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v3.21.2

Supplemental Financial Information | 6 Months Ended
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Jun. 30, 2021
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Trade | $ | 280.3 |  |  |  | $ | 260.1 |
Income tax receivable | 162.1 |  |  |  | 190.6 |
Other | 10.0 |  |  |  | 14.7 |
| 452.4 |  |  |  | 465.4 |
Allowance for doubtful accounts | (16.3) |  |  |  | (16.2) |
| $ | 436.1 |  |  |  | $ | 449.2 |
Other current assets consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Prepaid taxes | $ | 44.4 |  |  |  | $ | 32.9 |
Prepaid expenses | 29.1 |  |  |  | 43.4 |
Deferred costs | 20.2 |  |  |  | 17.4 |
Materials and supplies | — |  |  |  | 279.4 |
Other | 26.0 |  |  |  | 13.4 |
| $ | 119.7 |  |  |  | $ | 386.5 |
Other assets consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Tax receivables | $ | 65.8 |  |  |  | $ | 66.8 |
Deferred tax assets | 42.7 |  |  |  | 21.9 |
Right-of-use assets | 32.4 |  |  |  | 35.8 |
Supplemental executive retirement plan assets | — |  |  |  | 22.6 |
Other | 25.6 |  |  |  | 29.1 |
| $ | 166.5 |  |  |  | $ | 176.2 |
Accrued liabilities and other consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Personnel costs | $ | 75.2 |  |  |  | $ | 95.6 |
Income and other taxes payable | 51.5 |  |  |  | 50.8 |
Deferred revenue | 35.2 |  |  |  | 57.6 |
Lease liabilities | 15.1 |  |  |  | 15.7 |
Other | 35.7 |  |  |  | 30.7 |
| $ | 212.7 |  |  |  | $ | 250.4 |
Other liabilities consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 298.8 |  |  |  | $ | 286.1 |
Pension and other post-retirement benefits | 182.8 |  |  |  | 296.6 |
Intangible liabilities | — |  |  |  | 50.4 |
Customer payable | — |  |  |  | 35.5 |
Other | 88.2 |  |  |  | 93.8 |
| $ | 569.8 |  |  |  | $ | 762.4 |
Accumulated other comprehensive income (loss) consisted of the following (in millions):
| Successor |  |  | Predecessor
| June 30, 2021 |  |  | December 31, 2020
Currency translation adjustment | $ | (.2) |  |  |  | $ | 6.5 |
Derivative instruments | — |  |  |  | 5.6 |
Pension and other post-retirement benefits | — |  |  |  | (98.2) |
Other | — |  |  |  | (1.8) |
| $ | (.2) |  |  |  | $ | (87.9) |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash of $53.1 million at June 30, 2021 consists primarily of approximately $37.4 million for the collateral on letters of credit and approximately $11.4 million in escrow for payment of professional fees related to the reorganization. See" Note 14 - Contingencies" for more information regarding our letters of credit. Concentration of Risk We are exposed to credit risk relating to our receivables from customers and our cash and cash equivalents. 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. Consolidated revenues by customer were as follows:
| Successor |  |  | Predecessor |  |  |  |
| Two Months Ended June 30, 2021 |  |  | One Month Ended April 30, 2021 |  | Three Months Ended June 30, 2020 |  |
BP(1) | 9 | % |  |  | 11 | % |  | 11 | % |  |  |  |
Total(2) | — | % |  |  | — | % |  | 5 | % |  |  |  |
Woodside Energy(3) | — | % |  |  | — | % |  | 12 | % |  |  |  |
Other | 91 | % |  |  | 89 | % |  | 72 | % |  |  |  |
| 100 | % |  |  | 100 | % |  | 100 | % |  |  |  |
| Successor |  |  | Predecessor
| Two Months Ended June 30, 2021 |  |  | Four Months Ended April 30, 2021 |  | Six Months Ended June 30, 2020
BP(1) | 9 | % |  |  | 14 | % |  | 9 | %
Total(2) | — | % |  |  | — | % |  | 11 | %
Woodside Energy(3) | — | % |  |  | — | % |  | 7 | %
Other | 91 | % |  |  | 86 | % |  | 73 | %
| 100 | % |  |  | 100 | % |  | 100 | %
(1)During the two months ended June 30, 2021, 25% of the revenues were attributable to our Jackups segment, and the remaining were attributable to our managed rigs. During one month and four months ended April 30, 2021, 7% and 37% of the revenue provided by BP were attributable to our Floaters segment respectively, 28% and 17% of the revenue were attributable to our Jackup segment respectively, and the remaining were attributable to our managed rigs. During the three months ended June 30, 2020, 17% of the revenues provided by BP were attributable to our Jackups segment, 39% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the six months ended June 30, 2020, 20% of the revenue provided by BP were attributable to our Jackup segment, 27% of the revenue were attributable to our Floater segment and the remaining were attributable to our managed rigs. (2)During the three and six months ended June 30, 2020, 56% and 82% of revenues provided by Total were attributable to the Floaters segment and the remaining were attributable to the Jackups segment. (3)During the three and six months ended June 30, 2020, all the revenue provided by Woodside Energy were attributable to our Floaters segment. Consolidated revenues by region were as follows (in millions):
