Supplemental Financial Information

9 Months Ended

Sep. 30, 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
	September 30,			December 31,
	2022			2021
Trade receivables	$	167,570		$	130,021
Federal income tax receivables		9,374			9,278
Value added tax receivables		5,293			9,729
Related party receivables		69			66
Other		3,233			2,823
		185,539			151,917
Allowance for credit losses		(5,629	)		(5,582	)
Total	$	179,910		$	146,335

The allowance for credit losses at September 30, 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
	September 30,		December 31,
	2022		2021
Prepaid taxes	$	23,526	$	16,163
Deferred contract costs		15,582		7,267
Rig spare parts and supplies		5,089		3,716
Prepaid insurance		5,025		3,436
Prepaid rig costs		4,102		4,048
Current contract assets		505		1,835
Collateral deposits		—		17,480
Other		5,756		7,495
Total	$	59,585	$	61,440

Accrued liabilities consist of the following (in thousands):


	Successor
	September 30,		December 31,
	2022		2021
Rig operating costs	$	39,479	$	42,532
Payroll and benefits		29,651		29,268
Deferred revenue		25,833		38,506
Contract advances		20,880		—
Current operating lease liability		15,991		15,998
Interest payable		4,331		2,986
Shorebase and administrative costs		4,265		5,776
Personal injury and other claims		3,960		5,598
Accrued capital project/upgrade costs		2,226		2,219
Other		3,537		853
Total	$	150,153	$	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
			Period from		Period from
	Nine Months		April 24, 2021		January 1, 2021
	Ended		through		through
	September 30,		September 30,		April 23,
	2022		2021		2021
Accrued but unpaid capital expenditures at period end	$	2,226	$	3,096	$	18,617
Accrued but unpaid debt issuance costs and arrangement fees (1)		—		—		7,588
Common stock withheld for payroll tax obligations (2)		3,214		—		—
Cash interest payments		17,718		5,431		37,593
Cash paid for reorganization items, net		—		35,398		37,566
Cash income taxes paid, net of (refunds):
Foreign		12,187		1,464		3,460
U.S. Federal		2,855		468		—
State		—		—		(34	)

(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.

(2)

Represents the cost of 463,951 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock in the Successor nine-month period ended September 30, 2022. These costs for the Successor nine-month period ended September 30, 2022 are presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at September 30, 2022.