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Supplemental Financial Information (Tables)

9 Months Ended

Sep. 30, 2020

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

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, Net

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

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

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

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

Schedule of Other Nonoperating Income, by Component

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

Schedule of Revenue by Major Customers by Reporting Segments

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.

Revenue from External Customers by Geographic Areas

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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