Segment Information

6 Months Ended

Jun. 30, 2019

Segment Information

Segment Information

Note 11 Segment Information

The following table sets forth financial information with respect to our reportable operating segments:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2019		2018		2019		2018
	(In thousands)
Operating revenues:
U.S. Drilling		$	323,402	$	264,395	$	643,611	$	505,397
Canada Drilling			11,389		17,442		36,704		49,329
International Drilling			326,905		377,986		664,161		746,831
Drilling Solutions			64,583		59,859		130,005		122,507
Rig Technologies			72,751		81,321		144,504		145,990
Other reconciling items (1)			(27,624)		(39,083)		(47,939)		(73,940)
Total		$	771,406	$	761,920	$	1,571,046	$	1,496,114

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2019		2018		2019		2018
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	20,392	$	(13,107)	$	45,075	$	(32,853)
Canada Drilling			(5,537)		(4,608)		(5,596)		(5,200)
International Drilling			(6,884)		24,486		(12,521)		49,022
Drilling Solutions			13,793		7,546		26,648		16,267
Rig Technologies			496		(3,433)		(4,652)		(16,409)
Total segment adjusted operating income (loss)		$	22,260	$	10,884	$	48,954	$	10,827

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2019		2018		2019		2018
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Total segment adjusted operating income (loss) (2)		$	22,260	$	10,884	$	48,954	$	10,827
Other reconciling items (3)			(42,172)		(41,463)		(82,261)		(86,440)
Earnings (losses) from unconsolidated affiliates			—		(1)		(5)		1
Investment income (loss)			469		(3,164)		10,146		(2,699)
Interest expense			(51,491)		(60,592)		(103,843)		(121,978)
Impairments and other charges			(102,570)		(69,620)		(99,903)		(76,664)
Other, net			(7,899)		(7,981)		(28,068)		(15,026)
Income (loss) from continuing operations before income taxes		$	(181,403)	$	(171,937)	$	(254,980)	$	(291,979)

	June 30,		December 31,
	2019		2018
	(In thousands)
Total assets:
U.S. Drilling	$	2,897,846	$	2,982,974
Canada Drilling		223,881		252,817
International Drilling		3,104,495		3,320,347
Drilling Solutions		251,536		281,078
Rig Technologies		422,788		401,044
Other reconciling items (3)		613,957		615,684
Total	$	7,514,503	$	7,853,944

(1) Represents the elimination of inter-segment transactions.

(2) Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects 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 to income (loss) from continuing operations before income taxes is provided in the above table.

(3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.