Nabors Industries (NBR) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 21, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
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, Postal Zip Code	HM08
Entity Address, Country	BM
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 Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		9,539,494
Entity Central Index Key	0001163739
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents		$ 469,438	$ 451,025
Short-term investments		6,294	1,290
Accounts receivable, net of allowance of $52,550 and $52,895, respectively		307,005	327,397
Inventory, net		144,223	127,947
Other current assets		86,283	92,964
Total current assets		1,013,243	1,000,623
Property, plant and equipment, net		2,976,831	3,026,100
Restricted cash held in trust		290,472	284,841
Deferred income taxes		251,761	257,320
Other long-term assets		167,669	160,970
Total assets	[1]	4,699,976	4,729,854
Current liabilities:
Trade accounts payable		306,543	314,041
Accrued liabilities		190,039	247,575
Income taxes payable		37,857	27,990
Current lease liabilities		6,039	6,784
Total current liabilities		540,478	596,390
Long-term debt		2,562,327	2,537,540
Other long-term liabilities		321,114	377,671
Deferred income taxes		2,580	2,858
Total liabilities	[1]	3,426,499	3,514,459
Commitments and contingencies (Note 8)
Redeemable noncontrolling interest in subsidiary		691,095	678,604
Shareholders' equity:
Common shares, par value $0.05 per share: Authorized common shares 32,000; issued 10,630 and 10,505, respectively		531	525
Capital in excess of par value		3,533,240	3,536,373
Accumulated other comprehensive income (loss)		(10,940)	(11,038)
Retained earnings (accumulated deficit)		(1,804,369)	(1,841,153)
Less: treasury shares, at cost, 1,090 and 1,090 common shares, respectively		(1,315,751)	(1,315,751)
Total shareholders' equity		402,711	368,956
Noncontrolling interest		179,671	167,835
Total equity		582,382	536,791
Total liabilities and equity		$ 4,699,976	$ 4,729,854
[1] The condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
CONDENSED CONSOLIDATED BALANCE SHEETS
Allowance for accounts receivable	$ 52,550	$ 52,895
Common shares, par value (in dollars per share)	$ 0.05	$ 0.05
Common shares, shares authorized	32,000	32,000
Common shares, shares issued	10,630	10,505
Treasury shares, common	1,090	1,090

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues and other income:
Operating revenues	$ 779,139	$ 568,539
Investment income (loss)	9,866	163
Total revenues and other income	789,005	568,702
Costs and other deductions:
Direct costs	462,329	372,712
General and administrative expenses	61,730	53,639
Research and engineering	15,074	11,678
Depreciation and amortization	163,031	164,359
Interest expense	45,141	46,910
Other, net	(42,375)	80,401
Total costs and other deductions	704,930	729,699
Income (loss) before income taxes	84,075	(160,997)
Income tax expense (benefit):
Current	18,302	9,950
Deferred	4,713	3,721
Total income tax expense (benefit)	23,015	13,671
Net income (loss)	61,060	(174,668)
Less: Net (income) loss attributable to noncontrolling interest	(11,836)	(9,828)
Net income (loss) attributable to Nabors	$ 49,224	$ (184,496)
Earnings (losses) per share:
Basic (in dollars per share)	$ 4.39	$ (22.51)
Diluted (in dollars per share)	$ 4.11	$ (22.51)
Weighted-average number of common shares outstanding:
Basic (in shares)	9,160	8,311
Diluted (in shares)	9,867	8,311

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ 49,224	$ (184,496)
Other comprehensive income (loss), before tax:
Translation adjustment attributable to Nabors	58	(132)
Pension liability amortization and adjustment	52	1,480
Other comprehensive income (loss), before tax	110	1,348
Income tax expense (benefit) related to items of other comprehensive income (loss)	12	12
Other comprehensive income (loss), net of tax	98	1,336
Comprehensive income (loss) attributable to Nabors	49,322	(183,160)
Comprehensive income (loss) attributable to noncontrolling interest	11,836	9,828
Comprehensive income (loss)	$ 61,158	$ (173,332)

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net income (loss)	$ 61,060	$ (174,668)
Adjustments to net income (loss):
Depreciation and amortization	163,031	164,360
Deferred income tax expense (benefit)	4,713	3,721
Impairments and other charges	5,318
Amortization of debt discount and deferred financing costs	2,020	4,984
Losses (gains) on debt buyback	(24,856)	36
Losses (gains) on long-lived assets, net	337	77
Losses (gains) on investments, net	(354)	1
Share-based compensation	3,980	3,879
Foreign currency transaction losses (gains), net	6,454	4,214
Mark-to-market (gain) loss on warrants	(34,565)	71,752
Noncontrolling interest	(11,836)	(9,828)
Other	47	110
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	19,223	(22,775)
Inventory	(16,272)	(5,621)
Other current assets	6,726	(8,039)
Other long-term assets	(5,458)	2,136
Trade accounts payable and accrued liabilities	(47,375)	2,024
Income taxes payable	9,952	682
Other long-term liabilities	11,905	4,309
Net cash provided by (used for) operating activities	154,050	41,354
Cash flows from investing activities:
Purchases of investments	(11,385)	(1,534)
Capital expenditures	(118,734)	(84,258)
Proceeds from sales of assets	1,982	3,671
Other	6	14
Net cash (used for) provided by investing activities	(128,131)	(82,107)
Cash flows from financing activities:
Proceeds from issuance of long-term debt	250,000
Reduction in long-term debt	(232,549)	(86,127)
Debt issuance costs	(7,870)	(3,858)
Proceeds from revolving credit facilities	85,000	40,000
Reduction in revolving credit facilities	(85,000)	(500,000)
Proceeds from issuance of common shares, net of issuance costs		257
Payments for employee taxes on net settlement of equity awards	(7,071)	(4,523)
Dividends to common and preferred shareholders	(194)	(10)
Distributions to noncontrolling interest		(995)
Net cash (used for) provided by financing activities	2,316	(555,256)
Effect of exchange rate changes on cash and cash equivalents	(3,846)	(1,289)
Net increase (decrease) in cash and cash equivalents and restricted cash	24,389	(597,298)
Cash and cash equivalents and restricted cash, beginning of period	737,140	1,273,510
Cash and cash equivalents and restricted cash, end of period	761,529	676,212
RECONCILIATION OF CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents, beginning of period	451,025	991,471
Restricted cash, beginning of period	286,115	282,039
Cash and cash equivalents and restricted cash, beginning of period	737,140	1,273,510
Cash and cash equivalents, end of period	469,438	394,028
Restricted cash, end of period	$ 292,091	$ 282,184
Restricted cash, Balance Sheet location	Restricted cash held in trust	Restricted cash held in trust
Cash and cash equivalents and restricted cash, end of period	$ 761,529	$ 676,212

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) shares in Thousands, $ in Thousands	Common Shares Adjusted Balance	Common Shares	Capital in Excess of Par Impact of adoption of ASU 2020-06	Capital in Excess of Par Adjusted Balance	Capital in Excess of Par	Accumulated Other Comprehensive Income (Loss) Adjusted Balance	Accumulated Other Comprehensive Income (Loss)	Retained Earnings (Accumulated Loss) Impact of adoption of ASU 2020-06	Retained Earnings (Accumulated Loss) Adjusted Balance	Retained Earnings (Accumulated Loss)	Treasury Shares Adjusted Balance	Treasury Shares	Non-controlling Interest Adjusted Balance	Non-controlling Interest	Impact of adoption of ASU 2020-06	Adjusted Balance	Total
Beginning Balance at Dec. 31, 2021	$ 466	$ 466	$ (81,881)	$ 3,372,682	$ 3,454,563	$ (10,634)	$ (10,634)	$ 60,701	$ (1,477,287)	$ (1,537,988)	$ (1,315,751)	$ (1,315,751)	$ 128,282	$ 128,282	$ (21,180)	$ 697,758	$ 718,938
Beginning Balance (in shares) at Dec. 31, 2021	9,295	9,295
Increase (Decrease) in Equity
Net income (loss)										(184,496)				9,828			(174,668)
PSU distribution equivalent rights										(9)							(9)
Warrant Exercise, net of tax		$ 52			139,436												139,488
Warrant Exercise, net of tax (in shares)		1,024
Other comprehensive income (loss), net of tax							1,336										1,336
Noncontrolling interest contributions (distributions)														(996)			(996)
Share-based compensation					3,879												3,879
Accrued distribution on redeemable noncontrolling interest in subsidiary										(2,545)							(2,545)
Other		$ 5			(4,523)					(175)							(4,693)
Other (in shares)		156
Ending Balance at Mar. 31, 2022		$ 523			3,511,474		(9,298)			(1,664,512)		(1,315,751)		137,114			659,550
Ending Balance (in shares) at Mar. 31, 2022		10,475
Beginning Balance at Dec. 31, 2022		$ 525			3,536,373		(11,038)			(1,841,153)		(1,315,751)		167,835			536,791
Beginning Balance (in shares) at Dec. 31, 2022		10,505
Increase (Decrease) in Equity
Net income (loss)										49,224				11,836			61,060
Other comprehensive income (loss), net of tax							98										98
Vesting of restricted stock awards, net of shares withheld for employee taxes		$ (2)			(7,071)												(7,073)
Vesting of restricted stock awards, net of shares withheld for employee taxes (in shares)		(47)
Share-based compensation		$ 8			3,972												3,980
Share-based compensation (in shares)		172
Deemed dividends to SPAC public shareholders										(5,137)							(5,137)
Accrued distribution on redeemable noncontrolling interest in subsidiary										(7,354)							(7,354)
Other					(34)					51							17
Ending Balance at Mar. 31, 2023		$ 531			$ 3,533,240		$ (10,940)			$ (1,804,369)		$ (1,315,751)		$ 179,671			$ 582,382
Ending Balance (in shares) at Mar. 31, 2023		10,630

