Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2012

Summary of Significant Accounting Policies

Inventory

	December 31,
	2012		2011
	(In thousands)
Raw materials	$	148,822	$	133,480
Work-in-progress	45,733		50,951
Finished goods	56,578		88,421
	$	251,133	$	272,852

Change in the carrying amount of goodwill for various contract drilling segments and other operating segments

The change in the carrying amount of goodwill for our business lines for the years ended December 31, 2012 and 2011 was as follows:

			Acquisitions
			and
	Balance at		Purchase			Disposals		Cumulative			Balance at
	December 31,		Price			and		Translation			December 31,
	2010		Adjustments			Impairments		Adjustment			2011
	(In thousands)
Drilling & Rig Services:
U.S. Lower 48 Land Drilling	$	30,154	$	—		$	—	$	—		$	30,154
U.S. Offshore	7,296		—			—		—			7,296
Alaska	19,995		—			—		—			19,995
International	18,983		—			—		—			18,983
Other Rig Services	27,113		8,000		(1)	—		(347		)	34,766
Subtotal Drilling & Rig Services	103,541		8,000			—		(347		)		111,194
Completion & Production Services	390,831		(767		)(2)	—		—			390,064
Total	$	494,372	$	7,233		$	—	$	(347	)	$	501,258

			Acquisitions
			and
	Balance at		Purchase		Disposals			Cumulative		Balance at
	December 31,		Price		and			Translation		December 31,
	2011		Adjustments		Impairments			Adjustment		2012
	(In thousands)
Drilling & Rig Services:
U.S. Lower 48 Land Drilling	$	30,154	$	—	$	—		$	—	$	30,154
U.S. Offshore	7,296		—		(7,296		)(3)	—		—
Alaska	19,995		—		—			—		19,995
International	18,983		—		(18,983		)(3)	—		—
Other Rig Services	34,766		—		(3,035		)(4)	382		32,113
Subtotal Drilling & Rig Services	111,194		—		(29,314		)	382		82,262
Completion & Production Services	390,064		—		—			—		390,064
Total	$	501,258	$	—	$	(29,314	)	$	382	$	472,326

(1) Represents the goodwill recorded in connection with our acquisition of the remaining 50 percent equity interest of Peak.  See Note 5 — Acquisitions for additional discussion.

(2) Represents an adjustment to the goodwill recorded in connection with our acquisition of Energy Contractors.

(3) Represents the impairment of goodwill associated with our U.S. Offshore and International reporting units. As of December 31, 2012, these reporting units had no recorded goodwill. See Note 3 — Impairments and Other Charges for additional discussion.

(4) Represents the removal of goodwill in connection with our sale of Peak USA to an unrelated third party for $13.5 million cash during the second quarter of 2012.  Peak USA, a subsidiary included in our Other Rig Services reporting unit, provided trucking and logistics services to the oilfield service market in the U.S. Lower 48 states.