v2.4.0.8

Segment Information | 12 Months Ended
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Dec. 31, 2013
Segment Information |
Segment Information | Note 23 Segment Information At December 31, 2013, we conducted our operations through two business lines: • Drilling & Rig Services This business line is comprised of our global drilling rig operations and drilling-related services, consisting of equipment manufacturing, instrumentation optimization software and directional drilling services. • Completion & Production Services This business line is comprised of our operations involved in the completion, life-of-well maintenance and eventual plugging and abandonment of a well. These services include stimulation, coiled-tubing, cementing, wireline, workover, well-servicing and fluids management. The accounting policies of the segments are the same as those described in Note 3—Summary of Significant Accounting Policies. Inter-segment sales are recorded at cost or cost plus a profit margin. We evaluate the performance of our segments based on several criteria, including adjusted income (loss) derived from operating activities. The following table sets forth financial information with respect to our operating segments:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  |  |  | Revised |  | Revised |
|  | (In thousands) |
Operating revenues and Earnings (losses) from unconsolidated affiliates:(1) |  |  |  |  |  |  |  |  |  |
Drilling & Rig Services: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 1,914,786 |  | $ | 2,276,808 |  | $ | 1,999,241 |
Canada |  |  | 361,676 |  |  | 429,411 |  |  | 426,455 |
International |  |  | 1,464,264 |  |  | 1,265,060 |  |  | 1,104,461 |
Rig Services(2) |  |  | 516,004 |  |  | 688,310 |  |  | 626,169 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal drilling and rig services(3) |  |  | 4,256,730 |  |  | 4,659,589 |  |  | 4,156,326 |
Completion & Production Services: |  |  |  |  |  |  |  |  |  |
Completion Services |  |  | 1,074,713 |  |  | 1,462,767 |  |  | 1,237,306 |
Production Services |  |  | 1,009,214 |  |  | 1,000,873 |  |  | 849,522 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal completion and production services(4) |  |  | 2,083,927 |  |  | 2,463,640 |  |  | 2,086,828 |
Other reconciling items(5) |  |  | (188,603 | ) |  | (568,896 | ) |  | (144,226 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total |  | $ | 6,152,054 |  | $ | 6,554,333 |  | $ | 6,098,928 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  |  |  | Revised |  | Revised |
|  | (In thousands) |
Adjusted income (loss) derived from operating activities:(1)(6) |  |  |  |  |  |  |  |  |  |
Drilling & Rig Services: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 315,496 |  | $ | 509,894 |  | $ | 442,831 |
Canada |  |  | 61,193 |  |  | 91,360 |  |  | 89,344 |
International |  |  | 177,833 |  |  | 91,226 |  |  | 123,813 |
Rig Services(2) |  |  | (3,918 | ) |  | 67,366 |  |  | 55,856 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal drilling and rig services(3) |  |  | 550,604 |  |  | 759,846 |  |  | 711,844 |
Completion & Production Services: |  |  |  |  |  |  |  |  |  |
Completion Services |  |  | 51,722 |  |  | 188,518 |  |  | 229,125 |
Production Services |  |  | 102,130 |  |  | 108,835 |  |  | 80,018 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal completion and production services(4) |  |  | 153,852 |  |  | 297,353 |  |  | 309,143 |
Other reconciling items(7) |  |  | (146,237 | ) |  | (148,649 | ) |  | (154,981 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total adjusted income (loss) derived from operating activities |  | $ | 558,219 |  | $ | 908,550 |  | $ | 866,006 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
U.S. oil and gas joint venture earnings (losses) |  |  | — |  |  | (289,199 | ) |  | 88,486 |
Interest expense |  |  | (223,418 | ) |  | (251,904 | ) |  | (256,632 | )
Investment income (loss) |  |  | 96,577 |  |  | 63,137 |  |  | 19,939 |
Gains (losses) on sales and disposals of long-lived assets and other income (expense), net |  |  | (37,977 | ) |  | 136,636 |  |  | (4,474 | )
Impairments and other charges |  |  | (287,241 | ) |  | (290,260 | ) |  | (198,072 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations before income taxes |  |  | 106,160 |  |  | 276,960 |  |  | 515,253 |
Income tax expense (benefit) |  |  | (55,181 | ) |  | 40,986 |  |  | 165,083 |
Subsidiary preferred stock dividend |  |  | 3,000 |  |  | 3,000 |  |  | 3,000 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  |  | 158,341 |  |  | 232,974 |  |  | 347,170 |
Income (loss) from discontinued operations, net of tax |  |  | (11,179 | ) |  | (67,526 | ) |  | (97,601 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) |  |  | 147,162 |  |  | 165,448 |  |  | 249,569 |
Less: Net (income) loss attributable to noncontrolling interest |  |  | (7,180 | ) |  | (621 | ) |  | (1,045 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 139,982 |  | $ | 164,827 |  | $ | 248,524 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Depreciation and amortization(1) |  |  |  |  |  |  |  |  |  |
Drilling & Rig Services: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 440,210 |  | $ | 406,740 |  | $ | 360,604 |
Canada |  |  | 57,796 |  |  | 59,191 |  |  | 57,382 |
International |  |  | 346,659 |  |  | 330,388 |  |  | 273,315 |
Rig Services(2) |  |  | 32,029 |  |  | 29,617 |  |  | 28,192 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal drilling and rig services |  |  | 876,694 |  |  | 825,936 |  |  | 719,493 |
Completion & Production Services: |  |  |  |  |  |  |  |  |  |
Completion Services |  |  | 109,242 |  |  | 112,401 |  |  | 102,009 |
Production Services |  |  | 103,502 |  |  | 104,201 |  |  | 96,885 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal completion and production services |  |  | 212,744 |  |  | 216,602 |  |  | 198,894 |