General

General	3 Months Ended
	Mar. 31, 2023
General
General	Note 1 General ​ Unless the context requires otherwise, references in this report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries. References in this report to “Nabors Delaware” mean Nabors Industries, Inc., a wholly owned subsidiary of Nabors. ​ Our business is comprised of our global land-based and offshore drilling rig operations and other rig related services and technologies. We provide performance tools, directional drilling services, tubular running services and innovative technologies for our own rig fleet and those operated by third parties. In addition, we manufacture advanced drilling equipment and provide drilling rig instrumentation. Also, we have a portfolio of technologies designed to drive energy efficiency and emissions reductions for both ourselves and our third-party customers. ​ With operations in over 15 countries, we are a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, with a fleet of rigs and drilling-related equipment which, as of March 31, 2023 included: ​ ● 300 actively marketed rigs for land-based drilling operations in the United States and various countries throughout the world; and ​ ● 29 actively marketed rigs for offshore platform drilling operations in the United States and multiple international markets. ​ The short- and long-term implications remain difficult to predict. We continue to actively monitor this dynamic situation. As of March 31, 2023, of our property, plant and equipment, net was located in Russia. For the three months ending March 31, 2023, of our operating revenues were from operations in Russia. We currently have no assets or operations in Ukraine. ​

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies ​ Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or “Commission”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments ​ Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority-owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (a) the power to direct activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​ Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Raw materials ​ $ 130,544 ​ $ 118,351 ​ Work-in-progress ​ 13,287 ​ 6,121 ​ Finished goods ​ 392 ​ 3,475 ​ ​ ​ $ 144,223 ​ $ 127,947 ​ ​ Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“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 was deposited in an interest-bearing U.S. based trust account (“Trust Account”). As of March 31, 2023 and December 31, 2022, the Trust Account balance was million, respectively. 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 invests 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 ​ 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. ​ Business combination agreement ​ In February 2023, NETC entered into a definitive agreement for a business combination with Vast Solar Pty Ltd (“Vast”), a development-stage company specializing in the design and manufacturing of concentrated solar thermal power (CSP) systems. The agreement is subject to certain customary closing conditions, including that Vast meet a minimum cash requirement mandating that it hold at least $50 million at closing, after giving effect to transaction-related expenses and any redemptions by NETC’s public stockholders, of the non-controlling interest redeemable shares. Depending on the levels of redemption by public shareholders, it may be necessary to secure third-party private investment in public equity (“PIPE”) financing in order to meet the minimum cash requirement for closing. The company continues to evaluate what the accounting treatment for its investment in NETC will be after the business combination is complete. ​ ​ ​ Recently adopted accounting pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40 ​ We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or do not have a material impact on our financial statements.

Joint Ventures

Joint Ventures	3 Months Ended
	Mar. 31, 2023
Joint Ventures
Joint Ventures	Note 3 Joint Ventures ​ During 2016, we entered into an agreement with Saudi Aramco to form a joint venture known as SANAD to own, manage and operate onshore drilling rigs in the Kingdom of Saudi Arabia. SANAD is equally owned by Saudi Aramco and Nabors. ​ During 2017, Nabors and Saudi Aramco each contributed $20 million in cash for the purpose of capitalizing the joint venture upon formation. In addition, since inception Nabors and Saudi Aramco have each contributed a combination of drilling rigs, drilling rig equipment and other assets, including cash, each with a value of approximately $394 million to the joint venture. The contributions were received in exchange for redeemable ownership interests which accrue interest annually, have a twenty-five year maturity and are required to be converted to authorized capital should certain events occur, including the accumulation of specified losses. In the accompanying condensed consolidated balance sheet, Nabors has reported Saudi Aramco’s share of authorized capital as a component of noncontrolling interest in equity and Saudi Aramco’s share of the redeemable ownership interests as redeemable noncontrolling interest in subsidiary, classified as mezzanine equity. As of March 31, 2023 and December 31, 2022, the amount included in redeemable noncontrolling interest was $401.1 million and $393.8 million, respectively. 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 2022 and 2021, SANAD settled approximately $20.6 million and $120 million, respectively, of the accrued interest from inception, by making cash payments to each partner for their respective amounts. The assets and liabilities included in the condensed balance sheet below are (a) 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 (b) liabilities for which creditors do not have recourse to other assets of Nabors. ​ The condensed balance sheet of SANAD, as included in our condensed consolidated balance sheet, is presented below. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 301,344 ​ $ 302,949 ​ Accounts receivable ​ 91,063 ​ 92,922 ​ Other current assets ​ 15,578 ​ 14,750 ​ Property, plant and equipment, net ​ 515,105 ​ 489,358 ​ Other long-term assets ​ 22,824 ​ 21,278 ​ Total assets ​ $ 945,914 ​ $ 921,257 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 59,481 ​ $ 62,409 ​ Accrued liabilities ​ 3,373 ​ 6,639 ​ Other liabilities ​ ​ 41,274 ​ ​ 36,312 ​ Total liabilities ​ $ 104,128 ​ $ 105,360 ​ ​

Accounts Receivable Purchase an

Accounts Receivable Purchase and Sales Agreement	3 Months Ended
	Mar. 31, 2023
Accounts Receivable Purchase and Sales Agreements
Accounts Receivable Purchase and Sales Agreements	Note 4 Accounts Receivable Purchase and Sales Agreements ​ The Company entered into an accounts receivable sales agreement (the “A/R Sales Agreement”) and an accounts receivable purchase agreement (the “A/R Purchase Agreement,” and, together with the A/R Sales Agreement, the “A/R Agreements”). As part of the A/R Agreements, the Company continuously sells designated eligible pools of receivables as they are originated by it and certain U.S. subsidiaries to a separate, bankruptcy-remote, special purpose entity (“SPE”) pursuant to the A/R Sales Agreement. Pursuant to the A/R Purchase Agreement, the SPE in turn sells, transfers, conveys and assigns to unaffiliated third-party financial institutions (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 qualifies 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 March 31, 2023 and December 31, 2022 is approximately $58.0 million and $62.3 million, respectively. ​ In July 2021, we entered into the First Amendment to the A/R Purchase Agreement (the “First Amendment”), which reduced the commitments of the Purchasers from $250 million to $150 million and extended the term of the agreements by two years, to August 13, 2023. ​ In June 2022, we entered into the Third Amendment to the A/R Purchase Agreement which extended the term of the A/R Purchase Agreement to August 13, 2024 and increased the commitments of the Purchasers under the A/R Purchase Agreement from $150 million to $250 million. Subject to Purchaser approval, the commitments of the Purchasers may be increased to $300 million. The expiration of the agreement can be accelerated to June 17, 2023 if any of the 5.1% Senior Notes remain outstanding as of such date; or, to October 17, 2023 if $88.5 million or more of the outstanding aggregate principal amount of the 0.75% Senior Exchangeable Notes remain outstanding and not refinanced as of such date. ​ The amount available for sale to the Purchasers under the A/R Purchase Agreement fluctuates over time based on the total amount of Eligible Receivables generated during the normal course of business after excluding excess concentrations and certain other ineligible receivables. As of March 31, 2023, approximately $221.0 million had been sold to and as yet uncollected by the Purchasers. As of December 31, 2022, the corresponding number was approximately $208.0 million. ​

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt
Debt	Note 5 Debt ​ Debt consisted of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) 5.10% senior notes due September 2023 (1) ​ $ 52,035 ​ $ 52,004 ​ 0.75% senior exchangeable notes due January 2024 (2) ​ 167,772 ​ 177,005 ​ 5.75% senior notes due February 2025 ​ ​ 474,092 ​ 474,092 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ — ​ ​ 209,384 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 557,902 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 1.75% senior exchangeable notes due June 2029 ​ 250,000 ​ ​ — ​ ​ ​ $ 2,591,410 ​ $ 2,559,996 ​ Less: deferred financing costs ​ ​ 29,083 ​ ​ 22,456 ​ Long-term debt ​ $ 2,562,327 ​ $ 2,537,540 ​ ​ (1) The 5.10% senior notes due September 2023 were classified as long-term as of March 31, 2023 and December 31, 2022, because we had the ability and intent to refinance these obligations utilizing our 2022 Credit Agreement. ​ (2) The 0.75% senior exchangeable notes due January 2024 were classified as long-term as of March 31, 2023, because we had the ability and intent to refinance these obligations utilizing our 2022 Credit Agreement. ​ During the three months ended March 31, 2023, we repurchased $218.6 million aggregate principal amount of outstanding Nabors Delaware’s notes for approximately $224.9 million in cash, including principal and $31.1 million in accrued and unpaid interest. In connection with these repurchases, we recognized a $24.9 million gain for the three months ended March 31, 2023 which is included in Other, net in our condensed consolidated statement of income (loss). senior priority guaranteed notes due February 2025 accounted for in accordance with ASC 470-60, Troubled Debt Restructuring by Debtors. ​ 1.75% Senior Exchangeable Notes Due June 2029 ​ In February 2023, Nabors Delaware issued $250.0 million in aggregate principal amount of 1.75% senior exchangeable notes due 2029, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of per year payable semiannually on June 15 and December 15 of each year, beginning on December 15, 2023. As of March 31, 2023, there was ​ The exchangeable notes are exchangeable, only under certain conditions, at an exchange rate of 4.7056 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an exchange price of approximately $212.51 per common share). Upon any exchange, Nabors will settle its exchange obligation in cash, common shares of Nabors, or a combination of cash and common shares, at our election. The exchangeable notes are redeemable, in whole or in part, at our option at any time on or after June 15, 2026 only if the last reported sale price per common shares exceed of the principal amount to be redeemed plus accrued and unpaid interest. If a “fundamental change” (as defined in the Indenture) occurs, subject to certain conditions, holders may require us to repurchase for cash any or all of their Exchangeable Notes at a repurchase price equal to of the principal amount of the Exchangeable Notes to be repurchased, plus accrued and unpaid interest. Based on our assessment of the features of the exchangeable notes, it was determined that there are features that need to be assessed for bifurcation as a derivative. As part of the assessment, the features were either not required to be bifurcated based on accounting guidance or would have no value if bifurcated. ​ 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 March 31, 2023 and December 31, 2022, there was approximately million in aggregate principal amount that remained outstanding, respectively. ​ 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). Upon any exchange, as a result of an amendment to the notes, Nabors Delaware will settle its exchange obligation in cash. 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. The adoption of ASU 2020-06 effective January 1, 2022 . ​ 2022 Credit Agreement ​ On January 21, 2022, Nabors Delaware 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 to Nabors Delaware 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, subject to lender approval) 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 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 covenants, which are subject to certain exceptions and include, among others, (a) a covenant restricting our ability to incur liens (subject to the additional liens basket of up to $150.0 million), (b) a covenant restricting its ability to pay dividends or make other distributions with respect to its capital stock and to repurchase certain indebtedness and (c) a covenant restricting the ability of the Company’s subsidiaries to incur debt (subject to the grower basket of up to $100.0 million). The agreement also includes a collateral coverage requirement that the collateral rig fair value is to be no less than the collateral coverage threshold, as defined in the agreement. This requirement includes an independent appraisal report to be delivered every 6 months following the closing date. As of March 31, 2023, we had no borrowings outstanding under our 2022 Credit Agreement. The weighted average interest rate on borrowings under the 2022 Credit Agreement at March 31, 2023 was ​ As of the date of this report, we were in compliance with all covenants under the 2022 Credit Agreement. We expect to remain in compliance with all covenants under the 2022 Credit Agreement during the twelve-month period following the date of this report based on our current operational and financial projections. However, we can make no assurance of continued compliance if our current projections or material underlying assumptions prove to be incorrect. If we fail to comply with the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2023
Shareholders' Equity
Shareholders' Equity	Note 6 Shareholders’ Equity ​ Common share warrants ​ On May 27, 2021, the Board declared a distribution of warrants to purchase its common shares (the “Warrants”) to holders of the Company’s common shares. Holders of Nabors common shares received two million Warrants on June 11, 2021 to shareholders of record as of June 4, 2021. As of March 31, 2023, ​ 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 prior to April 25, 2022 may have been 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 exercised its Warrants. Effective as of April 25, 2022, Warrant holders were no longer entitled to receive any incentive shares when exercising the Warrants. Payment of the exercise price may be in (a) cash or (b)“Designated Notes,” which the Company initially defined as (x) Nabors Delaware’s (i) 5.10% Notes due 2023, (ii) 0.75% Exchangeable Notes due 2024, (iii) 5.75% Notes due 2025 and (y) the Company’s 7.25% Notes due 2026 0.75% Exchangeable Notes due 2024 were removed from the list of Designated Notes. 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 ​ The 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. On March 31, 2023 and December 31, 2022, the fair value of the Warrants was approximately million, respectively. During the three months ended March 31, 2023 and 2022, approximately

