Segment Information

9 Months Ended

Sep. 30, 2019

Segment Information

Segment Information

Note 12 Segment Information

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

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2019		2018		2019		2018
	(In thousands)
Operating revenues:
U.S. Drilling		$	307,808	$	273,996	$	951,419	$	779,393
Canada Drilling			12,191		26,645		48,895		75,974
International Drilling			328,278		377,125		992,439		1,123,956
Drilling Solutions			62,286		60,923		192,291		183,430
Rig Technologies			63,106		63,641		207,610		209,631
Other reconciling items (1)			(15,593)		(22,905)		(63,532)		(96,845)
Total		$	758,076	$	779,425	$	2,329,122	$	2,275,539

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2019		2018		2019		2018
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	12,427	$	2,578	$	57,502	$	(30,275)
Canada Drilling			(5,701)		(1,895)		(11,297)		(7,095)
International Drilling			2,466		25,680		(10,055)		74,702
Drilling Solutions			16,145		9,506		42,793		25,773
Rig Technologies			(641)		(4,141)		(5,293)		(20,550)
Total segment adjusted operating income (loss)		$	24,696	$	31,728	$	73,650	$	42,555

		Three Months Ended				Nine Months Ended
		September 30,				September 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)		$	24,696	$	31,728	$	73,650	$	42,555
Other reconciling items (3)			(39,219)		(39,285)		(121,480)		(125,725)
Earnings (losses) from unconsolidated affiliates			—		—		(5)		1
Investment income (loss)			(1,437)		(1,342)		8,709		(4,041)
Interest expense			(51,291)		(51,415)		(155,134)		(173,393)
Impairments and other charges			(3,629)		(13,770)		(106,007)		(90,434)
Other, net			(5,005)		(9,137)		(30,598)		(24,163)
Income (loss) from continuing operations before income taxes		$	(75,885)	$	(83,221)	$	(330,865)	$	(375,200)

	September 30,		December 31,
	2019		2018
	(In thousands)
Total assets:
U.S. Drilling	$	2,521,098	$	2,982,974
Canada Drilling		215,813		252,817
International Drilling		3,084,525		3,320,347
Drilling Solutions		222,605		281,078
Rig Technologies		411,831		401,044
Other reconciling items (3)		817,625		615,684
Total	$	7,273,497	$	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.