v2.4.0.8

Unaudited Quarterly Financial Information | 12 Months Ended
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Dec. 31, 2013
Unaudited Quarterly Financial Information |
Unaudited Quarterly Financial Information | Note 22 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. As described in Note 2—Revisions of Prior Period Financial Statements, we have revised our consolidated financial statements for the years 2012 and prior for Sabine errors and certain unrelated immaterial items. The effect of these errors on quarters ended March 31, 2012 and June 30, 2012 is material and accordingly, we are restating these quarters. The table below presents the line items impacted by the restatement for such quarters. See Note 5—Assets Held for Sale and Discontinued Operations for additional information. Set forth below is a summary of the effect on our previously reported quarterly reports. The effect on our consolidated balance sheet at March 31, 2012 is as follows:
|  | 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 |
There was no effect at June 30, 2012. The effect on our consolidated statements of income (loss) is as follows:
|  | 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. The effect on our consolidated statements of other comprehensive income (loss) is as follows:
|  | 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 |
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:
|  | 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 |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
The effect on our consolidated statements of changes in equity is as follows:
|  | 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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- Definition The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6372559&loc=d3e725-108305 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=25249566&loc=d3e1280-108306 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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