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair Value Measurements	Note 7 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. ​ Recurring Fair Value Measurements ​ Our financial assets that are accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 consisted of short-term investments and restricted cash held in trust. During the three months ended March 31, 2023, there were no transfers of our financial assets between Level 1 and Level 2 measures. Our financial assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. As of March 31, 2023 and 2022, our restricted cash held in trust was carried at fair market value and totaled $290.5 million and $284.8 million, respectively, and consisted of Level 1 measurements. No material Level 2 or Level 3 measurements existed for our financial assets for any of the periods presented. ​ Our financial liabilities that are accounted for at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 consisted of the Warrants and are included in other long-term liabilities in the accompanying consolidated financial statements . As of March 31, 2023 and December 31, 2022, the Warrants were carried at fair market value using their trading price and totaled ​ Nonrecurring Fair Value Measurements ​ We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily related to 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 Debt Instruments ​ We estimate the fair value of our financial instruments in accordance with U.S. GAAP. The fair value of our long-term debt and revolving credit facilities is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (Dollars in thousands) 5.10% senior notes due September 2023 $ 52,035 ​ $ 51,764 $ 52,004 ​ $ 51,354 0.75% senior exchangeable notes due January 2024 167,772 ​ 160,583 177,005 ​ 164,898 5.75% senior notes due February 2025 ​ 474,092 ​ 459,718 474,092 ​ 454,773 9.00% senior priority guaranteed notes due February 2025 ​ ​ — ​ ​ — ​ ​ 209,384 ​ 213,507 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 533,577 557,902 ​ 529,432 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 686,210 700,000 ​ 686,686 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 364,183 389,609 ​ 354,400 1.75% senior exchangeable notes due June 2029 250,000 ​ 218,173 — ​ — ​ ​ $ 2,591,410 ​ $ 2,474,208 ​ $ 2,559,996 ​ $ 2,455,050 Less: deferred financing costs ​ ​ 29,083 ​ ​ ​ ​ ​ 22,456 ​ ​ ​ ​ ​ $ 2,562,327 ​ ​ ​ ​ $ 2,537,540 ​ ​ ​ ​ 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.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Commitments and Contingencies	Note 8 Commitments and Contingencies ​ Contingencies ​ Income Tax ​ We operate in a number of countries and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. ​ In certain jurisdictions we have recognized deferred tax assets and liabilities. Judgment and assumptions are required in determining whether deferred tax assets will be fully or partially utilized. When we estimate that all or some portion of certain deferred tax assets such as net operating loss carryforwards will not be utilized, we establish a valuation allowance for the amount we determine to be more likely than not unrealizable. We continually evaluate strategies that could allow for future utilization of our deferred assets. Any change in the ability to utilize such deferred assets will be accounted for in the period of the event affecting the valuation allowance. If facts and circumstances cause us to change our expectations regarding future tax consequences, the resulting adjustments could have a material effect on our financial results or cash flow. At this time, we consider it more likely than not that we will have sufficient taxable income in the future that will allow us to realize the deferred tax assets that we have recognized. However, it is possible that some of our recognized deferred tax assets, relating to net operating loss carryforwards and tax credits, could expire unused or could carryforward indefinitely without utilization. Therefore, unless we are able to generate sufficient taxable income from our component operations, a substantial valuation allowance to reduce our deferred tax assets may be required, which would materially increase our tax expense in the period the allowance is recognized and materially adversely affect our results of operations and statement of financial condition. ​ Litigation ​ Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. ​ In March 2011, the Court of Ouargla entered a judgment of approximately $20.9 million (at March 31, 2023 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 ​ 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 Facility (see Note 4—Accounts Receivable Purchase and Sales Agreements) 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 ​ 2023 2024 2025 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 31,034 8,697 5,127 5,948 ​ $ 50,806 ​ ​

Earnings (Losses) Per Share

Earnings (Losses) Per Share	3 Months Ended
	Mar. 31, 2023
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 9 Earnings (Losses) Per Share ​ ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The participating security holders are not contractually obligated to share in losses. Therefore, losses are not allocated to the participating security holders. ​ Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. ​ Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted shares and the if-converted method for the 1.75% senior exchangeable notes due June 2029 as the instrument contains a provision for share settlement. ​ A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ Income (loss), net of tax ​ $ 61,060 ​ $ (174,668) Less: net (income) loss attributable to noncontrolling interest ​ (11,836) ​ (9,828) Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ (7,354) ​ ​ (2,545) Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ (1,702) ​ ​ — Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ Adjusted income (loss), net of tax - basic ​ $ 40,168 ​ $ (187,041) ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 9,160 ​ 8,311 Earnings (losses) per share: ​ ​ ​ ​ ​ ​ Total Basic ​ $ 4.39 ​ $ (22.51) DILUTED EPS: ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ $ 40,168 ​ $ (187,041) Add: after tax interest expense of convertible notes ​ ​ 424 ​ ​ — Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ 9 ​ ​ — Adjusted income (loss), net of tax - diluted ​ $ 40,601 ​ $ (187,041) ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 9,160 ​ 8,311 Add: if converted dilutive effect of convertible notes ​ ​ 659 ​ ​ — Add: dilutive effect of potential common shares ​ ​ 48 ​ ​ — Weighted-average number of shares outstanding - diluted ​ ​ 9,867 ​ ​ 8,311 Earnings (losses) per share: ​ ​ ​ ​ ​ ​ Total Diluted ​ $ 4.11 ​ $ (22.51) ​ ​ ​ ​ ​ ​ ​ ​ For all periods presented, the computation of diluted earnings (losses) per share excludes shares related to outstanding stock options with exercise prices greater than the average market price of Nabors’ common shares and shares related to the outstanding Warrants when their exercise price or exchange price is higher 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 the stock options, such stock options or warrants 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, 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 and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Potentially dilutive securities excluded as anti-dilutive ​ ​ 3,378 ​ ​ 3,397 ​

Supplemental Balance Sheet and

Supplemental Balance Sheet and Income Statement Information	3 Months Ended
	Mar. 31, 2023
Supplemental Balance Sheet and Income Statement Information
Supplemental Balance Sheet and Income Statement Information	Note 10 Supplemental Balance Sheet and Income Statement Information ​ Accrued liabilities included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Accrued compensation ​ $ 51,500 ​ $ 64,926 ​ Deferred revenue ​ 28,981 ​ ​ 37,808 ​ Other taxes payable ​ 33,164 ​ ​ 39,621 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 40,291 ​ 69,174 ​ Litigation reserves ​ 18,641 ​ 18,681 ​ Other accrued liabilities ​ 10,874 ​ 10,777 ​ ​ ​ $ 190,039 ​ $ 247,575 ​ ​ Investment income (loss) includes the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 ​ (In thousands) ​ Interest and dividend income $ 9,514 ​ $ 397 ​ Gains (losses) on marketable securities 352 ​ (234) ​ ​ $ 9,866 ​ $ 163 ​ ​ Other, net included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 336 ​ $ 76 ​ Energy transition initiatives ​ ​ ​ 7,100 ​ ​ — ​ Warrant and derivative valuation ​ ​ ​ (34,314) ​ ​ 73,202 ​ Litigation expenses and reserves ​ ​ ​ 2,603 ​ ​ 3,112 ​ Foreign currency transaction losses (gains) ​ ​ ​ 6,454 ​ ​ 4,214 ​ (Gain) loss on debt buyback ​ ​ ​ (24,856) ​ ​ 36 ​ Other losses (gains) ​ ​ ​ 302 ​ ​ (239) ​ ​ ​ ​ $ (42,375) ​ $ 80,401 ​ ​ The changes in accumulated other comprehensive income (loss), by component, included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains ​ Defined ​ ​ ​ ​ ​ ​ ​ ​ (losses) on ​ benefit ​ Foreign ​ ​ ​ ​ ​ cash flow ​ pension plan ​ currency ​ ​ ​ ​ hedges items items Total ​ ​ (In thousands (1) ) As of January 1, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ 1,428 ​ (132) ​ ​ 1,296 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 40 ​ ​ — ​ ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 1,468 ​ (132) ​ 1,336 ​ As of March 31, 2022 ​ $ 2 ​ $ (3,888) ​ $ (5,412) ​ $ (9,298) ​ (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, 2023 ​ $ 2 ​ $ (3,767) ​ $ (7,273) ​ $ (11,038) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 58 ​ 58 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 40 ​ — ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 40 ​ 58 ​ 98 ​ As of March 31, 2023 ​ $ 2 ​ $ (3,727) ​ $ (7,215) ​ $ (10,940) ​ (1) All amounts are net of tax. ​ The line items that were reclassified to net income included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ Total income (loss) before income tax ​ ​ (52) ​ (52) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​ ​

