v2.4.0.8

Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2013

Assets Held for Sale and Discontinued Operations

Schedule of assets held for sale

		December 31,
		2013			2012
		(In thousands)
Oil and Gas		$	239,936		$	377,625
Rig Services			3,328			6,232
​	​	​	​	​	​	​	​
		$	243,264		$	383,857
​	​	​	​	​	​	​	​

Schedule of condensed statements of income (loss) from discontinued operations for each operating segment

		Year Ended December 31,
		2013			2012			2011
		(In thousands, except percentages)
Operating revenues
Oil and Gas		$	25,327		$	27,363		$	125,654	(1)
Rig Services		$	127,154		$	172,335		$	76,584
Income (loss) from Oil & Gas discontinued operations:
Income (loss) from discontinued operations			(17,371	)		(3,958	)		18,880
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets			24,087	(2)		106,096	(3)		208,455	(4)
Less: Income tax expense (benefit)			(14,062	)		(44,021	)		(98,181	)
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from Oil and Gas discontinued operations, net of tax			(27,396	)		(66,033	)		(91,394	)
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from Rig Services discontinued operations:
Income (loss) from discontinued operations			17,680			9,846			458
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets			(4,368)	(5)		9,087	(6)		8,800	(6)
Less: Income tax expense (benefit)			5,831			2,252			(2,135	)
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from Rig Services discontinued operations, net of tax			16,217			(1,493	)		(6,207	)
​	​	​	​	​	​	​	​	​	​	​

Oil and Gas

(1)

Includes approximately $83 million of equity in earnings during 2011 for our proportionate share of Remora's net income, inclusive of the gains recognized for asset sales during 2011.

(2)

Includes impairments during 2013 of $61.5 million to write down the carrying value of some of our wholly owned oil and gas-centered assets, partially offset by a gain related to our restructure of our future pipeline obligations.

(3)

Includes adjustments during 2012 to increase our pipeline contractual commitments by $128.1 million and other gains and losses related to the sale of our wholly owned oil and gas-centered assets.

(4)

Includes impairments during 2011 of $255.0 million to write down the carrying value of our wholly owned oil and gas-centered assets.

Rig Services

(5)

Represents the gains recognized from our sale of our logistics services and construction services. In April 2013, we sold the assets of one of our former Canadian subsidiaries that provided logistics services for proceeds of $9.3 million. In October 2013, we sold Peak, one of our businesses in Alaska, for which we received cash proceeds of $135.5 million.

(6)

Includes $7.8 million and $7.9 million, respectively, of impairment (a Level 3 measurement) in 2012 and 2011 to our aircraft and logistics assets as a result of the continued downturn in the oil and gas industry in Canada.

Schedule of reconciling amounts for the consolidated statements of income (loss)

