Supplemental Financial Information (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Accounts Receivable, Net of Allowance for Credit Losses

Accounts receivable, net of allowance for credit losses, consist of the following (in thousands):


	June 30,			December 31,
	2024			2023
Trade receivables	$	197,169		$	253,367
Insurance claim receivable (1)		21,693			—
Value added tax receivables		6,744			5,256
Related party receivables		96			155
Other		681			1,346
		226,383			260,124
Allowance for credit losses (2)		(5,715	)		(5,801	)
Total	$	220,668		$	254,323

(1)

See Note 8 “Ocean GreatWhite Insurance Claim” for a discussion of an insurance claim associated with an equipment incident on one of our rigs.

(2)

The allowance for credit losses at June 30, 2024 and December 31, 2023 represents our estimate of credit losses associated with our “Trade receivables” and “Current contract assets.” See Note 4 “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

Prepaid expenses and other current assets consist of the following (in thousands):


	June 30,		December 31,
	2024		2023
Collateral deposit	$	13,735	$	11,857
Deferred contract costs		10,571		20,552
Prepaid taxes		9,951		10,868
Rig spare parts and supplies		8,527		4,694
Prepaid insurance		5,215		3,437
Current contract assets		3,638		2,575
Software maintenance agreements and subscriptions		2,237		1,408
Prepaid rig costs		1,463		3,668
Deferred survey costs		1,401		1,418
Other		4,862		2,935
Total	$	61,600	$	63,412

Accrued Liabilities

Accrued liabilities consist of the following (in thousands):


	June 30,		December 31,
	2024		2023
Rig operating costs	$	47,364	$	42,893
Contract advances		31,687		63,618
Payroll and benefits		29,972		35,215
Deferred revenue		18,592		12,634
Interest payable		11,700		13,013
Current operating lease liability		7,958		8,436
Accrued capital project/upgrade costs		6,221		10,766
Personal injury and other claims		5,487		7,391
Shorebase and administrative costs		4,890		5,699
Deposit for equipment sale		580		1,977
Other		276		1,694
Total	$	164,727	$	203,336

Noncash Operating, Investing and Financing Activities

Noncash operating, investing and financing activities excluded from the unaudited Condensed Consolidated Statements of Cash Flows and other supplemental cash flow information are as follows (in thousands):


	Six Months Ended June 30,
	2024		2023
Accrued but unpaid capital expenditures at period end	$	6,221	$	12,209
Common stock withheld for payroll tax obligations (1)		1,317		734
Cash interest payments		25,460		19,352
Cash income taxes paid, net of (refunds):
Foreign		3,223		3,147
U.S. Federal		2,472		(5,744	)
State		—		1

(1)

Represents the cost of 98,928 and 62,597 shares of common stock withheld to satisfy payroll tax obligations incurred as a result of the vesting of restricted stock and restricted stock units during the six-month periods ended June 30, 2024 and June 30, 2023, respectively, which is presented as a deduction from stockholders’ equity in “Treasury stock” in our unaudited Condensed Consolidated Balance Sheets.

DIAMOND OFFSHORE DRILLING, INC. 10-Q