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v3.23.3

Segment Information | 9 Months Ended
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Sep. 30, 2023
Segment Information |
Segment Information | Note 11 Segment Information ​ The following table sets forth financial information with respect to our reportable 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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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