Supplemental Financial Information

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

3. Supplemental Financial Information

Unaudited Condensed Consolidated Balance Sheets Information

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


	March 31,			December 31,
	2023			2022
Trade receivables	$	179,083		$	155,956
Value added tax receivables		5,355			6,075
Federal income tax receivables		1,093			9,450
Related party receivables		51			73
Other		2,092			6,121
		187,674			177,675
Allowance for credit losses		(5,656	)		(5,622	)
Total	$	182,018		$	172,053

The allowance for credit losses at March 31, 2023 and December 31, 2022 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “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):


	March 31,		December 31,
	2023		2022
Prepaid taxes	$	21,756	$	16,922
Deferred contract costs		17,235		14,373
Prepaid rig costs		4,337		4,001
Rig spare parts and supplies		3,890		5,091
Prepaid insurance		2,493		3,022
Software maintenance agreements and subscriptions		1,919		1,212
Deferred survey costs		1,104		838
Current contract assets		411		141
Other		7,488		3,095
Total	$	60,633	$	48,695

Accrued liabilities consist of the following (in thousands):


	March 31,		December 31,
	2023		2022
Rig operating costs	$	39,811	$	39,288
Contract advances		36,036		52,743
Payroll and benefits		29,032		29,408
Deferred revenue		12,298		11,513
Accrued capital project/upgrade costs		11,697		8,419
Current operating lease liability		10,612		13,480
Personal injury and other claims		5,267		3,738
Shorebase and administrative costs		4,820		4,365
Deposit for equipment sale		4,368		1,670
Interest payable		3,942		1,897
Other		1,217		264
Total	$	159,100	$	166,785

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):


	Three Months Ended March 31,
	2023			2022
Accrued but unpaid capital expenditures at period end	$	11,697		$	5,555
Common stock withheld for payroll tax obligations (1)		134			—
Cash interest payments		7,488			3,258
Cash income taxes paid, net of (refunds):
Foreign		1,258			1,114
U.S. Federal		(8,966	)		—

(1)

Represents the cost of 10,946 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock during the three-month period ended March 31, 2023, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2023.