Other reconciling items(7) |  |  | (2,761 | ) |  | (2,615 | ) |  | (265 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total depreciation and amortization |  | $ | 1,086,677 |  | $ | 1,039,923 |  | $ | 918,122 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  | (In thousands) |
Capital expenditures and acquisitions of businesses:(9) |  |  |  |  |  |  |  |  |  |
Drilling & Rig Services: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 644,792 |  | $ | 758,555 |  | $ | 719,741 |
Canada |  |  | 59,386 |  |  | 78,729 |  |  | 58,134 |
International |  |  | 248,980 |  |  | 265,249 |  |  | 653,759 |
Rig Services(2) |  |  | 70,831 |  |  | 39,923 |  |  | 136,739 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal drilling and rig services |  |  | 1,023,989 |  |  | 1,142,456 |  |  | 1,568,373 |
Completion & Production Services(8) |  |  | 325,449 |  |  | 238,300 |  |  | 487,900 |
Other reconciling items(7) |  |  | 16,556 |  |  | 52,830 |  |  | 191,462 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total capital expenditures and acquisitions of businesses |  | $ | 1,365,994 |  | $ | 1,433,586 |  | $ | 2,247,735 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |
|  | (In thousands) |
Total assets: |  |  |  |  |  |  |
Drilling & Rig Services: |  |  |  |  |  |  |
U.S. |  | $ | 4,248,630 |  | $ | 4,157,470 |
Canada |  |  | 608,018 |  |  | 699,698 |
International |  |  | 3,584,339 |  |  | 3,626,307 |
Rig Services |  |  | 474,275 |  |  | 644,350 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Subtotal drilling and rig services(10) |  |  | 8,915,262 |  |  | 9,127,825 |
Completion & Production Services(8)(11) |  |  | 2,394,865 |  |  | 2,301,803 |
Other reconciling items(7)(12) |  |  | 849,684 |  |  | 1,226,394 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total assets |  | $ | 12,159,811 |  | $ | 12,656,022 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) All periods present the operating activities of our wholly owned oil and gas businesses, our previously held equity interests in oil and gas joint ventures in Canada and Colombia, aircraft logistics operations and construction services as discontinued operations. (2) Includes our drilling technology and top drive manufacturing, directional drilling, rig instrumentation and software services. These services represent our other companies that are not aggregated into a reportable operating segment. (3) Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of ($0.4) and ($3.1) million for the years ended December 31, 2013 and 2011, respectively. (4) Includes earnings (losses), net from unconsolidated affiliates, accounted for using the equity method, of $0.4 million and $0.5 million for the years ended December 31, 2013 and 2012, respectively. (5) Represents the elimination of inter-segment transactions and earnings (losses), net from the U.S. unconsolidated oil and gas joint venture, accounted for using the equity method until sold in December 2012, of ($289.2) million and $88.5 million for the years ended December 31, 2012 and 2011, respectively. (6) Adjusted income (loss) derived from operating activities is computed by subtracting the sum of direct costs, general and administrative expenses, depreciation and amortization and earnings (losses) from the U.S. oil and gas joint venture from the sum of Operating revenues and Earnings (losses) from unconsolidated affiliates. These amounts should not be used as a substitute for the amounts reported in accordance with GAAP. However, management evaluates the performance of our business units and the consolidated company based on several criteria, including adjusted income (loss) derived from operating activities, because it believes that these financial measures accurately reflect our ongoing profitability. A reconciliation of this non-GAAP measure to income (loss) from continuing operations before income taxes, which is a GAAP measure, is provided in the above table. (7) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures. (8) Reflects assets allocated to the line of business to conduct its operations. Further allocation to individual operating segments of Completion & Production Services is not available. (9) Includes the portion of the purchase price of acquisitions allocated to fixed assets and goodwill based on their fair market value. (10) Includes $57.0 million and $59.9 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2013 and 2012, respectively. (11) Includes $7.4 million and $1.8 million of investments in unconsolidated affiliates accounted for using the equity method as of December 31, 2013 and 2012, respectively. (12) Includes assets of $239.9 million and $377.6 million from oil and gas businesses classified as assets held-for-sale as of December 31, 2013 and 2012, respectively. The following table sets forth financial information with respect to Nabors' operations by geographic area:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2013 |  | 2012 |  | 2011 |
|  |  |  | Revised |  | Revised |
|  | (In thousands) |
Operating revenues and Earnings (losses) from unconsolidated affiliates: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 4,146,125 |  | $ | 4,625,614 |  | $ | 4,311,009 |
Outside the U.S. |  |  | 2,005,929 |  |  | 1,928,719 |  |  | 1,787,919 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 6,152,054 |  | $ | 6,554,333 |  | $ | 6,098,928 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property, plant and equipment, net: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 5,474,746 |  | $ | 5,179,578 |  | $ | 4,974,239 |
Outside the U.S. |  |  | 3,123,067 |  |  | 3,532,510 |  |  | 3,655,707 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 8,597,813 |  | $ | 8,712,088 |  | $ | 8,629,946 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Goodwill: |  |  |  |  |  |  |  |  |  |
U.S. |  | $ | 498,149 |  | $ | 456,463 |  | $ | 466,794 |
Outside the U.S. |  |  | 14,815 |  |  | 15,863 |  |  | 34,464 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | $ | 512,964 |  | $ | 472,326 |  | $ | 501,258 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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