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v3.23.3

Supplemental Financial Information | 9 Months Ended
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Sep. 30, 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):
| September 30, 2023 |  | December 31, 2022
Trade | $ | 435.5 |  |  | $ | 345.7 |
Income tax receivables | 50.9 |  |  | 93.6 |
Other | 21.7 |  |  | 24.6 |
| 508.1 |  |  | 463.9 |
Allowance for doubtful accounts | (15.7) |  |  | (14.8) |
| $ | 492.4 |  |  | $ | 449.1 |
Other current assets consisted of the following (in millions):
| September 30, 2023 |  | December 31, 2022
Deferred costs | $ | 78.9 |  |  | $ | 59.1 |
Prepaid taxes | 48.4 |  |  | 44.6 |
Prepaid expenses | 23.9 |  |  | 17.5 |
Other | 27.5 |  |  | 27.4 |
| $ | 178.7 |  |  | $ | 148.6 |
Accrued liabilities and other consisted of the following (in millions):
| September 30, 2023 |  | December 31, 2022
Current contract liabilities (deferred revenues) | $ | 103.4 |  |  | $ | 78.0 |
Personnel costs | 65.2 |  |  | 55.8 |
Income and other taxes payable | 54.8 |  |  | 41.4 |
Accrued interest | 41.6 |  |  | 7.6 |
Accrued claims | 24.6 |  |  | 27.2 |
Lease liabilities | 17.0 |  |  | 9.4 |
Other | 40.0 |  |  | 28.5 |
| $ | 346.6 |  |  | $ | 247.9 |
Other liabilities consisted of the following (in millions):
| September 30, 2023 |  | December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 234.5 |  |  | $ | 275.0 |
Pension and other post-retirement benefits | 155.3 |  |  | 159.8 |
Noncurrent contract liabilities (deferred revenues) | 43.3 |  |  | 41.0 |
Other | 49.4 |  |  | 39.8 |
| $ | 482.5 |  |  | $ | 515.6 |
Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Net foreign currency exchange gains | $ | 3.6 |  |  | $ | 9.8 |  |  | $ | 3.4 |  |  | $ | 25.2 |
Net periodic pension income | 0.1 |  |  | 4.0 |  |  | 0.3 |  |  | 12.1 |
Loss on debt extinguishment | — |  |  | — |  |  | (29.2) |  |  | — |
Net gain on sale of property | — |  |  | 0.1 |  |  | 27.9 |  |  | 137.7 |
Other income (expense) | 0.2 |  |  | (0.2) |  |  | 1.3 |  |  | (2.3) |
| $ | 3.9 |  |  | $ | 13.7 |  |  | $ | 3.7 |  |  | $ | 172.7 |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash consists primarily of $14.0 million and $20.7 million of collateral on letters of credit at September 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 cash and cash equivalents and receivables from customers. Our cash and cash equivalents are primarily held by various well-capitalized and credit-worthy financial institutions. We monitor the credit ratings of these institutions and limit the amount of exposure to any one institution and therefore, do not believe a significant credit risk exists for these balances. 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 in either of the three or nine months ended September 30, 2023, and 2022 were as follows:
| Three Months Ended September 30, 2023 |  | Three Months Ended September 30, 2022
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
BP plc ("BP") | — | % |  | 5 | % |  | 6 | % |  | 11 | % |  | 5 | % |  | 3 | % |  | 6 | % |  | 14 | %
