Supplemental Financial Information

6 Months Ended

Jun. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

6. Supplemental Financial Information

Condensed Consolidated Balance Sheets Information

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

	Successor			Predecessor
	June 30,			December 31,
	2021			2020
Trade receivables	$	184,953		$	115,732
Value added tax receivables		12,298			10,781
Warranty claims receivable		10,750			—
Federal income tax receivables		8,420			8,420
Related party receivables		48			78
Other		2,520			1,211
		218,989			136,222
Allowance for credit losses		(6,142	)		(5,562	)
Total	$	212,847		$	130,660

The allowance for credit losses at June 30, 2021 and December 31, 2020 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 8 “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):

	Successor		Predecessor
	June 30,		December 31,
	2021		2020
Collateral deposits	$	19,570	-
Prepaid taxes		15,442		16,112
Deferred contract costs		6,688		19,808
Rig spare parts and supplies		6,405		12,606
Prepaid insurance		5,492		2,446
Prepaid rig costs		3,947		2,317
Prepaid legal retainers		1,019		2,408
Current contract assets		927		2,870
Other		6,302		3,708
Total	$	65,792	$	62,275

Accrued liabilities consist of the following (in thousands):

	Successor		Predecessor
	June 30,		December 31,
	2021		2020
Deferred revenue	$	35,274	$	51,763
Payroll and benefits		29,933		30,296
Shorebase and administrative costs		27,696		17,275
Rig operating costs		26,111		21,123
Current operating lease liability		16,267		5,072
Accrued capital project/upgrade costs		8,805		7,075
Personal injury and other claims		5,413		6,495
Interest payable		3,017		—
Other		1,224		1,689
Total	$	153,740	$	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):

	Successor		Predecessor
	Period from April 24		Period from January 1			Six Months Ended
	through June 30,		through April 23,			June 30,
	2021		2021			2020
Accrued but unpaid capital expenditures at period end	$	8,805	$	18,617		$	15,593
Accrued but unpaid debt issuance costs and arrangement fees ⁽¹⁾		7,047		7,588			—
Common stock withheld for payroll tax obligations ⁽²⁾		—		—			394
Cash interest payments		1,346		37,593			19,843
Cash paid for reorganization items, net		15,809		37,566			274
Cash income taxes paid, net of (refunds):
Foreign		101		3,460			9,813
State		—		(34	)		(14	)

⁽¹⁾

Represents unpaid debt issuance costs related to our exit financing that were incurred and capitalized during the period from January 1 through April 23, 2021, which were accrued at June 30, 2021 and April 23, 2021. The amount accrued at June 30, 2021 is presented in “Accrued liabilities” in our unaudited Condensed Consolidated Balance Sheets. In total, we incurred and capitalized financing costs of $13.8 million in relation to our exit financing.

⁽²⁾

Represents the cost of 130,333 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units during the six-month period ended June 30, 2020. This cost is presented as a deduction from stockholders’ equity in “Treasury stock” in the Predecessor’s unaudited Condensed Consolidated Balance Sheet at December 31, 2020.