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Segment Information | 12 Months Ended
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Dec. 31, 2023
Segment Information |
Segment Information | Note 18 Segment Information ​ Our business consists of five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. We evaluate the performance of our segments based on several criteria, including adjusted operating income (loss). ​ The following table sets forth financial information with respect to our reportable operating segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | ​ | 2023 |  | 2022 |  | 2021 |
​ | ​ |  |  | (In thousands) | ​
Operating revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | ​ | ​ | $ | 1,207,629 | ​ | $ | 1,100,614 | ​ | $ | 669,656 | ​
Canada Drilling | ​ | ​ | ​ |  | — | ​ |  | — | ​ |  | 39,336 | ​
International Drilling | ​ | ​ | ​ |  | 1,345,249 | ​ |  | 1,199,282 | ​ |  | 1,043,197 | ​
Drilling Solutions | ​ | ​ | ​ |  | 301,757 | ​ |  | 243,349 | ​ |  | 172,473 | ​
Rig Technologies | ​ | ​ | ​ |  | 242,768 | ​ |  | 195,129 | ​ |  | 149,273 | ​
Other reconciling items (1) | ​ | ​ | ​ |  | (91,422) | ​ |  | (84,608) | ​ |  | (56,387) | ​
Total | ​ | ​ | ​ | $ | 3,005,981 | ​ | $ | 2,653,766 | ​ | $ | 2,017,548 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | ​ | 2023 |  | 2022 |  | 2021 |
​ | ​ |  |  | (In thousands) |
Adjusted operating income (loss): (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | ​ | ​ | $ | 262,353 | ​ | $ | 108,506 | ​ | $ | (76,492) | ​
Canada Drilling | ​ | ​ | ​ |  | — | ​ |  | — | ​ |  | 2,893 | ​
International Drilling | ​ | ​ | ​ |  | 40,868 | ​ |  | (879) | ​ |  | (40,117) | ​
Drilling Solutions | ​ | ​ | ​ |  | 110,957 | ​ |  | 77,868 | ​ |  | 32,771 | ​
Rig Technologies | ​ | ​ | ​ |  | 19,529 | ​ |  | 8,906 | ​ |  | 158 | ​
Total segment adjusted operating income (loss) | ​ | ​ | ​ | $ | 433,707 | ​ | $ | 194,401 | ​ | $ | (80,787) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Year Ended December 31, |
​ | ​ | ​ | ​ | 2023 |  | 2022 |  | 2021 |
​ | ​ |  |  | (In thousands) |
Reconciliation of segment adjusted operating income (loss) to net income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | ​ | ​ | $ | 49,904 | ​ | $ | (307,218) | ​ | $ | (543,690) | ​
Income (loss) from discontinued operations, net of tax | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (20) | ​
Income (loss) from continuing operations, net of tax | ​ | ​ | ​ | ​ | 49,904 | ​ | ​ | (307,218) | ​ | ​ | (543,710) | ​
Income tax expense (benefit) | ​ | ​ | ​ | ​ | 79,220 | ​ | ​ | 61,536 | ​ | ​ | 55,621 | ​
Income (loss) before income taxes | ​ | ​ | ​ | $ | 129,124 | ​ | $ | (245,682) | ​ | $ | (488,089) | ​
Investment (income) loss | ​ | ​ | ​ | ​ | (43,820) | ​ | ​ | (14,992) | ​ | ​ | (1,557) | ​
Interest expense | ​ | ​ | ​ | ​ | 185,285 | ​ | ​ | 177,895 | ​ | ​ | 171,476 | ​
Impairments and other charges | ​ | ​ | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 66,731 | ​
Other, net | ​ | ​ | ​ | ​ | (726) | ​ | ​ | 127,099 | ​ | ​ | 39,998 | ​
Other reconciling items (3) | ​ | ​ | ​ |  | 163,844 | ​ |  | 150,081 | ​ |  | 130,654 | ​
Total segment adjusted operating income (loss) (2) | ​ | ​ | ​ | $ | 433,707 | ​ | $ | 194,401 | ​ | $ | (80,787) | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (In thousands) |
