Segment Information (Tables)

3 Months Ended

Mar. 31, 2024

Segment Information

Financial information with respect to operating segments

		Three Months Ended
		March 31,
		2024		2023
	(In thousands)
Operating revenues:
U.S. Drilling		$	271,989	$	350,652
International Drilling			349,359		320,048
Drilling Solutions			75,574		75,043
Rig Technologies			50,156		58,479
Other reconciling items (1)			(13,374)		(25,083)
Total		$	733,704	$	779,139

		Three Months Ended
		March 31,
		2024		2023
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	50,529	$	85,869
International Drilling			22,476		1,957
Drilling Solutions			26,893		27,138
Rig Technologies			4,209		3,694
Total segment adjusted operating income (loss)		$	104,107	$	118,658

		Three Months Ended
		March 31,
		2024		2023
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	(9,002)	$	61,060
Income tax expense (benefit)			16,044		23,015
Income (loss) before income taxes			7,042	$	84,075
Investment (income) loss			(10,201)		(9,866)
Interest expense			50,379		45,141
Other, net			16,108		(42,375)
Other reconciling items (3)			40,779		41,683
Total segment adjusted operating income (loss) (2)		$	104,107	$	118,658

	March 31,		December 31,
	2024		2023
	(In thousands)
Total assets:
U.S. Drilling	$	1,192,528	$	1,239,765
International Drilling		2,280,486		2,227,308
Drilling Solutions		78,278		78,472
Rig Technologies		235,320		239,167
Other reconciling items (3)		858,360		1,493,253
Total	$	4,644,972	$	5,277,965

(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.