Supplemental Financial Information

9 Months Ended

Sep. 30, 2023

Supplemental Financial Information [Abstract]

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