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Equity Method Investment In ARO (Tables) | 3 Months Ended | 6 Months Ended
--- | --- | ---
Jun. 30, 2021 | Jun. 30, 2021
Equity Method Investments and Joint Ventures [Abstract] |  |
Equity Method Investments | A reconciliation of those components is presented below (in millions):
| Successor |  |  | Predecessor
| Two Months Ended June 30, 2021 |  |  | One Month Ended April 30, 2021 |  | Three Months Ended June 30, 2020
50% interest in ARO net income | $ | 2.3 |  |  |  | $ | 1.9 |  |  | $ | 3.3 |
Amortization of basis differences | 2.5 |  |  |  | (.7) |  |  | (8.5) |
Equity in earnings (losses) of ARO | $ | 4.8 |  |  |  | $ | 1.2 |  |  | $ | (5.2) |
| Successor |  |  | Predecessor
| Two Months Ended June 30, 2021 |  |  | Four Months Ended April 30, 2021 |  | Six Months Ended June 30, 2020
50% interest in ARO net income | $ | 2.3 |  |  |  | $ | 6.0 |  |  | $ | 4.9 |
Amortization of basis differences | 2.5 |  |  |  | (2.9) |  |  | (16.4) |
Equity in earnings (losses) of ARO | $ | 4.8 |  |  |  | $ | 3.1 |  |  | $ | (11.5) |
| Summarized financial information for ARO is as follows (in millions):
|  | Three Months Ended |  | Six Months Ended
|  | June 30, 2021 |  | June 30, 2020 |  | June 30, 2021 |  | June 30, 2020
Revenues |  | $ | 124.8 |  |  | $ | 146.0 |  |  | $ | 247.5 |  |  | $ | 286.3 |
Operating expenses |  |  |  |  |  |  |  |
Contract drilling (exclusive of depreciation) |  | 92.7 |  |  | 112.5 |  |  | 179.0 |  |  | 220.8 |
Depreciation |  | 14.6 |  |  | 13.3 |  |  | 30.7 |  |  | 26.3 |
General and administrative |  | 4.3 |  |  | 7.1 |  |  | 7.3 |  |  | 15.4 |
Operating income |  | 13.2 |  |  | 13.1 |  |  | 30.5 |  |  | 23.8 |
Other expense, net |  | 3.1 |  |  | 6.7 |  |  | 7.6 |  |  | 13.3 |
Provision (Benefit) for income taxes |  | 1.9 |  |  | (.2) |  |  | 6.4 |  |  | .7 |
Net income |  | $ | 8.2 |  |  | $ | 6.6 |  |  | $ | 16.5 |  |  | $ | 9.8 |
|  | June 30, 2021 |  | December 31, 2020
Cash and cash equivalents |  | $ | 318.2 |  |  | $ | 237.7 |
Other current assets |  | 81.7 |  |  | 120.9 |
Non-current assets |  | 782.8 |  |  | 804.0 |
Total assets |  | $ | 1,182.7 |  |  | $ | 1,162.6 |
Current liabilities |  | $ | 74.9 |  |  | $ | 70.8 |
Non-current liabilities |  | 950.3 |  |  | 950.8 |
Total liabilities |  | $ | 1,025.2 |  |  | $ | 1,021.6 |
The following table summarizes the total assets and liabilities as reflected in our Condensed Consolidated Balance Sheets as well as our maximum exposure to loss related to ARO (in millions). Our maximum exposure to loss is limited to (1) our equity investment in ARO; (2) the outstanding balance on our shareholder notes receivable; and (3) other receivables and contract assets related to services provided to ARO, partially offset by contract liabilities as well as payables for services received. Contract liabilities related to our Lease Agreements are subject to adjustment during the lease term. The per day bareboat charter amount in the Lease Agreements is subject to adjustment based on actual performance of the respective rig.
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Total assets | $ | 340.7 |  |  |  | $ | 585.2 |
Less: total liabilities | 38.6 |  |  |  | 30.9 |
Maximum exposure to loss | $ | 302.1 |  |  |  | $ | 554.3 |
Schedule of Related Party Transactions |  | Revenues recognized by us related to the Lease Agreements, Transition Services Agreement and Secondment Agreement are as follows (in millions):
| Successor |  |  | Predecessor |  |  |  |
| Two Months Ended June 30, 2021 |  |  | One Month Ended April 30, 2021 |  | Three Months Ended June 30, 2020 |  |  |  |
Lease revenue | $ | 10.3 |  |  |  | $ | 5.1 |  |  | $ | 19.9 |  |  |  |  |
Secondment revenue | .4 |  |  |  | .3 |  |  | .2 |  |  |  |  |
Total revenue from ARO (1) | $ | 10.7 |  |  |  | $ | 5.4 |  |  | $ | 20.1 |  |  |  |  |
| Successor |  |  | Predecessor |  |  |  |
| Two Months Ended June 30, 2021 |  |  | Four Months Ended April 30, 2021 |  | Six Months Ended June 30, 2020 |  |  |  |
Lease revenue | $ | 10.3 |  |  |  | $ | 21.7 |  |  | $ | 41.4 |  |  |  |  |
Secondment and Transition Services revenue | .4 |  |  |  | 1.1 |  |  | 22.0 |  |  |  |  |
Total revenue from ARO (1) | $ | 10.7 |  |  |  | $ | 22.8 |  |  | $ | 63.4 |  |  |  |  |
(1) All of the revenues presented above are included in our Other segment in our segment disclosures. See "Note 15 - Segment Information" for additional information.

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- Definition Tabular disclosure of equity method investments including, but not limited to, name of each investee or group of investments, percentage ownership, difference between recorded amount of an investment and the value of the underlying equity in the net assets, and summarized financial information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571 + Details
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- Definition Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates. + References No definition available. + Details
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