Supplemental Financial Information

6 Months Ended

Jun. 30, 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):


	June 30,			December 31,
	2023			2022
Trade receivables	$	200,735		$	155,956
Value added tax receivables		4,882			6,075
Related party receivables		99			73
Federal income tax receivables		—			9,450
Other		1,094			6,121
		206,810			177,675
Allowance for credit losses		(5,730	)		(5,622	)
Total	$	201,080		$	172,053

The allowance for credit losses at June 30, 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):


	June 30,		December 31,
	2023		2022
Current income tax asset	$	85,266	$	—
Prepaid taxes		19,463		16,922
Deferred contract costs		9,782		14,373
Prepaid insurance		6,335		3,022
Rig spare parts and supplies		4,221		5,091
Current contract assets		2,121		141
Software maintenance agreements and subscriptions		1,910		1,212
Prepaid rig costs		1,332		4,001
Deferred survey costs		1,162		838
Other		5,881		3,095
Total	$	137,473	$	48,695

Accrued liabilities consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Contract advances	$	50,199	$	52,743
Rig operating costs		42,686		39,288
Payroll and benefits		30,483		29,408
Accrued capital project/upgrade costs		12,209		8,419
Deferred revenue		9,293		11,513
Current operating lease liability		7,161		13,480
Personal injury and other claims		5,393		3,738
Shorebase and administrative costs		5,030		4,365
Interest payable		1,812		1,897
Deposit for equipment sale		1,788		1,670
Other		989		264
Total	$	167,043	$	166,785

Other assets consist of the following (in thousands):


	June 30,		December 31,
	2023		2022
Noncurrent deferred tax assets	$	211,274	$	10,612
Operating lease right of use assets		22,121		30,332
Noncurrent receivables		8,834		13,030
Noncurrent milestone payments		10,036		856
Deferred debt arrangement fees		5,702		6,716
Deferred inspection costs, noncurrent		3,470		2,489
Noncurrent deposits		1,483		1,531
Other		2,784		2,400
Total	$	265,704	$	67,966

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):


	Six Months Ended June 30,
	2023			2022
Accrued but unpaid capital expenditures at period end	$	12,209		$	2,234
Common stock withheld for payroll tax obligations (1)		734			139
Cash interest payments		19,352			12,514
Cash income taxes paid, net of (refunds):
Foreign		3,147			11,578
U.S. Federal		(5,744	)		2,387
State		1			—

(1)

Represents the cost of 62,597 and 17,806 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock and restricted stock units during the six-month periods ended June 30, 2023 and June 30, 2022, respectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.