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Supplemental Financial Information

12 Months Ended

Dec. 31, 2023

Supplemental Financial Information [Abstract]

Supplemental Balance Sheet Disclosures [Text Block]

SUPPLEMENTAL FINANCIAL INFORMATION

Consolidated Balance Sheet Information

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

			December 31, 2023						December 31, 2022
Trade			$	375.2					$	345.7
Income tax receivables			83.2						93.6
Other			16.2						24.6
			474.6						463.9
Allowance for doubtful accounts			(15.3)						(14.8)
			$	459.3					$	449.1

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

			December 31, 2023						December 31, 2022
Deferred costs			$	75.3					$	59.1
Prepaid taxes			49.1						44.6
Prepaid expenses			23.6						17.5
Other			29.2						27.4
			$	177.2					$	148.6

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

			December 31, 2023						December 31, 2022
Current contract liabilities (deferred revenues)			$	116.2					$	78.0
Personnel costs			76.6						55.8
Income and other taxes payable			52.9						41.4
Lease liabilities			27.2						9.4
Accrued claims			20.4						27.2
Accrued interest			15.4						7.6
Other			35.5						28.5
			$	344.2					$	247.9

Other liabilities consisted of the following (in millions):

			December 31, 2023						December 31, 2022
Unrecognized tax benefits (inclusive of interest and penalties)			$	224.0					$	275.0
Pension and other post-retirement benefits			141.6						159.8
Lease liabilities			48.9						13.8
Noncurrent contract liabilities (deferred revenues)			37.6						41.0
Other			19.6						9.9
			$	471.7					$	499.5

Consolidated Statements of Operations Information

Repair and maintenance expense related to continuing operations was as follows (in millions):

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021
Repair and maintenance expense			$	203.3					$	175.2					$	76.3								$	48.4

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

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021
Loss on extinguishment of debt			$	(29.2)					$	—					$	—								$	—
Net gain on sale of property			28.6						141.2						21.2									6.0
Net foreign currency exchange gains (losses)			(3.5)						12.2						8.1									13.4
Net periodic pension and retiree medical income			0.9						16.4						8.7									5.4
Other income			1.4						0.1						0.1									1.1
			$	(1.8)					$	169.9					$	38.1								$	25.9

Consolidated Statements of Cash Flows Information

Our restricted cash consists primarily of $12.6 million and $24.4 million of collateral on letters of credit as of December 31, 2023 and 2022, respectively. See "Note 13 - Commitments and Contingencies" for more information regarding our letters of credit.

Net cash used in operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021
(Increase) decrease in accounts receivable			$	44.9					$	(6.9)					$	(18.3)								$	23.2
(Increase) decrease in other assets			(5.9)						0.5						9.0									15.7
Increase (decrease) in liabilities			82.8						(0.2)						29.3									38.2
			$	121.8					$	(6.6)					$	20.0								$	77.1

Additional cash flow information was as follows (in millions):

			Successor																					Predecessor
			Year Ended December 31, 2023						Year Ended December 31, 2022						Eight Months Ended December 31, 2021									Four Months Ended April 30, 2021
Cash paid for interest and taxes
Interest paid, net of amounts capitalized			$	32.3					$	44.2					$	22.8								$	—
Income taxes paid (refunded), net			$	(8.3)					$	5.6					$	23.5								$	(16.9)
Non-cash investing activities
Accruals for capital expenditures as of period end (1)			$	71.5					$	22.1					$	9.3								$	6.5

(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.

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.

Capitalized interest totaled $5.6 million and $1.2 million during the year ended December 31, 2023 and 2022 (Successor), respectively. During the eight months ended December 31, 2021 (Successor) and during the four months ended April 30, 2021 (Predecessor), there was no capitalized interest.

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 the years ended December 31, 2023 and 2022, eight months ended December 31, 2021 (Successor), and four months ended April 30, 2021 (Predecessor) were as follows:

			Successor
			Year Ended December 31, 2023																								Year Ended December 31, 2022
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
BP plc ("BP")			—		%				5		%				6		%				11		%				6		%				3		%				6		%				15		%
Other customers			53		%				32		%				4		%				89		%				38		%				43		%				4		%				85		%
			53		%				37		%				10		%				100		%				44		%				46		%				10		%				100		%

			Successor																											Predecessor
			Eight Months Ended December 31, 2021																											Four Months Ended April 30, 2021
			Floaters						Jackups						Other						Total									Floaters						Jackups						Other						Total
BP			2		%				2		%				7		%				11		%							5		%				2		%				7		%				14		%
Other customers			29		%				56		%				4		%				89		%							24		%				57		%				5		%				86		%
			31		%				58		%				11		%				100		%							29		%				59		%				12		%				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):

			Successor
			Year Ended December 31, 2023																								Year Ended December 31, 2022
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
U.S. Gulf of Mexico			$	220.9					$	27.2					$	104.7					$	352.8					$	230.9					$	21.3					$	99.0					$	351.2
United Kingdom			—						267.2						—						267.2						—						264.5						—						264.5
Angola			210.9						—						—						210.9						78.5						—						—						78.5
Brazil			195.0						—						—						195.0						111.5						—						—						111.5
Australia			157.0						29.9						—						186.9						113.0						30.0						—						143.0
Saudi Arabia			—						41.2						71.2						112.4						—						78.3						58.8						137.1
Mexico			65.9						38.7						—						104.6						13.9						58.1						—						72.0
Norway			—						2.4						—						2.4						—						114.6						—						114.6
Other countries			99.0						253.0						—						352.0						152.7						177.4						—						330.1
			$	948.7					$	659.6					$	175.9					$	1,784.2					$	700.5					$	744.2					$	157.8					$	1,602.5

			Successor																								Predecessor
			Eight Months Ended December 31, 2021																								Four Months Ended April 30, 2021
			Floaters						Jackups						Other						Total						Floaters						Jackups						Other						Total
U.S. Gulf of Mexico			$	52.8					$	0.7					$	56.4					$	109.9					$	47.9					$	0.2					$	26.3					$	74.4
United Kingdom			—						185.2						—						185.2						—						75.7						—						75.7
Angola			19.4						—						—						19.4						20.5						—						—						20.5
Brazil			38.6						—						—						38.6						—						—						—						—
Australia			46.2						29.3						—						75.5						0.8						0.2						—						1.0
Saudi Arabia			—						55.3						37.0						92.3						—						30.5						23.0						53.5
Mexico			37.0						40.8						—						77.8						21.6						22.7						—						44.3
Norway			—						123.9						—						123.9						—						73.3						—						73.3
Other countries			60.5						51.9						—						112.4						24.9						29.8						—						54.7
			$	254.5					$	487.1					$	93.4					$	835.0					$	115.7					$	232.4					$	49.3					$	397.4

(1)Other countries includes locations that individually contributed to less than 10% of total revenues.

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- Definition

The entire disclosure for supplemental balance sheet disclosures, including descriptions and amounts for assets, liabilities, and equity.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 210
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//210/tableOfContent

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Supplemental Financial Information [Abstract]

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