Supplemental Financial Information

3 Months Ended

Mar. 31, 2024

Supplemental Financial Information [Abstract]

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.