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Supplemental Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2021
Supplemental Financial Information [Abstract] |
Accounts Receivable, Net | Accounts receivable, net, consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Trade | $ | 296.8 |  |  |  | $ | 260.1 |
Income tax receivables | 151.1 |  |  |  | 190.6 |
Other | 12.7 |  |  |  | 14.7 |
| 460.6 |  |  |  | 465.4 |
Allowance for doubtful accounts | (16.4) |  |  |  | (16.2) |
| $ | 444.2 |  |  |  | $ | 449.2 |
Other Current Assets | Other current assets consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Prepaid taxes | $ | 44.4 |  |  |  | $ | 32.9 |
Deferred costs | 26.9 |  |  |  | 17.4 |
Prepaid expenses | 23.1 |  |  |  | 43.4 |
Materials and supplies | — |  |  |  | 279.4 |
Other | 23.4 |  |  |  | 13.4 |
| $ | 117.8 |  |  |  | $ | 386.5 |
Other Assets, Net | Other assets consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Tax receivables | $ | 64.8 |  |  |  | $ | 66.8 |
Deferred tax assets | 59.7 |  |  |  | 21.9 |
Right-of-use assets | 20.5 |  |  |  | 35.8 |
Supplemental executive retirement plan assets | — |  |  |  | 22.6 |
Other | 31.0 |  |  |  | 29.1 |
| $ | 176.0 |  |  |  | $ | 176.2 |
Accrued Liabilities And Other | Accrued liabilities and other consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Personnel costs | $ | 64.6 |  |  |  | $ | 95.6 |
Income and other taxes payable | 45.7 |  |  |  | 50.8 |
Deferred revenue | 45.8 |  |  |  | 57.6 |
Lease liabilities | 10.0 |  |  |  | 15.7 |
Accrued interest | 7.6 |  |  |  | — |
Other | 22.5 |  |  |  | 30.7 |
| $ | 196.2 |  |  |  | $ | 250.4 |
Other Liabilities | Other liabilities consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 320.2 |  |  |  | $ | 286.1 |
Pension and other post-retirement benefits | 204.0 |  |  |  | 296.6 |
Intangible liabilities | — |  |  |  | 50.4 |
Customer payable | — |  |  |  | 35.5 |
Other | 56.9 |  |  |  | 93.8 |
| $ | 581.1 |  |  |  | $ | 762.4 |
Schedule of Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) consisted of the following (in millions):
| Successor |  |  | Predecessor
| December 31, 2021 |  |  | December 31, 2020
Pension and other post-retirement benefits | $ | (9.1) |  |  |  | $ | (98.2) |
Currency translation adjustment | — |  |  |  | 6.5 |
Derivative instruments | — |  |  |  | 5.6 |
Other | — |  |  |  | (1.8) |
| $ | (9.1) |  |  |  | $ | (87.9) |
Repair And Maintenance Expense Related To Continuing Operations | Repair and maintenance expense related to continuing operations was as follows (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
Repair and maintenance expense | $ | 76.3 |  |  |  | $ | 48.4 |  | $ | 200.4 |  | $ | 303.7 |
Schedule of Other Nonoperating Income, by Component | Other, net, consisted of the following (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
Net gain on sale of property | $ | 21.2 |  |  |  | $ | 6.0 |  | $ | 11.8 |  | $ | 1.8 |
Net periodic pension income, excluding service cost | 8.7 |  |  |  | 5.4 |  | 14.6 |  | 5.8 |
Currency transaction adjustments | 8.1 |  |  |  | 13.4 |  | (11.0) |  | (7.4) |
Gain on bargain purchase and measurement period adjustments | — |  |  |  | — |  | (6.3) |  | 637.0 |
Gain on extinguishment of debt | — |  |  |  | — |  | 3.1 |  | 194.1 |
SHI settlement | — |  |  |  | — |  | — |  | 200.0 |
Settlement of legal dispute | — |  |  |  | — |  | — |  | (20.3) |
Other income (expense) | 0.1 |  |  |  | 1.1 |  | 3.8 |  | (4.8) |
| $ | 38.1 |  |  |  | $ | 25.9 |  | $ | 16.0 |  | $ | 1,006.2 |
Schedule of Cash Flows Information | Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
(Increase) decrease in accounts receivable | $ | (18.3) |  |  |  | $ | 23.2 |  | $ | 53.3 |  | $ | 29.5 |
(Increase) decrease in other assets | (48.4) |  |  |  | 27.3 |  | (63.8) |  | (56.6) |
Increase (decrease) in liabilities | 77.0 |  |  |  | 18.0 |  | (11.5) |  | (25.4) |
| $ | 10.3 |  |  |  | $ | 68.5 |  | $ | (22.0) |  | $ | (52.5) |
Cash Paid For Interest And Income Taxes | Cash paid for interest and income taxes was as follows (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
Interest, net of amounts capitalized | $ | 22.8 |  |  |  | $ | — |  | $ | 190.0 |  | $ | 410.0 |
Income taxes | 29.1 |  |  |  | 12.8 |  | 78.9 |  | 107.6 |
