Segment Information

6 Months Ended

Jun. 30, 2020

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				Six Months Ended
		June 30,				June 30,
		2020		2019		2020		2019
	(In thousands)
Operating revenues:
U.S. Drilling		$	173,784	$	323,402	$	448,685	$	643,611
Canada Drilling			3,564		11,389		29,155		36,704
International Drilling			301,078		326,905		638,188		664,161
Drilling Solutions			33,129		64,583		88,513		130,005
Rig Technologies			33,582		72,751		75,732		144,504
Other reconciling items (1)			(11,206)		(27,624)		(27,978)		(47,939)
Total		$	533,931	$	771,406	$	1,252,295	$	1,571,046

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2020		2019		2020		2019
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	(23,395)	$	20,392	$	(30,799)	$	45,075
Canada Drilling			(5,795)		(5,537)		(5,758)		(5,596)
International Drilling			276		(6,884)		(3,871)		(12,521)
Drilling Solutions			1,733		13,793		12,282		26,648
Rig Technologies			(1,492)		496		(9,643)		(4,652)
Total segment adjusted operating income (loss)		$	(28,673)	$	22,260	$	(37,789)	$	48,954

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2020		2019		2020		2019
	(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)		$	(28,673)	$	22,260	$	(37,789)	$	48,954
Other reconciling items (3)			(28,622)		(42,172)		(58,838)		(82,261)
Earnings (losses) from unconsolidated affiliates			—		—		—		(5)
Investment income (loss)			2,036		469		(1,162)		10,146
Interest expense			(51,206)		(51,491)		(105,928)		(103,843)
Impairments and other charges			(57,852)		(102,570)		(334,286)		(99,903)
Other, net			30,795		(7,899)		47,905		(28,068)
Income (loss) from continuing operations before income taxes		$	(133,522)	$	(181,403)	$	(490,098)	$	(254,980)

	June 30,		December 31,
	2020		2019
	(In thousands)
Total assets:
U.S. Drilling	$	2,091,100	$	2,369,200
Canada Drilling		163,694		202,706
International Drilling		2,818,800		2,979,494
Drilling Solutions		130,035		218,004
Rig Technologies		247,021		324,523
Other reconciling items (3)		531,765		666,731
Total	$	5,982,415	$	6,760,658

(1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment.

(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.