Segment Information

Segment Information	3 Months Ended
	Mar. 31, 2023
Segment Information
Segment Information	Note 11 Segment Information ​ The following table sets forth financial information with respect to our reportable operating segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 350,652 ​ $ 217,583 ​ International Drilling ​ ​ 320,048 ​ 279,030 ​ Drilling Solutions ​ ​ 75,043 ​ 54,182 ​ Rig Technologies ​ ​ 58,479 ​ 36,736 ​ Other reconciling items (1) ​ ​ (25,083) ​ (18,992) ​ Total ​ ​ $ 779,139 ​ $ 568,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 85,869 ​ $ (5,851) ​ International Drilling ​ ​ 1,957 ​ (6,327) ​ Drilling Solutions ​ ​ 27,138 ​ 14,709 ​ Rig Technologies ​ ​ 3,694 ​ (2,751) ​ Total segment adjusted operating income (loss) ​ ​ $ 118,658 ​ $ (220) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 61,060 ​ $ (174,668) ​ Income tax expense (benefit) ​ ​ ​ 23,015 ​ ​ 13,671 ​ Income (loss) before income taxes ​ ​ ​ 84,075 ​ $ (160,997) ​ Investment (income) loss ​ ​ (9,866) ​ ​ (163) ​ Interest expense ​ ​ ​ 45,141 ​ ​ 46,910 ​ Other, net ​ ​ ​ (42,375) ​ ​ 80,401 ​ Other reconciling items (3) ​ ​ 41,683 ​ 33,629 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 118,658 ​ $ (220) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,345,122 ​ $ 1,389,459 ​ International Drilling ​ 2,229,068 ​ 2,273,766 ​ Drilling Solutions ​ 72,002 ​ 63,652 ​ Rig Technologies ​ 225,006 ​ 207,345 ​ Other reconciling items (3) ​ 828,778 ​ 795,632 ​ Total ​ $ 4,699,976 ​ $ 4,729,854 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (2) Adjusted operating income (loss) represents income (loss) before income taxes, interest expense, investment income (loss), and other, net. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation from net income (loss) is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition

Revenue Recognition	3 Months Ended
	Mar. 31, 2023
Revenue Recognition
Revenue Recognition	Note 12 Revenue Recognition ​ We recognize revenue when control of a good or service promised in a contract (i.e., performance obligation) is transferred to a customer. Control is obtained when a customer has the ability to direct the use of and obtain substantially all of the remaining benefits from that good or service. Contract drilling revenues are recorded over time utilizing the input method based on time elapsed. The measurement of progress considers the transfer of the service to the customer as we provide daily drilling services. We receive payment after the services have been performed by billing customers periodically (typically monthly). However, a portion of our revenues are recognized at a point-in-time as control is transferred at a distinct point in time such as with the sale of our top drives and other capital equipment. Within our drilling contracts, we have identified one performance obligation in which the transaction price is allocated. ​ Disaggregation of revenue ​ In the following table, revenue is disaggregated by geographical region. The table also includes a reconciliation of the disaggregated revenue with the reportable segments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ ​ ​ U.S. Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 306,118 ​ $ — ​ $ 51,782 ​ $ 32,959 ​ $ — ​ $ 390,859 ​ U.S. Offshore Gulf of Mexico ​ 31,659 ​ — ​ 2,833 ​ — ​ — ​ ​ 34,492 ​ Alaska ​ 12,875 ​ — ​ 451 ​ — ​ — ​ ​ 13,326 ​ Canada ​ — ​ — ​ 358 ​ 1,869 ​ — ​ ​ 2,227 ​ Middle East & Asia ​ — ​ 222,952 ​ 10,268 ​ 17,729 ​ — ​ ​ 250,949 ​ Latin America ​ — ​ 81,052 ​ 9,071 ​ 2,314 ​ — ​ ​ 92,437 ​ Europe, Africa & CIS ​ — ​ 16,044 ​ 280 ​ 3,608 ​ — ​ ​ 19,932 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (25,083) ​ (25,083) ​ Total ​ $ 350,652 ​ $ 320,048 ​ $ 75,043 ​ $ 58,479 ​ $ (25,083) ​ $ 779,139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2022 ​ ​ ​ U.S. Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 172,797 ​ $ — ​ $ 34,060 ​ $ 22,688 ​ $ — ​ $ 229,545 U.S. Offshore Gulf of Mexico ​ 30,440 ​ — ​ 3,236 ​ — ​ — ​ ​ 33,676 Alaska ​ 14,346 ​ — ​ 276 ​ — ​ — ​ ​ 14,622 Canada ​ — ​ — ​ 436 ​ 979 ​ — ​ ​ 1,415 Middle East & Asia ​ — ​ 190,696 ​ 10,026 ​ 10,800 ​ — ​ ​ 211,522 Latin America ​ — ​ 68,895 ​ 5,929 ​ — ​ — ​ ​ 74,824 Europe, Africa & CIS ​ — ​ 19,439 ​ 219 ​ 2,269 ​ — ​ ​ 21,927 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,992) ​ (18,992) Total ​ $ 217,583 ​ $ 279,030 ​ $ 54,182 ​ $ 36,736 ​ $ (18,992) ​ $ 568,539 ​ Contract balances ​ We perform our obligations under a contract with a customer by transferring goods or services in exchange for consideration from the customer. We recognize a contract asset or liability when we transfer goods or services to a customer and bill an amount which differs from the revenue allocated to the related performance obligations. ​ The timing of revenue recognition may differ from the timing of invoicing to customers and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on our condensed consolidated balance sheet. In general, we receive payments from customers based on dayrates as stipulated in our contracts (e.g., operating rate, standby rate, etc.). 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, 2022 ​ $ 401.9 ​ $ 23.6 ​ $ 0.1 ​ $ 29.2 ​ $ 3.2 As of March 31, 2023 ​ $ 355.9 ​ $ 24.6 ​ $ 2.4 ​ $ 23.0 ​ $ — ​ Approximately 90% of the contract liability balance at the beginning of the period is expected to be recognized as revenue during 2023 2024 ​ Additionally, 97% of the contract asset balance at the beginning of the period is expected to be recognized as expense during 2023, of which 30% was recognized during the three months ended March 31, 2023, and 3% is expected to be recognized during 2024. 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.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information ​ The accompanying unaudited condensed consolidated financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“U.S. GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC” or “Commission”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2022 (“2022 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments ​
Principles of Consolidation	Principles of Consolidation ​ Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority-owned and non-majority owned subsidiaries consolidated in accordance with U.S. GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. ​ In addition to the consolidation of our majority owned subsidiaries, we also consolidate variable interest entities (“VIE”) when we are determined to be the primary beneficiary of a VIE. Determination of the primary beneficiary of a VIE is based on whether an entity has (a) the power to direct activities that most significantly impact the economic performance of the VIE and (b) the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. Our joint venture, SANAD, which is equally owned by Saudi Aramco and Nabors, has been consolidated. As we have the power to direct activities that most significantly impact SANAD’s economic performance, including operations, maintenance and certain sourcing and procurement, we have determined Nabors to be the primary beneficiary. See Note 3—Joint Ventures. ​
Inventory	Inventory ​ Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Raw materials ​ $ 130,544 ​ $ 118,351 ​ Work-in-progress ​ 13,287 ​ 6,121 ​ Finished goods ​ 392 ​ 3,475 ​ ​ ​ $ 144,223 ​ $ 127,947 ​ ​
Special Purpose Acquisition Company	Special Purpose Acquisition Company ​ Nabors Energy Transition Corp. (“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 was deposited in an interest-bearing U.S. based trust account (“Trust Account”). As of March 31, 2023 and December 31, 2022, the Trust Account balance was million, respectively. 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 invests 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 ​ 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. ​ Business combination agreement ​ In February 2023, NETC entered into a definitive agreement for a business combination with Vast Solar Pty Ltd (“Vast”), a development-stage company specializing in the design and manufacturing of concentrated solar thermal power (CSP) systems. The agreement is subject to certain customary closing conditions, including that Vast meet a minimum cash requirement mandating that it hold at least $50 million at closing, after giving effect to transaction-related expenses and any redemptions by NETC’s public stockholders, of the non-controlling interest redeemable shares. Depending on the levels of redemption by public shareholders, it may be necessary to secure third-party private investment in public equity (“PIPE”) financing in order to meet the minimum cash requirement for closing. The company continues to evaluate what the accounting treatment for its investment in NETC will be after the business combination is complete. ​ ​
Recently Accounting Pronouncements Adopted	Recently adopted accounting pronouncements ​ In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-06, Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging Contracts in Entity’s Own Equity (Subtopic 815-40 ​ We consider the applicability and impact of all ASUs. We assessed ASUs not listed above and determined that they either were not applicable or do not have a material impact on our financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Schedule of inventory, net	Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Raw materials ​ $ 130,544 ​ $ 118,351 ​ Work-in-progress ​ 13,287 ​ 6,121 ​ Finished goods ​ 392 ​ 3,475 ​ ​ ​ $ 144,223 ​ $ 127,947 ​ ​

Joint Ventures (Tables)

Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2023
Joint Ventures
Schedule of condensed balance sheet of SANAD	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Assets: ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 301,344 ​ $ 302,949 ​ Accounts receivable ​ 91,063 ​ 92,922 ​ Other current assets ​ 15,578 ​ 14,750 ​ Property, plant and equipment, net ​ 515,105 ​ 489,358 ​ Other long-term assets ​ 22,824 ​ 21,278 ​ Total assets ​ $ 945,914 ​ $ 921,257 ​ Liabilities: ​ ​ ​ ​ ​ ​ ​ Accounts payable ​ $ 59,481 ​ $ 62,409 ​ Accrued liabilities ​ 3,373 ​ 6,639 ​ Other liabilities ​ ​ 41,274 ​ ​ 36,312 ​ Total liabilities ​ $ 104,128 ​ $ 105,360 ​