Revenue from External Customers by Products and Services | Consolidated revenues by customer were as follows:
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
BP (1) | 11 | % |  |  | 14 | % | 11 | % | 9 | %
Total(2) | 9 | % |  |  | — | % | 8 | % | 16 | %
Other | 80 | % |  |  | 86 | % | 81 | % | 75 | %
| 100 | % |  |  | 100 | % | 100 | % | 100 | %
(1)During the eight months ended December 31, 2021(Successor), 21% of the revenues provided by BP were attributable to our Floaters segment, 20% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenues provided by BP were attributable to our Floaters segment, 17% of the revenues provided by BP were attributable to our Jackups segment and the remaining were attributable to our managed rigs. For the year ended December 31, 2020 (Predecessor), 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 (Predecessor), 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. (2)During the eight months ended December 31, 2021 (Successor), all of the revenues provided by Total were attributable to the Floaters segment. For the years ended December 31, 2020 and 2019 (Predecessor), 71% and 93% of the revenues provided by Total were attributable to the Floaters segment and the remainder was attributable to the Jackup 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 were as follows (in millions):
| Successor |  |  | Predecessor
| Eight Months Ended December 31, 2021 |  |  | Four Months Ended April 30, 2021 | Year Ended December 31, 2020 | Year Ended December 31, 2019
United Kingdom(1) | $ | 185.2 |  |  |  | $ | 75.7 |  | $ | 211.3 |  | $ | 213.1 |
Norway(1) | 123.9 |  |  |  | 73.3 |  | 188.5 |  | 39.2 |
U.S. Gulf of Mexico(2) | 109.9 |  |  |  | 74.4 |  | 241.4 |  | 301.0 |
Saudi Arabia(3) | 92.3 |  |  |  | 53.6 |  | 200.8 |  | 313.4 |
Mexico(4) | 77.8 |  |  |  | 44.3 |  | 112.1 |  | 73.0 |
Angola(5) | 19.4 |  |  |  | 20.5 |  | 86.3 |  | 284.0 |
Other | 226.5 |  |  |  | 55.6 |  | 386.8 |  | 829.5 |
| $ | 835.0 |  |  |  | $ | 397.4 |  | $ | 1,427.2 |  | $ | 2,053.2 |
(1)During the eight months ended December 31, 2021 (Successor), four months ended April 30, 2021 (Predecessor) and for the years ended December 31, 2020 and 2019 (Predecessor) all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (2)During the eight months ended December 31, 2021 (Successor), 48% and 1% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 64% of the revenues earned in the U.S. Gulf of Mexico, were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. For the years ended December 31, 2020 and 2019 (Predecessor), 55% and 46% of the revenues earned in the U.S. Gulf of Mexico, respectively, were attributable to our Floaters segment, 11% and 28% of the revenues were attributable to our Jackups segment, for the respective periods, and the remaining revenues were attributable to our managed rigs. (3)During the eight months ended December 31, 2021(Successor) and four months ended April 30, 2021 (Predecessor), 60% and 57% of the revenues earned in Saudi Arabia, respectively 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 Secondment Agreement. For the years ended December 31, 2020 and 2019 (Predecessor), 63% and 65% of the revenues earned in Saudi Arabia, respectively, 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 eight months ended December 31, 2021 (Successor), 52% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. During the four months ended April 30, 2021 (Predecessor), 51% of the revenues earned in Mexico were attributable to our Jackups segment and the remaining revenues were attributable to our Floaters segment. For the year ended December 31, 2020 (Predecessor), 54% of the revenues earned in Mexico were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. For the year ended December 31, 2019 (Predecessor), all revenues earned in Mexico were attributable to our Floaters segment. (5) During the eight months ended December 31, 2021 (Successor) and the four months ended April 30, 2021 (Predecessor), all the revenues earned in Angola were attributable to our Floaters Segment. For the years ended December 31, 2020 and 2019 (Predecessor), 84% and 87% 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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