XML 45 R34.htm IDEA: XBRL DOCUMENT
v3.23.1

BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended
--- | ---
Mar. 31, 2023
Segment Reporting [Abstract] |
Schedule of Financial Information of Reportable Segments | Summarized financial information of our reportable segments for the three and six months ended March 31, 2023 and 2022 is shown in the following tables:
| Three Months Ended March 31, 2023
(in thousands) | North America Solutions |  | Offshore Gulf of Mexico |  | International Solutions |  | Other |  | Eliminations |  | Total
External sales | $ | 675,780 |  |  | $ | 34,979 |  |  | $ | 55,890 |  |  | $ | 2,573 |  |  | $ | — |  |  | $ | 769,222 |
Intersegment | — |  |  | — |  |  | — |  |  | 17,662 |  |  | (17,662) |  |  | — |
Total sales | 675,780 |  |  | 34,979 |  |  | 55,890 |  |  | 20,235 |  |  | (17,662) |  |  | 769,222 |
Segment operating income | $ | 182,149 |  |  | $ | 6,687 |  |  | $ | 3,955 |  |  | $ | 6,823 |  |  | $ | (2,267) |  |  | $ | 197,347 |
| Three Months Ended March 31, 2022
(in thousands) | North America Solutions |  | Offshore Gulf of Mexico |  | International Solutions |  | Other |  | Eliminations |  | Total
External sales | $ | 408,814 |  |  | $ | 29,147 |  |  | $ | 27,422 |  |  | $ | 2,214 |  |  | $ | — |  |  | $ | 467,597 |
Intersegment | — |  |  | — |  |  | — |  |  | 13,204 |  |  | (13,204) |  |  | — |
Total sales | 408,814 |  |  | 29,147 |  |  | 27,422 |  |  | 15,418 |  |  | (13,204) |  |  | 467,597 |
Segment operating income (loss) | $ | 1,297 |  |  | $ | 5,278 |  |  | $ | (848) |  |  | $ | 3,167 |  |  | $ | (2,031) |  |  | $ | 6,863 |
| Six Months Ended March 31, 2023
(in thousands) | North America Solutions |  | Offshore Gulf of Mexico |  | International Solutions |  | Other |  | Eliminations |  | Total
External sales | $ | 1,302,943 |  |  | $ | 70,143 |  |  | $ | 110,691 |  |  | $ | 5,082 |  |  | $ | — |  |  | $ | 1,488,859 |
Intersegment | — |  |  | — |  |  | — |  |  | 34,064 |  |  | (34,064) |  |  | — |
Total sales | 1,302,943 |  |  | 70,143 |  |  | 110,691 |  |  | 39,146 |  |  | (34,064) |  |  | 1,488,859 |
Segment operating income | $ | 327,446 |  |  | $ | 13,433 |  |  | $ | 5,529 |  |  | $ | 11,500 |  |  | $ | 43 |  |  | $ | 357,951 |
| Six Months Ended March 31, 2022
(in thousands) | North America Solutions |  | Offshore Gulf of Mexico |  | International Solutions |  | Other |  | Eliminations |  | Total
External sales | $ | 749,848 |  |  | $ | 58,461 |  |  | $ | 64,581 |  |  | $ | 4,489 |  |  | $ | — |  |  | $ | 877,379 |
Intersegment | — |  |  | — |  |  | — |  |  | 26,852 |  |  | (26,852) |  |  | — |
Total sales | 749,848 |  |  | 58,461 |  |  | 64,581 |  |  | 31,341 |  |  | (26,852) |  |  | 877,379 |
Segment operating income (loss) | $ | (27,596) |  |  | $ | 10,744 |  |  | $ | 7,201 |  |  | $ | 7,096 |  |  | $ | (3,313) |  |  | $ | (5,868) |
Schedule of Reconciliation of Segment Operating Income (Loss) to Income from Continuing Operations Before Income Taxes | The following table reconciles segment operating income (loss) per the tables above to income (loss) 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) | 2023 |  | 2022 |  | 2023 |  | 2022
Segment operating income (loss) | $ | 197,347 |  |  | $ | 6,863 |  |  | $ | 357,951 |  |  | $ | (5,868) |
Gain on reimbursement of drilling equipment | 11,574 |  |  | 6,448 |  |  | 27,298 |  |  | 11,702 |
