Supplemental Financial Information

3 Months Ended

Mar. 31, 2023

Supplemental Financial Information [Abstract]

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