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Supplemental Financial Information (Tables)

12 Months Ended

Dec. 31, 2020

Supplemental Financial Information [Abstract]

Accounts Receivable, Net

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

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, Net

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

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

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

Schedule of Accumulated Other Comprehensive Income (Loss)

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

Repair And Maintenance Expense Related To Continuing Operations

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

Schedule of Other Nonoperating Income, by Component

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)

Schedule 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)

Cash Paid For Interest And Income Taxes

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

Revenue from External Customers by Products and Services

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.

Revenue from External Customers by Geographic Areas

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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