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Supplemental Financial Information | 12 Months Ended
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Dec. 31, 2020
Supplemental Financial Information [Abstract] |
Supplemental Balance Sheet Disclosures [Text Block] | SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Trade |  | $ | 260.1 |  |  | $ | 466.4 |
Income tax receivables |  | 190.6 |  |  | 39.3 |
Other |  | 14.7 |  |  | 21.0 |
|  | 465.4 |  |  | 526.7 |
Allowance for doubtful accounts |  | (16.2) |  |  | (6.0) |
|  | $ | 449.2 |  |  | $ | 520.7 |
Other current assets as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Materials and supplies |  | $ | 279.4 |  |  | $ | 340.1 |
Prepaid expenses |  | 43.4 |  |  | 13.5 |
Prepaid taxes |  | 32.9 |  |  | 36.2 |
Deferred costs |  | 17.4 |  |  | 23.3 |
Other |  | 24.8 |  |  | 33.4 |
|  | $ | 397.9 |  |  | $ | 446.5 |
Other assets as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Tax receivables |  | $ | 66.8 |  |  | $ | 36.3 |
Deferred tax assets |  | 21.9 |  |  | 26.6 |
Right-of-use assets |  | 35.8 |  |  | 58.1 |
Supplemental executive retirement plan assets |  | 22.6 |  |  | 26.0 |
Intangible assets |  | 2.4 |  |  | 11.9 |
Other |  | 26.7 |  |  | 29.4 |
|  | $ | 176.2 |  |  | $ | 188.3 |
Accrued liabilities and other as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Personnel costs |  | $ | 95.6 |  |  | $ | 134.4 |
Deferred revenue |  | 57.6 |  |  | 30.0 |
Income and other taxes payable |  | 50.8 |  |  | 61.2 |
Lease liabilities |  | 15.7 |  |  | 21.1 |
Accrued interest |  | — |  |  | 115.2 |
Settlement of legal dispute |  | — |  |  | 20.3 |
Other |  | 30.7 |  |  | 35.5 |
|  | $ | 250.4 |  |  | $ | 417.7 |
Other liabilities as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Pension and other post-retirement benefits |  | $ | 296.6 |  |  | $ | 246.7 |
Unrecognized tax benefits (inclusive of interest and penalties) |  | 286.1 |  |  | 323.1 |
Intangible liabilities |  | 50.4 |  |  | 52.1 |
Supplemental executive retirement plan liabilities |  | 22.9 |  |  | 26.7 |
Lease liabilities |  | 21.6 |  |  | 51.8 |
Deferred revenue |  | 14.3 |  |  | 9.7 |
Deferred tax liabilities |  | 13.7 |  |  | 99.0 |
Personnel costs |  | 11.8 |  |  | 24.5 |
Other |  | 45.0 |  |  | 33.8 |
|  | $ | 762.4 |  |  | $ | 867.4 |
Accumulated other comprehensive income (loss) as of December 31, 2020 and 2019 consisted of the following (in millions):
|  | 2020 |  | 2019
Pension and other post-retirement benefits |  | $ | (98.2) |  |  | $ | (21.7) |
Currency translation adjustment |  | 6.5 |  |  | 7.1 |
Derivative instruments |  | 5.6 |  |  | 22.6 |
Other |  | (1.8) |  |  | (1.8) |
|  | $ | (87.9) |  |  | $ | 6.2 |
Consolidated Statement of Operations Information Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2020 was as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
Repair and maintenance expense |  | $ | 200.4 |  |  | $ | 303.7 |  |  | $ | 198.4 |
Other, net, for each of the years in the three-year period ended December 31, 2020 consisted of the following (in millions):
|  | 2020 |  | 2019 |  | 2018
Net periodic pension (cost) income, excluding service cost |  | $ | 14.6 |  |  | $ | 5.8 |  |  | $ | — |
Currency transaction adjustments |  | (11.0) |  |  | (7.4) |  |  | (17.2) |
Gain on bargain purchase and measurement period adjustments |  | (6.3) |  |  | 637.0 |  |  | 1.8 |
Gain (loss) on extinguishment of debt |  | 3.1 |  |  | 194.1 |  |  | (19.0) |
SHI settlement |  | — |  |  | 200.0 |  |  | — |
Settlement of legal dispute |  | — |  |  | (20.3) |  |  | — |
Other income (expense) |  | 3.8 |  |  | (4.8) |  |  | (.4) |
|  | $ | 4.2 |  |  | $ | 1,004.4 |  |  | $ | (34.8) |
Consolidated Statement of Cash Flows Information Net cash used in operating activities of continuing operations attributable to the net change in operating assets and liabilities for each of the years in the three-year period ended December 31, 2020 was as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
(Increase) decrease in accounts receivable |  | $ | 53.3 |  |  | $ | 29.5 |  |  | $ | (6.2) |
Increase in other assets |  | (63.8) |  |  | (56.6) |  |  | (17.3) |
Increase (decrease) in liabilities |  | (11.5) |  |  | (25.4) |  |  | 2.7 |
|  | $ | (22.0) |  |  | $ | (52.5) |  |  | $ | (20.8) |
During 2020, our business contracted due to decline in oil prices and impact of the COVID-19 pandemic, resulting in negative cash flows from operating assets and liabilities. During 2019, we experienced moderate improvements in fleet utilization coupled with the Rowan Transaction that resulted in negative cash flows from changes in operating assets and liabilities. During 2018, our business contracted at a more moderate pace, resulting in modest negative cash flows from the net change in operating assets and liabilities. Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2020 was as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
