Supplemental Financial Information

12 Months Ended

Dec. 31, 2021

Organization, Consolidation and Presentation of Financial Statements [Abstract]

6. Supplemental Financial Information

Consolidated Balance Sheet Information

Accounts receivable, net of allowance for bad debts, consists of the following (in thousands):


	Successor			Predecessor
	December 31,			December 31,
	2021			2020
Trade receivables	$	130,021		$	115,732
Value added tax receivables		9,729			10,781
Federal income tax receivables		9,278			8,420
Related party receivables		66			78
Other		2,823			1,211
		151,917			136,222
Allowance for credit losses		(5,582	)		(5,562	)
Total	$	146,335		$	130,660

The allowance for credit losses at December 31, 2021 and 2020 represents our current estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 9 "Financial Instruments and Fair Value Disclosures for a discussion of our concentrations of credit risk and allowance for credit losses.

Prepaid expenses and other current assets consist of the following (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Collateral deposits	$	17,480	$	—
Prepaid taxes		16,163		16,112
Deferred contract costs		7,267		19,808
Prepaid rig costs		4,048		2,317
Rig spare parts and supplies		3,716		12,606
Prepaid insurance		3,436		2,446
Current contract assets		1,835		2,870
Prepaid legal retainers		746		2,408
Other		6,749		3,708
Total	$	61,440	$	62,275

Accrued liabilities consist of the following (in thousands):


	Successor		Predecessor
	December 31,		December 31,
	2021		2020
Rig operating costs	$	42,532	$	21,123
Deferred revenue		38,506		51,763
Payroll and benefits		29,268		30,296
Current operating lease liability		15,998		5,072
Shorebase and administrative costs		5,776		17,275
Personal injury and other claims		5,598		6,495
Interest payable		2,986		—
Accrued capital project/upgrade costs		2,219		7,075
Other		853		1,689
Total	$	143,736	$	140,788

Consolidated Statements of Cash Flows Information

Noncash investing activities excluded from the Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows (in thousands):


	Successor		Predecessor
	Period from April 24		Period from January 1			For the Year Ended			For the Year Ended
	through December 31,		through April 23,			December 31,			December 31,
	2021		2021			2020			2019
Accrued but unpaid capital expenditures at period end	$	2,219	$	18,617		$	7,615		$	56,603
Accrued but unpaid debt issuance costs and arrangement fees (1)		—		7,588			—			—
Common stock withheld for payroll tax obligations (2)		—		—			395			1,398
Cash interest payments		13,671		37,593			19,843			113,063
Cash paid for reorganization items, net		36,154		37,566			40,301			—
Cash income taxes paid (refunded), net:
Foreign		1,969		3,460			11,826			17,821
U.S. federal		468		—			(42,462	)		1,001
State		—		(34	)		36			(15	)

(1)

Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the Predecessor period from January 1, 2021 through April 23, 2021, which were accrued at April 23, 2021. In total, we incurred and capitalized financing costs of $13.8 million in relation to our exit financing.

(2)

Represents the cost of 131,698 and 132,547 shares of common stock withheld to satisfy the payroll tax obligation incurred as a result of the vesting of restricted stock units in 2020 and 2019, respectively. These costs are presented as a deduction from stockholders’ equity in “Predecessor treasury stock” in our Consolidated Balance Sheet at December 31, 2020.

In June 2020, we received Trinidad bonds in settlement of a value-added-tax (or VAT) receivable. The bonds were valued at $5.7 million based on third-party quotes received, which approximated the amount of the settled receivable. During the third quarter of 2020, we sold the bonds for proceeds of $5.9 million.