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt
Schedule of debt	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) 5.10% senior notes due September 2023 (1) ​ $ 52,035 ​ $ 52,004 ​ 0.75% senior exchangeable notes due January 2024 (2) ​ 167,772 ​ 177,005 ​ 5.75% senior notes due February 2025 ​ ​ 474,092 ​ 474,092 ​ 9.00% senior priority guaranteed notes due February 2025 ​ ​ — ​ ​ 209,384 ​ 7.25% senior guaranteed notes due January 2026 ​ ​ 557,902 ​ 557,902 ​ 7.375% senior priority guaranteed notes due May 2027 ​ ​ 700,000 ​ 700,000 ​ 7.50% senior guaranteed notes due January 2028 ​ ​ 389,609 ​ 389,609 ​ 1.75% senior exchangeable notes due June 2029 ​ 250,000 ​ ​ — ​ ​ ​ $ 2,591,410 ​ $ 2,559,996 ​ Less: deferred financing costs ​ ​ 29,083 ​ ​ 22,456 ​ Long-term debt ​ $ 2,562,327 ​ $ 2,537,540 ​ ​ (1) The 5.10% senior notes due September 2023 were classified as long-term as of March 31, 2023 and December 31, 2022, because we had the ability and intent to refinance these obligations utilizing our 2022 Credit Agreement. ​ (2) The 0.75% senior exchangeable notes due January 2024 were classified as long-term as of March 31, 2023, because we had the ability and intent to refinance these obligations utilizing our 2022 Credit Agreement. ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurements
Fair value of debt instruments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 ​ December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying ​ Fair ​ Carrying ​ Fair ​ ​ Value ​ Value ​ Value ​ Value ​ (Dollars in thousands) 5.10% senior notes due September 2023 $ 52,035 ​ $ 51,764 $ 52,004 ​ $ 51,354 0.75% senior exchangeable notes due January 2024 167,772 ​ 160,583 177,005 ​ 164,898 5.75% senior notes due February 2025 ​ 474,092 ​ 459,718 474,092 ​ 454,773 9.00% senior priority guaranteed notes due February 2025 ​ ​ — ​ ​ — ​ ​ 209,384 ​ 213,507 7.25% senior guaranteed notes due January 2026 ​ 557,902 ​ 533,577 557,902 ​ 529,432 7.375% senior priority guaranteed notes due May 2027 ​ 700,000 ​ 686,210 700,000 ​ 686,686 7.50% senior guaranteed notes due January 2028 ​ 389,609 ​ 364,183 389,609 ​ 354,400 1.75% senior exchangeable notes due June 2029 250,000 ​ 218,173 — ​ — ​ ​ $ 2,591,410 ​ $ 2,474,208 ​ $ 2,559,996 ​ $ 2,455,050 Less: deferred financing costs ​ ​ 29,083 ​ ​ ​ ​ ​ 22,456 ​ ​ ​ ​ ​ $ 2,562,327 ​ ​ ​ ​ $ 2,537,540 ​ ​ ​ ​

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies
Summary of financial guarantees maturity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum Amount ​ 2023 2024 2025 Thereafter Total ​ ​ (In thousands) Financial standby letters of credit and other financial surety instruments ​ $ 31,034 8,697 5,127 5,948 ​ $ 50,806 ​

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings (Losses) Per Share
Reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations	A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 ​ (In thousands, except per share amounts) BASIC EPS: ​ ​ ​ ​ ​ ​ Net income (loss) (numerator): ​ ​ ​ ​ ​ ​ Income (loss), net of tax ​ $ 61,060 ​ $ (174,668) Less: net (income) loss attributable to noncontrolling interest ​ (11,836) ​ (9,828) Less: accrued distribution on redeemable noncontrolling interest in subsidiary ​ ​ (7,354) ​ ​ (2,545) Less: distributed and undistributed earnings allocated to unvested shareholders ​ ​ (1,702) ​ ​ — Numerator for basic earnings per share: ​ ​ ​ ​ ​ ​ Adjusted income (loss), net of tax - basic ​ $ 40,168 ​ $ (187,041) ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 9,160 ​ 8,311 Earnings (losses) per share: ​ ​ ​ ​ ​ ​ Total Basic ​ $ 4.39 ​ $ (22.51) DILUTED EPS: ​ ​ ​ ​ ​ ​ Adjusted income (loss) from continuing operations, net of tax - basic ​ $ 40,168 ​ $ (187,041) Add: after tax interest expense of convertible notes ​ ​ 424 ​ ​ — Add: effect of reallocating undistributed earnings of unvested shareholders ​ ​ 9 ​ ​ — Adjusted income (loss), net of tax - diluted ​ $ 40,601 ​ $ (187,041) ​ ​ ​ ​ ​ ​ ​ Weighted-average number of shares outstanding - basic ​ 9,160 ​ 8,311 Add: if converted dilutive effect of convertible notes ​ ​ 659 ​ ​ — Add: dilutive effect of potential common shares ​ ​ 48 ​ ​ — Weighted-average number of shares outstanding - diluted ​ ​ 9,867 ​ ​ 8,311 Earnings (losses) per share: ​ ​ ​ ​ ​ ​ Total Diluted ​ $ 4.11 ​ $ (22.51) ​ ​ ​ ​ ​ ​ ​ ​
Potentially dilutive securities excluded as anti-dilutive	The average number of shares from options and shares related to outstanding Warrants that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 Potentially dilutive securities excluded as anti-dilutive ​ ​ 3,378 ​ ​ 3,397

Supplemental Balance Sheet an_2

Supplemental Balance Sheet and Income Statement Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Balance Sheet and Income Statement Information
Schedule of accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Accrued compensation ​ $ 51,500 ​ $ 64,926 ​ Deferred revenue ​ 28,981 ​ ​ 37,808 ​ Other taxes payable ​ 33,164 ​ ​ 39,621 ​ Workers’ compensation liabilities ​ 6,588 ​ 6,588 ​ Interest payable ​ 40,291 ​ 69,174 ​ Litigation reserves ​ 18,641 ​ 18,681 ​ Other accrued liabilities ​ 10,874 ​ 10,777 ​ ​ ​ $ 190,039 ​ $ 247,575 ​ ​
Schedule of investment income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, ​ ​ 2023 2022 ​ (In thousands) ​ Interest and dividend income $ 9,514 ​ $ 397 ​ Gains (losses) on marketable securities 352 ​ (234) ​ ​ $ 9,866 ​ $ 163 ​ ​
Schedule of other, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets ​ ​ $ 336 ​ $ 76 ​ Energy transition initiatives ​ ​ ​ 7,100 ​ ​ — ​ Warrant and derivative valuation ​ ​ ​ (34,314) ​ ​ 73,202 ​ Litigation expenses and reserves ​ ​ ​ 2,603 ​ ​ 3,112 ​ Foreign currency transaction losses (gains) ​ ​ ​ 6,454 ​ ​ 4,214 ​ (Gain) loss on debt buyback ​ ​ ​ (24,856) ​ ​ 36 ​ Other losses (gains) ​ ​ ​ 302 ​ ​ (239) ​ ​ ​ ​ $ (42,375) ​ $ 80,401 ​ ​
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, 2022 ​ $ 2 ​ $ (5,356) ​ $ (5,280) ​ $ (10,634) ​ Other comprehensive income (loss) before reclassifications ​ — ​ ​ 1,428 ​ (132) ​ ​ 1,296 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ ​ 40 ​ ​ — ​ ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 1,468 ​ (132) ​ 1,336 ​ As of March 31, 2022 ​ $ 2 ​ $ (3,888) ​ $ (5,412) ​ $ (9,298) ​ (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, 2023 ​ $ 2 ​ $ (3,767) ​ $ (7,273) ​ $ (11,038) ​ Other comprehensive income (loss) before reclassifications ​ — ​ — ​ 58 ​ 58 ​ Amounts reclassified from accumulated other comprehensive income (loss) ​ — ​ 40 ​ — ​ 40 ​ Net other comprehensive income (loss) ​ — ​ 40 ​ 58 ​ 98 ​ As of March 31, 2023 ​ $ 2 ​ $ (3,727) ​ $ (7,215) ​ $ (10,940) ​ (1) All amounts are net of tax. ​
Schedule of line items that were reclassified to net income	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) General and administrative expenses ​ ​ $ 52 ​ $ 52 ​ Total income (loss) before income tax ​ ​ (52) ​ (52) ​ Tax expense (benefit) ​ ​ ​ (12) ​ ​ (12) ​ Reclassification adjustment for (gains)/ losses included in net income (loss) ​ ​ $ (40) ​ $ (40) ​

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Information
Financial information with respect to operating segments	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Operating revenues: ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 350,652 ​ $ 217,583 ​ International Drilling ​ ​ 320,048 ​ 279,030 ​ Drilling Solutions ​ ​ 75,043 ​ 54,182 ​ Rig Technologies ​ ​ 58,479 ​ 36,736 ​ Other reconciling items (1) ​ ​ (25,083) ​ (18,992) ​ Total ​ ​ $ 779,139 ​ $ 568,539 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Adjusted operating income (loss): (2) ​ ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ ​ $ 85,869 ​ $ (5,851) ​ International Drilling ​ ​ 1,957 ​ (6,327) ​ Drilling Solutions ​ ​ 27,138 ​ 14,709 ​ Rig Technologies ​ ​ 3,694 ​ (2,751) ​ Total segment adjusted operating income (loss) ​ ​ $ 118,658 ​ $ (220) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ March 31, ​ ​ ​ 2023 2022 ​ (In thousands) Reconciliation of segment adjusted operating income (loss) to net income (loss): ​ ​ ​ ​ ​ ​ ​ ​ Net income (loss) ​ ​ $ 61,060 ​ $ (174,668) ​ Income tax expense (benefit) ​ ​ ​ 23,015 ​ ​ 13,671 ​ Income (loss) before income taxes ​ ​ ​ 84,075 ​ $ (160,997) ​ Investment (income) loss ​ ​ (9,866) ​ ​ (163) ​ Interest expense ​ ​ ​ 45,141 ​ ​ 46,910 ​ Other, net ​ ​ ​ (42,375) ​ ​ 80,401 ​ Other reconciling items (3) ​ ​ 41,683 ​ 33,629 ​ Total segment adjusted operating income (loss) (2) ​ ​ $ 118,658 ​ $ (220) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2023 2022 ​ ​ (In thousands) Total assets: ​ ​ ​ ​ ​ ​ ​ U.S. Drilling ​ $ 1,345,122 ​ $ 1,389,459 ​ International Drilling ​ 2,229,068 ​ 2,273,766 ​ Drilling Solutions ​ 72,002 ​ 63,652 ​ Rig Technologies ​ 225,006 ​ 207,345 ​ Other reconciling items (3) ​ 828,778 ​ 795,632 ​ Total ​ $ 4,699,976 ​ $ 4,729,854 ​ (1) Represents the elimination of inter-segment transactions related to our Rig Technologies operating segment. ​ (2) Adjusted operating income (loss) represents income (loss) before income taxes, interest expense, investment income (loss), and other, net. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation from net income (loss) is provided in the above table. ​ (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses and assets.