Depreciation and amortization | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 271,308 | ​ | $ | 311,759 | ​ | $ | 326,361 | ​
Canada Drilling | ​ |  | — | ​ |  | — | ​ |  | 11,604 | ​
International Drilling | ​ |  | 347,784 | ​ |  | 329,335 | ​ |  | 323,431 | ​
Drilling Solutions | ​ |  | 18,634 | ​ |  | 20,829 | ​ |  | 26,660 | ​
Rig Technologies | ​ |  | 7,864 | ​ |  | 5,794 | ​ |  | 8,191 | ​
Other reconciling items (3) | ​ |  | (296) | ​ |  | (2,645) | ​ |  | (2,866) | ​
Total | ​ | $ | 645,294 | ​ | $ | 665,072 | ​ | $ | 693,381 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (In thousands) |
Capital expenditures: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 136,311 | ​ | $ | 118,017 | ​ | $ | 53,875 | ​
Canada Drilling | ​ |  | — | ​ |  | — | ​ |  | 2,938 | ​
International Drilling | ​ |  | 357,609 | ​ |  | 222,099 | ​ |  | 173,078 | ​
Drilling Solutions | ​ |  | 25,721 | ​ |  | 19,946 | ​ |  | 9,919 | ​
Rig Technologies | ​ |  | 21,229 | ​ |  | 15,660 | ​ |  | 2,790 | ​
Other reconciling items (3) | ​ |  | 12,038 | ​ |  | 5,765 | ​ |  | 1,089 | ​
Total | ​ | $ | 552,908 | ​ | $ | 381,487 | ​ | $ | 243,689 | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, |
​ |  | 2023 |  | 2022 |
​ | ​ | (In thousands) |
Total assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 1,239,765 | ​ | $ | 1,389,459 | ​
International Drilling | ​ |  | 2,227,308 | ​ |  | 2,273,766 | ​
Drilling Solutions | ​ |  | 78,472 | ​ |  | 63,652 | ​
Rig Technologies | ​ |  | 239,167 | ​ |  | 207,345 | ​
Other reconciling items (3) | ​ |  | 1,493,253 | ​ |  | 795,632 | ​
Total | ​ | $ | 5,277,965 | ​ | $ | 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) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges 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 to income (loss) is provided in the above table.
​
(3) | Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.
​ The following table sets forth financial information with respect to Nabors’ operations by geographic area based on the location of service provided: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
​ | ​ | (In thousands) |
Operating revenues | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. | ​ | $ | 1,477,774 | ​ | $ | 1,323,531 | ​ | $ | 804,807 | ​
Outside the U.S. | ​ |  | 1,528,207 | ​ |  | 1,330,235 | ​ |  | 1,212,741 | ​
​ | ​ | $ | 3,005,981 | ​ | $ | 2,653,766 | ​ | $ | 2,017,548 | ​
Property, plant and equipment, net: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. | ​ | $ | 1,304,686 | ​ | $ | 1,437,333 | ​ | $ | 1,648,622 | ​
Outside the U.S. | ​ |  | 1,594,042 | ​ |  | 1,588,767 | ​ |  | 1,699,876 | ​
​ | ​ | $ | 2,898,728 | ​ | $ | 3,026,100 | ​ | $ | 3,348,498 | ​
​ During the years ended December 31, 2023, 2022 and 2021, $821.1 million, $712.8 million and $645.0 million of our consolidated operating revenue was from Saudi Arabia. No other individual country outside of the U.S. was material to our consolidated operating revenue during any of the three periods presented. ​ One customer accounted for approximately 26%, 26% and 31% of our consolidated operating revenues during the years ended December 31, 2023, 2022 and 2021, respectively, and is included primarily in our International Drilling reportable segment. ​

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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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