Nabors Industries (NBR) 10-Q 4 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2020	Oct. 31, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity File Number	001-32657
Entity Registrant Name	NABORS INDUSTRIES LTD.
Entity Incorporation, State or Country Code	D0
Entity Tax Identification Number	98-0363970
Entity Address, Address Line One	Crown House
Entity Address, Address Line Two	Second Floor
Entity Address, Address Line Three	4 Par-la-Ville Road
Entity Address, City or Town	Hamilton
Entity Address, Country	BM
Entity Address, Postal Zip Code	HM08
City Area Code	441
Local Phone Number	292-1510
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,294,015
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001163739
Amendment Flag	false
Mandatory Convertible Preferred Shares
Document Information [Line Items]
Title of 12(b) Security	Preferred shares, 6.00% Mandatory Convertible Preferred Shares, Series A
Trading Symbol	NBR.PRA
Security Exchange Name	NYSE
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common shares
Trading Symbol	NBR
Security Exchange Name	NYSE

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 504,985	$ 435,990
Short-term investments	8,840	16,506
Accounts receivable, net	347,212	453,042
Inventory, net	164,029	176,341
Assets held for sale	562	2,530
Other current assets	137,384	164,257
Total current assets	1,163,012	1,248,666
Property, plant and equipment, net	4,225,034	4,930,549
Goodwill		28,380
Deferred income taxes	277,897	305,844
Other long-term assets	151,365	247,219
Total assets	5,817,308	6,760,658
Current liabilities:
Trade accounts payable	216,495	295,159
Accrued liabilities	247,181	333,282
Income taxes payable	12,872	14,628
Current lease liabilities	9,470	13,479
Total current liabilities	486,018	656,548
Long-term debt	3,290,303	3,333,220
Other long-term liabilities	239,684	292,184
Deferred income taxes	3,053	3,149
Total liabilities	4,019,058	4,285,101
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest in subsidiary (Note 3)	438,486	425,392
Shareholders' equity:
Preferred shares, par value $0.001 per share: Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; outstanding 4,870 and 5,613, respectively	5	6
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 8,385 and 8,324, respectively	419	416
Capital in excess of par value	3,419,467	3,412,972
Accumulated other comprehensive income (loss)	(18,630)	(11,788)
Retained earnings (accumulated deficit)	(829,862)	(104,775)
Less: treasury shares, at cost, 1,090 and 1,056 common shares, respectively	(1,315,751)	(1,314,020)
Total shareholders' equity	1,255,648	1,982,811
Noncontrolling interest	104,116	67,354
Total equity	1,359,764	2,050,165
Total liabilities and equity	$ 5,817,308	$ 6,760,658

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, rate (as a percent)	6.00%	6.00%
Preferred stock, liquidation preference (in dollars per share)	$ 50	$ 50
Preferred stock, shares outstanding	4,870,000	5,613,000
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000,000	32,000,000
Common shares, shares issued	8,385,000	8,324,000
Treasury shares, at cost	1,090,000	1,056,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues and other income:
Operating revenues	$ 438,352	$ 758,076	$ 1,690,647	$ 2,329,122
Earnings (losses) from unconsolidated affiliates				(5)
Investment income (loss)	(742)	(1,437)	(1,904)	8,709
Total revenues and other income	437,610	756,639	1,688,743	2,337,826
Costs and other deductions:
Direct costs	270,397	475,461	1,058,794	1,493,082
General and administrative expenses	46,168	63,577	149,796	196,159
Research and engineering	7,565	12,004	26,279	37,444
Depreciation and amortization	206,862	221,557	645,045	650,267
Interest expense	52,403	51,291	158,331	155,134
Impairments and other charges	5,017	3,629	339,303	106,007
Other, net	(425)	5,005	(48,330)	30,598
Total costs and other deductions	587,987	832,524	2,329,218	2,668,691
Income (loss) from continuing operations before income taxes	(150,377)	(75,885)	(640,475)	(330,865)
Income tax expense (benefit):
Current	1,450	18,117	(6,089)	50,483
Deferred	(5,145)	5,786	24,533	14,617
Total income tax expense (benefit)	(3,695)	23,903	18,444	65,100
Income (loss) from continuing operations, net of tax	(146,682)	(99,788)	(658,919)	(395,965)
Income (loss) from discontinued operations, net of tax	22	157	(48)	(34)
Net income (loss)	(146,660)	(99,631)	(658,967)	(395,999)
Less: Net (income) loss attributable to noncontrolling interest	(10,805)	(19,297)	(38,437)	(44,202)
Net income (loss) attributable to Nabors	(157,465)	(118,928)	(697,404)	(440,201)
Less: Preferred stock dividend	(3,653)	(4,310)	(10,958)	(12,935)
Net income (loss) attributable to Nabors common shareholders	(161,118)	(123,238)	(708,362)	(453,136)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(161,140)	(123,395)	(708,314)	(453,102)
Net income (loss) from discontinued operations	22	157	(48)	(34)
Net income (loss) attributable to Nabors common shareholders	$ (161,118)	$ (123,238)	$ (708,362)	$ (453,136)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (23.42)	$ (18.27)	$ (102.25)	$ (66.70)
Basic from discontinued operations (in dollars per share)		0.02	(0.01)
Total Basic (in dollars per share)	(23.42)	(18.25)	(102.26)	(66.70)
Diluted from continuing operations (in dollars per share)	(23.42)	(18.27)	(102.25)	(66.70)
Diluted from discontinued operations (in dollars per share)		0.02	(0.01)
Total Diluted (in dollars per share)	$ (23.42)	$ (18.25)	$ (102.26)	$ (66.70)
Weighted-average number of common shares outstanding:
Basic (in shares)	7,064	7,041	7,056	7,029
Diluted (in shares)	7,064	7,041	7,056	7,029

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (157,465)	$ (118,928)	$ (697,404)	$ (440,201)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	3,665	(3,225)	(7,029)	12,314
Pension liability amortization and adjustment	52	54	156	162
Unrealized gains (losses) and amortization on cash flow hedges	(124)	142	160	424
Other comprehensive income (loss), before tax	3,593	(3,029)	(6,713)	12,900
Income tax expense (benefit) related to items of other comprehensive income (loss)	35	48	129	142
Other comprehensive income (loss), net of tax	3,558	(3,077)	(6,842)	12,758
Comprehensive income (loss) attributable to Nabors	(153,907)	(122,005)	(704,246)	(427,443)
Net income (loss) attributable to noncontrolling interest	10,805	19,297	38,437	44,202
Translation adjustment attributable to noncontrolling interest		(4)		55
Comprehensive income (loss) attributable to noncontrolling interest	10,805	19,293	38,437	44,257
Comprehensive income (loss)	$ (143,102)	$ (102,712)	$ (665,809)	$ (383,186)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net income (loss)	$ (658,967)	$ (395,999)
Adjustments to net income (loss):
Depreciation and amortization	645,045	650,280
Deferred income tax expense (benefit)	24,535	14,565
Impairments and other charges	301,619	98,869
Amortization of debt discount and deferred financing costs	24,347	23,197
Losses (gains) on debt buyback	(65,848)	1,752
Losses (gains) on long-lived assets, net	5,754	8,410
Losses (gains) on investments, net	5,653	(2,400)
Provision (recovery) of bad debt	9,729	379
Share-based compensation	20,170	19,489
Foreign currency transaction losses (gains), net	11,404	18,681
Noncontrolling interest	(38,437)	(44,202)
Other	257	511
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	90,757	136,266
Inventory	11,111	(21,500)
Other current assets	12,510	18,085
Other long-term assets	22,907	(37,977)
Trade accounts payable and accrued liabilities	(159,621)	(129,375)
Income taxes payable	2,393	3,459
Other long-term liabilities	(17,412)	68,338
Net cash provided by (used for) operating activities	247,906	430,828
Cash flows from investing activities:
Purchases of investments	(30)	(5,008)
Sales and maturities of investments	2,043	14,466
Cash paid for acquisition of businesses, net of cash acquired		(2,929)
Capital expenditures	(153,128)	(366,594)
Proceeds from sales of assets and insurance claims	21,773	26,365
Net cash (used for) provided by investing activities	(129,342)	(333,700)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	1,000,000
Reduction in long-term debt	(1,390,236)	(379,193)
Debt issuance costs	(19,149)	(48)
Proceeds from revolving credit facilities	1,522,265	975,000
Reduction in revolving credit facilities	(1,125,000)	(690,000)
Proceeds from (payments for) short-term borrowings		497
Repurchase of common and preferred shares	(13,858)	(79)
Dividends to common and preferred shareholders	(18,885)	(41,643)
Distributions to noncontrolling interest	(2,033)	(4,552)
Other	(1,576)	(1,741)
Net cash (used for) provided by financing activities	(48,472)	(141,759)
Effect of exchange rate changes on cash and cash equivalents	(3,987)	(4,421)
Net increase (decrease) in cash and cash equivalents and restricted cash	66,105	(49,052)
Cash and cash equivalents and restricted cash, beginning of period	442,038	451,080
Cash and cash equivalents and restricted cash, end of period	508,143	402,028
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	435,990	447,766
Restricted cash, beginning of period	6,048	3,314
Cash and cash equivalents and restricted cash, beginning of period	442,038	451,080
Cash and cash equivalents, end of period	504,985	396,937
Restricted cash, end of period	3,158	5,091
Cash and cash equivalents and restricted cash, end of period	$ 508,143	$ 402,028

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Mandatory Convertible Preferred SharesPreferred Stock	Common Stock	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Shares	Non-controlling Interest	Total
Balance at the beginning of the period at Dec. 31, 2018	$ 6	$ 410	$ 3,392,937	$ (29,325)	$ 650,842	$ (1,314,020)	$ 49,476	$ 2,750,326
Balance (in shares) at Dec. 31, 2018	5,750	409,652
Increase (Decrease) in Equity
Net income (loss)					(440,201)		44,202	(395,999)
Dividends to common shareholders					(11,209)			(11,209)
Dividends to preferred shareholders					(12,935)			(12,935)
Other comprehensive income (loss), net of tax				12,758			55	12,813
Issuance of common shares for stock options exercised, net of surrender of unexercised stock options			(79)					(79)
Issuance of common shares for stock options exercised, net of surrender of unexercised stock options (in shares)	(4)
Share-based compensation			19,489					19,489
Noncontrolling interest contributions (distributions)							(4,551)	(4,551)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(15,358)			(15,358)
Other		$ 6	(1,616)					(1,610)
Other (in shares)		6,557
Balance at the end of the period at Sep. 30, 2019	$ 6	$ 416	3,410,731	(16,567)	171,139	(1,314,020)	89,182	2,340,887
Balance (in shares) at Sep. 30, 2019	5,746	416,209
Balance at the beginning of the period at Jun. 30, 2019	$ 6	$ 416	3,405,421	(13,490)	303,181	(1,314,020)	73,627	2,455,141
Balance (in shares) at Jun. 30, 2019	5,746	416,282
Increase (Decrease) in Equity
Net income (loss)					(118,928)		19,297	(99,631)
Dividends to common shareholders					(3,628)			(3,628)
Dividends to preferred shareholders					(4,310)			(4,310)
Other comprehensive income (loss), net of tax				(3,077)			(4)	(3,081)
Share-based compensation			5,325					5,325
Noncontrolling interest contributions (distributions)							(3,738)	(3,738)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(5,176)			(5,176)
Other			(15)					(15)
Other (in shares)		(73)
Balance at the end of the period at Sep. 30, 2019	$ 6	$ 416	3,410,731	(16,567)	171,139	(1,314,020)	89,182	2,340,887
Balance (in shares) at Sep. 30, 2019	5,746	416,209
Balance at the beginning of the period at Dec. 31, 2019	$ 6	$ 416	3,412,972	(11,788)	(104,775)	(1,314,020)	67,354	2,050,165
Balance (in shares) at Dec. 31, 2019	5,613	416,198
Increase (Decrease) in Equity
Net income (loss)					(697,404)		38,437	(658,967)
Dividends to common shareholders					(3,633)			(3,633)
Dividends to preferred shareholders					(10,958)			(10,958)
Repurchase of preferred shares	$ (1)		(12,126)			(1,731)		(13,858)
Repurchase of preferred shares (in shares)	(743)
Other comprehensive income (loss), net of tax				(6,842)				(6,842)
Share-based compensation			20,170					20,170
Noncontrolling interest contributions (distributions)							(2,032)	(2,032)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(13,092)			(13,092)
Other		$ 3	(1,549)				357	(1,189)
Other (in shares)		(407,813)
Balance at the end of the period at Sep. 30, 2020	$ 5	$ 419	3,419,467	(18,630)	(829,862)	(1,315,751)	104,116	1,359,764
Balance (in shares) at Sep. 30, 2020	4,870	8,385
Balance at the beginning of the period at Jun. 30, 2020	$ 5	$ 419	3,415,053	(22,188)	(664,391)	(1,315,751)	94,339	1,507,486
Balance (in shares) at Jun. 30, 2020	4,870	8,389
Increase (Decrease) in Equity
Net income (loss)					(157,465)		10,805	(146,660)
Dividends to preferred shareholders					(3,653)			(3,653)
Other comprehensive income (loss), net of tax				3,558				3,558
Accrued distribution on redeemable noncontrolling interest in subsidiary					(4,353)			(4,353)
Other			4,414				(1,028)	3,386
Other (in shares)		(4)
Balance at the end of the period at Sep. 30, 2020	$ 5	$ 419	$ 3,419,467	$ (18,630)	$ (829,862)	$ (1,315,751)	$ 104,116	$ 1,359,764
Balance (in shares) at Sep. 30, 2020	4,870	8,385

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
CONDENSED CONSOLIDATED BALANCE SHEETS
Dividends to common shareholders (in dollars per share)		$ 0.01	$ 0.01	$ 0.03
Dividends to preferred shareholders (in dollars per share)	$ 0.75	$ 0.75	$ 2.25	$ 2.25

