v2.4.0.8

Unaudited Quarterly Financial Information (Tables)

12 Months Ended

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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+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 270

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (a)-(j)

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