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v3.23.1

Supplemental Financial Information | 3 Months Ended
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Mar. 31, 2023
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| March 31, 2023 |  | December 31, 2022
Trade | $ | 339.6 |  |  | $ | 345.7 |
Income tax receivables | 47.9 |  |  | 93.6 |
Other | 20.6 |  |  | 24.6 |
| 408.1 |  |  | 463.9 |
Allowance for doubtful accounts | (14.7) |  |  | (14.8) |
| $ | 393.4 |  |  | $ | 449.1 |
Other current assets consisted of the following (in millions):
| March 31, 2023 |  | December 31, 2022
Deferred costs | $ | 63.4 |  |  | $ | 59.1 |
Prepaid taxes | 47.3 |  |  | 44.6 |
Prepaid expenses | 17.6 |  |  | 17.5 |
Other | 29.8 |  |  | 27.4 |
| $ | 158.1 |  |  | $ | 148.6 |
Accrued liabilities and other consisted of the following (in millions):
| March 31, 2023 |  | December 31, 2022
Deferred revenue | $ | 65.8 |  |  | $ | 78.0 |
Personnel costs | 60.6 |  |  | 55.8 |
Income and other taxes payable | 53.5 |  |  | 41.4 |
Accrued claims | 25.6 |  |  | 27.2 |
Accrued interest | 18.9 |  |  | 7.6 |
Lease liabilities | 8.8 |  |  | 9.4 |
Other | 34.5 |  |  | 28.5 |
| $ | 267.7 |  |  | $ | 247.9 |
Other liabilities consisted of the following (in millions):
| March 31, 2023 |  | December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 230.1 |  |  | $ | 275.0 |
Pension and other post-retirement benefits | 158.7 |  |  | 159.8 |
Other | 75.8 |  |  | 80.8 |
| $ | 464.6 |  |  | $ | 515.6 |
Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions):
| Three Months Ended March 31, |  |  |  |  |  |  |
| 2023 |  | 2022 |  |  |  |  |
Net foreign currency exchange gains | $ | 0.5 |  |  | $ | 4.7 |  |  |  |  |  |  |  |
Net periodic pension income | 0.1 |  |  | 4.0 |  |  |  |  |  |  |  |
Net gain on sale of property | 0.1 |  |  | 2.5 |  |  |  |  |  |  |  |
Other expense | (0.1) |  |  | (1.2) |  |  |  |  |  |  |  |
| $ | 0.6 |  |  | $ | 10.0 |  |  |  |  |  |  |  |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash of $21.5 million and $24.4 million at March 31, 2023 and December 31, 2022, respectively, consists primarily of $19.4 million and $20.7 million of collateral on letters of credit for each respective period. See "Note 11 - Contingencies" for more information regarding our letters of credit. We received an income tax refund of $45.9 million during the first quarter of 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act. Concentration of Risk Credit 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. Customer Concentration - Consolidated revenues with customers that individually contributed 10% or more of revenue were as follows:
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |
Eni S.p.A | 7 | % |  | 7 | % |  | — | % |  | 14 | % |  | 4 | % |  | 6 | % |  | — | % |  | 10 | % |  |  |
BP plc | 2 | % |  | 5 | % |  | 6 | % |  | 13 | % |  | 7 | % |  | 2 | % |  | 7 | % |  | 16 | % |  |  |
Shell plc | 5 | % |  | 2 | % |  | — | % |  | 7 | % |  | 7 | % |  | 4 | % |  | — | % |  | 11 | % |  |  |
Other customers (1) | 36 | % |  | 25 | % |  | 5 | % |  | 66 | % |  | 13 | % |  | 45 | % |  | 5 | % |  | 63 | % |  |  |
| 50 | % |  | 39 | % |  | 11 | % |  | 100 | % |  | 31 | % |  | 57 | % |  | 12 | % |  | 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):
| Three Months Ended March 31, 2023 |  | Three Months Ended March 31, 2022 |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |
U.S. Gulf of Mexico | $ | 41.7 |  |  | $ | 8.2 |  |  | $ | 26.1 |  |  | $ | 76.0 |  |  | $ | 20.6 |  |  | $ | 6.7 |  |  | $ | 23.3 |  |  | $ | 50.6 |  |  |  |
United Kingdom | — |  |  | 53.5 |  |  | — |  |  | 53.5 |  |  | — |  |  | 65.6 |  |  | — |  |  | 65.6 |  |  |  |
Australia | 37.7 |  |  | 12.9 |  |  | — |  |  | 50.6 |  |  | 12.0 |  |  | 0.1 |  |  | — |  |  | 12.1 |  |  |  |
Saudi Arabia | — |  |  | 19.9 |  |  | 19.4 |  |  | 39.3 |  |  | — |  |  | 23.5 |  |  | 14.6 |  |  | 38.1 |  |  |  |
Other countries (1) | 135.4 |  |  | 75.3 |  |  | — |  |  | 210.7 |  |  | 67.1 |  |  | 84.8 |  |  | 0.1 |  |  | 152.0 |  |  |  |
| $ | 214.8 |  |  | $ | 169.8 |  |  | $ | 45.5 |  |  | $ | 430.1 |  |  | $ | 99.7 |  |  | $ | 180.7 |  |  | $ | 38.0 |  |  | $ | 318.4 |  |  |  |

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