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Supplemental Information (Tables) | 6 Months Ended
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Jun. 30, 2013
Supplemental Information |
Accrued liabilities |
|  | June 30, |  | December 31, |
|  | 2013 |  | 2012 |
|  | (In thousands) |
Accrued compensation |  | $ | 150,867 |  | $ | 158,095 |
Deferred revenue |  | 183,383 |  | 148,165 |
Other taxes payable |  | 66,304 |  | 58,590 |
Workers’ compensation liabilities |  | 22,645 |  | 22,645 |
Interest payable |  | 90,285 |  | 90,878 |
Warranty accrual |  | 6,458 |  | 6,436 |
Litigation reserves |  | 33,592 |  | 26,782 |
Current liability to discontinued operations |  | 57,737 |  | 68,961 |
Professional fees |  | 3,147 |  | 2,989 |
Current deferred tax liability |  | 12,005 |  | 10,721 |
Other accrued liabilities |  | 8,412 |  | 5,118 |
|  | $ | 634,835 |  | $ | 599,380 |
Investment income (loss) |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (In thousands) |
Interest and dividend income |  | $ | 2,342 |  | $ | 3,594 |  | $ | 3,118 |  | $ | 4,949 |
Gains (losses) on investments, net |  | 12,479 |  | 1,774 | (1) | 91,124 | (2) | 20,671 | (1)(3)
|  | $ | 14,821 |  | $ | 5,368 |  | $ | 94,242 |  | $ | 25,620 |
(1) Includes net unrealized gains of $1.4 million and $7.4 million from our trading securities during the three and six months ended June 30, 2012, respectively. (2) Includes realized gains of $88.7 million from available-for-sale debt and equity securities and net realized gains of $2.4 million from our trading securities. (3) Includes $12.5 million realized gain related to debt securities in addition to unrealized gains discussed above.
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (In thousands) |
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets |  | $ | 1,977 |  | $ | 5,962 |  | $ | 5,436 |  | $ | 4,180 |
Provision for retirement of assets |  | — |  | 46,264 | (1) | — |  | 46,264 | (1)
Intangible asset impairment |  | — |  | 74,960 | (2) | — |  | 74,960 | (2)
Goodwill impairment |  | — |  | 26,279 | (3) | — |  | 26,279 | (3)
Termination of employment contract |  | — |  | — |  | 45,000 | (4) | — |
Litigation expenses |  | (502 | ) | 4,996 |  | 5,659 |  | 5,536 |
Foreign currency transaction losses (gains) |  | 2,990 |  | 2,710 |  | 7,307 |  | 2,255 |
Losses (gains) on derivative instruments |  | — |  | (551 | ) | — |  | (1,013 | )
Other losses (gains) |  | 4,847 |  | 297 |  | 5,717 |  | 616 |
|  | $ | 9,312 |  | $ | 160,917 |  | $ | 69,119 |  | $ | 159,077 |
(1) Represents a provision for retirement of long-lived assets totaling $46.3 million in multiple operating segments, which reduced the carrying value of some assets to their salvage value. The retirements in our Canada operations included functionally inoperable rigs and other drilling equipment. In our Production and Completion operations, the retirements related to rigs and vehicles that would require significant repair to return to work and other non-core assets when we consolidated our pressure pumping and well-servicing operations into one business line. A prolonged period of lower natural gas and oil prices and its potential impact on our utilization and dayrates could result in the recognition of future impairment charges to additional assets if future cash flow estimates, based upon information then available to management, indicate that the carrying value of those assets may not be recoverable. (2) Represents impairment of the Superior trade name. The Superior trade name was initially classified as a ten-year intangible asset at the date of acquisition in September 2010. The impairment is a result of the decision to cease using the Superior trade name to reduce confusion in the marketplace and enhance the Nabors brand. (3) Represents the impairment of goodwill associated with our U.S. Offshore and International reporting units. The impairments were deemed necessary due to the prolonged uncertainty of utilization of some of our rigs as a result of changes in our customers’ plans for future drilling operations in the Gulf of Mexico as well as our international markets. A significantly prolonged period of lower natural gas prices or changes in laws and regulations could continue to adversely affect the demand for and prices of our services, which could result in future goodwill impairment charges for other reporting units due to the potential impact on our estimate of our future operating results. (4) Represents a one-time stock grant valued at $27 million, which vested immediately and $18 million in cash awarded and paid to Mr. Petrello in connection with the termination of his prior employment agreement. See Note 9 — Commitments and Contingencies for additional discussion.
Schedule of changes in accumulated other comprehensive income (loss) |
|  | Gains (losses) on cash flow hedges |  | Unrealized gains (losses) on available-for- sale securities |  | Defined benefit pension plan items |  | Foreign currency items |  | Total |
|  | (In thousands (a)) |
As of January 1, 2012 |  | $ | (3,254 | ) | $ | 45,179 |  | $ | (7,378 | ) | $ | 286,717 |  | $ | 321,264 |
Other comprehensive income (loss) before reclassifications |  | — |  | 7,215 |  | — |  | (2,393 | ) | 4,822 |
Amounts reclassified from accumulated other comprehensive income (loss) |  | 263 |  | (8,579 | ) | 318 |  | — |  | (7,998 | )
Net other comprehensive income (loss) |  | 263 |  | (1,364 | ) | 318 |  | (2,393 | ) | (3,176 | )
As of June 30, 2012 |  | $ | (2,991 | ) | $ | 43,815 |  | $ | (7,060 | ) | $ | 284,324 |  | $ | 318,088 |
As of January 1, 2013 |  | $ | (2,793 | ) | $ | 134,229 |  | $ | (7,632 | ) | $ | 307,791 |  | $ | 431,595 |
Other comprehensive income (loss) before reclassifications |  | — |  | 4,913 |  | — |  | (52,569 | ) | (47,656 | )
Amounts reclassified from accumulated other comprehensive income (loss) |  | 187 |  | (85,454 | ) | 344 |  | — |  | (84,923 | )
Net other comprehensive income (loss) |  | 187 |  | (80,541 | ) | 344 |  | (52,569 | ) | (132,579 | )
As of June 30, 2013 |  | $ | (2,606 | ) | $ | 53,688 |  | $ | (7,288 | ) | $ | 255,222 |  | $ | 299,016 |
(a) All amounts are net of tax. Amounts in parentheses indicate debits.
Schedule of line items that were reclassified from net income |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Line item in consolidated statement of income (loss) |  | 2013 |  | 2012 |  | 2013 |  | 2012 |
|  | (In thousands) |
Investment income (loss) |  | $ | 12,183 |  | $ | 19 |  | $ | 88,157 |  | $ | 12,484 |
Interest expense |  | 153 |  | 191 |  | 306 |  | 382 |
General and administrative expenses |  | 281 |  | 260 |  | 562 |  | 520 |
Total before tax |  | $ | 11,749 |  | $ | (432 | ) | $ | 87,289 |  | $ | 11,582 |
Tax expense (benefit) |  | 2,082 |  | (165 | ) | 2,366 |  | 3,584 |
Reclassification adjustment for (gains)/losses included in net income (loss) |  | $ | 9,667 |  | $ | (267 | ) | $ | 84,923 |  | $ | 7,998 |

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