v3.7.0.1

Condensed Consolidating Financial Information | 3 Months Ended
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Mar. 31, 2017
Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information | Note 12 Condensed Consolidating Financial Information Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a wholly owned subsidiary. The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting. The following condensed consolidating financial information presents condensed consolidating balance sheets as of March 31, 2017 and December 31, 2016, statements of income (loss) and statements of other comprehensive income (loss) for the three months ended March 31, 2017 and 2016, and statements of cash flows for the three months ended March 31, 2017 and 2016 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis. Condensed Consolidating Balance Sheets
|  | March 31, 2017 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 8,579 |  | $ | 4 |  | $ | 192,105 |  | $ | — |  | $ | 200,688 |
Short-term investments |  |  | — |  |  | — |  |  | 27,907 |  |  | — |  |  | 27,907 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 514,446 |  |  | — |  |  | 514,446 |
Inventory, net |  |  | — |  |  | — |  |  | 109,461 |  |  | — |  |  | 109,461 |
Assets held for sale |  |  | — |  |  | — |  |  | 77,118 |  |  | — |  |  | 77,118 |
Other current assets |  |  | 57 |  |  | 28,080 |  |  | 164,899 |  |  | — |  |  | 193,036 |
Total current assets |  |  | 8,636 |  |  | 28,084 |  |  | 1,085,936 |  |  | — |  |  | 1,122,656 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 6,218,699 |  |  | — |  |  | 6,218,699 |
Goodwill |  |  | — |  |  | — |  |  | 166,999 |  |  | — |  |  | 166,999 |
Intercompany receivables |  |  | 144,795 |  |  | — |  |  | 1,117,044 |  |  | (1,261,839) |  |  | — |
Investment in consolidated affiliates |  |  | 3,044,185 |  |  | 4,779,879 |  |  | 1,151,049 |  |  | (8,975,113) |  |  | — |
Deferred tax assets |  |  | — |  |  | 469,784 |  |  | 373,973 |  |  | (469,784) |  |  | 373,973 |
Other long-term assets |  |  | — |  |  | 161 |  |  | 301,414 |  |  | (88,590) |  |  | 212,985 |
Total assets |  | $ | 3,197,616 |  | $ | 5,277,908 |  | $ | 10,415,114 |  | $ | (10,795,326) |  | $ | 8,095,312 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 313 |  | $ | — |  | $ | 313 |
Trade accounts payable |  |  | 113 |  |  | 24 |  |  | 241,195 |  |  | — |  |  | 241,332 |
Accrued liabilities |  |  | 19,555 |  |  | 27,386 |  |  | 450,423 |  |  | — |  |  | 497,364 |
Income taxes payable |  |  | — |  |  | — |  |  | 32,640 |  |  | — |  |  | 32,640 |
Total current liabilities |  |  | 19,668 |  |  | 27,410 |  |  | 724,571 |  |  | — |  |  | 771,649 |
Long-term debt |  |  | — |  |  | 3,750,255 |  |  | — |  |  | (88,590) |  |  | 3,661,665 |
Other long-term liabilities |  |  | — |  |  | 22,729 |  |  | 444,519 |  |  | — |  |  | 467,248 |
Deferred income taxes |  |  | — |  |  | — |  |  | 478,140 |  |  | (469,784) |  |  | 8,356 |
Intercompany payable |  |  | — |  |  | 1,261,839 |  |  | — |  |  | (1,261,839) |  |  | — |
Total liabilities |  |  | 19,668 |  |  | 5,062,233 |  |  | 1,647,230 |  |  | (1,820,213) |  |  | 4,908,918 |
Shareholders’ equity |  |  | 3,177,948 |  |  | 215,675 |  |  | 8,759,438 |  |  | (8,975,113) |  |  | 3,177,948 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 8,446 |  |  | — |  |  | 8,446 |
Total equity |  |  | 3,177,948 |  |  | 215,675 |  |  | 8,767,884 |  |  | (8,975,113) |  |  | 3,186,394 |
Total liabilities and equity |  | $ | 3,197,616 |  | $ | 5,277,908 |  | $ | 10,415,114 |  | $ | (10,795,326) |  | $ | 8,095,312 |
Condensed Consolidating Balance Sheets
