v2.4.0.8

Unaudited Quarterly Financial Information (Tables) | 12 Months Ended
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Dec. 31, 2013
Unaudited Quarterly Financial Information |
Unaudited Quarterly Financial Information |
|  | Year Ended December 31, 2013 |
--- | --- | --- | ---
|  | Quarter Ended |
|  | March 31 |  | June 30 |  | September 30 |  | December 31 |
|  | (In thousands, except per share amounts) |
Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations(1) |  | $ | 1,538,373 |  | $ | 1,459,326 |  | $ | 1,548,965 |  | $ | 1,605,390 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  | $ | 92,207 |  | $ | 28,128 |  | $ | (90,510 | ) | $ | 128,516 |
Income (loss) from discontinued operations, net of tax |  |  | 7,011 |  |  | (26,873 | ) |  | (14,430 | ) |  | 23,113 |
Less: Net (income) loss attributable to noncontrolling interest |  |  | (97 | ) |  | (5,616 | ) |  | (441 | ) |  | (1,026 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 99,121 |  | $ | (4,361 | ) | $ | (105,381 | ) | $ | 150,603 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (losses) per share:(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.31 |  | $ | 0.08 |  | $ | (0.30 | ) | $ | 0.43 |
Basic from discontinued operations |  |  | 0.03 |  |  | (0.09 | ) |  | (0.05 | ) |  | 0.07 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.34 |  | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.50 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.31 |  | $ | 0.08 |  | $ | (0.30 | ) | $ | 0.42 |
Diluted from discontinued operations |  |  | 0.02 |  |  | (0.09 | ) |  | (0.05 | ) |  | 0.08 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.33 |  | $ | (0.01 | ) | $ | (0.35 | ) | $ | 0.50 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Year Ended December 31, 2012 |
--- | --- | --- | ---
|  | Quarter Ended |
|  | March 31 |  | June 30 |  | September 30 |  | December 31 |
|  | Restated |  | Restated |  |  |  |  |
|  | (In thousands, except per share amounts) |
Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations(3) |  | $ | 1,810,367 |  | $ | 1,541,841 |  | $ | 1,630,380 |  | $ | 1,571,745 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Income (loss) from continuing operations, net of tax |  | $ | 158,546 |  | $ | (121,626 | ) | $ | 64,489 |  | $ | 131,565 |
Income (loss) from discontinued operations, net of tax |  |  | (2,977 | ) |  | 26,710 |  |  | 12,155 |  |  | (103,414 | )
Less: Net (income) loss attributable to noncontrolling interest |  |  | 267 |  |  | 1,174 |  |  | (988 | ) |  | (1,074 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net income (loss) attributable to Nabors |  | $ | 155,836 |  | $ | (93,742 | ) | $ | 75,656 |  | $ | 27,077 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Earnings (losses) per share:(2) |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.55 |  | $ | (0.41 | ) | $ | 0.22 |  | $ | 0.45 |
Basic from discontinued operations |  |  | (0.01 | ) |  | 0.09 |  |  | 0.04 |  |  | (0.36 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.54 |  | $ | (0.32 | ) | $ | 0.26 |  | $ | 0.09 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.54 |  | $ | (0.41 | ) | $ | 0.22 |  | $ | 0.45 |
Diluted from discontinued operations |  |  | (0.01 | ) |  | 0.09 |  |  | 0.04 |  |  | (0.36 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.53 |  | $ | (0.32 | ) | $ | 0.26 |  | $ | 0.09 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Includes earnings (losses) from unconsolidated affiliates, net, accounted for by the equity method, of $2.9 million, $1.4 million, ($2.6) million and ($1.6) million, respectively. (2) Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total computed for the year. (3) Includes earnings (losses) from unconsolidated affiliates, net, accounted for by the equity method, of ($34.3) million, ($156.1) million, ($99.5) million and $1.2 million, respectively.
