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Condensed Consolidating Financial Information | 6 Months Ended
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Jun. 30, 2013
Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information | Note 14 Condensed Consolidating Financial Information Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware. The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. The following condensed consolidating financial information presents condensed consolidating balance sheets as of June 30, 2013 and December 31, 2012, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2013 and 2012, and the statements of cash flows for the six months ended June 30, 2013 and 2012 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis. We corrected our condensed consolidating statement of cash flows for classification of changes in inter-company balances between Nabors Delaware (Issuer) and Other Subsidiaries (Non-Guarantors) for the six months ended June 30, 2012 to present them as cash flows from investing activities rather than cash flows from operating activities. For Nabors Delaware (Issuer), cash used for operating activities decreased $38.1 million and cash used for investing activities increased by the same amount for the six months ended June 30, 2012. For Other Subsidiaries (Non-Guarantors), cash provided by operating activities decreased $38.1 million and cash used for investing activities decreased by the same amount for the six months ended June 30, 2012. The impact of these revisions is not material to the related financial statements taken as a whole. Certain reclassifications to inter-company payable and receivable balances in the condensed consolidating balance sheet have been made to the prior period to conform to current period presentation, with no effect on our consolidated financial position, results of operations or cash flows. Condensed Consolidating Balance Sheets
|  | June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,509 |  | $ | 12,778 |  | $ | 491,841 |  | $ | — |  | $ | 508,128 |
Short-term investments |  | — |  | — |  | 99,832 |  | — |  | 99,832 |
Assets held for sale |  | — |  | — |  | 351,263 |  | — |  | 351,263 |
Accounts receivable, net |  | — |  | — |  | 1,342,386 |  | — |  | 1,342,386 |
Inventory |  | — |  | — |  | 235,042 |  | — |  | 235,042 |
Deferred income taxes |  | — |  | — |  | 103,779 |  | — |  | 103,779 |
Other current assets |  | 800 |  | 22,359 |  | 229,243 |  | — |  | 252,402 |
Total current assets |  | 4,309 |  | 35,137 |  | 2,853,386 |  | — |  | 2,892,832 |
Long-term investments |  | — |  | — |  | 3,629 |  | — |  | 3,629 |
Property, plant and equipment, net |  | — |  | 35,557 |  | 8,542,029 |  | — |  | 8,577,586 |
Goodwill |  | — |  | — |  | 487,252 |  | — |  | 487,252 |
Intercompany receivables |  | 172,413 |  | 3,893 |  | 1,019,175 |  | (1,195,481 | ) | — |
Investment in unconsolidated affiliates |  | 5,746,083 |  | 5,812,170 |  | 1,630,573 |  | (13,120,382 | ) | 68,444 |
Other long-term assets |  | — |  | 29,572 |  | 207,588 |  | — |  | 237,160 |
Total assets |  | $ | 5,922,805 |  | $ | 5,916,329 |  | $ | 14,743,632 |  | $ | (14,315,863 | ) | $ | 12,266,903 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 11,445 |  | $ | — |  | $ | 11,445 |
Trade accounts payable |  | 624 |  | 22 |  | 497,435 |  | — |  | 498,081 |
Accrued liabilities |  | (381 | ) | 90,965 |  | 544,251 |  | — |  | 634,835 |
Income taxes payable |  | — |  | — |  | 35,795 |  | — |  | 35,795 |
