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Correction of Errors in Previously Reported Consolidated Financial Statements (Tables)

12 Months Ended

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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- References

No definition available.

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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

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