Segment Information

3 Months Ended

Mar. 31, 2023

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
		March 31,
		2023		2022
	(In thousands)
Operating revenues:
U.S. Drilling		$	350,652	$	217,583
International Drilling			320,048		279,030
Drilling Solutions			75,043		54,182
Rig Technologies			58,479		36,736
Other reconciling items (1)			(25,083)		(18,992)
Total		$	779,139	$	568,539

		Three Months Ended
		March 31,
		2023		2022
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	85,869	$	(5,851)
International Drilling			1,957		(6,327)
Drilling Solutions			27,138		14,709
Rig Technologies			3,694		(2,751)
Total segment adjusted operating income (loss)		$	118,658	$	(220)

		Three Months Ended
		March 31,
		2023		2022
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	61,060	$	(174,668)
Income tax expense (benefit)			23,015		13,671
Income (loss) before income taxes			84,075	$	(160,997)
Investment (income) loss			(9,866)		(163)
Interest expense			45,141		46,910
Other, net			(42,375)		80,401
Other reconciling items (3)			41,683		33,629
Total segment adjusted operating income (loss) (2)		$	118,658	$	(220)

	March 31,		December 31,
	2023		2022
	(In thousands)
Total assets:
U.S. Drilling	$	1,345,122	$	1,389,459
International Drilling		2,229,068		2,273,766
Drilling Solutions		72,002		63,652
Rig Technologies		225,006		207,345
Other reconciling items (3)		828,778		795,632
Total	$	4,699,976	$	4,729,854

(1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment.

(2) Adjusted operating income (loss) represents income (loss) 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.