|  | December 31, 2016 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,148 |  | $ | 10,177 |  | $ | 252,768 |  | $ | — |  | $ | 264,093 |
Short-term investments |  |  | — |  |  | — |  |  | 31,109 |  |  | — |  |  | 31,109 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 508,355 |  |  | — |  |  | 508,355 |
Inventory, net |  |  | — |  |  | — |  |  | 103,595 |  |  | — |  |  | 103,595 |
Assets held for sale |  |  | — |  |  | — |  |  | 76,668 |  |  | — |  |  | 76,668 |
Other current assets |  |  | 50 |  |  | 22,209 |  |  | 149,760 |  |  | — |  |  | 172,019 |
Total current assets |  |  | 1,198 |  |  | 32,386 |  |  | 1,122,255 |  |  | — |  |  | 1,155,839 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 6,267,583 |  |  | — |  |  | 6,267,583 |
Goodwill |  |  | — |  |  | — |  |  | 166,917 |  |  | — |  |  | 166,917 |
Intercompany receivables |  |  | 142,447 |  |  | — |  |  | 1,342,942 |  |  | (1,485,389) |  |  | — |
Investment in consolidated affiliates |  |  | 3,170,254 |  |  | 4,830,572 |  |  | 1,083,948 |  |  | (9,084,774) |  |  | — |
Deferred tax assets |  |  | — |  |  | 443,049 |  |  | 366,586 |  |  | (443,049) |  |  | 366,586 |
Other long-term assets |  |  | — |  |  | 344 |  |  | 447,962 |  |  | (218,216) |  |  | 230,090 |
Total assets |  | $ | 3,313,899 |  | $ | 5,306,351 |  | $ | 10,798,193 |  | $ | (11,231,428) |  | $ | 8,187,015 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current debt |  | $ | — |  | $ | — |  | $ | 297 |  | $ | — |  | $ | 297 |
Trade accounts payable |  |  | 205 |  |  | 8 |  |  | 264,365 |  |  | — |  |  | 264,578 |
Accrued liabilities |  |  | 20,669 |  |  | 65,246 |  |  | 457,333 |  |  | — |  |  | 543,248 |
Income taxes payable |  |  | — |  |  | — |  |  | 13,811 |  |  | — |  |  | 13,811 |
Total current liabilities |  |  | 20,874 |  |  | 65,254 |  |  | 735,806 |  |  | — |  |  | 821,934 |
Long-term debt |  |  | — |  |  | 3,796,550 |  |  | — |  |  | (218,215) |  |  | 3,578,335 |
Other long-term liabilities |  |  | — |  |  | 22,659 |  |  | 499,797 |  |  | — |  |  | 522,456 |
Deferred income taxes |  |  | — |  |  | — |  |  | 452,544 |  |  | (443,049) |  |  | 9,495 |
Intercompany payable |  |  | 46,000 |  |  | 1,439,390 |  |  | — |  |  | (1,485,390) |  |  | — |
Total liabilities |  |  | 66,874 |  |  | 5,323,853 |  |  | 1,688,147 |  |  | (2,146,654) |  |  | 4,932,220 |
Shareholders’ equity |  |  | 3,247,025 |  |  | (17,502) |  |  | 9,102,276 |  |  | (9,084,774) |  |  | 3,247,025 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 7,770 |  |  | — |  |  | 7,770 |
Total equity |  |  | 3,247,025 |  |  | (17,502) |  |  | 9,110,046 |  |  | (9,084,774) |  |  | 3,254,795 |
Total liabilities and equity |  | $ | 3,313,899 |  | $ | 5,306,351 |  | $ | 10,798,193 |  | $ | (11,231,428) |  | $ | 8,187,015 |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended March 31, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 562,550 |  | $ | — |  | $ | 562,550 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Earnings (losses) from consolidated affiliates |  |  | (145,871) |  |  | (50,717) |  |  | (96,239) |  |  | 292,827 |  |  | — |
Investment income (loss) |  |  | 17 |  |  | 63 |  |  | 3,621 |  |  | (2,980) |  |  | 721 |
Total revenues and other income |  |  | (145,854) |  |  | (50,654) |  |  | 469,934 |  |  | 289,847 |  |  | 563,273 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 387,644 |  |  | — |  |  | 387,644 |
General and administrative expenses |  |  | 3,298 |  |  | 137 |  |  | 60,153 |  |  | (179) |  |  | 63,409 |
Research and engineering |  |  | — |  |  | — |  |  | 11,757 |  |  | — |  |  | 11,757 |
Depreciation and amortization |  |  | — |  |  | 31 |  |  | 203,641 |  |  | — |  |  | 203,672 |
