Supplemental Financial Information
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Dec. 31, 2012
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Supplemental Financial Information [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Supplemental Financial Information | SUPPLEMENTAL FINANCIAL INFORMATION Consolidated Balance Sheet Information Accounts receivable, net, as of December 31, 2012 and 2011 consisted of the following (in millions):
Other current assets as of December 31, 2012 and 2011 consisted of the following (in millions):
Other assets, net, as of December 31, 2012 and 2011 consisted of the following (in millions):
Accrued liabilities and other as of December 31, 2012 and 2011 consisted of the following (in millions):
Other liabilities as of December 31, 2012 and 2011 consisted of the following (in millions):
Consolidated Statement of Income Information Repair and maintenance expense related to continuing operations for each of the years in the three-year period ended December 31, 2012 was as follows (in millions):
Consolidated Statement of Cash Flows Information Cash paid for interest and income taxes for each of the years in the three-year period ended December 31, 2012 was as follows (in millions):
Capitalized interest totaled $105.8 million, $80.2 million and $21.3 million during the years ended December 31, 2012, 2011 and 2010, respectively. Capital expenditure accruals totaling $112.5 million, $305.8 million and $39.7 million for the years ended December 31, 2012, 2011 and 2010, respectively, were excluded from investing activities in our consolidated statements of cash flows. Amortization of intangibles and other, net, included amortization of intangible assets and liabilities related to the estimated fair values of acquired Company firm drilling contracts in place at the Merger Date, deferred charges for income taxes incurred on intercompany transfers of drilling rigs and certain other deferred costs. Concentration of Credit Risk We are exposed to credit risk relating to our receivables from customers, our cash and cash equivalents and investments and our use of derivatives in connection with the management of foreign currency exchange rate risk. We mitigate our credit risk relating to receivables from customers, which consist primarily of major international, government-owned and independent oil and gas companies, by performing ongoing credit evaluations. We also maintain reserves for potential credit losses, which to date have been within management's expectations. We mitigate our credit risk relating to cash and investments by focusing on diversification and quality of instruments. Cash balances are maintained in major, well-capitalized commercial banks. Cash equivalents and short-term investments consist of a portfolio of high-grade instruments. Custody of cash and cash equivalents and short-term investments is maintained at several major financial institutions, and we monitor the financial condition of those financial institutions. We mitigate our credit risk relating to counterparties of our derivatives through a variety of techniques, including transacting with multiple, high quality financial institutions, thereby limiting our exposure to individual counterparties and generally by entering into International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements, which include provisions for a legally enforceable master netting agreement with almost all of our derivative counterparties. The terms of the ISDA agreements may also include credit support requirements, cross default provisions, termination events, or set-off provisions, in addition to a master netting agreement. Legally enforceable master netting agreements reduce credit risk by providing protection in bankruptcy in certain circumstances and generally permitting the closeout and netting of transactions with the same counterparty upon the occurrence of certain events. During the year ended December 31, 2012, one customer provided a total of $1.0 billion, or 24%, of consolidated revenues, which were attributable to our Floaters segment. During the year ended December 31, 2011, one customer provided a total of $456.6 million, or 16%, of consolidated revenues, which were attributable to our Floaters segment. During the year ended December 31, 2010, two customers provided a total of $421.4 million, or 25%, of consolidated revenues which were attributable to our Floaters and Jackups segments. During the year ended December 31, 2012, revenues provided by our drilling operations in the U. S. Gulf of Mexico totaled $1.3 billion, or 30%, of consolidated revenues, of which 73% were attributable to our Floaters segment. Revenues provided by our drilling operations in Brazil during the year ended December 31, 2012 totaled $1.1 billion, or 25%, of consolidated revenues, which were attributable to our Floaters segment. During the year ended December 31, 2012, revenues provided by our drilling operations in Angola totaled $431.7 million, or 10%, of consolidated revenues, of which 95% were attributable to our Floaters segment. |