Segment Information (Tables)

6 Months Ended

Jun. 30, 2024

Segment Information

Financial information with respect to operating segments

The following table sets forth financial information with respect to our reportable operating segments:

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
	(In thousands)
Operating revenues:
U.S. Drilling		$	259,723	$	314,830	$	531,712	$	665,482
International Drilling			356,733		337,650		706,092		657,698
Drilling Solutions			82,961		76,855		158,535		151,898
Rig Technologies			49,546		63,565		99,702		122,044
Other reconciling items (1)			(14,165)		(25,833)		(27,539)		(50,916)
Total		$	734,798	$	767,067	$	1,468,502	$	1,546,206

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
	(In thousands)
Adjusted operating income (loss): (2)
U.S. Drilling		$	45,085	$	75,408	$	95,614	$	161,277
International Drilling			23,672		10,407		46,148		12,364
Drilling Solutions			27,319		28,351		54,212		55,489
Rig Technologies			4,860		5,052		9,069		8,746
Total segment adjusted operating income (loss)		$	100,936	$	119,218	$	205,043	$	237,876

		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2024		2023		2024		2023
	(In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss):
Net income (loss)		$	(13,029)	$	16,231	$	(22,031)	$	77,291
Income tax expense (benefit)			15,554		26,448		31,598		49,463
Income (loss) before income taxes			2,525		42,679		9,567		126,754
Investment (income) loss			(8,181)		(11,743)		(18,382)		(21,609)
Interest expense			51,493		46,164		101,872		91,305
Other, net			12,079		(1,775)		28,187		(44,150)
Other reconciling items (3)			43,020		43,893		83,799		85,576
Total segment adjusted operating income (loss) (2)		$	100,936	$	119,218	$	205,043	$	237,876

	June 30,		December 31,
	2024		2023
	(In thousands)
Total assets:
U.S. Drilling	$	1,157,427	$	1,239,765
International Drilling		2,299,431		2,227,308
Drilling Solutions		78,696		78,472
Rig Technologies		225,384		239,167
Other reconciling items (3)		854,755		1,493,253
Total	$	4,615,693	$	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.