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v3.22.2.2

Supplemental Financial Information | 9 Months Ended
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Sep. 30, 2022
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Trade | $ | 379.3 |  |  | $ | 296.8 |
Income tax receivable | 148.4 |  |  | 151.1 |
Other | 25.0 |  |  | 12.7 |
| 552.7 |  |  | 460.6 |
Allowance for doubtful accounts | (17.2) |  |  | (16.4) |
| $ | 535.5 |  |  | $ | 444.2 |
Other current assets consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Deferred costs | $ | 62.1 |  |  | $ | 26.9 |
Prepaid taxes | 47.2 |  |  | 44.4 |
Prepaid expenses | 26.5 |  |  | 23.1 |
Other | 27.1 |  |  | 23.4 |
| $ | 162.9 |  |  | $ | 117.8 |
Other assets consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Tax receivables | $ | 60.8 |  |  | $ | 64.8 |
Deferred tax assets | 51.3 |  |  | 59.7 |
Right-of-use assets | 23.7 |  |  | 20.5 |
Other | 39.7 |  |  | 31.0 |
| $ | 175.5 |  |  | $ | 176.0 |
Accrued liabilities and other consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Deferred revenue | $ | 84.8 |  |  | $ | 45.8 |
Income and other taxes payable | 51.0 |  |  | 45.7 |
Personnel costs | 48.3 |  |  | 47.3 |
Accrued claims | 23.9 |  |  | 17.3 |
Accrued interest | 18.9 |  |  | 7.6 |
Lease liabilities | 9.7 |  |  | 10.0 |
Other | 25.9 |  |  | 22.5 |
| $ | 262.5 |  |  | $ | 196.2 |
Other liabilities consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 271.0 |  |  | $ | 320.2 |
Pension and other post-retirement benefits | 189.8 |  |  | 204.0 |
Other | 79.0 |  |  | 56.9 |
| $ | 539.8 |  |  | $ | 581.1 |
Accumulated other comprehensive loss consisted of the following (in millions):
| September 30, 2022 |  | December 31, 2021
Pension and other post-retirement benefits | $ | (9.2) |  |  | $ | (9.1) |
Currency translation adjustment | 0.1 |  |  | — |
| $ | (9.1) |  |  | $ | (9.1) |
Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions):
| Three Months Ended September 30, |  |  |  |  |  |  |
| 2022 |  | 2021 |  |  |  |  |
Net foreign currency exchange gains | $ | 9.8 |  |  | $ | 1.7 |  |  |  |  |  |  |  |
Net periodic pension income | 4.0 |  |  | 3.7 |  |  |  |  |  |  |  |
Net gain on sale of property | 0.1 |  |  | 0.3 |  |  |  |  |  |  |  |
Other income (expense) | 0.2 |  |  | (0.2) |  |  |  |  |  |  |  |
| $ | 14.1 |  |  | $ | 5.5 |  |  |  |  |  |  |  |
| Successor |  |  | Predecessor |  |  |  |
| Nine Months Ended September 30, 2022 |  | Five Months Ended September 30, 2021 |  |  | Four Months Ended April 30, 2021 |  |
Net gain on sale of property | $ | 137.7 |  |  | $ | 0.2 |  |  |  | $ | 6.0 |  |  |  |  |
Net foreign currency exchange gains | 25.2 |  |  | 4.8 |  |  |  | 13.4 |  |  |  |  |
Net periodic pension income | 12.1 |  |  | 6.1 |  |  |  | 5.4 |  |  |  |  |
Other income (expense) | (0.2) |  |  | — |  |  |  | 1.1 |  |  |  |  |
| $ | 174.8 |  |  | $ | 11.1 |  |  |  | $ | 25.9 |  |  |  |  |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash of $18.2 million and $35.9 million at September 30, 2022 and December 31, 2021, respectively, consists primarily of $15.7 million and $31.1 million of collateral on letters of credit for each respective period. See "Note 11 - Contingencies" for more information regarding our letters of credit. Concentration of Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and short-term investments. 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 with customers that individually contributed 10% or more of revenue were as follows:
| Three Months Ended September 30, |  |  |
| 2022 |  | 2021 |  |  |
BP plc ("BP")(1) | 14 | % |  | 9 | % |  |  |
Equinor ASA ("Equinor")(2) | 6 | % |  | 6 | % |  |  |
TotalEnergies SE ("Total")(3) | 4 | % |  | 14 | % |  |  |
Other | 76 | % |  | 71 | % |  |  |
| 100 | % |  | 100 | % |  |  |
| Successor |  |  | Predecessor
| Nine Months Ended September 30, 2022 |  | Five Months Ended September 30, 2021 |  |  | Four Months Ended April 30, 2021
BP(1) | 14 | % |  | 9 | % |  |  | 14 | %
Equinor(2) | 10 | % |  | 6 | % |  |  | 6 | %
Total(3) | 5 | % |  | 9 | % |  |  | — | %
Other | 71 | % |  | 76 | % |  |  | 80 | %
| 100 | % |  | 100 | % |  |  | 100 | %
(1)During the three months ended September 30, 2022 (Successor), 34% of the revenues provided by BP were attributable to our Floaters segment, 25% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the nine months ended September 30, 2022 (Successor), 37% of the revenues provided by BP were attributable to our Floaters segment, 19% of the revenues were attributable to our Jackups segment and the remaining were attributable to our managed rigs. During the three months ended September 30, 2021 (Successor), 24% of the revenues provided by BP were attributable to our Jackups segment, 3% of the revenues were attributable to our Floaters segment, and the remaining were attributable to our managed rigs. During the five months ended September 30, 2021 (Successor), 24% of the revenues were attributable to our Jackups segment, 