v2.4.0.8

Revision of Prior Period Financial Statements | 12 Months Ended
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Dec. 31, 2013
Revision of Prior Period Financial Statements |
Revision of Prior Period Financial Statements | Note 2 Revision of Prior Period Financial Statements Our Investments in Unconsolidated Affiliates (Note 11) included our equity interest in NFR Energy LLC, now known as Sabine Oil & Gas LLC ("Sabine") through the third quarter of 2012. We disposed of our entire interest during the fourth quarter of 2012. We were recently informed by Sabine that it is restating its previously issued financial statements to correct errors identified with respect to the accounting for certain derivative financial transactions previously accounted for as cash flow hedges. These errors affect our historical earnings (losses) from unconsolidated affiliates and related income tax expense (benefit) recorded during certain periods in 2012 and earlier. These errors have no effect on our consolidated financial statements for 2013. They also have no effect on our balance sheet or shareholders' equity as of December 31, 2012 or subsequent periods, our income statement for the year ended December 31, 2013 or our cash flows from operating, investing or financing activities for any historical period. We assessed the materiality of these errors in accordance with the SEC's Staff Accounting Bulletin 99 and concluded that the previously issued annual financial statements were not materially misstated. However, the impact is material to the quarters ended March 31, 2012 and June 30, 2012. Accordingly, we have corrected these errors in the quarters and annual periods by revising our consolidated financial statements for the years 2012 and prior and restating the unaudited quarterly financial information (Note 22) for quarters ended March 31, 2012 and June 30, 2012. In addition, as a result of revising our prior years' consolidated financial statements, we have also corrected certain other immaterial items that had been previously recorded during the period identified, to reflect such items in the proper period. The effect of the adjustments was to increase our net income for the years ended December 31, 2012 and 2011 by $0.8 million and $4.8 million, respectively. The effect of these adjustments for periods prior to January 1, 2011 have been reflected as revisions to retained earnings as of December 31, 2010 in our consolidated statements of changes in equity. The tables below present the financial statement line items impacted by the revisions to our consolidated financial statements for the years ended December 31, 2012 and 2011. The effect on our consolidated statements of income (loss) is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
(In thousands, except per share amounts) |  | As Reported(1) |  | Adjustment |  | Revised |  | As Reported(1) |  | Adjustment |  | Revised |
Earnings (losses) from unconsolidated affiliates |  | $ | (301,320 | ) | $ | 12,602 |  | $ | (288,718 | ) | $ | 56,647 |  | $ | 28,801 |  | $ | 85,448 |
Total revenues and other income |  |  | 6,604,868 |  |  | 12,602 |  |  | 6,617,470 |  |  | 6,090,066 |  |  | 28,801 |  |  | 6,118,867 |
Direct costs |  |  | 4,368,702 |  |  | (1,596 | ) |  | 4,367,106 |  |  | 3,736,910 |  |  | 1,596 |  |  | 3,738,506 |
Total costs and other deductions |  |  | 6,342,106 |  |  | (1,596 | ) |  | 6,340,510 |  |  | 5,602,018 |  |  | 1,596 |  |  | 5,603,614 |
Income (loss) from continuing operations before income taxes |  |  | 262,762 |  |  | 14,198 |  |  | 276,960 |  |  | 488,048 |  |  | 27,205 |  |  | 515,253 |
Deferred income tax expense (benefit) |  |  | (115,413 | ) |  | 13,405 |  |  | (102,008 | ) |  | 33,021 |  |  | 22,360 |  |  | 55,381 |
Income tax expense (benefit) |  |  | 27,581 |  |  | 13,405 |  |  | 40,986 |  |  | 142,723 |  |  | 22,360 |  |  | 165,083 |
