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Supplemental Financial Information

6 Months Ended

Jun. 30, 2023

Supplemental Financial Information [Abstract]

Condensed Consolidated Balance Sheet Information

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



	June 30, 2023		December 31, 2022
Trade	$	419.5	$	345.7
Income tax receivables	50.2		93.6
Other	18.8		24.6
	488.5		463.9
Allowance for doubtful accounts	(15.1)		(14.8)
	$	473.4	$	449.1

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



	June 30, 2023		December 31, 2022
Deferred costs	$	65.8	$	59.1
Prepaid taxes	50.0		44.6
Prepaid expenses	22.3		17.5

Other	30.6		27.4
	$	168.7	$	148.6

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



	June 30, 2023		December 31, 2022
Current contract liabilities (deferred revenues)	$	96.2	$	78.0
Personnel costs	58.0		55.8
Income and other taxes payable	53.4		41.4

Accrued claims	24.7		27.2
Accrued interest	11.7		7.6
Lease liabilities	11.3		9.4

Other	39.4		28.5
	$	294.7	$	247.9

Other liabilities consisted of the following (in millions):



	June 30, 2023		December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties)	$	234.2	$	275.0
Pension and other post-retirement benefits	157.2		159.8




Noncurrent contract liabilities (deferred revenues)	41.7		41.0



Other	48.4		39.8
	$	481.5	$	515.6

Condensed Consolidated Statements of Operations Information

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Loss on debt extinguishment	$	(29.2)	$	—	$	(29.2)	$	—
Net gain on sale of property	27.8		135.1		27.9		137.6
Net foreign currency exchange gains (losses)	(0.7)		10.7		(0.2)		15.4
Net periodic pension income	0.1		4.1		0.2		8.1
Other income (expense)	1.2		(0.9)		1.1		(2.1)
	$	(0.8)	$	149.0	$	(0.2)	$	159.0

Condensed Consolidated Statement of Cash Flows Information

Our restricted cash consists primarily of $16.2 million and $20.7 million of collateral on letters of credit at June 30, 2023 and December 31, 2022, respectively. 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 June 30, 2023								Three Months Ended June 30, 2022
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Eni S.p.A ("Eni")	7	%	7	%	—	%	14	%	—	%	4	%	—	%	4	%
BP plc ("BP")	—	%	5	%	7	%	12	%	5	%	2	%	6	%	13	%
Equinor ASA ("Equinor")	—	%	—	%	—	%	—	%	12	%	5	%	—	%	17	%

Other customers	48	%	23	%	3	%	74	%	28	%	34	%	4	%	66	%
	55	%	35	%	10	%	100	%	45	%	45	%	10	%	100	%


	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Eni	7	%	7	%	—	%	14	%	2	%	5	%	—	%	7	%
BP	1	%	5	%	6	%	12	%	5	%	2	%	7	%	14	%
Equinor	—	%	—	%	—	%	—	%	7	%	5	%	—	%	12	%

Other customers	44	%	25	%	5	%	74	%	26	%	37	%	4	%	67	%
	52	%	37	%	11	%	100	%	40	%	49	%	11	%	100	%

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 June 30, 2023								Three Months Ended June 30, 2022
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
U.S. Gulf of Mexico	$	45.3	$	5.8	$	26.2	$	77.3	$	95.9	$	5.6	$	24.3	$	125.8
United Kingdom	—		68.1		—		68.1		—		63.1		—		63.1
Angola	58.2		—		—		58.2		6.9		—		—		6.9
Australia	40.1		10.6		—		50.7		20.5		6.5		—		27.0
Saudi Arabia	—		9.4		17.0		26.4		—		20.0		15.1		35.1

Other countries	83.8		50.7		—		134.5		64.8		90.6		—		155.4
	$	227.4	$	144.6	$	43.2	$	415.2	$	188.1	$	185.8	$	39.4	$	413.3


	Six Months Ended June 30, 2023								Six Months Ended June 30, 2022
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
U.S. Gulf of Mexico	$	87.0	$	14.0	$	52.3	$	153.3	$	116.5	$	12.3	$	47.6	$	176.4
United Kingdom	—		121.6		—		121.6		—		128.7		—		128.7
Australia	77.8		23.5		—		101.3		32.5		6.6		—		39.1
Angola	97.3		—		—		97.3		29.1		—		—		29.1
Saudi Arabia	—		29.3		36.4		65.7		—		43.4		29.8		73.2

Other countries	180.1		126.0		—		306.1		109.7		175.5		—		285.2
	$	442.2	$	314.4	$	88.7	$	845.3	$	287.8	$	366.5	$	77.4	$	731.7