Supplemental Financial Information

6 Months Ended

Jun. 30, 2024

Supplemental Financial Information [Abstract]

Condensed Consolidated Balance Sheet Information

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


	June 30, 2024		December 31, 2023
Trade	$	550.5	$	375.2
Income tax receivables	85.5		83.2
Other	12.6		16.2
	648.6		474.6
Allowance for doubtful accounts	(16.9)		(15.3)
	$	631.7	$	459.3

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


	June 30, 2024		December 31, 2023
Deferred costs	$	75.7	$	75.3
Prepaid taxes	59.6		49.1
Prepaid expenses	18.8		23.6

Other	28.5		29.2
	$	182.6	$	177.2

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


	June 30, 2024		December 31, 2023
Current contract liabilities (deferred revenues)	$	117.3	$	116.2
Personnel costs	79.5		76.6
Income and other taxes payable	67.6		52.9
Lease liabilities	29.3		27.2
Accrued claims	15.8		20.4
Accrued interest	15.4		15.4
Other	35.7		35.5
	$	360.6	$	344.2

Other liabilities consisted of the following (in millions):


	June 30, 2024		December 31, 2023
Unrecognized tax benefits (inclusive of interest and penalties)	$	146.3	$	224.0
Pension and other post-retirement benefits	135.2		141.6
Noncurrent contract liabilities (deferred revenues)	63.0		37.6
Lease liabilities	42.5		48.9
Other	21.4		19.6
	$	408.4	$	471.7

Condensed Consolidated Statements of Operations Information

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


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net foreign currency exchange gains (losses)	$	2.5	$	(0.7)	$	7.9	$	(0.2)
Net periodic pension and retiree medical income	0.7		0.1		1.4		0.2
Loss on debt extinguishment	—		(29.2)		—		(29.2)
Net gain (loss) on sale of property	—		27.8		(0.1)		27.9
Other income	0.3		1.2		0.1		1.1
	$	3.5	$	(0.8)	$	9.3	$	(0.2)

Condensed Consolidated Statement of Cash Flows Information

Our restricted cash consists primarily of $10.4 million and $12.6 million of collateral on letters of credit at June 30, 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 and six months ended June 30, 2024 and 2023 were as follows:


	Three Months Ended June 30, 2024								Three Months Ended June 30, 2023
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
BP plc ("BP")	10	%	5	%	4	%	19	%	—	%	5	%	7	%	12	%
Equinor ASA ("Equinor")	10	%	—	%	—	%	10	%	—	%	—	%	—	%	—	%
Petróleo Brasileiro S.A. ("Petrobras")	10	%	—	%	—	%	10	%	4	%	—	%	—	%	4	%
Eni S.p.A ("Eni")	—	%	5	%	—	%	5	%	7	%	7	%	—	%	14	%
Other customers (1)	33	%	20	%	3	%	56	%	44	%	23	%	3	%	70	%
	63	%	30	%	7	%	100	%	55	%	35	%	10	%	100	%


	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
BP	8	%	4	%	5	%	17	%	1	%	5	%	6	%	12	%
Equinor	10	%	—	%	—	%	10	%	—	%	—	%	—	%	—	%
Petrobras	10	%	—	%	—	%	10	%	4	%	—	%	—	%	4	%
Eni	1	%	5	%	—	%	6	%	7	%	7	%	—	%	14	%
Other customers (1)	33	%	21	%	3	%	57	%	40	%	25	%	5	%	70	%
	62	%	30	%	8	%	100	%	52	%	37	%	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 June 30, 2024								Three Months Ended June 30, 2023
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Brazil	$	98.0	$	—	$	—	$	98.0	$	33.9	$	—	$	—	$	33.9
United Kingdom	—		95.6		—		95.6		—		68.1		—		68.1
U.S. Gulf of Mexico	56.1		0.7		26.2		83.0		45.3		5.8		26.2		77.3
Australia	43.0		16.2		—		59.2		40.1		10.6		—		50.7
Angola	42.1		—		—		42.1		58.2		—		—		58.2

Other countries (1)	144.7		73.3		14.2		232.2		49.9		60.1		17.0		127.0
	$	383.9	$	185.8	$	40.4	$	610.1	$	227.4	$	144.6	$	43.2	$	415.2


	Six Months Ended June 30, 2024								Six Months Ended June 30, 2023
	Floaters		Jackups		Other		Total		Floaters		Jackups		Other		Total
Brazil	$	229.1	$	—	$	—	$	229.1	$	71.0	$	—	$	—	$	71.0
U.S. Gulf of Mexico	112.9		10.1		54.7		177.7		87.0		14.0		52.3		153.3
United Kingdom	—		167.8		—		167.8		—		121.6		—		121.6
Australia	86.0		20.9		—		106.9		77.8		23.5		—		101.3
Angola	72.6		—		—		72.6		97.3		—		—		97.3
Other countries (1)	207.7		139.3		34.0		381.0		109.1		155.3		36.4		300.8
	$	708.3	$	338.1	$	88.7	$	1,135.1	$	442.2	$	314.4	$	88.7	$	845.3

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