Schedule of effect on consolidated balance sheets |
|  | 2012 |
--- | --- | --- | ---
|  | March 31 |
(In thousands) |  | As Reported |  | Adjustment |  | Restated |
Inventory |  | $ | 265,787 |  | $ | (3,200 | ) | $ | 262,587 |
Total current assets |  |  | 3,129,224 |  |  | (3,200 | ) |  | 3,126,024 |
Investment in unconsolidated affiliates |  |  | 303,103 |  |  | 21,746 |  |  | 324,849 |
Total assets |  |  | 13,148,194 |  |  | 18,546 |  |  | 13,166,740 |
Deferred income taxes |  |  | 855,057 |  |  | (2,407 | ) |  | 852,650 |
Total liabilities |  |  | 7,255,826 |  |  | (2,407 | ) |  | 7,253,419 |
Retained earnings |  |  | 4,090,454 |  |  | 20,953 |  |  | 4,111,407 |
Total shareholders' equity |  |  | 5,810,923 |  |  | 20,953 |  |  | 5,831,876 |
Total equity |  |  | 5,823,180 |  |  | 20,953 |  |  | 5,844,133 |
Total liabilities and equity |  |  | 13,148,194 |  |  | 20,953 |  |  | 13,169,147 |
Schedule of effect on consolidated statements of income (loss) |
|  | Quarter Ended |
--- | --- | --- | ---
|  | March 31, 2012 |  | June 30, 2012 |
(In thousands, except per share amounts) |  | As Reported(1) |  | Adjustment |  | Restated |  | As Reported(1) |  | Adjustment |  | Restated |
Earnings (losses) from unconsolidated affiliates |  | $ | (68,669 | ) | $ | 34,348 |  | $ | (34,321 | ) | $ | (134,317 | ) | $ | (21,746 | ) | $ | (156,063 | )
Total revenues and other income |  |  | 1,796,271 |  |  | 34,348 |  |  | 1,830,619 |  |  | 1,568,955 |  |  | (21,746 | ) |  | 1,547,209 |
Direct costs |  |  | 1,154,113 |  |  | 1,604 |  |  | 1,155,717 |  |  | 1,092,375 |  |  | (3,200 | ) |  | 1,089,175 |
Total costs and other deductions |  |  | 1,593,948 |  |  | 1,604 |  |  | 1,595,552 |  |  | 1,706,553 |  |  | (3,200 | ) |  | 1,703,353 |
Income (loss) from continuing operations before income taxes |  |  | 202,323 |  |  | 32,744 |  |  | 235,067 |  |  | (137,598 | ) |  | (18,546 | ) |  | (156,144 | )
Deferred income tax expense (benefit) |  |  | 38,767 |  |  | 10,998 |  |  | 49,765 |  |  | (72,373 | ) |  | 2,407 |  |  | (69,966 | )
Income tax expense (benefit) |  |  | 64,773 |  |  | 10,998 |  |  | 75,771 |  |  | (37,675 | ) |  | 2,407 |  |  | (35,268 | )
Income (loss) from continuing operations, net of tax |  |  | 136,800 |  |  | 21,746 |  |  | 158,546 |  |  | (100,673 | ) |  | (20,953 | ) |  | (121,626 | )
Net income (loss) |  |  | 133,823 |  |  | 21,746 |  |  | 155,569 |  |  | (73,963 | ) |  | (20,953 | ) |  | (94,916 | )
Net income (loss) attributable to Nabors |  |  | 134,090 |  |  | 21,746 |  |  | 155,836 |  |  | (72,789 | ) |  | (20,953 | ) |  | (93,742 | )
Earnings (losses) per share:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.48 |  | $ | 0.08 |  | $ | 0.55 |  | $ | (0.34 | ) | $ | (0.07 | ) | $ | (0.41 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.46 |  | $ | 0.08 |  | $ | 0.54 |  | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.32 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.47 |  | $ | 0.07 |  | $ | 0.54 |  | $ | (0.34 | ) | $ | (0.07 | ) | $ | (0.41 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.46 |  | $ | 0.07 |  | $ | 0.53 |  | $ | (0.25 | ) | $ | (0.07 | ) | $ | (0.32 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
|  | Six Months Ended |
--- | --- | --- | ---
|  | June 30, 2012 |
(In thousands, except per share amounts) |  | As Reported(1) |  | Adjustment |  | Restated |
Earnings (losses) from unconsolidated affiliates |  | $ | (202,986 | ) | $ | 12,602 |  | $ | (190,384 | )
Total revenues and other income |  |  | 3,365,226 |  |  | 12,602 |  |  | 3,377,828 |
Direct costs |  |  | 2,246,488 |  |  | (1,596 | ) |  | 2,244,892 |
Total costs and other deductions |  |  | 3,300,501 |  |  | (1,596 | ) |  | 3,298,905 |
Income (loss) from continuing operations before income taxes |  |  | 64,725 |  |  | 14,198 |  |  | 78,923 |
Deferred income tax expense (benefit) |  |  | (33,606 | ) |  | 13,405 |  |  | (20,201 | )
Income tax expense (benefit) |  |  | 27,098 |  |  | 13,405 |  |  | 40,503 |
Income (loss) from continuing operations, net of tax |  |  | 36,127 |  |  | 793 |  |  | 36,920 |
Net income (loss) |  |  | 59,860 |  |  | 793 |  |  | 60,653 |
Net income (loss) attributable to Nabors |  |  | 61,301 |  |  | 793 |  |  | 62,094 |
Earnings (losses) per share:(2) |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.13 |  |  | — |  | $ | 0.13 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.21 |  |  | — |  | $ | 0.21 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.13 |  |  | — |  | $ | 0.13 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.21 |  |  | — |  | $ | 0.21 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(1) Amounts reflect the retrospective reclassification of the results of Peak as discontinued operations. Refer to Note 5—Assets Held for Sale and Discontinued Operations for additional information. (2) Earnings per share is computed independently for each of the columns presented. Therefore, the sum of the earnings per share may not equal the total revised.
