 |
Pension and other post-retirement benefits | 227.4 |  |  | 246.7 |
Intangible liabilities | 50.6 |  |  | 52.1 |
Lease liabilities | 40.6 |  |  | 51.8 |
Deferred tax liabilities | 37.3 |  |  | 99.0 |
Supplemental executive retirement plan liabilities | 22.2 |  |  | 26.7 |
Personnel costs | 15.7 |  |  | 24.5 |
Deferred revenue | 7.1 |  |  | 9.7 |
Other | 42.7 |  |  | 33.8 |
| $ | 696.9 |  |  | $ | 867.4 |
Accumulated other comprehensive income (loss) consisted of the following (in millions):
| September 30, 2020 |  | December 31, 2019
Pension and other post-retirement benefits | $ | (21.7) |  |  | $ | (21.7) |
Currency translation adjustment | 6.6 |  |  | 7.1 |
Derivative instruments | 5.7 |  |  | 22.6 |
Other | (1.8) |  |  | (1.8) |
| $ | (11.2) |  |  | $ | 6.2 |
Condensed Consolidated Statement of Operations Information Other, net, for the three and nine months ended September 30, 2020 and 2019 (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Currency translation adjustments | $ | (7.5) |  |  | $ | 4.9 |  |  | $ | (4.9) |  |  | $ | 1.8 |
Net periodic pension (cost) income, excluding service cost | 3.0 |  |  | 1.7 |  |  | 9.1 |  |  | 3.7 |
Gain on bargain purchase and measurement period adjustments | — |  |  | (53.0) |  |  | (6.3) |  |  | 659.8 |
Gain on extinguishment of debt | — |  |  | 194.1 |  |  | 3.1 |  |  | 194.1 |
Other income (expense) | 1.4 |  |  | (.3) |  |  | 1.5 |  |  | (6.0) |
| $ | (3.1) |  |  | $ | 147.4 |  |  | $ | 2.5 |  |  | $ | 853.4 |
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 9 - Derivative Instruments" for additional information on our derivative activity. Consolidated revenues by customer for the three and nine months ended September 30, 2020 and 2019 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
BP(1) | 11 | % |  | 10 | % |  | 9 | % |  | 8 | %
Saudi Aramco(2) | 9 | % |  | 16 | % |  | 9 | % |  | 12 | %
Total(3) | 5 | % |  | 15 | % |  | 10 | % |  | 15 | %
Other | 75 | % |  | 59 | % |  | 72 | % |  | 65 | %
| 100 | % |  | 100 | % |  | 100 | % |  | 100 | %
(1)During the three months ended September 30, 2020, 24% of the revenues provided by BP were attributable to our Jackups segment, 14% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the nine months ended September 30, 2020, 21% of the revenues provided by BP were attributable to our Jackups segment, 23% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the three months 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 were attributable to our managed rigs. During the nine months 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 remaining were attributable to our managed rigs. (2)During the three and nine months ended September 30, 2020 and 2019, all revenues were attributable to our Jackups segment. (3)During the three and nine months ended September 30, 2020, 32% and 75% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment. During the three and nine months ended September 30, 2019, 90% and 93% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment. Consolidated revenues by region for the three and nine months ended September 30, 2020 and 2019 were as follows:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2020 |  | 2019 |  | 2020 |  | 2019
Norway(1) | $ | 53.5 |  |  | $ | .2 |  |  | $ | 141.0 |  |  | $ | 9.9 |
Saudi Arabia(2) | 48.5 |  |  | 90.3 |  |  | 189.7 |  |  | 226.9 |
United Kingdom(1) | 48.0 |  |  | 59.6 |  |  | 153.3 |  |  | 157.2 |
U.S. Gulf of Mexico(3) | 38.0 |  |  | 83.1 |  |  | 183.3 |  |  | 231.2 |
Australia(4) | 18.6 |  |  | 51.6 |  |  | 117.0 |  |  | 189.0 |
Angola(5) | .2 |  |  | 72.1 |  |  | 63.4 |  |  | 210.8 |
Other | 78.5 |  |  | 194.4 |  |  | 283.0 |  |  | 516.1 |
| $ | 285.3 |  |  | $ | 551.3 |  |  | $ | 1,130.7 |  |  | $ | 1,541.1 |
(1)During the three and nine months ended September 30, 2020 and 2019, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (2)During the three and nine months ended September 30, 2020, 55% and 56% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. 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 and nine months ended September 30, 2019, 58% and 69% of the revenues earned in Saudi Arabia, respectively, were attributable to our Jackups segment. 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. (3)During the three months ended September 30, 2020, 38% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 11% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the nine months ended September 30, 2020, 56% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment, 11% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the three months 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 managed rigs. During the nine months ended September 30, 2019, 40% 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 managed rigs. (4)During the three months ended September 30, 2020 and 2019, 100% and 99% 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 nine months ended September 30, 2020 and 2019, 91% and 95% of the revenues earned in Australia, respectively, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. (5)During the three months ended September 30, 2020, all of the revenues earned in Angola were attributable to our Jackup segment. During the three months ended September 30, 2019, 86% of the revenues earned in Angola, were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment. During the nine months ended September 30, 2020 and 2019, 79% 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.

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