Revenue from Contracts with Customers (Tables)

9 Months Ended

Sep. 30, 2021

Revenue From Contract With Customer [Abstract]

Summary of Information about Receivables, Contract Assets and Contract Liabilities from Contracts with Customers

The following table provides information about receivables, contract assets and contract liabilities from our contracts with customers (in thousands):

	Successor			Predecessor
	September 30,			December 31,
	2021			2020
Trade receivables	$	157,292		$	115,732
Current contract assets (1)		1,392			2,870
Current contract liabilities (deferred revenue) (1)		(38,564	)		(51,763	)
Noncurrent contract liabilities (deferred revenue) (1)		(12,711	)		(5,164	)

⁽¹⁾ Contract assets and contract liabilities may reflect balances which have been netted together on a contract basis. Net current contract asset and liability balances are included in “Prepaid expenses and other current assets” and “Accrued liabilities,” respectively, and net noncurrent contract liability balances are included in “Other liabilities” in our unaudited Condensed Consolidated Balance Sheets.

Summary of Significant Changes in Contract Assets and Contract Liabilities Balances

Significant changes in the contract assets and the contract liabilities balances during the period are as follows (in thousands):  

	Net Contract
	Balances
Contract assets at January 1, 2021 (Predecessor)	$	2,870
Contract liabilities at January 1, 2021 (Predecessor)		(56,927	)
Net balance at January 1, 2021 (Predecessor)		(54,057	)
Decrease due to amortization of revenue included in the beginning contract liability balance		15,341
Increase due to cash received, excluding amounts recognized as revenue during the period		(22,553	)
Increase due to revenue recognized during the period but contingent on future performance		1,442
Decrease due to transfer to receivables during the period		(700	)
Write-off of deferred revenue due to application of fresh start accounting		60,945
Net balance at April 23, 2021 (Predecessor)	$	418
Increase due to cash received, excluding amounts recognized as revenue during the period		(51,275	)
Increase due to revenue recognized during the period but contingent on future performance		974
Net balance at September 30, 2021(Successor)	$	(49,883	)
Contract assets at September 30, 2021 (Successor)	$	1,392
Contract liabilities at September 30, 2021 (Successor)		(51,275	)

Summary of Specified Types Revenue Expected to be Recognized in Future Related to Unsatisfied Performance Obligations

The following table reflects the specified types of revenue expected to be recognized in the future related to unsatisfied performance obligations as of September 30, 2021 (in thousands):

	For the Years Ending December 31,
	2021 (1)		2022		2023		2024		Total
Mobilization and contract preparation revenue	$	1,008	$	3,941	$	3,912	$	332	$	9,193
Capital modification revenue		7,542		23,485		5,270		414		36,711
Demobilization and other deferred revenue		5,837		255		—		—		6,092
Total	$	14,387	$	27,681	$	9,182	$	746	$	51,996

⁽¹⁾ Represents the three-month period beginning October 1, 2021.