| Successor |  |  | Predecessor |  |  |  |
| Two Months Ended June 30, 2021 |  |  | One Month Ended April 30, 2021 |  | Three Months Ended June 30, 2020 |  |
United Kingdom(1) | $ | 41.1 |  |  |  | $ | 19.6 |  |  | $ | 52.8 |  |  |  |  |
Norway(1) | 40.5 |  |  |  | 19.3 |  |  | 46.5 |  |  |  |  |
U.S. Gulf of Mexico(2) | 30.9 |  |  |  | 17.6 |  |  | 66.6 |  |  |  |  |
Saudi Arabia(3) | 25.2 |  |  |  | 12.0 |  |  | 57.3 |  |  |  |  |
Mexico(4) | 18.9 |  |  |  | 6.1 |  |  | 22.7 |  |  |  |  |
Australia(5) | 17.8 |  |  |  | 0.9 |  |  | 72.3 |  |  |  |  |
Other | 28.4 |  |  |  | 14.8 |  |  | 70.6 |  |  |  |  |
| $ | 202.8 |  |  |  | $ | 90.3 |  |  | $ | 388.8 |  |  |  |  |
| Successor |  |  | Predecessor |  |  |  |
| Two Months Ended June 30, 2021 |  |  | Four Months Ended April 30, 2021 |  | Six Months Ended June 30, 2020 |  |
United Kingdom(1) | $ | 41.1 |  |  |  | $ | 75.7 |  |  | $ | 105.3 |  |  |  |  |
Norway(1) | 40.5 |  |  |  | 73.3 |  |  | 87.5 |  |  |  |  |
U.S. Gulf of Mexico(2) | 30.9 |  |  |  | 74.4 |  |  | 145.3 |  |  |  |  |
Saudi Arabia(3) | 25.2 |  |  |  | 53.6 |  |  | 141.2 |  |  |  |  |
Mexico(4) | 18.9 |  |  |  | 44.3 |  |  | 38.7 |  |  |  |  |
Australia(5) | 17.8 |  |  |  | 1.0 |  |  | 98.3 |  |  |  |  |
Other | 28.4 |  |  |  | 75.1 |  |  | 229.1 |  |  |  |  |
| $ | 202.8 |  |  |  | $ | 397.4 |  |  | $ | 845.4 |  |  |  |  |
(1)During the two months ended June 30, 2021, one month and four months ended April 30, 2021 and three and six months ended June 30, 2020, all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (2)During the two months ended June 30, 2021, 56% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. During the one month and four months ended April 30, 2021, 62% and 64% of the revenue earned in U.S. Gulf of Mexico were attributable to our Floaters segment respectively. The remaining revenues were attributable to our managed rigs. During the three months ended June 30, 2020, 66% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 6% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs. During the six months ended June 30, 2020, 61% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment, 12% were attributable to our Jackups segment and the remaining revenues were attributable to our managed rigs (3)During the two months ended June 30, 2021, 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the one month and four months ended April 30, 2021, 55% and 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment respectively. During the three and six months ended June 30, 2020, 62% and 57% of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates to our rigs leased to ARO and certain revenues related to our Transition Services Agreement and Secondment Agreement. (4)During the two months ended June 30, 2021, 41% and 59% of the revenues earned in Mexico were attributable to our Floaters and Jackups segment respectively. During the one month and four months ended April 30, 2021, 4% and 49% of the revenues earned Mexico were attributable to our Floaters segment, respectively, and 96% and 51% of the revenue earned in Mexico were attributable to our Jackups segment respectively. During the three and six months ended June 30, 2020, 35% and 58% revenue earned in Mexico were attributable to our Floaters segment respectively, 65% and 42% revenue earned in Mexico were attributable to our Jackups segment respectively. (5)During two months ended June 30, 2021, 58% and 42% revenues earned in Australia were attributable to our Floaters and Jackups segment respectively. During the one month and four months ended April 30, 2021, 78% and 77% revenues earned in Australia were attributable to Floaters segment respectively, 22% and 23% revenues earned in Australia were attributable to Jackups segment respectively. During the three and six months ended June 30, 2020, 100% and 89% of the revenue earned in Australia were attributable to our Floater segment, and the remaining revenues attributable to our Jackups segment.

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