		Year Ended
		December 31, 2012									December 31, 2011
(In thousands, except per share amounts)		As Previously Filed			Discontinued Operations(1)			As Reported(2)			As Previously Filed			Discontinued Operations(1)			As Reported(2)
Revenues and other income:
Operating Revenues		$	6,989,573		$	(146,522	)	$	6,843,051		$	6,060,351		$	(46,871	)	$	6,013,480
Earnings from affiliates			(301,320	)		—			(301,320	)		56,647			0			56,647
Investment income			63,137			—			63,137			19,940			(1	)		19,939
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total revenues and other income			6,751,390			(146,522	)		6,604,868			6,136,938			(46,872	)		6,090,066
Costs and other deductions:
Direct Costs			4,483,320			(114,618	)		4,368,702			3,775,964			(39,054	)		3,736,910
General and administrative expenses			532,568			(4,615	)		527,953			489,892			(2,084	)		487,808
Depreciation and amortization			1,055,517			(15,594	)		1,039,923			924,094			(5,972	)		918,122
Interest Expense			251,552			352			251,904			256,633			(1	)		256,632
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net			(136,510	)		(126	)		(136,636	)		4,514			(40	)		4,474
Impairments and other charges			290,260			—			290,260			198,072			—			198,072
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total costs and other deductions			6,476,707			(134,601	)		6,342,106			5,649,169			(47,151	)		5,602,018
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			274,683			(11,921	)		262,762			487,769			279			488,048
Income tax expense:
Current			142,994			—			142,994			109,702			—			109,702
Deferred			(110,366	)		(5,047	)		(115,413	)		32,903			118			33,021
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total income tax expense			32,628			(5,047	)		27,581			142,605			118			142,723
Subsidiary preferred stock dividend			3,000			—			3,000			3,000			—			3,000
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income (loss) from continuing operations, net of tax			239,055			(6,874	)		232,181			342,164			161			342,325
Income from discontinued operations, net of tax			(74,400	)		6,874			(67,526	)		(97,440	)		(161	)		(97,601	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income (loss)			164,655			—			164,655			244,724			—			244,724
Less: Net (income) loss attributable to noncontrolling interest			(621	)		—			(621	)		(1,045	)		—			(1,045	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income (loss) attributable to Nabors		$	164,034		$	—		$	164,034		$	243,679		$	—		$	243,679
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share:(3)
Basic from continuing operations		$	0.82		$	(0.02	)	$	0.80		$	1.19		$	—		$	1.19
Basic from discontinued operations			(0.25	)		0.02			(0.23	)		(0.34	)		—			(0.34	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Basic		$	0.57		$	—		$	0.57		$	0.85		$	—		$	0.85
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted from continuing operations		$	0.82		$	(0.02	)	$	0.79		$	1.17		$	—		$	1.17
Diluted from discontinued operations			(0.26	)		0.02			(0.23	)		(0.34	)		—			(0.34	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Diluted		$	0.56		$	—		$	0.56		$	0.83		$	—		$	0.83
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

(1)

Amounts represents the operating results from Peak, as discussed above.

(2)

Amounts reflect discontinued operations presentation for Peak prior to adjustments required as a result of our revisions to our consolidated statements of income (loss) for the years ended December 31, 2012 and 2011.

(3)

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.

		Quarter Ended
		March 31, 2012									June 30, 2012
(In thousands, except per share amounts)		As Previously Filed			Discontinued Operations(1)			As Reported(2)			As Previously Filed			Discontinued Operations(1)			As Reported(2)
Revenues and other income:
Operating Revenues		$	1,890,426		$	(45,738	)	$	1,844,688		$	1,737,114		$	(39,210	)	$	1,697,904
Earnings from affiliates			(68,669	)		—			(68,669	)		(134,317	)		—			(134,317	)
Investment income			20,252			—			20,252			5,368			—			5,368
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total revenues and other income			1,842,009			(45,738	)		1,796,271			1,608,165			(39,210	)		1,568,955
Costs and other deductions:
Direct Costs			1,184,816			(30,703	)		1,154,113			1,123,256			(30,881	)		1,092,375
General and administrative expenses			136,346			(878	)		135,468			133,612			(1,227	)		132,385
Depreciation and amortization			247,621			(4,074	)		243,547			261,016			(3,759	)		257,257
Interest Expense			62,654			11			62,665			63,459			168			63,627
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net			(1,840	)		(5	)		(1,845	)		13,414			(8	)		13,406
Impairments and other charges			—			—			—			147,503			—			147,503
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total costs and other deductions			1,629,597			(35,649	)		1,593,948			1,742,260			(35,707	)		1,706,553
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			212,412			(10,089	)		202,323			(134,095	)		(3,503	)		(137,598	)
Income tax expense:
Current			26,006			—			26,006			34,698			—			34,698
Deferred			43,038			(4,271	)		38,767			(70,890	)		(1,483	)		(72,373	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total income tax expense			69,044			(4,271	)		64,773			(36,192	)		(1,483	)		(37,675	)
Subsidiary preferred stock dividend			750			—			750			750			—			750
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Income (loss) from continuing operations, net of tax			142,618			(5,818	)		136,800			(98,653	)		(2,020	)		(100,673	)
Income from discontinued operations, net of tax			(8,795	)		5,818			(2,977	)		24,690			2,020			26,710
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income (loss)			133,823			—			133,823			(73,963	)		—			(73,963	)
Less: Net (income) loss attributable to noncontrolling interest			267			—			267			1,174			—			1,174
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Net income (loss) attributable to Nabors		$	134,090		$	—		$	134,090		$	(72,789	)	$	—		$	(72,789	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Earnings per share:(3)
Basic from continuing operations		$	0.50		$	(0.02	)	$	0.48		$	(0.34	)	$	—		$	(0.34	)
Basic from discontinued operations			(0.04	)		0.02			(0.02	)		0.09			—			0.09
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Basic		$	0.46		$	—		$	0.46		$	(0.25	)	$	—		$	(0.25	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Diluted from continuing operations		$	0.49		$	(0.02	)	$	0.47		$	(0.34	)	$	—		$	(0.34	)
Diluted from discontinued operations			(0.03	)		0.02			(0.01	)		0.09			—			0.09
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Total Diluted		$	0.46		$	—		$	0.46		$	(0.25	)	$	—		$	(0.25	)
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​