Eni S.p.A ("Eni") | 1 | % |  | 4 | % |  | — | % |  | 5 | % |  | — | % |  | 4 | % |  | — | % |  | 4 | %
Equinor ASA ("Equinor") | 3 | % |  | — | % |  | — | % |  | 3 | % |  | — | % |  | 6 | % |  | — | % |  | 6 | %
Other customers | 49 | % |  | 28 | % |  | 4 | % |  | 81 | % |  | 41 | % |  | 32 | % |  | 3 | % |  | 76 | %
| 53 | % |  | 37 | % |  | 10 | % |  | 100 | % |  | 46 | % |  | 45 | % |  | 9 | % |  | 100 | %
| Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
BP | 1 | % |  | 5 | % |  | 6 | % |  | 12 | % |  | 5 | % |  | 3 | % |  | 6 | % |  | 14 | %
Eni | 5 | % |  | 6 | % |  | — | % |  | 11 | % |  | — | % |  | 6 | % |  | — | % |  | 6 | %
Equinor | 1 | % |  | — | % |  | — | % |  | 1 | % |  | 4 | % |  | 6 | % |  | — | % |  | 10 | %
Other customers | 46 | % |  | 26 | % |  | 4 | % |  | 76 | % |  | 33 | % |  | 33 | % |  | 4 | % |  | 70 | %
| 53 | % |  | 37 | % |  | 10 | % |  | 100 | % |  | 42 | % |  | 48 | % |  | 10 | % |  | 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 September 30, 2023 |  | Three Months Ended September 30, 2022
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
U.S. Gulf of Mexico | $ | 65.3 |  |  | $ | 8.5 |  |  | $ | 26.2 |  |  | $ | 100.0 |  |  | $ | 62.8 |  |  | $ | 6.7 |  |  | $ | 25.7 |  |  | $ | 95.2 |
United Kingdom | — |  |  | 71.0 |  |  | — |  |  | 71.0 |  |  | — |  |  | 71.4 |  |  | — |  |  | 71.4 |
Angola | 62.8 |  |  | — |  |  | — |  |  | 62.8 |  |  | 23.2 |  |  | — |  |  | — |  |  | 23.2 |
Australia | 40.2 |  |  | 6.8 |  |  | — |  |  | 47.0 |  |  | 40.2 |  |  | 11.6 |  |  | — |  |  | 51.8 |
Brazil | 46.4 |  |  | — |  |  | — |  |  | 46.4 |  |  | 33.4 |  |  | — |  |  | — |  |  | 33.4 |
Other countries | 28.6 |  |  | 79.6 |  |  | 19.7 |  |  | 127.9 |  |  | 42.1 |  |  | 106.2 |  |  | 13.9 |  |  | 162.2 |
| $ | 243.3 |  |  | $ | 165.9 |  |  | $ | 45.9 |  |  | $ | 455.1 |  |  | $ | 201.7 |  |  | $ | 195.9 |  |  | $ | 39.6 |  |  | $ | 437.2 |
| Nine Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2022 |  |  |
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total |  |  |
U.S. Gulf of Mexico | $ | 152.3 |  |  | $ | 22.5 |  |  | $ | 78.5 |  |  | $ | 253.3 |  |  | $ | 179.3 |  |  | $ | 19.0 |  |  | $ | 73.3 |  |  | $ | 271.6 |  |  |  |
United Kingdom | — |  |  | 192.6 |  |  | — |  |  | 192.6 |  |  | — |  |  | 200.1 |  |  | — |  |  | 200.1 |  |  |  |
Angola | 160.1 |  |  | — |  |  | — |  |  | 160.1 |  |  | 52.3 |  |  | — |  |  | — |  |  | 52.3 |  |  |  |
Australia | 118.0 |  |  | 30.3 |  |  | — |  |  | 148.3 |  |  | 72.7 |  |  | 18.2 |  |  | — |  |  | 90.9 |  |  |  |
Brazil | 117.4 |  |  | — |  |  | — |  |  | 117.4 |  |  | 75.5 |  |  | — |  |  | — |  |  | 75.5 |  |  |  |
Other countries | 137.7 |  |  | 234.9 |  |  | 56.1 |  |  | 428.7 |  |  | 109.7 |  |  | 325.1 |  |  | 43.7 |  |  | 478.5 |  |  |  |
| $ | 685.5 |  |  | $ | 480.3 |  |  | $ | 134.6 |  |  | $ | 1,300.4 |  |  | $ | 489.5 |  |  | $ | 562.4 |  |  | $ | 117.0 |  |  | $ | 1,168.9 |  |  |  |

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