Revenue from Contracts with Customers (Tables)

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Abstract]

Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands):

	Successor
	June 30,			December 31,
	2022			2021
Trade receivables	$	140,777		$	130,021
Current contract assets (1)		5,183			1,835
Current contract liabilities (deferred revenue) (1)		(22,442	)		(38,506	)
Noncurrent contract liabilities (deferred revenue) (1)		(4,980	)		(9,787	)

(1)Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):

	Successor
	Net Contract
	Balances
Contract assets at January 1, 2022	$	1,835
Contract liabilities at January 1, 2022		(48,293	)
Net balance at January 1, 2022		(46,458	)
Decrease due to amortization of revenue included in the beginning contract liability balance		12,582
Decrease due to cash received, excluding amounts recognized as revenue during the period		8,104
Increase due to revenue recognized during the period but contingent on future performance		3,533
Net balance at June 30, 2022	$	(22,239	)
Contract assets at June 30, 2022	$	5,183
Contract liabilities at June 30, 2022		(27,422	)

Summary of Specified Types Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of June 30, 2022 (in thousands):

	For the Years Ending December 31,
	2022 (1)		2023		2024		Total
Mobilization and contract preparation revenue	$	4,462	$	6,252	$	225	$	10,939
Capital modification revenue		8,489		5,364		287		14,140
Demobilization and other deferred revenue		2,563		82		—		2,645
Total	$	15,514	$	11,698	$	512	$	27,724

(1)Represents the six-month period beginning July 1, 2022.