Supplemental Financial Information

3 Months Ended

Mar. 31, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

5. Supplemental Financial Information

Condensed Consolidated Balance Sheets Information

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

	March 31,			December 31,
	2021			2020
Trade receivables	$	130,998		$	115,732
Value added tax receivables		10,642			10,781
Federal income tax receivables		8,420			8,420
Related party receivables		46			78
Other		1,118			1,211
		151,224			136,222
Allowance for credit losses		(5,571	)		(5,562	)
Total	$	145,653		$	130,660

The allowance for credit losses at March 31, 2021 and December 31, 2020, represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 6 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,
	2021		2020
Deferred contract costs	$	23,280	$	19,808
Prepaid taxes		15,312		16,112
Rig spare parts and supplies		13,007		12,606
Deferred debt issuance costs		12,430		—
Collateral deposits		8,625		—
Current contract assets		3,196		2,870
Prepaid rig costs		2,548		2,317
Prepaid legal retainers		2,309		2,408
Prepaid insurance		2,196		2,446
Other		6,763		3,708
Total	$	89,666	$	62,275

Accrued liabilities consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Deferred revenue	$	57,185	$	51,763
Accrued interest		35,329		—
Payroll and benefits		33,216		30,296
Shorebase and administrative costs		23,547		17,275
Current operating lease liability		22,548		5,072
Rig operating costs		20,673		21,123
Accrued capital project/upgrade costs		17,255		7,075
Deferred debt issuance costs and financing fees		10,140		—
Accrued backstop commitment premium		9,900		—
Personal injury and other claims		5,346		6,495
Other		1,510		1,689
Total	$	236,649	$	140,788

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 is as follows (in thousands):

	Three Months Ended March 31,
	2021			2020
Accrued but unpaid capital expenditures at period end	$	17,255		$	26,094
Accrued but unpaid debt issuance costs and arrangement fees ⁽¹⁾		10,140			—
Common stock withheld for payroll tax obligations ⁽²⁾		—			324
Cash interest payments		—			19,785
Cash paid for reorganization items, net		20,584			—
Cash income taxes paid, net of (refunds):
Foreign		3,363			7,142
State		(34	)		(14	)

⁽¹⁾

Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the three-month period ended March 31, 2021, which are accrued in “Accrued liabilities” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021. In total, we incurred and capitalized financing costs of $12.4 million, which are reported in “Prepaid expenses and other current assets” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2021.

⁽²⁾

Represents the cost of 85,131 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units during the three-month period ended March 31, 2020. This cost is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets at March 31, 2020.