Segment Information (Tables)

9 Months Ended

Sep. 30, 2023

Segment Information

Financial information with respect to operating segments

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2023		2022		2023		2022
	(In thousands)
Operating revenues:
U.S. Drilling		$	276,385	$	297,178	$	941,867	$	767,769
International Drilling			344,780		306,355		1,002,478		881,705
Drilling Solutions			72,831		61,981		224,729		172,042
Rig Technologies			61,437		50,496		183,481		132,326
Other reconciling items (1)			(21,459)		(21,874)		(72,375)		(60,224)
Total		$	733,974	$	694,136	$	2,280,180	$	1,893,618

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2023		2022		2023		2022
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	49,582	$	37,776	$	210,859	$	40,213
International Drilling			9,862		(907)		22,226		(2,629)
Drilling Solutions			25,341		20,099		80,830		53,068
Rig Technologies			4,995		3,412		13,741		2,788
Total segment adjusted operating income (loss)		$	89,780	$	60,380	$	327,656	$	93,440

		Three Months Ended				Nine Months Ended
		September 30,				September 30,
		2023		2022		2023		2022
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	(31,244)	$	(4,461)	$	46,047	$	(249,064)
Income tax expense (benefit)			10,513		12,352		59,976		35,376
Income (loss) before income taxes		$	(20,731)	$	7,891		106,023	$	(213,688)
Investment (income) loss			(10,169)		(4,813)		(31,778)		(5,798)
Interest expense			44,042		43,841		135,347		133,650
Other, net			35,546		(25,954)		(8,604)		68,975
Other reconciling items (3)			41,092		39,415		126,668		110,301
Total segment adjusted operating income (loss) (2)		$	89,780	$	60,380	$	327,656	$	93,440

	September 30,		December 31,
	2023		2022
	(In thousands)
Total assets:
U.S. Drilling	$	1,278,623	$	1,389,459
International Drilling		2,239,422		2,273,766
Drilling Solutions		81,464		63,652
Rig Technologies		239,384		207,345
Other reconciling items (3)		887,957		795,632
Total	$	4,726,850	$	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.