2% of the revenues were attributable to our Floaters segment and the remaining were attributable to our managed rigs. During the four months ended April 30, 2021 (Predecessor), 37% of the revenue provided by BP were attributable to our Floaters segment, 17% of the revenue were attributable to our Jackups segment and the remaining were attributable to our managed rigs. (2)During the three months ended September 30, 2022 (Successor), all revenues provided by Equinor were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 55% of the revenues provided by Equinor were attributable to our Jackups segment and 45% of the revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues provided by Equinor were attributable to our Jackups segment. (3)During the three and nine months ended September 30, 2022 (Successor) and three and five months ended September 30, 2021 (Successor), all revenues provided by Total were attributable to our Floaters segment. For purposes of our geographic disclosure, we attribute revenues to the geographic location where such revenues are earned. Consolidated revenues for locations that individually had 10% or more of revenue are as follows (in millions):
| Three Months Ended September 30, |  |  |
| 2022 |  | 2021 |  |  |
U.S. Gulf of Mexico(1) | $ | 95.2 |  |  | $ | 40.2 |  |  |  |
United Kingdom(2) | 71.4 |  |  | 69.9 |  |  |  |
Australia(3) | 51.8 |  |  | 33.4 |  |  |  |
Norway(2) | 38.6 |  |  | 49.4 |  |  |  |
Saudi Arabia(4) | 30.9 |  |  | 33.5 |  |  |  |
Mexico(5) | 10.7 |  |  | 33.4 |  |  |  |
Other | 138.6 |  |  | 66.9 |  |  |  |
| $ | 437.2 |  |  | $ | 326.7 |  |  |  |
| Successor |  |  | Predecessor
| Nine Months Ended September 30, 2022 |  | Five Months Ended September 30, 2021 |  |  | Four Months Ended April 30, 2021
U.S. Gulf of Mexico(1) | $ | 271.6 |  |  | $ | 71.1 |  |  |  | $ | 74.4 |
United Kingdom(2) | 200.1 |  |  | 111.0 |  |  |  | 75.7 |
Australia(3) | 90.9 |  |  | 51.2 |  |  |  | 1.0 |
Norway(2) | 91.0 |  |  | 89.9 |  |  |  | 73.3 |
Saudi Arabia(4) | 104.1 |  |  | 58.7 |  |  |  | 53.6 |
Mexico(5) | 53.4 |  |  | 52.3 |  |  |  | 44.3 |
Other | 357.8 |  |  | 95.3 |  |  |  | 75.1 |
| $ | 1,168.9 |  |  | $ | 529.5 |  |  |  | $ | 397.4 |
(1)During the three months ended September 30, 2022 (Successor), 65% and 8% of the revenues earned in 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 nine months ended September 30, 2022 (Successor), 66% and 7% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment and Jackups segment, respectively. The remaining revenues were primarily attributable to our managed rigs. During the three and five months ended September 30, 2021 (Successor), 46% and 50% of the revenues 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 four months ended April 30, 2021 (Predecessor) 64% of the revenues earned in U.S. Gulf of Mexico were attributable to our Floaters segment. The remaining revenues were attributable to our managed rigs. (2)During the three and nine months ended September 30, 2022 (Successor), five months ended September 30, 2021 (Successor) and four months ended April 30, 2021 (Predecessor), all revenues earned in the United Kingdom and Norway were attributable to our Jackups segment. (3)During the three and nine months ended September 30, 2022 (Successor), 78% and 80%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining revenues were attributable to our Jackups segment. During the three and five months ended September 30, 2021 (Successor), 64% and 62%, respectively, of the revenues earned in Australia were attributable to our Floaters segment and the remaining were attributable to Jackups segment. During the four months ended April 30, 2021 (Predecessor), 77% of the revenues earned in Australia were attributable to our Floaters segment, and the remaining revenues earned in Australia were attributable to our Jackups segment. (4)During the three and nine months ended September 30, 2022 (Successor), 54% and 58%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. The remaining revenues were attributable to our Other segment and relates primarily to our rigs leased to ARO. During the three and five months ended September 30, 2021 (Successor), 56% and 57%, respectively, of the revenues earned in Saudi Arabia were attributable to our Jackups segment. During the four months ended April 30, 2021 (Predecessor) 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 Secondment Agreement. (5)During the three months ended September 30, 2022 (Successor), all revenues earned in Mexico were attributable to our Jackups segment. During the nine months ended September 30, 2022 (Successor), 91% of the revenues earned in Mexico were attributable to our Jackups segment, and the remaining revenues were attributable to our Floaters segment. During the three and five months ended September 30, 2021 (Successor), 52% and 54%, respectively, 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.

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