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	Mar. 31, 2023
Revenue Recognition
Schedule of revenue, disaggregated by geographical region	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ March 31, 2023 ​ ​ ​ ​ U.S. Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ ​ (In thousands) ​ Lower 48 ​ $ 306,118 ​ $ — ​ $ 51,782 ​ $ 32,959 ​ $ — ​ $ 390,859 ​ U.S. Offshore Gulf of Mexico ​ 31,659 ​ — ​ 2,833 ​ — ​ — ​ ​ 34,492 ​ Alaska ​ 12,875 ​ — ​ 451 ​ — ​ — ​ ​ 13,326 ​ Canada ​ — ​ — ​ 358 ​ 1,869 ​ — ​ ​ 2,227 ​ Middle East & Asia ​ — ​ 222,952 ​ 10,268 ​ 17,729 ​ — ​ ​ 250,949 ​ Latin America ​ — ​ 81,052 ​ 9,071 ​ 2,314 ​ — ​ ​ 92,437 ​ Europe, Africa & CIS ​ — ​ 16,044 ​ 280 ​ 3,608 ​ — ​ ​ 19,932 ​ Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (25,083) ​ (25,083) ​ Total ​ $ 350,652 ​ $ 320,048 ​ $ 75,043 ​ $ 58,479 ​ $ (25,083) ​ $ 779,139 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ March 31, 2022 ​ ​ ​ U.S. Drilling ​ ​ International Drilling ​ ​ Drilling Solutions ​ ​ Rig Technologies ​ ​ Other ​ ​ Total ​ ​ (In thousands) Lower 48 ​ $ 172,797 ​ $ — ​ $ 34,060 ​ $ 22,688 ​ $ — ​ $ 229,545 U.S. Offshore Gulf of Mexico ​ 30,440 ​ — ​ 3,236 ​ — ​ — ​ ​ 33,676 Alaska ​ 14,346 ​ — ​ 276 ​ — ​ — ​ ​ 14,622 Canada ​ — ​ — ​ 436 ​ 979 ​ — ​ ​ 1,415 Middle East & Asia ​ — ​ 190,696 ​ 10,026 ​ 10,800 ​ — ​ ​ 211,522 Latin America ​ — ​ 68,895 ​ 5,929 ​ — ​ — ​ ​ 74,824 Europe, Africa & CIS ​ — ​ 19,439 ​ 219 ​ 2,269 ​ — ​ ​ 21,927 Eliminations & other ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (18,992) ​ (18,992) Total ​ $ 217,583 ​ $ 279,030 ​ $ 54,182 ​ $ 36,736 ​ $ (18,992) ​ $ 568,539 ​
Summary of receivables, 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, 2022 ​ $ 401.9 ​ $ 23.6 ​ $ 0.1 ​ $ 29.2 ​ $ 3.2 As of March 31, 2023 ​ $ 355.9 ​ $ 24.6 ​ $ 2.4 ​ $ 23.0 ​ $ — ​

General (Details)

General (Details)	3 Months Ended
	Mar. 31, 2023 country item
Nature of Operations
Actively marketed rigs for land based drilling operations	300
Actively marketed rigs for offshore based drilling operations	29
Minimum
Nature of Operations
Number of countries with company operations | country	15
Geographic Concentration Risk | Property, Plant and Equipment, Net | Russia
Nature of Operations
Concentration risk (as a percent)	1.10%
Geographic Concentration Risk | Sales Revenue | Russia
Nature of Operations
Concentration risk (as a percent)	1.20%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Inventory (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory
Raw materials	$ 130,544	$ 118,351
Work-in-progress	13,287	6,121
Finished goods	392	3,475
Total inventory, net of reserves	$ 144,223	$ 127,947

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Special Purpose Acquisition Company (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Feb. 28, 2023	Dec. 31, 2022	Nov. 16, 2021
Summary of Significant Accounting Policies
Restricted cash held in trust	$ 290,472		$ 284,841
Redeemable noncontrolling interest	691,095		678,604
Variable Interest Entity, Primary Beneficiary
Summary of Significant Accounting Policies
Restricted cash held in trust	290,500		284,800	$ 281,500
Redeemable noncontrolling interest	$ 290,000		$ 284,800
Vast Solar Pty Ltd.
Summary of Significant Accounting Policies
Minimum cash requirement		$ 50,000

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Recent Accounting Pronouncements Adopted (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2022
Summary of Significant Accounting Policies
Retained earnings (accumulated deficit)	$ (1,804,369)	$ (1,841,153)
ASU 2020-06 | Cumulative effect period of adoption adjustment
Summary of Significant Accounting Policies
Unamortized debt discount			$ (27,500)
Retained earnings (accumulated deficit)			60,700
Capital in excess of par value			$ (81,900)

Joint Ventures (Details)

Joint Ventures (Details) - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2017	Mar. 31, 2023	Mar. 31, 2022
Joint Ventures
Redeemable noncontrolling interest		$ 678,604			$ 691,095
Assets:
Cash and cash equivalents		451,025	$ 991,471		469,438	$ 394,028
Accounts receivable		327,397			307,005
Other current assets		92,964			86,283
Property, plant and equipment, net		3,026,100			2,976,831
Other long-term assets		160,970			167,669
Total assets	[1]	4,729,854			4,699,976
Liabilities:
Accounts payable		314,041			306,543
Other liabilities		377,671			321,114
Total liabilities	[1]	3,514,459			3,426,499
SANAD
Joint Ventures
Cash contribution for capitalizing the joint venture upon formation				$ 20,000
Additional contribution amount				$ 394,000
Maturity period				25 years
Variable Interest Entity, Primary Beneficiary
Joint Ventures
Redeemable noncontrolling interest		284,800			290,000
SANAD
Joint Ventures
Redeemable noncontrolling interest		393,800			401,100
Settled accrued interest		20,600	$ 120,000
Assets:
Cash and cash equivalents		302,949			301,344
Accounts receivable		92,922			91,063
Other current assets		14,750			15,578
Property, plant and equipment, net		489,358			515,105
Other long-term assets		21,278			22,824
Total assets		921,257			945,914
Liabilities:
Accounts payable		62,409			59,481
Accrued liabilities		6,639			3,373
Other liabilities		36,312			41,274
Total liabilities		$ 105,360			$ 104,128
[1] The condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Accounts Receivable Purchase _2

Accounts Receivable Purchase and Sales Agreement (Details) - USD ($) $ in Millions	Jul. 01, 2021	Mar. 31, 2023	Dec. 31, 2022	Jun. 01, 2022	Jun. 30, 2021	Jan. 31, 2017
5.10% senior notes due September 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		0.75%	0.75%			0.75%
A/R Purchase Agreement
Accounts Receivable Sales Agreement
Agreement amount					$ 250
Receivables sold		$ 221	$ 208
A/R Purchase Agreement | Asset Pledged as Collateral
Accounts Receivable Sales Agreement
Balance of receivables		$ 58	$ 62.3
A/R Purchase Agreement, First Amendment
Accounts Receivable Sales Agreement
Agreement amount	$ 150
Agreement expiration term extension (in years)	2 years
A/R Purchase Agreement, Third Amendment
Accounts Receivable Sales Agreement
Agreement amount				$ 250
A/R Purchase Agreement, Third Amendment | 5.10% senior notes due September 2023 | Accelerated Expiration of Agreement, June 17, 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		5.10%
A/R Purchase Agreement, Third Amendment | 0.75% senior exchangeable notes due January 2024 | Accelerated Expiration of Agreement, October 17, 2023
Accounts Receivable Sales Agreement
Interest rate on senior notes (as a percent)		0.75%
Threshold amount of remaining principal balance		$ 88.5
A/R Purchase Agreement, Third Amendment | Maximum
Accounts Receivable Sales Agreement
Agreement amount				$ 300

Debt - Summary (Details)

Debt - Summary (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023	Dec. 31, 2022	Jan. 31, 2017
Debt
Long-term Debt, Gross	$ 2,591,410			$ 2,559,996
Less: deferred financing costs	29,083			22,456
Long-term debt	2,562,327			2,537,540
Gain on repurchase of debt	24,856	$ (36)
5.10% senior notes due September 2023
Debt
Long-term Debt, Gross	$ 52,035			$ 52,004
Interest rate on senior notes (as a percent)	5.10%			5.10%
0.75% senior exchangeable notes due January 2024
Debt
Long-term Debt, Gross	$ 167,772			$ 177,005
Interest rate on senior notes (as a percent)	0.75%			0.75%	0.75%
Long-term debt	$ 167,800			$ 177,000
5.75% senior notes due February 2025
Debt
Long-term Debt, Gross	$ 474,092			$ 474,092
Interest rate on senior notes (as a percent)	5.75%			5.75%
9.00% senior priority guaranteed notes due February 2025
Debt
Long-term Debt, Gross				$ 209,384
Interest rate on senior notes (as a percent)	9%			9%
7.25% senior guaranteed notes due January 2026
Debt
Long-term Debt, Gross	$ 557,902			$ 557,902
Interest rate on senior notes (as a percent)	7.25%			7.25%
7.375% senior priority guaranteed notes due May 2027
Debt
Long-term Debt, Gross	$ 700,000			$ 700,000
Interest rate on senior notes (as a percent)	7.375%			7.375%
7.50% senior guaranteed notes due January 2028
Debt
Long-term Debt, Gross	$ 389,609			$ 389,609
Interest rate on senior notes (as a percent)	7.50%			7.50%
1.75% senior exchangeable notes due June 2029
Debt
Long-term Debt, Gross	$ 250,000
Interest rate on senior notes (as a percent)	1.75%		1.75%
Long-term debt	$ 250,000
Senior Notes
Debt
Principal amount of notes repurchased	218,600
Repurchase amount including principal and accrued interest	224,900
Accrued and unpaid interest	31,100
Senior Notes | Other, net
Debt
Gain on repurchase of debt	24,900
Senior Notes | 9.00% senior priority guaranteed notes due February 2025
Debt
Portion of gain on repurchase of debt attributable to accrued interest	$ 24,600

