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BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended
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Mar. 31, 2020
Segment Reporting [Abstract] |
Summary of Financial Information of Reportable Segments | Summarized financial information of our reportable segments for the three months ended March 31, 2020 and 2019 is shown in the following tables:
| Three Months Ended March 31, 2020
(in thousands) | U.S. Land |  | Offshore |  | International Land |  | H&P Technologies |  | Other |  | Eliminations |  | Total
External Sales | $ | 530,664 |  |  | $ | 33,079 |  |  | $ | 51,250 |  |  | $ | 15,297 |  |  | $ | 3,349 |  |  | $ | — |  |  | $ | 633,639 |
Intersegment | — |  |  | — |  |  | — |  |  | 2,412 |  |  | 10,649 |  |  | (13,061 | ) |  | — |
Total Sales | 530,664 |  |  | 33,079 |  |  | 51,250 |  |  | 17,709 |  |  | 13,998 |  |  | (13,061 | ) |  | 633,639 |
Segment Operating Income (Loss) | (309,093 | ) |  | (3,319 | ) |  | (152,469 | ) |  | (33,574 | ) |  | 376 |  |  | — |  |  | (498,079 | )
| Three Months Ended March 31, 2019
(in thousands) | U.S. Land (1) |  | Offshore |  | International Land |  | H&P Technologies (1) |  | Other |  | Eliminations |  | Total
External Sales | $ | 617,533 |  |  | $ | 34,583 |  |  | $ | 50,808 |  |  | $ | 14,729 |  |  | $ | 3,215 |  |  | $ | — |  |  | $ | 720,868 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Sales | 617,533 |  |  | 34,583 |  |  | 50,808 |  |  | 14,729 |  |  | 3,215 |  |  | — |  |  | 720,868 |
Segment Operating Income (Loss) | 102,015 |  |  | 4,531 |  |  | 7,968 |  |  | (3,808 | ) |  | 1,164 |  |  | — |  |  | 111,870 |
(1) | Prior period information has been restated to reflect the transfer of FlexApp revenue and the related costs from U.S. Land to H&P Technologies. Certain FlexApp revenue not separately priced in drilling contracts, and recorded in the U.S. Land segment, was impracticable to retrospectively quantify, and as such was not restated.
Summarized financial information of our reportable segments for the six months ended March 31, 2020 and 2019 is shown in the following tables:
| Six Months Ended March 31, 2020
(in thousands) | U.S. Land |  | Offshore |  | International Land |  | H&P Technologies |  | Other |  | Eliminations |  | Total
External Sales | $ | 1,039,492 |  |  | $ | 73,334 |  |  | $ | 97,712 |  |  | $ | 31,150 |  |  | $ | 6,608 |  |  | $ | — |  |  | $ | 1,248,296 |
Intersegment | — |  |  | — |  |  | — |  |  | 5,111 |  |  | 18,545 |  |  | (23,656 | ) |  | — |
Total Sales | 1,039,492 |  |  | 73,334 |  |  | 97,712 |  |  | 36,261 |  |  | 25,153 |  |  | (23,656 | ) |  | 1,248,296 |
Segment Operating Income (Loss) | (252,403 | ) |  | 3,009 |  |  | (149,354 | ) |  | (38,125 | ) |  | (705 | ) |  | — |  |  | (437,578 | )
| Six Months Ended March 31, 2019
(in thousands) | U.S. Land (1) |  | Offshore |  | International Land |  | H&P Technologies (1) |  | Other |  | Eliminations |  | Total
External Sales | $ | 1,236,958 |  |  | $ | 71,493 |  |  | $ | 117,095 |  |  | $ | 29,465 |  |  | $ | 6,455 |  |  | $ | — |  |  | $ | 1,461,466 |
Intersegment | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total Sales | 1,236,958 |  |  | 71,493 |  |  | 117,095 |  |  | 29,465 |  |  | 6,455 |  |  | — |  |  | 1,461,466 |
Segment Operating Income (Loss) | 177,928 |  |  | 11,699 |  |  | 14,597 |  |  | (10,397 | ) |  | 2,718 |  |  | — |  |  | 196,545 |
(1) Prior period information has been restated to reflect the transfer of FlexApp revenue and the related costs from U.S. Land to H&P Technologies. Certain FlexApp revenue not separately priced in drilling contracts, and recorded in the U.S. Land segment, was impracticable to retrospectively quantify, and as such was not restated.
