Note 4 — Details of Certain Accounts

Other current assets consisted of the following as of December 31, 2012 and 2011 (in thousands):


		2012		2011

Other receivables	$	1,086	$	618
Prepaid insurance		11,999		12,608
Other prepaids		11,751		11,328
Spare parts inventory		2,480		1,677
Income tax receivable ⁽¹⁾		14,201		-
Current deferred tax assets		43,942		41,449
Derivative assets		5,946		21,579
Other		5,529		4,325
Total other current assets	$	96,934	$	93,584

(1) Reflects the total amount of estimated tax receivable in excess of the estimated current income tax liability.

Other assets, net, consisted of the following as of December 31, 2012 and 2011 (in thousands):


		2012		2011

Deferred dry dock expenses, net ⁽¹⁾	$	22,704	$	5,381
Deferred financing costs, net		24,338		26,483
Intangible assets with finite lives, net		491		531
Other		2,304		2,771
Total other assets, net	$	49,837	$	35,166

(1) The increase subsequent to December 31, 2011 reflects the costs associated with the regulatory dry docks for our Q4000, Seawell and Well Enhancer vessels during 2012.

Accrued liabilities consisted of the following as of December 31, 2012 and 2011 (in thousands):


		2012		2011

Accrued payroll and related benefits	$	51,561	$	45,217
Current asset retirement obligations ⁽¹⁾		2,898		27,300
Unearned revenue		6,137		7,654
Billing in excess of cost ⁽²⁾		6,445		28,839
Accrued interest		17,451		24,028
Derivative liability ⁽³⁾		16,266		1,247
Taxes payable excluding income tax payable		5,164		3,748
Pipelay assets sale deposit ⁽⁴⁾		50,000		-
Other		5,592		8,079
Total accrued liabilities	$	161,514	$	146,112

(1) Reflects the substantial completion of the abandonment of the Camelot field (Note 3).

(2) Decrease reflects fewer ongoing subsea construction projects using the percentage-of-completion method of accounting as a result of the expected sales of our remaining pipelay vessels.

(3) Primarily reflects the fair value of oil commodity derivative contracts of $15.8 million at December 31, 2012 (Note 17). These contracts were settled in February 2013.

(4) Reflects the cash deposit we received in association with the expected sales of our two remaining pipelay vessels, the Express and the Caesar, and other related pipelay equipment (Note 2), which is refundable in very limited circumstances. The sales of these vessels are scheduled to close and fund in two stages in 2013 following the completion of each vessel’s existing backlog of work.