General

General	9 Months Ended
	Sep. 30, 2020
General
General	Note 1 General ​ Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires. References in this report to “Nabors Delaware” mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors. ​ Our business is comprised of our global land-based and offshore drilling rig operations and other rig related services and technologies. These services include tubular running services, wellbore placement solutions, directional drilling, measurement-while-drilling (“MWD”), logging-while-drilling (“LWD”) systems and services, equipment manufacturing, rig instrumentation and optimization software. ​ With operations in approximately 20 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of September 30, 2020 included: ​ ● 364 actively marketed rigs for land-based drilling operations in the United States, Canada and approximately 16 other countries throughout the world; and ​ ● 33 actively marketed rigs for offshore drilling operations in the United States and multiple international markets. ​ The outbreak of the novel coronavirus (“COVID-19”), together with actions by large oil and natural gas producing countries, has led to decreases in commodity prices, specifically oil and natural gas prices, resulting from oversupply and demand weakness. These price decreases caused significant disruptions and volatility in the global marketplace during 2020. Lower prices and the resulting weakness in demand for our services, which have negatively affected our results of operations and cash flows, have persisted into the fourth quarter, and uncertainty remains regarding the length and impact of COVID-19 on the energy industry and the outlook for our business. ​ At a special meeting of shareholders held April 20, 2020, our shareholders authorized a combination of our common shares (the “Reverse Stock Split”) at a ratio of not less than 1-for-15 and not greater than 1-for-50, with the exact ratio to be set within that range at the sole direction of our Board of Directors (the “Board”). On April 20, 2020, the Board set the Reverse Stock Split ratio at 1-for-50. As a result of the Reverse Stock Split, 50 pre-reverse split common shares automatically combined into one new common share, without any action on the part of the shareholders. Nabors’ authorized number of common shares were also proportionally decreased from 800,000,000 to 16,000,000 common shares. Subsequently, the par value of each common share was proportionally increased from ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments September 30, 2020 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the nine months ended September 30, 2020 may not be indicative of results that will be realized for the full year ending December 31, 2020. ​ Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​ Industry Condition, Liquidity, Management’s Plans and Going Concern ​ The oil markets have experienced unprecedented volatility during 2020. The outbreak of COVID-19, and its development into a pandemic, along with policies and actions taken by governments and companies and behaviors of customers around the world, have had a significant negative impact on demand for oil. Additionally, decisions by large oil and natural gas producing countries around the start of the pandemic led to increased oil production and supply. This combination of oversupply and demand weakness has had a negative impact on the energy markets and has led to a significant drop in oil prices with West Texas Intermediate crude oil falling to negative prices during the second quarter. Crude oil prices have continued to be impacted by oversupply fears, as considerable uncertainty remains as to timing of a resumption of normal levels of economic activity following the COVID-19 related restrictions. This has led many of our customers to make significant cuts in their activity, which has negatively affected our operating results and cash flow throughout the year. During the third quarter of 2020, the volatility in oil prices began to stabilize. There were also signs of increased global demand for energy as economic activity began to return. However, we are uncertain as to the extent of the impact that these events will have on the energy industry and on our business. ​ ​ Through the date hereof we have been in compliance with all applicable covenants under the 2018 Revolving Credit Facility. However, the drilling and drilling related services environment detailed above, and the impact it has had on our operations and cash flows, had made our ability to continue to comply with the leverage ratio covenant, had it not been amended or otherwise waived, increasingly uncertain if these conditions were to continue into 2021, and based on our forecasts in place as of the end of the second quarter of 2020, we believed it was possible that we would have been in violation of the leverage ratio covenant at some point in 2021. Failure to comply with this covenant, would have resulted in an event of default under the 2018 Revolving Credit Facility and the acceleration of the outstanding balance, which raised substantial doubt about the Company’s ability to continue as a going concern throughout the twelve month period following the issuance of our prior quarter’s financial statements as of and for the three and six months ended June 30, 2020. ​ Based on our current forecasts of operational performance, cash flows and liquidity, and as a result of entering into Amendment No. 4, we now believe that we will be in compliance with all covenants contained in the 2018 Revolving Credit Facility and will have sufficient liquidity to meet our obligations for a period of at least twelve months from the issuance of these financial statements. Therefore, we have concluded that the previously disclosed substantial doubt about the Company’s ability to continue as a going concern has been alleviated. ​ Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Raw materials ​ $ 133,224 ​ $ 130,414 ​ Work-in-progress ​ 4,953 ​ 5,498 ​ Finished goods ​ 25,852 ​ 40,429 ​ ​ ​ $ 164,029 ​ $ 176,341 ​ ​ Goodwill ​ We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than its carrying amount. If the carrying amount of the reporting unit exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. We primarily calculate fair value in these impairment tests using discounted cash flow models, which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying day rates, utilization and costs. A significantly prolonged period of lower oil and natural gas prices, other than those assumed in developing our forecasts, or changes in laws and regulations, could adversely affect the demand for and prices of our services. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long-term growth rate of approximately 2%. The fair value of certain of our reporting units utilizes a market approach based on comparing the assets and liabilities of companies within our same industry. The market approach involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. ​ Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. ​ The change in the carrying amount of goodwill for our segments for the nine months ended September 30, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Purchase ​ Disposals ​ Cumulative ​ Balance at ​ ​ December 31, ​ Price ​ and ​ Translation ​ September 30, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 2020 ​ ​ (In thousands) Drilling Solutions ​ $ 11,436 ​ $ — ​ $ (11,436) (1) $ — ​ $ — ​ Rig Technologies ​ 16,944 ​ — ​ (16,362) (1) (582) ​ — ​ Total ​ $ 28,380 ​ $ — ​ $ (27,798) ​ $ (582) ​ $ — ​ ​ (1) Due to industry conditions that existed at March 31, 2020 such as the drop in commodity prices and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we performed a quantitative impairment assessment of our goodwill as of March 31, 2020. Based on the results of our goodwill test, we recognized a goodwill impairment of $27.8 million. See Note 10—Impairments and Other Charges. ​ Recently Adopted Accounting Pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (CECL) methodology. The guidance is effective for interim and annual periods beginning after December 15, 2019. The guidance has been applied using the modified retrospective method with a cumulative effect adjustment to beginning retained earnings. Trade receivables (including the allowance for credit losses) are the only financial instrument in scope for ASU 2016-13 currently held by the Company. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.

Joint Ventures

Joint Ventures	9 Months Ended
	Sep. 30, 2020
Joint Ventures
Joint Ventures	Note 3 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco to form a joint venture known as SANAD to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD is equally owned by Saudi Aramco and Nabors. ​ During 2017, Nabors and Saudi Aramco each contributed $20 million in cash for the purpose of capitalizing the joint venture upon formation. In addition, since inception Nabors and Saudi Aramco have each contributed a combination of drilling rigs, drilling rig equipment and other assets, including cash, each with a value of approximately $394 million to the joint venture. The contributions were received in exchange for redeemable ownership interests which accrue interest annually, have a twenty-five year maturity and are required to be converted to authorized capital should certain events occur, including the accumulation of specified losses. In the accompanying condensed consolidated balance sheet, Nabors has reported Saudi Aramco’s share of authorized capital as a component of noncontrolling interest in equity and Saudi Aramco’s share of the redeemable ownership interests as redeemable noncontrolling interest in subsidiary, classified as mezzanine equity. The accrued interest on the redeemable ownership interest is a non-cash financing activity and is reported as an increase in the redeemable noncontrolling interest in subsidiary line in our condensed consolidated balance sheet. The assets and liabilities included in the condensed balance sheet below are (1) assets that can either be used to settle obligations of the VIE or be made available in the future to the equity owners through dividends, distributions or in exchange of the redeemable ownership interests (upon mutual agreement of the owners) or (2) liabilities for which creditors do not have recourse to other assets of Nabors. ​ The condensed balance sheet of SANAD, as included in our condensed consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 381,241 ​ $ 289,575 ​ Accounts receivable ​ 46,467 ​ 68,624 ​ Other current assets ​ 15,979 ​ 18,149 ​ Property, plant and equipment, net ​ 435,149 ​ 455,751 ​ Other long-term assets ​ 6,422 ​ 15,118 ​ Total assets ​ $ 885,258 ​ $ 847,217 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 57,493 ​ $ 64,365 ​ Accrued liabilities ​ 23,440 ​ 17,929 ​ Total liabilities ​ $ 80,933 ​ $ 82,294 ​ ​

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
Fair Value Measurements	Note 4 Fair Value Measurements ​ Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We utilize market data or assumptions that market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market-corroborated, or generally unobservable. We primarily apply the market approach for recurring fair value measurements and endeavor to utilize the best information available. Accordingly, we employ valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The use of unobservable inputs is intended to allow for fair value determinations in situations where there is little, if any, market activity for the asset or liability at the measurement date. We are able to classify fair value balances utilizing a fair value hierarchy based on the observability of those inputs. ​ Under the fair value hierarchy: ​ ● Level 1 measurements include unadjusted quoted market prices for identical assets or liabilities in an active market; ​ ● Level 2 measurements include quoted market prices for identical assets or liabilities in an active market that have been adjusted for items such as effects of restrictions for transferability and those that are not quoted but are observable through corroboration with observable market data, including quoted market prices for similar assets; and ​ ● Level 3 measurements include those that are unobservable and of a subjective nature. ​ Our financial assets and liabilities that are accounted for at fair value on a recurring basis as of September 30, 2020 and December 31, 2019 consisted of available-for-sale equity and debt securities. Our debt securities could transfer into or out of a Level 1 or 2 measure depending on the availability of independent and current pricing at the end of each quarter. There were no transfers of our financial assets between Level 1 and Level 2 measures during the nine months ended September 30, 2020. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of September 30, 2020 and December 31, 2019, our short-term investments were carried at fair market value and totaled $8.8 million and $16.5 million, respectively, and primarily consisted of Level 1 measurements. No material Level 2 or Level 3 measurements exist as of any of the periods presented. ​ Nonrecurring Fair Value Measurements ​ We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily related to assets held for sale, goodwill, intangible assets and other long-lived assets and assets acquired and liabilities assumed in a business combination. Based upon our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs. ​ Fair Value of Financial Instruments ​ We estimate the fair value of our financial instruments in accordance with U.S. GAAP. The fair value of our long-term debt and revolving credit facilities is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.00% senior notes due September 2020 $ — ​ $ — $ 282,046 ​ $ 284,907 4.625% senior notes due September 2021 128,403 ​ 101,743 634,588 ​ 632,516 5.50% senior notes due January 2023 32,176 ​ 17,858 501,003 ​ 483,834 5.10% senior notes due September 2023 140,467 ​ 73,327 336,810 ​ 303,860 0.75% senior exchangeable notes due January 2024 489,901 ​ 153,813 472,603 ​ 431,503 5.75% senior notes due February 2025 ​ 775,186 ​ 262,881 781,502 ​ 705,040 7.25% senior notes due January 2026 ​ 600,000 ​ 300,924 — ​ — 7.50% senior notes due January 2028 ​ 400,000 ​ 195,520 — ​ — 2012 Revolving credit facility — ​ — 355,000 ​ 355,000 2018 Revolving credit facility 752,265 ​ 752,265 — ​ — ​ ​ ​ 3,318,398 ​ $ 1,858,331 ​ ​ 3,363,552 ​ $ 3,196,660 Less: current portion ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ Less: deferred financing costs ​ ​ 28,095 ​ ​ ​ ​ ​ 30,332 ​ ​ ​ ​ ​ $ 3,290,303 ​ ​ ​ ​ $ 3,333,220 ​ ​ ​ ​ The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreement	9 Months Ended
	Sep. 30, 2020
Accounts Receivable Sales Agreement
Accounts Receivable Sales Agreement	Note 5 Accounts Receivable Sales Agreement ​ On September 13, 2019, we entered into a $250 million accounts receivable sales agreement (the “A/R Agreement”) whereby certain U.S. operating subsidiaries of the Company (collectively, the “Originators”), sold or contributed, and will on an ongoing basis continue to sell or contribute, certain of their domestic trade accounts receivables to a wholly-owned, bankruptcy-remote, special purpose entity (the “SPE” or “Seller”). The SPE in turn sells, transfers, conveys and assigns to third-party financial institutions (the “Purchasers”) all the rights, title and interest in and to its pool of eligible receivables. The sale of these receivables qualified for sale accounting treatment in accordance with ASC 860. During the period of this program, cash receipts from the Purchasers at the time of the sale were classified as operating activities in our consolidated statement of cash flows. Subsequent collections on the pledged receivables, which were not sold, will be classified as operating cash flows in our consolidated statement of cash flows at the time of collection. ​ Nabors Delaware and/or another subsidiary of Nabors act as servicers of the sold receivables. The servicers administer, collect and otherwise enforce these receivables and are compensated for doing so on terms that are generally consistent with what would be charged by an unrelated servicer. The servicers initially receive payments made by obligors on the receivables, then remit those payments in accordance with the Receivables Purchase Agreement. The servicers and the Originators have contingent indemnification obligations to the SPE, and the SPE has contingent indemnification obligations to the Purchasers, in each case customary for transactions of this type. These contingent indemnification obligations are guaranteed by the Company pursuant to an Indemnification Guarantee in favor of the Purchasers. The Purchasers have no recourse for receivables that are uncollectible as a result of the insolvency or inability to pay of the account debtors. ​ The maximum purchase commitment of the Purchasers under the A/R Agreement is $250.0 million. The amount available for sale to the Purchasers under the A/R Agreement fluctuates over time based on the total amount of eligible receivables generated during the normal course of business after excluding excess concentrations and certain other ineligible receivables. As of September 30, 2020, approximately $52.0 million had been sold to and as yet uncollected by the Purchasers. As of December 31, 2019, the corresponding number was approximately $140.0 million. Trade accounts receivable sold by the SPE to the Purchasers are derecognized from our condensed consolidated balance sheet. The fair value of the sold receivables approximated book value due to the short-term nature of the receivables and, as a result, no gain or loss on the sale of the receivables was recorded. Trade receivables pledged by the SPE as collateral to the Purchasers (excluding receivables sold to the Purchasers) totaled $60.8 million and $143.6 million as of September 30, 2020 and December 31, 2019, respectively, and are included in accounts receivable, net in our condensed consolidated balance sheet. The assets of the SPE cannot be used by the Company for general corporate purposes. Additionally, creditors of the SPE do not have recourse to assets of the Company (other than assets of the SPE). ​

