Supplemental Financial Information

12 Months Ended

Dec. 31, 2022

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):


	December 31,
	2022			2021
Trade receivables	$	155,956		$	130,021
Federal income tax receivables		9,450			9,278
Value added tax receivables		6,075			9,729
Related party receivables		73			66
Other		6,121			2,823
		177,675			151,917
Allowance for credit losses		(5,622	)		(5,582	)
Total	$	172,053		$	146,335

The allowance for credit losses at December 31, 2022 and 2021 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):


	December 31,
	2022		2021
Prepaid taxes		16,922		16,163
Deferred contract costs		14,373		7,267
Rig spare parts and supplies		5,091		3,716
Prepaid rig costs		4,001		4,048
Prepaid insurance		3,022		3,436
Deferred survey costs		838		511
Current contract assets		141		1,835
Collateral deposits		—		17,480
Other		4,307		6,984
Total	$	48,695	$	61,440

Accrued liabilities consist of the following (in thousands):


	December 31,
	2022		2021
Contract advances	$	52,743	$	—
Rig operating costs		39,288		42,532
Payroll and benefits		29,408		29,268
Current operating lease liability		13,480		15,998
Deferred revenue		11,513		38,506
Accrued capital project/upgrade costs		8,419		2,219
Shorebase and administrative costs		4,365		5,776
Personal injury and other claims		3,738		5,598
Interest payable		1,897		2,986
Deposit for equipment sale		1,670		—
Other		264		853
Total	$	166,785	$	143,736

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		Successor		Predecessor
	For the Year Ended		Period from April 24		Period from January 1			For the Year Ended
	December 31,		through December 31,		through April 23,			December 31,
	2022		2021		2021			2020
Accrued but unpaid capital expenditures at period end	$	8,419	$	2,219	$	18,617		$	7,615
Accrued but unpaid debt issuance costs and arrangement fees (1)		—		—		7,588			—
Common stock withheld for payroll tax obligations (2)		4,252		—		—			395
Cash interest payments		27,767		13,671		37,593			19,843
Cash paid for reorganization items, net		—		36,154		37,566			40,301
Cash income taxes paid (refunded), net:
Foreign		13,178		1,969		3,460			11,826
U.S. federal		110		468		—			(42,462	)
State		—		—		(34	)		36

(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 563,727 and 131,698 shares of common stock withheld to satisfy the payroll tax obligation incurred as a result of the vesting of equity awards in the Successor year ended December 31, 2022 and the Predecessor year ended December 31, 2020, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our Consolidated Balance Sheet at December 31, 2022.

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.