Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Summary of Significant Accounting Policies

Inventory

	December 31,
	2020		2019
	(In thousands)
Raw materials	$	133,424	$	130,414
Work-in-progress		3,452		5,498
Finished goods		23,709		40,429
	$	160,585	$	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		Other		December 31,
	2018		Adjustments		Impairments			Adjustment		Adjustments		2019
	(In thousands)
U.S. Drilling	$	50,149	$	—	$	(52,203)	(1)	$	—	$	2,054	$	—
International Drilling		75,634		—		(75,634)	(1)		—		—		—
Drilling Solutions		11,436		—		—			—		—		11,436
Rig Technologies		46,695		—		(28,136)	(1)		439		(2,054)		16,944
Total	$	183,914	$	—	$	(155,973)		$	439	$	—	$	28,380

			Acquisitions
			and
	Balance at		Purchase		Disposals			Cumulative				Balance at
	December 31,		Price		and			Translation		Other		December 31,
	2019		Adjustments		Impairments			Adjustment		Adjustment		2020
	(In thousands)
Drilling Solutions	$	11,436	$	—	$	(11,436)	(2)	$	—		—	$	—
Rig Technologies		16,944		—		(16,362)	(2)		(582)		—		—
Total	$	28,380	$	—	$	(27,798)		$	(582)	$	—	$	—

(1) We determined the carrying value of some of our reporting units exceeded their fair value in 2019. As such, we recognized a goodwill impairment of $156.0 million. See Note 3—Impairments and Other Charges.

(2) Due to industry conditions that existed at March 31, 2020, we performed a quantitative impairment assessment of goodwill. Based on the results, we recognized a goodwill impairment of $27.8 million. See Note 3

—Impairments and Other Charges.