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v3.24.3

Segment Information | 9 Months Ended
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Sep. 30, 2024
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,
​ | ​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | (In thousands)
Operating revenues: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | ​ | $ | 254,773 | ​ | $ | 276,385 | ​ | $ | 786,485 | ​ | $ | 941,867
International Drilling | ​ | ​ |  | 368,594 | ​ |  | 344,780 | ​ |  | 1,074,686 | ​ |  | 1,002,478
Drilling Solutions | ​ | ​ |  | 79,544 | ​ |  | 72,831 | ​ |  | 238,079 | ​ |  | 224,729
Rig Technologies | ​ | ​ |  | 45,809 | ​ |  | 61,437 | ​ |  | 145,511 | ​ |  | 183,481
Other reconciling items (1) | ​ | ​ |  | (16,915) | ​ |  | (21,459) | ​ |  | (44,454) | ​ |  | (72,375)
Total | ​ | ​ | $ | 731,805 | ​ | $ | 733,974 | ​ | $ | 2,200,307 | ​ | $ | 2,280,180
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ |  | September 30, | ​ | September 30,
​ | ​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | (In thousands)
Adjusted operating income (loss): (2) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | ​ | $ | 41,694 | ​ | $ | 49,582 | ​ | $ | 137,308 | ​ | $ | 210,859
International Drilling | ​ | ​ |  | 32,182 | ​ |  | 9,862 | ​ |  | 78,330 | ​ |  | 22,226
Drilling Solutions | ​ | ​ |  | 29,231 | ​ |  | 25,341 | ​ |  | 83,443 | ​ |  | 80,830
Rig Technologies | ​ | ​ |  | 2,761 | ​ |  | 4,995 | ​ |  | 11,830 | ​ |  | 13,741
Total segment adjusted operating income (loss) | ​ | ​ | $ | 105,868 | ​ | $ | 89,780 | ​ | $ | 310,911 | ​ | $ | 327,656
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ |  | September 30, | ​ | September 30,
​ | ​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | (In thousands)
Reconciliation of segment adjusted operating income (loss) to net income (loss): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) | ​ | ​ | $ | (33,087) | ​ | $ | (31,244) | ​ | $ | (55,118) | ​ | $ | 46,047
Income tax expense (benefit) | ​ | ​ | ​ | 10,118 | ​ | ​ | 10,513 | ​ | ​ | 41,716 | ​ | ​ | 59,976
Income (loss) before income taxes | ​ | ​ | ​ | (22,969) | ​ | ​ | (20,731) | ​ | ​ | (13,402) | ​ | ​ | 106,023
Investment (income) loss | ​ | ​ |  | (11,503) | ​ | ​ | (10,169) | ​ |  | (29,885) | ​ | ​ | (31,778)
Interest expense | ​ | ​ | ​ | 55,350 | ​ | ​ | 44,042 | ​ | ​ | 157,222 | ​ | ​ | 135,347
Other, net | ​ | ​ | ​ | 41,608 | ​ | ​ | 35,546 | ​ | ​ | 69,795 | ​ | ​ | (8,604)
Other reconciling items (3) | ​ | ​ |  | 43,382 | ​ |  | 41,092 | ​ |  | 127,181 | ​ |  | 126,668
Total segment adjusted operating income (loss) (2) | ​ | ​ | $ | 105,868 | ​ | $ | 89,780 | ​ | $ | 310,911 | ​ | $ | 327,656
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, | ​ | December 31,
​ |  | 2024 |  | 2023
​ | ​ | (In thousands)
Total assets: | ​ | ​ | ​ | ​ | ​ | ​
U.S. Drilling | ​ | $ | 1,108,961 | ​ | $ | 1,239,765
International Drilling | ​ |  | 2,321,729 | ​ |  | 2,227,308
Drilling Solutions | ​ |  | 77,810 | ​ |  | 78,472
Rig Technologies | ​ |  | 213,507 | ​ |  | 239,167
Other reconciling items (3) | ​ |  | 831,629 | ​ |  | 1,493,253
Total | ​ | $ | 4,553,636 | ​ | $ | 5,277,965
(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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