Schedule of effect on consolidated statements of other comprehensive income (loss) |
|  | Quarter Ended |
--- | --- | --- | ---
|  | March 31, 2012 |  | June 30, 2012 |
(In thousands) |  | As Reported |  | Adjustment |  | Restated |  | As Reported |  | Adjustment |  | Restated |
Net income (loss) attributable to Nabors |  | $ | 134,090 |  | $ | 21,746 |  | $ | 155,836 |  | $ | (72,789 | ) | $ | (20,953 | ) | $ | (93,742 | )
Comprehensive income (loss) attributable to Nabors |  |  | 155,289 |  |  | 21,746 |  |  | 177,035 |  |  | (97,164 | ) |  | (20,953 | ) |  | (118,117 | )
Comprehensive income (loss) |  |  | 155,265 |  |  | 21,746 |  |  | 177,011 |  |  | (98,554 | ) |  | (20,953 | ) |  | (119,507 | )
|  | Six Months Ended |
--- | --- | --- | ---
|  | June 30, 2012 |
(In thousands) |  | As Reported |  | Adjustment |  | Restated |
Net income (loss) attributable to Nabors |  | $ | 61,301 |  | $ | 793 |  | $ | 62,094 |
Comprehensive income (loss) attributable to Nabors |  | $ | 58,125 |  | $ | 793 |  | $ | 58,918 |
Comprehensive income (loss) |  | $ | 56,711 |  | $ | 793 |  | $ | 57,504 |
Schedule of effect on consolidated statements of cash flow |
|  | Three Months Ended March 31, 2012 |  | Six Months Ended June 30, 2012 |
--- | --- | --- | --- | --- | ---
(In thousands) |  | As Reported |  | Adjustment |  | Restated |  | As Reported |  | Adjustment |  | Restated |
Net income (loss) attributable to Nabors |  | $ | 134,090 |  | $ | 21,746 |  | $ | 155,836 |  | $ | 61,301 |  | $ | 793 |  | $ | 62,094 |
Deferred income tax expense (benefit) |  |  | 38,802 |  |  | 10,998 |  |  | 49,800 |  |  | (15,404 | ) |  | 13,405 |  |  | (1,999 | )
Equity in (earnings) losses of unconsolidated affiliates, net of dividends |  |  | 68,668 |  |  | (34,348 | ) |  | 34,320 |  |  | 202,985 |  |  | (12,602 | ) |  | 190,383 |
Inventory |  |  | 7,883 |  |  | 3,200 |  |  | 11,083 |  |  |  |  |  |  |  |  |  |
Trade accounts payable and accrued liabilities |  |  | (119,195 | ) |  | (1,596 | ) |  | (120,791 | ) |  | (94,423 | ) |  | (1,596 | ) |  | (96,019 | )
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by operating activities |  | $ | 244,183 |  | $ | — |  | $ | 244,183 |  | $ | 711,937 |  | $ | — |  | $ | 711,937 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Schedule of effect on consolidated statements of changes in equity |
|  | March 31, 2012 |
--- | --- | --- | ---
(In thousands) |  | As Reported |  | Adjustment |  | Revised |
Retained earnings |  | $ | 4,090,454 |  | $ | 20,953 |  | $ | 4,111,407 |
Total equity |  |  | 5,823,180 |  |  | 20,953 |  |  | 5,844,133 |

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