Income (loss) from continuing operations, net of tax |  |  | 232,181 |  |  | 793 |  |  | 232,974 |  |  | 342,325 |  |  | 4,845 |  |  | 347,170 |
Net income (loss) |  |  | 164,655 |  |  | 793 |  |  | 165,448 |  |  | 244,724 |  |  | 4,845 |  |  | 249,569 |
Net income (loss) attributable to Nabors |  |  | 164,034 |  |  | 793 |  |  | 164,827 |  |  | 243,679 |  |  | 4,845 |  |  | 248,524 |
Earnings (losses) per share:(2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic from continuing operations |  | $ | 0.80 |  | $ | — |  | $ | 0.80 |  | $ | 1.19 |  | $ | 0.02 |  | $ | 1.21 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Basic |  | $ | 0.57 |  | $ | — |  | $ | 0.57 |  | $ | 0.85 |  | $ | 0.02 |  | $ | 0.87 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Diluted from continuing operations |  | $ | 0.79 |  | $ | — |  | $ | 0.79 |  | $ | 1.17 |  | $ | 0.02 |  | $ | 1.18 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total Diluted |  | $ | 0.56 |  | $ | — |  | $ | 0.56 |  | $ | 0.83 |  | $ | 0.02 |  | $ | 0.85 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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. The effect on our consolidated statements of other comprehensive income (loss) is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
(In thousands) |  | As Reported |  | Adjustment |  | Revised |  | As Reported |  | Adjustment |  | Revised |
Net income (loss) attributable to Nabors |  | $ | 164,034 |  | $ | 793 |  | $ | 164,827 |  | $ | 243,679 |  | $ | 4,845 |  | $ | 248,524 |
Comprehensive income (loss) attributable to Nabors |  |  | 274,365 |  |  | 793 |  |  | 275,158 |  |  | 222,891 |  |  | 4,845 |  |  | 227,736 |
Comprehensive income (loss) |  |  | 275,297 |  |  | 793 |  |  | 276,090 |  |  | 223,751 |  |  | 4,845 |  |  | 228,596 |
While these adjustments had no impact on our overall cash flows from operating, investing or financing activities for any period, the presentation of certain line items within our operating activities in our consolidated statements of cash flow was revised and is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |
(In thousands) |  | As Reported |  | Adjustment |  | Revised |  | As Reported |  | Adjustment |  | Revised |
Net income (loss) attributable to Nabors |  | $ | 164,034 |  | $ | 793 |  | $ | 164,827 |  | $ | 243,679 |  | $ | 4,845 |  | $ | 248,524 |
Deferred income tax expense (benefit) |  |  | (145,147 | ) |  | 13,405 |  |  | (131,742 | ) |  | (34,739 | ) |  | 22,360 |  |  | (12,379 | )
Equity in (earnings) losses of unconsolidated affiliates, net of dividends |  |  | 312,319 |  |  | (12,602 | ) |  | 299,717 |  |  | (132,388 | ) |  | (28,801 | ) |  | (161,189 | )
Trade accounts payable and accrued liabilities |  |  | (223,199 | ) |  | (1,596 | ) |  | (224,795 | ) |  | 517,615 |  |  | 1,596 |  |  | 519,211 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net cash provided by operating activities |  |  | 1,562,705 |  |  | — |  |  | 1,562,705 |  |  | 1,456,487 |  |  | — |  |  | 1,456,487 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effect on our consolidated statements of changes in equity is as follows:
|  | Year Ended December 31, |
--- | --- | --- | ---
|  | 2011 |  | 2010 |
(In thousands) |  | As Reported |  | Adjustment |  | Revised |  | As Reported |  | Adjustment |  | Revised |
Retained earnings |  | $ | 3,956,364 |  | $ | (793 | ) | $ | 3,955,571 |  | $ | 3,707,881 |  | $ | (5,638 | ) | $ | 3,702,243 |
Total equity |  |  | 5,601,217 |  |  | (793 | ) |  | 5,600,424 |  |  | 5,342,863 |  |  | (5,638 | ) |  | 5,337,225 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: 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=28359718&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22595-107794 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=28359718&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=26874127&loc=d3e30840-122693 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N + Details
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