		Six Months Ended
		June 30, 2012
(In thousands, except per share amounts)		As Previously Filed			Discontinued Operations(1)			As Reported(2)
Revenues and other income:
Operating Revenues		$	3,627,540			(84,948	)	$	3,542,592
Earnings from affiliates			(202,986	)		—			(202,986	)
Investment income			25,620			—			25,620
​	​	​	​	​	​	​	​	​	​	​
Total revenues and other income			3,450,174			(84,948	)		3,365,226
Costs and other deductions:
Direct Costs			2,308,072			(61,584	)		2,246,488
General and administrative expenses			269,958			(2,105	)		267,853
Depreciation and amortization			508,637			(7,833	)		500,804
Interest Expense			126,113			179			126,292
Losses (gains) on sales and disposals of long-lived assets and other expense (income), net			11,574			(13	)		11,561
Impairments and other charges			147,503			—			147,503
​	​	​	​	​	​	​	​	​	​	​
Total costs and other deductions			3,371,857			(71,356	)		3,300,501
​	​	​	​	​	​	​	​	​	​	​
Income before income taxes			78,317			(13,592	)		64,725
Income tax expense:
Current			60,704			—			60,704
Deferred			(27,852	)		(5,754	)		(33,606	)
​	​	​	​	​	​	​	​	​	​	​
Total income tax expense			32,852			(5,754	)		27,098
Subsidiary preferred stock dividend			1,500			—			1,500
​	​	​	​	​	​	​	​	​	​	​
Income (loss) from continuing operations, net of tax			43,965			(7,838	)		36,127
Income from discontinued operations, net of tax			15,895			7,838			23,733
​	​	​	​	​	​	​	​	​	​	​
Net income (loss)			59,860			—			59,860
Less: Net (income) loss attributable to noncontrolling interest			1,441			—			1,441
​	​	​	​	​	​	​	​	​	​	​
Net income (loss) attributable to Nabors		$	61,301		$	—		$	61,301
​	​	​	​	​	​	​	​	​	​	​
Earnings per share:(3)
Basic from continuing operations		$	0.16		$	(0.03	)	$	0.13
Basic from discontinued operations			0.05			0.03			0.08
​	​	​	​	​	​	​	​	​	​	​
Total Basic		$	0.21		$	—		$	0.21
​	​	​	​	​	​	​	​	​	​	​
Diluted from continuing operations		$	0.16		$	(0.03	)	$	0.13
Diluted from discontinued operations			0.05			0.03			0.08
​	​	​	​	​	​	​	​	​	​	​
Total Diluted		$	0.21		$	—		$	0.21
​	​	​	​	​	​	​	​	​	​	​

(1)

Amounts represents the operating results from Peak, as discussed above.

(2)

Amounts reflect discontinued operations presentation for Peak prior to adjustments required as a result of our revisions to our consolidated statements of income (loss) for the quarters ended March 31, 2012 and June 30, 2012 and the six months ended June 30, 2012.

(3)

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

X

- Definition

Tabular disclosure of the nature and amount of prior period errors related to divestiture in consolidated statements of income (loss) that had previously been considered immaterial and which are being corrected in the current fiscal year.

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Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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