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt
Debt	Note 6 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) 5.00% senior notes due September 2020 (1) ​ $ — ​ $ 282,046 ​ 4.625% senior notes due September 2021 ​ 128,403 ​ 634,588 ​ 5.50% senior notes due January 2023 ​ 32,176 ​ 501,003 ​ 5.10% senior notes due September 2023 ​ 140,467 ​ 336,810 ​ 0.75% senior exchangeable notes due January 2024 ​ 489,901 ​ 472,603 ​ 5.75% senior notes due February 2025 ​ ​ 775,186 ​ 781,502 ​ 7.25% senior notes due January 2026 ​ ​ 600,000 ​ — ​ 7.50% senior notes due January 2028 ​ ​ 400,000 ​ — ​ 2012 Revolving credit facility (1) ​ — ​ ​ 355,000 ​ 2018 Revolving credit facility ​ 752,265 ​ ​ — ​ ​ ​ ​ 3,318,398 ​ ​ 3,363,552 ​ Less: current portion ​ — ​ — ​ Less: deferred financing costs ​ ​ 28,095 ​ ​ 30,332 ​ ​ ​ $ 3,290,303 ​ $ 3,333,220 ​ ​ (1) As of December 31, 2019, the 5.00% senior notes due September 2020 and 2012 Revolving Credit Facility were classified as long-term because we had the ability and intent to repay these obligations utilizing our revolving credit facility (see 2018 Revolving Credit Facility below). ​ During the nine months ended September 30, 2020, we repurchased $1.32 billion aggregate principal amount outstanding of our senior unsecured notes for approximately $1.26 billion in cash, including principal, and $13.2 million in accrued and unpaid interest. Approximately $952.9 million of notes were purchased in the tender offers and consent solicitations described below and the remainder were purchased in the open market. In connection with these repurchases, we recognized a net gain of approximately $65.8 million for the nine months ended September 30, 2020 and is included in other, net in our condensed consolidated statement of income (loss). ​ 7.25% and 7.50% Senior Notes Due January 2026 and 2028 ​ In January 2020, Nabors completed a private placement of $600.0 million aggregate principal amount of senior guaranteed notes due 2026 (the “2026 Notes”) and $400.0 million aggregate principal amount of senior guaranteed notes due 2028 (the “2028 Notes” and, together with the 2026 Notes, the “Notes”). The 2026 and 2028 Notes bear interest at an annual rate of 7.25% and 7.50%, respectively. The Notes are fully and unconditionally guaranteed by certain of Nabors’ indirect wholly-owned subsidiaries. ​ The proceeds from this offering were primarily used to repurchase $952.9 million aggregate principal amount of certain of Nabors Delaware’s senior notes that were tendered pursuant to an offer to purchase and consent solicitation. The aggregate principal amount repurchased included approximately $407.7 million of our 5.50% senior notes due 2023 (the “5.50% Notes”), $379.7 million of our 4.625% senior notes due 2021 (the “4.625% Notes”) and $165.5 million of our 5.10% senior notes due 2023 (the “5.10% Notes”). ​ 2018 Revolving Credit Facility ​ In October 2018, Nabors Delaware and Nabors Drilling Canada Limited (“Nabors Canada” and together with Nabors Delaware, the “Borrowers”) entered into a credit agreement dated October 11, 2018 by and among the Borrowers, the Guarantors identified therein, HSBC Bank Canada, as the Canadian lender (the “Canadian Lender”) the issuing banks and other lenders party thereto (the “US Lenders” and, together with the Canadian Lender, the “Lenders”) and Citibank, N.A., as administrative agent solely for the U.S. Lenders. The 2018 Revolving Credit Facility originally had a borrowing capacity of $1.267 billion and is fully and unconditionally guaranteed by Nabors and certain of its wholly owned subsidiaries. The 2018 Revolving Credit Facility matures at the earlier of (a) October 11, 2023 and (b) July 19, 2022, if any of Nabors Delaware’s existing 5.50 % senior notes due January 2023 remain outstanding as of such date.. The 2018 Revolving Credit Facility contains certain affirmative and negative covenants. Amendment No. 1 to the 2018 Revolving Credit Facility provided for additional currencies in which letters of credit could be issued. On December 13, 2019, Amendment No. 2 was entered into which reduced the borrowing capacity to $1.0136 ($981.6 million for Nabors Delaware and $32.0 million for Nabors Canada), and replaced the net funded debt to capitalization covenant with a covenant to maintain net funded indebtedness at no greater than 5.5 times EBITDA. Amendment No. 3 to the 2018 Revolving Credit Facility was entered into on March 3, 2020, in order to permit letters of credit from the Canadian Lender on the portion of the facility dedicated to Canadian borrowings. ​ On September 2020, Amendment No. 4 was entered into in order to revise certain of the covenant and collateral requirements under the 2018 Revolving Credit Facility. Amendment No. 4 provides the Lenders with a first lien security interest in certain drilling rigs located in the U.S. and Canada and replaces the existing covenant to maintain net funded debt at no greater than 5.5 times EBITDA with a new covenant to maintain minimum liquidity of no less than $160.0 million at any time. Additionally, the “asset to debt coverage” ratio was revised such that during any period in which Nabors Delaware fails to maintain an investment grade rating from at least two ratings agencies, the guarantors under the facility and their respective subsidiaries will be required to maintain an asset to debt coverage of at least 4.25:1. As of September 30, 2020, we had $752 million outstanding under our 2018 Revolving Credit Facility and the net book value of the collateralized assets under the 2018 Revolving Credit Facility was $1.4 billion. As of September 30, 2020, there was a $50.6 million reduction in total available borrowing capacity under the 2018 Revolving Credit Facility due to the minimum liquidity requirement. The weighted average interest rate on borrowings under the 2018 Revolving Credit Facility at September 30, 2020 was 3.48%. In order to make any future borrowings under the 2018 Revolving Credit Facility, Nabors and certain of its wholly owned subsidiaries are subject to compliance with the conditions and covenants contained therein, including compliance with applicable financial ratios. ​ As of September 30, 2020, we were in compliance with all covenants under the 2018 Revolving Credit Facility. See Note 2— Summary of Significant Accounting Policies ​ 2012 Revolving Credit Facility ​ We repaid all outstanding amounts under the 2012 Revolving Credit Facility in April 2020 and have terminated the facility.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2020
Shareholders' Equity
Shareholders' Equity	Note 7 Shareholders’ Equity ​ Common shares ​ At a special meeting of shareholders held April 20, 2020, our shareholders authorized the Reverse Stock Split, as described in greater detail in Note 1—General. ​ Convertible Preferred Shares ​ During 2018, we issued 5.75 million of our 6% Series A Mandatory Convertible Preferred Shares (the “mandatory convertible preferred shares”), par value $0.001 per share, with a liquidation preference of $50 per share. As of September 30, 2020 and December 31, 2019 we had 4.9 million and 5.6 million mandatory convertible preferred shares outstanding. ​ The dividends on the mandatory convertible preferred shares are payable on a cumulative basis at a rate of 6% annually on the initial liquidation preference of $50 per share. Dividends accumulate and are paid quarterly to the extent that we have available funds and our Board declares a dividend payable. We may elect to pay any accumulated and unpaid dividends in cash or common shares or any combination thereof. At issuance, each mandatory convertible preferred share was automatically convertible into between 0.1075 and 0.1290 of our common shares based on the average share price over a period of twenty consecutive trading days ending prior to May 1, 2021, subject to anti-dilution adjustments. As a result of the dividends paid on our common shares since the offering, the most recent publicly announced conversion rate for each mandatory convertible preferred share is between ​ Shareholder Rights Plan ​ On May 5, 2020, our Board adopted a shareholder rights plan and declared a dividend of one right (a “Right”) for each outstanding common share to shareholders of record on May 15, 2020. Each Right entitles the holder to purchase from Nabors one one-thousandth of a Series B Junior Participating Preferred Share, par value $0.001 per share (the “Series B Preferred Shares’), of Nabors at a price of $58.08 per one one-thousandth of a Series B Preferred Share, subject to adjustment. The description of the Rights are set forth in a Rights Agreement, dated May 5, 2020 (the “Rights Agreement”), by and between Nabors and Computershare Trust Company, N.A., as Rights Agent. ​ Initially, the Rights will not be exercisable and will trade with our common shares. Under the Rights Agreement, the Rights will become exercisable only if a person or group or persons acting together (each, an “acquiring person”) acquires beneficial ownership of 4.9 % or more of our outstanding common shares. The Rights Agreement was amended on May 27, 2020, to permit the shareholder identified therein, together with affiliates and associates, to beneficially own up to 10% of our outstanding common shares. ​ If the Rights are triggered, each holder of a Right (other than the acquiring person, whose Rights will become void) will be entitled to purchase additional shares of our common stock at a 50% discount. In addition, if we are acquired in a merger or other business combination after an Acquiring Person acquires more than 4.9% of our outstanding common shares ( 10% for the shareholder identified in the amendment), each holder of a Right would then be entitled to purchase shares of the acquiring company’s stock at a 50% discount. Our Board, at its option, may exchange each Right (other than Rights owned by the acquiring person that have become void) in whole or in part, at an exchange ratio of one common share per outstanding Right, subject to adjustment. Except as provided in the Rights Agreement, our Board is entitled to redeem the Rights at $0.01 per Right. ​ A ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Commitments and Contingencies	Note 8 Commitments and Contingencies ​ Contingencies ​ Income Tax ​ We operate in a number of countries and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. ​ In certain jurisdictions we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount we determine to be more likely than not unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred assets. Any change in the ability to utilize such deferred assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize the deferred tax assets that we have recognized. However, it is possible that some of our recognized deferred tax assets, relating to net operating loss carryforwards, could expire unused or could carryforward indefinitely without utilization. Therefore, unless we are able to generate sufficient taxable income from our component operations, a substantial valuation allowance to reduce our deferred tax assets may be required, which would materially increase our tax expense in the period the allowance is recognized and materially adversely affect our results of operations and statement of financial condition. ​ Litigation ​ Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. ​ In March 2011, the Court of Ouargla entered a judgment of approximately $21.8 million (at September 30, 2020 exchange rates) against us relating to alleged violations of Algeria’s foreign currency exchange controls, which require that goods and services provided locally be invoiced and paid in local currency. The case relates to certain foreign currency payments made to us by CEPSA, a Spanish operator, for wells drilled in 2006. Approximately $7.5 million of the total contract amount was paid offshore in foreign currency, and approximately $3.2 million was paid in local currency. The judgment includes fines and penalties of approximately four times the amount at issue. We have appealed the ruling based on our understanding that the law in question applies only to resident entities incorporated under Algerian law. An intermediate court of appeals upheld the lower court’s ruling, and we appealed the matter to the Supreme Court. On September 25, 2014, the Supreme Court overturned the verdict against us, and the case was reheard by the Ouargla Court of Appeals on March 22, 2015 in light of the Supreme Court’s opinion. On March 29, 2015, the Ouargla Court of Appeals reinstated the initial judgment against us. We have appealed this decision again to the Supreme Court. While our payments were consistent with our historical operations in the country, and, we believe, those of other multinational corporations there, as well as interpretations of the law by the Central Bank of Algeria, the ultimate resolution of this matter could result in a loss of up to $13.8 million in excess of amounts accrued. ​ On September 29, 2017, we were sued, along with Tesco Corporation and its Board of Directors, in a putative shareholder class action filed in the United States District Court for the Southern District of Texas, Houston Division. The plaintiff alleges that the September 18, 2017 Preliminary Proxy Statement filed by Tesco with the United States Securities and Exchange Commission omitted material information with respect to the proposed transaction between Tesco and Nabors announced on August 14, 2017. The plaintiff claims that the omissions rendered the Proxy Statement false and misleading, constituting a violation of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. The court consolidated several matters and entered a lead plaintiff appointment order. The plaintiff filed their amended complaint, adding Nabors Industries Ltd. as a party to the consolidated action. Nabors filed its motion to dismiss, which was granted by the court on March 29, 2019. The parties filed appellate briefs with the Fifth Circuit Court of Appeals, and arguments were heard on March 4, 2020. On August 19, 2020, the Fifth Circuit Court upheld the lower court’s decision dismissing the plaintiff’s claims. The plaintiff’s deadline to file a petition for a writ of certiorari with the United States Supreme Court is on or about November 20, 2020. Nabors will continue to vigorously defend itself against the allegations. ​ Following a routine audit conducted in May and June of 2018 by the Atyrau Oblast Ecology Department (the “AOED”), our joint venture in Kazakhstan, KMG Nabors Drilling Company (“KNDC”), was administratively fined for not having emissions permits for KNDC owned or leased equipment. Prior to this audit, the AOED had always accepted the operator’s permits for all of their subcontractors. However, because of major personnel changes, AOED changed this position and is now requiring that the owner/lessor of the equipment that emits the pollutants must have its own permits. Administrative fines have been issued to KNDC and paid in the amount of $0.8 million for violations regarding the failure to have proper permits. AOED had also assessed additional “environmental damages” in the amount of $3.4 million for the period while KNDC did not hold its’ own emissions permit. However, KNDC appealed this fine and the AOED Economic Court ruled in KNDC’s favor. AOED appealed this decision, which was reversed on February 21, 2020. KNDC appealed to the Supreme Court but was unsuccessful in obtaining a reversal of the lower appeals court ruling. Additional damages in the form of later year audits and taxes could become due as well exposing KNDC to possible penalties and fines in an amount estimated to be up to approximately $4.0 million, of which we have fully accrued as a liability. KNDC and the operator have executed an agreement formalizing the operator’s obligation to reimburse KNDC for many of the financial expenses related to this case as well as penalties and expenses related to future audit periods. KNDC now has its own permits, and the law has been amended to permit contractors to conduct work based on the permit of its customer. Meanwhile, KNDC has received notice from government officials that certain of our employees may be held personally responsible for any violations of the law by KNDC. We continue to be engaged and are monitoring the situation. ​ Off-Balance Sheet Arrangements (Including Guarantees) ​ We are a party to some transactions, agreements or other contractual arrangements defined as “off-balance sheet arrangements” that could have a material future effect on our financial position, results of operations, liquidity and capital resources. The most significant of these off-balance sheet arrangements include the A/R Agreement (see Note 5—Accounts Receivable Sales Agreement) and certain agreements and obligations under which we provide financial or performance assurance to third parties. Certain of these financial or performance assurances serve as guarantees, including standby letters of credit issued on behalf of insurance carriers in conjunction with our workers’ compensation insurance program and other financial surety instruments such as bonds. In addition, we have provided indemnifications, which serve as guarantees, to some third parties. These guarantees include indemnification provided by Nabors to our share transfer agent and our insurance carriers. We are not able to estimate the potential future maximum payments that might be due under our indemnification guarantees. ​ Management believes the likelihood that we would be required to perform or otherwise incur any material losses associated with any of these guarantees is remote. The following table summarizes the total maximum amount of financial guarantees issued by Nabors: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2020 2021 2022 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 43,949 163,189 — 1,252 ​ $ 208,390 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	9 Months Ended
	Sep. 30, 2020
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 9 Earnings (Losses) Per Share ​ ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The participating security holders are not contractually obligated to share in losses. Therefore, losses are not allocated to the participating security holders. ​ Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. ​ Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted shares. Shares issuable upon exchange of the 0.75% exchangeable notes due 2024 are not included in the calculation of diluted earnings (losses) per share unless the exchange value of the notes exceeds their principal amount at the end of the relevant reporting period, in which case the notes will be accounted for as if the number of common shares that would be necessary to settle the excess are issued. Such shares are only included in the calculation of the weighted-average number of shares outstanding in our diluted earnings (losses) per share calculation, when the price of our shares exceeds $1,257.81 on the last trading day of the quarter, which did not occur during the nine months ended September 30, 2020. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (146,682) ​ $ (99,788) ​ $ (658,919) ​ $ (395,965) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (10,805) ​ (19,297) ​ (38,437) ​ (44,202) ​ Less: preferred stock dividends ​ ​ (3,653) ​ (4,310) ​ (10,958) ​ (12,935) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (4,353) ​ ​ (5,176) ​ ​ (13,092) ​ ​ (15,358) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ — ​ ​ (114) ​ ​ (125) ​ ​ (347) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ 22 ​ $ 157 ​ $ (48) ​ $ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 7,064 ​ 7,041 ​ 7,056 ​ 7,029 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (23.42) ​ $ (18.27) ​ $ (102.25) ​ $ (66.70) ​ Basic from discontinued operations ​ ​ — ​ 0.02 ​ (0.01) ​ — ​ Total Basic ​ ​ $ (23.42) ​ $ (18.25) ​ $ (102.26) ​ $ (66.70) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ 22 ​ $ 157 ​ $ (48) ​ $ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 7,064 ​ 7,041 ​ 7,056 ​ 7,029 ​ Add: dilutive effect of potential common shares ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 7,064 ​ ​ 7,041 ​ ​ 7,056 ​ ​ 7,029 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (23.42) ​ $ (18.27) ​ $ (102.25) ​ $ (66.70) ​ Diluted from discontinued operations ​ ​ — ​ 0.02 ​ (0.01) ​ — ​ Total Diluted ​ ​ $ (23.42) ​ $ (18.25) ​ $ (102.26) ​ $ (66.70) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ All share and per share amounts have been adjusted for the 1-for-50 reverse split that became effective at 11:59 p.m. Eastern time on April 22, 2020. ​ For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options with exercise prices greater than the average market price of Nabors’ common shares, because their inclusion would be anti-dilutive and because they are not considered participating securities. In any period during which the average market price of Nabors’ common shares exceeds the exercise prices of these stock options, such stock options will be included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock is included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities. For periods in which we experience a net loss from continuing operations, all potential common shares have been excluded from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive. The average number of shares from options that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 36 ​ ​ 36 ​ ​ 57 ​ ​ 41 ​ ​ Additionally, we excluded 0.79 million common shares from the computation of diluted shares issuable upon the conversion of mandatory convertible preferred shares, because their effect would be anti-dilutive under the if-converted method.