Debt - Senior Exchangeable Note

Debt - Senior Exchangeable Notes (Details) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 28, 2023 USD ($) D $ / shares	Mar. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Jan. 01, 2022 USD ($)	Jan. 31, 2017 USD ($)
Debt
Aggregate principal amount outstanding		$ 2,562,327	$ 2,537,540
ASU 2020-06 | Cumulative effect period of adoption adjustment
Debt
Unamortized debt discount				$ (27,500)
1.75% senior exchangeable notes due June 2029
Debt
Interest rate on senior notes (as a percent)	1.75%	1.75%
Aggregate principal amount at issuance	$ 250,000
Aggregate principal amount outstanding		$ 250,000
Exchange rate of common shares per $1,000 principal amount	4.7056
Exchange price per common share | $ / shares	$ 212.51
1.75% senior exchangeable notes due June 2029 | Scenario: Exchange at the Company's option after June 15, 2026
Debt
Threshold percentage of exchange price	130%
Threshold number of trading days, whether or not consecutive | D	20
Threshold number of consecutive trading days | D	30
Percentage of principal to be redeemed	100%
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)		0.75%	0.75%		0.75%
Aggregate principal amount at issuance					$ 575,000
Aggregate principal amount outstanding		$ 167,800	$ 177,000
Exchange rate of common shares per $1,000 principal amount		0.8018
Exchange price per common share | $ / shares		$ 1,247.19
Debt component					411,200
Equity component					$ 163,800
0.75% senior exchangeable notes due January 2024 | ASU 2020-06 | Cumulative effect period of adoption adjustment
Debt
Unamortized debt discount				$ (27,500)

Debt - Credit Agreement (Detail

Debt - Credit Agreement (Details) - USD ($) $ in Millions	Jan. 21, 2022	Mar. 31, 2023	Dec. 31, 2022	Jan. 01, 2022	Jan. 31, 2017
5.10% senior notes due September 2023
Debt
Interest rate on senior notes (as a percent)		5.10%	5.10%
5.75% senior notes due February 2025
Debt
Interest rate on senior notes (as a percent)		5.75%	5.75%
0.75% senior exchangeable notes due January 2024
Debt
Interest rate on senior notes (as a percent)		0.75%	0.75%		0.75%
2022 Credit Agreement
Debt
Threshold percentage of outstanding principal amount of relevant debt to remaining outstanding	50%
Outstanding balance		$ 0
Weighted average interest rate (as a percent)		7.63%
2022 Credit Agreement | Debt covenant
Debt
Threshold amount beyond which the debt instrument covenant restricts the company's ability to incur liens				$ 150
Threshold amount beyond which the debt instrument covenant restricts the company's subsidiaries to incur debt				$ 100
Revolving credit facility
Debt
Maximum borrowing capacity	$ 350
Additional borrowing capacity under terms of accordion feature	100
Letters of credit
Debt
Maximum borrowing capacity	$ 100
Percentage of property, plant and equipment to be owned by the revolver guarantor and its subsidiaries	90%
Outstanding balance		$ 69.7
Collateralized debt
Debt
Maximum borrowing capacity	$ 150
Term loans
Debt
Maximum borrowing capacity	$ 100

Shareholders Equity (Details)

Shareholders Equity (Details) $ / shares in Units, $ in Thousands		3 Months Ended
	Jun. 11, 2021 shares	Mar. 31, 2023 USD ($) D $ / shares shares	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Apr. 24, 2022 $ / item shares	Jan. 01, 2022 shares	Jan. 31, 2017
Shareholders' Equity
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%
Conversion, threshold percentage of market price		95%
Gain (loss) recognized for the change in liability | $		$ 34,314	$ (73,202)
Proceeds from issuance of common shares, net of issuance costs | $			257
5.10% senior notes due September 2023
Shareholders' Equity
Interest rate (as a percent)		5.10%		5.10%
0.75% senior exchangeable notes due January 2024
Shareholders' Equity
Interest rate (as a percent)		0.75%		0.75%			0.75%
5.75% senior notes due February 2025
Shareholders' Equity
Interest rate (as a percent)		5.75%		5.75%
7.25% senior notes due January 2026
Shareholders' Equity
Interest rate (as a percent)		7.25%
Common share warrants
Shareholders' Equity
Number of warrants received per common share held						0.40
Number of warrants issued	3,200,000
Number of business day notice period | D		20
Fair value of outstanding warrants | $		$ 46,300		$ 80,900
Gain (loss) recognized for the change in liability | $		$ 34,300	$ (73,200)
Warrants outstanding		2,500,000
Common Shares
Shareholders' Equity
Aggregate number of shares issued from the exercise of warrants		1,100,000
Number of shares which may be purchased by each right		1
Exercise price (in dollars per share) | $ / shares		$ 166.66667
Number of additional securities which may be issued due to the incentive share component					0.333

Fair Value Measurements - Recur

Fair Value Measurements - Recurring Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Fair Value Measurements
Warrants, at fair value	$ 46.3	$ 80.9
Fair Value, Inputs, Level 1 | Restricted Cash Held in Trust
Fair Value Measurements
Investments, at fair value	$ 290.5		$ 284.8

Fair Value Measurements - Debt

Fair Value Measurements - Debt Instruments (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Feb. 28, 2023	Jan. 31, 2017
Fair Value of Financial Instruments
Less: deferred financing costs	$ 29,083	$ 22,456
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.10%	5.10%
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	0.75%	0.75%		0.75%
5.75% senior notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	5.75%	5.75%
9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	9%	9%
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%
7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	7.375%	7.375%
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%
1.75% senior exchangeable notes due June 2029
Fair Value of Financial Instruments
Interest rate on senior notes (as a percent)	1.75%		1.75%
Carrying Value
Fair Value of Financial Instruments
Debt at fair value	$ 2,591,410	$ 2,559,996
Less: deferred financing costs	29,083	22,456
Debt, net of financing costs	2,562,327	2,537,540
Carrying Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt at fair value	52,035	52,004
Carrying Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt at fair value	167,772	177,005
Carrying Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt at fair value	474,092	474,092
Carrying Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt at fair value		209,384
Carrying Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt at fair value	557,902	557,902
Carrying Value | 7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Debt at fair value	700,000	700,000
Carrying Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt at fair value	389,609	389,609
Carrying Value | 1.75% senior exchangeable notes due June 2029
Fair Value of Financial Instruments
Debt at fair value	250,000
Fair Value
Fair Value of Financial Instruments
Debt at fair value	2,474,208	2,455,050
Fair Value | 5.10% senior notes due September 2023
Fair Value of Financial Instruments
Debt at fair value	51,764	51,354
Fair Value | 0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Debt at fair value	160,583	164,898
Fair Value | 5.75% senior notes due February 2025
Fair Value of Financial Instruments
Debt at fair value	459,718	454,773
Fair Value | 9.00% senior priority guaranteed notes due February 2025
Fair Value of Financial Instruments
Debt at fair value		213,507
Fair Value | 7.25% senior guaranteed notes due January 2026
Fair Value of Financial Instruments
Debt at fair value	533,577	529,432
Fair Value | 7.375% senior priority guaranteed notes due May 2027
Fair Value of Financial Instruments
Debt at fair value	686,210	686,686
Fair Value | 7.50% senior guaranteed notes due January 2028
Fair Value of Financial Instruments
Debt at fair value	364,183	$ 354,400
Fair Value | 1.75% senior exchangeable notes due June 2029
Fair Value of Financial Instruments
Debt at fair value	$ 218,173

Commitments and Contingencies -

Commitments and Contingencies - Litigation (Details) - Court of Ouargla Algeria Foreign Currency Controls - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Mar. 31, 2011	Mar. 31, 2023
Commitments and Contingencies
Litigation amount as per judgment	$ 20.9
Payment of contract amount in foreign currency	7.5
Payment of contract amount in domestic currency	$ 3.2
Maximum
Commitments and Contingencies
Potential judgment in excess of accrual		$ 12.9

Commitments and Contingencies_2

Commitments and Contingencies - Off-Balance Sheet Arrangements (Details) - Financial standby letters of credit and other financial surety instruments $ in Thousands	Mar. 31, 2023 USD ($)
Summary of total maximum amount of financial guarantees issued
2023	$ 31,034
2024	8,697
2025	5,127
Thereafter	5,948
Total	$ 50,806

Earnings (Losses) Per Share - R

Earnings (Losses) Per Share - Reconciliation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Feb. 28, 2023
Net income (loss) (numerator):
Income (loss), net of tax	$ 61,060	$ (174,668)
Less: net (income) loss attributable to noncontrolling interest	(11,836)	(9,828)
Less: accrued distribution on redeemable noncontrolling interest in subsidiary	(7,354)	(2,545)
Less: distributed and undistributed earnings allocated to unvested shareholders	(1,702)
Adjusted income (loss), net of tax - basic	$ 40,168	$ (187,041)
Weighted-average number of shares outstanding - basic	9,160	8,311
Earnings (losses) Per Share:
Total Basic (in dollars per share)	$ 4.39	$ (22.51)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ 40,168	$ (187,041)
Add: after tax interest expense of convertible notes	424
Add: effect of reallocating undistributed earnings of unvested shareholders	9
Adjusted income (loss), net of tax - diluted	$ 40,601	$ (187,041)
Weighted-average number of shares outstanding - basic	9,160	8,311
Add: if converted dilutive effect of convertible notes	659
Add: dilutive effect of potential common shares	48
Weighted-average number of shares outstanding - diluted	9,867	8,311
Earnings (losses) per share:
Total Diluted (in dollars per share)	$ 4.11	$ (22.51)
1.75% senior exchangeable notes due June 2029
Earnings (Losses) Per Share
Interest rate on senior notes (as a percent)	1.75%		1.75%

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	3,378	3,397

Supplemental Balance Sheet an_3

Supplemental Balance Sheet and Income Statement Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accrued liabilities
Accrued compensation	$ 51,500	$ 64,926
Deferred revenue	28,981	37,808
Other taxes payable	33,164	39,621
Workers' compensation liabilities	6,588	6,588
Interest payable	40,291	69,174
Litigation reserves	18,641	18,681
Other accrued liabilities	10,874	10,777
Total accrued liabilities	$ 190,039	$ 247,575