Total current liabilities |  | 243 |  | 90,987 |  | 1,088,926 |  | — |  | 1,180,156 |
Long-term debt |  | — |  | 4,085,139 |  | (13,948 | ) | — |  | 4,071,191 |
Other long-term liabilities |  | — |  | 31,027 |  | 433,438 |  | — |  | 464,465 |
Deferred income taxes |  | — |  | (72,083 | ) | 620,701 |  | — |  | 548,618 |
Intercompany payable |  | — |  | 1,195,481 |  | — |  | (1,195,481 | ) | — |
Total liabilities |  | 243 |  | 5,330,551 |  | 2,129,117 |  | (1,195,481 | ) | 6,264,430 |
Subsidiary preferred stock |  | — |  | — |  | 69,188 |  | — |  | 69,188 |
Shareholders’ equity |  | 5,922,562 |  | 585,778 |  | 12,534,605 |  | (13,120,382 | ) | 5,922,563 |
Noncontrolling interest |  | — |  | — |  | 10,722 |  | — |  | 10,722 |
Total equity |  | 5,922,562 |  | 585,778 |  | 12,545,327 |  | (13,120,382 | ) | 5,933,285 |
Total liabilities and equity |  | $ | 5,922,805 |  | $ | 5,916,329 |  | $ | 14,743,632 |  | $ | (14,315,863 | ) | $ | 12,266,903 |
|  | December 31, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,639 |  | $ | 106,778 |  | $ | 416,505 |  | $ | — |  | $ | 524,922 |
Short-term investments |  | — |  | — |  | 253,282 |  | — |  | 253,282 |
Assets held for sale |  | — |  | — |  | 383,857 |  | — |  | 383,857 |
Accounts receivable, net |  | — |  | — |  | 1,382,623 |  | — |  | 1,382,623 |
Inventory |  | — |  | — |  | 251,133 |  | — |  | 251,133 |
Deferred income taxes |  | — |  | — |  | 110,480 |  | — |  | 110,480 |
Other current assets |  | 50 |  | — |  | 226,510 |  | — |  | 226,560 |
Total current assets |  | 1,689 |  | 106,778 |  | 3,024,390 |  | — |  | 3,132,857 |
Long-term investments |  | — |  | — |  | 4,269 |  | — |  | 4,269 |
Property, plant and equipment, net |  | — |  | 37,300 |  | 8,674,788 |  | — |  | 8,712,088 |
Goodwill |  | — |  | — |  | 472,326 |  | — |  | 472,326 |
Intercompany receivables |  | 174,948 |  | 1,690,636 |  | 670,404 |  | (2,535,988 | ) | — |
Investment in unconsolidated affiliates |  | 5,769,518 |  | 5,129,458 |  | 395,246 |  | (11,232,532 | ) | 61,690 |
Other long-term assets |  | — |  | 31,904 |  | 240,888 |  | — |  | 272,792 |
Total assets |  | $ | 5,946,155 |  | $ | 6,996,076 |  | $ | 13,482,311 |  | $ | (13,768,520 | ) | $ | 12,656,022 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 364 |  | $ | — |  | $ | 364 |
Trade accounts payable |  | 116 |  | 23 |  | 498,871 |  | — |  | 499,010 |
Accrued liabilities |  | 1,110 |  | 91,520 |  | 506,750 |  | — |  | 599,380 |
Income taxes payable |  | — |  | — |  | 33,628 |  | — |  | 33,628 |
Total current liabilities |  | 1,226 |  | 91,543 |  | 1,039,613 |  | — |  | 1,132,382 |
Long-term debt |  | — |  | 4,379,263 |  | 73 |  | — |  | 4,379,336 |
Other long-term liabilities |  | — |  | 30,983 |  | 487,681 |  | — |  | 518,664 |
Deferred income taxes |  | — |  | (24,906 | ) | 624,241 |  | — |  | 599,335 |
Intercompany payable |  | — |  | 2,535,988 |  | — |  | (2,535,988 | ) | — |
Total liabilities |  | 1,226 |  | 7,012,871 |  | 2,151,608 |  | (2,535,988 | ) | 6,629,717 |
Subsidiary preferred stock |  | — |  | — |  | 69,188 |  | — |  | 69,188 |
Shareholders’ equity |  | 5,944,929 |  | (16,795 | ) | 11,249,327 |  | (11,232,532 | ) | 5,944,929 |
Noncontrolling interest |  | — |  | — |  | 12,188 |  | — |  | 12,188 |
Total equity |  | 5,944,929 |  | (16,795 | ) | 11,261,515 |  | (11,232,532 | ) | 5,957,117 |
Total liabilities and equity |  | $ | 5,946,155 |  | $ | 6,996,076 |  | $ | 13,482,311 |  | $ | (13,768,520 | ) | $ | 12,656,022 |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 1,491,586 |  | $ | — |  | $ | 1,491,586 |
