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BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION
 6 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION
NOTE 13 BUSINESS SEGMENTS AND GEOGRAPHIC INFORMATION
Description of the Business
We are a performance-driven drilling solutions and technologies company based in Tulsa, Oklahoma with operations in all major U.S. onshore oil and gas producing basins as well as South America and the Middle East. Our drilling operations consist mainly of contracting Company-owned drilling equipment primarily to large oil and gas exploration companies. We believe we are the recognized industry leader in drilling as well as technological innovation. We focus on offering our customers an integrated solutions-based approach by combining proprietary rig technology, automation software, and digital expertise into our rig operations rather than a product-based offering, such as a rig or separate technology package. Our drilling services operations are organized into the following reportable operating business segments: North America Solutions, Offshore Gulf of Mexico and International Solutions. 
Each reportable operating segment is a strategic business unit that is managed separately, and consolidated revenues and expenses reflect the elimination of all material intercompany transactions. Our real estate operations, our incubator program for new research and development projects, and our wholly-owned captive insurance companies are included in "Other." External revenues included in “Other” primarily consist of rental income.
Segment Performance
We evaluate segment performance based on income or loss from continuing operations (segment operating income (loss)) before income taxes which includes:
•Revenues from external and internal customers
•Direct operating costs
•Depreciation and amortization
•Allocated general and administrative costs
•Asset impairment charges
but excludes gain on reimbursement of drilling equipment, other (gain) loss on sale of assets, corporate selling, general and administrative costs, corporate depreciation, and corporate restructuring charges.
General and administrative costs are allocated to the segments based primarily on specific identification and, to the extent that such identification is not practical, other methods may be used which we believe to be a reasonable reflection of the utilization of services provided.
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 SolutionsOffshore Gulf of MexicoInternational SolutionsOtherEliminationsTotal
External sales$675,780 $34,979 $55,890 $2,573 $— $769,222 
Intersegment— — — 17,662 (17,662)— 
Total sales675,780 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 SolutionsOffshore Gulf of MexicoInternational SolutionsOtherEliminationsTotal
External sales$408,814 $29,147 $27,422 $2,214 $— $467,597 
Intersegment— — — 13,204 (13,204)— 
Total sales408,814 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 SolutionsOffshore Gulf of MexicoInternational SolutionsOtherEliminationsTotal
External sales$1,302,943 $70,143 $110,691 $5,082 $— $1,488,859 
Intersegment— — — 34,064 (34,064)— 
Total sales1,302,943 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 SolutionsOffshore Gulf of MexicoInternational SolutionsOtherEliminationsTotal
External sales$749,848 $58,461 $64,581 $4,489 $— $877,379 
Intersegment— — — 26,852 (26,852)— 
Total sales749,848 58,461 64,581 31,341 (26,852)877,379 
Segment operating income (loss)$(27,596)$10,744 $7,201 $7,096 $(3,313)$(5,868)
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)2023202220232022
Segment operating income (loss)$197,347 $6,863 $357,951 $(5,868)
Gain on reimbursement of drilling equipment11,574 6,448 27,298 11,702 
Other gain (loss) on sale of assets2,519 716 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 operations175,205 (22,617)319,428 (65,228)
Other income (expense)
Interest and dividend income5,055 3,399 9,760 5,988 
Interest expense(4,239)(4,390)(8,594)(10,504)
Gain on investment securities39,752 22,132 24,661 69,994 
Loss on extinguishment of debt— — — (60,083)
Other(743)(476)(1,403)(1,018)
Total unallocated amounts39,825 20,665 24,424 4,377 
Income (loss) from continuing operations before income taxes$215,030 $(1,952)$343,852 $(60,851)
The following table reconciles segment total assets to total assets as reported on the Unaudited Condensed Consolidated Balance Sheets:
(in thousands)March 31, 2023September 30, 2022
Total assets1
North America Solutions$3,445,085 $3,406,824 
Offshore Gulf of Mexico82,935 80,993 
International Solutions401,629 330,974 
Other149,441 120,305 
4,079,090 3,939,096 
Investments and corporate operations286,643 416,435 
$4,365,733 $4,355,531 
(1)Assets by segment exclude investments in subsidiaries and intersegment activity.
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)2023202220232022
Operating revenues
United States$712,302 $439,793 $1,376,475 $811,282 
Argentina35,490 15,450 69,324 44,601 
Bahrain4,198 4,826 6,467 12,459 
United Arab Emirates2,542 1,524 4,879 1,524 
Colombia13,652 5,622 30,021 5,997 
Other foreign1,038 382 1,693 1,516 
Total$769,222 $467,597 $1,488,859 $877,379 
Refer to Note 8—Revenue from Contracts with Customers for additional information regarding the recognition of revenue.