Supplemental Balance Sheet an_4

Supplemental Balance Sheet and Income Statement Information - Investment income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Investment income (loss)
Interest and dividend income	$ 9,514	$ 397
Gains (losses) on marketable securities	352	(234)
Investment income (loss)	$ 9,866	$ 163

Supplemental Balance Sheet an_5

Supplemental Balance Sheet and Income Statement Information - Other, net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other, net
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 336	$ 76
Energy transition initiatives	7,100
Warrant and derivative valuation	(34,314)	73,202
Litigation expenses and reserves	2,603	3,112
Foreign currency transaction losses (gains)	6,454	4,214
(Gain)/loss on debt buyback	(24,856)	36
Other losses (gains)	302	(239)
Total other, net	$ (42,375)	$ 80,401

Supplemental Balance Sheet an_6

Supplemental Balance Sheet and Income Statement Information - Accumulated other comprehensive income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Changes in accumulated other comprehensive income (loss)
Beginning balance	$ 368,956
Other comprehensive income (loss), net of tax	98	$ 1,336
Ending balance	402,711
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(11,038)	(10,634)
Other comprehensive income (loss) before reclassifications	58	1,296
Amounts reclassified from accumulated other comprehensive income (loss)	40	40
Other comprehensive income (loss), net of tax	98	1,336
Ending balance	(10,940)	(9,298)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Beginning balance	2	2
Ending balance	2	2
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Beginning balance	(3,767)	(5,356)
Other comprehensive income (loss) before reclassifications		1,428
Amounts reclassified from accumulated other comprehensive income (loss)	40	40
Other comprehensive income (loss), net of tax	40	1,468
Ending balance	(3,727)	(3,888)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Beginning balance	(7,273)	(5,280)
Other comprehensive income (loss) before reclassifications	58	(132)
Other comprehensive income (loss), net of tax	58	(132)
Ending balance	$ (7,215)	$ (5,412)

Supplemental Balance Sheet an_7

Supplemental Balance Sheet and Income Statement Information - Items reclassified to net income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	$ 61,730	$ 53,639
Total income (loss) before income tax	84,075	(160,997)
Tax expense (benefit)	23,015	13,671
Net income (loss)	61,060	(174,668)
Reclassification out of Accumulated Other Comprehensive Income
Supplemental Balance Sheet and Income Statement Information
General and administrative expenses	52	52
Total income (loss) before income tax	(52)	(52)
Tax expense (benefit)	(12)	(12)
Net income (loss)	$ (40)	$ (40)

Segment Information - Operating

Segment Information - Operating revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Information
Operating revenues	$ 779,139	$ 568,539
U.S. Drilling
Segment Information
Operating revenues	350,652	217,583
International Drilling
Segment Information
Operating revenues	320,048	279,030
Drilling Solutions
Segment Information
Operating revenues	75,043	54,182
Rig Technologies
Segment Information
Operating revenues	58,479	36,736
Operating segments | U.S. Drilling
Segment Information
Operating revenues	350,652	217,583
Operating segments | International Drilling
Segment Information
Operating revenues	320,048	279,030
Operating segments | Drilling Solutions
Segment Information
Operating revenues	75,043	54,182
Operating segments | Rig Technologies
Segment Information
Operating revenues	58,479	36,736
Other reconciling items
Segment Information
Operating revenues	$ (25,083)	$ (18,992)

Segment Information - Adjusted

Segment Information - Adjusted operating income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Information
Total segment adjusted operating income (loss)	$ 118,658	$ (220)
Operating segments
Segment Information
Total segment adjusted operating income (loss)	118,658	(220)
Operating segments | U.S. Drilling
Segment Information
Total segment adjusted operating income (loss)	85,869	(5,851)
Operating segments | International Drilling
Segment Information
Total segment adjusted operating income (loss)	1,957	(6,327)
Operating segments | Drilling Solutions
Segment Information
Total segment adjusted operating income (loss)	27,138	14,709
Operating segments | Rig Technologies
Segment Information
Total segment adjusted operating income (loss)	$ 3,694	$ (2,751)

Segment Information - Reconcili

Segment Information - Reconciliation of segment adjusted operating income (loss) to net income (loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Reconciliation of segment adjusted operating income (loss) to net income (loss)
Net income (loss)	$ 61,060	$ (174,668)
Income tax expense (benefit)	23,015	13,671
Income (loss) before income taxes	84,075	(160,997)
Investment (income) loss	(9,866)	(163)
Interest expense	45,141	46,910
Other, net	(42,375)	80,401
Total segment adjusted operating income (loss)	118,658	(220)
Operating segments
Reconciliation of segment adjusted operating income (loss) to net income (loss)
Net income (loss)	61,060	(174,668)
Income tax expense (benefit)	23,015	13,671
Income (loss) before income taxes	84,075	(160,997)
Investment (income) loss	(9,866)	(163)
Interest expense	45,141	46,910
Other, net	(42,375)	80,401
Total segment adjusted operating income (loss)	118,658	(220)
Other reconciling items
Reconciliation of segment adjusted operating income (loss) to net income (loss)
Other reconciling items	$ 41,683	$ 33,629

Segment Information - Total ass

Segment Information - Total assets (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Segment Information
Total assets	[1]	$ 4,699,976	$ 4,729,854
Operating segments | U.S. Drilling
Segment Information
Total assets		1,345,122	1,389,459
Operating segments | International Drilling
Segment Information
Total assets		2,229,068	2,273,766
Operating segments | Drilling Solutions
Segment Information
Total assets		72,002	63,652
Operating segments | Rig Technologies
Segment Information
Total assets		225,006	207,345
Other reconciling items
Segment Information
Total assets		$ 828,778	$ 795,632
[1] The condensed consolidated balance sheet as of March 31, 2023 and December 31, 2022 include assets and liabilities of variable interest entities. See Note 3—Joint Ventures for additional information.

Revenue Recognition - Disaggreg

Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue Recognition
Revenues	$ 779,139	$ 568,539
U.S. Drilling
Revenue Recognition
Revenues	350,652	217,583
International Drilling
Revenue Recognition
Revenues	320,048	279,030
Drilling Solutions
Revenue Recognition
Revenues	75,043	54,182
Rig Technologies
Revenue Recognition
Revenues	58,479	36,736
Operating segments | Lower 48
Revenue Recognition
Revenues	390,859	229,545
Operating segments | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	34,492	33,676
Operating segments | Alaska
Revenue Recognition
Revenues	13,326	14,622
Operating segments | Canada
Revenue Recognition
Revenues	2,227	1,415
Operating segments | Middle East & Asia
Revenue Recognition
Revenues	250,949	211,522
Operating segments | Latin America
Revenue Recognition
Revenues	92,437	74,824
Operating segments | Europe, Africa & CIS
Revenue Recognition
Revenues	19,932	21,927
Operating segments | U.S. Drilling
Revenue Recognition
Revenues	350,652	217,583
Operating segments | U.S. Drilling | Lower 48
Revenue Recognition
Revenues	306,118	172,797
Operating segments | U.S. Drilling | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	31,659	30,440
Operating segments | U.S. Drilling | Alaska
Revenue Recognition
Revenues	12,875	14,346
Operating segments | International Drilling
Revenue Recognition
Revenues	320,048	279,030
Operating segments | International Drilling | Middle East & Asia
Revenue Recognition
Revenues	222,952	190,696
Operating segments | International Drilling | Latin America
Revenue Recognition
Revenues	81,052	68,895
Operating segments | International Drilling | Europe, Africa & CIS
Revenue Recognition
Revenues	16,044	19,439
Operating segments | Drilling Solutions
Revenue Recognition
Revenues	75,043	54,182
Operating segments | Drilling Solutions | Lower 48
Revenue Recognition
Revenues	51,782	34,060
Operating segments | Drilling Solutions | U.S. Offshore Gulf Of Mexico
Revenue Recognition
Revenues	2,833	3,236
Operating segments | Drilling Solutions | Alaska
Revenue Recognition
Revenues	451	276
Operating segments | Drilling Solutions | Canada
Revenue Recognition
Revenues	358	436
Operating segments | Drilling Solutions | Middle East & Asia
Revenue Recognition
Revenues	10,268	10,026
Operating segments | Drilling Solutions | Latin America
Revenue Recognition
Revenues	9,071	5,929
Operating segments | Drilling Solutions | Europe, Africa & CIS
Revenue Recognition
Revenues	280	219
Operating segments | Rig Technologies
Revenue Recognition
Revenues	58,479	36,736
Operating segments | Rig Technologies | Lower 48
Revenue Recognition
Revenues	32,959	22,688
Operating segments | Rig Technologies | Canada
Revenue Recognition
Revenues	1,869	979
Operating segments | Rig Technologies | Middle East & Asia
Revenue Recognition
Revenues	17,729	10,800
Operating segments | Rig Technologies | Latin America
Revenue Recognition
Revenues	2,314
Operating segments | Rig Technologies | Europe, Africa & CIS
Revenue Recognition
Revenues	3,608	2,269
Eliminations & other
Revenue Recognition
Revenues	(25,083)	(18,992)
Eliminations & other | Other
Revenue Recognition
Revenues	$ (25,083)	$ (18,992)

Revenue Recognition - Receivabl

Revenue Recognition - Receivables, Contract Assets and Contract Liabilities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Revenue Recognition
Contract Receivables	$ 355.9	$ 401.9
Contract Assets (Current)	24.6	23.6
Contract Assets (Long-term)	2.4	0.1
Contract Liabilities (Current)	$ 23	29.2
Contract Liabilities (Long-term)		$ 3.2
Contract liability balance
Percentage of contract liability balance at the beginning of the period recognized as revenue during the period	36%
Contract asset balance
Percentage of contract asset balance at the beginning of the period expected to be recognized in 2023	97%
Percentage of contract asset balance at the beginning of the period which has been recognized in the current year	30%
Percentage of contract asset balance at the beginning of the period expected to be recognized in 2024	3%
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01
Contract liability balance
Percentage of remaining performance obligation to be recognized	90%
Recognition period for remaining performance obligation	12 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01
Contract liability balance
Percentage of remaining performance obligation to be recognized	10%
Recognition period for remaining performance obligation	12 months