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Correction of Errors in Previously Reported Consolidated Financial Statements (Tables) | 12 Months Ended
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Dec. 31, 2016
Correction of Errors in Previously Reported Consolidated Financial Statements |
Summary of correction of previously reported financial statements |
|  | Years ended December 31, 2015 |  | Years ended December 31, 2014 |
|  | Previously |  |  |  |  | As |  | Previously |  |  |  |  | As |
|  | reported |  | Adjustments |  | adjusted |  | reported |  | Adjustments |  | adjusted |
Operating revenues |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contract drilling revenues |  | $ | 6,802 |  | $ | — |  | $ | 6,802 |  | $ | 8,952 |  | $ | 11 |  | $ | 8,963 |
Other revenues |  |  | 584 |  |  | — |  |  | 584 |  |  | 222 |  |  | — |  |  | 222 |
|  |  | 7,386 |  |  | — |  |  | 7,386 |  |  | 9,174 |  |  | 11 |  |  | 9,185 |
Costs and expenses |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating and maintenance |  |  | 2,955 |  |  | — |  |  | 2,955 |  |  | 5,110 |  |  | (10) |  |  | 5,100 |
Depreciation |  |  | 963 |  |  | — |  |  | 963 |  |  | 1,139 |  |  | (10) |  |  | 1,129 |
General and administrative |  |  | 193 |  |  | (1) |  |  | 192 |  |  | 234 |  |  | — |  |  | 234 |
|  |  | 4,111 |  |  | (1) |  |  | 4,110 |  |  | 6,483 |  |  | (20) |  |  | 6,463 |
Loss on impairment |  |  | (1,867) |  |  | (8) |  |  | (1,875) |  |  | (4,043) |  |  | — |  |  | (4,043) |
Loss on disposal of assets, net |  |  | (28) |  |  | (8) |  |  | (36) |  |  | (26) |  |  | — |  |  | (26) |
Operating income (loss) |  |  | 1,380 |  |  | (15) |  |  | 1,365 |  |  | (1,378) |  |  | 31 |  |  | (1,347) |
Other income (expense), net |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 22 |  |  | — |  |  | 22 |  |  | 39 |  |  | (19) |  |  | 20 |
Interest expense, net of amounts capitalized |  |  | (432) |  |  | — |  |  | (432) |  |  | (483) |  |  | — |  |  | (483) |
Gain (loss) on retirement of debt |  |  | 23 |  |  | — |  |  | 23 |  |  | (13) |  |  | — |  |  | (13) |
Other, net |  |  | 37 |  |  | — |  |  | 37 |  |  | 35 |  |  | — |  |  | 35 |
|  |  | (350) |  |  | — |  |  | (350) |  |  | (422) |  |  | (19) |  |  | (441) |
Income (loss) from continuing operations before income tax expense |  |  | 1,030 |  |  | (15) |  |  | 1,015 |  |  | (1,800) |  |  | 12 |  |  | (1,788) |
Income tax expense (benefit) |  |  | 206 |  |  | (86) |  |  | 120 |  |  | 146 |  |  | (54) |  |  | 92 |
Income (loss) from continuing operations |  |  | 824 |  |  | 71 |  |  | 895 |  |  | (1,946) |  |  | 66 |  |  | (1,880) |
Income (loss) from discontinued operations, net of tax |  |  | 2 |  |  | — |  |  | 2 |  |  | (20) |  |  | — |  |  | (20) |
Net income (loss) |  |  | 826 |  |  | 71 |  |  | 897 |  |  | (1,966) |  |  | 66 |  |  | (1,900) |
Net income (loss) attributable to noncontrolling interest |  |  | 35 |  |  | (3) |  |  | 32 |  |  | (53) |  |  | (8) |  |  | (61) |
Net income (loss) attributable to controlling interest |  | $ | 791 |  | $ | 74 |  | $ | 865 |  | $ | (1,913) |  | $ | 74 |  | $ | (1,839) |
Earnings (loss) per share-basic |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 2.16 |  | $ | 0.20 |  | $ | 2.36 |  | $ | (5.23) |  | $ | 0.21 |  | $ | (5.02) |
Earnings (loss) from discontinued operations |  |  | — |  |  | — |  |  | — |  |  | (0.06) |  |  | — |  |  | (0.06) |
Earnings (loss) per share |  | $ | 2.16 |  | $ | 0.20 |  | $ | 2.36 |  | $ | (5.29) |  | $ | 0.21 |  | $ | (5.08) |
Earnings (loss) per share-diluted |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Earnings (loss) from continuing operations |  | $ | 2.16 |  | $ | 0.20 |  | $ | 2.36 |  | $ | (5.23) |  | $ | 0.21 |  | $ | (5.02) |
Earnings (loss) from discontinued operations |  |  | — |  |  | — |  |  | — |  |  | (0.06) |  |  | — |  |  | (0.06) |
Earnings (loss) per share |  | $ | 2.16 |  | $ | 0.20 |  | $ | 2.36 |  | $ | (5.29) |  | $ | 0.21 |  | $ | (5.08) |
|  | Year ended December 31, 2015 |  | Year ended December 31, 2014 |
|  | Previously |  |  |  |  | As |  | Previously |  |  |  |  | As |
|  | reported |  | Adjustments |  | adjusted |  | reported |  | Adjustments |  | adjusted |
Net income (loss) |  | $ | 826 |  | $ | 71 |  | $ | 897 |  | $ | (1,966) |  | $ | 66 |  | $ | (1,900) |
Net income (loss) attributable to noncontrolling interest |  |  | 35 |  |  | (3) |  |  | 32 |  |  | (53) |  |  | (8) |  |  | (61) |
