| Organization, Consolidation and Presentation of Financial Statements [Abstract] | Period [Axis] |
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2016-01-01 - 2016-12-31 |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Accounts Receivable, Net of Allowance for Doubtful Accounts |
Accounts receivable, net of allowance for bad debts, consists
of the following:
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December 31, |
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2016 |
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|
2015 |
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|
(In
thousands) |
|
|
Trade
receivables
|
|
$ |
236,040 |
|
|
$ |
390,429 |
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Value added
tax receivables
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|
14,639 |
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|
14,475 |
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Amounts
held in escrow
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|
24 |
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|
4,966 |
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Interest
receivable
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|
9 |
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|
|
336 |
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Related
party receivables
|
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|
149 |
|
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|
167 |
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Other
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|
1,626 |
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|
721 |
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|
|
|
|
|
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|
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|
252,487 |
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|
411,094 |
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Allowance
for bad debts
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|
(5,459 |
) |
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(5,724 |
) |
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Total
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$ |
247,028 |
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|
$ |
405,370 |
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Changes in Provision for Bad Debts |
An analysis of the changes in our provision for bad debts for
each of the three years ended December 31, 2016, 2015 and 2014
is as follows:
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For the Year Ended
December 31, |
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2016 |
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2015 |
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2014 |
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(In
thousands) |
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Allowance
for bad debts, beginning of year
|
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$ |
5,724 |
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|
$ |
5,724 |
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|
$ |
27,340 |
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Bad debt
expense:
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Provision
for bad debts
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— |
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— |
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— |
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Recovery of
bad debts
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|
(265 |
) |
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— |
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— |
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Total bad
debt expense (recovery)
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(265 |
) |
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— |
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— |
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Write off
of uncollectible accounts against reserve
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— |
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— |
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(21,148 |
) |
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Other (1)
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— |
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— |
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(468 |
) |
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Allowance
for bad debts, end of year
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$ |
5,459 |
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$ |
5,724 |
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$ |
5,724 |
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| (1) |
Includes
revaluation adjustments for non-U.S. dollar denominated
receivables, which have been recorded as “Foreign currency
transaction gain (loss)” in our Consolidated Statements of
Operations. |
|
Prepaid Expenses and Other Current Assets |
Prepaid expenses and other current assets consist of the
following:
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December 31, |
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2016 |
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|
2015 |
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(In
thousands) |
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|
Rig spare
parts and supplies
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$ |
25,343 |
|
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$ |
42,804 |
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Deferred
mobilization costs
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|
61,488 |
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|
52,965 |
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Prepaid BOP
Lease
|
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|
3,873 |
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|
|
— |
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Prepaid
insurance
|
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|
3,771 |
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|
4,483 |
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Prepaid
taxes
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|
2,894 |
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|
14,969 |
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Other
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|
4,742 |
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|
4,258 |
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Total
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$ |
102,111 |
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$ |
119,479 |
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Accrued Liabilities |
Accrued liabilities consist of the following:
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December 31, |
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2016 |
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2015 |
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(In
thousands) |
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Rig
operating expenses
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$ |
33,732 |
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$ |
47,426 |
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Payroll and
benefits
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|
45,619 |
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|
59,787 |
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Deferred
revenue
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|
9,522 |
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|
31,542 |
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Accrued
capital project/upgrade costs
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|
60,308 |
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|
84,146 |
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Interest
payable
|
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|
18,365 |
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|
18,365 |
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Personal
injury and other claims
|
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|
6,424 |
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|
8,320 |
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Other
|
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|
8,189 |
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|
4,183 |
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Total
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$ |
182,159 |
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$ |
253,769 |
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Noncash Investing and Financing Activities |
Noncash investing activities excluded from the Consolidated
Statements of Cash Flows and other supplemental cash flow
information is as follows:
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December 31, |
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2016 |
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2015 |
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|
2014 |
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(In
thousands) |
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Accrued but
unpaid capital expenditures at period end
|
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$ |
60,308 |
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$ |
84,146 |
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$ |
103,123 |
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|
Income tax
benefits related to exercise of stock options
|
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|
— |
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|
— |
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|
1,458 |
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Common
stock withheld for payroll tax obligations (1)
|
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|
181 |
|
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|
236 |
|
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|
— |
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Cash
interest payments (2)
|
|
|
105,987 |
|
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|
110,412 |
|
|
|
133,784 |
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|
Cash income
taxes paid (refunded), net:
|
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U.S.
federal
|
|
|
(31,151 |
) |
|
|
(21,751 |
) |
|
|
— |
|
|
Foreign
|
|
|
48,931 |
|
|
|
69,697 |
|
|
|
92,049 |
|
|
State
|
|
|
1 |
|
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|
58 |
|
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|
(18 |
) |
| (1) |
Represents the cost of 7,923 and 7,810 shares of
common stock withheld to satisfy the payroll tax obligation
incurred as a result of the vesting of restricted stock units in
2016 and 2015, respectively. These costs are presented as a
deduction from stockholders’ equity in “Treasury
stock” in our Consolidated Balance Sheets at
December 31, 2016 and 2015.
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| (2) |
Interest
payments, net of amounts capitalized, were $86.1 million, $94.7
million and $73.2 million for the years ended December 31,
2016, 2015 and 2014, respectively. |
|