Earnings from unconsolidated affiliates |  | — |  | — |  | 1,360 |  | — |  | 1,360 |
Earnings (losses) from consolidated affiliates |  | (1,005 | ) | 13,700 |  | (26,331 | ) | 13,636 |  | — |
Investment income (loss) |  | 1 |  | 36 |  | 17,057 |  | (2,273 | ) | 14,821 |
Intercompany interest income |  | — |  | 32 |  | — |  | (32 | ) | — |
Total revenues and other income |  | (1,004 | ) | 13,768 |  | 1,483,672 |  | 11,331 |  | 1,507,767 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |
Direct costs |  | — |  | — |  | 999,192 |  | — |  | 999,192 |
General and administrative expenses |  | 3,221 |  | 390 |  | 129,137 |  | (136 | ) | 132,612 |
Depreciation and amortization |  | — |  | 903 |  | 269,296 |  | — |  | 270,199 |
Interest expense |  | — |  | 62,405 |  | (2,134 | ) | — |  | 60,271 |
Intercompany interest expense |  | — |  | — |  | 32 |  | (32 | ) | — |
Losses (gains) on sales of long-lived assets and other expense (income), net |  | 136 |  | (89 | ) | 9,129 |  | 136 |  | 9,312 |
Total costs and other deductions |  | 3,357 |  | 63,609 |  | 1,404,652 |  | (32 | ) | 1,471,586 |
Income from continuing operations before income taxes |  | (4,361 | ) | (49,841 | ) | 79,020 |  | 11,363 |  | 36,181 |
Income tax expense (benefit) |  | — |  | (23,510 | ) | 29,682 |  | — |  | 6,172 |
Subsidiary preferred stock dividend |  | — |  | — |  | 750 |  | — |  | 750 |
Income (loss) from continuting operations, net of tax |  | (4,361 | ) | (26,331 | ) | 48,588 |  | 11,363 |  | 29,259 |
Income (loss) from discontinued operations, net of tax |  | — |  | — |  | (28,004 | ) | — |  | (28,004 | )
Net income (loss) |  | (4,361 | ) | (26,331 | ) | 20,584 |  | 11,363 |  | 1,255 |
Less: Net (income) loss attributable to noncontrolling interest |  | — |  | — |  | (5,616 | ) | — |  | (5,616 | )
Net income (loss) attributable to Nabors |  | $ | (4,361 | ) | $ | (26,331 | ) | $ | 14,968 |  | $ | 11,363 |  | $ | (4,361 | )
|  | Three Months Ended June 30, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 1,737,114 |  | $ | — |  | $ | 1,737,114 |
Earnings from unconsolidated affiliates |  | — |  | — |  | (134,317 | ) | — |  | (134,317 | )
Earnings (losses) from consolidated affiliates |  | (70,408 | ) | (35,150 | ) | (61,938 | ) | 167,496 |  | — |
Investment income (loss) |  | — |  | 16 |  | 5,352 |  | — |  | 5,368 |
Intercompany interest income |  | — |  | 17,078 |  | — |  | (17,078 | ) | — |
Total revenues and other income |  | (70,408 | ) | (18,056 | ) | 1,546,211 |  | 150,418 |  | 1,608,165 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |
Direct costs |  | — |  | — |  | 1,123,256 |  | — |  | 1,123,256 |
General and administrative expenses |  | 2,022 |  | 50 |  | 131,899 |  | (359 | ) | 133,612 |
Depreciation and amortization |  | — |  | 903 |  | 260,113 |  | — |  | 261,016 |
Interest expense |  | — |  | 68,268 |  | (4,809 | ) | — |  | 63,459 |
Intercompany interest expense |  | — |  | — |  | 17,078 |  | (17,078 | ) | — |
Losses (gains) on sales of long-lived assets and other expense (income), net |  | 359 |  | (546 | ) | 160,745 |  | 359 |  | 160,917 |
Total costs and other deductions |  | 2,381 |  | 68,675 |  | 1,688,282 |  | (17,078 | ) | 1,742,260 |
Income from continuing operations before income taxes |  | (72,789 | ) | (86,731 | ) | (142,071 | ) | 167,496 |  | (134,095 | )
Income tax expense (benefit) |  | — |  | (19,085 | ) | (17,107 | ) | — |  | (36,192 | )
