Segment Information

6 Months Ended

Jun. 30, 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				Six Months Ended
		June 30,				June 30,
		2023		2022		2023		2022
	(In thousands)
Operating revenues:
U.S. Drilling		$	314,830	$	253,008	$	665,482	$	470,591
International Drilling			337,650		296,320		657,698		575,350
Drilling Solutions			76,855		55,879		151,898		110,061
Rig Technologies			63,565		45,094		122,044		81,830
Other reconciling items (1)			(25,833)		(19,358)		(50,916)		(38,350)
Total		$	767,067	$	630,943	$	1,546,206	$	1,199,482

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2023		2022		2023		2022
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	75,408	$	8,288	$	161,277	$	2,437
International Drilling			10,407		4,605		12,364		(1,722)
Drilling Solutions			28,351		18,260		55,489		32,969
Rig Technologies			5,052		2,127		8,746		(624)
Total segment adjusted operating income (loss)		$	119,218	$	33,280	$	237,876	$	33,060

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2023		2022		2023		2022
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	16,231	$	(69,935)	$	77,291	$	(244,603)
Income tax expense (benefit)			26,448		9,353		49,463		23,024
Income (loss) before income taxes		$	42,679	$	(60,582)		126,754	$	(221,579)
Investment (income) loss			(11,743)		(822)		(21,609)		(985)
Interest expense			46,164		42,899		91,305		89,809
Other, net			(1,775)		14,528		(44,150)		94,929
Other reconciling items (3)			43,893		37,257		85,576		70,886
Total segment adjusted operating income (loss) (2)		$	119,218	$	33,280	$	237,876	$	33,060

	June 30,		December 31,
	2023		2022
	(In thousands)
Total assets:
U.S. Drilling	$	1,303,902	$	1,389,459
International Drilling		2,239,643		2,273,766
Drilling Solutions		73,519		63,652
Rig Technologies		239,468		207,345
Other reconciling items (3)		606,735		795,632
Total	$	4,463,267	$	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.