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v3.21.1

Supplemental Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2021
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Trade | $ | 258.3 |  |  | $ | 260.1 |
Income tax receivable | 189.8 |  |  | 190.6 |
Other | 18.0 |  |  | 14.7 |
| 466.1 |  |  | 465.4 |
Allowance for doubtful accounts | (16.3) |  |  | (16.2) |
| $ | 449.8 |  |  | $ | 449.2 |
Other Current Assets | Other current assets consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Materials and supplies | $ | 269.7 |  |  | $ | 279.4 |
Prepaid taxes | 39.2 |  |  | 32.9 |
Prepaid expenses | 28.8 |  |  | 43.4 |
Deferred costs | 15.4 |  |  | 17.4 |
Other | 30.4 |  |  | 24.8 |
| $ | 383.5 |  |  | $ | 397.9 |
Other Assets, Net | Other assets consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Tax receivables | $ | 66.3 |  |  | $ | 66.8 |
Right-of-use assets | 39.0 |  |  | 35.8 |
Deferred tax assets | 22.7 |  |  | 21.9 |
Supplemental executive retirement plan assets | 18.7 |  |  | 22.6 |
Other | 25.8 |  |  | 29.1 |
| $ | 172.5 |  |  | $ | 176.2 |
Schedule of Accrued Liabilities | Accrued liabilities and other consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Personnel costs | $ | 88.4 |  |  | $ | 95.6 |
Income and other taxes payable | 57.6 |  |  | 50.8 |
Deferred revenue | 53.6 |  |  | 57.6 |
Customer payable | 36.8 |  |  | — |
Lease liabilities | 18.8 |  |  | 15.7 |
Other | 35.4 |  |  | 30.7 |
| $ | 290.6 |  |  | $ | 250.4 |
Other Liabilities | Other liabilities consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 290.2 |  |  | $ | 286.1 |
Pension and other post-retirement benefits | 270.2 |  |  | 296.6 |
Intangible liabilities | 50.1 |  |  | 50.4 |
Lease liabilities | 21.1 |  |  | 21.6 |
Supplemental executive retirement plan liabilities | 19.0 |  |  | 22.9 |
Deferred tax liabilities | 15.7 |  |  | 13.7 |
Deferred revenue | 13.9 |  |  | 14.3 |
Personnel costs | 13.6 |  |  | 11.8 |
Customer payable | — |  |  | 35.5 |
Other | 10.8 |  |  | 9.5 |
| $ | 704.6 |  |  | $ | 762.4 |
Accumulated other comprehensive income | Accumulated other comprehensive income (loss) consisted of the following (in millions):
| March 31, 2021 |  | December 31, 2020
Pension and other post-retirement benefits | $ | (98.1) |  |  | $ | (98.2) |
Currency translation adjustment | 6.6 |  |  | 6.5 |
Derivative instruments | — |  |  | 5.6 |
Other | (1.7) |  |  | (1.8) |
| $ | (93.2) |  |  | $ | (87.9) |
Schedule of Other Nonoperating Income, by Component | Other, net, for the three months ended March 31, 2021 and 2020 (in millions):
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
Currency translation adjustments | $ | 16.6 |  |  | $ | 3.8 |  |  |  |  |
Net periodic pension (cost) income, excluding service cost | 4.0 |  |  | 3.0 |  |  |  |  |
Other income (expense) | .5 |  |  | (6.3) |  |  |  |  |
| $ | 21.1 |  |  | $ | 0.5 |  |  |  |  |
Schedule of Revenue by Major Customers by Reporting Segments | Consolidated revenues by customer for the three months ended March 31, 2021 and 2020 were as follows:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
BP(1) | 15 | % |  | 7 | % |  |  |  |
Saudi Aramco(2) | 8 | % |  | 10 | % |  |  |  |
Total(3) | — | % |  | 16 | % |  |  |  |
Other | 77 | % |  | 67 | % |  |  |  |
| 100 | % |  | 100 | % |  |  |  |
(1)During the three months ended March 31, 2021, 43% of the revenues provided by BP were attributable to our Floaters segment, 15% of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During the three months ended March 31, 2020, 24% of the revenues provided by BP were attributable to our Jackups segment, 12% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. (2)During the three months ended March 31, 2021 and 2020, all Saudi Aramco revenues were attributable to our Jackups segment. (3)During the three months ended March 31, 2020, 89% 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 months ended March 31, 2021 and 2020 were as follows:
| Three Months Ended March 31, |  |
| 2021 |  | 2020 |  |  |  |
U.S. Gulf of Mexico(1) | $ | 56.8 |  |  | $ | 78.7 |  |  |  |  |
United Kingdom(2) | 56.1 |  |  | 52.5 |  |  |  |  |
Norway(2) | 54.0 |  |  | 41.0 |  |  |  |  |
Saudi Arabia(3) | 41.6 |  |  | 83.9 |  |  |  |  |
Mexico(4) | 38.2 |  |  | 16.0 |  |  |  |  |
Angola(5) | 19.7 |  |  | 61.5 |  |  |  |  |
Other | 40.7 |  |  | 123.0 |  |  |  |  |
| $ | 307.1 |  |  | $ | 456.6 |  |  |  |  |
(1)During the three months ended March 31, 2021, 65% of the revenues earned in the U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were primarily attributable to our managed rigs. 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. (2)During the three months ended March 31, 2021 and 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3)During the three months ended March 31, 2021, 57% 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 our Secondment Agreement. During the three months ended March 31, 2020, 53% 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. (4)During the three months ended March 31, 2021, 56% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment. During the three months ended March 31, 2020, 90% of the revenues earned in Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our Jackups segment. (5)During the three months ended March 31, 2021, all of the revenues earned in Angola were attributable to our Floaters segment. During the three months ended March 31, 2020, 82% of the revenues earned in Angola were attributable to our Floaters segment, and the remaining revenues were attributable to our Jackups segment.

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