Subsidiary preferred stock dividend |  | — |  | — |  | 750 |  | — |  | 750 |
Income (loss) from continuting operations, net of tax |  | (72,789 | ) | (67,646 | ) | (125,714 | ) | 167,496 |  | (98,653 | )
Income (loss) from discontinued operations, net of tax |  | — |  | — |  | 24,690 |  | — |  | 24,690 |
Net income (loss) |  | (72,789 | ) | (67,646 | ) | (101,024 | ) | 167,496 |  | (73,963 | )
Less: Net (income) loss attributable to noncontrolling interest |  | — |  | — |  | 1,174 |  | — |  | 1,174 |
Net income (loss) attributable to Nabors |  | $ | (72,789 | ) | $ | (67,646 | ) | $ | (99,850 | ) | $ | 167,496 |  | $ | (72,789 | )
|  | Six Months Ended June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,070,231 |  | $ | — |  | $ | 3,070,231 |
Earnings from unconsolidated affiliates |  | — |  | — |  | 4,255 |  | — |  | 4,255 |
Earnings (losses) from consolidated affiliates |  | 106,868 |  | 56,020 |  | (24,308 | ) | (138,580 | ) | — |
Investment income (loss) |  | 1 |  | 52 |  | 96,462 |  | (2,273 | ) | 94,242 |
Intercompany interest income |  | — |  | 61 |  | — |  | (61 | ) | — |
Total revenues and other income |  | 106,869 |  | 56,133 |  | 3,146,640 |  | (140,914 | ) | 3,168,728 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |
Direct costs |  | — |  | — |  | 2,025,234 |  | — |  | 2,025,234 |
General and administrative expenses |  | 5,055 |  | 427 |  | 259,955 |  | (280 | ) | 265,157 |
Depreciation and amortization |  | — |  | 1,805 |  | 541,759 |  | — |  | 543,564 |
Interest expense |  | — |  | 125,454 |  | (5,175 | ) | — |  | 120,279 |
Intercompany interest expense |  | — |  | — |  | 61 |  | (61 | ) | — |
Losses (gains) on sales of long-lived assets and other expense (income), net |  | 7,054 |  | (68 | ) | 61,853 |  | 280 |  | 69,119 |
Total costs and other deductions |  | 12,109 |  | 127,618 |  | 2,883,687 |  | (61 | ) | 3,023,353 |
Income from continuing operations before income taxes |  | 94,760 |  | (71,485 | ) | 262,953 |  | (140,853 | ) | 145,375 |
Income tax expense (benefit) |  | — |  | (47,177 | ) | 64,621 |  | — |  | 17,444 |
Subsidiary preferred stock dividend |  | — |  | — |  | 1,500 |  | — |  | 1,500 |
Income (loss) from continuting operations, net of tax |  | 94,760 |  | (24,308 | ) | 196,832 |  | (140,853 | ) | 126,431 |
Income (loss) from discontinued operations, net of tax |  | — |  | — |  | (25,958 | ) | — |  | (25,958 | )
Net income (loss) |  | 94,760 |  | (24,308 | ) | 170,874 |  | (140,853 | ) | 100,473 |
Less: Net (income) loss attributable to noncontrolling interest |  | — |  | — |  | (5,713 | ) | — |  | (5,713 | )
Net income (loss) attributable to Nabors |  | $ | 94,760 |  | $ | (24,308 | ) | $ | 165,161 |  | $ | (140,853 | ) | $ | 94,760 |
|  | Six Months Ended June 30, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 3,627,540 |  | $ | — |  | $ | 3,627,540 |
Earnings from unconsolidated affiliates |  | — |  | — |  | (202,986 | ) | — |  | (202,986 | )
Earnings (losses) from consolidated affiliates |  | 65,471 |  | 19,377 |  | (33,576 | ) | (51,272 | ) | — |
Investment income (loss) |  | — |  | 16 |  | 25,604 |  | — |  | 25,620 |
Intercompany interest income |  | — |  | 34,010 |  | — |  | (34,010 | ) | — |
Total revenues and other income |  | 65,471 |  | 53,403 |  | 3,416,582 |  | (85,282 | ) | 3,450,174 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |
Direct costs |  | — |  | — |  | 2,308,072 |  | — |  | 2,308,072 |
General and administrative expenses |  | 3,549 |  | 190 |  | 266,841 |  | (622 | ) | 269,958 |