Net income (loss) attributable to controlling interest |  |  | 791 |  |  | 74 |  |  | 865 |  |  | (1,913) |  |  | 74 |  |  | (1,839) |
Components of net periodic benefit costs before reclassifications |  |  | 63 |  |  | — |  |  | 63 |  |  | (170) |  |  | — |  |  | (170) |
Components of net periodic benefit costs reclassified to net income |  |  | 23 |  |  | — |  |  | 23 |  |  | 17 |  |  | — |  |  | 17 |
Gain on derivative instruments reclassified to net income |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
Other comprehensive income (loss) before income taxes |  |  | 86 |  |  | — |  |  | 86 |  |  | (155) |  |  | — |  |  | (155) |
Income taxes related to other comprehensive income |  |  | (16) |  |  | (1) |  |  | (17) |  |  | 13 |  |  | 22 |  |  | 35 |
Other comprehensive income (loss) |  |  | 70 |  |  | (1) |  |  | 69 |  |  | (142) |  |  | 22 |  |  | (120) |
Other comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Other comprehensive income (loss) attributable to controlling interest |  |  | 70 |  |  | (1) |  |  | 69 |  |  | (142) |  |  | 22 |  |  | (120) |
Total comprehensive income (loss) |  |  | 896 |  |  | 70 |  |  | 966 |  |  | (2,108) |  |  | 88 |  |  | (2,020) |
Total comprehensive income (loss) attributable to noncontrolling interest |  |  | 35 |  |  | (3) |  |  | 32 |  |  | (53) |  |  | (8) |  |  | (61) |
Total comprehensive income (loss) attributable to controlling interest |  | $ | 861 |  | $ | 73 |  | $ | 934 |  | $ | (2,055) |  | $ | 96 |  | $ | (1,959) |
|  |  |  | December 31, 2015 |
|  |  |  | Previously |  |  |  |  | As |
|  |  |  | reported |  | Adjustments |  | adjusted |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  | $ | 2,339 |  | $ | — |  | $ | 2,339 |
Accounts receivable, net |  |  |  |  |  |  |  | — |  |  |  |
Trade |  |  |  |  | 1,343 |  |  | — |  |  | 1,343 |
Other |  |  |  |  | 36 |  |  | 21 |  |  | 57 |
Materials and supplies, net |  |  |  |  | 635 |  |  | (8) |  |  | 627 |
Restricted cash |  |  |  |  | 340 |  |  | — |  |  | 340 |
Other current assets |  |  |  |  | 92 |  |  | — |  |  | 92 |
Total current assets |  |  |  |  | 4,785 |  |  | 13 |  |  | 4,798 |
Property and equipment |  |  |  |  | 26,274 |  |  | (9) |  |  | 26,265 |
Less accumulated depreciation |  |  |  |  | (5,456) |  |  | — |  |  | (5,456) |
Property and equipment, net |  |  |  |  | 20,818 |  |  | (9) |  |  | 20,809 |
Deferred income taxes, net |  |  |  |  | 316 |  |  | 95 |  |  | 411 |
Other assets |  |  |  |  | 410 |  |  | 3 |  |  | 413 |
Total assets |  |  |  | $ | 26,329 |  | $ | 102 |  | $ | 26,431 |
Liabilities and equity |  |  |  |  |  |  |  |  |  |  |  |
Accounts payable |  |  |  | $ | 448 |  | $ | 7 |  | $ | 455 |
Accrued income taxes |  |  |  |  | 82 |  |  | (27) |  |  | 55 |
Debt due within one year |  |  |  |  | 1,093 |  |  | — |  |  | 1,093 |
Other current liabilities |  |  |  |  | 1,046 |  |  | 16 |  |  | 1,062 |
Total current liabilities |  |  |  |  | 2,669 |  |  | (4) |  |  | 2,665 |
Long-term debt |  |  |  |  | 7,397 |  |  | — |  |  | 7,397 |
Deferred income taxes, net |  |  |  |  | 339 |  |  | (110) |  |  | 229 |
Other long-term liabilities |  |  |  |  | 1,108 |  |  | 27 |  |  | 1,135 |
Total long-term liabilities |  |  |  |  | 8,844 |  |  | (83) |  |  | 8,761 |
Commitments and contingencies |  |  |  |  |  |  |  |  |  |  |  |
Redeemable noncontrolling interest |  |  |  |  | 8 |  |  | (3) |  |  | 5 |
Shares |  |  |  |  | 5,193 |  |  | — |  |  | 5,193 |
Additional paid-in capital |  |  |  |  | 5,739 |  |  | (3) |  |  | 5,736 |
Treasury shares, at cost |  |  |  |  | (240) |  |  | — |  |  | (240) |
Retained earnings |  |  |  |  | 4,140 |  |  | 138 |  |  | 4,278 |
Accumulated other comprehensive loss |  |  |  |  | (334) |  |  | 57 |  |  | (277) |
Total controlling interest shareholders’ equity |  |  |  |  | 14,498 |  |  | 192 |  |  | 14,690 |
Noncontrolling interest |  |  |  |  | 310 |  |  | — |  |  | 310 |
Total equity |  |  |  |  | 14,808 |  |  | 192 |  |  | 15,000 |
Total liabilities and equity |  |  |  | $ | 26,329 |  | $ | 102 |  | $ | 26,431 |

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- Definition Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22663-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22644-107794 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=56949863&loc=d3e22658-107794 + Details
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