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Supplemental Financial Information | 3 Months Ended
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Mar. 31, 2024
Supplemental Financial Information [Abstract] |
Supplemental Financial Information | Supplemental Financial Information Condensed Consolidated Balance Sheet Information Accounts receivable, net, consisted of the following (in millions):
| March 31, 2024 |  | December 31, 2023
Trade | $ | 426.4 |  |  | $ | 375.2 |
Income tax receivables | 85.2 |  |  | 83.2 |
Other | 15.0 |  |  | 16.2 |
| 526.6 |  |  | 474.6 |
Allowance for doubtful accounts | (15.7) |  |  | (15.3) |
| $ | 510.9 |  |  | $ | 459.3 |
Other current assets consisted of the following (in millions):
| March 31, 2024 |  | December 31, 2023
Deferred costs | $ | 76.7 |  |  | $ | 75.3 |
Prepaid taxes | 52.7 |  |  | 49.1 |
Prepaid expenses | 16.6 |  |  | 23.6 |
Other | 31.6 |  |  | 29.2 |
| $ | 177.6 |  |  | $ | 177.2 |
Accrued liabilities and other consisted of the following (in millions):
| March 31, 2024 |  | December 31, 2023
Current contract liabilities (deferred revenues) | $ | 122.3 |  |  | $ | 116.2 |
Personnel costs | 69.1 |  |  | 76.6 |
Income and other taxes payable | 61.7 |  |  | 52.9 |
Accrued interest | 38.4 |  |  | 15.4 |
Lease liabilities | 29.5 |  |  | 27.2 |
Accrued claims | 15.0 |  |  | 20.4 |
Other | 30.5 |  |  | 35.5 |
| $ | 366.5 |  |  | $ | 344.2 |
Other liabilities consisted of the following (in millions):
| March 31, 2024 |  | December 31, 2023
Unrecognized tax benefits (inclusive of interest and penalties) | $ | 206.4 |  |  | $ | 224.0 |
Pension and other post-retirement benefits | 139.5 |  |  | 141.6 |
Lease liabilities | 49.8 |  |  | 48.9 |
Noncurrent contract liabilities (deferred revenues) | 36.2 |  |  | 37.6 |
Other | 19.8 |  |  | 19.6 |
| $ | 451.7 |  |  | $ | 471.7 |
Condensed Consolidated Statements of Operations Information Other, net consisted of the following (in millions):
| Three Months Ended March 31, |  |
| 2024 |  | 2023 |  |  |  |
Net foreign currency exchange gains | $ | 5.4 |  |  | $ | 0.5 |  |  |  |  |
Net periodic pension and retiree medical income | 0.7 |  |  | 0.1 |  |  |  |  |
Other expense | (0.3) |  |  | — |  |  |  |  |
| $ | 5.8 |  |  | $ | 0.6 |  |  |  |  |
Condensed Consolidated Statement of Cash Flows Information Our restricted cash consists primarily of $13.2 million and $12.6 million of collateral on letters of credit at March 31, 2024 and December 31, 2023, respectively. See "Note 11 - Contingencies" for more information regarding our letters of credit. 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 months ended March 31, 2024 and 2023 were as follows:
| Three Months Ended March 31, 2024 |  | Three Months Ended March 31, 2023
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
BP plc | 6 | % |  | 4 | % |  | 6 | % |  | 16 | % |  | 2 | % |  | 5 | % |  | 6 | % |  | 13 | %
Equinor ASA | 11 | % |  | — | % |  | — | % |  | 11 | % |  | — | % |  | — | % |  | — | % |  | — | %
Eni S.p.A | 2 | % |  | 5 | % |  | — | % |  | 7 | % |  | 7 | % |  | 7 | % |  | — | % |  | 14 | %
Other customers (1) | 43 | % |  | 20 | % |  | 3 | % |  | 66 | % |  | 41 | % |  | 27 | % |  | 5 | % |  | 73 | %
| 62 | % |  | 29 | % |  | 9 | % |  | 100 | % |  | 50 | % |  | 39 | % |  | 11 | % |  | 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, 2024 |  | Three Months Ended March 31, 2023
| Floaters |  | Jackups |  | Other |  | Total |  | Floaters |  | Jackups |  | Other |  | Total
Brazil | $ | 131.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 131.1 |  |  | $ | 37.1 |  |  | $ | — |  |  | $ | — |  |  | $ | 37.1 |
U.S. Gulf of Mexico | 56.8 |  |  | 9.4 |  |  | 28.5 |  |  | 94.7 |  |  | 41.7 |  |  | 8.2 |  |  | 26.1 |  |  | 76.0 |
United Kingdom | — |  |  | 72.2 |  |  | — |  |  | 72.2 |  |  | — |  |  | 53.5 |  |  | — |  |  | 53.5 |
Australia | 43.0 |  |  | 4.7 |  |  | — |  |  | 47.7 |  |  | 37.7 |  |  | 12.9 |  |  | — |  |  | 50.6 |
Other countries (1) | 93.5 |  |  | 66.0 |  |  | 19.8 |  |  | 179.3 |  |  | 98.3 |  |  | 95.2 |  |  | 19.4 |  |  | 212.9 |
| $ | 324.4 |  |  | $ | 152.3 |  |  | $ | 48.3 |  |  | $ | 525.0 |  |  | $ | 214.8 |  |  | $ | 169.8 |  |  | $ | 45.5 |  |  | $ | 430.1 |
(1)Other countries includes locations that individually contributed to less than 10% of our total revenues.

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