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Supplemental Financial Information
 12 Months Ended
Dec. 31, 2024
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,
20242023
Trade$502.4 $375.2 
Income tax receivables 76.2 83.2 
Other9.2 16.2 
 587.8 474.6 
Allowance for doubtful accounts(16.6)(15.3)
 $571.2 $459.3 

Other current assets consisted of the following (in millions):
December 31,
20242023
Prepaid taxes
$48.5 $49.1 
Deferred costs38.6 75.3 
Prepaid expenses13.0 23.6 
Other26.9 29.2 
$127.0 $177.2 
    
Accrued liabilities and other consisted of the following (in millions):
December 31,
20242023
Personnel costs
$89.2 $76.6 
Current contract liabilities (deferred revenues)
87.2 116.2 
Income and other taxes payable57.2 52.9 
Accrued claims39.5 20.4 
Lease liabilities28.0 27.2 
Accrued interest
15.3 15.4 
Other34.6 35.5 
 $351.0 $344.2 

Other liabilities consisted of the following (in millions):
December 31, 2024December 31, 2023
Unrecognized tax benefits (inclusive of interest and penalties)$128.3 $224.0 
Pension and other post-retirement benefits106.5 141.6 
Noncurrent contract liabilities (deferred revenues)
71.4 37.6 
Lease liabilities
56.9 48.9 
Other20.1 19.6 
 $383.2 $471.7 

Consolidated Statements of Operations Information

Repair and maintenance expense related to continuing operations was as follows (in millions):
Years Ended December 31,
202420232022
Repair and maintenance expense$239.6 $203.3 $175.2 

Other, net, consisted of the following (in millions):
Years Ended December 31,
202420232022
Net foreign currency exchange gains (losses)$13.8 $(3.5)$12.2 
Net periodic pension and retiree medical income
2.4 0.9 16.4 
Net gain (loss) on sale of property(0.2)28.6 141.2 
Loss on extinguishment of debt
— (29.2)— 
Other income (expense)0.6 1.4 (2.3)
$16.6 $(1.8)$167.5 
Consolidated Statements of Cash Flows Information

Our restricted cash consists primarily of $10.8 million and $12.6 million of collateral on letters of credit as of December 31, 2024 and 2023, respectively. See "Note 11 - Commitments and Contingencies" for more information regarding our letters of credit.

Net cash provided by (used in) operating activities attributable to the net change in operating assets and liabilities was as follows (in millions):
Years Ended December 31,
202420232022
(Increase) decrease in accounts receivable$(64.9)$44.9 $(6.9)
(Increase) decrease in other assets
22.4 (5.9)0.5 
Increase (decrease) in liabilities(91.7)82.8 (0.2)
$(134.2)$121.8 $(6.6)

Additional cash flow information was as follows (in millions):
Years Ended December 31,
202420232022
Cash paid for interest and taxes
Interest paid, net of amounts capitalized$78.3 $32.3 $44.2 
Income taxes paid (refunded), net $55.6 $(8.3)$5.6 
Non-cash investing activities
Accruals for capital expenditures as of period end (1)
$36.2 $71.5 $22.1 
(1)Accruals for capital expenditures were excluded from investing activities in our Consolidated Statements of Cash Flows.

We received U.S. income tax refunds totaling $35.9 million in 2024 primarily related to an Internal Revenue Service examination of one of our subsidiaries' 2009-2012 tax returns.

We received an income tax refund of $45.9 million in 2023 related to the U.S. Coronavirus Aid, Relief, and Economic Security Act.

During the years ended December 31, 2024, 2023 and 2022, the capitalized interest totaled $15.9 million, $5.6 million and $1.2 million, respectively.

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, 2024, 2023 and 2022 were as follows:

Year Ended December 31, 2024
FloatersJackupsOtherTotal
BP plc ("BP")9 %3 %5 %17 %
Other customers (1)
52 %29 %2 %83 %
61 %32 %7 %100 %

Year Ended December 31, 2023
FloatersJackupsOtherTotal
BP
— %5 %6 %11 %
Other customers (1)
53 %32 %4 %89 %
53 %37 %10 %100 %

Year Ended December 31, 2022
FloatersJackupsOtherTotal
BP
6 %3 %6 %15 %
Other customers (1)
38 %43 %4 %85 %
44 %46 %10 %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):

Year Ended December 31, 2024
FloatersJackupsOtherTotal
Brazil
$497.9 $— $— $497.9 
United Kingdom
— 375.2 — 375.2 
U.S. Gulf of Mexico245.4 10.3 111.7 367.4 
Australia
172.1 104.3 — 276.4 
Angola
196.7 — — 196.7 
Other countries (1)
328.6 265.1 55.3 649.0 
$1,440.7 $754.9 $167.0 $2,362.6 
Year Ended December 31, 2023
FloatersJackupsOtherTotal
U.S. Gulf of Mexico$220.9 $27.2 $104.7 $352.8 
United Kingdom— 267.2 — 267.2 
Angola
210.9 — — 210.9 
Brazil
195.0 — — 195.0 
Australia
157.0 29.9 — 186.9 
Other countries (1)
164.9 335.3 71.2 571.4 
$948.7 $659.6 $175.9 $1,784.2 

Year Ended December 31, 2022
FloatersJackupsOtherTotal
U.S. Gulf of Mexico$230.9 $21.3 $99.0 $351.2 
United Kingdom— 264.5 — 264.5 
Australia
113.0 30.0 — 143.0 
Brazil
111.5 — — 111.5 
Angola
78.5 — — 78.5 
Other countries (1)
166.6 428.4 58.8 653.8 
$700.5 $744.2 $157.8 $1,602.5 
(1)Other countries includes locations that individually contributed to less than 10% of total revenues.