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Supplemental Financial Information (Tables)

3 Months Ended

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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