Segment Information

9 Months Ended

Sep. 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				Nine Months Ended
		September 30,				September 30,
		2021		2020		2021		2020
	(In thousands)
Operating revenues:
U.S. Drilling		$	173,441	$	130,243	$	477,346	$	578,928
Canada Drilling			6,034		10,774		39,336		39,929
International Drilling			270,008		248,392		772,128		886,580
Drilling Solutions			45,880		29,324		120,697		117,837
Rig Technologies			42,053		28,466		102,353		104,198
Other reconciling items (1)			(13,251)		(8,847)		(37,851)		(36,825)
Total		$	524,165	$	438,352	$	1,474,009	$	1,690,647

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2021		2020		2021		2020
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	(19,700)	$	(39,162)	$	(63,905)	$	(69,961)
Canada Drilling			1,371		(3,507)		2,670		(9,265)
International Drilling			(7,297)		(16,872)		(34,368)		(20,743)
Drilling Solutions			8,607		(3,583)		19,841		8,699
Rig Technologies			1,926		(1,807)		(1,335)		(11,450)
Total segment adjusted operating income (loss)		$	(15,093)	$	(64,931)	$	(77,097)	$	(102,720)

		Three Months Ended				Nine Months Ended
		September 30,				September 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)		$	(15,093)	$	(64,931)	$	(77,097)	$	(102,720)
Other reconciling items (3)			(33,050)		(27,709)		(98,045)		(86,547)
Investment income (loss)			200		(742)		1,401		(1,904)
Interest expense			(42,217)		(52,403)		(126,906)		(158,331)
Impairments and other charges			(3,068)		(5,017)		(65,419)		(339,303)
Other, net			(19,690)		425		(31,140)		48,330
Income (loss) from continuing operations before income taxes		$	(112,918)	$	(150,377)	$	(397,206)	$	(640,475)

	September 30,		December 31,
	2021		2020
	(In thousands)
Total assets:
U.S. Drilling	$	1,675,517	$	1,871,008
Canada Drilling		11,468		174,123
International Drilling		2,442,054		2,688,912
Drilling Solutions		76,041		100,278
Rig Technologies		200,814		225,954
Other reconciling items (3)		768,932		443,153
Total	$	5,174,826	$	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.