Segment Information

6 Months Ended

Jun. 30, 2021

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,
		2021		2020		2021		2020
	(In thousands)
Operating revenues:
U.S. Drilling		$	161,606	$	173,784	$	303,905	$	448,685
Canada Drilling			12,313		3,564		33,302		29,155
International Drilling			255,282		301,078		502,120		638,188
Drilling Solutions			39,111		33,129		74,817		88,513
Rig Technologies			34,552		33,582		60,300		75,732
Other reconciling items (1)			(13,531)		(11,206)		(24,600)		(27,978)
Total		$	489,333	$	533,931	$	949,844	$	1,252,295

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2021		2020		2021		2020
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	(20,869)	$	(23,395)	$	(44,205)	$	(30,799)
Canada Drilling			(2,608)		(5,795)		1,299		(5,758)
International Drilling			(8,439)		276		(27,071)		(3,871)
Drilling Solutions			6,524		1,733		11,234		12,282
Rig Technologies			(692)		(1,492)		(3,261)		(9,643)
Total segment adjusted operating income (loss)		$	(26,084)	$	(28,673)	$	(62,004)	$	(37,789)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2021		2020		2021		2020
	(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)		$	(26,084)	$	(28,673)	$	(62,004)	$	(37,789)
Other reconciling items (3)			(31,369)		(28,622)		(64,995)		(58,838)
Investment income (loss)			(62)		2,036		1,201		(1,162)
Interest expense			(41,714)		(51,206)		(84,689)		(105,928)
Impairments and other charges			(59,868)		(57,852)		(62,351)		(334,286)
Other, net			(6,587)		30,795		(11,450)		47,905
Income (loss) from continuing operations before income taxes		$	(165,684)	$	(133,522)	$	(284,288)	$	(490,098)

	June 30,		December 31,
	2021		2020
	(In thousands)
Total assets:
U.S. Drilling	$	1,724,672	$	1,871,008
Canada Drilling		109,437		174,123
International Drilling		2,493,823		2,688,912
Drilling Solutions		82,705		100,278
Rig Technologies		208,611		225,954
Other reconciling items (3)		423,070		443,153
Total	$	5,042,318	$	5,503,428

(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.