Impairments and Other Charges

Impairments and Other Charges	9 Months Ended
	Sep. 30, 2020
Impairments and Other Charges
Impairments and Other Charges	Note 10 Impairments and Other Charges ​ The components of impairments and other charges are provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ (In thousands) Tangible Assets & Equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment of long-lived assets ​ $ 345 ​ $ — ​ $ 194,390 ​ $ — ​ Subtotal ​ ​ 345 ​ ​ — ​ ​ 194,390 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill & Intangible Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill impairments ​ ​ — ​ ​ — ​ ​ 27,798 ​ ​ 93,634 ​ Intangible asset impairment ​ ​ — ​ ​ — ​ ​ 83,624 ​ ​ 5,235 ​ Subtotal ​ ​ — ​ ​ — ​ ​ 111,422 ​ ​ 98,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Charges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ (107) ​ ​ — ​ ​ 15,287 ​ ​ — ​ Severance and transaction-related costs ​ ​ 4,779 ​ ​ 2,911 ​ ​ 18,204 ​ ​ 5,386 ​ Loss (gain) on early extinguishment of debt ​ ​ — ​ ​ 718 ​ ​ — ​ ​ 1,752 ​ Total ​ $ 5,017 ​ $ 3,629 ​ $ 339,303 ​ $ 106,007 ​ ​ For the three and nine months ended September 30, 2020 ​ During the first quarter of 2020, the oil market experienced volatility leading to a significant decline in oil prices resulting from oversupply and demand weakness. Lower prices continued through the third quarter and into the fourth. As a result of these conditions, we determined a triggering event had occurred in the first quarter which required us to perform impairment testing of our long-lived assets, goodwill and intangible assets. ​ Tangible Assets and Equipment ​ We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to the extent the carrying amount of the long-lived asset exceeds its estimated fair value. Management considers a number of factors such as estimated future cash flows from the assets, appraisals and current market value analysis in determining fair value. The determination of future cash flows requires the estimation of utilization, dayrates, operating margins, sustaining capital and remaining economic life. Such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. ​ Based on our analysis during the first quarter of 2020, we impaired some of our rigs and drilling-related equipment within our U.S. Drilling, International Drilling, Drilling Solutions and Rig Technologies reportable segments resulting in charges of $82.4 million, $30.5 million, $19.8 million and $2.8 million, respectively. Additionally, we recognized an impairment of $12.3 million related to our retained interest in the oil and gas properties located on the North Slope of Alaska. These impairments resulted from the lack of future contractual opportunities on specific rigs or other assets as a result of current market conditions across certain geographic regions. A significantly prolonged period of lower oil and natural gas prices could continue to adversely affect the demand for and prices of our services, which could result in future impairment charges. ​ During the second quarter of 2020, we wrote off all the remaining value on our rig and drilling-related equipment in Venezuela due to our lack of work in the country and limited visibility to any possibility of further work. This resulted in a charge of $32.6 million caused by sanctions and inability to relocate assets. Other assets throughout the Drilling and Drilling Solutions business were reviewed and approximately $13.8 million were written off due to functional obsolescence. ​ Goodwill impairments ​ We perform our annual goodwill impairment test during the second quarter of each year. In addition to our annual impairment test, we are required to regularly assess whether a triggering event has occurred which would require interim impairment testing. Due to current industry conditions mentioned above and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we determined a triggering event had occurred and performed a quantitative impairment assessment of our goodwill as of March 31, 2020. Based on the results of our goodwill test performed in the first quarter, we recognized additional impairment charges to write off the remaining goodwill balances attributable to our Drilling Solutions and Rig Technologies operating segments of $11.4 million and $16.4 million, respectively in the quarter ended March 31, 2020. ​ Intangible asset impairments ​ We also reviewed our intangible assets for impairment in the first quarter of 2020. The fair value of our intangible assets are determined using discounted cash flow models. Based on our updated projections of future cash flows, the fair value of our intangible assets did not support the carrying value. As such, we recognized an impairment of $83.6 million to write off all remaining intangible assets in the quarter ended March 31, 2020. ​ Other assets ​ We recognized charges of $15.3 million in the nine months ended September 30, 2020, primarily in the first quarter of 2020, for certain assets including receivables related to our international operations. The charges were primarily attributable to a number of foreign countries, which have been adversely impacted by foreign sanctions or other political risk issues as well as bankruptcies or other financial problems. ​ Severance and transaction related costs ​ During the nine months ended September 30, 2020, we recognized charges of $18.2 million due to severance and other related costs incurred to right-size our cost structure. ​ For the three and nine months ended September 30, 2019 ​ Goodwill impairments ​ During the three and nine months ended September 30, 2019, we recognized goodwill impairment charges of $93.6 million. As part of our annual goodwill impairment test, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized an impairment of $75.6 million for the remaining goodwill balance attributable to our International Drilling operating segment and $18.0 million for a partial impairment to our goodwill balance related to the acquisition of 2TD in 2014, reported within our Rig Technologies operating segment. These non-cash pre-tax impairment charges were primarily the result of a sustained decline in our market capitalization and lower future cash flow projections due to expectations for future commodity prices and the resulting impact on the demand for our products and services within these reporting units. ​ ​ Intangible impairments ​ We determined the fair value of one of our intangible assets was less than the current book value. As such, we recognized a partial impairment of $5.2 million to write down the intangible asset to its fair value. This intangible asset relates to in-process research and development associated with our rotary steerable tools purchased as part of the 2TD acquisition. Based on our updated projections of future cash flows, the carrying value did not support the current fair value and thus an impairment charge was recognized. ​ Severance and transaction related costs ​ During the three and nine months ended September 30, 2019, we recognized charges of $2.9 million and $5.4 million, respectively, due to severance and other related costs incurred to right-size our cost structure. ​ Loss (gain) on early extinguishment of debt ​ During the three and nine months ended September 30, 2019, we repurchased $16.6 million and $378.1 million, respectively, aggregate principal amount of our senior notes and recognized a loss of $0.7 million and $1.8 million, respectively, as part of the debt extinguishment. See Note 6—Debt for additional discussion.

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	9 Months Ended
	Sep. 30, 2020
Supplemental Balance Sheet and Income Statement Information
Supplemental Balance Sheet and Income Statement Information	Note 11 Supplemental Balance Sheet and Income Statement Information ​ Accrued liabilities included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Accrued compensation ​ $ 77,344 ​ $ 97,003 ​ Deferred revenue and proceeds on insurance and asset sales ​ 60,616 ​ ​ 89,051 ​ Other taxes payable ​ 33,681 ​ ​ 31,472 ​ Workers’ compensation liabilities ​ 15,214 ​ 30,214 ​ Interest payable ​ 25,771 ​ 51,316 ​ Litigation reserves ​ 14,282 ​ 14,736 ​ Dividends declared and payable ​ 3,653 ​ 7,832 ​ Other accrued liabilities ​ 16,620 ​ 11,658 ​ ​ ​ $ 247,181 ​ $ 333,282 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ (In thousands) Interest and dividend income ​ $ 177 ​ $ 2,040 ​ $ 3,781 ​ $ 6,346 ​ Gains (losses) on marketable securities ​ (919) ​ (3,477) ​ (5,685) ​ 2,363 ​ ​ ​ $ (742) ​ $ (1,437) ​ $ (1,904) ​ $ 8,709 ​ ​ ​ ​ Other, net included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 3,324 ​ $ (1,750) ​ $ 5,752 ​ $ 8,410 ​ Litigation expenses and reserves ​ ​ 621 ​ ​ (2,400) ​ ​ 2,733 ​ ​ 4,211 ​ Foreign currency transaction losses (gains) ​ ​ 9,295 ​ ​ 8,745 ​ ​ 11,377 ​ ​ 18,715 ​ (Gain) loss on debt buyback ​ ​ ​ (14,170) ​ ​ — ​ ​ (65,848) ​ ​ — ​ Other losses (gains) ​ ​ 505 ​ ​ 410 ​ ​ (2,344) ​ ​ (738) ​ ​ ​ ​ $ (425) ​ $ 5,005 ​ $ (48,330) ​ $ 30,598 ​ ​ The changes in accumulated other comprehensive income (loss), by component, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2019 ​ $ (492) ​ $ (3,945) ​ $ (24,888) ​ $ (29,325) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ — ​ ​ 12,314 ​ ​ 12,314 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 319 ​ ​ 125 ​ ​ — ​ ​ 444 ​ Net other comprehensive income (loss) ​ 319 ​ 125 ​ 12,314 ​ 12,758 ​ As of September 30, 2019 ​ $ (173) ​ $ (3,820) ​ $ (12,574) ​ $ (16,567) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2020 ​ $ (65) ​ $ (3,778) ​ $ (7,945) ​ $ (11,788) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (7,029) ​ (7,029) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 67 ​ 120 ​ — ​ 187 ​ Net other comprehensive income (loss) ​ 67 ​ 120 ​ (7,029) ​ (6,842) ​ As of September 30, 2020 ​ $ 2 ​ $ (3,658) ​ $ (14,974) ​ $ (18,630) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Interest expense ​ ​ $ (124) ​ $ 142 ​ $ 160 ​ $ 424 ​ General and administrative expenses ​ ​ 52 ​ 54 ​ 156 ​ 162 ​ Total income (loss) from continuing operations before income tax ​ ​ 72 ​ (196) ​ (316) ​ (586) ​ Tax expense (benefit) ​ ​ ​ (35) ​ ​ (48) ​ ​ (129) ​ ​ (142) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ 107 ​ $ (148) ​ $ (187) ​ $ (444) ​ ​

Segment Information

Segment Information	9 Months Ended
	Sep. 30, 2020
Segment Information
Segment Information	Note 12 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, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 130,243 ​ $ 307,808 ​ $ 578,928 ​ $ 951,419 ​ Canada Drilling ​ ​ 10,774 ​ 12,191 ​ 39,929 ​ 48,895 ​ International Drilling ​ ​ 248,392 ​ 328,278 ​ 886,580 ​ 992,439 ​ Drilling Solutions ​ ​ 29,324 ​ 62,286 ​ 117,837 ​ 192,291 ​ Rig Technologies ​ ​ 28,466 ​ 63,106 ​ 104,198 ​ 207,610 ​ Other reconciling items (1) ​ ​ (8,847) ​ (15,593) ​ (36,825) ​ (63,532) ​ Total ​ ​ $ 438,352 ​ $ 758,076 ​ $ 1,690,647 ​ $ 2,329,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ (39,162) ​ $ 12,427 ​ $ (69,961) ​ $ 57,502 ​ Canada Drilling ​ ​ (3,507) ​ (5,701) ​ (9,265) ​ (11,297) ​ International Drilling ​ ​ (16,872) ​ 2,466 ​ (20,743) ​ (10,055) ​ Drilling Solutions ​ ​ (3,583) ​ 16,145 ​ 8,699 ​ 42,793 ​ Rig Technologies ​ ​ (1,807) ​ (641) ​ (11,450) ​ (5,293) ​ Total segment adjusted operating income (loss) ​ ​ $ (64,931) ​ $ 24,696 ​ $ (102,720) ​ $ 73,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment adjusted operating income (loss) (2) ​ ​ $ (64,931) ​ $ 24,696 ​ $ (102,720) ​ $ 73,650 ​ Other reconciling items (3) ​ ​ (27,709) ​ (39,219) ​ (86,547) ​ (121,480) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) ​ Investment income (loss) ​ ​ (742) ​ ​ (1,437) ​ (1,904) ​ ​ 8,709 ​ Interest expense ​ ​ ​ (52,403) ​ ​ (51,291) ​ ​ (158,331) ​ ​ (155,134) ​ Impairments and other charges ​ ​ ​ (5,017) ​ ​ (3,629) ​ ​ (339,303) ​ ​ (106,007) ​ Other, net ​ ​ ​ 425 ​ ​ (5,005) ​ ​ 48,330 ​ ​ (30,598) ​ Income (loss) from continuing operations before income taxes ​ ​ $ (150,377) ​ $ (75,885) ​ $ (640,475) ​ $ (330,865) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,990,662 ​ $ 2,369,200 ​ Canada Drilling ​ 169,572 ​ 202,706 ​ International Drilling ​ 2,751,761 ​ 2,979,494 ​ Drilling Solutions ​ 117,200 ​ 218,004 ​ Rig Technologies ​ 233,315 ​ 324,523 ​ Other reconciling items (3) ​ 554,798 ​ 666,731 ​ Total ​ $ 5,817,308 ​ $ 6,760,658 ​ (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) from continuing operations before income taxes is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition

Revenue Recognition	9 Months Ended
	Sep. 30, 2020
Revenue Recognition
Revenue Recognition	Note 13 Revenue Recognition ​ We recognize revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Contract drilling revenues are recorded over time utilizing the input method based on time elapsed. The measurement of progress considers the transfer of the service to the customer as we provide daily drilling services. We receive payment after the services have been performed by billing customers periodically (typically monthly). However, a portion of our revenues are recognized at a point-in-time as control is transferred at a distinct point in time such as with the sale of our top drives and other capital equipment. Within our drilling contracts, we have identified one performance obligation in which the transaction price is allocated. ​ Disaggregation of revenue ​ In the following table, revenue is disaggregated by geographical region. The table also includes a reconciliation of the disaggregated revenue with the reportable segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 96,433 ​ $ — ​ $ — ​ $ 15,769 ​ $ 10,220 ​ $ — ​ $ 122,422 ​ U.S. Offshore Gulf of Mexico ​ 26,943 ​ — ​ — ​ 2,011 ​ — ​ — ​ ​ 28,954 ​ Alaska ​ 6,867 ​ — ​ — ​ 66 ​ 2 ​ — ​ ​ 6,935 ​ Canada ​ — ​ 10,774 ​ — ​ 187 ​ 515 ​ — ​ ​ 11,476 ​ Middle East & Asia ​ — ​ — ​ 176,617 ​ 10,096 ​ 13,869 ​ — ​ ​ 200,582 ​ Latin America ​ — ​ — ​ 43,881 ​ 902 ​ 15 ​ — ​ ​ 44,798 ​ Europe, Africa & CIS ​ — ​ — ​ 27,894 ​ 293 ​ 3,845 ​ — ​ ​ 32,032 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,847) ​ (8,847) ​ Total ​ $ 130,243 ​ $ 10,774 ​ $ 248,392 ​ $ 29,324 ​ $ 28,466 ​ $ (8,847) ​ $ 438,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2020 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 445,478 ​ $ — ​ $ — ​ $ 70,805 ​ $ 42,860 ​ $ — ​ $ 559,143 ​ U.S. Offshore Gulf of Mexico ​ 102,681 ​ — ​ — ​ 7,044 ​ — ​ — ​ ​ 109,725 ​ Alaska ​ 30,769 ​ — ​ — ​ 1,296 ​ 20 ​ — ​ ​ 32,085 ​ Canada ​ — ​ 39,929 ​ — ​ 995 ​ 2,711 ​ — ​ ​ 43,635 ​ Middle East & Asia ​ — ​ — ​ 571,108 ​ 31,630 ​ 46,003 ​ — ​ ​ 648,741 ​ Latin America ​ — ​ — ​ 177,800 ​ 4,284 ​ 136 ​ — ​ ​ 182,220 ​ Europe, Africa & CIS ​ — ​ — ​ 137,672 ​ 1,783 ​ 12,468 ​ — ​ ​ 151,923 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36,825) ​ (36,825) ​ Total ​ $ 578,928 ​ $ 39,929 ​ $ 886,580 ​ $ 117,837 ​ $ 104,198 ​ $ (36,825) ​ $ 1,690,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 256,978 ​ $ — ​ $ — ​ $ 41,459 ​ $ 40,082 ​ $ — ​ $ 338,519 ​ U.S. Offshore Gulf of Mexico ​ 37,365 ​ — ​ — ​ 2,935 ​ — ​ — ​ ​ 40,300 ​ Alaska ​ 13,465 ​ — ​ — ​ 1,488 ​ 341 ​ — ​ ​ 15,294 ​ Canada ​ — ​ 12,191 ​ — ​ 358 ​ 1,894 ​ — ​ ​ 14,443 ​ Middle East & Asia ​ — ​ — ​ 197,095 ​ 11,167 ​ 14,481 ​ — ​ ​ 222,743 ​ Latin America ​ — ​ — ​ 85,558 ​ 4,545 ​ 468 ​ — ​ ​ 90,571 ​ Europe, Africa & CIS ​ — ​ — ​ 45,625 ​ 334 ​ 5,840 ​ — ​ ​ 51,799 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (15,593) ​ (15,593) ​ Total ​ $ 307,808 ​ $ 12,191 ​ $ 328,278 ​ $ 62,286 ​ $ 63,106 ​ $ (15,593) ​ $ 758,076 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, 2019 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 784,638 ​ $ — ​ $ — ​ $ 132,156 ​ $ 144,983 ​ $ — ​ $ 1,061,777 U.S. Offshore Gulf of Mexico ​ 117,572 ​ — ​ — ​ 9,945 ​ — ​ — ​ ​ 127,517 Alaska ​ 49,209 ​ — ​ — ​ 4,137 ​ 888 ​ — ​ ​ 54,234 Canada ​ — ​ 48,895 ​ — ​ 1,413 ​ 6,942 ​ — ​ ​ 57,250 Middle East & Asia ​ — ​ — ​ 570,142 ​ 31,095 ​ 38,344 ​ — ​ ​ 639,581 Latin America ​ — ​ — ​ 266,715 ​ 11,202 ​ 1,850 ​ — ​ ​ 279,767 Europe, Africa & CIS ​ — ​ — ​ 155,582 ​ 2,343 ​ 14,603 ​ — ​ ​ 172,528 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63,532) ​ (63,532) Total ​ $ 951,419 ​ $ 48,895 ​ $ 992,439 ​ $ 192,291 ​ $ 207,610 ​ $ (63,532) ​ $ 2,329,122 ​ Contract balances ​ We perform our obligations under a contract with a customer by transferring goods or services in exchange for consideration from the customer. We recognize a contract asset or liability when we transfer goods or services to a customer and bill an amount which differs from the revenue allocated to the related performance obligations. ​ The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on our condensed consolidated balance sheet. In general, we receive payments from customers based on dayrates as stipulated in our contracts (i.e. operating rate, standby rate). The invoices billed to the customer are based on the varying rates applicable to the operating status on each rig. Accounts receivable are recorded when the right to consideration becomes unconditional. ​ Dayrate contracts also may contain fees charged to the customer for up-front rig modifications, mobilization and demobilization of equipment and personnel. These fees are associated with contract fulfillment activities, and the related revenue (subject to any constraint on estimates of variable consideration) is allocated to a single performance obligation and recognized ratably over the initial term of the contract. Mobilization fees are generally billable to the customer in the initial phase of a contract and generate contract liabilities until they are recognized as revenue. Demobilization fees are generally received at the end of the contract and generate contract assets when they are recognized as revenue prior to becoming receivables from the customer. ​ We receive reimbursements from our customers for the purchase of supplies, equipment, personnel services and other services provided at their request. Reimbursable revenues are variable and subject to uncertainty as the amounts received and timing thereof are dependent on factors outside of our influence. Accordingly, these revenues are constrained and not recognized until the uncertainty is resolved, which typically occurs when the related costs are incurred on behalf of the customer. We are generally considered a principal in these transactions and record the associated revenues at the gross amounts billed to the customer. ​ ​ ​ The opening and closing balances of our receivables, contract assets and current and long-term contract liabilities are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2019 ​ $ 507.0 ​ $ 48.6 ​ $ 24.9 ​ $ 66.8 ​ $ 70.5 As of September 30, 2020 ​ $ 408.0 ​ $ 25.9 ​ $ 10.5 ​ $ 35.8 ​ $ 48.1 ​ Approximately 61% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2020 2021 2022 ​ Additionally, 64% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2020, of which 56% was recognized during the nine months ended September 30, 2020, and 23% is expected to be recognized during 2021. The remaining 13% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2022 or thereafter. This disclosure does not include variable consideration allocated entirely to a wholly unsatisfied performance obligation or promise to transfer a distinct good or service that forms part of a single performance obligation.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2020
Subsequent Events
Subsequent Events	Note 14 Subsequent Events ​ On October 29, 2020, Nabors Delaware completed a private transaction whereby ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2019 (“2019 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments September 30, 2020 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the nine months ended September 30, 2020 may not be indicative of results that will be realized for the full year ending December 31, 2020.
Principles of Consolidation	Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (1) the power to direct activities that most significantly impact the economic performance of the VIE and (2) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures.
Inventory	Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Raw materials ​ $ 133,224 ​ $ 130,414 ​ Work-in-progress ​ 4,953 ​ 5,498 ​ Finished goods ​ 25,852 ​ 40,429 ​ ​ ​ $ 164,029 ​ $ 176,341 ​
Goodwill	Goodwill ​ We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets may exceed their fair value. We initially assess goodwill for impairment based on qualitative factors to determine whether the existence of events or circumstances leads to a determination that it is more likely than not that the fair value of one of our reporting units is greater than its carrying amount. If the carrying amount of the reporting unit exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. ​ Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. We primarily calculate fair value in these impairment tests using discounted cash flow models, which require the use of significant unobservable inputs, representative of a Level 3 fair value measurement. Our cash flow models involve assumptions based on our utilization of rigs or other oil and gas service equipment, revenues and earnings from affiliates, as well as direct costs, general and administrative costs, depreciation, applicable income taxes, capital expenditures and working capital requirements. Our fair value estimates of these reporting units are sensitive to varying day rates, utilization and costs. A significantly prolonged period of lower oil and natural gas prices, other than those assumed in developing our forecasts, or changes in laws and regulations, could adversely affect the demand for and prices of our services. Our discounted cash flow projections for each reporting unit were based on financial forecasts. The future cash flows were discounted to present value using discount rates determined to be appropriate for each reporting unit. Terminal values for each reporting unit were calculated using a Gordon Growth methodology with a long-term growth rate of approximately 2%. The fair value of certain of our reporting units utilizes a market approach based on comparing the assets and liabilities of companies within our same industry. The market approach involves significant judgment in the selection of the appropriate peer group companies and valuation multiples. ​ Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compared the sum of our reporting units’ estimated fair value, which included the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assessed the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. ​ The change in the carrying amount of goodwill for our segments for the nine months ended September 30, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Purchase ​ Disposals ​ Cumulative ​ Balance at ​ ​ December 31, ​ Price ​ and ​ Translation ​ September 30, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 2020 ​ ​ (In thousands) Drilling Solutions ​ $ 11,436 ​ $ — ​ $ (11,436) (1) $ — ​ $ — ​ Rig Technologies ​ 16,944 ​ — ​ (16,362) (1) (582) ​ — ​ Total ​ $ 28,380 ​ $ — ​ $ (27,798) ​ $ (582) ​ $ — ​ ​ (1) Due to industry conditions that existed at March 31, 2020 such as the drop in commodity prices and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we performed a quantitative impairment assessment of our goodwill as of March 31, 2020. Based on the results of our goodwill test, we recognized a goodwill impairment of $27.8 million. See Note 10—Impairments and Other Charges.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changes accounting requirements for the recognition of credit losses from an incurred or probable impairment methodology to a current expected credit losses (CECL) methodology. The guidance is effective for interim and annual periods beginning after December 15, 2019. The guidance has been applied using the modified retrospective method with a cumulative effect adjustment to beginning retained earnings. Trade receivables (including the allowance for credit losses) are the only financial instrument in scope for ASU 2016-13 currently held by the Company. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2020
Summary of Significant Accounting Policies
Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Raw materials ​ $ 133,224 ​ $ 130,414 ​ Work-in-progress ​ 4,953 ​ 5,498 ​ Finished goods ​ 25,852 ​ 40,429 ​ ​ ​ $ 164,029 ​ $ 176,341 ​
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Purchase ​ Disposals ​ Cumulative ​ Balance at ​ ​ December 31, ​ Price ​ and ​ Translation ​ September 30, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 2020 ​ ​ (In thousands) Drilling Solutions ​ $ 11,436 ​ $ — ​ $ (11,436) (1) $ — ​ $ — ​ Rig Technologies ​ 16,944 ​ — ​ (16,362) (1) (582) ​ — ​ Total ​ $ 28,380 ​ $ — ​ $ (27,798) ​ $ (582) ​ $ — ​ ​ (1) Due to industry conditions that existed at March 31, 2020 such as the drop in commodity prices and the corresponding impact on future expectations of demand for our products and services, including the effect on our stock price, we performed a quantitative impairment assessment of our goodwill as of March 31, 2020. Based on the results of our goodwill test, we recognized a goodwill impairment of $27.8 million. See Note 10—Impairments and Other Charges.

Joint Ventures (Tables)

Joint Ventures (Tables)	9 Months Ended
	Sep. 30, 2020
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 381,241 ​ $ 289,575 ​ Accounts receivable ​ 46,467 ​ 68,624 ​ Other current assets ​ 15,979 ​ 18,149 ​ Property, plant and equipment, net ​ 435,149 ​ 455,751 ​ Other long-term assets ​ 6,422 ​ 15,118 ​ Total assets ​ $ 885,258 ​ $ 847,217 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 57,493 ​ $ 64,365 ​ Accrued liabilities ​ 23,440 ​ 17,929 ​ Total liabilities ​ $ 80,933 ​ $ 82,294 ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2020
Fair Value Measurements
Fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2020 ​ December 31, 2019 ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (In thousands) 5.00% senior notes due September 2020 $ — ​ $ — $ 282,046 ​ $ 284,907 4.625% senior notes due September 2021 128,403 ​ 101,743 634,588 ​ 632,516 5.50% senior notes due January 2023 32,176 ​ 17,858 501,003 ​ 483,834 5.10% senior notes due September 2023 140,467 ​ 73,327 336,810 ​ 303,860 0.75% senior exchangeable notes due January 2024 489,901 ​ 153,813 472,603 ​ 431,503 5.75% senior notes due February 2025 ​ 775,186 ​ 262,881 781,502 ​ 705,040 7.25% senior notes due January 2026 ​ 600,000 ​ 300,924 — ​ — 7.50% senior notes due January 2028 ​ 400,000 ​ 195,520 — ​ — 2012 Revolving credit facility — ​ — 355,000 ​ 355,000 2018 Revolving credit facility 752,265 ​ 752,265 — ​ — ​ ​ ​ 3,318,398 ​ $ 1,858,331 ​ ​ 3,363,552 ​ $ 3,196,660 Less: current portion ​ ​ — ​ ​ ​ ​ ​ — ​ ​ ​ Less: deferred financing costs ​ ​ 28,095 ​ ​ ​ ​ ​ 30,332 ​ ​ ​ ​ ​ $ 3,290,303 ​ ​ ​ ​ $ 3,333,220 ​ ​ ​

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt
Long-term debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) 5.00% senior notes due September 2020 (1) ​ $ — ​ $ 282,046 ​ 4.625% senior notes due September 2021 ​ 128,403 ​ 634,588 ​ 5.50% senior notes due January 2023 ​ 32,176 ​ 501,003 ​ 5.10% senior notes due September 2023 ​ 140,467 ​ 336,810 ​ 0.75% senior exchangeable notes due January 2024 ​ 489,901 ​ 472,603 ​ 5.75% senior notes due February 2025 ​ ​ 775,186 ​ 781,502 ​ 7.25% senior notes due January 2026 ​ ​ 600,000 ​ — ​ 7.50% senior notes due January 2028 ​ ​ 400,000 ​ — ​ 2012 Revolving credit facility (1) ​ — ​ ​ 355,000 ​ 2018 Revolving credit facility ​ 752,265 ​ ​ — ​ ​ ​ ​ 3,318,398 ​ ​ 3,363,552 ​ Less: current portion ​ — ​ — ​ Less: deferred financing costs ​ ​ 28,095 ​ ​ 30,332 ​ ​ ​ $ 3,290,303 ​ $ 3,333,220 ​ ​ (1) As of December 31, 2019, the 5.00% senior notes due September 2020 and 2012 Revolving Credit Facility were classified as long-term because we had the ability and intent to repay these obligations utilizing our revolving credit facility (see 2018 Revolving Credit Facility below). ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2020 2021 2022 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 43,949 163,189 — 1,252 ​ $ 208,390 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	9 Months Ended
	Sep. 30, 2020
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ $ (146,682) ​ $ (99,788) ​ $ (658,919) ​ $ (395,965) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ (10,805) ​ (19,297) ​ (38,437) ​ (44,202) ​ Less: preferred stock dividends ​ ​ (3,653) ​ (4,310) ​ (10,958) ​ (12,935) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ (4,353) ​ ​ (5,176) ​ ​ (13,092) ​ ​ (15,358) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ — ​ ​ (114) ​ ​ (125) ​ ​ (347) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ 22 ​ $ 157 ​ $ (48) ​ $ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 7,064 ​ 7,041 ​ 7,056 ​ 7,029 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ $ (23.42) ​ $ (18.27) ​ $ (102.25) ​ $ (66.70) ​ Basic from discontinued operations ​ ​ — ​ 0.02 ​ (0.01) ​ — ​ Total Basic ​ ​ $ (23.42) ​ $ (18.25) ​ $ (102.26) ​ $ (66.70) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ $ (165,493) ​ $ (128,685) ​ $ (721,531) ​ $ (468,807) ​ Income (loss) from discontinued operations, net of tax ​ ​ $ 22 ​ $ 157 ​ $ (48) ​ $ (34) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ 7,064 ​ 7,041 ​ 7,056 ​ 7,029 ​ Add: dilutive effect of potential common shares ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ 7,064 ​ ​ 7,041 ​ ​ 7,056 ​ ​ 7,029 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ $ (23.42) ​ $ (18.27) ​ $ (102.25) ​ $ (66.70) ​ Diluted from discontinued operations ​ ​ — ​ 0.02 ​ (0.01) ​ — ​ Total Diluted ​ ​ $ (23.42) ​ $ (18.25) ​ $ (102.26) ​ $ (66.70) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ ​ September 30, ​ September 30, ​ ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ 36 ​ ​ 36 ​ ​ 57 ​ ​ 41 ​

Impairments and Other Charges (

Impairments and Other Charges (Tables)	9 Months Ended
	Sep. 30, 2020
Impairments and Other Charges
Schedule of impairments and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ (In thousands) Tangible Assets & Equipment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Impairment of long-lived assets ​ $ 345 ​ $ — ​ $ 194,390 ​ $ — ​ Subtotal ​ ​ 345 ​ ​ — ​ ​ 194,390 ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill & Intangible Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Goodwill impairments ​ ​ — ​ ​ — ​ ​ 27,798 ​ ​ 93,634 ​ Intangible asset impairment ​ ​ — ​ ​ — ​ ​ 83,624 ​ ​ 5,235 ​ Subtotal ​ ​ — ​ ​ — ​ ​ 111,422 ​ ​ 98,869 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other Charges: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ ​ (107) ​ ​ — ​ ​ 15,287 ​ ​ — ​ Severance and transaction-related costs ​ ​ 4,779 ​ ​ 2,911 ​ ​ 18,204 ​ ​ 5,386 ​ Loss (gain) on early extinguishment of debt ​ ​ — ​ ​ 718 ​ ​ — ​ ​ 1,752 ​ Total ​ $ 5,017 ​ $ 3,629 ​ $ 339,303 ​ $ 106,007 ​

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Balance Sheet and Income Statement Information
Accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Accrued compensation ​ $ 77,344 ​ $ 97,003 ​ Deferred revenue and proceeds on insurance and asset sales ​ 60,616 ​ ​ 89,051 ​ Other taxes payable ​ 33,681 ​ ​ 31,472 ​ Workers’ compensation liabilities ​ 15,214 ​ 30,214 ​ Interest payable ​ 25,771 ​ 51,316 ​ Litigation reserves ​ 14,282 ​ 14,736 ​ Dividends declared and payable ​ 3,653 ​ 7,832 ​ Other accrued liabilities ​ 16,620 ​ 11,658 ​ ​ ​ $ 247,181 ​ $ 333,282 ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ September 30, ​ September 30, ​ ​ 2020 2019 2020 2019 ​ (In thousands) Interest and dividend income ​ $ 177 ​ $ 2,040 ​ $ 3,781 ​ $ 6,346 ​ Gains (losses) on marketable securities ​ (919) ​ (3,477) ​ (5,685) ​ 2,363 ​ ​ ​ $ (742) ​ $ (1,437) ​ $ (1,904) ​ $ 8,709 ​
Other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 3,324 ​ $ (1,750) ​ $ 5,752 ​ $ 8,410 ​ Litigation expenses and reserves ​ ​ 621 ​ ​ (2,400) ​ ​ 2,733 ​ ​ 4,211 ​ Foreign currency transaction losses (gains) ​ ​ 9,295 ​ ​ 8,745 ​ ​ 11,377 ​ ​ 18,715 ​ (Gain) loss on debt buyback ​ ​ ​ (14,170) ​ ​ — ​ ​ (65,848) ​ ​ — ​ Other losses (gains) ​ ​ 505 ​ ​ 410 ​ ​ (2,344) ​ ​ (738) ​ ​ ​ ​ $ (425) ​ $ 5,005 ​ $ (48,330) ​ $ 30,598 ​
Schedule of changes in accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2019 ​ $ (492) ​ $ (3,945) ​ $ (24,888) ​ $ (29,325) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ — ​ ​ 12,314 ​ ​ 12,314 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 319 ​ ​ 125 ​ ​ — ​ ​ 444 ​ Net other comprehensive income (loss) ​ 319 ​ 125 ​ 12,314 ​ 12,758 ​ As of September 30, 2019 ​ $ (173) ​ $ (3,820) ​ $ (12,574) ​ $ (16,567) ​ (1) All amounts are net of tax. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2020 ​ $ (65) ​ $ (3,778) ​ $ (7,945) ​ $ (11,788) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ (7,029) ​ (7,029) ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 67 ​ 120 ​ — ​ 187 ​ Net other comprehensive income (loss) ​ 67 ​ 120 ​ (7,029) ​ (6,842) ​ As of September 30, 2020 ​ $ 2 ​ $ (3,658) ​ $ (14,974) ​ $ (18,630) ​ (1) All amounts are net of tax.
Schedule of line items that were reclassified from net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Interest expense ​ ​ $ (124) ​ $ 142 ​ $ 160 ​ $ 424 ​ General and administrative expenses ​ ​ 52 ​ 54 ​ 156 ​ 162 ​ Total income (loss) from continuing operations before income tax ​ ​ 72 ​ (196) ​ (316) ​ (586) ​ Tax expense (benefit) ​ ​ ​ (35) ​ ​ (48) ​ ​ (129) ​ ​ (142) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ 107 ​ $ (148) ​ $ (187) ​ $ (444) ​

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Sep. 30, 2020
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 130,243 ​ $ 307,808 ​ $ 578,928 ​ $ 951,419 ​ Canada Drilling ​ ​ 10,774 ​ 12,191 ​ 39,929 ​ 48,895 ​ International Drilling ​ ​ 248,392 ​ 328,278 ​ 886,580 ​ 992,439 ​ Drilling Solutions ​ ​ 29,324 ​ 62,286 ​ 117,837 ​ 192,291 ​ Rig Technologies ​ ​ 28,466 ​ 63,106 ​ 104,198 ​ 207,610 ​ Other reconciling items (1) ​ ​ (8,847) ​ (15,593) ​ (36,825) ​ (63,532) ​ Total ​ ​ $ 438,352 ​ $ 758,076 ​ $ 1,690,647 ​ $ 2,329,122 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ (39,162) ​ $ 12,427 ​ $ (69,961) ​ $ 57,502 ​ Canada Drilling ​ ​ (3,507) ​ (5,701) ​ (9,265) ​ (11,297) ​ International Drilling ​ ​ (16,872) ​ 2,466 ​ (20,743) ​ (10,055) ​ Drilling Solutions ​ ​ (3,583) ​ 16,145 ​ 8,699 ​ 42,793 ​ Rig Technologies ​ ​ (1,807) ​ (641) ​ (11,450) ​ (5,293) ​ Total segment adjusted operating income (loss) ​ ​ $ (64,931) ​ $ 24,696 ​ $ (102,720) ​ $ 73,650 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ Nine Months Ended ​ ​ ​ September 30, ​ September 30, ​ ​ ​ 2020 2019 2020 2019 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total segment adjusted operating income (loss) (2) ​ ​ $ (64,931) ​ $ 24,696 ​ $ (102,720) ​ $ 73,650 ​ Other reconciling items (3) ​ ​ (27,709) ​ (39,219) ​ (86,547) ​ (121,480) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ — ​ ​ — ​ ​ — ​ ​ (5) ​ Investment income (loss) ​ ​ (742) ​ ​ (1,437) ​ (1,904) ​ ​ 8,709 ​ Interest expense ​ ​ ​ (52,403) ​ ​ (51,291) ​ ​ (158,331) ​ ​ (155,134) ​ Impairments and other charges ​ ​ ​ (5,017) ​ ​ (3,629) ​ ​ (339,303) ​ ​ (106,007) ​ Other, net ​ ​ ​ 425 ​ ​ (5,005) ​ ​ 48,330 ​ ​ (30,598) ​ Income (loss) from continuing operations before income taxes ​ ​ $ (150,377) ​ $ (75,885) ​ $ (640,475) ​ $ (330,865) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2020 2019 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,990,662 ​ $ 2,369,200 ​ Canada Drilling ​ 169,572 ​ 202,706 ​ International Drilling ​ 2,751,761 ​ 2,979,494 ​ Drilling Solutions ​ 117,200 ​ 218,004 ​ Rig Technologies ​ 233,315 ​ 324,523 ​ Other reconciling items (3) ​ 554,798 ​ 666,731 ​ Total ​ $ 5,817,308 ​ $ 6,760,658 ​ (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) from continuing operations before income taxes is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	9 Months Ended
	Sep. 30, 2020
Revenue Recognition
Summary of revenue is disaggregation by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 96,433 ​ $ — ​ $ — ​ $ 15,769 ​ $ 10,220 ​ $ — ​ $ 122,422 ​ U.S. Offshore Gulf of Mexico ​ 26,943 ​ — ​ — ​ 2,011 ​ — ​ — ​ ​ 28,954 ​ Alaska ​ 6,867 ​ — ​ — ​ 66 ​ 2 ​ — ​ ​ 6,935 ​ Canada ​ — ​ 10,774 ​ — ​ 187 ​ 515 ​ — ​ ​ 11,476 ​ Middle East & Asia ​ — ​ — ​ 176,617 ​ 10,096 ​ 13,869 ​ — ​ ​ 200,582 ​ Latin America ​ — ​ — ​ 43,881 ​ 902 ​ 15 ​ — ​ ​ 44,798 ​ Europe, Africa & CIS ​ — ​ — ​ 27,894 ​ 293 ​ 3,845 ​ — ​ ​ 32,032 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8,847) ​ (8,847) ​ Total ​ $ 130,243 ​ $ 10,774 ​ $ 248,392 ​ $ 29,324 ​ $ 28,466 ​ $ (8,847) ​ $ 438,352 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ ​ September 30, 2020 ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 445,478 ​ $ — ​ $ — ​ $ 70,805 ​ $ 42,860 ​ $ — ​ $ 559,143 ​ U.S. Offshore Gulf of Mexico ​ 102,681 ​ — ​ — ​ 7,044 ​ — ​ — ​ ​ 109,725 ​ Alaska ​ 30,769 ​ — ​ — ​ 1,296 ​ 20 ​ — ​ ​ 32,085 ​ Canada ​ — ​ 39,929 ​ — ​ 995 ​ 2,711 ​ — ​ ​ 43,635 ​ Middle East & Asia ​ — ​ — ​ 571,108 ​ 31,630 ​ 46,003 ​ — ​ ​ 648,741 ​ Latin America ​ — ​ — ​ 177,800 ​ 4,284 ​ 136 ​ — ​ ​ 182,220 ​ Europe, Africa & CIS ​ — ​ — ​ 137,672 ​ 1,783 ​ 12,468 ​ — ​ ​ 151,923 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (36,825) ​ (36,825) ​ Total ​ $ 578,928 ​ $ 39,929 ​ $ 886,580 ​ $ 117,837 ​ $ 104,198 ​ $ (36,825) ​ $ 1,690,647 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ September 30, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 256,978 ​ $ — ​ $ — ​ $ 41,459 ​ $ 40,082 ​ $ — ​ $ 338,519 ​ U.S. Offshore Gulf of Mexico ​ 37,365 ​ — ​ — ​ 2,935 ​ — ​ — ​ ​ 40,300 ​ Alaska ​ 13,465 ​ — ​ — ​ 1,488 ​ 341 ​ — ​ ​ 15,294 ​ Canada ​ — ​ 12,191 ​ — ​ 358 ​ 1,894 ​ — ​ ​ 14,443 ​ Middle East & Asia ​ — ​ — ​ 197,095 ​ 11,167 ​ 14,481 ​ — ​ ​ 222,743 ​ Latin America ​ — ​ — ​ 85,558 ​ 4,545 ​ 468 ​ — ​ ​ 90,571 ​ Europe, Africa & CIS ​ — ​ — ​ 45,625 ​ 334 ​ 5,840 ​ — ​ ​ 51,799 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (15,593) ​ (15,593) ​ Total ​ $ 307,808 ​ $ 12,191 ​ $ 328,278 ​ $ 62,286 ​ $ 63,106 ​ $ (15,593) ​ $ 758,076 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended ​ September 30, 2019 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 784,638 ​ $ — ​ $ — ​ $ 132,156 ​ $ 144,983 ​ $ — ​ $ 1,061,777 U.S. Offshore Gulf of Mexico ​ 117,572 ​ — ​ — ​ 9,945 ​ — ​ — ​ ​ 127,517 Alaska ​ 49,209 ​ — ​ — ​ 4,137 ​ 888 ​ — ​ ​ 54,234 Canada ​ — ​ 48,895 ​ — ​ 1,413 ​ 6,942 ​ — ​ ​ 57,250 Middle East & Asia ​ — ​ — ​ 570,142 ​ 31,095 ​ 38,344 ​ — ​ ​ 639,581 Latin America ​ — ​ — ​ 266,715 ​ 11,202 ​ 1,850 ​ — ​ ​ 279,767 Europe, Africa & CIS ​ — ​ — ​ 155,582 ​ 2,343 ​ 14,603 ​ — ​ ​ 172,528 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (63,532) ​ (63,532) Total ​ $ 951,419 ​ $ 48,895 ​ $ 992,439 ​ $ 192,291 ​ $ 207,610 ​ $ (63,532) ​ $ 2,329,122
Summary of contract assets, current and long-term contract liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contract ​ Contract ​ Contract ​ Contract ​ ​ Contract ​ Assets ​ Assets ​ Liabilities ​ Liabilities ​ Receivables (Current) (Long-term) (Current) (Long-term) ​ ​ (In millions) As of December 31, 2019 ​ $ 507.0 ​ $ 48.6 ​ $ 24.9 ​ $ 66.8 ​ $ 70.5 As of September 30, 2020 ​ $ 408.0 ​ $ 25.9 ​ $ 10.5 ​ $ 35.8 ​ $ 48.1

General (Details)

General (Details)	Apr. 22, 2020	Apr. 20, 2020$ / sharesshares	Sep. 30, 2020itemcountry$ / sharesshares	Apr. 24, 2020USD ($)shares	Apr. 19, 2020$ / sharesshares	Dec. 31, 2019$ / sharesshares
Nature of Operations
Number of countries company has actively marketed rigs for land based drilling operations | country			20
Actively marketed rigs for offshore based drilling operations			33
Reverse stock split ratio	50	50
Common shares, shares authorized | shares		16,000,000	32,000,000	32,000,000	800,000,000	32,000,000
Fractional common shares issued | shares				0
Common shares, par value | $ / shares		$ 0.05	$ 0.05		$ 0.001	$ 0.05
Common stock shares authorized increase percentage		100.00%
Common stock shares authorized amount | $				$ 1,600,000
Minimum
Nature of Operations
Reverse stock split ratio		15
Maximum
Nature of Operations
Reverse stock split ratio		50
United States and Canada
Nature of Operations
Actively marketed rigs for land based drilling operations			364
Countries Other Than United States and Canada
Nature of Operations
Actively marketed rigs for land based drilling operations			16

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) $ in Thousands	Oct. 11, 2018USD ($)	Sep. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 13, 2019
Inventory, net
Raw materials		$ 133,224	$ 130,414
Work-in-progress		4,953	5,498
Finished goods		25,852	40,429
Total inventory		$ 164,029	$ 176,341
2018 Revolving Credit Facility
Long-term Debt, Unclassified [Abstract]
Debt to EBITDA ratio	5.5	5.5		5.5
Minimum liquidity amount	$ 160,000	$ 160,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill
Long-term growth rate used to calculate terminal values for each reporting unit (as a percent)			2.00%
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance	$ 28,380		$ 28,380
Acquisitions and purchase price adjustment
Disposals and Impairments	(27,800)	$ (93,600)	(27,798)	$ (93,634)
Cumulative Translation Adjustment			(582)
Goodwill - Ending Balance
Drilling Solutions
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance	11,436		11,436
Acquisitions and purchase price adjustment
Disposals and Impairments	(11,400)		(11,436)
Cumulative Translation Adjustment
Goodwill - Ending Balance
Rig Technologies
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance	16,944		16,944
Acquisitions and purchase price adjustment
Disposals and Impairments	$ (16,400)		(16,362)	$ (18,000)
Cumulative Translation Adjustment			(582)
Goodwill - Ending Balance

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Assets:
Cash and cash equivalents		$ 504,985	$ 435,990	$ 396,937	$ 447,766
Accounts receivable		347,212	453,042
Other current assets		137,384	164,257
Property, plant and equipment, net		4,225,034	4,930,549
Other long-term assets		151,365	247,219
Total assets		5,817,308	6,760,658
Liabilities:
Accounts payable		216,495	295,159
Accrued liabilities		247,181	333,282
Total liabilities		4,019,058	4,285,101
SANAD
Assets:
Cash and cash equivalents		381,241	289,575
Accounts receivable		46,467	68,624
Other current assets		15,979	18,149
Property, plant and equipment, net		435,149	455,751
Other long-term assets		6,422	15,118
Total assets		885,258	847,217
Liabilities:
Accounts payable		57,493	64,365
Accrued liabilities		23,440	17,929
Total liabilities		$ 80,933	$ 82,294
SANAD | Saudi Aramco
Joint Ventures
Cash contribution for joint venture	$ 20,000
Additional contribution amount	$ 394,000
Maturity period	25 years

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Measurements
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Total short-term investments	$ 8,840	$ 16,506

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Jan. 31, 2020	Dec. 31, 2019	Oct. 11, 2018
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	7.25%
Less: deferred financing costs	$ 28,095		$ 30,332
Long-term Debt, Excluding Current Maturities, Total	$ 3,290,303		$ 3,333,220
5.00% senior notes due September 2020
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.00%		5.00%
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	4.625%	4.625%
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.50%	5.50%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	0.75%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.75%
7.25% senior notes due January 2026
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	7.25%
7.50% senior notes due January 2028
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	7.50%
2018 Revolving Credit Facility
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)				5.50%
Fair Value
Fair Value of Financial Instruments
Debt	$ 1,858,331		$ 3,196,660
Fair Value | 5.00% senior notes due September 2020
Fair Value of Financial Instruments
Debt			284,907
Fair Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt	101,743		632,516
Fair Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	17,858		483,834
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	73,327		303,860
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	153,813		431,503
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	262,881		705,040
Fair Value | 7.25% senior notes due January 2026
Fair Value of Financial Instruments
Debt	300,924
Fair Value | 7.50% senior notes due January 2028
Fair Value of Financial Instruments
Debt	195,520
Fair Value | 2012 Revolving Credit Facility
Fair Value of Financial Instruments
Debt			355,000
Fair Value | 2018 Revolving Credit Facility
Fair Value of Financial Instruments
Debt	752,265
Carrying Value
Fair Value of Financial Instruments
Debt	3,318,398		3,363,552
Less: deferred financing costs	28,095		30,332
Long-term Debt, Excluding Current Maturities, Total	3,290,303		3,333,220
Carrying Value | 5.00% senior notes due September 2020
Fair Value of Financial Instruments
Debt			282,046
Carrying Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt	128,403		634,588
Carrying Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	32,176		501,003
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	140,467		336,810
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	489,901		472,603
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	775,186		781,502
Carrying Value | 7.25% senior notes due January 2026
Fair Value of Financial Instruments
Debt	600,000
Carrying Value | 7.50% senior notes due January 2028
Fair Value of Financial Instruments
Debt	400,000
Carrying Value | 2012 Revolving Credit Facility
Fair Value of Financial Instruments
Debt			$ 355,000
Carrying Value | 2018 Revolving Credit Facility
Fair Value of Financial Instruments
Debt	$ 752,265

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreement (Details) - A/R Agreement - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 13, 2019
Accounts Receivable Sales Agreement
Agreement amount	$ 52		$ 250
Accounts receivables sold to purchasers		$ 140
Gain (loss) on sale of receivables	0
Trade receivables pledged as collateral	$ 60.8	$ 143.6

Debt (Details)

Debt (Details)	Sep. 20, 2020USD ($)	Oct. 11, 2018USD ($)	Jan. 31, 2020USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Oct. 31, 2020	Dec. 31, 2019USD ($)	Dec. 13, 2019USD ($)
Long-term debt
Long-term Debt				$ 3,318,398,000		$ 3,318,398,000			$ 3,363,552,000
Less: deferred financing costs				28,095,000		28,095,000			30,332,000
Long-term Debt, Excluding Current Maturities, Total				$ 3,290,303,000		$ 3,290,303,000			3,333,220,000
Interest rate on senior notes due (as a percent)				7.25%		7.25%
Principal amount redeemed			$ 952,900,000	$ 1,320,000,000		$ 1,320,000,000
Repayment of long-term debt including accrued and unpaid interest						1,260,000,000
Purchase price for the tender offer						952,900,000
Payment of accrued and unpaid interest						13,200,000
Gain (Loss) on debt repurchase					$ (718,000)		$ (1,752,000)
Other, net
Long-term debt
Gain (Loss) on debt repurchase						$ 65,800,000
Senior Notes.
Long-term debt
Gain (Loss) on debt repurchase					$ 700,000		$ 1,800,000
5.00% senior notes due September 2020
Long-term debt
Senior Notes									$ 282,046,000
Interest rate on senior notes due (as a percent)				5.00%		5.00%			5.00%
4.625% senior notes due September 2021
Long-term debt
Senior Notes				$ 128,403,000		$ 128,403,000			$ 634,588,000
Interest rate on senior notes due (as a percent)			4.625%	4.625%		4.625%
Repayment of long-term debt including accrued and unpaid interest			$ 379,700,000
5.50% senior notes due January 2023
Long-term debt
Senior Notes				$ 32,176,000		$ 32,176,000			501,003,000
Interest rate on senior notes due (as a percent)			5.50%	5.50%		5.50%
Repayment of long-term debt including accrued and unpaid interest			$ 407,700,000
5.10% senior notes due September 2023
Long-term debt
Senior Notes				$ 140,467,000		$ 140,467,000			336,810,000
Interest rate on senior notes due (as a percent)			5.10%	5.10%		5.10%
Repayment of long-term debt including accrued and unpaid interest			$ 165,500,000
0.75% senior exchangeable notes due January 2024
Long-term debt
Senior Notes				$ 489,901,000		$ 489,901,000			472,603,000
Interest rate on senior notes due (as a percent)				0.75%		0.75%
0.75% senior exchangeable notes due January 2024 | Subsequent Event
Long-term debt
Interest rate on senior notes due (as a percent)								0.75%
5.75% senior notes due February 2025
Long-term debt
Senior Notes				$ 775,186,000		$ 775,186,000			781,502,000
Interest rate on senior notes due (as a percent)				5.75%		5.75%
7.25% senior notes due January 2026
Long-term debt
Senior Notes				$ 600,000,000		$ 600,000,000
Interest rate on senior notes due (as a percent)				7.25%		7.25%
Aggregate amount of senior notes			600,000,000
7.50% senior notes due January 2028
Long-term debt
Senior Notes				$ 400,000,000		$ 400,000,000
Interest rate on senior notes due (as a percent)				7.50%		7.50%
Aggregate amount of senior notes			$ 400,000,000
2012 Revolving Credit Facility
Long-term debt
Revolving credit facility									$ 355,000,000
2018 Revolving Credit Facility
Long-term debt
Revolving credit facility				$ 752,265,000		$ 752,265,000
Interest rate on senior notes due (as a percent)		5.50%
Amount outstanding				$ 752,000,000		$ 752,000,000
Reduction in total available borrowing capacity	$ 50,600,000
Maximum borrowing capacity		$ 1,267,000,000								$ 1,013,600,000
Weighted average interest rate (as a percent)				3.48%		3.48%
Debt to EBITDA ratio		5.5		5.5		5.5				5.5
Debt instrument, covenant, minimum liquidity, amount		$ 160,000,000		$ 160,000,000
Collateralized assets, net value				$ 1,400,000,000		$ 1,400,000,000
Guarantor Subsidiaries | 2018 Revolving Credit Facility | Minimum
Long-term debt
Debt instrument, guarantor coverage ratio		4.25
Nabors Canada | 2018 Revolving Credit Facility
Long-term debt
Maximum borrowing capacity										$ 32,000,000
Nabors Delaware [Member] | 2018 Revolving Credit Facility
Long-term debt
Maximum borrowing capacity										$ 981,600,000

Shareholders' Equity (Details)

Shareholders' Equity (Details) - $ / shares	May 27, 2020	May 05, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Common Shares
Dividends to common shareholders (in dollars per share)				$ 0.01	$ 0.01	$ 0.03
Preferred stock, rate (as a percent)					6.00%		6.00%
Preferred stock, par value (in dollars per share)			$ 0.001		$ 0.001		$ 0.001
Preferred stock, liquidation preference (in dollars per share)			50		50		50
Cash dividend per mandatory convertible preferred shares (in dollars per share)			0.75	$ 0.75	2.25	$ 2.25
Preferred Stock, Par or Stated Value Per Share			$ 0.001		$ 0.001		$ 0.001
Minimum percentage beneficial ownership to trigger rights exercise (as a percent)	10.00%	4.90%
Percentage discount that a rights holder is entitled to when purchasing additional shares (as a percent)		50.00%
Price per share at which the Rights may be redeemed		0.01
Exchange ratio after rights trigger		1
Specific Shareholder [Member]
Common Shares
Minimum percentage beneficial ownership to trigger rights exercise (as a percent)		10.00%
Acquiring Company [Member]
Common Shares
Percentage discount that a rights holder is entitled to when purchasing additional shares (as a percent)		50.00%
Minimum
Common Shares
Additional ownership percentage acquired for right trigger		0.50%
Mandatory Convertible Preferred Shares
Common Shares
Preferred shares, shares issued								5,750,000
Preferred stock, rate (as a percent)								6.00%
Preferred stock, par value (in dollars per share)								$ 0.001
Preferred stock, liquidation preference (in dollars per share)								50
Shares repurchased					4,900,000		5,600,000
Preferred Stock, Par or Stated Value Per Share								$ 0.001
Series B Preferred Stock
Common Shares
Preferred stock, par value (in dollars per share)		$ 0.001
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		1
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		0.001
Preferred Stock, Par or Stated Value Per Share		$ 0.001
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 58.08
Common Stock | Minimum
Common Shares
Conversion ratio								0.1144
Common Stock | Maximum
Common Shares
Conversion ratio								0.1372
Common Stock | Mandatory Convertible Preferred Shares
Common Shares
Number of consecutive trading days to calculate average share price of common stock								20 days
Common Stock | Mandatory Convertible Preferred Shares | Minimum
Common Shares
Conversion ratio								0.1075
Common Stock | Mandatory Convertible Preferred Shares | Maximum
Common Shares
Conversion ratio								0.1290

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended	9 Months Ended		12 Months Ended
	Mar. 31, 2011USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Dec. 31, 2018USD ($)
Court of Ouargla Algeria Foreign Currency Controls [Member]
Commitments and Contingencies, Disclosure
Litigation amount as per judgment	$ 21.8
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
Approximate multiplier of the amount at issue for fines and penalties		4
Court of Ouargla Algeria Foreign Currency Controls [Member] | Maximum
Commitments and Contingencies, Disclosure
Potential judgment in excess of accrual		$ 13.8
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department
Commitments and Contingencies, Disclosure
Administrative fines				$ 0.8
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department | Maximum
Commitments and Contingencies, Disclosure
Additional penalties and fines			$ 4
KMG Nabors Drilling Company Joint Venture [Member] | Atyrau Oblast Ecology Department | Minimum
Commitments and Contingencies, Disclosure
Environmental damages				$ 3.4

Commitments and Contingencies_2

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Sep. 30, 2020USD ($)
Summary of total maximum amount of financial guarantees issued
2020	$ 43,949
2021	163,189
Thereafter	1,252
Total	$ 208,390

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 22, 2020	Apr. 20, 2020	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares	Sep. 30, 2020USD ($)$ / sharesshares	Sep. 30, 2019USD ($)$ / sharesshares
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax			$ (146,682)	$ (99,788)	$ (658,919)	$ (395,965)
Less: net (income) loss attributable to noncontrolling interest			(10,805)	(19,297)	(38,437)	(44,202)
Less: preferred stock dividends			(3,653)	(4,310)	(10,958)	(12,935)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary			(4,353)	(5,176)	(13,092)	(15,358)
Less: distributed and undistributed earnings allocated to unvested shareholders				(114)	(125)	(347)
Adjusted income (loss) from continuing operations, net of tax - basic			(165,493)	(128,685)	(721,531)	(468,807)
Income (loss) from discontinued operations, net of tax			$ 22	$ 157	$ (48)	$ (34)
Weighted-average number of shares outstanding - basic | shares			7,064	7,041	7,056	7,029
Earnings (losses) Per Share:
Basic from continuing operations (in dollars per share) | $ / shares			$ (23.42)	$ (18.27)	$ (102.25)	$ (66.70)
Basic from discontinued operations (in dollars per share) | $ / shares				0.02	(0.01)
Total Basic (in dollars per share) | $ / shares			$ (23.42)	$ (18.25)	$ (102.26)	$ (66.70)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic			$ (165,493)	$ (128,685)	$ (721,531)	$ (468,807)
Adjusted income (loss) from continuing operations, net of tax - diluted			(165,493)	(128,685)	(721,531)	(468,807)
Income (loss) from discontinued operations, net of tax			$ 22	$ 157	$ (48)	$ (34)
Weighted-average number of shares outstanding - basic | shares			7,064	7,041	7,056	7,029
Weighted-average number of shares outstanding - diluted | shares			7,064	7,041	7,056	7,029
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share) | $ / shares			$ (23.42)	$ (18.27)	$ (102.25)	$ (66.70)
Diluted from discontinued operations (in dollars per share) | $ / shares				0.02	(0.01)
Total Diluted (in dollars per share) | $ / shares			$ (23.42)	$ (18.25)	$ (102.26)	$ (66.70)
Interest rate on senior notes due (as a percent)			7.25%		7.25%
Reverse stock split ratio	50	50
Minimum
Earnings (losses) per share:
Reverse stock split ratio		15
0.75% senior exchangeable notes due January 2024
Earnings (losses) per share:
Interest rate on senior notes due (as a percent)			0.75%		0.75%
0.75% senior exchangeable notes due January 2024 | Minimum
Earnings (losses) per share:
Share issued price (in dollars per share) | $ / shares			$ 1,257.81		$ 1,257.81

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive	36	36	57	41
Mandatory Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive			790

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Mar. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jan. 31, 2020
Tangible Assets And Equipment
Impairment of long-lived assets	$ 345				$ 194,390
Subtotal	345				194,390
Goodwill And Intangible Assets:
Goodwill impairments			$ 27,800	$ 93,600	27,798	$ 93,634
Intangible asset impairment			83,600		83,624	5,235
Subtotal					111,422	98,869
Other Charges:
Provision for international activities	(107)				15,287
Severance and transaction related costs	4,779			2,911	18,204	5,386
Loss (gain) on early extinguishment of debt				718		1,752
Total impairments and other charges	5,017			3,629	339,303	106,007
Principal amount redeemed	$ 1,320,000				1,320,000		$ 952,900
Payment of long-term debt					1,390,236	379,193
Severance and other related costs				2,900	18,200	5,400
Drilling And Drilling Solutions
Tangible Assets And Equipment
Impairment of long-lived assets		$ 13,800
Drilling and Rig Services
Tangible Assets And Equipment
Impairment of long-lived assets		$ 32,600
North Slope of Alaska
Tangible Assets And Equipment
Impairment recognized			12,300
U.S. Drilling
Tangible Assets And Equipment
Impairment of long-lived assets			82,400
International Drilling
Tangible Assets And Equipment
Impairment of long-lived assets			30,500
Goodwill And Intangible Assets:
Goodwill impairments						75,600
Drilling Solutions
Tangible Assets And Equipment
Impairment of long-lived assets			19,800
Goodwill And Intangible Assets:
Goodwill impairments			11,400		11,436
Rig Technologies
Tangible Assets And Equipment
Impairment of long-lived assets			2,800
Goodwill And Intangible Assets:
Goodwill impairments			$ 16,400		$ 16,362	18,000
Senior Notes.
Other Charges:
Principal amount redeemed				$ 16,600		$ 378,100

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Accrued liabilities
Accrued compensation	$ 77,344	$ 97,003
Deferred revenue and proceeds on insurance and asset sales	60,616	89,051
Other taxes payable	33,681	31,472
Workers' compensation liabilities	15,214	30,214
Interest payable	25,771	51,316
Litigation reserves	14,282	14,736
Dividends declared and payable	3,653	7,832
Other accrued liabilities	16,620	11,658
Accrued liabilities	$ 247,181	$ 333,282

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Investment income (loss)
Interest and dividend income	$ 177	$ 2,040	$ 3,781	$ 6,346
Gains (losses) on marketable securities	(919)	(3,477)	(5,685)	2,363
Investment income (loss)	$ (742)	$ (1,437)	$ (1,904)	$ 8,709

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Income Statement Information - Other Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Other expense (income)
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 3,324	$ (1,750)	$ 5,752	$ 8,410
Litigation expenses and reserves	621	(2,400)	2,733	4,211
Foreign currency transaction losses (gains)	9,295	8,745	11,377	18,715
(Gain) loss on debt buyback	(14,170)		(65,848)
Other losses (gains)	505	410	(2,344)	(738)
Other, net	$ (425)	$ 5,005	$ (48,330)	$ 30,598

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Income Statement Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			$ 1,982,811
Other comprehensive income (loss), net of tax	$ 3,558	$ (3,077)	(6,842)	$ 12,758
Balance at the end of the period	1,255,648		1,255,648
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(11,788)	(29,325)
Other comprehensive income (loss) before reclassifications			(7,029)	12,314
Amounts reclassified from accumulated other comprehensive income (loss)			187	444
Other comprehensive income (loss), net of tax			(6,842)	12,758
Balance at the end of the period	(18,630)	(16,567)	(18,630)	(16,567)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(65)	(492)
Amounts reclassified from accumulated other comprehensive income (loss)			67	319
Other comprehensive income (loss), net of tax			67	319
Balance at the end of the period	2	(173)	2	(173)
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(3,778)	(3,945)
Amounts reclassified from accumulated other comprehensive income (loss)			120	125
Other comprehensive income (loss), net of tax			120	125
Balance at the end of the period	(3,658)	(3,820)	(3,658)	(3,820)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period			(7,945)	(24,888)
Other comprehensive income (loss) before reclassifications			(7,029)	12,314
Other comprehensive income (loss), net of tax			(7,029)	12,314
Balance at the end of the period	$ (14,974)	$ (12,574)	$ (14,974)	$ (12,574)

Supplemental Balance Sheet an_7

Supplemental Balance Sheet and Income Statement Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Investment income (loss)	$ (742)	$ (1,437)	$ (1,904)	$ 8,709
Impairments and other charges	5,017	3,629	339,303	106,007
Interest expense	52,403	51,291	158,331	155,134
General and administrative expenses	46,168	63,577	149,796	196,159
Income (loss) from continuing operations before income taxes	(150,377)	(75,885)	(640,475)	(330,865)
Tax expense (benefit)	(3,695)	23,903	18,444	65,100
Net income (loss)	(146,660)	(99,631)	(658,967)	(395,999)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	(124)	142	160	424
General and administrative expenses	52	54	156	162
Income (loss) from continuing operations before income taxes	72	(196)	(316)	(586)
Tax expense (benefit)	(35)	(48)	(129)	(142)
Net income (loss)	$ 107	$ (148)	$ (187)	$ (444)

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	$ 438,352	$ 758,076	$ 1,690,647	$ 2,329,122
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(64,931)	24,696	(102,720)	73,650
Earnings (losses) from unconsolidated affiliates				(5)
Investment income (loss)	(742)	(1,437)	(1,904)	8,709
Interest expense	(52,403)	(51,291)	(158,331)	(155,134)
Remeasurement of net monetary assets charge	5,017	3,629	339,303	106,007
Other, net	425	(5,005)	48,330	(30,598)
Income (loss) from continuing operations before income taxes	(150,377)	(75,885)	(640,475)	(330,865)
ASSETS
Total assets	5,817,308		5,817,308		$ 6,760,658
U.S. Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	130,243	307,808	578,928	951,419
Canada Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	10,774	12,191	39,929	48,895
International Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	248,392	328,278	886,580	992,439
Drilling Solutions
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	29,324	62,286	117,837	192,291
Rig Technologies
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	28,466	63,106	104,198	207,610
Operating segment
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(64,931)	24,696	(102,720)	73,650
Operating segment | U.S. Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	130,243	307,808	578,928	951,419
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(39,162)	12,427	(69,961)	57,502
ASSETS
Total assets	1,990,662		1,990,662		2,369,200
Operating segment | Canada Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	10,774	12,191	39,929	48,895
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(3,507)	(5,701)	(9,265)	(11,297)
ASSETS
Total assets	169,572		169,572		202,706
Operating segment | International Drilling
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	248,392	328,278	886,580	992,439
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(16,872)	2,466	(20,743)	(10,055)
ASSETS
Total assets	2,751,761		2,751,761		2,979,494
Operating segment | Drilling Solutions
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	29,324	62,286	117,837	192,291
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(3,583)	16,145	8,699	42,793
ASSETS
Total assets	117,200		117,200		218,004
Operating segment | Rig Technologies
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	28,466	63,106	104,198	207,610
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(1,807)	(641)	(11,450)	(5,293)
ASSETS
Total assets	233,315		233,315		324,523
Other reconciling items (3)
Operating revenues and earnings (losses) from unconsolidated affiliates:
Operating revenues	8,847	15,593	36,825	63,532
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted income (loss) derived from operating activities	(27,709)	$ (39,219)	(86,547)	$ (121,480)
ASSETS
Total assets	$ 554,798		$ 554,798		$ 666,731

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Operating revenues	$ 438,352	$ 758,076	$ 1,690,647	$ 2,329,122
U.S. Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	130,243	307,808	578,928	951,419
Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	10,774	12,191	39,929	48,895
International Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	248,392	328,278	886,580	992,439
Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	29,324	62,286	117,837	192,291
Rig Technologies
Disaggregation of Revenue [Line Items]
Operating revenues	28,466	63,106	104,198	207,610
Other
Disaggregation of Revenue [Line Items]
Operating revenues	(8,847)	(15,593)	(36,825)	(63,532)
Operating segment | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	122,422	338,519	559,143	1,061,777
Operating segment | Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	28,954	40,300	109,725	127,517
Operating segment | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	6,935	15,294	32,085	54,234
Operating segment | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	11,476	14,443	43,635	57,250
Operating segment | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	200,582	222,743	648,741	639,581
Operating segment | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	44,798	90,571	182,220	279,767
Operating segment | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	32,032	51,799	151,923	172,528
Operating segment | U.S. Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	130,243	307,808	578,928	951,419
Operating segment | U.S. Drilling | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	96,433	256,978	445,478	784,638
Operating segment | U.S. Drilling | Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	26,943	37,365	102,681	117,572
Operating segment | U.S. Drilling | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	6,867	13,465	30,769	49,209
Operating segment | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	10,774	12,191	39,929	48,895
Operating segment | Canada Drilling | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	10,774	12,191	39,929	48,895
Operating segment | International Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	248,392	328,278	886,580	992,439
Operating segment | International Drilling | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	176,617	197,095	571,108	570,142
Operating segment | International Drilling | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	43,881	85,558	177,800	266,715
Operating segment | International Drilling | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	27,894	45,625	137,672	155,582
Operating segment | Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	29,324	62,286	117,837	192,291
Operating segment | Drilling Solutions | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	15,769	41,459	70,805	132,156
Operating segment | Drilling Solutions | Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	2,011	2,935	7,044	9,945
Operating segment | Drilling Solutions | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	66	1,488	1,296	4,137
Operating segment | Drilling Solutions | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	187	358	995	1,413
Operating segment | Drilling Solutions | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	10,096	11,167	31,630	31,095
Operating segment | Drilling Solutions | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	902	4,545	4,284	11,202
Operating segment | Drilling Solutions | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	293	334	1,783	2,343
Operating segment | Rig Technologies
Disaggregation of Revenue [Line Items]
Operating revenues	28,466	63,106	104,198	207,610
Operating segment | Rig Technologies | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	10,220	40,082	42,860	144,983
Operating segment | Rig Technologies | ALASKA
Disaggregation of Revenue [Line Items]
Operating revenues	2	341	20	888
Operating segment | Rig Technologies | Canada Drilling
Disaggregation of Revenue [Line Items]
Operating revenues	515	1,894	2,711	6,942
Operating segment | Rig Technologies | Middle East And Asia [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	13,869	14,481	46,003	38,344
Operating segment | Rig Technologies | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	15	468	136	1,850
Operating segment | Rig Technologies | Europe Africa And CIS [Member]
Disaggregation of Revenue [Line Items]
Operating revenues	3,845	5,840	12,468	14,603
Other reconciling items (1) | Other
Disaggregation of Revenue [Line Items]
Operating revenues	(8,847)	(15,593)	(36,825)	(63,532)
Other reconciling items (1) | Other | Other
Disaggregation of Revenue [Line Items]
Operating revenues	(8,847)	(15,593)	(36,825)	(63,532)
Other reconciling items (3)
Disaggregation of Revenue [Line Items]
Operating revenues	$ 8,847	$ 15,593	$ 36,825	$ 63,532

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Accounts receivables current
Contract Receivables	$ 408	$ 507
Contract with customer assets current
Contract Assets (Current)	25.9	48.6
Contract with customer non-current asset
Contract Assets (Long-term)	10.5	24.9
Contract with customer liability current
Contract Liabilities (Current)	35.8	66.8
Contract with customer liability non-current
Contract Liabilities (Long-term)	$ 48.1	$ 70.5
Contract Asset Balance
2020	64.00%
Contract percentage recognized	56.00%
2021	23.00%
2022 or thereafter	13.00%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details)	Sep. 30, 2020
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	61.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-01-02
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	54.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	16.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	23.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Millions	Oct. 29, 2020	Oct. 31, 2020	Sep. 30, 2020
Subsequent event
Interest rate on senior notes due (as a percent)			7.25%
0.75% senior exchangeable notes due January 2024
Subsequent event
Interest rate on senior notes due (as a percent)			0.75%
5.75% senior notes due February 2025
Subsequent event
Interest rate on senior notes due (as a percent)			5.75%
Subsequent Event | 0.75% senior exchangeable notes due January 2024
Subsequent event
Interest rate on senior notes due (as a percent)		0.75%
Subsequent Event | 6.50 notes due February 2025
Subsequent event
Interest rate on senior notes due (as a percent)		6.50%
Senior notes transaction exchanged amount	$ 115
Amount of new notes	$ 50.5
Subsequent Event | 9.00% senior priority guaranteed notes due 2025
Subsequent event
Interest rate on senior notes due (as a percent)	9.00%
Amount of new notes	$ 300