Supplemental Financial Information

9 Months Ended

Sep. 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
	September 30,			December 31,
	2021			2020
Trade receivables	$	157,292		$	115,732
Value added tax receivables		9,667			10,781
Federal income tax receivables		8,420			8,420
Related party receivables		71			78
Other		183			1,211
		175,633			136,222
Allowance for credit losses		(5,614	)		(5,562	)
Total	$	170,019		$	130,660

The allowance for credit losses at September 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
	September 30,		December 31,
	2021		2020
Collateral deposits	$	18,570	$	—
Prepaid taxes		17,440		16,112
Deferred contract costs		7,501		19,808
Prepaid insurance		4,292		2,446
Prepaid rig costs		3,575		2,317
Rig spare parts and supplies		3,251		12,606
Current contract assets		1,392		2,870
Prepaid legal retainers		432		2,408
Other		5,648		3,708
Total	$	62,101	$	62,275

Accrued liabilities consist of the following (in thousands):

	Successor		Predecessor
	September 30,		December 31,
	2021		2020
Deferred revenue	$	38,564	$	51,763
Payroll and benefits		31,122		30,296
Rig operating costs		27,678		21,123
Current operating lease liability		16,354		5,072
Personal injury and other claims		5,710		6,495
Shorebase and administrative costs		5,536		17,275
Interest payable		5,254		—
Accrued capital project/upgrade costs		3,096		7,075
Other		872		1,689
Total	$	134,186	$	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			Nine Months Ended
	through September 30,		through April 23,			September 30,
	2021		2021			2020
Accrued but unpaid capital expenditures at period end	$	3,096	$	18,617		$	5,242
Accrued but unpaid debt issuance costs and arrangement fees ⁽¹⁾		—		7,588			—
Common stock withheld for payroll tax obligations ⁽²⁾		—		—			395
Cash interest payments		5,431		37,593			19,843
Cash paid for reorganization items, net		35,398		37,566			23,818
Cash income taxes paid, net of (refunds):
Foreign		1,464		3,460			11,229
U.S. Federal		468		—			(42,462	)
State		—		(34	)		36

⁽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 April 23, 2021. In total, we incurred and capitalized financing costs of $13.8 million in relation to our exit financing.

⁽²⁾

Represents the cost of 131,698 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock units during the nine-month period ended September 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.