Depreciation and amortization |  | — |  | 1,805 |  | 506,832 |  | — |  | 508,637 |
Interest expense |  | — |  | 136,436 |  | (10,323 | ) | — |  | 126,113 |
Intercompany interest expense |  | — |  | — |  | 34,010 |  | (34,010 | ) | — |
Losses (gains) on sales of long-lived assets and other expense (income), net |  | 621 |  | (979 | ) | 158,813 |  | 622 |  | 159,077 |
Total costs and other deductions |  | 4,170 |  | 137,452 |  | 3,264,245 |  | (34,010 | ) | 3,371,857 |
Income from continuing operations before income taxes |  | 61,301 |  | (84,049 | ) | 152,337 |  | (51,272 | ) | 78,317 |
Income tax expense (benefit) |  | — |  | (38,268 | ) | 71,120 |  | — |  | 32,852 |
Subsidiary preferred stock dividend |  | — |  | — |  | 1,500 |  | — |  | 1,500 |
Income (loss) from continuting operations, net of tax |  | 61,301 |  | (45,781 | ) | 79,717 |  | (51,272 | ) | 43,965 |
Income (loss) from discontinued operations, net of tax |  | — |  | — |  | 15,895 |  | — |  | 15,895 |
Net income (loss) |  | 61,301 |  | (45,781 | ) | 95,612 |  | (51,272 | ) | 59,860 |
Less: Net (income) loss attributable to noncontrolling interest |  | — |  | — |  | 1,441 |  | — |  | 1,441 |
Net income (loss) attributable to Nabors |  | $ | 61,301 |  | $ | (45,781 | ) | $ | 97,053 |  | $ | (51,272 | ) | $ | 61,301 |
Condensed Consolidating Statements of Other Comprehensive Income
|  | Three Months Ended June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (4,361 | ) | $ | (26,331 | ) | $ | 14,968 |  | $ | 11,363 |  | $ | (4,361 | )
Other comprehensive income (loss) before taxes: |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  | (29,304 | ) | (94 | ) | (29,398 | ) | 29,492 |  | (29,304 | )
Unrealized gains/(losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) on marketable securities |  | (5,137 | ) | 48 |  | (5,089 | ) | 5,041 |  | (5,137 | )
Less: reclassification adjustment for (gains)/losses on marketable securities |  | (12,183 | ) | (5,928 | ) | (18,111 | ) | 24,039 |  | (12,183 | )
Unrealized gains/(losses) on marketable securities |  | (17,320 | ) | (5,880 | ) | (23,200 | ) | 29,080 |  | (17,320 | )
Pension liability amortization and adjustment |  | 281 |  | 281 |  | 562 |  | (843 | ) | 281 |
Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges |  | 153 |  | 153 |  | 153 |  | (306 | ) | 153 |
Other comprehensive income (loss) before taxes |  | (46,190 | ) | (5,540 | ) | (51,883 | ) | 57,423 |  | (46,190 | )
Income tax expense (benefit) related to items of other comprehensive income (loss) |  | (2,063 | ) | (2,063 | ) | (4,185 | ) | 6,248 |  | (2,063 | )
Other comprehensive income (loss), net of tax |  | (44,127 | ) | (3,477 | ) | (47,698 | ) | 51,175 |  | (44,127 | )
Comprehensive income (loss) attributable to Nabors |  | (48,488 | ) | (29,808 | ) | (32,730 | ) | 62,538 |  | (48,488 | )
Net income (loss) attributable to noncontrolling interest |  | 5,616 |  | — |  | 5,616 |  | (5,616 | ) | 5,616 |
Translation adjustment to noncontrolling interest |  | 613 |  | — |  | 613 |  | (613 | ) | 613 |
Comprehensive income (loss) attributable to noncontrolling interest |  | 6,229 |  | — |  | 6,229 |  | (6,229 | ) | 6,229 |
Comprehensive income (loss) |  | $ | (42,259 | ) | $ | (29,808 | ) | $ | (26,501 | ) | $ | 56,309 |  | $ | (42,259 | )
|  | Three Months Ended June 30, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (72,789 | ) | $ | (67,646 | ) | $ | (99,850 | ) | $ | 167,496 |  | $ | (72,789 | )
