Segment Information (Tables)

9 Months Ended

Sep. 30, 2022

Segment Information

Financial information with respect to operating segments

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2022		2021		2022		2021
	(In thousands)
Operating revenues:
U.S. Drilling		$	297,178	$	173,441	$	767,769	$	477,346
Canada Drilling			—		6,034		—		39,336
International Drilling			306,355		270,008		881,705		772,128
Drilling Solutions			61,981		45,880		172,042		120,697
Rig Technologies			50,496		42,053		132,326		102,353
Other reconciling items (1)			(21,874)		(13,251)		(60,224)		(37,851)
Total		$	694,136	$	524,165	$	1,893,618	$	1,474,009

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2022		2021		2022		2021
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	37,776	$	(19,700)	$	40,213	$	(63,905)
Canada Drilling			(9)		1,371		(43)		2,670
International Drilling			(907)		(7,297)		(2,629)		(34,368)
Drilling Solutions			20,099		8,607		53,068		19,841
Rig Technologies			3,412		1,926		2,788		(1,335)
Total segment adjusted operating income (loss)		$	60,371	$	(15,093)	$	93,397	$	(77,097)

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2022		2021		2022		2021
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	(4,461)	$	(115,722)	$	(249,064)	$	(434,427)
Income (loss) from discontinued operations, net of tax			—		20		—		(7)
Income (loss) from continuing operations, net of tax			(4,461)		(115,702)		(249,064)		(434,434)
Income tax expense (benefit)			12,352		2,784		35,376		37,228
Income (loss) from continuing operations before income taxes		$	7,891	$	(112,918)		(213,688)	$	(397,206)
Investment (income) loss			(4,813)		(200)		(5,798)		(1,401)
Interest expense			43,841		42,217		133,650		126,906
Other, net			(25,954)		22,758		68,975		96,559
Other reconciling items (3)			39,406		33,050		110,258		98,045
Total segment adjusted operating income (loss) (2)		$	60,371	$	(15,093)	$	93,397	$	(77,097)

	September 30,		December 31,
	2022		2021
	(In thousands)
Total assets:
U.S. Drilling	$	1,444,686	$	1,606,683
Canada Drilling		368		1,392
International Drilling		2,297,339		2,380,703
Drilling Solutions		59,261		65,899
Rig Technologies		189,878		190,489
Other reconciling items (3)		777,023		1,280,198
Total	$	4,768,555	$	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.