Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Summary of Significant Accounting Policies

Inventory

	June 30,		December 31,
	2020		2019
	(In thousands)
Raw materials	$	133,563	$	130,414
Work-in-progress		7,777		5,498
Finished goods		25,197		40,429
	$	166,537	$	176,341

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

			Acquisitions
			and
	Balance at		Purchase		Disposals			Cumulative		Balance at
	December 31,		Price		and			Translation		June 30,
	2019		Adjustments		Impairments			Adjustment		2020
	(In thousands)
Drilling Solutions	$	11,436	$	—	$	(11,436)	(1)	$	—	$	—
Rig Technologies		16,944		—		(16,362)	(1)		(582)		—
Total	$	28,380	$	—	$	(27,798)		$	(582)	$	—

(1) Due to industry conditions that existed at March 31, 2020 such as the drop in commodity prices and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we performed a quantitative impairment assessment of our goodwill as of March 31, 2020. Based on the results of our goodwill test, we recognized a goodwill impairment of $27.8 million. See Note 10—Impairments and Other Charges.