Other comprehensive income (loss) before taxes: |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  | (19,659 | ) | 52 |  | (19,606 | ) | 19,554 |  | (19,659 | )
Unrealized gains/(losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) on marketable securities |  | (5,008 | ) | (52 | ) | (5,061 | ) | 5,113 |  | (5,008 | )
Less: reclassification adjustment for (gains)/losses on marketable securities |  | (19 | ) | — |  | (19 | ) | 19 |  | (19 | )
Unrealized gains/(losses) on marketable securities |  | (5,027 | ) | (52 | ) | (5,080 | ) | 5,132 |  | (5,027 | )
Pension liability amortization and adjustment |  | 260 |  | 260 |  | 520 |  | (780 | ) | 260 |
Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges |  | 191 |  | 191 |  | 191 |  | (382 | ) | 191 |
Other comprehensive income (loss) before taxes |  | (24,235 | ) | 451 |  | (23,975 | ) | 23,524 |  | (24,235 | )
Income tax expense (benefit) related to items of other comprehensive income (loss) |  | 140 |  | 140 |  | 220 |  | (360 | ) | 140 |
Other comprehensive income (loss), net of tax |  | (24,375 | ) | 311 |  | (24,195 | ) | 23,884 |  | (24,375 | )
Comprehensive income (loss) attributable to Nabors |  | (97,164 | ) | (67,335 | ) | (124,045 | ) | 191,380 |  | (97,164 | )
Net income (loss) attributable to noncontrolling interest |  | (1,174 | ) | — |  | (1,174 | ) | 1,174 |  | (1,174 | )
Translation adjustment to noncontrolling interest |  | (216 | ) | — |  | (216 | ) | 216 |  | (216 | )
Comprehensive income (loss) attributable to noncontrolling interest |  | (1,390 | ) | — |  | (1,390 | ) | 1,390 |  | (1,390 | )
Comprehensive income (loss) |  | $ | (98,554 | ) | $ | (67,335 | ) | $ | (125,435 | ) | $ | 192,770 |  | $ | (98,554 | )
|  | Six Months Ended June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | 94,760 |  | $ | (24,308 | ) | $ | 165,161 |  | $ | (140,853 | ) | $ | 94,760 |
Other comprehensive income (loss) before taxes: |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  | (52,569 | ) | (146 | ) | (52,715 | ) | 52,861 |  | (52,569 | )
Unrealized gains/(losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) on marketable securities |  | 5,002 |  | 233 |  | 5,235 |  | (5,468 | ) | 5,002 |
Less: reclassification adjustment for (gains)/losses on marketable securities |  | (88,157 | ) | (7,114 | ) | (95,271 | ) | 102,385 |  | (88,157 | )
Unrealized gains/(losses) on marketable securities |  | (83,155 | ) | (6,881 | ) | (90,036 | ) | 96,917 |  | (83,155 | )
Pension liability amortization and adjustment |  | 562 |  | 562 |  | 1,124 |  | (1,686 | ) | 562 |
Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges |  | 306 |  | 306 |  | 306 |  | (612 | ) | 306 |
Other comprehensive income (loss) before taxes |  | (134,856 | ) | (6,159 | ) | (141,321 | ) | 147,480 |  | (134,856 | )
Income tax expense (benefit) related to items of other comprehensive income (loss) |  | (2,277 | ) | (2,277 | ) | (4,672 | ) | 6,949 |  | (2,277 | )
Other comprehensive income (loss), net of tax |  | (132,579 | ) | (3,882 | ) | (136,649 | ) | 140,531 |  | (132,579 | )
Comprehensive income (loss) attributable to Nabors |  | (37,819 | ) | (28,190 | ) | 28,512 |  | (322 | ) | (37,819 | )
Net income (loss) attributable to noncontrolling interest |  | 5,713 |  | — |  | 5,713 |  | (5,713 | ) | 5,713 |
Translation adjustment to noncontrolling interest |  | (801 | ) | — |  | (801 | ) | 801 |  | (801 | )
Comprehensive income (loss) attributable to noncontrolling interest |  | 4,912 |  | — |  | 4,912 |  | (4,912 | ) | 4,912 |