Other gain (loss) on sale of assets | 2,519 |  |  | 716 |  |  | 4,898 |  |  | (313) |
Corporate selling, general and administrative costs, corporate depreciation and corporate restructuring charges | (36,235) |  |  | (36,644) |  |  | (70,719) |  |  | (70,749) |
Operating income (loss) from continuing operations | 175,205 |  |  | (22,617) |  |  | 319,428 |  |  | (65,228) |
Other income (expense) |  |  |  |  |  |  |
Interest and dividend income | 5,055 |  |  | 3,399 |  |  | 9,760 |  |  | 5,988 |
Interest expense | (4,239) |  |  | (4,390) |  |  | (8,594) |  |  | (10,504) |
Gain on investment securities | 39,752 |  |  | 22,132 |  |  | 24,661 |  |  | 69,994 |
Loss on extinguishment of debt | — |  |  | — |  |  | — |  |  | (60,083) |
Other | (743) |  |  | (476) |  |  | (1,403) |  |  | (1,018) |
Total unallocated amounts | 39,825 |  |  | 20,665 |  |  | 24,424 |  |  | 4,377 |
Income (loss) from continuing operations before income taxes | $ | 215,030 |  |  | $ | (1,952) |  |  | $ | 343,852 |  |  | $ | (60,851) |
Schedule of Total Assets by Reportable Segment | The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:
(in thousands) | March 31, 2023 |  | September 30, 2022
Total assets 1 |  |  |
North America Solutions | $ | 3,445,085 |  |  | $ | 3,406,824 |
Offshore Gulf of Mexico | 82,935 |  |  | 80,993 |
International Solutions | 401,629 |  |  | 330,974 |
Other | 149,441 |  |  | 120,305 |
| 4,079,090 |  |  | 3,939,096 |
Investments and corporate operations | 286,643 |  |  | 416,435 |
| $ | 4,365,733 |  |  | $ | 4,355,531 |
(1)Assets by segment exclude investments in subsidiaries and intersegment activity.
Schedule of 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) | 2023 |  | 2022 |  | 2023 |  | 2022
Operating revenues |  |  |  |  |  |  |
United States | $ | 712,302 |  |  | $ | 439,793 |  |  | $ | 1,376,475 |  |  | $ | 811,282 |
Argentina | 35,490 |  |  | 15,450 |  |  | 69,324 |  |  | 44,601 |
Bahrain | 4,198 |  |  | 4,826 |  |  | 6,467 |  |  | 12,459 |
United Arab Emirates | 2,542 |  |  | 1,524 |  |  | 4,879 |  |  | 1,524 |
Colombia | 13,652 |  |  | 5,622 |  |  | 30,021 |  |  | 5,997 |
Other foreign | 1,038 |  |  | 382 |  |  | 1,693 |  |  | 1,516 |
Total | $ | 769,222 |  |  | $ | 467,597 |  |  | $ | 1,488,859 |  |  | $ | 877,379 |

X
- Definition Tabular disclosure of all significant reconciling items in the reconciliation of total assets from reportable segments to the entity's consolidated assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (c) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 + Details
Name: | us-gaap_ReconciliationOfAssetsFromSegmentToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation of profit (loss) from reportable segments to the consolidated income (loss) before income tax expense (benefit) and discontinued operations. Includes, but is not limited to, reconciliation after income tax if income tax is allocated to the reportable segment. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227 + Details
Name: | us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsByGeographicalAreasTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=126901519&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 https://asc.fasb.org/extlink&oid=121556970&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 30 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599 + Details
Name: | us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration