Nabors Industries (NBR) 10-K 18 Feb 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Feb. 14, 2022	Jun. 30, 2021
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
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
Title of 12(b) Security	Common shares, $.05 par value per share
Trading Symbol	NBR
Security Exchange Name	NYSE
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		8,571,349
Entity Public Float			$ 860,073,547
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Houston, Texas
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Entity Central Index Key	0001163739
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 991,471	$ 472,246
Short-term investments	17	9,500
Accounts receivable, net of allowance of $67,292 and $69,807, respectively	287,572	362,977
Inventory, net	126,448	160,585
Assets held for sale	16,561	16,562
Other current assets	95,740	109,595
Total current assets	1,517,809	1,131,465
Property, plant and equipment, net	3,332,498	3,985,707
Restricted cash held in trust	281,523
Deferred income taxes	258,631	247,171
Other long-term assets	134,903	139,085
Total assets (1)	5,525,364	5,503,428
Current liabilities:
Trade accounts payable	253,748	220,922
Accrued liabilities	247,171	276,085
Income taxes payable	18,887	10,157
Current lease liabilities	5,422	8,305
Total current liabilities	525,228	515,469
Long-term debt	3,262,795	2,968,701
Other long-term liabilities	340,347	318,034
Deferred income taxes	2,773	1,576
Total liabilities (1)	4,131,143	3,803,780
Commitments and contingencies (Note 15)
Redeemable noncontrolling interest in subsidiary	675,283	442,840
Shareholders' equity:
Preferred shares, par value $0.001 per share: Series A 6% Cumulative Mandatory Convertible; $50 per share liquidation preference; outstanding 0 and 4,870, respectively		5
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 9,295 and 8,383, respectively	466	419
Capital in excess of par value	3,454,563	3,423,935
Accumulated other comprehensive income (loss)	(10,634)	(11,124)
Retained earnings (accumulated deficit)	(1,537,988)	(946,100)
Less: treasury shares, at cost, 1,090 and 1,090 common shares, respectively	(1,315,751)	(1,315,751)
Total shareholders' equity	590,656	1,151,384
Noncontrolling interest	128,282	105,424
Total equity	718,938	1,256,808
Total liabilities and equity	$ 5,525,364	$ 5,503,428

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEETS
Accounts receivable, net of allowance	$ 67,292	$ 69,807
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	0	4,870
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000	32,000
Common shares, shares issued	9,295	8,383
Treasury shares, at cost	1,090	1,090

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Revenues and other income:
Operating revenues	$ 2,017,548	$ 2,134,043	$ 3,043,383
Earnings (losses) from unconsolidated affiliates			(5)
Investment income (loss)	1,557	1,438	10,218
Total revenues and other income	2,019,105	2,135,481	3,053,596
Costs and other deductions:
Direct costs	1,286,896	1,333,072	1,929,331
General and administrative expenses	213,559	203,515	258,731
Research and engineering	35,153	33,564	50,359
Depreciation and amortization	693,381	853,699	876,091
Interest expense	171,476	206,274	204,311
(Gain)/loss on debt buybacks and exchanges	(13,423)	(228,274)	(11,468)
Impairments and other charges	66,731	410,631	301,939
Other, net	53,421	28,567	33,224
Total costs and other deductions	2,507,194	2,841,048	3,642,518
Income (loss) from continuing operations before income taxes	(488,089)	(705,567)	(588,922)
Income tax expense (benefit):
Current	66,327	(7,430)	55,625
Deferred	(10,706)	64,716	35,951
Total income tax expense (benefit)	55,621	57,286	91,576
Income (loss) from continuing operations, net of tax	(543,710)	(762,853)	(680,498)
Income (loss) from discontinued operations, net of tax	20	7	(12)
Net income (loss)	(543,690)	(762,846)	(680,510)
Less: Net (income) loss attributable to noncontrolling interest	(25,582)	(42,795)	(22,375)
Net income (loss) attributable to Nabors	(569,272)	(805,641)	(702,885)
Less: Preferred stock dividend	(3,653)	(14,611)	(17,244)
Net income (loss) attributable to Nabors common shareholders	(572,925)	(820,252)	(720,129)
Amounts attributable to Nabors common shareholders:
Net income (loss) from continuing operations	(572,945)	(820,259)	(720,117)
Net income (loss) from discontinued operations	20	7	(12)
Net income (loss) attributable to Nabors common shareholders	$ (572,925)	$ (820,252)	$ (720,129)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (76.58)	$ (118.69)	$ (105.39)
Total Basic (in dollars per share)	(76.58)	(118.69)	(105.39)
Diluted from continuing operations (in dollars per share)	(76.58)	(118.69)	(105.39)
Total Diluted (in dollars per share)	$ (76.58)	$ (118.69)	$ (105.39)
Weighted-average number of common shares outstanding:
Basic (in shares)	7,605	7,059	7,032
Diluted (in shares)	7,605	7,059	7,032

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (569,272)	$ (805,641)	$ (702,885)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	2,230	435	16,943
Pension liability amortization and adjustment	(1,692)	210	217
Unrealized gains (losses) and amortization on cash flow hedges		160	567
Other comprehensive income (loss), before tax	538	805	17,727
Income tax expense (benefit) related to items of other comprehensive income (loss)	48	141	190
Other comprehensive income (loss), net of tax	490	664	17,537
Comprehensive income (loss) attributable to Nabors	(568,782)	(804,977)	(685,348)
Net income (loss) attributable to noncontrolling interest	25,582	42,795	22,375
Translation adjustment attributable to noncontrolling interest			55
Comprehensive income (loss) attributable to noncontrolling interest	25,582	42,795	22,430
Comprehensive income (loss)	$ (543,200)	$ (762,182)	$ (662,918)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (543,690)	$ (762,846)	$ (680,510)
Adjustments to net income (loss):
Depreciation and amortization	693,382	853,697	876,103
Deferred income tax expense (benefit)	(10,711)	64,717	35,894
Impairments and other charges	72,497	318,582	213,404
Amortization of debt discount and deferred financing costs	21,359	31,238	30,931
Losses (gains) on debt buyback	(13,423)	(228,274)	(11,468)
Losses (gains) on long-lived assets, net	23,864	64,365	40,346
Losses (gains) on investments, net	327	4,286	(1,257)
Provision (recovery) of bad debt	(2,515)	18,194	20,626
Share-based compensation	19,362	24,638	24,660
Foreign currency transaction losses (gains), net	4,800	13,133	20,876
Noncontrolling interest	(25,582)	(42,795)	(22,375)
Equity in (earnings) losses from unconsolidated affiliates, net of dividends			5
Other	971	(770)	667
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	71,805	67,502	276,685
Inventory	32,037	6,188	(18,695)
Other current assets	14,166	38,672	5,157
Other long-term assets	17,914	20,830	13,106
Trade accounts payable and accrued liabilities	12,143	(142,826)	(142,857)
Income taxes payable	5,140	(933)	(4,857)
Other long-term liabilities	34,930	2,163	8,117
Net cash provided by (used for) operating activities	428,776	349,761	684,558
Cash flows from investing activities:
Purchases of investments	(67)	(91)	(4,323)
Sales and maturities of investments	11,398	2,760	18,849
Cash paid for acquisition of businesses, net of cash acquired			(2,929)
Purchase of intangible assets	(3,600)
Capital expenditures	(234,040)	(195,523)	(427,741)
Proceeds from sales of assets and insurance claims	124,301	27,397	60,288
Other	(15,217)
Net cash (used for) provided by investing activities	(117,225)	(165,457)	(355,856)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	700,000	1,000,000
Reduction in long-term debt	(186,958)	(1,394,043)	(455,360)
Debt issuance costs	(16,339)	(28,112)	(1,767)
Proceeds from revolving credit facilities	1,025,000	1,552,500	1,050,000
Reduction in revolving credit facilities	(1,237,500)	(1,235,000)	(865,000)
Proceeds from (payments for) short-term borrowings			(561)
Repurchase of common and preferred shares		(1,731)
Dividends to common and preferred shareholders	(7,380)	(22,538)	(49,583)
Redeemable noncontrolling interest distribution	(58,524)
Distributions to noncontrolling interest	(3,795)	(5,083)	(4,552)
Sale of non-controlling interest - special purpose acquisition company	276,000
Other	(2,083)	(13,994)	(4,750)
Net cash (used for) provided by financing activities	488,421	(148,001)	(331,573)
Effect of exchange rate changes on cash and cash equivalents	(1,742)	(3,061)	(6,171)
Net increase (decrease) in cash and cash equivalents and restricted cash	798,230	33,242	(9,042)
Cash and cash equivalents and restricted cash, beginning of period	475,280	442,038	451,080
Cash and cash equivalents and restricted cash, end of period	1,273,510	475,280	442,038
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	472,246	435,990	447,766
Restricted cash, beginning of period	3,034	6,048	3,314
Cash and cash equivalents and restricted cash, beginning of period	475,280	442,038	451,080
Cash and cash equivalents, end of period	991,471	472,246	435,990
Restricted cash, end of period	282,039	3,034	6,048
Cash and cash equivalents and restricted cash, end of period	$ 1,273,510	$ 475,280	$ 442,038

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Mandatory Convertible Preferred SharesPreferred Stock	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income	Retained Earnings (Accumulated Deficit)	Treasury Stock	Noncontrolling 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	8,193
Increase (Decrease) in Equity
Net income (loss)					(702,885)		22,375	(680,510)
Dividends declared to common shareholders					(14,953)			(14,953)
Dividends declared to preferred shareholders					(17,245)			(17,245)
Other comprehensive income (loss), net of tax				17,537			55	17,592
Share-based compensation			24,659					24,659
Noncontrolling interest contributions (distributions)							(4,552)	(4,552)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(20,534)			(20,534)
Other		$ 6	(4,624)					(4,618)
Other (in shares)	(137)	131
Balance at the end 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	8,324
Increase (Decrease) in Equity
Net income (loss)					(805,641)		42,795	(762,846)
Dividends declared to common shareholders					(3,632)			(3,632)
Dividends declared to preferred shareholders					(14,610)			(14,610)
Repurchase of shares	$ (1)		(12,127)			$ (1,731)		(13,859)
Repurchase of shares (in shares)	(743)					(34)
Other comprehensive income (loss), net of tax				664				664
Share-based compensation			24,638					24,638
Noncontrolling interest contributions (distributions)							(5,082)	(5,082)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(17,442)			(17,442)
Other		$ 3	(1,548)				357	(1,188)
Other (in shares)		59
Balance at the end of the period at Dec. 31, 2020	$ 5	$ 419	3,423,935	(11,124)	(946,100)	$ (1,315,751)	105,424	1,256,808
Balance (in shares) at Dec. 31, 2020	4,870	8,383
Increase (Decrease) in Equity
Net income (loss)					(569,272)		25,582	(543,690)
PSU distribution equivalent rights					(75)			(75)
Dividends declared to preferred shareholders					(3,653)			(3,653)
Share issuance		$ 7	12,865					12,872
Share issuance (in shares)		148
Conversion of preferred shares	$ (5)	$ 34	(34)					(5)
Conversion of preferred shares (in shares)	(4,870)	668
Issuance of warrants on common shares					(2,719)			(2,719)
Other comprehensive income (loss), net of tax				490				490
Share-based compensation			19,361					19,361
Noncontrolling interest contributions (distributions)							(3,793)	(3,793)
Contributions and other from noncontrolling interest							6,298	6,298
IPO SPAC warrants to public holders, net of issuance cost							13,480	13,480
Deemed dividends to SPAC public shareholders					(6,724)		(18,709)	(25,433)
Accrued distribution on redeemable noncontrolling interest in subsidiary					(9,445)			(9,445)
Other		$ 6	(1,564)					(1,558)
Other (in shares)		96
Balance at the end of the period at Dec. 31, 2021		$ 466	$ 3,454,563	$ (10,634)	$ (1,537,988)	$ (1,315,751)	$ 128,282	$ 718,938
Balance (in shares) at Dec. 31, 2021		9,295

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Dividends declared to common shareholders (in dollars per share)	$ 0.50	$ 2
Dividends declared to preferred shareholders (in dollars per share)	$ 3	$ 3

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2021
Nature of Operations.
Nature of Operations	Note 1 Nature of Operations ​ Unless the context requires otherwise, references in this annual report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires. References in this annual 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 and technologies 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 drilling optimization software. ​ In 2021, we co-sponsored a special purpose acquisition company (“SPAC”), Nabors Energy Transition Corporation (“NETC”), which has the sole purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses with significant growth potential and to create value by supporting the company in the public markets. The business acquisition will operate in an industry that will benefit from the experience, expertise and operating skills of Nabors. NETC trades on the New York Stock Exchange under the symbols “NETC”, “NETC.U” and “NETC.W.” ​ The outbreak of the novel coronavirus (“COVID-19”), together with actions by large oil and natural gas producing countries, 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, negatively affected our results of operations and cash flows and uncertainty remains regarding the length and impact of COVID-19 on the energy industry and the outlook for our business. ​ The consolidated financial statements and related footnotes are presented in accordance with U.S. GAAP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Principles of Consolidation ​ Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under 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’s”) 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 determination of the primary beneficiary of a VIE considers all relationships between us and 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 13—Joint Ventures. ​ Prior Period Revision ​ During the preparation of our consolidated financial statements for Consolidated Statements of Changes in Equity issued subsequent to the Reverse Stock Split as required under U.S. GAAP. The errors only impacted the presentation of common share quantities in our Consolidated Statements of Changes in Equity, and had no impact on amounts presented for Weighted-average number of common shares outstanding, Earnings (losses) per share, Par Value, Capital in Excess of Par Value, or Total Equity; or on our financial position, results of operations or cash flow. ​ We have assessed the presentation errors described above and concluded they are not material to our previously issued consolidated financial statements for any impacted period. However, management has elected to revise previously issued financial statements to properly present common share quantities presented in our previously issued Consolidated Statements of Changes in Equity included herein to appropriately reflect the Reverse Stock Split, and will be similarly revised in future filings, as applicable. ​ Change in Presentation ​ Certain amounts within our consolidated statements of income (loss) have been reclassified to conform to the current period presentation. ​ Cash and Cash Equivalents ​ Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less. ​ Short-term Investments ​ Short-term investments consist primarily of equity securities which are stated at fair value with any changes in fair value recognized in investment income (loss) in our consolidated statements of income (loss). ​ 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 costs methods and includes the cost of materials, labor and manufacturing overhead. Inventory, which is net of reserves of $21.9 million and $23.5 million as of December 31, 2021 and 2020, respectively, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Raw materials ​ $ 105,638 ​ $ 133,424 ​ Work-in-progress ​ 1,368 ​ 3,452 ​ Finished goods ​ 19,442 ​ 23,709 ​ ​ ​ $ 126,448 ​ $ 160,585 ​ ​ Property, Plant and Equipment ​ Property, plant and equipment, including renewals and betterments, are stated at cost, while maintenance and repairs are expensed currently. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. We provide for the depreciation of our drilling rigs using the units-of-production method. For each day a rig is operating, we depreciate it over an approximate 4,927 8,030 ​ Depreciation on our buildings, oilfield hauling and mobile equipment, and other machinery and equipment is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value (buildings— 10 3 disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective property, plant and equipment accounts and any gains or losses are included in our consolidated statements of income (loss). ​ 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. Significant and unanticipated changes to the assumptions could result in future impairments. A significantly prolonged period of lower oil and natural gas prices could adversely affect the demand for and prices of our services, which could result in future impairment charges. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical. ​ For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as a long-lived asset that is held and used. ​ Goodwill ​ We have historically reviewed 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 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. The fair values calculated in these impairment tests were determined 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 dayrates, utilization and costs. 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%. ​ 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. Due to industry conditions that existed at March 31, 2020 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. ​ The change in the carrying amount of goodwill for our segments for the year ended December 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Purchase ​ Disposals ​ Cumulative ​ ​ ​ Balance at ​ ​ December 31, ​ Price ​ and ​ Translation ​ Other ​ December 31, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 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, we performed a quantitative impairment assessment of goodwill. Based on the results, we recognized a goodwill impairment of $27.8 million. See Note 3 —Impairments and Other Charges. ​ Litigation and Insurance Reserves ​ We estimate our reserves related to litigation and insurance based on the facts and circumstances specific to the litigation and insurance claims and our past experience with similar claims. We maintain actuarially determined accruals in our consolidated balance sheets to cover self-insurance retentions. See Note 15—Commitments and Contingencies regarding self-insurance accruals. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can reasonably 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. ​ Revenue Recognition ​ We recognize revenues and costs on daywork contracts daily as the work progresses over the contract term. For certain contracts, we receive lump sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. ​ Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. We defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. ​ We recognize revenue for top drives and other capital equipment we manufacture upon transfer of control, which generally occurs when the product has been shipped to the customer. ​ We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the claim is realizable. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other, net in our consolidated statement of income (loss) in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other, net in our consolidated statement of income (loss). ​ We recognize reimbursements received for out of pocket expenses incurred as revenues and account for out of pocket expenses as direct costs. ​ Research and Engineering ​ Research and engineering expenses are expensed as incurred and include costs associated with the research and development of new products and services and costs associated with sustaining engineering of existing products and services. ​ Income Taxes ​ We are a Bermuda exempted company and are not subject to income taxes in Bermuda. We have provided for income taxes based on the tax laws and rates in effect in the countries where we operate and earn income. The income taxes in these jurisdictions vary substantially. Our worldwide effective tax rate for financial statement purposes will continue to fluctuate from year to year due to changes in the geographic mix of pre-tax earnings. ​ We recognize increases to our tax reserves for uncertain tax positions along with interest and penalties as an increase to other long-term liabilities. ​ For U.S. and other jurisdictional income tax purposes, we have net operating loss carryforwards that we are required to assess quarterly for potential valuation allowances. We consider the sufficiency of existing temporary differences and expected future earnings levels in determining the amount, if any, of valuation allowance required against such carryforwards and against deferred tax assets. ​ Foreign Currency Translation ​ For certain of our foreign subsidiaries, such as those in Canada, the local currency is the functional currency, and therefore translation gains or losses associated with foreign-denominated monetary accounts are accumulated in a separate section of the consolidated statements of changes in equity. For our other international subsidiaries, the U.S. dollar is the functional currency, and therefore local currency transaction gains and losses, arising from remeasurement of payables and receivables denominated in local currency, are included in our consolidated statements of income (loss). ​ Special Purpose Acquisition Company ​ NETC is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the $281.5 million of non-controlling interest subject to possible redemption is presented at full redemption value as temporary equity, outside of the stockholders’ equity section in the accompanying consolidated financial statements as of December 31, 2021. ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period. ​ Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: ​ ● depreciation of property, plant and equipment; ​ ● impairment of long-lived assets; ​ ● impairment of goodwill and intangible assets; ​ ● income taxes; ​ ● litigation and self-insurance reserves; and ​ ● fair value of assets acquired and liabilities assumed. ​ Recent Accounting Pronouncements Adopted ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changed 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 as of the beginning of 2020 did not have a material impact on our consolidated financial statements. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for intraperiod allocations and interim tax calculations and adds guidance to simplify accounting for income taxes. The guidance is effective for interim and annual periods beginning after December 15, 2020. The adoption of this guidance did not have a material impact on our condensed consolidated financial statements.

Impairments and Other Charges

Impairments and Other Charges	12 Months Ended
	Dec. 31, 2021
Impairments and Other Charges
Impairments and Other Charges	Note 3 Impairments and Other Charges ​ The components of impairments and other charges are provided below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Goodwill impairments ​ $ — ​ $ 27,798 ​ $ 155,973 Intangible asset impairment ​ ​ — ​ ​ 83,624 ​ ​ 47,731 US Drilling ​ ​ — ​ ​ 87,333 ​ ​ — Canada Drilling ​ ​ 58,545 ​ ​ — ​ ​ 17,818 International Drilling ​ ​ 215 ​ ​ 117,113 ​ ​ 17,927 Drilling Solutions ​ ​ — ​ ​ 28,624 ​ ​ — Rig Technologies ​ ​ 418 ​ ​ 2,936 ​ ​ 7,823 Oil and gas related assets ​ ​ — ​ ​ 24,543 ​ ​ — Severance and transaction related costs ​ ​ 6,228 ​ ​ 19,070 ​ ​ 11,447 Other assets ​ ​ 1,325 ​ ​ 19,590 ​ ​ 43,220 Total ​ $ 66,731 ​ $ 410,631 ​ $ 301,939 ​ ​ 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 an 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. In determining an asset’s fair value, management considers a number of factors, such as estimated future cash flows from the asset, appraisals, and current market value analysis. 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. 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. ​ For the year ended December 31, 2021 ​ Canada Drilling ​ During 2021, we recognized an impairment of $58.5 million related to the sale of the Canada Drilling assets in July 2021. See Note 5— ​ ​ Severance and transaction related costs ​ During 2021, we recognized charges of $6.2 million due to severance and reorganization costs due to ongoing cost cutting and consolidation measures that we enacted in response to the challenging industry environment. ​ For the year ended December 31, 2020 ​ Goodwill impairments ​ We have historically performed 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 industry conditions during the first quarter of 2020 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. Based on the results of our goodwill test performed, we recognized 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. ​ Intangible asset impairments ​ We also reviewed our intangible assets for impairment in the first quarter of 2020 as a result of industry conditions. The fair value of our intangible assets is 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 ​ US Drilling ​ Due to the sharp decline in activity in the US in the first part of 2020, we recorded impairments of $33.3 million and functionally retired $54.0 million of our lower specification rigs in the Lower 48 and Alaska markets totaling approximately $87.3 million. We determined that the assets were either functionally obsolete, would be no longer used, or the carrying value was not fully recoverable and was in excess of its fair value. ​ International Drilling ​ We impaired $30.5 million and wrote down or retired $86.6 million totaling $117.1 million during 2020, which represented most of our rig and drilling-related equipment in several international markets which have been negatively affected by current market conditions and other factors, including Venezuela, Iraq, Algeria and certain offshore markets in the eastern hemisphere. Due to our lack of work in these markets and limited visibility to any possibility of further work, we have taken steps to relocate these assets to other markets, or in some cases, to retire, sell or otherwise dispose of these assets. ​ ​ ​ Drilling Solutions ​ We impaired or retired $28.6 million of fixed assets, equipment and inventory in our Drilling Solutions segment as a result of the significant decline in utilization experienced over the first half of 2020. We determined that the assets were either functionally obsolete, would be no longer used, or the carrying value was not fully recoverable and was in excess of its fair value. ​ Rig Technologies ​ As a result of our periodic analysis on inventories for our Rig Technologies segment, we recorded a $2.9 million provision for obsolescence. ​ Oil & gas related assets ​ During 2020, we recognized an impairment of $24.5 million to various assets related to our retained interest in the oil and gas properties located on the North Slope of Alaska. ​ Severance and transaction related costs ​ During 2020, we recognized charges of $19.1 million due to severance and other related costs incurred to right-size our cost structure. ​ Other assets ​ In 2020, we wrote down or provided for $19.6 million of certain other assets including receivables related to our operations. The charges were primarily attributable to markets which have been adversely impacted by foreign sanctions or other political risk issues as well as bankruptcies or other financial problems. ​ For the year ended December 31, 2019 ​ Goodwill impairments ​ As part of our annual goodwill impairment test performed during the second quarter of 2019, we determined the carrying value of some of our reporting units exceeded their fair value. As such, we recognized impairments 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 attributable to the acquisition of 2TD 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 below previous projections and the resulting impact on the lower demand projections for our products and services within these reporting units. ​ During the fourth quarter of 2019, due to industry conditions such as the drop in U.S. rig count as well as in commodity prices, and the corresponding impact on future expectations of demand for our products and services, including the effect that these factors had on our stock price, we performed a quantitative impairment assessment of our goodwill as of December 31, 2019. Based on the results of our goodwill test, we recognized additional impairment charges of $52.2 million for the remaining goodwill balance attributable to our U.S. Drilling operating segment and $10.1 million for the remaining goodwill balance attributable to the acquisition of 2TD within our Rig Technologies operating segment. ​ Intangible asset impairments ​ During the fourth quarter of 2019, we also determined the fair value of our rotary steerable tools in-process research and development intangible asset associated with our acquisition of 2TD was less than the current book value. As such, we recognized an impairment of $47.7 million to write off the intangible asset due to uncertainty in commercialization and demand stemming from lower commodity prices and rig counts. ​ Canada Drilling ​ As a result of the extended period of reduced demand for some of our legacy asset classes, in 2019 we retired some of our rigs within the Canada drilling segment, which totaled approximately $17.8 million. ​ International Drilling ​ During 2019, we retired some of our rigs resulting in a loss of $15.4 million. In addition, we recorded impairments totaling million comprised of underutilized offshore platform rigs. These impairments resulted from lack of future contractual opportunities on specific rigs as a result of current market conditions across certain geographic regions. ​ Rig Technologies ​ As a result of our periodic analysis on inventories for our Rig Technologies segment, in 2019 we recorded a $7.8 million provision for obsolescence. ​ Severance and transaction related costs ​ During 2019, we recognized charges of $11.4 million due to severance and other related costs incurred to right-size our cost structure. ​ Other assets ​ During 2019, we recorded provisions aggregating to $43.2 million for certain assets, including receivables related to our international activities. The provisions were attributable to a number of foreign countries adversely impacted by foreign sanctions or other political risk issues, bankruptcies or other financial problems.

Accounts Receivable Sales Agree

Accounts Receivable Sales Agreement	12 Months Ended
	Dec. 31, 2021
Accounts Receivable Sales Agreement
Accounts Receivable Sales Agreement	Note 4 Accounts Receivable Sales Agreement ​ The Company has entered into accounts receivable agreements (the “A/R Agreements”) to sell short-term receivables from certain customer trade accounts to an unaffiliated financial institution on a revolving basis. In July 2021, we entered into the First Amendment to the A/R Agreements (the “First Agreement”), which reduced the commitments of the third-party financial institutions (the “Purchasers”) from $250 million to $150 million and extended the term of the agreements by two years, to August 13, 2023. ​ As part of the A/R Agreements, the Company continuously sells designated pools of receivables as they are originated by it and certain U.S. subsidiaries to a separate, bankruptcy-remote, special purpose entity (“SPE”). The SPE in turn sells, transfers, conveys and assigns to the Purchasers all the rights, title and interest in and to its pool of eligible receivables (the “Eligible Receivables”). The sale of the Eligible Receivables qualified for sale accounting treatment in accordance with ASC 860 – Transfers and Servicing. During the period of this program, cash receipts from the Purchasers at the time of the sale are classified as operating activities in our consolidated statement of cash flows and the associated receivables are derecognized from the Company’s consolidated balance sheet at the time of the sale. The remaining receivables held by the SPE were pledged to secure the collectability of the sold Eligible Receivables. Subsequent collections on the pledged receivables, which have not been sold, will be classified as operating cash flows in our consolidated statement of cash flows at the time of collection. The amount of receivables pledged as collateral as of December 31, 2021 and December 31, 2020 is approximately $44.2 million and $63.1 million, respectively. ​ The amount available for sale to the Purchasers under the A/R Agreements 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 December 31, 2021, Eligible Receivables totaling approximately $113.0 million had been sold to, and are as yet uncollected, by the Purchasers. As of December 31, 2020, the corresponding number was approximately $54.0 million. ​

Acquisitions and Dispositions

Acquisitions and Dispositions	12 Months Ended
	Dec. 31, 2021
Acquisitions and Dispositions
Acquisitions and Dispositions	Note 5 Acquisitions and Dispositions ​ In July 2021, we closed on the sale of our Canada Drilling segment assets for approximately $94.0 million. These assets included our fleet of land-based drilling rigs and related equipment and property. This transaction did not represent a strategic shift in our operations and will not have a major effect on our operations and financial results going forward.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair Value Measurements	Note 6 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 December 31, 2021 and 2020 consisted of short term investments in equity securities. During 2021, there were no transfers of our financial assets between Level 1 and Level 2 measures. 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 December 31, 2020, our short-term investments were carried at fair market value and totaled million, and primarily consisted of Level 1 measurements. As of December 31, million, 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 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, thus a Level 2 measurement. The carrying and fair values of these liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Carrying ​ Fair ​ Interest ​ Carrying ​ Fair ​ ​ Rate ​ Value ​ Value ​ Rate ​ Value ​ Value ​ (Dollars in thousands) 4.625% senior notes due September 2021 — % $ — ​ $ — 5.65 % $ 86,329 ​ $ 78,862 5.50% senior notes due January 2023 5.87 % 24,446 ​ 24,736 5.85 % 28,443 ​ 18,768 5.10% senior notes due September 2023 5.42 % 82,703 ​ 84,044 5.32 % 121,077 ​ 78,435 0.75% senior exchangeable notes due January 2024 5.90 % 259,839 ​ 257,730 6.06 % 279,700 ​ 169,458 5.75% senior notes due February 2025 ​ 6.03 % 548,458 ​ 508,881 6.01 % 610,818 ​ 318,871 6.50% senior priority guaranteed notes due February 2025 ​ 6.50 % 50,485 ​ 50,490 6.50 % 50,485 ​ 44,059 9.00% senior priority guaranteed notes due February 2025 ​ 9.00 % ​ 218,082 ​ ​ 226,914 ​ 9.00 % ​ 192,032 ​ 185,221 7.25% senior guaranteed notes due January 2026 ​ 7.52 % 559,978 ​ 522,079 7.51 % 559,978 ​ 396,106 7.375% senior priority guaranteed notes due May 2027 ​ 7.74 % 700,000 ​ 724,906 — % — ​ — 7.50% senior guaranteed notes due January 2028 ​ 7.70 % 389,609 ​ 346,966 7.69 % 389,609 ​ 267,369 2018 revolving credit facility 3.72 % 460,000 ​ 460,000 3.53 % 672,500 ​ 672,500 ​ ​ ​ ​ $ 3,293,600 ​ $ 3,206,746 ​ ​ ​ $ 2,990,971 ​ $ 2,229,649 Less: deferred financing costs ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ ​ ​ 22,270 ​ ​ ​ ​ ​ ​ ​ $ 3,262,795 ​ ​ ​ ​ ​ ​ $ 2,968,701 ​ ​ ​ ​ 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.

Share-Based Compensation

Share-Based Compensation	12 Months Ended
	Dec. 31, 2021
Share-Based Compensation
Share-Based Compensation	Note 7 Share-Based Compensation ​ Total share-based compensation expense, which includes stock options and restricted shares, was $19.2 million, $24.6 million and $24.7 million for 2021, 2020 and 2019, respectively. Compensation expense related to awards of restricted shares totaled $19.1 million, $23.6 million and $24.5 million for 2021, 2020 and 2019, respectively, which is included in direct costs and general and administrative expenses in our consolidated statements of income (loss). Share-based compensation expense has been allocated to our various reportable segments. See Note 18—Segment Information. ​ In addition to the time-based restricted stock share-based awards, historically we have provided two types of performance share awards: the first, based on our performance measured against pre-determined performance metrics (“Performance Shares”) and the second, based on market conditions measured against a predetermined peer group (“TSR Shares”). The performance period for the awards granted in 2021 commenced on January 1, 2020 and ended December 31, 2020. ​ In 2020, under the Amended and Restated 2016 Stock Plan, the company introduced new Performance-Based Restricted Stock Units (“PSUs”) awards to move away from Performance Shares. PSUs are granted at the beginning of the ​ At a special meeting of shareholders held April 20, 2020, the Board set the Reverse Stock Split ratio at 1-for- 50 . All share and per share information included in this annual report has been retrospectively adjusted to reflect this Reverse Stock Split. ​ Stock Option Plans ​ As of December 31, 2021, we had several stock plans under which options to purchase our common shares could be granted to key officers, directors and managerial employees of Nabors and its subsidiaries. Options granted under the plans have fair market value on the date of the grant. Options granted under the plans generally are exercisable in varying cumulative periodic installments after one year. In the case of certain key executives and directors, options granted may vest immediately on the grant date. Options granted under the plans cannot be exercised more than ten years from the date of grant. Options to purchase 0.4 million and 0.4 million Nabors common shares remained available for grant as of December 31, 2021 and 2020, respectively. Of the common shares available for grant as of December 31, 2021, approximately 0.4 million of these shares are also available for issuance in the form of restricted shares. ​ The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model which uses assumptions for the risk-free interest rate, volatility, dividend yield and the expected term of the options. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for a period equal to the expected term of the option. Expected volatilities are based on implied volatilities from traded options on Nabors’ common shares, historical volatility of Nabors’ common shares, and other factors. We use historical data to estimate the expected term of the options and employee terminations within the option-pricing model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of the options represents the period of time that the options granted are expected to be outstanding. ​ Stock option transactions under our various stock-based employee compensation plans are presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Options Shares Price Term Value ​ ​ (In thousands, except exercise price and term) Options outstanding as of December 31, 2020 31 ​ $ 628.10 ​ ​ ​ ​ ​ ​ ​ Granted 1 ​ 104.06 ​ ​ ​ ​ ​ ​ ​ Surrendered (16) ​ 817.89 ​ ​ ​ ​ ​ ​ ​ Options outstanding as of December 31, 2021 16 ​ $ 419.22 5.42 years ​ $ — ​ Options exercisable as of December 31, 2021 16 ​ $ 419.22 5.42 years ​ $ — ​ ​ During 2019, we awarded options vesting over periods up to four years to purchase 2,759 of our common shares to certain of our directors. options were awarded during 2020 nor were there any unvested options during 2020. During 2021, we awarded options vesting immediately to purchase ​ The fair value of stock options granted during 2021 and 2019 was calculated using the Black-Scholes option pricing model and the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2019 Weighted average fair value of options granted ​ $ 72.69 ​ $ 53.50 ​ Weighted average risk free interest rate ​ 0.72% ​ 1.79% ​ Dividend yield ​ 0.00% ​ 1.65% ​ Volatility (1) ​ 102.50% ​ 57.59% ​ Expected life (in years) ​ 4.0 ​ 4.0 ​ (1) Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors’ common shares, historical volatility of Nabors’ common shares and other factors. ​ There were no options exercised during 2021, 2020 or 2019. The total fair value of options that vested during the years ended December 31, 2021 and 2019 was $0.1 million and $0.2 million, respectively. ​ Restricted Shares ​ Our stock plans allow grants of restricted shares. Restricted shares are issued on the grant date, but cannot be sold or transferred. Restricted share values are based on stock value at grant date. Restricted shares vest in varying periodic installments ranging up to ​ A summary of our restricted shares as of December 31, 2021, and the changes during the year then ended, is presented below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Unvested as of December 31, 2020 49 ​ $ 226.06 ​ Granted 83 ​ 105.44 ​ Vested (24) ​ 261.96 ​ Forfeited ​ (6) ​ ​ 95.99 ​ Unvested as of December 31, 2021 102 ​ $ 127.00 ​ ​ During 2021, 2020 and 2019, we awarded 82,722, 4,156 and 65,299 restricted shares, respectively, to our employees and directors. These awards had an aggregate value at their date of grant of $8.7 million, $0.1 million and $10.6 million, respectively, and were scheduled to vest over a period of up to four years. The fair value of restricted shares that vested during 2021, 2020 and 2019 was $2.5 million, $2.6 million and $4.1 million, respectively. ​ As of December 31, 2021, there was $8.2 million of total future compensation cost related to unvested restricted share awards that are expected to vest. That cost is expected to be recognized over a weighted-average period of 2.32 years. ​ Restricted Shares Based on Performance Conditions ​ During the years ended December 31, 2020 and 2019, we awarded 59,490 and 48,253 restricted shares, respectively, vesting over a period of three years to some of our executives. The Performance Share awards granted were based upon achievement of specific financial or operational objectives. The number of shares granted was determined by the percentage of performance goals achieved during fiscal years 2019 and 2018, respectively. These awards had an aggregate fair value at their date of grant of $8.8 million and $7.5 million, respectively. ​ The following table sets forth information regarding outstanding restricted shares based on performance conditions as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Performance based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 98 ​ $ 163.74 Vested (42) ​ 181.66 Outstanding as of December 31, 2021 56 ​ $ 150.02 ​ Until shares are granted, our Performance Share awards are liability-classified awards. Our accrued liabilities included $2.4 million for such awards at December 31, 2020 for the performance period beginning January 1, 2020 through December 31, 2020. The fair value of these awards that vested during the years ended December 31, 2020 and 2019 was $3.0 million and $2.5 million, respectively. The fair value of these liability-classified awards is estimated at each reporting period, based on internal metrics and marked to market. ​ During 2021 and 2020, we granted PSU awards to certain of our executive officers covering a total of 95,902 and 31,204 shares of our common stock, respectively. The number of earned shares that ultimately vest over ​ The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted Stock Units ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 31 ​ $ 148.00 Granted 96 ​ 88.27 Vested (20) ​ 148.00 Outstanding as of December 31, 2021 107 ​ $ 94.26 ​ ​ Restricted Shares Based on Market Conditions ​ During 2021, 2020 and 2019, we granted awards for 61,997, 22,931 and 52,191 TSR Shares, respectively, which are equity classified awards and will vest on our performance compared to our peer group over a three-year period. These awards had an aggregate fair value at their date of grant of $2.2 million, $2.5 million and $3.7 million, respectively, after consideration of all assumptions. ​ The grant date fair value of these awards was based on a Monte Carlo model, using the following assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk free interest rate ​ ​ 0.18% ​ ​ 1.57% ​ ​ 2.48% ​ Expected volatility ​ ​ 108.00% ​ ​ 74.00% ​ ​ 70.00% ​ Closing stock price at grant date ​ $ 60.62 ​ $ 148.00 ​ $ 109.50 ​ Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ 3.0 ​ ​ The following table sets forth information regarding outstanding restricted shares based on market conditions as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Market based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 79 ​ $ 91.34 Granted 62 ​ 34.69 ​ Vested (28) ​ 83.35 ​ Forfeited ​ (28) ​ ​ 83.35 ​ Outstanding as of December 31, 2021 85 ​ $ 55.29 ​ ​ As of December 31, 2021, there was $2.3 million of total future compensation cost related to unvested TSR Share awards. The TSR Shares will amortize over a weighted average remaining period of

Property, Plant and Equipment

Property, Plant and Equipment	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment
Property, Plant and Equipment	​ Note 8 Property, Plant and Equipment ​ The major components of our property, plant and equipment are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Land ​ $ 22,955 ​ $ 28,261 ​ Buildings ​ 130,917 ​ 141,365 ​ Drilling rigs and related equipment ​ 11,702,450 ​ 12,487,961 ​ Oilfield hauling and mobile equipment ​ 243,850 ​ 259,150 ​ Other machinery and equipment ​ 200,740 ​ 195,903 ​ ​ ​ $ 12,300,912 ​ $ 13,112,640 ​ Less: accumulated depreciation and amortization ​ (8,968,414) ​ (9,126,933) ​ ​ ​ $ 3,332,498 ​ $ 3,985,707 ​ Depreciation expense included in depreciation and amortization expense in our consolidated statements of income (loss) totaled $689.2 million, $851.8 million and $869.6 million during 2021, 2020 and 2019, respectively. ​ Repair and maintenance expense included in direct costs in our consolidated statements of income (loss) totaled $153.9 million, $154.2 million and $248.6 million during 2021, 2020 and 2019, respectively. ​ Interest costs of $0.7 million, $0.7 million and $1.5 million were capitalized during 2021, 2020 and 2019, respectively.

Financial Instruments and Risk

Financial Instruments and Risk Concentration	12 Months Ended
	Dec. 31, 2021
Financial Instruments and Risk Concentration
Financial Instruments and Risk Concentration	Note 9 Financial Instruments and Risk Concentration ​ We may be exposed to certain market risks arising from the use of financial instruments in the ordinary course of business. These risks arise primarily as a result of potential changes in the fair market value of financial instruments that would result from adverse fluctuations in foreign currency exchange rates, credit risk, interest rates, and marketable and non-marketable security prices as discussed below. ​ Foreign Currency Risk ​ We operate in a number of international areas and are involved in transactions denominated in currencies other than U.S. dollars, which exposes us to foreign exchange rate risk or foreign currency devaluation risk. The most significant exposures arise in connection with our operations in Argentina, Russia, Kazakhstan and Canada, which usually are substantially unhedged. ​ At various times, we utilize local currency borrowings (foreign-currency-denominated debt), the payment structure of customer contracts and foreign exchange contracts to selectively hedge our exposure to exchange rate fluctuations in connection with monetary assets, liabilities, cash flows and commitments denominated in certain foreign currencies. A foreign exchange contract is a foreign currency transaction, defined as an agreement to exchange different currencies at a given future date and at a specified rate. ​ Credit Risk ​ Our financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash equivalents, short-term and long-term investments and accounts receivable. Cash equivalents such as deposits and temporary cash investments are held by major banks or investment firms. Our short-term and long-term investments are managed within established guidelines that limit the amounts that may be invested with any one issuer and provide guidance as to issuer credit quality. We believe that the credit risk in our cash and investment portfolio is minimized as a result of the mix of our investments. In addition, our trade receivables are with a variety of U.S., international and non-U.S. national oil and gas companies. As of December 31, 2021, approximately 36% and 11% of our net accounts receivable balance was related to our operations in Saudi Arabia and Mexico, respectively. Management considers this credit risk to be limited due to the financial resources of these companies. We perform ongoing credit evaluations of our customers, and we generally do not require material collateral. We do occasionally require prepayment of amounts from customers whose creditworthiness is in question prior to providing services to them. We maintain reserves for potential credit losses, and these losses historically have been within management’s expectations. ​ Interest Rate and Marketable and Non-marketable Security Price Risk ​ Our financial instruments that are potentially sensitive to changes in interest rates include our floating rate debt instruments comprised of our revolving credit facilities and our fixed rate debt securities comprised of our 5.50%, 5.10% and 5.75% senior notes, 0.75% senior exchangeable notes, 7.25% and 7.50% senior guaranteed notes and 6.50%, 7.375% and 9.00% senior priority guaranteed notes. ​ We may utilize derivative financial instruments that are intended to manage our exposure to interest rate risks. The use of derivative financial instruments could expose us to further credit risk and market risk. Credit risk in this context is the failure of a counterparty to perform under the terms of the derivative contract. When the fair value of a derivative contract is positive, the counterparty would owe us, which can create credit risk for us. When the fair value of a derivative contract is negative, we would owe the counterparty, and therefore, we would not be exposed to credit risk. We attempt to minimize credit risk in derivative instruments by entering into transactions with major financial institutions that have a significant asset base. Market risk related to derivatives is the adverse effect on the value of a financial instrument that results from changes in interest rates. We try to manage market risk associated with interest-rate contracts by establishing and monitoring parameters that limit the type and degree of market risk that we undertake. ​

Debt

Debt	12 Months Ended
	Dec. 31, 2021
Debt
Debt	Note 10 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ ​ (In thousands) 4.625% senior notes due September 2021 (1) ​ $ — ​ $ 86,329 ​ 5.50% senior notes due January 2023 ​ 24,446 ​ 28,443 ​ 5.10% senior notes due September 2023 ​ 82,703 ​ 121,077 ​ 0.75% senior exchangeable notes due January 2024 ​ 259,839 ​ 279,700 ​ 5.75% senior notes due February 2025 ​ ​ 548,458 ​ 610,818 ​ 6.50% senior priority guaranteed notes due February 2025 ​ 50,485 ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 192,032 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 559,978 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ — ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ 460,000 ​ ​ 672,500 ​ ​ ​ ​ 3,293,600 ​ ​ 2,990,971 ​ Less: deferred financing costs ​ ​ 30,805 ​ ​ 22,270 ​ Long-term debt ​ $ 3,262,795 ​ $ 2,968,701 ​ ​ (1) The 4.625% senior notes due September 2021 were classified as long-term as of December 31, 2020 because we had the ability and intent to repay this obligation utilizing our 2018 Revolving Credit Facility. ​ As of December 31, 2021, the principal amount and maturities of our primary debt for each of the five years following 2021 and thereafter are as follows: ​ ​ ​ ​ ​ ​ ​ Paid at Maturity ​ ​ (In thousands) 2022 ​ $ 50,485 (1) 2023 ​ 567,362 (2) 2024 ​ 287,302 (3) 2025 ​ 766,540 (4) 2026 ​ 559,978 (5) Thereafter ​ 1,089,609 (6) ​ ​ $ 3,321,276 ​ ​ (1) Represents our 6.5% senior priority guaranteed notes due February 2025 which were redeemed in January 2022. ​ (2) Represents our 5.50% senior notes due January 2023, 5.10% senior notes due September 2023 and our 2018 Revolving Credit Facility due October 2023. In January 2022, the 2018 Revolving Credit Facility was repaid as we entered into the 2022 Credit Agreement. ​ (3) Represents our 0.75% senior notes due January 2024. ​ (4) Represents our 5.75% senior notes due February 2025 and our 9.0% senior priority guaranteed notes due February 2025. ​ (5) Represents our 7.25% senior notes due January 2026. ​ (6) Represents our 7.375% senior priority guaranteed notes due May 2027 and 7.50% senior notes due January 2028. ​ Nabors Delaware’s various fixed rate debt securities comprised of our 5.50%, 5.10%, and 5.75% senior unsecured notes are fully and unconditionally guaranteed by us. The notes rank equal in right of payment to all Nabors Delaware’s existing and future senior unsubordinated debt. The notes rank senior in right of payment to all Nabors Delaware’s existing and future senior subordinated and subordinated debt. Our guarantee of the notes is unsecured and ranks equal in right of payment to all our unsecured and unsubordinated indebtedness from time to time outstanding. The notes are subject to redemption by Nabors Delaware, in whole or in part, at any time generally at a redemption price equal to the greater of (i) 100% of the principal amount of the notes then outstanding to be redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest, determined in the manner set forth in the applicable indenture. In the event of a change in control triggering event, as defined in the indenture, the holders of notes may require Nabors Delaware to purchase all or any part of each note in cash equal to 101% of the principal amount plus accrued and unpaid interest, if any, to the date of purchase, except to the extent Nabors Delaware has exercised its right to redeem the notes. The notes have customary covenants, including limitations on the incurrence of liens and entering into sale and leaseback transactions as well as customary events of default. ​ During 2020, the proceeds from the 7.25% and 7.50% Senior Guaranteed Notes Due January 2026 and 2028 offering were primarily used to repurchase $952.9 million aggregate principal amount of certain of Nabors Delaware’s senior notes that were tendered in January 2020 pursuant to an offer to purchase and consent solicitation (the “January 2020 Tender Offers”). The aggregate principal amount repurchased included approximately (i)$407.7 million of our 5.50% senior notes due 2023, (ii) $379.7 million of our 4.625% senior notes due 2021 and (iii) $165.5 million of our 5.10% senior notes due 2023. In connection with the January 2020 Tender Offers, we recognized a net loss of ​ During 2021, 2020 and 2019, we repurchased $105.9 million, $372.0 million (excluding the January 2020 Tender Offers), and $468.3 million aggregate principal amount of our senior unsecured notes for approximately $93.8 million, $300.9 million and $461.1 million, respectively, in cash, reflecting principal, accrued and unpaid interest. In connection with such repurchases, during 2021, 2020 and 2019, we recognized a net gain of approximately $13.4 million, $69.2 million and $11.5 million, respectively. In January 2022, we repaid the remaining outstanding aggregate principal balance of the ​ Exchange Transactions ​ During the fourth quarter of 2020 and the first quarter of 2021, we entered into a series of public and private exchange transactions in which Nabors Delaware exchanged 6.5% Senior Priority Guaranteed Notes due 2025 (the “6.5% Exchange Notes”) and 9.0% Senior Priority Guaranteed Notes due 2025 (the “9.0% Exchange Notes,” and collectively, the “Exchange Notes”) for various amounts of existing outstanding notes (such exchanges, collectively, the “Exchange Transactions”). Nabors Delaware did not receive any cash proceeds from the issuance of the Exchange Notes. ​ Collectively from the series of exchanges, Nabors Industries, Inc. issued $50.5 million aggregate principal amount of the 6.5% Exchange Notes and $218.1 million aggregate principal amount of new 9.0% Exchange Notes in exchange for $566.8 million aggregate principal amount of various Nabors Delaware’s outstanding Notes. ​ We recorded a gain of $161.8 million in connection with the Exchange Transactions, which was accounted for in accordance with ASC 470-60, Troubled Debt Restructuring by Debtors. Under ASC 470-60, a gain is recorded in an amount equal to the sum of the future undiscounted payments (principal and interest) related to the new Exchange Notes plus the costs incurred in connection with the transaction, less the carrying value of the notes that were exchanged. In relation to the transactions, we recorded million related to future contractual interest payments on the new Exchange Notes, and have included this amount in accrued liabilities and other long-term liabilities. ​ The aggregate principal amounts and recognized gain for such transactions were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 Exchanged ​ ​ (in thousands) 4.625% senior notes due September 2021 ​ $ — ​ $ 38,209 4.625% senior notes due September 2021 ​ ​ — ​ ​ 3,733 5.10% senior notes due September 2023 ​ — ​ ​ 19,422 0.75% senior exchangeable notes due January 2024 ​ ​ 35,000 ​ ​ 250,678 5.75% senior notes due February 2025 ​ 5,000 ​ ​ 164,368 7.25% senior guaranteed notes due January 2026 ​ — ​ ​ 40,022 7.50% senior guaranteed notes due January 2028 ​ ​ — ​ ​ 10,391 Aggregate principal amount exchanged ​ 40,000 ​ ​ 526,823 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050 ​ ​ 242,517 Aggregated net gain (loss) ​ ​ 22 ​ ​ 161,808 Per share amount of the aggregate gain ​ ​ 0.00 ​ ​ 19.30 ​ 7.375% Senior Priority Guaranteed Notes Due May 2027 ​ In November 2021, Nabors issued $700.0 million in aggregate principal amount of 7.375% senior priority guaranteed notes, which are fully and unconditionally guaranteed by Nabors and certain of Nabors’ indirect wholly-owned subsidiaries. Interest on the notes is payable May 15 and November 15 of each year, beginning May 15, 2022. The notes will mature on May 15, 2027. The proceeds are available for general corporate purposes including repayment of outstanding debt. ​ 0.75% Senior Exchangeable Notes Due January 2024 ​ In January 2017, Nabors Delaware issued $575.0 million in aggregate principal amount of 0.75% exchangeable senior unsecured notes due 2024, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of 0.75% per year payable semiannually on January 15 and July 15 of each year, beginning on July 15, 2017. As of December 31, 2021, there was approximately ​ The exchangeable notes are currently exchangeable, under certain conditions, at an exchange rate of .8018 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an exchange price of approximately $1,247.19 per common share). The exchangeable notes were originally bifurcated for accounting purposes into debt and equity components of $411.2 million and $163.8 million, respectively, based on the terms of the notes and the relative fair value at the issuance date. Upon any exchange, as a result of an amendment to the notes, Nabors Delaware will settle its exchange obligation in cash. ​ 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 issuing banks and other lenders party thereto (the “U.S. Lenders”) and Citibank, N.A., as administrative agent solely for the U.S. Lenders (as may be amended, restated, supplemented or otherwise modified from time to time, the “2018 Revolving Credit Facility”). ​ As of December 31, 2021, we were in compliance with all covenants under the 2018 Revolving Credit Facility, we had $460.0 million outstanding under our 2018 Revolving Credit Facility and the net book value of the collateralized assets under the 2018 Revolving Credit Facility was $1.23 billion. The weighted average interest rate on borrowings under the 2018 Revolving Credit Facility at December 31, 2021 was 3.72 %. As of January 21, 2022, we repaid all amounts outstanding under the 2018 Revolving Credit Facility. ​ 2022 Credit Agreement ​ On January 21, 2022, we entered into a revolving credit agreement between Nabors Delaware, the guarantors from time to time party thereto, the issuing banks (the “Issuing Banks”) and other lenders party thereto (the “Lenders”) and Citibank, N.A., as administrative agent (the “2022 Credit Agreement”). Under the 2022 Credit Agreement, the Lenders have committed to provide up to an aggregate principal amount at any time outstanding not in excess of $350.0 million (with an accordion feature for an additional $100.0 million) to Nabors Delaware under a secured revolving credit facility, including sub-facilities provided by certain of the Lenders for letters of credit in an aggregate principal amount at any time outstanding not in excess of $100.0 million. The 2022 Credit Agreement replaces the 2018 Revolving Credit Facility. ​ The 2022 Credit Agreement permits the incurrence of additional indebtedness secured by liens, which may include liens on the collateral securing the facility, in an amount up to $150.0 million as well as a grower basket for term loans in an amount not to exceed $100.0 million secured by liens not on the collateral. The Company is required to maintain an interest coverage ratio (EBITDA/interest expense), which increases on a quarterly basis, and a minimum guarantor value, requiring the guarantors (other than the Company) and their subsidiaries to own at least of the consolidated property, plant and equipment of the Company. The facility matures on the earlier of (a) January 21, 2026 and (b) (i) to the extent any principal amount of Nabors Delaware’s existing th ​ Additionally, the Company is subject to certain covenants, which are subject to certain exceptions and include, among others, (i) a covenant restricting our ability to incur liens (subject to the additional liens basket of up to $150.0 million) , (ii) a covenant restricting its ability to pay dividends or make other distributions with respect to its capital stock and to repurchase certain indebtedness and (iii) a covenant restricting the ability of the Company’s subsidiaries to incur debt (subject to the grower basket of up to $100.0 million). ​ Letters of Credit ​ We had 18 letter-of-credit facilities with various banks as of December 31, 2021. Availability and borrowings under our letter-of-credit facilities are as follows: ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ ​ (In thousands) Credit available ​ $ 620,552 ​ Less: Letters of credit outstanding, inclusive of financial and performance guarantees ​ 83,240 ​ Remaining availability ​ $ 537,312 ​ ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income Taxes	Note 11 Income Taxes ​ Income (loss) from continuing operations before income taxes consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, United States and Other Jurisdictions 2021 2020 2019 ​ ​ (In thousands) United States ​ $ (153,243) ​ $ (182,706) ​ $ 5,979 ​ Other jurisdictions ​ (334,846) ​ (522,861) ​ (594,901) ​ Income (loss) from continuing operations before income taxes ​ $ (488,089) ​ $ (705,567) ​ $ (588,922) ​ ​ Income tax expense (benefit) from continuing operations consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ (1,905) ​ $ (39,268) ​ $ 1,210 ​ Outside the U.S. ​ 60,318 ​ 33,858 ​ 54,097 ​ State ​ 7,914 ​ (2,020) ​ 318 ​ ​ ​ $ 66,327 ​ $ (7,430) ​ $ 55,625 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ (4,669) ​ $ 67,909 ​ $ 58,157 ​ Outside the U.S. ​ (3,608) ​ (4,992) ​ (25,428) ​ State ​ (2,429) ​ 1,799 ​ 3,222 ​ ​ ​ $ (10,706) ​ $ 64,716 ​ $ 35,951 ​ Income tax expense (benefit) ​ $ 55,621 ​ $ 57,286 ​ $ 91,576 ​ ​ A reconciliation of our statutory tax rate to our worldwide effective tax rate consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Income tax provision at statutory (Bermuda rate of 0%) ​ $ — ​ $ — ​ $ — ​ Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate ​ 23,395 ​ 62,751 ​ 54,060 ​ Increase (decrease) in valuation allowance ​ 8,276 ​ (9,759) ​ 32,869 ​ Tax reserves and interest ​ ​ 26,266 ​ ​ 861 ​ ​ 1,107 ​ State income taxes (benefit) ​ (2,316) ​ 3,433 ​ 3,540 ​ Income tax expense (benefit) ​ $ 55,621 ​ $ 57,286 ​ $ 91,576 ​ Effective tax rate ​ (11.4)% ​ (8.1)% ​ (15.5)% ​ ​ The relatively small decrease in tax expense was primarily attributable to higher tax expense on a gain related to our debt exchange recognized in 2020, partially offset by an increase in tax expense attributable to a recorded liability for uncertain tax positions of $26.3 million in 2021, as well as changes in the operating income and the geographic mix of our pre-tax earnings (losses) in the jurisdictions in which we operate. ​ The components of our net deferred taxes consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 3,676,333 ​ $ 3,618,227 ​ Equity compensation ​ 822 ​ 1,594 ​ Deferred revenue ​ 775 ​ 3,878 ​ Tax credit and other attribute carryforwards ​ 84,624 ​ 84,502 ​ Insurance loss reserves ​ 2,909 ​ 2,086 ​ Depreciation and amortization for tax in excess of book expense ​ ​ 118,151 ​ ​ 44,837 ​ Other ​ 131,223 ​ 110,003 ​ Subtotal ​ 4,014,837 ​ 3,865,127 ​ Valuation allowance ​ (3,754,207) ​ (3,602,144) ​ Deferred tax assets: ​ $ 260,630 ​ $ 262,983 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization for tax in excess of book expense ​ $ — ​ $ — ​ Other ​ 4,772 ​ 17,388 ​ Deferred tax liability ​ $ 4,772 ​ $ 17,388 ​ Net deferred tax assets (liabilities) ​ $ 255,858 ​ $ 245,595 ​ Balance Sheet Summary: ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred tax asset ​ $ 258,631 ​ $ 247,171 ​ Net noncurrent deferred tax liability ​ (2,773) ​ (1,576) ​ Net deferred tax asset (liability) ​ $ 255,858 ​ $ 245,595 ​ ​ As of December 31, 2021, we had federal, state, and foreign net operating loss (“NOL”) carryforwards of approximately $728.6 million, $931.1 million and $14.2 billion, respectively. Of those amounts, $7.6 billion will expire between 2022 and 2042 if not utilized. We provide a valuation allowance against NOL carryforwards in various tax jurisdictions based on our consideration of existing temporary differences and expected future earning levels in those jurisdictions. A valuation allowance of approximately $3.5 billion as of December 31, 2021 has been recognized related to certain NOL carryforwards as we believe it is more likely than not that the benefit of these NOL carryforwards will not be realized. ​ The following is a reconciliation of our uncertain tax positions: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ ​ (In thousands) Balance as of January 1 ​ $ 26,704 ​ ​ $ 25,770 ​ $ 25,711 ​ Additions for tax positions of prior years ​ 19,760 ​ ​ 1,887 ​ 1,003 ​ Reductions for tax positions for prior years ​ (476) ​ ​ (953) ​ (860) ​ Settlements ​ ​ — ​ ​ ​ — ​ ​ (84) ​ Balance as of December 31 ​ $ 45,988 ​ ​ $ 26,704 ​ $ 25,770 ​ ​ If the unrecognized tax benefits of $46.0 million are realized, this would favorably impact the worldwide effective tax rate. As of December 31, 2021, 2020 and 2019, we had approximately $14.4 million, $7.6 million and $7.7 million, respectively, of interest and penalties related to uncertain tax positions. During 2021, 2020 and 2019, we accrued and recognized estimated interest and penalties related to uncertain tax positions of approximately $6.9 million, ($0.6) million and $0.8 million, respectively. We include potential interest and penalties related to uncertain tax positions within our global operations in the income tax expense (benefit) line item in our consolidated statements of income (loss). ​ It is reasonably possible that our existing liabilities related to our reserve for uncertain tax positions may increase or decrease in the next twelve months primarily due to the completion of open audits or the expiration of statutes of limitation. However, we cannot reasonably estimate a range of changes in our existing liabilities due to various uncertainties, such as the unresolved nature of various audits. ​ We conduct business globally and, as a result, we file numerous income tax returns in the U.S. and non-U.S. jurisdictions. In the normal course of business we are subject to examination by taxing authorities throughout the world, including major jurisdictions such as Canada, Colombia, Mexico, Saudi Arabia and the United States. We are no longer subject to U.S. Federal income tax examinations for years before 2018 and non-U.S. income tax examinations for years before 2007.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
Shareholders' Equity
Shareholders' Equity	Note 12 Shareholders’ Equity ​ Common shares ​ Our authorized share capital consists of 57.0 million shares of which 32.0 million are common shares, par value $0.05 per share, and 25.0 million are preferred shares, par value $0.001 per share. The preferred shares are issuable in one or more classes or series, full, limited or no voting rights, designations, preferences, special rights, qualifications, limitations and restrictions, as may be determined by the Board. ​ During 2020, we repurchased 34 thousand shares of our common stock for an aggregate price of approximately $1.7 million, all of which are held by our subsidiaries, and which are accounted for as treasury stock. ​ On July 19, 2021, we issued 147,974 shares of our common stock, valued at approximately $12.9 million, in connection with the purchase of certain development stage technologies in the energy transition space. Of the shares issued, 71,280 shares are forfeitable if certain milestones are not achieved over the next two years. ​ From time to time, treasury shares may be reissued subject to applicable securities law limitations. When shares are reissued, we use the weighted-average-cost method for determining cost. The difference between the cost of the shares and the issuance price is added to or deducted from our capital in excess of par value account. No shares have been reissued during 2021, 2020 or 2019. ​ Common stock warrants ​ On May 27, 2021, the Board declared a distribution to holders of the Company’s common shares of warrants to purchase its common shares, the Warrants (as defined above). Holders of Nabors common shares received two million warrants on June 11, 2021 to shareholders of record as of June 4, 2021. ​ Each Warrant represents the right to purchase one common share at an initial exercise price of $166.66667 per Warrant, subject to certain adjustments (the “Exercise Price”). In addition, Warrants submitted for exercise may be eligible to receive an additional one higher than the sum of the volume weighted average prices of Nabors’ common shares on each of the second, third and fourth days before any Warrant holder exercises its Warrants. Payment for common shares on exercise of Warrants may be in (i) cash or (ii)“Designated Notes,” which the Company initially defines as (a) Nabors Delaware’s (i) 5.10% Notes due 2023, (ii) 0.75% Exchangeable Notes due 2024, (iii) 5.75% Notes due 2025 and (b) the Company’s 7.25% Notes due 2026 of the market price of the common shares. The Warrants expire on June 11, 2026, but the expiration date may be accelerated at any time by the Company upon 20-days’ prior notice. The Company has listed the Warrants on the over-the-counter market. ​ The common stock warrants are recognized as derivative liabilities in accordance with ASC 815-40. Accordingly, the Company recognizes the warrant instruments as liabilities at fair value and adjusts the instruments to fair value at each reporting period. The liabilities are subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company’s statement of operations. The fair value of the Warrants was initially measured at fair value using a Monte Carlo pricing model and subsequently, the fair value of the Warrants have been estimated using a Monte Carlo pricing model at each measurement date. At distribution, the fair value of the Warrants was million. At December 31, 2021, the fair value of the Warrants was approximately ​

Joint Ventures

Joint Ventures	12 Months Ended
	Dec. 31, 2021
Joint Ventures
Joint Ventures	Note 13 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco, to form a new joint venture, SANAD, to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD, which is equally owned by Saudi Aramco and Nabors, began operations during the fourth quarter of 2017. ​ 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 maturity and are required to be converted to authorized capital should certain events occur, including the accumulation of specified losses. In Nabors’ accompanying consolidated balance sheet, Saudi Aramco’s share of authorized capital is reported as a component of noncontrolling interest in equity and Saudi Aramco’s share of the redeemable ownership interests as redeemable noncontrolling interests in subsidiary, classified as mezzanine equity. As of December 31, 2021, the amount included in redeemable noncontrolling interest was million. 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. In January 2021, SANAD settled approximately $100 million of the accrued interest from inception to December 31, 2020, by making a cash payment to each partner for their respective amounts. 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 consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 293,037 ​ $ 368,981 ​ Accounts receivable ​ 88,174 ​ 79,711 ​ Other current assets ​ 6,662 ​ 17,148 ​ Property, plant and equipment, net ​ 467,587 ​ 428,331 ​ Other long-term assets ​ 19,010 ​ 2,590 ​ Total assets ​ $ 874,470 ​ $ 896,761 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 61,278 ​ $ 61,808 ​ Accrued liabilities ​ 6,021 ​ 18,791 ​ Other liabilities ​ ​ 26,300 ​ ​ — ​ Total liabilities ​ $ 93,599 ​ $ 80,599 ​ ​

Related-Party Transactions

Related-Party Transactions	12 Months Ended
	Dec. 31, 2021
Related-Party Transactions
Related-Party Transactions	Note 14 Related-Party Transactions ​ Nabors and certain current and former key employees, including Mr. Petrello, entered into split-dollar life insurance agreements, pursuant to which we pay a portion of the premiums under life insurance policies with respect to these individuals and, in some instances, members of their families. These agreements provide that we are reimbursed for the premium payments upon the occurrence of specified events, including the death of an insured individual. Any recovery of premiums paid by Nabors could be limited to the cash surrender value of the policies under certain circumstances. As such, the values of these policies are recorded at their respective cash surrender values in our consolidated balance sheets. We have made premium payments to date totaling $6.6 million related to these policies. The cash surrender value of these policies of approximately $5.3 million and $5.5 million is included in other long-term assets in our consolidated balance sheets as of December 31, 2021 and 2020, respectively. ​ Under the Sarbanes-Oxley Act of 2002, the payment of premiums by Nabors under the agreements could be deemed to be prohibited loans by us to these individuals. Consequently, we have paid no premiums related to our agreements with these individuals since the adoption of the Sarbanes-Oxley Act. ​ In November 2021, Nabors Energy Transition Corporation (“NETC”), a special purpose acquisition company, commonly referred to as a “SPAC”, co-sponsored by Nabors and Greens Road Energy LLC, completed its initial public offering of 27,600,000 units. Greens Road Energy LLC is owned by certain members of Nabors’ board of directors and management team. Simultaneously with the closing of the IPO, NETC completed the private sale of an aggregate of 13,730,000 warrants with a fair value of $1 per warrant, of which 6,288,500 warrants were purchased by related parties including certain Nabors board members, officers and employees, with the remainder being purchased by a subsidiary of Nabors. ​ In the ordinary course of business, we enter into various rig leases, rig transportation and related oilfield services agreements with our unconsolidated affiliates at market prices. Historically, these transactions primarily related to our former equity method investment in Nabors Arabia. During 2017, our joint venture with Saudi Aramco, SANAD, began operations. As such, we have included transactions with Saudi Aramco effective as of the commencement of operations of SANAD. See Note 13 — Joint Ventures. Revenues from business transactions with these affiliated entities totaled ​ In addition, Mr. Crane, one of our independent directors, is Chairman and Chief Executive Officer of Crane Capital Group Inc. (“CCG”), an investment company that indirectly owns a majority interest in several operating companies, some of which have provided services to us in the ordinary course of business, including international logistics and electricity. During 2021, 2020 and 2019, we incurred costs for these services of $5.8 million, $6.2 million and $20.0 million, respectively. We had accounts payable to these CCG-related companies of $0.3 million and $0.8 million as of December 31, 2021 and 2020. ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	Note 15 Commitments and Contingencies ​ Commitments ​ Under the joint venture agreement with Saudi Aramco, the agreement requires us to backstop our share of the joint venture’s obligations to purchase the first 25 drilling rigs in the event that there is insufficient cash in the joint venture or third party financing available. Although we currently anticipate that the future rig purchase needs will be met by cash flows from the joint venture and/or third party financing, no assurance can be given that the joint venture will not require us to fund our backstop. ​ Leases Nabors and its subsidiaries occupy various facilities and lease certain equipment under various lease agreements. Rental expense relating to operating leases with terms greater than 30 days amounted to $9.3 million, $12.4 million and $15.9 million for the years ended December 31, 2021, 2020 and 2019, respectively. See Note 20 — Leases for more information on the minimum rental commitments under non-cancelable operating leases. ​ Contingencies ​ Income Tax Contingencies 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. ​ 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 $20.3 million (at December 31, 2021 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 appealed this decision again to the Supreme Court, which again overturned the appeals court’s decision. The case was moved back to the court of appeals, which, once again, reinstated the verdict, failing to abide by the Supreme Court’s ruling. Accordingly, we are appealing once more to the Supreme Court to try to get a final ruling on the matter. 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 ​ 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, due to a change in interpretation by the AOED that the owner/lessor of the equipment that emits the pollutants must have its own permits. Administrative fines of $0.8 million were paid by KNDC for such violations. AOED also assessed additional “environmental damages” in the amount of $3.4 million for the period. KNDC appealed and, ultimately, the Supreme Court ruled in KNDC’s favor on July 21, 2021, terminating the administrative case for lack of evidence. KNDC was reimbursed by the AOED for the environmental damages on December 27, 2021. With the potential for additional damages for later year audits, 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. Since 2019, KNDC holds its own permits. Another audit by AOED was performed for the second half of 2018, but KNDC continues to appeal this decision in the same manner as the prior audit. Meanwhile, KNDC received notice from government officials that certain of our employees may be held personally responsible, but considering the numerous court proceedings, the governmental officials temporarily suspended any criminal investigations. On December 10, 2021, the regional court in Atyrau Region upheld KNDC’s position and ruled in our favor. AOED still holds a right to appeal this decision. 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 4—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 ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 34,726 13,000 8,488 35,957 ​ $ 92,171 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	12 Months Ended
	Dec. 31, 2021
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 16 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 stock. Shares issuable upon exchange of the 0.75% Exchangeable Notes 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 year ended December 31, 2021. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ ​ $ (543,710) ​ $ (762,853) ​ $ (680,498) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ ​ (25,582) ​ (42,795) ​ (22,375) ​ Less: preferred stock dividends ​ ​ ​ (3,653) ​ (14,611) ​ (17,244) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ ​ (9,445) ​ ​ (17,442) ​ ​ (20,534) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ ​ — ​ ​ (125) ​ ​ (459) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ $ 20 ​ $ 7 ​ $ (12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ ​ 7,605 ​ 7,059 ​ 7,032 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ Basic from discontinued operations ​ ​ ​ — ​ — ​ — ​ Total Basic ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ $ 20 ​ $ 7 ​ $ (12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ ​ 7,605 ​ 7,059 ​ 7,032 ​ Add: dilutive effect of potential common shares ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ ​ 7,605 ​ ​ 7,059 ​ ​ 7,032 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ Diluted from discontinued operations ​ ​ ​ — ​ — ​ — ​ Total Diluted ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ ​ 28 ​ ​ 66 ​ ​ 40 ​ Additionally, through the first quarter of 2021, 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. Starting in the second quarter of 2021, we excluded 5.0 million shares from the computation of diluted shares related to the warrants issued because their effect would be anti-dilutive under the if-converted method.

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information	12 Months Ended
	Dec. 31, 2021
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 17 Supplemental Balance Sheet, Income Statement and Cash Flow Information ​ Accrued liabilities include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Accrued compensation ​ $ 51,993 ​ $ 82,462 ​ Deferred revenue and proceeds on insurance and asset sales ​ 59,816 ​ ​ 61,473 ​ Other taxes payable ​ 34,333 ​ ​ 28,602 ​ Workers’ compensation liabilities ​ 6,588 ​ 7,788 ​ Interest payable ​ 71,814 ​ 62,935 ​ Litigation reserves ​ 14,939 ​ 13,976 ​ Dividends declared and payable ​ — ​ 3,653 ​ Other accrued liabilities ​ 7,688 ​ 15,196 ​ ​ ​ $ 247,171 ​ $ 276,085 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ (In thousands) ​ Interest and dividend income ​ ​ $ 1,527 ​ $ 4,705 ​ $ 8,424 ​ Gains (losses) on marketable securities ​ ​ 30 ​ (3,267) ​ 1,794 ​ ​ ​ ​ $ 1,557 ​ $ 1,438 ​ $ 10,218 ​ ​ Other, net includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ ​ $ 23,883 ​ $ 12,363 ​ $ 7,141 ​ Purchase of technology ​ ​ ​ ​ 14,733 ​ ​ — ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 8,290 ​ ​ 4,249 ​ ​ 5,226 ​ Foreign currency transaction losses (gains) ​ ​ ​ 4,807 ​ ​ 12,125 ​ ​ 20,929 ​ Other losses (gains) ​ ​ ​ 1,708 ​ ​ (170) ​ ​ (72) ​ ​ ​ ​ ​ $ 53,421 ​ $ 28,567 ​ $ 33,224 ​ ​ The changes in accumulated other comprehensive income (loss), by component, include the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ — ​ ​ — ​ 435 ​ ​ 435 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 67 ​ ​ 162 ​ ​ — ​ ​ 229 ​ Net other comprehensive income (loss) ​ 67 ​ 162 ​ 435 ​ 664 ​ As of December 31, 2020 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ (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, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ (1,900) ​ 2,230 ​ 330 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 160 ​ — ​ 160 ​ Net other comprehensive income (loss) ​ — ​ (1,740) ​ 2,230 ​ 490 ​ As of December 31, 2021 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income include the following: ​ Line item in consolidated statement of income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Interest expense ​ ​ ​ — ​ 160 ​ 567 ​ General and administrative expenses ​ ​ ​ 208 ​ 210 ​ 217 ​ Total income (loss) from continuing operations before income tax ​ ​ ​ (208) ​ (370) ​ (784) ​ Tax expense (benefit) ​ ​ ​ ​ (48) ​ ​ (141) ​ ​ (190) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ ​ $ (160) ​ $ (229) ​ $ (594) ​ ​ Supplemental cash flow information includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Cash paid for income taxes (refunded), net ​ $ 11,221 ​ $ (17,505) ​ $ 6,553 ​ Cash paid for interest, net of capitalized interest ​ $ 161,932 ​ $ 157,437 ​ $ 174,357 ​ Net change in accounts payable related to capital expenditures ​ $ 9,713 ​ $ (1,188) ​ $ (7,624) ​ Acquisitions of businesses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of assets acquired ​ $ — ​ $ — ​ $ 2,929 ​ Cash paid for acquisitions of businesses ​ — ​ — ​ 2,929 ​ ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2021
Segment Information
Segment Information	Note 18 Segment Information ​ Our business consists of five reportable segments: U.S. Drilling, Canada Drilling, International Drilling, Drilling Solutions and Rig Technologies. The accounting policies of the segments are the same as those described in Note 2—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. We evaluate the performance of our segments based on several criteria, including adjusted operating income (loss). ​ The following table sets forth financial information with respect to our reportable operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 669,656 ​ $ 713,057 ​ $ 1,240,936 ​ Canada Drilling ​ ​ ​ 39,336 ​ 54,753 ​ 68,274 ​ International Drilling ​ ​ ​ 1,043,197 ​ 1,131,673 ​ 1,324,142 ​ Drilling Solutions ​ ​ ​ 172,473 ​ 149,834 ​ 252,790 ​ Rig Technologies ​ ​ ​ 149,273 ​ 131,555 ​ 260,226 ​ Other reconciling items (1) ​ ​ ​ (56,387) ​ (46,829) ​ (102,985) ​ Total ​ ​ ​ $ 2,017,548 ​ $ 2,134,043 ​ $ 3,043,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ (76,492) ​ $ (96,176) ​ $ 64,313 ​ Canada Drilling ​ ​ ​ 2,893 ​ (11,766) ​ (14,483) ​ International Drilling ​ ​ ​ (40,117) ​ (56,205) ​ (8,903) ​ Drilling Solutions ​ ​ ​ 32,771 ​ 6,167 ​ 59,465 ​ Rig Technologies ​ ​ ​ 158 ​ (13,481) ​ (11,247) ​ Total segment adjusted operating income (loss) ​ ​ ​ $ (80,787) ​ $ (171,461) ​ $ 89,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 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) ​ ​ ​ $ (80,787) ​ $ (171,461) ​ $ 89,145 ​ Other reconciling items (3) ​ ​ ​ (130,654) ​ (118,346) ​ (160,274) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ ​ — ​ ​ — ​ ​ (5) ​ Investment income (loss) ​ ​ ​ 1,557 ​ ​ 1,438 ​ ​ 10,218 ​ Interest expense ​ ​ ​ ​ (171,476) ​ ​ (206,274) ​ ​ (204,311) ​ Gain/(loss) on debt buybacks and exchanges ​ ​ ​ ​ 13,423 ​ ​ 228,274 ​ ​ 11,468 ​ Impairments and other charges ​ ​ ​ ​ (66,731) ​ ​ (410,631) ​ ​ (301,939) ​ Other, net ​ ​ ​ ​ (53,421) ​ ​ (28,567) ​ ​ (33,224) ​ Income (loss) from continuing operations before income taxes ​ ​ ​ $ (488,089) ​ $ (705,567) ​ $ (588,922) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 326,361 ​ $ 398,326 ​ $ 419,680 ​ Canada Drilling ​ 11,604 ​ 24,784 ​ 29,766 ​ International Drilling ​ 323,431 ​ 377,599 ​ 372,883 ​ Drilling Solutions ​ 26,660 ​ 40,074 ​ 32,289 ​ Rig Technologies ​ 8,191 ​ 15,299 ​ 12,715 ​ Other reconciling items (3) ​ (2,866) ​ (2,383) ​ 8,758 ​ Total ​ $ 693,381 ​ $ 853,699 ​ $ 876,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 53,875 ​ $ 44,606 ​ $ 184,705 ​ Canada Drilling ​ 2,938 ​ 2,018 ​ 5,020 ​ International Drilling ​ 173,078 ​ 127,888 ​ 209,728 ​ Drilling Solutions ​ 9,919 ​ 12,306 ​ 23,598 ​ Rig Technologies ​ 2,790 ​ 2,637 ​ 6,592 ​ Other reconciling items (3) ​ 1,089 ​ 251 ​ (5,676) ​ Total ​ $ 243,689 ​ $ 189,706 ​ $ 423,967 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,606,683 ​ $ 1,871,008 ​ Canada Drilling ​ 1,392 ​ 174,123 ​ International Drilling ​ 2,380,703 ​ 2,688,912 ​ Drilling Solutions ​ 65,899 ​ 100,278 ​ Rig Technologies ​ 190,489 ​ 225,954 ​ Other reconciling items (3) ​ 1,280,198 ​ 443,153 ​ Total ​ $ 5,525,364 ​ $ 5,503,428 ​ (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), (gain)/loss on debt buybacks and exchanges, 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, assets and capital expenditures. ​ The following table sets forth financial information with respect to Nabors’ operations by geographic area based on the location of service provided: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 804,807 ​ $ 841,531 ​ $ 1,554,442 ​ Outside the U.S. ​ 1,212,741 ​ 1,292,512 ​ 1,488,941 ​ ​ ​ $ 2,017,548 ​ $ 2,134,043 ​ $ 3,043,383 ​ Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,648,622 ​ $ 1,917,203 ​ $ 2,470,579 ​ Outside the U.S. ​ 1,683,876 ​ 2,068,504 ​ 2,459,970 ​ ​ ​ $ 3,332,498 ​ $ 3,985,707 ​ $ 4,930,549 ​ Goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ — ​ $ — ​ $ 13,430 ​ Outside the U.S. ​ — ​ — ​ 14,950 ​ ​ ​ $ — ​ $ — ​ $ 28,380 ​ ​ During the years ended December 31, 2021, 2020 and 2019, $645.0 million, $642.7 million and $696.4 million of our consolidated operating revenue was from Saudi Arabia. No other individual country outside of the U.S. was material to our consolidated operating revenue during any of the three periods presented. ​ One customer accounted for approximately 31%, 29% and 22% of our consolidated operating revenues during the years ended December 31, 2021, 2020 and 2019, respectively, and is included primarily in our International Drilling reportable segment.

Revenue Recognition

Revenue Recognition	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Revenue Recognition	Note 19 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 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 512,880 ​ $ — ​ $ — ​ $ 97,354 ​ $ 69,250 ​ $ — ​ $ 679,484 U.S. Offshore Gulf of Mexico ​ 128,323 ​ — ​ — ​ 8,787 ​ — ​ — ​ ​ 137,110 Alaska ​ 28,453 ​ — ​ — ​ 753 ​ 59 ​ — ​ ​ 29,265 Canada ​ — ​ 39,336 ​ — ​ 1,342 ​ 4,379 ​ — ​ ​ 45,057 Middle East & Asia ​ — ​ — ​ 706,267 ​ 40,492 ​ 60,319 ​ — ​ ​ 807,078 Latin America ​ — ​ — ​ 251,153 ​ 22,104 ​ 228 ​ — ​ ​ 273,485 Europe, Africa & CIS ​ — ​ — ​ 85,777 ​ 1,641 ​ 15,038 ​ — ​ ​ 102,456 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (56,387) ​ (56,387) Total ​ $ 669,656 ​ $ 39,336 ​ $ 1,043,197 ​ $ 172,473 ​ $ 149,273 ​ $ (56,387) ​ $ 2,017,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 548,859 ​ $ — ​ $ — ​ $ 88,919 ​ $ 54,185 ​ $ — ​ $ 691,963 U.S. Offshore Gulf of Mexico ​ 126,292 ​ — ​ — ​ 9,309 ​ — ​ — ​ ​ 135,601 Alaska ​ 37,906 ​ — ​ — ​ 1,296 ​ 19 ​ — ​ ​ 39,221 Canada ​ — ​ 54,753 ​ — ​ 1,137 ​ 3,571 ​ — ​ ​ 59,461 Middle East & Asia ​ — ​ — ​ 728,983 ​ 40,255 ​ 58,263 ​ — ​ ​ 827,501 Latin America ​ — ​ — ​ 228,930 ​ 6,578 ​ 177 ​ — ​ ​ 235,685 Europe, Africa & CIS ​ — ​ — ​ 173,760 ​ 2,340 ​ 15,340 ​ — ​ ​ 191,440 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (46,829) ​ (46,829) Total ​ $ 713,057 ​ $ 54,753 ​ $ 1,131,673 ​ $ 149,834 ​ $ 131,555 ​ $ (46,829) ​ $ 2,134,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 1,021,879 ​ $ — ​ $ — ​ $ 170,639 ​ $ 172,559 ​ $ — ​ $ 1,365,077 U.S. Offshore Gulf of Mexico ​ 156,931 ​ — ​ — ​ 13,331 ​ — ​ — ​ ​ 170,262 Alaska ​ 62,126 ​ — ​ — ​ 4,787 ​ 986 ​ — ​ ​ 67,899 Canada ​ — ​ 68,274 ​ — ​ 1,749 ​ 8,852 ​ — ​ ​ 78,875 Middle East & Asia ​ — ​ — ​ 765,493 ​ 43,941 ​ 56,455 ​ — ​ ​ 865,889 Latin America ​ — ​ — ​ 355,189 ​ 15,558 ​ 2,318 ​ — ​ ​ 373,065 Europe, Africa & CIS ​ — ​ — ​ 203,460 ​ 2,785 ​ 19,056 ​ — ​ ​ 225,301 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (102,985) ​ (102,985) Total ​ $ 1,240,936 ​ $ 68,274 ​ $ 1,324,142 ​ $ 252,790 ​ $ 260,226 ​ $ (102,985) ​ $ 3,043,383 ​ 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 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, 2020 ​ $ 427.2 ​ $ 23.5 ​ $ 6.8 ​ $ 42.8 ​ $ 44.2 As of December 31, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3 ​ Approximately 29% of the contract liability balance at the beginning of the period was recognized as revenue during 2021 and 30% is expected to be recognized during 2022 2023 ​ Additionally, 74% of the contract asset balance at the beginning of the period was recognized as expense during 2021 and 21% is expected to be recognized during 2022. The remaining 5% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2023 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.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	Note 20 Leases ​ Prior to January 1, 2019, we accounted for leases under ASC 840 and did not record any right of use asset or corresponding lease liability. We adopted ASC 842 using a modified retrospective approach with an effective date of January 1, 2019. As such, financial information for prior periods has not been adjusted and continues to be reported under ASC 840. Effective with the adoption of ASC 842, we have changed our accounting policy for leases as detailed below. ​ We have evaluated the provisions of ASC 842, including certain practical expedients allowed. The significant practical expedients we adopted include the following: ​ ● We elected the practical expedient to apply the transition approach as of the beginning of the period of adoption and not restate comparative periods; ​ ● We elected to utilize the “ package of three” expedients, as defined in ASC 842, whereby we did not reassess whether contracts existing prior to the effective date contain leases, nor did we reassess lease classification determinations nor whether initial direct costs qualify for capitalization; ​ ● We elected the practical expedient to not capitalize any leases with initial terms of twelve months or less on our condensed consolidated balance sheet; ​ ● For all underlying classes of leased assets, we elected the practical expedient to not separate lease and non-lease components; and ​ ● We elected the practical expedient to continue to account for land easements (also known as “rights of way”) that were not previously accounted for as leases consistent with prior accounting until such contracts are modified or replaced, at which time they would be assessed for lease classification under ASC 842. ​ As of the date of implementation on January 1, 2019, the impact of the adoption of ASC 842 resulted in the recognition of a right of use asset ​ Our leases primarily consist of office space and equipment used globally within our operations. We determine whether a contract is or contains a lease at inception of the contract based on answers to a series of questions that address whether an identified asset exists and whether we have the right to obtain substantially all the benefit of the assets and to control its use over the full term of the agreement. When available, we use the rate implicit in the lease to discount lease payments to present value; however, most of our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate using a credit notching approach to discount the lease payments based on information available at lease commencement. Certain of our lease agreements include options to extend and options to terminate the lease, which we do not include in our minimum lease terms unless management is reasonably certain to exercise. We do not separate lease and nonlease components of contracts. There are no material residual value guarantees nor any restrictions or covenants included in our lease agreements. Certain of our leases include provisions for variable payments. These variable payments are typically determined based on a measure of throughput or actual days or another measure of usage and are not included in the calculation of lease liabilities and right-of-use assets. ​ Lease Position ​ The table below presents the lease related assets and liabilities recorded on our condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 23,049 ​ $ 32,312 Total lease assets ​ ​ $ 23,049 ​ $ 32,312 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 5,422 ​ $ 8,305 Noncurrent liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 18,722 ​ $ 24,656 Total lease liabilities ​ ​ $ 24,144 ​ $ 32,961 ​ Lease Costs The table below presents certain information related to the lease costs for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ December 31, ​ ​ ​ 2021 2020 ​ (In thousands) Operating lease cost ​ ​ $ 9,848 ​ $ 15,235 ​ Short-term lease cost ​ ​ 593 ​ 1,165 ​ Variable lease cost ​ ​ 143 ​ 512 ​ Total lease cost ​ ​ $ 10,584 ​ $ 16,912 ​ ​ Other Information The table below presents supplemental cash flow information related to leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 9,848 ​ $ 15,235 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ — ​ $ — ​ ​ Lease Terms and Discount Rates ​ The table below presents certain information related to the weighted average remaining lease terms and weighted average discount rates for our operating leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 8.6 ​ ​ 7.91 Weighted-average discount rate - operating leases ​ ​ ​ 6.19% ​ ​ 6.07% Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded on the condensed consolidated balance sheet: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 ​ (In thousands) 2022 ​ $ 6,856 ​ 2023 ​ 4,700 ​ 2024 ​ 2,436 ​ 2025 ​ 2,185 ​ 2026 ​ 2,155 ​ Thereafter ​ 13,035 ​ Total undiscounted lease liability ​ ​ 31,367 ​ Less: amount of lease payments representing interest ​ ​ (7,223) ​ Long-term lease obligations ​ $ 24,144 ​ ​

SCHEDULE II - VALUATION AND QUA

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	12 Months Ended
	Dec. 31, 2021
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS
SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS	SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS ​ Years Ended December 31, 2021, 2020 and 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Charged to ​ ​ ​ ​ ​ Balance at ​ Costs and ​ Charged to ​ ​ ​ Balance at ​ ​ ​ Beginning ​ Other ​ Other ​ ​ ​ End of ​ ​ of Period ​ Deductions ​ Accounts ​ Deductions ​ Period ​ ​ (In thousands) 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 69,807 2,870 (393) (4,993) ​ $ 67,291 ​ Inventory reserve ​ $ 23,477 392 418 (2,356) ​ $ 21,931 ​ Valuation allowance on deferred tax assets ​ $ 3,616,880 — 137,327 — ​ $ 3,754,207 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 61,782 18,929 (329) (10,575) ​ $ 69,807 ​ Inventory reserve ​ $ 35,048 5,082 — (16,653) ​ $ 23,477 ​ Valuation allowance on deferred tax assets ​ $ 2,780,001 — 836,879 — ​ $ 3,616,880 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Allowance for doubtful accounts ​ $ 41,207 17,529 (51) 3,097 ​ $ 61,782 ​ Inventory reserve ​ $ 27,854 11,808 — (4,614) ​ $ 35,048 ​ Valuation allowance on deferred tax assets ​ $ 1,917,390 — 862,611 — ​ $ 2,780,001 ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Principles of Consolidation	Principles of Consolidation ​ Our consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under 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’s”) 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 determination of the primary beneficiary of a VIE considers all relationships between us and 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 13—Joint Ventures. ​
Prior Period Revision	Prior Period Revision ​ During the preparation of our consolidated financial statements for Consolidated Statements of Changes in Equity issued subsequent to the Reverse Stock Split as required under U.S. GAAP. The errors only impacted the presentation of common share quantities in our Consolidated Statements of Changes in Equity, and had no impact on amounts presented for Weighted-average number of common shares outstanding, Earnings (losses) per share, Par Value, Capital in Excess of Par Value, or Total Equity; or on our financial position, results of operations or cash flow. ​ We have assessed the presentation errors described above and concluded they are not material to our previously issued consolidated financial statements for any impacted period. However, management has elected to revise previously issued financial statements to properly present common share quantities presented in our previously issued Consolidated Statements of Changes in Equity included herein to appropriately reflect the Reverse Stock Split, and will be similarly revised in future filings, as applicable.
Change in Presentation	Change in Presentation ​ Certain amounts within our consolidated statements of income (loss) have been reclassified to conform to the current period presentation.
Cash and Cash Equivalents	Cash and Cash Equivalents ​ Cash and cash equivalents include demand deposits and various other short-term investments with original maturities of three months or less.
Short-term Investments	Short-term Investments ​ Short-term investments consist primarily of equity securities which are stated at fair value with any changes in fair value recognized in investment income (loss) in our consolidated statements of income (loss).
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 costs methods and includes the cost of materials, labor and manufacturing overhead. Inventory, which is net of reserves of $21.9 million and $23.5 million as of December 31, 2021 and 2020, respectively, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Raw materials ​ $ 105,638 ​ $ 133,424 ​ Work-in-progress ​ 1,368 ​ 3,452 ​ Finished goods ​ 19,442 ​ 23,709 ​ ​ ​ $ 126,448 ​ $ 160,585 ​ ​
Property, Plant and Equipment	Property, Plant and Equipment ​ Property, plant and equipment, including renewals and betterments, are stated at cost, while maintenance and repairs are expensed currently. Interest costs applicable to the construction of qualifying assets are capitalized as a component of the cost of such assets. We provide for the depreciation of our drilling rigs using the units-of-production method. For each day a rig is operating, we depreciate it over an approximate 4,927 8,030 ​ Depreciation on our buildings, oilfield hauling and mobile equipment, and other machinery and equipment is computed using the straight-line method over the estimated useful life of the asset after provision for salvage value (buildings— 10 3 disposal of fixed assets, the cost and related accumulated depreciation are removed from the respective property, plant and equipment accounts and any gains or losses are included in our consolidated statements of income (loss). ​ 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. Significant and unanticipated changes to the assumptions could result in future impairments. A significantly prolonged period of lower oil and natural gas prices could adversely affect the demand for and prices of our services, which could result in future impairment charges. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical. ​ For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as a long-lived asset that is held and used.
Goodwill	Goodwill ​ We have historically reviewed 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 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. The fair values calculated in these impairment tests were determined 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 dayrates, utilization and costs. 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%. ​ 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. Due to industry conditions that existed at March 31, 2020 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. ​ The change in the carrying amount of goodwill for our segments for the year ended December 31, 2020 was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Acquisitions ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at ​ Purchase ​ Disposals ​ Cumulative ​ ​ ​ Balance at ​ ​ December 31, ​ Price ​ and ​ Translation ​ Other ​ December 31, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 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, we performed a quantitative impairment assessment of goodwill. Based on the results, we recognized a goodwill impairment of $27.8 million. See Note 3 —Impairments and Other Charges.
Litigation and Insurance Reserves	Litigation and Insurance Reserves ​ We estimate our reserves related to litigation and insurance based on the facts and circumstances specific to the litigation and insurance claims and our past experience with similar claims. We maintain actuarially determined accruals in our consolidated balance sheets to cover self-insurance retentions. See Note 15—Commitments and Contingencies regarding self-insurance accruals. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can reasonably 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.
Revenue Recognition	Revenue Recognition ​ We recognize revenues and costs on daywork contracts daily as the work progresses over the contract term. For certain contracts, we receive lump sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. ​ Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. We defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. ​ We recognize revenue for top drives and other capital equipment we manufacture upon transfer of control, which generally occurs when the product has been shipped to the customer. ​ We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the claim is realizable. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other, net in our consolidated statement of income (loss) in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other, net in our consolidated statement of income (loss). ​ We recognize reimbursements received for out of pocket expenses incurred as revenues and account for out of pocket expenses as direct costs.
Research and Engineering	Research and Engineering ​ Research and engineering expenses are expensed as incurred and include costs associated with the research and development of new products and services and costs associated with sustaining engineering of existing products and services.
Income Taxes	Income Taxes ​ We are a Bermuda exempted company and are not subject to income taxes in Bermuda. We have provided for income taxes based on the tax laws and rates in effect in the countries where we operate and earn income. The income taxes in these jurisdictions vary substantially. Our worldwide effective tax rate for financial statement purposes will continue to fluctuate from year to year due to changes in the geographic mix of pre-tax earnings. ​ We recognize increases to our tax reserves for uncertain tax positions along with interest and penalties as an increase to other long-term liabilities. ​ For U.S. and other jurisdictional income tax purposes, we have net operating loss carryforwards that we are required to assess quarterly for potential valuation allowances. We consider the sufficiency of existing temporary differences and expected future earnings levels in determining the amount, if any, of valuation allowance required against such carryforwards and against deferred tax assets.
Foreign Currency Translation	Foreign Currency Translation ​ For certain of our foreign subsidiaries, such as those in Canada, the local currency is the functional currency, and therefore translation gains or losses associated with foreign-denominated monetary accounts are accumulated in a separate section of the consolidated statements of changes in equity. For our other international subsidiaries, the U.S. dollar is the functional currency, and therefore local currency transaction gains and losses, arising from remeasurement of payables and receivables denominated in local currency, are included in our consolidated statements of income (loss).
Special Purpose Acquisition Company	Special Purpose Acquisition Company ​ NETC is a consolidated VIE that is included in the accompanying consolidated financial statements under the following captions: ​ Restricted cash held in trust ​ As part of the initial public offering of NETC and subsequent private placement warrant transactions, $281.5 million has been deposited in an interest-bearing U.S. based trust account (“Trust Account”). The funds held in the Trust Account are invested in money market funds meeting certain conditions under Rule 2a-7 under the Investment Company Act, which invest only in direct U.S. government treasury obligations. ​ Redeemable noncontrolling interest in subsidiary ​ The company accounts for the non-controlling interest in NETC as subject to possible redemption in accordance with FASB ASC Topic 480 “ Distinguishing Liabilities from Equity .” NETC’s common stock features certain redemption rights, which are considered to be outside the company’s control and subject to occurrence of uncertain future events. Accordingly, the $281.5 million of non-controlling interest subject to possible redemption is presented at full redemption value as temporary equity, outside of the stockholders’ equity section in the accompanying consolidated financial statements as of December 31, 2021. ​ Nabors will recognize any future changes in redemption value immediately as they occur – i.e., adjust the carrying amount of the instrument to its current redemption amount at each reporting period.
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities at the balance sheet date and the amounts of revenues and expenses recognized during the reporting period. Actual results could differ from such estimates. Areas where critical accounting estimates are made by management include: ​ ● depreciation of property, plant and equipment; ​ ● impairment of long-lived assets; ​ ● impairment of goodwill and intangible assets; ​ ● income taxes; ​ ● litigation and self-insurance reserves; and ​ ● fair value of assets acquired and liabilities assumed.
Recently Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted ​ In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which changed 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 as of the beginning of 2020 did not have a material impact on our consolidated financial statements. ​ In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which removes certain exceptions for intraperiod allocations and interim tax calculations and adds guidance to simplify accounting for income taxes. The guidance is effective for interim and annual periods beginning after December 15, 2020. 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)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Inventory	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Raw materials ​ $ 105,638 ​ $ 133,424 ​ Work-in-progress ​ 1,368 ​ 3,452 ​ Finished goods ​ 19,442 ​ 23,709 ​ ​ ​ $ 126,448 ​ $ 160,585 ​
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 ​ Other ​ December 31, ​ ​ 2019 ​ Adjustments ​ Impairments ​ Adjustment ​ 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, we performed a quantitative impairment assessment of goodwill. Based on the results, we recognized a goodwill impairment of $27.8 million. See Note 3 —Impairments and Other Charges.

Impairments and Other Charges (

Impairments and Other Charges (Tables)	12 Months Ended
	Dec. 31, 2021
Impairments and Other Charges
Schedule of impairments and other charges	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 Goodwill impairments ​ $ — ​ $ 27,798 ​ $ 155,973 Intangible asset impairment ​ ​ — ​ ​ 83,624 ​ ​ 47,731 US Drilling ​ ​ — ​ ​ 87,333 ​ ​ — Canada Drilling ​ ​ 58,545 ​ ​ — ​ ​ 17,818 International Drilling ​ ​ 215 ​ ​ 117,113 ​ ​ 17,927 Drilling Solutions ​ ​ — ​ ​ 28,624 ​ ​ — Rig Technologies ​ ​ 418 ​ ​ 2,936 ​ ​ 7,823 Oil and gas related assets ​ ​ — ​ ​ 24,543 ​ ​ — Severance and transaction related costs ​ ​ 6,228 ​ ​ 19,070 ​ ​ 11,447 Other assets ​ ​ 1,325 ​ ​ 19,590 ​ ​ 43,220 Total ​ $ 66,731 ​ $ 410,631 ​ $ 301,939

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Measurements
Fair value of financial instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ ​ 2021 ​ ​ 2020 ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ Effective ​ ​ ​ ​ ​ ​ ​ ​ Interest ​ Carrying ​ Fair ​ Interest ​ Carrying ​ Fair ​ ​ Rate ​ Value ​ Value ​ Rate ​ Value ​ Value ​ (Dollars in thousands) 4.625% senior notes due September 2021 — % $ — ​ $ — 5.65 % $ 86,329 ​ $ 78,862 5.50% senior notes due January 2023 5.87 % 24,446 ​ 24,736 5.85 % 28,443 ​ 18,768 5.10% senior notes due September 2023 5.42 % 82,703 ​ 84,044 5.32 % 121,077 ​ 78,435 0.75% senior exchangeable notes due January 2024 5.90 % 259,839 ​ 257,730 6.06 % 279,700 ​ 169,458 5.75% senior notes due February 2025 ​ 6.03 % 548,458 ​ 508,881 6.01 % 610,818 ​ 318,871 6.50% senior priority guaranteed notes due February 2025 ​ 6.50 % 50,485 ​ 50,490 6.50 % 50,485 ​ 44,059 9.00% senior priority guaranteed notes due February 2025 ​ 9.00 % ​ 218,082 ​ ​ 226,914 ​ 9.00 % ​ 192,032 ​ 185,221 7.25% senior guaranteed notes due January 2026 ​ 7.52 % 559,978 ​ 522,079 7.51 % 559,978 ​ 396,106 7.375% senior priority guaranteed notes due May 2027 ​ 7.74 % 700,000 ​ 724,906 — % — ​ — 7.50% senior guaranteed notes due January 2028 ​ 7.70 % 389,609 ​ 346,966 7.69 % 389,609 ​ 267,369 2018 revolving credit facility 3.72 % 460,000 ​ 460,000 3.53 % 672,500 ​ 672,500 ​ ​ ​ ​ $ 3,293,600 ​ $ 3,206,746 ​ ​ ​ $ 2,990,971 ​ $ 2,229,649 Less: deferred financing costs ​ ​ ​ ​ 30,805 ​ ​ ​ ​ ​ ​ ​ 22,270 ​ ​ ​ ​ ​ ​ ​ $ 3,262,795 ​ ​ ​ ​ ​ ​ $ 2,968,701 ​ ​ ​

Share-Based Compensation (Table

Share-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2021
Share-based compensation disclosures
Schedule of stock option transactions under various stock-based employee compensation plans	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ Weighted- ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ Aggregate ​ ​ ​ ​ Exercise ​ Contractual ​ Intrinsic Options Shares Price Term Value ​ ​ (In thousands, except exercise price and term) Options outstanding as of December 31, 2020 31 ​ $ 628.10 ​ ​ ​ ​ ​ ​ ​ Granted 1 ​ 104.06 ​ ​ ​ ​ ​ ​ ​ Surrendered (16) ​ 817.89 ​ ​ ​ ​ ​ ​ ​ Options outstanding as of December 31, 2021 16 ​ $ 419.22 5.42 years ​ $ — ​ Options exercisable as of December 31, 2021 16 ​ $ 419.22 5.42 years ​ $ — ​
Schedule of grant date fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 2019 Weighted average fair value of options granted ​ $ 72.69 ​ $ 53.50 ​ Weighted average risk free interest rate ​ 0.72% ​ 1.79% ​ Dividend yield ​ 0.00% ​ 1.65% ​ Volatility (1) ​ 102.50% ​ 57.59% ​ Expected life (in years) ​ 4.0 ​ 4.0 ​ (1) Expected volatilities are based on implied volatilities from publicly traded options to purchase Nabors’ common shares, historical volatility of Nabors’ common shares and other factors. ​
Schedule of outstanding PSUs	The following table sets forth information regarding outstanding PSUs based on performance conditions as of December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted Stock Units ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 31 ​ $ 148.00 Granted 96 ​ 88.27 Vested (20) ​ 148.00 Outstanding as of December 31, 2021 107 ​ $ 94.26
Restricted Stock [Member]
Share-based compensation disclosures
Schedule of unvested restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Unvested as of December 31, 2020 49 ​ $ 226.06 ​ Granted 83 ​ 105.44 ​ Vested (24) ​ 261.96 ​ Forfeited ​ (6) ​ ​ 95.99 ​ Unvested as of December 31, 2021 102 ​ $ 127.00 ​
Restricted Stock Based on Performance Conditions [Member]
Share-based compensation disclosures
Schedule of unvested restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Performance based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 98 ​ $ 163.74 Vested (42) ​ 181.66 Outstanding as of December 31, 2021 56 ​ $ 150.02
Restricted Stock Based on Market Conditions [Member]
Share-based compensation disclosures
Schedule of grant date fair value	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Risk free interest rate ​ ​ 0.18% ​ ​ 1.57% ​ ​ 2.48% ​ Expected volatility ​ ​ 108.00% ​ ​ 74.00% ​ ​ 70.00% ​ Closing stock price at grant date ​ $ 60.62 ​ $ 148.00 ​ $ 109.50 ​ Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ 3.0 ​
Schedule of unvested restricted stock	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ Grant-Date Fair Market based restricted shares ​ Outstanding ​ Value ​ ​ (In thousands, except fair value) Outstanding as of December 31, 2020 ​ 79 ​ $ 91.34 Granted 62 ​ 34.69 ​ Vested (28) ​ 83.35 ​ Forfeited ​ (28) ​ ​ 83.35 ​ Outstanding as of December 31, 2021 85 ​ $ 55.29 ​

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Property, Plant and Equipment
Major Components of Property, Plant and Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Land ​ $ 22,955 ​ $ 28,261 ​ Buildings ​ 130,917 ​ 141,365 ​ Drilling rigs and related equipment ​ 11,702,450 ​ 12,487,961 ​ Oilfield hauling and mobile equipment ​ 243,850 ​ 259,150 ​ Other machinery and equipment ​ 200,740 ​ 195,903 ​ ​ ​ $ 12,300,912 ​ $ 13,112,640 ​ Less: accumulated depreciation and amortization ​ (8,968,414) ​ (9,126,933) ​ ​ ​ $ 3,332,498 ​ $ 3,985,707 ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2021
Debt
Debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2021 2020 ​ ​ (In thousands) 4.625% senior notes due September 2021 (1) ​ $ — ​ $ 86,329 ​ 5.50% senior notes due January 2023 ​ 24,446 ​ 28,443 ​ 5.10% senior notes due September 2023 ​ 82,703 ​ 121,077 ​ 0.75% senior exchangeable notes due January 2024 ​ 259,839 ​ 279,700 ​ 5.75% senior notes due February 2025 ​ ​ 548,458 ​ 610,818 ​ 6.50% senior priority guaranteed notes due February 2025 ​ 50,485 ​ ​ 50,485 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ 218,082 ​ ​ 192,032 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 559,978 ​ 559,978 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ — ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 2018 revolving credit facility ​ 460,000 ​ ​ 672,500 ​ ​ ​ ​ 3,293,600 ​ ​ 2,990,971 ​ Less: deferred financing costs ​ ​ 30,805 ​ ​ 22,270 ​ Long-term debt ​ $ 3,262,795 ​ $ 2,968,701 ​ ​ (1) The 4.625% senior notes due September 2021 were classified as long-term as of December 31, 2020 because we had the ability and intent to repay this obligation utilizing our 2018 Revolving Credit Facility.
Maturity of primary debt	​ ​ ​ ​ ​ ​ ​ Paid at Maturity ​ ​ (In thousands) 2022 ​ $ 50,485 (1) 2023 ​ 567,362 (2) 2024 ​ 287,302 (3) 2025 ​ 766,540 (4) 2026 ​ 559,978 (5) Thereafter ​ 1,089,609 (6) ​ ​ $ 3,321,276 ​ ​ (1) Represents our 6.5% senior priority guaranteed notes due February 2025 which were redeemed in January 2022. ​ (2) Represents our 5.50% senior notes due January 2023, 5.10% senior notes due September 2023 and our 2018 Revolving Credit Facility due October 2023. In January 2022, the 2018 Revolving Credit Facility was repaid as we entered into the 2022 Credit Agreement. ​ (3) Represents our 0.75% senior notes due January 2024. ​ (4) Represents our 5.75% senior notes due February 2025 and our 9.0% senior priority guaranteed notes due February 2025. ​ (5) Represents our 7.25% senior notes due January 2026. ​ (6) Represents our 7.375% senior priority guaranteed notes due May 2027 and 7.50% senior notes due January 2028.
The aggregate principal amounts and recognized gain	The aggregate principal amounts and recognized gain for such transactions were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended December 31, ​ 2021 ​ 2020 Exchanged ​ ​ (in thousands) 4.625% senior notes due September 2021 ​ $ — ​ $ 38,209 4.625% senior notes due September 2021 ​ ​ — ​ ​ 3,733 5.10% senior notes due September 2023 ​ — ​ ​ 19,422 0.75% senior exchangeable notes due January 2024 ​ ​ 35,000 ​ ​ 250,678 5.75% senior notes due February 2025 ​ 5,000 ​ ​ 164,368 7.25% senior guaranteed notes due January 2026 ​ — ​ ​ 40,022 7.50% senior guaranteed notes due January 2028 ​ ​ — ​ ​ 10,391 Aggregate principal amount exchanged ​ 40,000 ​ ​ 526,823 Aggregate principal amount of debt issued in exchanges ​ ​ 26,050 ​ ​ 242,517 Aggregated net gain (loss) ​ ​ 22 ​ ​ 161,808 Per share amount of the aggregate gain ​ ​ 0.00 ​ ​ 19.30 ​
Short-Term Borrowings	​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ ​ (In thousands) Credit available ​ $ 620,552 ​ Less: Letters of credit outstanding, inclusive of financial and performance guarantees ​ 83,240 ​ Remaining availability ​ $ 537,312 ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income Taxes
Income (loss) from continuing operations before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, United States and Other Jurisdictions 2021 2020 2019 ​ ​ (In thousands) United States ​ $ (153,243) ​ $ (182,706) ​ $ 5,979 ​ Other jurisdictions ​ (334,846) ​ (522,861) ​ (594,901) ​ Income (loss) from continuing operations before income taxes ​ $ (488,089) ​ $ (705,567) ​ $ (588,922) ​
Income tax expense (benefit) from continuing operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (In thousands) Current: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ (1,905) ​ $ (39,268) ​ $ 1,210 ​ Outside the U.S. ​ 60,318 ​ 33,858 ​ 54,097 ​ State ​ 7,914 ​ (2,020) ​ 318 ​ ​ ​ $ 66,327 ​ $ (7,430) ​ $ 55,625 ​ Deferred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ (4,669) ​ $ 67,909 ​ $ 58,157 ​ Outside the U.S. ​ (3,608) ​ (4,992) ​ (25,428) ​ State ​ (2,429) ​ 1,799 ​ 3,222 ​ ​ ​ $ (10,706) ​ $ 64,716 ​ $ 35,951 ​ Income tax expense (benefit) ​ $ 55,621 ​ $ 57,286 ​ $ 91,576 ​
Reconciliation of the differences between taxes on income (loss) before income taxes	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Income tax provision at statutory (Bermuda rate of 0%) ​ $ — ​ $ — ​ $ — ​ Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate ​ 23,395 ​ 62,751 ​ 54,060 ​ Increase (decrease) in valuation allowance ​ 8,276 ​ (9,759) ​ 32,869 ​ Tax reserves and interest ​ ​ 26,266 ​ ​ 861 ​ ​ 1,107 ​ State income taxes (benefit) ​ (2,316) ​ 3,433 ​ 3,540 ​ Income tax expense (benefit) ​ $ 55,621 ​ $ 57,286 ​ $ 91,576 ​ Effective tax rate ​ (11.4)% ​ (8.1)% ​ (15.5)% ​
Deferred tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Deferred tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforwards ​ $ 3,676,333 ​ $ 3,618,227 ​ Equity compensation ​ 822 ​ 1,594 ​ Deferred revenue ​ 775 ​ 3,878 ​ Tax credit and other attribute carryforwards ​ 84,624 ​ 84,502 ​ Insurance loss reserves ​ 2,909 ​ 2,086 ​ Depreciation and amortization for tax in excess of book expense ​ ​ 118,151 ​ ​ 44,837 ​ Other ​ 131,223 ​ 110,003 ​ Subtotal ​ 4,014,837 ​ 3,865,127 ​ Valuation allowance ​ (3,754,207) ​ (3,602,144) ​ Deferred tax assets: ​ $ 260,630 ​ $ 262,983 ​ Deferred tax liabilities: ​ ​ ​ ​ ​ ​ ​ Depreciation and amortization for tax in excess of book expense ​ $ — ​ $ — ​ Other ​ 4,772 ​ 17,388 ​ Deferred tax liability ​ $ 4,772 ​ $ 17,388 ​ Net deferred tax assets (liabilities) ​ $ 255,858 ​ $ 245,595 ​ Balance Sheet Summary: ​ ​ ​ ​ ​ ​ ​ Net noncurrent deferred tax asset ​ $ 258,631 ​ $ 247,171 ​ Net noncurrent deferred tax liability ​ (2,773) ​ (1,576) ​ Net deferred tax asset (liability) ​ $ 255,858 ​ $ 245,595 ​ ​
Schedule of reconciliation of our uncertain tax positions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2021 ​ 2020 2019 ​ ​ (In thousands) Balance as of January 1 ​ $ 26,704 ​ ​ $ 25,770 ​ $ 25,711 ​ Additions for tax positions of prior years ​ 19,760 ​ ​ 1,887 ​ 1,003 ​ Reductions for tax positions for prior years ​ (476) ​ ​ (953) ​ (860) ​ Settlements ​ ​ — ​ ​ ​ — ​ ​ (84) ​ Balance as of December 31 ​ $ 45,988 ​ ​ $ 26,704 ​ $ 25,770 ​

Joint Ventures (Tables)

Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2021
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 293,037 ​ $ 368,981 ​ Accounts receivable ​ 88,174 ​ 79,711 ​ Other current assets ​ 6,662 ​ 17,148 ​ Property, plant and equipment, net ​ 467,587 ​ 428,331 ​ Other long-term assets ​ 19,010 ​ 2,590 ​ Total assets ​ $ 874,470 ​ $ 896,761 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 61,278 ​ $ 61,808 ​ Accrued liabilities ​ 6,021 ​ 18,791 ​ Other liabilities ​ ​ 26,300 ​ ​ — ​ Total liabilities ​ $ 93,599 ​ $ 80,599 ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2022 2023 2024 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 34,726 13,000 8,488 35,957 ​ $ 92,171 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	12 Months Ended
	Dec. 31, 2021
Earnings (Losses) Per Share
Earnings (losses) per share computations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Income (loss) from continuing operations, net of tax ​ ​ ​ $ (543,710) ​ $ (762,853) ​ $ (680,498) ​ Less: net (income) loss attributable to noncontrolling interest ​ ​ ​ (25,582) ​ (42,795) ​ (22,375) ​ Less: preferred stock dividends ​ ​ ​ (3,653) ​ (14,611) ​ (17,244) ​ Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ ​ ​ (9,445) ​ ​ (17,442) ​ ​ (20,534) ​ Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ ​ ​ — ​ ​ (125) ​ ​ (459) ​ Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ $ 20 ​ $ 7 ​ $ (12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ ​ 7,605 ​ 7,059 ​ 7,032 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic from continuing operations ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ Basic from discontinued operations ​ ​ ​ — ​ — ​ — ​ Total Basic ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ DILUTED EPS: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ Adjusted income (loss) from continuing operations, net of tax - diluted ​ ​ ​ $ (582,390) ​ $ (837,826) ​ $ (741,110) ​ Income (loss) from discontinued operations, net of tax ​ ​ ​ $ 20 ​ $ 7 ​ $ (12) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ ​ ​ 7,605 ​ 7,059 ​ 7,032 ​ Add: dilutive effect of potential common shares ​ ​ ​ ​ — ​ ​ — ​ ​ — ​ Weighted-average number of shares outstanding - diluted ​ ​ ​ ​ 7,605 ​ ​ 7,059 ​ ​ 7,032 ​ Earnings (losses) per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Diluted from continuing operations ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ Diluted from discontinued operations ​ ​ ​ — ​ — ​ — ​ Total Diluted ​ ​ ​ $ (76.58) ​ $ (118.69) ​ $ (105.39) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) Potentially dilutive securities excluded as anti-dilutive ​ ​ ​ ​ 28 ​ ​ 66 ​ ​ 40

Supplemental Balance Sheet, I_2

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2021
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Accrued compensation ​ $ 51,993 ​ $ 82,462 ​ Deferred revenue and proceeds on insurance and asset sales ​ 59,816 ​ ​ 61,473 ​ Other taxes payable ​ 34,333 ​ ​ 28,602 ​ Workers’ compensation liabilities ​ 6,588 ​ 7,788 ​ Interest payable ​ 71,814 ​ 62,935 ​ Litigation reserves ​ 14,939 ​ 13,976 ​ Dividends declared and payable ​ — ​ 3,653 ​ Other accrued liabilities ​ 7,688 ​ 15,196 ​ ​ ​ $ 247,171 ​ $ 276,085 ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 2019 ​ (In thousands) ​ Interest and dividend income ​ ​ $ 1,527 ​ $ 4,705 ​ $ 8,424 ​ Gains (losses) on marketable securities ​ ​ 30 ​ (3,267) ​ 1,794 ​ ​ ​ ​ $ 1,557 ​ $ 1,438 ​ $ 10,218 ​
Other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ ​ $ 23,883 ​ $ 12,363 ​ $ 7,141 ​ Purchase of technology ​ ​ ​ ​ 14,733 ​ ​ — ​ ​ — ​ Litigation expenses and reserves ​ ​ ​ 8,290 ​ ​ 4,249 ​ ​ 5,226 ​ Foreign currency transaction losses (gains) ​ ​ ​ 4,807 ​ ​ 12,125 ​ ​ 20,929 ​ Other losses (gains) ​ ​ ​ 1,708 ​ ​ (170) ​ ​ (72) ​ ​ ​ ​ ​ $ 53,421 ​ $ 28,567 ​ $ 33,224 ​ ​
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, 2020 ​ $ (65) ​ $ (3,778) ​ $ (7,945) ​ $ (11,788) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ — ​ 435 ​ ​ 435 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ 67 ​ ​ 162 ​ ​ — ​ ​ 229 ​ Net other comprehensive income (loss) ​ 67 ​ 162 ​ 435 ​ 664 ​ As of December 31, 2020 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ (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, 2021 ​ $ 2 ​ $ (3,616) ​ $ (7,510) ​ $ (11,124) ​ Other comprehensive income (loss) before reclassifications ​ — ​ (1,900) ​ 2,230 ​ 330 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 160 ​ — ​ 160 ​ Net other comprehensive income (loss) ​ — ​ (1,740) ​ 2,230 ​ 490 ​ As of December 31, 2021 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ (1) All amounts are net of tax. ​
Schedule of line items that were reclassified from net income	Line item in consolidated statement of income (loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Interest expense ​ ​ ​ — ​ 160 ​ 567 ​ General and administrative expenses ​ ​ ​ 208 ​ 210 ​ 217 ​ Total income (loss) from continuing operations before income tax ​ ​ ​ (208) ​ (370) ​ (784) ​ Tax expense (benefit) ​ ​ ​ ​ (48) ​ ​ (141) ​ ​ (190) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ ​ $ (160) ​ $ (229) ​ $ (594) ​ ​
Supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Cash paid for income taxes (refunded), net ​ $ 11,221 ​ $ (17,505) ​ $ 6,553 ​ Cash paid for interest, net of capitalized interest ​ $ 161,932 ​ $ 157,437 ​ $ 174,357 ​ Net change in accounts payable related to capital expenditures ​ $ 9,713 ​ $ (1,188) ​ $ (7,624) ​ Acquisitions of businesses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of assets acquired ​ $ — ​ $ — ​ $ 2,929 ​ Cash paid for acquisitions of businesses ​ — ​ — ​ 2,929 ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2021
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) ​ Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ 669,656 ​ $ 713,057 ​ $ 1,240,936 ​ Canada Drilling ​ ​ ​ 39,336 ​ 54,753 ​ 68,274 ​ International Drilling ​ ​ ​ 1,043,197 ​ 1,131,673 ​ 1,324,142 ​ Drilling Solutions ​ ​ ​ 172,473 ​ 149,834 ​ 252,790 ​ Rig Technologies ​ ​ ​ 149,273 ​ 131,555 ​ 260,226 ​ Other reconciling items (1) ​ ​ ​ (56,387) ​ (46,829) ​ (102,985) ​ Total ​ ​ ​ $ 2,017,548 ​ $ 2,134,043 ​ $ 3,043,383 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 2020 2019 ​ ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ ​ $ (76,492) ​ $ (96,176) ​ $ 64,313 ​ Canada Drilling ​ ​ ​ 2,893 ​ (11,766) ​ (14,483) ​ International Drilling ​ ​ ​ (40,117) ​ (56,205) ​ (8,903) ​ Drilling Solutions ​ ​ ​ 32,771 ​ 6,167 ​ 59,465 ​ Rig Technologies ​ ​ ​ 158 ​ (13,481) ​ (11,247) ​ Total segment adjusted operating income (loss) ​ ​ ​ $ (80,787) ​ $ (171,461) ​ $ 89,145 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ ​ 2021 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) ​ ​ ​ $ (80,787) ​ $ (171,461) ​ $ 89,145 ​ Other reconciling items (3) ​ ​ ​ (130,654) ​ (118,346) ​ (160,274) ​ Earnings (losses) from unconsolidated affiliates ​ ​ ​ ​ — ​ ​ — ​ ​ (5) ​ Investment income (loss) ​ ​ ​ 1,557 ​ ​ 1,438 ​ ​ 10,218 ​ Interest expense ​ ​ ​ ​ (171,476) ​ ​ (206,274) ​ ​ (204,311) ​ Gain/(loss) on debt buybacks and exchanges ​ ​ ​ ​ 13,423 ​ ​ 228,274 ​ ​ 11,468 ​ Impairments and other charges ​ ​ ​ ​ (66,731) ​ ​ (410,631) ​ ​ (301,939) ​ Other, net ​ ​ ​ ​ (53,421) ​ ​ (28,567) ​ ​ (33,224) ​ Income (loss) from continuing operations before income taxes ​ ​ ​ $ (488,089) ​ $ (705,567) ​ $ (588,922) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Depreciation and amortization ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 326,361 ​ $ 398,326 ​ $ 419,680 ​ Canada Drilling ​ 11,604 ​ 24,784 ​ 29,766 ​ International Drilling ​ 323,431 ​ 377,599 ​ 372,883 ​ Drilling Solutions ​ 26,660 ​ 40,074 ​ 32,289 ​ Rig Technologies ​ 8,191 ​ 15,299 ​ 12,715 ​ Other reconciling items (3) ​ (2,866) ​ (2,383) ​ 8,758 ​ Total ​ $ 693,381 ​ $ 853,699 ​ $ 876,091 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 53,875 ​ $ 44,606 ​ $ 184,705 ​ Canada Drilling ​ 2,938 ​ 2,018 ​ 5,020 ​ International Drilling ​ 173,078 ​ 127,888 ​ 209,728 ​ Drilling Solutions ​ 9,919 ​ 12,306 ​ 23,598 ​ Rig Technologies ​ 2,790 ​ 2,637 ​ 6,592 ​ Other reconciling items (3) ​ 1,089 ​ 251 ​ (5,676) ​ Total ​ $ 243,689 ​ $ 189,706 ​ $ 423,967 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,606,683 ​ $ 1,871,008 ​ Canada Drilling ​ 1,392 ​ 174,123 ​ International Drilling ​ 2,380,703 ​ 2,688,912 ​ Drilling Solutions ​ 65,899 ​ 100,278 ​ Rig Technologies ​ 190,489 ​ 225,954 ​ Other reconciling items (3) ​ 1,280,198 ​ 443,153 ​ Total ​ $ 5,525,364 ​ $ 5,503,428 ​ (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), (gain)/loss on debt buybacks and exchanges, 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, assets and capital expenditures.
Schedule of financial information with respect to Nabors' operations by geographic area	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 2019 ​ ​ (In thousands) Operating revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 804,807 ​ $ 841,531 ​ $ 1,554,442 ​ Outside the U.S. ​ 1,212,741 ​ 1,292,512 ​ 1,488,941 ​ ​ ​ $ 2,017,548 ​ $ 2,134,043 ​ $ 3,043,383 ​ Property, plant and equipment, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ 1,648,622 ​ $ 1,917,203 ​ $ 2,470,579 ​ Outside the U.S. ​ 1,683,876 ​ 2,068,504 ​ 2,459,970 ​ ​ ​ $ 3,332,498 ​ $ 3,985,707 ​ $ 4,930,549 ​ Goodwill: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ $ — ​ $ — ​ $ 13,430 ​ Outside the U.S. ​ — ​ — ​ 14,950 ​ ​ ​ $ — ​ $ — ​ $ 28,380 ​

Revenue Recognition (Tables)

Revenue Recognition (Tables)	12 Months Ended
	Dec. 31, 2021
Revenue Recognition
Summary of revenue is disaggregation by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 512,880 ​ $ — ​ $ — ​ $ 97,354 ​ $ 69,250 ​ $ — ​ $ 679,484 U.S. Offshore Gulf of Mexico ​ 128,323 ​ — ​ — ​ 8,787 ​ — ​ — ​ ​ 137,110 Alaska ​ 28,453 ​ — ​ — ​ 753 ​ 59 ​ — ​ ​ 29,265 Canada ​ — ​ 39,336 ​ — ​ 1,342 ​ 4,379 ​ — ​ ​ 45,057 Middle East & Asia ​ — ​ — ​ 706,267 ​ 40,492 ​ 60,319 ​ — ​ ​ 807,078 Latin America ​ — ​ — ​ 251,153 ​ 22,104 ​ 228 ​ — ​ ​ 273,485 Europe, Africa & CIS ​ — ​ — ​ 85,777 ​ 1,641 ​ 15,038 ​ — ​ ​ 102,456 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (56,387) ​ (56,387) Total ​ $ 669,656 ​ $ 39,336 ​ $ 1,043,197 ​ $ 172,473 ​ $ 149,273 ​ $ (56,387) ​ $ 2,017,548 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2020 ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 548,859 ​ $ — ​ $ — ​ $ 88,919 ​ $ 54,185 ​ $ — ​ $ 691,963 U.S. Offshore Gulf of Mexico ​ 126,292 ​ — ​ — ​ 9,309 ​ — ​ — ​ ​ 135,601 Alaska ​ 37,906 ​ — ​ — ​ 1,296 ​ 19 ​ — ​ ​ 39,221 Canada ​ — ​ 54,753 ​ — ​ 1,137 ​ 3,571 ​ — ​ ​ 59,461 Middle East & Asia ​ — ​ — ​ 728,983 ​ 40,255 ​ 58,263 ​ — ​ ​ 827,501 Latin America ​ — ​ — ​ 228,930 ​ 6,578 ​ 177 ​ — ​ ​ 235,685 Europe, Africa & CIS ​ — ​ — ​ 173,760 ​ 2,340 ​ 15,340 ​ — ​ ​ 191,440 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (46,829) ​ (46,829) Total ​ $ 713,057 ​ $ 54,753 ​ $ 1,131,673 ​ $ 149,834 ​ $ 131,555 ​ $ (46,829) ​ $ 2,134,043 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ December 31, 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ Canada Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 1,021,879 ​ $ — ​ $ — ​ $ 170,639 ​ $ 172,559 ​ $ — ​ $ 1,365,077 U.S. Offshore Gulf of Mexico ​ 156,931 ​ — ​ — ​ 13,331 ​ — ​ — ​ ​ 170,262 Alaska ​ 62,126 ​ — ​ — ​ 4,787 ​ 986 ​ — ​ ​ 67,899 Canada ​ — ​ 68,274 ​ — ​ 1,749 ​ 8,852 ​ — ​ ​ 78,875 Middle East & Asia ​ — ​ — ​ 765,493 ​ 43,941 ​ 56,455 ​ — ​ ​ 865,889 Latin America ​ — ​ — ​ 355,189 ​ 15,558 ​ 2,318 ​ — ​ ​ 373,065 Europe, Africa & CIS ​ — ​ — ​ 203,460 ​ 2,785 ​ 19,056 ​ — ​ ​ 225,301 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (102,985) ​ (102,985) Total ​ $ 1,240,936 ​ $ 68,274 ​ $ 1,324,142 ​ $ 252,790 ​ $ 260,226 ​ $ (102,985) ​ $ 3,043,383
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, 2020 ​ $ 427.2 ​ $ 23.5 ​ $ 6.8 ​ $ 42.8 ​ $ 44.2 As of December 31, 2021 ​ $ 350.0 ​ $ 24.9 ​ $ 1.9 ​ $ 42.9 ​ $ 29.3

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2021
Leases
Lease Position	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ ​ 2021 2020 ​ Classification on the Balance Sheet ​ (In thousands) Assets ​ ​ ​ ​ ​ ​ ​ Operating lease assets Other long-term assets ​ $ 23,049 ​ $ 32,312 Total lease assets ​ ​ $ 23,049 ​ $ 32,312 ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Current lease liabilities ​ $ 5,422 ​ $ 8,305 Noncurrent liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease liabilities Other long-term liabilities ​ $ 18,722 ​ $ 24,656 Total lease liabilities ​ ​ $ 24,144 ​ $ 32,961
Lease Costs	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended ​ ​ ​ ​ December 31, ​ ​ ​ 2021 2020 ​ (In thousands) Operating lease cost ​ ​ $ 9,848 ​ $ 15,235 ​ Short-term lease cost ​ ​ 593 ​ 1,165 ​ Variable lease cost ​ ​ 143 ​ 512 ​ Total lease cost ​ ​ $ 10,584 ​ $ 16,912 ​
Other Information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2021 2020 ​ ​ (In thousands) Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash flows for operating leases ​ $ 9,848 ​ $ 15,235 ​ ​ ​ ​ ​ ​ ​ ​ ​ Right of use assets obtained in exchange for lease obligations: ​ ​ ​ ​ ​ ​ ​ Operating leases ​ $ — ​ $ — ​
Lease Terms and Discount Rates	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2021 2020 ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average remaining lease term - operating leases ​ ​ ​ 8.6 ​ ​ 7.91 Weighted-average discount rate - operating leases ​ ​ ​ 6.19% ​ ​ 6.07%
Undiscounted Cash Flows	​ ​ ​ ​ ​ ​ December 31, 2021 ​ (In thousands) 2022 ​ $ 6,856 ​ 2023 ​ 4,700 ​ 2024 ​ 2,436 ​ 2025 ​ 2,185 ​ 2026 ​ 2,155 ​ Thereafter ​ 13,035 ​ Total undiscounted lease liability ​ ​ 31,367 ​ Less: amount of lease payments representing interest ​ ​ (7,223) ​ Long-term lease obligations ​ $ 24,144 ​

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Inventory, net
Raw materials	$ 105,638	$ 133,424
Work-in-progress	1,368	3,452
Finished goods	19,442	23,709
Total inventory	126,448	160,585
Inventory valuation reserves	$ 21,900	$ 23,500

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2021
Rig Assets Excluding Jackup Rigs
Property, Plant and Equipment
Operating rig asset depreciable life, operating days	4927 days
Non-operating rig asset depreciable life	20 years
Jack Up Rigs
Property, Plant and Equipment
Operating rig asset depreciable life, operating days	8030 days
Non-operating rig asset depreciable life	30 years
Building | Minimum
Property, Plant and Equipment
Estimated useful life	10 years
Building | Maximum
Property, Plant and Equipment
Estimated useful life	30 years
Oilfield Hauling and Mobile Equipment and Other Machinery and Equipment | Minimum
Property, Plant and Equipment
Estimated useful life	3 years
Oilfield Hauling and Mobile Equipment and Other Machinery and Equipment | Maximum
Property, Plant and Equipment
Estimated useful life	10 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) $ in Thousands	3 Months Ended			12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 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
Disposals and Impairments	(27,800)				(27,798)	$ (155,973)
Cumulative Translation Adjustment					(582)
Goodwill - Ending Balance		$ 28,380				28,380
US Segment
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Disposals and Impairments		(52,200)
International
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Disposals and Impairments			$ (75,600)
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
Disposals and Impairments					(11,436)
Goodwill - Ending Balance		11,436				11,436
Rig Services
Change in the carrying amount of goodwill for various contract drilling segments and other operating segments
Goodwill - Beginning Balance	$ 16,944				16,944
Disposals and Impairments		(10,100)	$ (18,000)		(16,362)
Cumulative Translation Adjustment					$ (582)
Goodwill - Ending Balance		$ 16,944				$ 16,944

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Restricted cash held in trust (Details) $ in Thousands	Dec. 31, 2021USD ($)
Summary of Significant Accounting Policies
Restricted cash held in trust	$ 281,523

Impairments and Other Charges_2

Impairments and Other Charges (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Jun. 30, 2019	Jun. 30, 2020	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Impairments and Other Charges
Goodwill impairments	$ 27,800					$ 27,798	$ 155,973
Intangible asset impairment						83,624	47,731
Oil and gas related assets						24,543
Severance and transaction related costs					$ 6,228	19,070	11,447
Other Asset Impairment Charges					1,325	19,590	43,220
Total					66,731	410,631	301,939
Provision for retirement of assets						83,600	47,700
US Segment
Impairments and Other Charges
Goodwill impairments		$ 52,200
US Segment | Drilling rigs and related equipment
Impairments and Other Charges
Impairment of assets						87,333
Recorded impairment	33,300
Impairment wrote down	54,000
Provision for retirement of assets	$ 87,300
Canada Segment | Drilling rigs and related equipment
Impairments and Other Charges
Impairment of assets					58,545		17,818
Canada Segment | Other machinery and equipment
Impairments and Other Charges
Provision for retirement of assets					58,500		17,800
International
Impairments and Other Charges
Goodwill impairments			$ 75,600
International | Drilling rigs and related equipment
Impairments and Other Charges
Impairment of assets					215	117,113	17,927
Recorded impairment						30,500
Impairment wrote down						86,600
Impairment for underutilized rigs							2,500
Provision for retirement of assets						117,100
Impairment loss							15,400
Drilling Solutions
Impairments and Other Charges
Goodwill impairments						11,436
Drilling Solutions | Drilling rigs and related equipment
Impairments and Other Charges
Impairment of assets						28,624
Drilling Solutions | Other machinery and equipment
Impairments and Other Charges
Provision for retirement of assets				$ 28,600
Rig Services
Impairments and Other Charges
Goodwill impairments		$ 10,100	$ 18,000			16,362
Impairment of assets					$ 418	2,936	7,823
Provision for obsolescence						$ 2,900	$ 7,800

Accounts Receivable Sales Agr_2

Accounts Receivable Sales Agreement (Details) - USD ($) $ in Thousands	Jul. 13, 2021	Dec. 31, 2021	Dec. 30, 2021	Jul. 12, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Accounts Receivable Sales Agreement
Cash and cash equivalents		$ 991,471			$ 472,246	$ 435,990	$ 447,766
5.50% senior notes due January 2023
Accounts Receivable Sales Agreement
Interest rate (as a percent)		5.50%			5.50%
Accounts Receivable Sales Agreement.
Accounts Receivable Sales Agreement
Agreement amount	$ 150,000			$ 250,000
Agreement expiration term extension (in years)	2 years
Accounts receivables sold to purchasers		$ 113,000			$ 54,000
Trade receivables pledged as collateral			$ 44,200		$ 63,100

Acquisitions and Dispositions (

Acquisitions and Dispositions (Details) $ in Millions	Jul. 31, 2021USD ($)
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Canada Drilling Business
Acquisitions and Dispositions
Operation consideration	$ 94

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Total short-term investments	17	$ 9,500
Restricted cash held in trust	281,523
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Restricted cash held in trust	$ 281,500

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 31, 2021	Jan. 31, 2017
Fair Value of Financial Instruments
Less: deferred financing costs	$ 30,805	$ 22,270
2018 revolving credit facility
Fair Value of Financial Instruments
Effective Interest Rate (as a percent)	3.72%	3.53%
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	4.625%	4.625%
Effective Interest Rate (as a percent)		5.65%
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.50%	5.50%
Effective Interest Rate (as a percent)	5.87%	5.85%
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.10%	5.10%
Effective Interest Rate (as a percent)	5.42%	5.32%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	0.75%			0.75%
Effective Interest Rate (as a percent)	5.90%	6.06%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.75%
Effective Interest Rate (as a percent)	6.03%	6.01%
6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	6.50%		6.50%
Effective Interest Rate (as a percent)	6.50%	6.50%
9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9.00%		9.00%
Effective Interest Rate (as a percent)	9.00%	9.00%
7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.25%	7.25%
Effective Interest Rate (as a percent)	7.52%	7.51%
7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.375%
Effective Interest Rate (as a percent)	7.74%
7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.50%	7.50%
Effective Interest Rate (as a percent)	7.70%	7.69%
Fair Value
Fair Value of Financial Instruments
Debt	$ 3,206,746	$ 2,229,649
Fair Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt	460,000	672,500
Fair Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt		78,862
Fair Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	24,736	18,768
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	84,044	78,435
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	257,730	169,458
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	508,881	318,871
Fair Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	50,490	44,059
Fair Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	226,914	185,221
Fair Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	522,079	396,106
Fair Value | 7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Debt	724,906
Fair Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	346,966	267,369
Carrying Value
Fair Value of Financial Instruments
Debt	3,293,600	2,990,971
Less: deferred financing costs	30,805	22,270
Debt, net of financing costs	3,262,795	2,968,701
Carrying Value | 2018 revolving credit facility
Fair Value of Financial Instruments
Debt	460,000	672,500
Carrying Value | 4.625% senior notes due September 2021
Fair Value of Financial Instruments
Debt		86,329
Carrying Value | 5.50% senior notes due January 2023
Fair Value of Financial Instruments
Debt	24,446	28,443
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt	82,703	121,077
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt	259,839	279,700
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt	548,458	610,818
Carrying Value | 6.50% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	50,485	50,485
Carrying Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt	218,082	192,032
Carrying Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt	559,978	559,978
Carrying Value | 7.375% senior priority guaranteed notes due 2027
Fair Value of Financial Instruments
Debt	700,000
Carrying Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt	$ 389,609	$ 389,609

Share-Based Compensation - Stoc

Share-Based Compensation - Stock Option Plans (Details) $ / shares in Units, $ in Thousands	Apr. 22, 2020	Apr. 20, 2020	Dec. 31, 2021USD ($)item$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares
Share-based compensation disclosures
Share-based compensation expense | $			$ 19,200	$ 24,600	$ 24,700
Reverse stock split ratio	50	0.02
Liability related to awards | $			51,993	$ 82,462		$ 51,993
Options
Options awarded (in shares)				0
Restricted Stock [Member]
Share-based compensation disclosures
Share-based compensation expense | $			$ 19,100	$ 23,600	$ 24,500
Number of types of performance share awards | item			2
Option to purchase common stock available for grant			400,000			400,000
Granted (in shares)			83,000
Shares awarded during period			83,000
Restricted Stock [Member] | Employees and Director [Member]
Share-based compensation disclosures
Granted (in shares)			82,722	4,156	65,299
Shares awarded during period			82,722	4,156	65,299
Aggregate value of restricted stock awards at date of grant | $			$ 8,700	$ 100	$ 10,600	$ 8,700
Fair value of awards vested | $			$ 2,500	$ 2,600	$ 4,100
Restricted Stock [Member] | Maximum
Share-based compensation disclosures
Vesting period of shares			4 years
Restricted Stock [Member] | Maximum | Employees and Director [Member]
Share-based compensation disclosures
Vesting period of shares			4 years	4 years	4 years
Restricted Stock Based on Performance Conditions [Member]
Share-based compensation disclosures
Granting period				1 year
Restricted Stock Based on Performance Conditions [Member] | Executive Officers
Share-based compensation disclosures
Vesting period of shares				3 years	3 years
Total fair value of option vested during the period | $				$ 3,000	$ 2,500
Granted (in shares)				59,490	48,253
Shares awarded during period				59,490	48,253
Liability related to awards | $				$ 2,400
Fair value of awards vested | $				$ 8,800	$ 7,500
Restricted Stock Based on Performance Conditions [Member] | Maximum
Share-based compensation disclosures
Vesting percentage			200.00%
Restricted Stock Based on Performance Conditions [Member] | Minimum
Share-based compensation disclosures
Vesting percentage			30.00%
Restricted Stock Based on Market Conditions [Member]
Share-based compensation disclosures
Vesting period of shares						3 years
Granted (in shares)			61,997	22,931	52,191
Shares awarded during period			61,997	22,931	52,191
Aggregate value of restricted stock awards at date of grant | $			$ 2,200	$ 2,500	$ 3,700	$ 2,200
Assumptions used to value grant date fair value
Risk free interest rate (as a percent)			0.18%	1.57%	2.48%
Expected volatility (as a percent)			108.00%	74.00%	70.00%
Share price | $ / shares			$ 60.62	$ 148	$ 109.50	$ 60.62
Expected term (in years)			3 years	3 years	3 years
Key Officer Director and Managerial Employee Stock Options [Member]
Share-based compensation disclosures
Option to purchase common stock available for grant			400,000	400,000		400,000
Exercise period			10 years
Total fair value of option vested during the period | $			$ 100		$ 200
Options
Options outstanding at the beginning of the period (in shares)			31,000
Granted (in shares)			1,000
Exercised (in shares)			0	0	0
Surrendered (in shares)			(16,000)
Options outstanding at the end of the period (in shares)			16,000	31,000		16,000
Options exercisable at the end of the period (in shares)			16,000			16,000
Weighted Average Exercise Price
Options outstanding at the beginning of the period (in dollars per share) | $ / shares			$ 628.10
Granted (in dollars per share) | $ / shares			104.06
Surrendered (in dollars per share) | $ / shares			817.89			$ 817.89
Options outstanding at the end of the period (in dollars per share) | $ / shares			419.22	$ 628.10		419.22
Options exercisable at the end of the period (in dollars per share) | $ / shares			$ 419.22			$ 419.22
Weighted Average Remaining Contractual Term
Options outstanding at the end of the period			5 years 5 months 1 day
Options exercisable at the end of the period			5 years 5 months 1 day
Assumptions used to value grant date fair value
Granted (in dollars per share) | $ / shares			$ 72.69		$ 53.50
Risk free interest rate (as a percent)			0.72%		1.79%
Dividend yield (as a percent)			0.00%		1.65%
Expected volatility (as a percent)			102.50%		57.59%
Expected term (in years)			4 years		4 years
Key Officer Director and Managerial Employee Stock Options [Member] | Employees Executives And Directors
Share-based compensation disclosures
Vesting period of shares					4 years
Options
Granted (in shares)			963		2,759

Share-Based Compensation - St_2

Share-Based Compensation - Stock Options Unvested (Details) - Key Officer Director and Managerial Employee Stock Options [Member] - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Unvested stock options
Granted (in shares)	1
Weighted-Average Grant-Date Fair Value
Granted (in dollars per share)	$ 72.69	$ 53.50
Total fair value of option vested during the period	$ 0.1	$ 0.2

Share-Based Compensation - Rest

Share-Based Compensation - Restricted Stock (Details) - USD ($) $ / shares in Units, $ in Millions	12 Months Ended			36 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2021
Restricted Stock [Member]
Unvested restricted stock
Outstanding at the beginning of the period (in shares))	49,000
Granted (in shares)	83,000
Vested (in shares)	(24,000)
Forfeited (in shares)	(6,000)
Outstanding at the end of the period (in shares)	102,000	49,000		102,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 226.06
Granted (in dollars per share)	105.44
Vested (in dollars per share)	261.96
Forfeited (in dollars per share)	95.99
Outstanding at the end of the period (in dollars per share)	$ 127	$ 226.06		$ 127
Total future compensation cost related to unvested awards that are expected to vest	$ 8.2			$ 8.2
Restricted Stock [Member] | Employees and Director [Member]
Unvested restricted stock
Granted (in shares)	82,722	4,156	65,299
Restricted Stock [Member] | Maximum
Weighted-Average Grant-Date Fair Value
Vesting period of shares	4 years
Restricted Stock [Member] | Maximum | Employees and Director [Member]
Weighted-Average Grant-Date Fair Value
Vesting period of shares	4 years	4 years	4 years
Restricted Stock Based on Performance Conditions [Member] | Certain Executive Officers
Unvested restricted stock
Granted (in shares)	95,902	31,204
Weighted-Average Grant-Date Fair Value
Vesting period of shares	3 years
Restricted Stock Based on Performance Conditions [Member] | Executive Officers
Unvested restricted stock
Outstanding at the beginning of the period (in shares))	98,000
Granted (in shares)		59,490	48,253
Vested (in shares)	(42,000)
Outstanding at the end of the period (in shares)	56,000	98,000		56,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 163.74
Vested (in dollars per share)	181.66
Outstanding at the end of the period (in dollars per share)	$ 150.02	$ 163.74		$ 150.02
Vesting period of shares		3 years	3 years
Restricted Stock Based on Market Conditions [Member]
Unvested restricted stock
Outstanding at the beginning of the period (in shares))	79,000
Granted (in shares)	61,997	22,931	52,191
Vested (in shares)	(28,000)
Forfeited (in shares)	(28,000)
Outstanding at the end of the period (in shares)	85,000	79,000		85,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 91.34
Granted (in dollars per share)	34.69
Vested (in dollars per share)	83.35
Forfeited (in dollars per share)	83.35
Outstanding at the end of the period (in dollars per share)	$ 55.29	$ 91.34		$ 55.29
Total future compensation cost related to unvested awards that are expected to vest	$ 2.3			$ 2.3
Weighted Average Period for Cost recognition	1 year 7 months 17 days
Vesting period of shares				3 years
Restricted Stock Units
Unvested restricted stock
Vested (in shares)	(20,000)
Weighted-Average Grant-Date Fair Value
Vested (in dollars per share)	$ 148
Weighted Average Period for Cost recognition	2 years 3 months 25 days
Restricted Stock Units | Executive Officers
Unvested restricted stock
Outstanding at the beginning of the period (in shares))	31,000
Granted (in shares)	96,000
Outstanding at the end of the period (in shares)	107,000	31,000		107,000
Weighted-Average Grant-Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 148
Granted (in dollars per share)	88.27
Outstanding at the end of the period (in dollars per share)	$ 94.26	$ 148		$ 94.26

Property, Plant and Equipment_2

Property, Plant and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment
Property, plant and equipment, gross	$ 12,300,912	$ 13,112,640
Less: accumulated depreciation and amortization	(8,968,414)	(9,126,933)
Property, Plant and Equipment, Net, Total	3,332,498	3,985,707	$ 4,930,549
Depreciation	689,200	851,800	869,600
Repair and maintenance expense	153,900	154,200	248,600
Interest costs capitalized	700	700	$ 1,500
Land
Property, Plant and Equipment
Property, plant and equipment, gross	22,955	28,261
Building
Property, Plant and Equipment
Property, plant and equipment, gross	130,917	141,365
Drilling rigs and related equipment
Property, Plant and Equipment
Property, plant and equipment, gross	11,702,450	12,487,961
Oilfield hauling and mobile equipment
Property, Plant and Equipment
Property, plant and equipment, gross	243,850	259,150
Other machinery and equipment
Property, Plant and Equipment
Property, plant and equipment, gross	$ 200,740	$ 195,903

Financial Instruments and Ris_2

Financial Instruments and Risk Concentration (Details)	12 Months Ended
	Dec. 31, 2021	Mar. 31, 2021	Dec. 31, 2020	Jan. 31, 2017
Customer Concentration Risk | Accounts Receivable | Saudi Arabia.
Percentage	36.00%
Customer Concentration Risk | Accounts Receivable | Mexico
Percentage	11.00%
4.625% senior notes due September 2021
Debt Instrument, Interest Rate, Stated Percentage	4.625%		4.625%
5.50% senior notes due January 2023
Debt Instrument, Interest Rate, Stated Percentage	5.50%		5.50%
5.10% senior notes due September 2023
Debt Instrument, Interest Rate, Stated Percentage	5.10%		5.10%
5.75% senior notes due February 2025
Debt Instrument, Interest Rate, Stated Percentage	5.75%
0.75% senior exchangeable notes due January 2024
Debt Instrument, Interest Rate, Stated Percentage	0.75%			0.75%
7.25% senior guaranteed notes due January 2026
Debt Instrument, Interest Rate, Stated Percentage	7.25%		7.25%
7.50% senior guaranteed notes due January 2028
Debt Instrument, Interest Rate, Stated Percentage	7.50%		7.50%
6.50% senior priority guaranteed notes due February 2025
Debt Instrument, Interest Rate, Stated Percentage	6.50%	6.50%
9.00% senior priority guaranteed notes due February 2025
Debt Instrument, Interest Rate, Stated Percentage	9.00%	9.00%

Debt (Details)

Debt (Details)	Jan. 21, 2022USD ($)	Jan. 31, 2022USD ($)	Jan. 31, 2017USD ($)$ / shares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)$ / shares	Dec. 31, 2019USD ($)	Dec. 30, 2021USD ($)	Nov. 30, 2021USD ($)	Mar. 31, 2021USD ($)
Debt
Long-term Debt, Gross				$ 3,293,600,000	$ 2,990,971,000
Less: deferred financing costs				30,805,000	22,270,000
Long-term debt				3,262,795,000	2,968,701,000
Gain (Loss) on debt repurchase				13,400,000	69,200,000	$ 11,500,000
Payment of accrued and unpaid interest				161,932,000	157,437,000	174,357,000
Letter of Credit
Debt
Revolving credit facility				83,240,000
Maximum borrowing capacity				$ 620,552,000
Guarantor Subsidiaries
Debt
Redemption price of debt instrument (as a percent)				100.00%
Redemption price of principal amount of debt instrument including accrued and unpaid interest (as a percent)				101.00%
2018 revolving credit facility
Debt
Revolving credit facility				$ 460,000,000	672,500,000		$ 460,000,000
Weighted average interest rate (as a percent)							3.72%
Collateralized assets, net value							$ 1,230,000,000
Senior Unsecured Notes [Member]
Debt
Principal amount redeemed				105,900,000	372,000,000	468,300,000
Repayment of long-term debt including accrued and unpaid interest				$ 93,800,000	300,900,000	$ 461,100,000
4.625% senior notes due September 2021
Debt
Senior Notes					$ 86,329,000
Interest rate on senior notes (as a percent)				4.625%	4.625%
Repayment of long-term debt including accrued and unpaid interest					$ 379,700,000
5.50% senior notes due January 2023
Debt
Senior Notes				$ 24,446,000	$ 28,443,000
Interest rate on senior notes (as a percent)				5.50%	5.50%
Repayment of long-term debt including accrued and unpaid interest					$ 407,700,000
5.10% senior notes due September 2023
Debt
Senior Notes				$ 82,703,000	$ 121,077,000
Interest rate on senior notes (as a percent)				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
Debt
Senior Notes				$ 259,839,000	279,700,000
Interest rate on senior notes (as a percent)			0.75%	0.75%
5.75% senior notes due February 2025
Debt
Senior Notes				$ 548,458,000	610,818,000
Interest rate on senior notes (as a percent)				5.75%
7.25% senior notes due January 2026
Debt
Interest rate on senior notes (as a percent)				7.25%
Guaranteed Notes [Member]
Debt
Principal amount redeemed					952,900,000
6.50% senior priority guaranteed notes due February 2025
Debt
Senior Notes				$ 50,485,000	50,485,000
Interest rate on senior notes (as a percent)				6.50%					6.50%
6.50% senior priority guaranteed notes due February 2025 | Subsequent Event
Debt
Interest rate on senior notes (as a percent)		6.50%
Payment of debt principal		$ 50,500,000
9.00% senior priority guaranteed notes due February 2025
Debt
Senior Notes				$ 218,082,000	192,032,000
Interest rate on senior notes (as a percent)				9.00%					9.00%
7.25% senior guaranteed notes due January 2026
Debt
Senior Notes				$ 559,978,000	$ 559,978,000
Interest rate on senior notes (as a percent)				7.25%	7.25%
7.375% senior priority guaranteed notes due May 2027
Debt
Senior Notes				$ 700,000,000
Aggregate amount of senior notes								$ 700,000,000
Interest rate on senior notes (as a percent)				7.375%				7.375%
7.50% senior guaranteed notes due January 2028
Debt
Senior Notes				$ 389,609,000	$ 389,609,000
Interest rate on senior notes (as a percent)				7.50%	7.50%
2022 Credit Agreement
Debt
Maximum borrowing capacity	$ 350,000,000
Accordion feature	100,000,000
Maximum amount of grower basket for term loans	$ 100,000,000
Percentage of property, plant and equipment to be owned by the revolver guarantor and its subsidiaries	90.00%
Threshold percentage of outstanding principal amount of relevant debt to remaining outstanding	50.00%
Threshold amount beyond which the debt instrument covenant restricts the company's ability to incur liens	$ 150,000,000
Threshold amount beyond which the debt instrument covenant restricts the company's subsidiaries to incur debt	100,000,000
2022 Credit Agreement | Maximum
Debt
Additional indebtedness secured by liens permitted under the credit agreement	150,000,000
2022 Credit Agreement | Letter of Credit
Debt
Maximum borrowing capacity	$ 100,000,000
Tender Offer
Debt
Gain (Loss) on debt repurchase					$ 2,700,000
Debt Exchange Transactions
Debt
Future contractual interest payments				$ 81,000,000
Aggregate principal amount exchanged									$ 566,800,000
Aggregate principal amount exchanged				40,000,000	526,823,000
Aggregate principal amount of debt issued in exchanges				26,050,000	242,517,000
Aggregated net gain (loss)				$ 22,000	$ 161,808,000
Per share amount of the aggregate gain | $ / shares				$ 0	$ 19.30
Debt Exchange Transactions | 4.625% senior notes due September 2021
Debt
Senior Notes					$ 38,209,000
Debt Exchange Transactions | 5.50% senior notes due January 2023
Debt
Senior Notes					3,733,000
Debt Exchange Transactions | 5.10% senior notes due September 2023
Debt
Senior Notes					19,422,000
Debt Exchange Transactions | 0.75% senior exchangeable notes due January 2024
Debt
Long-term Debt				$ 287,300,000
Senior Notes				35,000,000	250,678,000
Aggregate amount of senior notes			$ 575,000,000
Interest rate on senior notes (as a percent)			0.75%
Debt exchangeable notes			$ 411,200,000
Equity component			$ 163,800,000
Exchange rate of common shares			0.8018
Principal amount of notes			$ 1,000
Exchange price per common share (in dollars per share) | $ / shares			$ 1,247.19
Debt Exchange Transactions | 5.75% senior notes due February 2025
Debt
Senior Notes				5,000,000	164,368,000
Debt Exchange Transactions | 6.50% senior priority guaranteed notes due February 2025
Debt
Aggregate amount of senior notes									$ 50,500,000
Interest rate on senior notes (as a percent)									6.50%
Debt Exchange Transactions | 9.00% senior priority guaranteed notes due February 2025
Debt
Aggregate amount of senior notes									$ 218,100,000
Interest rate on senior notes (as a percent)									9.00%
Debt Exchange Transactions | 7.25% senior guaranteed notes due January 2026
Debt
Senior Notes					40,022,000
Debt Exchange Transactions | 7.50% senior guaranteed notes due January 2028
Debt
Senior Notes					$ 10,391,000
Gains Losses on Extinguishment of Debt, Exchange Transactions
Debt
Gain (Loss) on debt repurchase				$ 161,800,000

Debt - Maturities (Details)

Debt - Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Maturity of primary debt
2022	$ 50,485
2023	567,362
2024	287,302
2025	766,540
2026	559,978
Thereafter	1,089,609
Total	$ 3,321,276

Debt - Letters of Credit (Detai

Debt - Letters of Credit (Details) $ in Thousands	Dec. 31, 2021USD ($)item
Debt
Number of letter of credit facilities | item	18
Letter of Credit
Debt
Credit available	$ 620,552
Less: Letters of credit outstanding, inclusive of financial and performance guarantees	83,240
Remaining availability	$ 537,312

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
United States and Other Jurisdictions
Income (loss) from continuing operations before income taxes	$ (488,089)	$ (705,567)	$ (588,922)
UNITED STATES
United States and Other Jurisdictions
Income before income taxes	(153,243)	(182,706)	5,979
Outside the U.S
United States and Other Jurisdictions
Income before income taxes	$ (334,846)	$ (522,861)	$ (594,901)

Income Taxes - Current and Defe

Income Taxes - Current and Deferred (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current:
U.S. federal	$ (1,905)	$ (39,268)	$ 1,210
Outside the U.S.	60,318	33,858	54,097
State	7,914	(2,020)	318
Current Income Tax Expense (Benefit), Total	66,327	(7,430)	55,625
Deferred:
U.S. federal	(4,669)	67,909	58,157
Outside the U.S.	(3,608)	(4,992)	(25,428)
State	(2,429)	1,799	3,222
Deferred Income Tax Expense (Benefit), Total	(10,706)	64,716	35,951
Total income tax expense (benefit)	$ 55,621	$ 57,286	$ 91,576

Income Taxes - Reconciliation (

Income Taxes - Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Reconciliation of the differences between taxes on income (loss) before income taxes
Taxes (benefit) on U.S. and other international earnings (losses) at greater than the Bermuda rate	$ 23,395	$ 62,751	$ 54,060
Increase (decrease) in valuation allowance	8,276	(9,759)	32,869
Tax reserves and interest	26,266	861	1,107
State income taxes (benefit)	(2,316)	3,433	3,540
Total income tax expense (benefit)	$ 55,621	$ 57,286	$ 91,576
Effective tax rate (as a percent)	(11.40%)	(8.10%)	(15.50%)
Increase in tax expense attributable to a recorded liability for uncertain tax positions	$ 26,300
Office of the Tax Commissioner, Bermuda
Reconciliation of the differences between taxes on income (loss) before income taxes
Effective income tax rate	0.00%

Income Taxes - Deferred Tax Ass

Income Taxes - Deferred Tax Assets Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 3,676,333	$ 3,618,227
Equity compensation	822	1,594
Deferred revenue	775	3,878
Tax credit and other attribute carryforwards	84,624	84,502
Insurance loss reserves	2,909	2,086
Depreciation and amortization for tax in excess of book expense	118,151	44,837
Other	131,223	110,003
Subtotal	4,014,837	3,865,127
Valuation allowance	(3,754,207)	(3,602,144)
Deferred tax assets	260,630	262,983
Deferred tax liabilities:
Other	4,772	17,388
Deferred tax liability	4,772	17,388
Net deferred tax assets (liabilities)	255,858	245,595
Balance Sheet Summary :
Net noncurrent deferred tax asset	258,631	247,171
Net noncurrent deferred tax liability	(2,773)	(1,576)
Net deferred tax asset (liability)	$ 255,858	$ 245,595

Income Taxes - Operating Loss C

Income Taxes - Operating Loss Carryforwards (Details) $ in Millions	Dec. 31, 2021USD ($)
Operating Loss Carryforwards
Recognized valuation allowance relating to NOL carryforwards	$ 3,500
U.S. Federal
Operating Loss Carryforwards
Net operating loss carryforwards	728.6
U.S. Federal | Expiration Period 1 [Member]
Operating Loss Carryforwards
Net operating loss carryforwards	7,600
Foreign Tax Authority [Member]
Operating Loss Carryforwards
Net operating loss carryforwards	$ 14,200

Income Taxes - Reconciliation o

Income Taxes - Reconciliation of our uncertain tax positions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Change in unrecognized tax benefits
Balance as of January 1	$ 26,704	$ 25,770	$ 25,711
Additions for tax positions of prior years	19,760	1,887	1,003
Reductions for tax positions of prior years	(476)	(953)	(860)
Settlements			(84)
Balance as of December 31	45,988	26,704	25,770
Interest and penalties on unrecognized tax benefits	14,400	7,600	7,700
Liability related to unrecognized tax benefit for accrued interest and penalties	$ 6,900	$ (600)	$ 800

Shareholders Equity (Details)