Comprehensive income (loss) |  | $ | (32,907 | ) | $ | (28,190 | ) | $ | 33,424 |  | $ | (5,234 | ) | $ | (32,907 | )
|  | Six Months Ended June 30, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | 61,301 |  | $ | (45,781 | ) | $ | 97,053 |  | $ | (51,272 | ) | $ | 61,301 |
Other comprehensive income (loss) before taxes: |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  | (2,392 | ) | (1 | ) | (2,392 | ) | 2,392 |  | (2,393 | )
Unrealized gains/(losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |
Unrealized gains/(losses) on marketable securities |  | 7,215 |  | 11 |  | 7,226 |  | (7,237 | ) | 7,215 |
Less: reclassification adjustment for (gains)/losses on marketable securities |  | (12,484 | ) | (10,288 | ) | (22,772 | ) | 33,060 |  | (12,484 | )
Unrealized gains/(losses) on marketable securities |  | (5,269 | ) | (10,277 | ) | (15,546 | ) | 25,823 |  | (5,269 | )
Pension liability amortization and adjustment |  | 519 |  | 519 |  | 1,040 |  | (1,558 | ) | 520 |
Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges |  | 382 |  | 382 |  | 382 |  | (764 | ) | 382 |
Other comprehensive income (loss) before taxes |  | (6,760 | ) | (9,377 | ) | (16,516 | ) | 25,893 |  | (6,760 | )
Income tax expense (benefit) related to items of other comprehensive income (loss) |  | (3,584 | ) | (3,584 | ) | (7,288 | ) | 10,872 |  | (3,584 | )
Other comprehensive income (loss), net of tax |  | (3,176 | ) | (5,793 | ) | (9,228 | ) | 15,021 |  | (3,176 | )
Comprehensive income (loss) attributable to Nabors |  | 58,125 |  | (51,574 | ) | 87,825 |  | (36,251 | ) | 58,125 |
Net income (loss) attributable to noncontrolling interest |  | (1,441 | ) | — |  | (1,441 | ) | 1,441 |  | (1,441 | )
Translation adjustment to noncontrolling interest |  | 27 |  | — |  | 27 |  | (27 | ) | 27 |
Comprehensive income (loss) attributable to noncontrolling interest |  | (1,414 | ) | — |  | (1,414 | ) | 1,414 |  | (1,414 | )
Comprehensive income (loss) |  | $ | 56,711 |  | $ | (51,574 | ) | $ | 86,411 |  | $ | (34,837 | ) | $ | 56,711 |
Condensed Consolidating Statements of Cash Flows
|  | Six Months Ended June 30, 2013 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | (4,554 | ) | $ | (147,280 | ) | $ | 787,443 |  | $ | 29,799 |  | $ | 665,408 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Sales and maturities of investments |  | — |  | — |  | 163,161 |  | — |  | 163,161 |
Proceeds from sale of unconsolidated affiliates |  | — |  | — |  | 10,000 |  | — |  | 10,000 |
Investment in unconsolidated affiliates |  | — |  | — |  | (3,927 | ) | — |  | (3,927 | )
Cash paid for acquisition of businesses, net |  | — |  | — |  | (37,516 | ) | — |  | (37,516 | )
Capital expenditures |  | — |  | — |  | (500,368 | ) | — |  | (500,368 | )
Proceeds from sales of assets and insurance claims |  | — |  | — |  | 29,731 |  | — |  | 29,731 |
Other |  | — |  | — |  | (3,142 | ) | — |  | (3,142 | )
Cash paid for investments in consolidated affiliates |  | — |  | (626,000 | ) | (1,252,000 | ) | 1,878,000 |  | — |
Changes in intercompany balances |  | — |  | 348,367 |  | (348,367 | ) | — |  | — |
Net cash provided by (used for) investing activities |  | — |  | (277,633 | ) | (1,942,428 | ) | 1,878,000 |  | (342,061 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  | — |  | — |  | (8,686 | ) | — |  | (8,686 | )
Dividends to shareholders |  | (25,825 | ) | — |  | — |  | 2,273 |  | (23,552 | )
Proceeds from debt |  | — |  | — |  | 11,569 |  | — |  | 11,569 |
