Supplemental Financial Information

9 Months Ended

Sep. 30, 2017

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Supplemental Financial Information

3. Supplemental Financial Information    

Condensed Consolidated Balance Sheets Information

Accounts receivable, net of allowance for bad debts, consist of the following:

	September 30,			December 31,
	2017			2016
	(In thousands)
Trade receivables	$	265,476		$	236,040
Value added tax receivables		10,425			14,639
Related party receivables		119			149
Other		829			1,659
		276,849			252,487
Allowance for bad debts		(5,459	)		(5,459	)
Total	$	271,390		$	247,028

Prepaid expenses and other current assets consist of the following:

	September 30,		December 31,
	2017		2016
	(In thousands)
Rig spare parts and supplies	$	30,598	$	25,343
Deferred rig start-up costs		52,544		61,488
Prepaid BOP lease		3,873		3,873
Prepaid insurance		3,808		3,771
Prepaid taxes		2,536		2,894
Other		4,444		4,777
Total	$	97,803	$	102,146

Accrued liabilities consist of the following:

	September 30,		December 31,
	2017		2016
	(In thousands)
Rig operating expenses	$	35,612	$	33,732
Payroll and benefits		42,275		45,619
Deferred revenue		8,911		9,522
Accrued capital project/upgrade costs		3,338		60,308
Interest payable		36,813		18,365
Personal injury and other claims		5,160		6,424
Other		8,124		8,189
Total	$	140,233	$	182,159

Condensed Consolidated Statements of Cash Flows Information

Noncash investing activities excluded from the Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information is as follows:

	Nine Months Ended September 30,
	2017		2016
	(In thousands)
Accrued but unpaid capital expenditures at period end	$	3,338	$	65,286
Common stock withheld for payroll tax obligations (1)		481		181
Cash interest payments (2)		60,253		53,433
Cash income taxes paid, net of (refunds):
Foreign		37,884		33,479
State		94		1

⁽¹⁾ Represents the cost of 29,241 shares and 7,923 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units in the nine months ended September 30, 2017 and 2016, respectively. These costs are presented as a deduction from stockholders’ equity in “Treasury stock” in our Condensed Consolidated Balance Sheets at September 30, 2017 and 2016.

⁽²⁾ Interest payments, net of amounts capitalized, were $60.2 million and $43.6 million for the nine-month periods ended September 30, 2017 and 2016, respectively.