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Supplemental Financial Information

12 Months Ended

Dec. 31, 2022

Supplemental Financial Information [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

SUPPLEMENTAL FINANCIAL INFORMATION

Consolidated Balance Sheet Information

Accounts receivable, net, consisted of the following (in millions):

			December 31, 2022						December 31, 2021
Trade			$	345.7					$	296.8
Income tax receivables			93.6						151.1
Other			24.6						12.7
			463.9						460.6
Allowance for doubtful accounts			(14.8)						(16.4)
			$	449.1					$	444.2

Other current assets consisted of the following (in millions):

			December 31, 2022						December 31, 2021
Deferred costs			$	59.1					$	26.9
Prepaid taxes			44.6						44.4
Prepaid expenses			17.5						23.1
Other			27.4						23.4
			$	148.6					$	117.8

Accrued liabilities and other consisted of the following (in millions):

			December 31, 2022						December 31, 2021
Deferred revenue			$	78.0					$	45.8
Personnel costs			55.8						47.3
Income and other taxes payable			41.4						45.7
Accrued claims			27.2						17.3
Lease liabilities			9.4						10.0
Accrued interest			7.6						7.6
Other			28.5						22.5
			$	247.9					$	196.2

Other liabilities consisted of the following (in millions):

			December 31, 2022						December 31, 2021
Unrecognized tax benefits (inclusive of interest and penalties)			$	275.0					$	303.4
Pension and other post-retirement benefits			159.8						204.0
Other			80.8						51.0
			$	515.6					$	558.4

Consolidated Statements of Operations Information

Repair and maintenance expense related to continuing operations was as follows (in millions):

			Successor															Predecessor
			Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020
Repair and maintenance expense			$	175.2					$	76.3								$	48.4					$	200.4

Other, net, consisted of the following (in millions):

			Successor															Predecessor
			Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020
Net gain on sale of property			$	141.2					$	21.2								$	6.0					$	11.8
Net periodic pension income, excluding service cost			16.4						8.7									5.4						14.6
Net foreign currency exchange gains (losses)			12.2						8.1									13.4						(11.0)
Gain on bargain purchase and measurement period adjustments			—						—									—						(6.3)
Gain on extinguishment of debt			—						—									—						3.1
Other income			0.1						0.1									1.1						3.8
			$	169.9					$	38.1								$	25.9					$	16.0

Consolidated Statements of Cash Flows Information

Our restricted cash of $24.4 million, $35.9 million and $11.4 million at December 31, 2022 (Successor), December 31, 2021 (Successor) and December 31, 2020 (Predecessor), respectively, consists primarily of $20.7 million, $31.1 million and $5.8 million of collateral on letters of credit for each respective period. See "Note 14 - Commitments and Contingencies" for more information regarding our letters of credit.

Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):

			Successor															Predecessor
			Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020
(Increase) decrease in accounts receivable			$	(6.9)					$	(18.3)								$	23.2					$	53.3
(Increase) decrease in other assets			(104.6)						(48.4)									27.3						(63.8)
Increase (decrease) in liabilities			146.9						71.4									18.0						(11.5)
			$	35.4					$	4.7								$	68.5					$	(22.0)

Additional cash flow information was as follows (in millions):

			Successor															Predecessor
			Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021						Year Ended December 31, 2020
Cash paid for interest and taxes
Interest paid, net of amounts capitalized			$	44.2					$	22.8								$	—					$	190.0
Income taxes paid (refunded), net			$	5.6					$	23.5								$	(16.9)					$	48.5
Non-cash investing activities
Accruals for capital expenditures as of period end (1)			$	22.1					$	9.3								$	6.5					$	5.4

(1)    Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.

Capitalized interest totaled $1.2 million during the year ended December 31, 2022 (Successor). During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), there was no capitalized interest. Capitalized interest totaled $1.3 million during the year ended December 31, 2020 (Predecessor).

Amortization, net, includes amortization of deferred mobilization revenues and costs, deferred capital upgrade revenues, intangible amortization and other amortization.

Other adjustments to reconcile net loss to net cash used in operating activities includes provisions for inventory reserves, bad debt expense, and other items.

Concentration of Risk

Credit 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.

Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:

			Successor
			Year Ended December 31, 2022																								Eight Months Ended December 31, 2021
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
BP plc ("BP")			6		%				3		%				6		%				15		%				2		%				2		%				7		%				11		%
Other customers(1)			38		%				43		%				4		%				85		%				29		%				56		%				4		%				89		%
			44		%				46		%				10		%				100		%				31		%				58		%				11		%				100		%

			Predecessor
			Four Months Ended April 30, 2021																								Year Ended December 31, 2020
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
BP			5		%				2		%				7		%				14		%				3		%				2		%				6		%				11		%
Other customers(1)			24		%				57		%				5		%				86		%				32		%				52		%				5		%				89		%
			29		%				59		%				12		%				100		%				35		%				54		%				11		%				100		%

(1) Other customers includes customers that individually contributed to less than 10% of our total revenues.

Geographic Concentration - 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 were as follows (in millions):

			Successor
			Year Ended December 31, 2022																								Eight Months Ended December 31, 2021
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
U.S. Gulf of Mexico			$	230.9					$	21.3					$	99.0					$	351.2					$	52.8					$	0.7					$	56.4					$	109.9
United Kingdom			—						264.5						—						264.5						—						185.2						—						185.2
Saudi Arabia			—						78.3						58.7						137.0						—						55.3						37.0						92.3
Norway			—						114.6						—						114.6						—						123.9						—						123.9
Mexico			13.9						58.1						—						72.0						37.0						40.8						—						77.8
Other countries(1)			455.7						207.5						—						663.2						164.8						81.1						—						245.9
			$	700.5					$	744.3					$	157.7					$	1,602.5					$	254.6					$	487.0					$	93.4					$	835.0

			Predecessor
			Four Months Ended April 30, 2021																								Year Ended December 31, 2020
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
U.S. Gulf of Mexico			$	47.9					$	0.2					$	26.3					$	74.4					$	133.4					$	27.0					$	81.0					$	241.4
United Kingdom			—						75.7						—						75.7						—						211.3						—						211.3
Saudi Arabia			—						30.5						23.1						53.6						—						126.9						73.9						200.8
Norway			—						73.3						—						73.3						—						188.5						—						188.5
Mexico			21.6						22.7						—						44.3						60.9						51.2						—						112.1
Other countries(1)			46.1						30.0						—						76.1						311.5						160.4						1.2						473.1
			$	115.6					$	232.4					$	49.4					$	397.4					$	505.8					$	765.3					$	156.1					$	1,427.2

(1)

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- Definition

The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-URI https://asc.fasb.org/topic&trid=2122208

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Supplemental Financial Information [Abstract]

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