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v3.23.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2023
Segment Information |
Financial information with respect to 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 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 -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-25 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30 + Details
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