Debt issuance costs |  | — |  | (87 | ) | — |  | — |  | (87 | )
Proceeds from (payments for) commercial paper, net |  | — |  | 295,000 |  | — |  | — |  | 295,000 |
Proceeds from (payments for) issuance of common shares |  | 3,200 |  | — |  | — |  | — |  | 3,200 |
Proceeds from parent contributions |  | — |  | 626,000 |  | 1,252,000 |  | (1,878,000 | ) | — |
Proceeds from (payments for) issuance of parent common shares to affiliate |  | 32,072 |  | — |  | — |  | (32,072 | ) | — |
Reduction in long-term debt |  | — |  | — |  | (17,853 | ) | — |  | (17,853 | )
Reduction in revolving credit facility |  | — |  | (590,000 | ) | — |  | — |  | (590,000 | )
Purchase of restricted stock |  | (3,023 | ) | — |  | — |  | — |  | (3,023 | )
Net cash (used for) provided by financing activities |  | 6,424 |  | 330,913 |  | 1,237,030 |  | (1,907,799 | ) | (333,432 | )
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | (6,709 | ) | — |  | (6,709 | )
Net increase (decrease) in cash and cash equivalents |  | 1,870 |  | (94,000 | ) | 75,336 |  | — |  | (16,794 | )
Cash and cash equivalents, beginning of period |  | 1,639 |  | 106,778 |  | 416,505 |  | — |  | 524,922 |
Cash and cash equivalents, end of period |  | $ | 3,509 |  | $ | 12,778 |  | $ | 491,841 |  | $ | — |  | $ | 508,128 |
|  | Six Months Ended June 30, 2012 |
|  |  |  |  |  | Other |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | 7,762 |  | $ | (55,008 | ) | $ | 771,683 |  | $ | (12,500 | ) | $ | 711,937 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  | — |  | — |  | (795 | ) | — |  | (795 | )
Sales and maturities of investments |  | — |  | — |  | 25,517 |  | — |  | 25,517 |
Capital expenditures |  | — |  | — |  | (967,861 | ) | — |  | (967,861 | )
Proceeds from sales of assets and insurance claims |  | — |  | — |  | 116,923 |  | — |  | 116,923 |
Cash paid for investments in consolidated affiliates |  | — |  | — |  | — |  | — |  | — |
Changes in intercompany balances |  | — |  | (38,067 | ) | 38,067 |  | — |  | — |
Net cash provided by (used for) investing activities |  | — |  | (38,067 | ) | (788,149 | ) | — |  | (826,216 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  | — |  | — |  | (2,060 | ) | — |  | (2,060 | )
Proceeds from revolving credit facility |  | — |  | 200,000 |  | — |  | — |  | 200,000 |
Proceeds from (payments for) issuance of common shares |  | (5,066 | ) | — |  | — |  | — |  | (5,066 | )
Proceeds from parent contributions |  | — |  | — |  | (12,500 | ) | 12,500 |  | — |
Debt issuance costs |  | — |  | — |  | (1,235 | ) | — |  | (1,235 | )
Reduction in long-term debt |  | — |  | — |  |  |  | — |  | — |
Paydown of revolving credit facility |  | — |  | (100,000 | ) | (50,000 | ) | — |  | (150,000 | )
Purchase of restricted stock |  | (2,071 | ) | — |  | — |  | — |  | (2,071 | )
Tax benefit related to share-based awards |  | — |  | — |  | (36 | ) | — |  | (36 | )
Net cash (used for) provided by financing activities |  | (7,137 | ) | 100,000 |  | (65,831 | ) | 12,500 |  | 39,532 |
Effect of exchange rate changes on cash and cash equivalents |  | — |  | — |  | (3,430 | ) | — |  | (3,430 | )
Net increase (decrease) in cash and cash equivalents |  | 625 |  | 6,925 |  | (85,727 | ) | — |  | (78,177 | )
Cash and cash equivalents, beginning of period |  | 203 |  | 21 |  | 398,351 |  | — |  | 398,575 |
Cash and cash equivalents, end of period |  | $ | 828 |  | $ | 6,946 |  | $ | 312,624 |  | $ | — |  | $ | 320,398 |

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