Reconciliation of Segment Operating Income (Loss) to Income from Continuing Operations Before Income Taxes | The following table reconciles segment operating income per the tables above to income from continuing operations before income taxes as reported on the Unaudited Condensed Consolidated Statements of Operations:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Segment operating income | $ | (498,079 | ) |  | $ | 111,870 |  |  | $ | (437,578 | ) |  | $ | 196,545 |
Gain on sale of assets | 10,310 |  |  | 11,546 |  |  | 14,589 |  |  | 17,090 |
Corporate selling, general and administrative costs and corporate depreciation | (30,772 | ) |  | (28,270 | ) |  | (64,184 | ) |  | (64,200 | )
Operating income (loss) from continuing operations | (518,541 | ) |  | 95,146 |  |  | (487,173 | ) |  | 149,435 |
Other income (expense) |  |  |  |  |  |  |
Interest and dividend income | 3,566 |  |  | 2,061 |  |  | 5,780 |  |  | 4,512 |
Interest expense | (6,095 | ) |  | (6,167 | ) |  | (12,195 | ) |  | (10,888 | )
Gain (loss) on investment securities | (12,413 | ) |  | 5,878 |  |  | (9,592 | ) |  | (36,957 | )
Gain on sale of subsidiary | — |  |  | — |  |  | 14,963 |  |  | — |
Other | (398 | ) |  | 17 |  |  | (797 | ) |  | 548 |
Total unallocated amounts | (15,340 | ) |  | 1,789 |  |  | (1,841 | ) |  | (42,785 | )
Income (loss) from continuing operations before income taxes | $ | (533,881 | ) |  | $ | 96,935 |  |  | $ | (489,014 | ) |  | $ | 106,650 |
Total Assets by Reportable Segment | The following table presents total assets by reportable segment:
(in thousands) | March 31, 2020 |  | September 30, 2019
Total assets (1) |  |  |
U.S. Land | $ | 4,158,450 |  |  | $ | 5,099,583 |
Offshore | 111,116 |  |  | 102,442 |
International Land | 179,170 |  |  | 217,094 |
H&P Technologies | 151,577 |  |  | 184,558 |
Other | 42,503 |  |  | 32,532 |
| 4,642,816 |  |  | 5,636,209 |
Investments and corporate operations | 533,938 |  |  | 203,306 |
Total assets from continuing operations | 5,176,754 |  |  | 5,839,515 |
Discontinued operations | — |  |  | — |
| $ | 5,176,754 |  |  | $ | 5,839,515 |
(1) Assets by segment exclude investments in subsidiaries and intersegment activity.
Revenues from External Customers by Country | The following table presents revenues from external customers by country based on the location of service provided:
| Three Months Ended March 31, |  | Six Months Ended March 31,
(in thousands) | 2020 |  | 2019 |  | 2020 |  | 2019
Operating revenues |  |  |  |  |  |  |
United States | $ | 581,520 |  |  | $ | 669,424 |  |  | $ | 1,148,335 |  |  | $ | 1,343,425 |
Argentina | 29,682 |  |  | 41,084 |  |  | 70,291 |  |  | 82,689 |
Bahrain | 10,383 |  |  | 2,526 |  |  | 15,067 |  |  | 5,054 |
United Arab Emirates | 6,280 |  |  | — |  |  | 6,453 |  |  | 4,728 |
Colombia | 4,905 |  |  | 7,198 |  |  | 5,901 |  |  | 24,624 |
Other Foreign | 869 |  |  | 636 |  |  | 2,249 |  |  | 946 |
Total | $ | 633,639 |  |  | $ | 720,868 |  |  | $ | 1,248,296 |  |  | $ | 1,461,466 |

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- Definition Tabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e9038-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.1) -URI http://asc.fasb.org/extlink&oid=116634182&loc=SL114868664-224227 + Details
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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8736-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8813-108599 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=108376223&loc=d3e13816-109267 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8721-108599 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=115929826&loc=d3e8906-108599 + Details
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