Interest, net of amounts capitalized |  | $ | 190.0 |  |  | $ | 410.0 |  |  | $ | 232.6 |
Income taxes |  | 78.9 |  |  | 107.6 |  |  | 58.4 |
Capitalized interest totaled $1.3 million, $20.9 million and $62.6 million during the years ended December 31, 2020, 2019 and 2018, respectively. Capital expenditure accruals totaling $5.4 million, $16.3 million and $27.8 million for the years ended December 31, 2020, 2019 and 2018, respectively, were excluded from investing activities in our consolidated statements of cash flows. For information related to cash paid for Reorganization Items, see "Note 2 - Chapter 11 Proceedings and Ability to Continue as a Going Concern". Amortization, net, includes amortization of deferred mobilization revenues and costs, deferred capital upgrade revenues, intangible amortization and other amortization. Other includes non-cash impress inventory expense, bad debt expense, pension and other postretirement benefits income/expense, gain/loss on asset disposals and other items. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents, investments and previously 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 mitigated our credit risk relating to counterparties of our previous 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 included provisions for a legally enforceable master netting agreement, with our derivative counterparties. The terms of the ISDA agreements may also have included 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 and the impact of the Chapter 11 Cases. Consolidated revenues by customer for the years ended December 31, 2020, 2019 and 2018 were as follows:
|  | 2020 |  | 2019 |  | 2018
BP (1) |  | 11 | % |  | 9 | % |  | 7 | %
Saudi Aramco(2) |  | 9 | % |  | 7 | % |  | 11 | %
Total(3) |  | 8 | % |  | 16 | % |  | 15 | %
Other |  | 72 | % |  | 68 | % |  | 67 | %
|  | 100 | % |  | 100 | % |  | 100 | %
(1)For the year ended December 31, 2020, 30% of the revenues provided by BP were attributable to our Floaters segment, 19% were attributable to our Jackups segment, and 51% of the revenues were attributable to our managed rigs. For the year ended December 31, 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 43% of the revenues were attributable to our managed rigs. For the year ended December 31, 2018, 27% of the revenues provided by BP were attributable to our Floaters segment, 20% of the revenues were attributable to our Jackups segment, and 53% of the revenues were attributable to our managed rigs. (2)For the years ended December 31, 2020, 2019 and 2018, all Saudi Aramco revenues were attributable to the Jackup segment. (3)For the years ended December 31, 2020 and 2019, 71% and 93% of the revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup segment. During the year ended December 31, 2018, all the revenues provided by Total were attributable to the Floater segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues by region, including the United Kingdom, our country of domicile, for the years ended December 31, 2020, 2019 and 2018 were as follows (in millions):
|  | 2020 |  | 2019 |  | 2018
U.S. Gulf of Mexico(1) |  | $ | 241.4 |  |  | $ | 301.0 |  |  | $ | 214.7 |
United Kingdom(2) |  | 211.3 |  |  | 213.1 |  |  | 192.6 |
Saudi Arabia(3) |  | 200.8 |  |  | 313.4 |  |  | 182.2 |
Norway(2) |  | 188.5 |  |  | 39.2 |  |  | — |
Australia(4) |  | 117.9 |  |  | 204.2 |  |  | 283.9 |
Angola(5) |  | 86.3 |  |  | 284.0 |  |  | 285.7 |
Other |  | 381.0 |  |  | 698.3 |  |  | 546.3 |
|  | $ | 1,427.2 |  |  | $ | 2,053.2 |  |  | $ | 1,705.4 |
(1)For the years ended December 31, 2020, 2019 and 2018, 55%, 46% and 30% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment, 11%, 28% and 42% of the revenues were attributable to our Jackups segment, respectively, and the remaining revenues were attributable to our managed rigs, respectively. (2)For the years ended December 31, 2020, 2019 and 2018, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3)For the years ended December 31, 2020 and 2019, 63% and 65% of the revenues earned in Saudi Arabia, 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 Secondment Agreement and Transition Services Agreement. For the year ended December 31, 2018, all revenues earned were attributable to our Jackup segment. (4)For the years ended December 31, 2020, 2019 and 2018, 91%, 90% and 92% of the revenues earned in Australia, respectively, were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. (5)For the years ended December 31, 2020, 2019 and 2018, 84%, 87% and 86% 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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