Shareholders Equity (Details) $ / shares in Units, $ in Thousands	Jul. 19, 2021USD ($)shares	Jun. 11, 2021shares	Apr. 22, 2020	Apr. 20, 2020	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)$ / sharesshares	Dec. 31, 2019$ / sharesshares	May 27, 2021USD ($)item$ / sharesshares	Jan. 31, 2017
Common shares
Reverse stock split ratio			50	0.02
Authorized share capital					57,000,000
Common shares, shares authorized					32,000,000	32,000,000
Common shares, par value (in dollars per share) | $ / shares					$ 0.05	$ 0.05
Shares issued in connection with acquisition of carbon capture and hydrogen technologies	147,974
Value of shares issued in connection with acquisition of carbon capture and hydrogen technologies | $	$ 12,900
Number of shares that are forfeitable if certain milestones are not achieved over the next two years	71,280	0.40
Preferred shares, shares authorized					25,000,000
Treasury shares reissued during the year					0	0	0
Preferred stock, rate (as a percent)					6.00%	6.00%
Preferred shares, par value (in dollars per share) | $ / shares					$ 0.001	$ 0.001
Total aggregate amount of shares purchased | $						$ 13,859
Preferred stock, liquidation preference (in dollars per share) | $ / shares					50	$ 50
Preferred Stock, Dividends Per Share, Declared | $ / shares					$ 0.75	$ 3	$ 3
Number of right share for each outstanding common share								1
Number of warrants issued		3,200,000
Exercise price (in dollars per share) | $ / shares								$ 166.66667
Number of additional securities								0.333
Multiplying factor for exercise of warrants | item								3
Percentage volume weighted average price of stock times factor must exceed sum of volume weighted average prices of second, third and fourth days before exercise								6.00%
Conversion price percentage								95.00%
Fair value of the Warrants | $					$ 100			$ 2,700
Gain for the decrease in liability | $					$ 2,600
Preferred stock, shares outstanding					0	4,870,000
5.10% senior notes due September 2023
Common shares
Interest rate (as a percent)					5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Common shares
Interest rate (as a percent)					0.75%				0.75%
5.75% senior notes due February 2025
Common shares
Interest rate (as a percent)					5.75%
7.25% senior notes due January 2026
Common shares
Interest rate (as a percent)					7.25%
Treasury Stock
Common shares
Total aggregate amount of shares purchased | $						$ 1,731
Shares repurchased						34,000

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2017	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Joint Ventures
Redeemable noncontrolling interest			$ 675,283	$ 442,840
Assets:
Cash and cash equivalents			991,471	472,246	$ 435,990	$ 447,766
Accounts receivable			287,572	362,977
Other current assets			95,740	109,595
Property, plant and equipment, net			3,332,498	3,985,707	$ 4,930,549
Other long-term assets			134,903	139,085
Total assets (1)			5,525,364	5,503,428
Liabilities:
Accounts payable			253,748	220,922
Accrued liabilities			247,171	276,085
Other liabilities			340,347	318,034
Total liabilities (1)			4,131,143	3,803,780
SANAD
Joint Ventures
Settled accrued interest	$ 100,000
Assets:
Cash and cash equivalents			293,037	368,981
Accounts receivable			88,174	79,711
Other current assets			6,662	17,148
Property, plant and equipment, net			467,587	428,331
Other long-term assets			19,010	2,590
Total assets (1)			874,470	896,761
Liabilities:
Accounts payable			61,278	61,808
Accrued liabilities			6,021	18,791
Other liabilities			26,300
Total liabilities (1)			93,599	$ 80,599
SANAD | Saudi Aramco
Joint Ventures
Cash contribution for joint venture		$ 20,000
Additional contribution amount		$ 394,000
Maturity period		25 years
Redeemable noncontrolling interest			$ 393,800

Related-Party Transactions - Ot

Related-Party Transactions - Other (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Nov. 30, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Related Party Transaction [Line Items]
Premiums paid related to agreements		$ 0
Revenue from related party		617.5	$ 612.7	$ 672.9
Accounts receivable from affiliated entities		99.3	90.4
NETC
Related Party Transaction [Line Items]
Units issued	27,600,000
Warrants Issued	13,730,000
Warrants issued, fair value per warrant	$ 1
Warrants purchased by related parties	6,288,500
James R Crane | Crane Capital Group Inc
Related Party Transaction [Line Items]
Expenses from business transactions		5.8	6.2	$ 20
Accounts payable to affiliated entities		0.3	0.8
Management
Related Party Transaction [Line Items]
Premium payments to date related to life insurance policies		6.6
Cash surrender value included in other long-term assets		$ 5.3	$ 5.5

Commitments and Contingencies -

Commitments and Contingencies - Saudi Aramco (Details)	12 Months Ended
	Dec. 31, 2021item
Joint Venture in Saudi Arabia
Number of drilling units to backstop entity share to purchase in the event of insufficient cash	25

Commitments and Contingencies_2

Commitments and Contingencies - Litigation (Details) $ in Millions	1 Months Ended	12 Months Ended
	Mar. 31, 2011USD ($)	Dec. 31, 2021USD ($)	Dec. 31, 2018USD ($)
Court of Ouargla Algeria Foreign Currency Controls
Commitments and Contingencies, Disclosure
Litigation amount as per judgment	$ 20.3
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 | Maximum
Commitments and Contingencies, Disclosure
Potential judgment in excess of accrual		$ 12.3
KMG Nabors Drilling Company Joint Venture | Atyrau Oblast Ecology Department
Commitments and Contingencies, Disclosure
Administrative fines			$ 0.8
KMG Nabors Drilling Company Joint Venture | Atyrau Oblast Ecology Department | Minimum
Commitments and Contingencies, Disclosure
Environmental damages			$ 3.4

Commitments and Contingencies_3

Commitments and Contingencies - Min (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Commitments and Contingencies
Minimum period of operating lease	30 days
Rental expense relating to operating leases	$ 9.3	$ 12.4	$ 15.9

Commitments and Contingencies_4

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Dec. 31, 2021USD ($)
Summary of total maximum amount of financial guarantees issued
2022	$ 34,726
2023	13,000
2024	8,488
Thereafter	35,957
Total	$ 92,171

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (543,710)	$ (762,853)	$ (680,498)
Less: net (income) loss attributable to noncontrolling interest	(25,582)	(42,795)	(22,375)
Less: preferred stock dividends	(3,653)	(14,611)	(17,244)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(9,445)	(17,442)	(20,534)
Less: distributed and undistributed earnings allocated to unvested shareholders		(125)	(459)
Adjusted income (loss) from continuing operations, net of tax - basic	(582,390)	(837,826)	(741,110)
Income (loss) from discontinued operations, net of tax	$ 20	$ 7	$ (12)
Weighted-average number of shares outstanding - basic	7,605	7,059	7,032
Earnings (losses) Per Share:
Basic from continuing operations (in dollars per share)	$ (76.58)	$ (118.69)	$ (105.39)
Total Basic (in dollars per share)	$ (76.58)	$ (118.69)	$ (105.39)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (582,390)	$ (837,826)	$ (741,110)
Adjusted income (loss) from continuing operations, net of tax - diluted	(582,390)	(837,826)	(741,110)
Income (loss) from discontinued operations, net of tax	$ 20	$ 7	$ (12)
Weighted-average number of shares outstanding - basic	7,605	7,059	7,032
Weighted-average number of shares outstanding - diluted	7,605	7,059	7,032
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (76.58)	$ (118.69)	$ (105.39)
Total Diluted (in dollars per share)	(76.58)	$ (118.69)	$ (105.39)
0.75% senior exchangeable notes due January 2024 | Minimum
Earnings (losses) per share:
Share issued price (in dollars per share)	$ 1,257.81

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended		12 Months Ended
	Jun. 30, 2021	Mar. 31, 2021	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive			28	66	40
Mandatory Convertible Preferred Shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities excluded as anti-dilutive	5,000	790

Supplemental Balance Sheet, I_3

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Accrued liabilities
Accrued compensation	$ 51,993	$ 82,462
Deferred revenue and proceeds on insurance and asset sales	59,816	61,473
Other taxes payable	34,333	28,602
Workers' compensation liabilities	6,588	7,788
Interest payable	71,814	62,935
Litigation reserves	14,939	13,976
Dividends declared and payable		3,653
Other accrued liabilities	7,688	15,196
Accrued liabilities	$ 247,171	$ 276,085

Supplemental Balance Sheet, I_4

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Investment income (loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Investment income (loss)
Interest and dividend income	$ 1,527	$ 4,705	$ 8,424
Gains (losses) on marketable securities	30	(3,267)	1,794
Investment income (loss)	$ 1,557	$ 1,438	$ 10,218

Supplemental Balance Sheet, I_5

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Other Expense (Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Other expense (income)
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 23,883	$ 12,363	$ 7,141
Purchase of technology	14,733
Litigation expenses and reserves	8,290	4,249	5,226
Foreign currency transaction losses (gains)	4,807	12,125	20,929
Other losses (gains)	1,708	(170)	(72)
Other, net	$ 53,421	$ 28,567	$ 33,224

Supplemental Balance Sheet, I_6

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ 1,151,384
Other comprehensive income (loss), net of tax	490	$ 664	$ 17,537
Balance at the end of the period	590,656	1,151,384
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(11,124)	(11,788)
Other comprehensive income (loss) before reclassifications	330	435
Amounts reclassified from accumulated other comprehensive income (loss)	160	229
Other comprehensive income (loss), net of tax	490	664
Balance at the end of the period	(10,634)	(11,124)	(11,788)
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	2	(65)
Amounts reclassified from accumulated other comprehensive income (loss)		67
Other comprehensive income (loss), net of tax		67
Balance at the end of the period	2	2	(65)
Accumulated Defined Benefit Plans Adjustment [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(3,616)	(3,778)
Other comprehensive income (loss) before reclassifications	(1,900)
Amounts reclassified from accumulated other comprehensive income (loss)	160	162
Other comprehensive income (loss), net of tax	(1,740)	162
Balance at the end of the period	(5,356)	(3,616)	(3,778)
Accumulated Translation Adjustment [Member]
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(7,510)	(7,945)
Other comprehensive income (loss) before reclassifications	2,230	435
Other comprehensive income (loss), net of tax	2,230	435
Balance at the end of the period	$ (5,280)	$ (7,510)	$ (7,945)

Supplemental Balance Sheet, I_7

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	$ 171,476	$ 206,274	$ 204,311
General and administrative expenses	213,559	203,515	258,731
Income (loss) from continuing operations before income taxes	(488,089)	(705,567)	(588,922)
Tax expense (benefit)	55,621	57,286	91,576
Net income (loss)	(543,690)	(762,846)	(680,510)
Reclassification out of Accumulated Other Comprehensive Income [Member]
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense		160	567
General and administrative expenses	208	210	217
Income (loss) from continuing operations before income taxes	(208)	(370)	(784)
Tax expense (benefit)	(48)	(141)	(190)
Net income (loss)	$ (160)	$ (229)	$ (594)

Supplemental Balance Sheet, I_8

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Acquisitions of Businesses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Supplemental cash flow information
Cash paid for income taxes	$ 11,221		$ 6,553
Cash received from income tax refund		$ 17,505
Cash paid for interest, net of capitalized interest	161,932	157,437	174,357
Net change in accounts payable related to capital expenditures	$ 9,713	$ (1,188)	(7,624)
Acquisitions of businesses:
Fair value of assets acquired			2,929
Cash paid for acquisitions of businesses			2,929
Cash paid for acquisition of businesses, net of cash acquired			$ (2,929)

Segment Information (Details)

Segment Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
Financial information with respect to reportable segments
Number of reportable segments | segment	5
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	$ 2,017,548	$ 2,134,043	$ 3,043,383
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(80,787)	(171,461)	89,145
Earnings (losses) from unconsolidated affiliates			(5)
Investment income (loss)	1,557	1,438	10,218
Interest expense	(171,476)	(206,274)	(204,311)
(Gain)/loss on debt buybacks and exchanges	13,423	228,274	11,468
Impairments and other charges	(66,731)	(410,631)	(301,939)
Other, net	(53,421)	(28,567)	(33,224)
Income (loss) from continuing operations before income taxes	(488,089)	(705,567)	(588,922)
Depreciation and amortization:
Depreciation and amortization	693,381	853,699	876,091
Capital expenditures
Capital expenditures	243,689	189,706	423,967
ASSETS
Total assets (1)	5,525,364	5,503,428
Operating Segments
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(80,787)	(171,461)	89,145
Intersegment Eliminations
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	(56,387)	(46,829)	(102,985)
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(130,654)	(118,346)	(160,274)
Depreciation and amortization:
Depreciation and amortization	(2,866)	(2,383)	8,758
Capital expenditures
Capital expenditures	1,089	251	(5,676)
ASSETS
Total assets (1)	1,280,198	443,153
US Segment | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	669,656	713,057	1,240,936
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(76,492)	(96,176)	64,313
Depreciation and amortization:
Depreciation and amortization	326,361	398,326	419,680
Capital expenditures
Capital expenditures	53,875	44,606	184,705
ASSETS
Total assets (1)	1,606,683	1,871,008
Canada Segment | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	39,336	54,753	68,274
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	2,893	(11,766)	(14,483)
Depreciation and amortization:
Depreciation and amortization	11,604	24,784	29,766
Capital expenditures
Capital expenditures	2,938	2,018	5,020
ASSETS
Total assets (1)	1,392	174,123
International Excluding Canada | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	1,043,197	1,131,673	1,324,142
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	(40,117)	(56,205)	(8,903)
Depreciation and amortization:
Depreciation and amortization	323,431	377,599	372,883
Capital expenditures
Capital expenditures	173,078	127,888	209,728
ASSETS
Total assets (1)	2,380,703	2,688,912
Drilling Solutions | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	172,473	149,834	252,790
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	32,771	6,167	59,465
Depreciation and amortization:
Depreciation and amortization	26,660	40,074	32,289
Capital expenditures
Capital expenditures	9,919	12,306	23,598
ASSETS
Total assets (1)	65,899	100,278
Rig Technologies | Operating Segments
Operating revenues and earnings (losses) from unconsolidated affiliates:
Total operating revenues	149,273	131,555	260,226
Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:
Adjusted operating income (loss)	158	(13,481)	(11,247)
Depreciation and amortization:
Depreciation and amortization	8,191	15,299	12,715
Capital expenditures
Capital expenditures	2,790	2,637	$ 6,592
ASSETS
Total assets (1)	$ 190,489	$ 225,954

Segment Information - By Geogra

Segment Information - By Geographic Area (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)customer	Dec. 31, 2020USD ($)customer	Dec. 31, 2019USD ($)customer
Financial information with respect to entity's operations by geographic area
Operating revenues	$ 2,017,548	$ 2,134,043	$ 3,043,383
Property, plant and equipment, net	$ 3,332,498	$ 3,985,707	4,930,549
Goodwill			$ 28,380
Sales Revenue | One customer
Financial information with respect to entity's operations by geographic area
Number of customers | customer	1	1	1
Sales Revenue | Customer Concentration Risk | One customer
Financial information with respect to entity's operations by geographic area
Percentage	31.00%	29.00%	22.00%
UNITED STATES
Financial information with respect to entity's operations by geographic area
Operating revenues	$ 804,807	$ 841,531	$ 1,554,442
Property, plant and equipment, net	1,648,622	1,917,203	2,470,579
Goodwill			13,430
Outside the U.S
Financial information with respect to entity's operations by geographic area
Operating revenues	1,212,741	1,292,512	1,488,941
Property, plant and equipment, net	1,683,876	2,068,504	2,459,970
Goodwill			14,950
Saudi Arabia
Financial information with respect to entity's operations by geographic area
Operating revenues	$ 645,000	$ 642,700	$ 696,400

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Operating revenues	$ 2,017,548	$ 2,134,043	$ 3,043,383
UNITED STATES
Disaggregation of Revenue [Line Items]
Operating revenues	804,807	841,531	1,554,442
Saudi Arabia
Disaggregation of Revenue [Line Items]
Operating revenues	645,000	642,700	696,400
Operating Segments | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	679,484	691,963	1,365,077
Operating Segments | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	137,110	135,601	170,262
Operating Segments | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	29,265	39,221	67,899
Operating Segments | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	45,057	59,461	78,875
Operating Segments | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	807,078	827,501	865,889
Operating Segments | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	273,485	235,685	373,065
Operating Segments | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	102,456	191,440	225,301
Operating Segments | US Segment
Disaggregation of Revenue [Line Items]
Operating revenues	669,656	713,057	1,240,936
Operating Segments | US Segment | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	512,880	548,859	1,021,879
Operating Segments | US Segment | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	128,323	126,292	156,931
Operating Segments | US Segment | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	28,453	37,906	62,126
Operating Segments | Canada Segment
Disaggregation of Revenue [Line Items]
Operating revenues	39,336	54,753	68,274
Operating Segments | Canada Segment | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	39,336	54,753	68,274
Operating Segments | International Excluding Canada
Disaggregation of Revenue [Line Items]
Operating revenues	1,043,197	1,131,673	1,324,142
Operating Segments | International Excluding Canada | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	706,267	728,983	765,493
Operating Segments | International Excluding Canada | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	251,153	228,930	355,189
Operating Segments | International Excluding Canada | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	85,777	173,760	203,460
Operating Segments | Drilling Solutions
Disaggregation of Revenue [Line Items]
Operating revenues	172,473	149,834	252,790
Operating Segments | Drilling Solutions | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	97,354	88,919	170,639
Operating Segments | Drilling Solutions | U.S. Offshore Gulf Of Mexico
Disaggregation of Revenue [Line Items]
Operating revenues	8,787	9,309	13,331
Operating Segments | Drilling Solutions | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	753	1,296	4,787
Operating Segments | Drilling Solutions | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	1,342	1,137	1,749
Operating Segments | Drilling Solutions | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	40,492	40,255	43,941
Operating Segments | Drilling Solutions | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	22,104	6,578	15,558
Operating Segments | Drilling Solutions | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	1,641	2,340	2,785
Operating Segments | Rig Services
Disaggregation of Revenue [Line Items]
Operating revenues	149,273	131,555	260,226
Operating Segments | Rig Services | Lower 48
Disaggregation of Revenue [Line Items]
Operating revenues	69,250	54,185	172,559
Operating Segments | Rig Services | Alaska
Disaggregation of Revenue [Line Items]
Operating revenues	59	19	986
Operating Segments | Rig Services | CANADA
Disaggregation of Revenue [Line Items]
Operating revenues	4,379	3,571	8,852
Operating Segments | Rig Services | Middle East & Asia
Disaggregation of Revenue [Line Items]
Operating revenues	60,319	58,263	56,455
Operating Segments | Rig Services | Latin America
Disaggregation of Revenue [Line Items]
Operating revenues	228	177	2,318
Operating Segments | Rig Services | Europe, Africa & CIS
Disaggregation of Revenue [Line Items]
Operating revenues	15,038	15,340	19,056
Intersegment Eliminations
Disaggregation of Revenue [Line Items]
Operating revenues	(56,387)	(46,829)	(102,985)
Intersegment Eliminations | Other.
Disaggregation of Revenue [Line Items]
Operating revenues	$ (56,387)	$ (46,829)	$ (102,985)

Revenue Recognition - Changes i

Revenue Recognition - Changes in Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounts receivables current
Contract Receivables	$ 350	$ 427.2
Contract with customer assets current
Contract Assets (Current)	24.9	23.5
Contract with customer non-current asset
Contract Assets (Long-term)	1.9	6.8
Contract with customer liability current
Contract Liabilities (Current)	42.9	42.8
Contract with customer liability non-current
Contract Liabilities (Long-term)	$ 29.3	$ 44.2
Contract Asset Balance
Contract percentage recognized	74.00%
2022	21.00%
2023 or thereafter	5.00%

Revenue Recognition - Remaining

Revenue Recognition - Remaining Performance Obligation (Details)	12 Months Ended
	Dec. 31, 2021
Remaining performance obligations
Revenue recognized from beginning balance of contract with customer liability (as a percent)	29.00%
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	30.00%
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
Revenue, Remaining performance obligation, expected timing of satisfaction period
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Remaining performance obligations
Percentage of remaining performance obligation expected to be recognized in period	41.00%
Revenue, Remaining performance obligation, expected timing of satisfaction period	12 months

Leases (Details)

Leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Lease Practical Expedient Transition Approach	true
Lease, Practical Expedients, Package [true false]	true
Lease Practical Expedient Lease Capitalization	true
Lease Practical Expedient Separate Lease Non Lease Components	false
Lease Practical Expedient Land Easement	true
Right of use assets	$ 23,049	$ 32,312
Lease liability	24,144	32,961
Impact on retained earnings	718,938	1,256,808	$ 2,050,165	$ 2,750,326
Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact on retained earnings	(1,537,988)	$ (946,100)	$ (104,775)	$ 650,842
Accounting Standards Update 2016-02 | Cumulative effect period of adoption adjustment
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Right of use assets	42,800
Lease liability	42,800
Accounting Standards Update 2016-02 | Cumulative effect period of adoption adjustment | Retained Earnings (Accumulated Deficit)
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Impact on retained earnings	$ 0

Leases - Position Costs (Detail

Leases - Position Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Assets:
Operating lease assets	$ 23,049	$ 32,312
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Other Assets, Noncurrent	Other Assets, Noncurrent
Total lease assets	$ 23,049	$ 32,312
Current liabilities:
Operating lease liabilities	$ 5,422	$ 8,305
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Operating lease liabilities	Operating lease liabilities
Noncurrent liabilities:
Operating lease liabilities	$ 18,722	$ 24,656
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 24,144	$ 32,961
Lease Costs
Operating lease cost	9,848	15,235
Short-term lease cost	593	1,165
Variable lease cost	143	512
Total lease cost	10,584	16,912
Other Information
Operating cash flows for operating leases	$ 9,848	$ 15,235
Lease Terms and Discount Rates
Weighted-average remaining lease term - operating leases	8 years 7 months 6 days	7 years 10 months 28 days
Weighted-average discount rate - operating leases	6.19%	6.07%
Undiscounted Cash Flows
2022	$ 6,856
2023	4,700
2024	2,436
2025	2,185
2026	2,155
Thereafter	13,035
Total undiscounted lease liability	31,367
Less: amount of lease payments representing interest	(7,223)
Long-term lease obligations	$ 24,144	$ 32,961

SCHEDULE II - VALUATION AND Q_2

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Allowance for Doubtful Accounts [Member]
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	$ 69,807	$ 61,782	$ 41,207
Charged to Costs and Other Deductions	2,870	18,929	17,529
Charged to Other Accounts	(393)	(329)	(51)
Deductions	(4,993)	(10,575)	3,097
Balance at End of Period	67,291	69,807	61,782
Inventory Valuation Reserve [Member]
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	23,477	35,048	27,854
Charged to Costs and Other Deductions	392	5,082	11,808
Charged to Other Accounts	418
Deductions	(2,356)	(16,653)	(4,614)
Balance at End of Period	21,931	23,477	35,048
Valuation Allowance of Deferred Tax Assets [Member]
VALUATION AND QUALIFYING ACCOUNTS
Balance at Beginning of Period	3,616,880	2,780,001	1,917,390
Charged to Other Accounts	137,327	836,879	862,611
Balance at End of Period	$ 3,754,207	$ 3,616,880	$ 2,780,001