Supplemental Financial Information

3 Months Ended

Mar. 31, 2022

Organization Consolidation And Presentation Of Financial Statements [Abstract]

4. Supplemental Financial Information

Unaudited Condensed Consolidated Balance Sheets Information

Accounts receivable, net of allowance for credit losses, consist of the following (in thousands):


	Successor
	March 31,			December 31,
	2022			2021
Trade receivables	$	107,824		$	130,021
Federal income tax receivables		9,288			9,278
Value added tax receivables		5,362			9,729
Related party receivables		81			66
Other		2,443			2,823
		124,998			151,917
Allowance for credit losses		(5,572	)		(5,582	)
Total	$	119,426		$	146,335

The allowance for credit losses at March 31, 2022 and December 31, 2021 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 5 “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
	March 31,		December 31,
	2022		2021
Collateral deposits	$	18,961	$	17,480
Prepaid taxes		17,339		16,163
Deferred contract costs		6,776		7,267
Prepaid rig costs		4,511		4,048
Rig spare parts and supplies		3,611		3,716
Prepaid insurance		2,180		3,436
Current contract assets		2,169		1,835
Prepaid legal retainers		730		746
Other		5,998		6,749
Total	$	62,275	$	61,440

Accrued liabilities consist of the following (in thousands):


	Successor
	March 31,		December 31,
	2022		2021
Rig operating costs	$	43,536	$	42,532
Payroll and benefits		29,141		29,268
Deferred revenue		27,682		38,506
Current operating lease liability		13,417		15,998
Personal injury and other claims		6,466		5,598
Shorebase and administrative costs		6,262		5,776
Accrued capital project/upgrade costs		5,555		2,219
Interest payable		4,465		2,986
Other		989		853
Total	$	137,513	$	143,736

Unaudited Condensed Consolidated Statements of Cash Flows Information

Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands):


	Successor		Predecessor
	Three Months Ended March 31,		Three Months Ended March 31,
	2022		2021
Accrued but unpaid capital expenditures at period end	$	5,555	$	17,255
Accrued but unpaid debt issuance costs and arrangement fees (1)		—		10,140
Cash interest payments		3,258		—
Cash paid for reorganization items, net		—		20,584
Cash income taxes paid, net of (refunds):
Foreign		1,114		3,363
State		—		(34	)

(1)

Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the Predecessor three-month period ended March 31, 2021.