Segment Information

6 Months Ended

Jun. 30, 2022

Segment Information

Segment Information

Note 11 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,
		2022		2021		2022		2021
	(In thousands)
Operating revenues:
U.S. Drilling		$	253,008	$	161,606	$	470,591	$	303,905
Canada Drilling			—		12,313		—		33,302
International Drilling			296,320		255,282		575,350		502,120
Drilling Solutions			55,879		39,111		110,061		74,817
Rig Technologies			45,094		34,552		81,830		60,300
Other reconciling items (1)			(19,358)		(13,531)		(38,350)		(24,600)
Total		$	630,943	$	489,333	$	1,199,482	$	949,844

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2022		2021		2022		2021
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	8,288	$	(20,869)	$	2,437	$	(44,205)
Canada Drilling			(15)		(2,608)		(34)		1,299
International Drilling			4,605		(8,439)		(1,722)		(27,071)
Drilling Solutions			18,260		6,524		32,969		11,234
Rig Technologies			2,127		(692)		(624)		(3,261)
Total segment adjusted operating income (loss)		$	33,265	$	(26,084)	$	33,026	$	(62,004)

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2022		2021		2022		2021
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	(69,935)	$	(190,395)	$	(244,603)	$	(318,705)
Income (loss) from discontinued operations, net of tax			—		(8)		—		(27)
Income (loss) from continuing operations, net of tax			(69,935)		(190,403)		(244,603)		(318,732)
Income tax expense (benefit)			9,353		24,719		23,024		34,444
Income (loss) from continuing operations before income taxes		$	(60,582)	$	(165,684)		(221,579)	$	(284,288)
Investment (income) loss			(822)		62		(985)		(1,201)
Interest expense			42,899		41,714		89,809		84,689
Other, net			14,528		66,455		94,929		73,801
Other reconciling items (3)			37,242		31,369		70,852		64,995
Total segment adjusted operating income (loss) (2)		$	33,265	$	(26,084)	$	33,026	$	(62,004)

	June 30,		December 31,
	2022		2021
	(In thousands)
Total assets:
U.S. Drilling	$	1,496,033	$	1,606,683
Canada Drilling		410		1,392
International Drilling		2,290,381		2,380,703
Drilling Solutions		60,220		65,899
Rig Technologies		175,962		190,489
Other reconciling items (3)		777,977		1,280,198
Total	$	4,800,983	$	5,525,364

(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, investment income (loss), 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 from net income (loss) is provided in the above table.

(3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.