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Segment Information (Tables)
 3 Months Ended
Mar. 31, 2016
Segment Information  
Financial information with respect to operating segments

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

    

March 31,

 

 

 

    

2016

    

2015

    

 

 

 

(In thousands)

 

Operating revenues: (1)

 

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

 

U.S.

 

$
148,676

 

$
453,821

 

 

Canada

 

 
17,494

 

 
57,840

 

 

International

 

 
401,055

 

 
439,161

 

 

Rig Services (2)

 

 
53,853

 

 
144,084

 

 

Subtotal Drilling & Rig Services

 

 
621,078

 

 
1,094,906

 

 

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

 

Completion Services

 

 

 —

 

 
207,860

 

 

Production Services

 

 

 —

 

 
158,512

 

 

Subtotal Completion & Production Services

 

 

 —

 

 
366,372

 

 

 

 

 

 

 

 

 

 

 

Other reconciling items (3)

 

 
(23,507)

 

 
(46,571)

 

 

Total

 

$
597,571

 

$
1,414,707

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

    

March 31,

 

 

 

    

2016

    

2015

    

 

 

 

(In thousands)

 

Adjusted operating income (loss): (1) (4)

 

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

 

U.S.

 

$
(47,559)

 

$
77,038

 

 

Canada

 

 
(7,278)

 

 
6,358

 

 

International

 

 
46,872

 

 
98,802

 

 

Rig Services (2)

 

 
(10,644)

 

 
12,873

 

 

Subtotal Drilling & Rig Services

 

 
(18,609)

 

 
195,071

 

 

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

 

Completion Services

 

 

 —

 

 
(55,243)

 

 

Production Services

 

 

 —

 

 
(3,559)

 

 

Subtotal Completion & Production Services

 

 

 —

 

 
(58,802)

 

 

 

 

 

 

 

 

 

 

 

Other reconciling items (5)

 

 
(35,157)

 

 
(49,324)

 

 

Total

 

 
(53,766)

 

 
86,945

 

 

 

 

 

 

 

 

 

 

 

Earnings (losses) from unconsolidated affiliates (6)

 

$
(167,151)

 

$
6,502

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

 

    

March 31,

 

 

 

    

2016

    

2015

    

 

 

 

(In thousands)

 

Reconciliation of adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:

 

 

 

 

 

 

 

 

Total adjusted operating income (loss) (4)

 

$
(53,766)

 

$
86,945

 

 

Earnings (losses) from unconsolidated affiliates (6)

 

 
(167,151)

 

 
6,502

 

 

Investment income

 

 
343

 

 
969

 

 

Interest expense

 

 
(45,730)

 

 
(46,601)

 

 

Other, net

 

 
(182,404)

 

 
55,842

 

 

Income (loss) from continuing operations before income taxes

 

$
(448,708)

 

$
103,657

 

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

 

    

2016

    

2015

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

 

 

Drilling & Rig Services:

 

 

 

 

 

 

 

U.S.

 

 
3,522,748

 

 
3,654,216

 

Canada

 

 
359,208

 

 
371,151

 

International

 

 
4,000,478

 

 
4,108,416

 

Rig Services

 

 
412,241

 

 
430,319

 

Subtotal Drilling & Rig Services

 

 
8,294,675

 

 
8,564,102

 

Investment in unconsolidated affiliates (7)

 

 
94,657

 

 
415,177

 

Other reconciling items (5)

 

 
560,999

 

 
558,561

 

Total

 

$
8,950,331

 

$
9,537,840

 

(1)

All periods present the operating activities of most of our wholly owned oil and gas businesses as discontinued operations.

 

(2)

Includes our other services comprised of our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software services.

 

(3)

Represents the elimination of inter-segment transactions.

 

(4)

Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Adjusted operating income (loss) is a non-GAAP measure and should not be used in isolation or as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our operating segments and the consolidated company based on several criteria, including adjusted EBITDA and adjusted operating income (loss), because we believe that these financial measures accurately reflect our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table.

 

(5)

Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures

 

(6)

Represents our share of the net income (loss), as adjusted for our basis difference, of our unconsolidated affiliates accounted for by the equity method including a loss of $167.1 million for the three months ended March 31, 2016, related to our share of the net loss of CJES, which we report on a one-quarter lag.

 

Includes $93.8 million and $415.2 million of investments in unconsolidated affiliates accounted for using the equity method as of March 31, 2016 and December 31, 2015, respectively, including our investment in CJES.