Interest expense |  |  | — |  |  | 60,755 |  |  | (4,237) |  |  | — |  |  | 56,518 |
Other, net |  |  | (159) |  |  | 11,397 |  |  | 2,093 |  |  | 179 |  |  | 13,510 |
Intercompany interest expense |  |  | (9) |  |  | — |  |  | 9 |  |  | — |  |  | — |
Total costs and other deductions |  |  | 3,130 |  |  | 72,320 |  |  | 661,060 |  |  | — |  |  | 736,510 |
Income (loss) from continuing operations before income taxes |  |  | (148,984) |  |  | (122,974) |  |  | (191,126) |  |  | 289,847 |  |  | (173,237) |
Income tax expense (benefit) |  |  | — |  |  | (26,735) |  |  | 1,126 |  |  | — |  |  | (25,609) |
Income (loss) from continuing operations, net of tax |  |  | (148,984) |  |  | (96,239) |  |  | (192,252) |  |  | 289,847 |  |  | (147,628) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (439) |  |  | — |  |  | (439) |
Net income (loss) |  |  | (148,984) |  |  | (96,239) |  |  | (192,691) |  |  | 289,847 |  |  | (148,067) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (917) |  |  | — |  |  | (917) |
Net income (loss) attributable to Nabors |  | $ | (148,984) |  | $ | (96,239) |  | $ | (193,608) |  | $ | 289,847 |  | $ | (148,984) |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended March 31, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 597,571 |  | $ | — |  | $ | 597,571 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | (167,151) |  |  | — |  |  | (167,151) |
Earnings (losses) from consolidated affiliates |  |  | (395,770) |  |  | (106,087) |  |  | (137,970) |  |  | 639,827 |  |  | — |
Investment income (loss) |  |  | — |  |  | 123 |  |  | 3,201 |  |  | (2,981) |  |  | 343 |
Intercompany interest income |  |  | — |  |  | 160 |  |  | — |  |  | (160) |  |  | — |
Total revenues and other income |  |  | (395,770) |  |  | (105,804) |  |  | 295,651 |  |  | 636,686 |  |  | 430,763 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 365,023 |  |  | — |  |  | 365,023 |
General and administrative expenses |  |  | 2,362 |  |  | 131 |  |  | 59,998 |  |  | (157) |  |  | 62,334 |
Research and engineering |  |  | — |  |  | — |  |  | 8,162 |  |  | — |  |  | 8,162 |
Depreciation and amortization |  |  | — |  |  | 31 |  |  | 215,787 |  |  | — |  |  | 215,818 |
Interest expense |  |  | — |  |  | 50,664 |  |  | (4,934) |  |  | — |  |  | 45,730 |
Other, net |  |  | 157 |  |  | 65 |  |  | 182,025 |  |  | 157 |  |  | 182,404 |
Intercompany interest expense |  |  | 5 |  |  | — |  |  | 155 |  |  | (160) |  |  | — |
Total costs and other deductions |  |  | 2,524 |  |  | 50,891 |  |  | 826,216 |  |  | (160) |  |  | 879,471 |
Income (loss) from continuing operations before income taxes |  |  | (398,294) |  |  | (156,695) |  |  | (530,565) |  |  | 636,846 |  |  | (448,708) |
Income tax expense (benefit) |  |  | — |  |  | (18,725) |  |  | (33,339) |  |  | — |  |  | (52,064) |
Income (loss) from continuing operations, net of tax |  |  | (398,294) |  |  | (137,970) |  |  | (497,226) |  |  | 636,846 |  |  | (396,644) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (926) |  |  | — |  |  | (926) |
Net income (loss) |  |  | (398,294) |  |  | (137,970) |  |  | (498,152) |  |  | 636,846 |  |  | (397,570) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (724) |  |  | — |  |  | (724) |
Net income (loss) attributable to Nabors |  | $ | (398,294) |  | $ | (137,970) |  | $ | (498,876) |  | $ | 636,846 |  | $ | (398,294) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended March 31, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (148,984) |  | $ | (96,239) |  | $ | (193,608) |  | $ | 289,847 |  | $ | (148,984) |
Other comprehensive income (loss) before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on translation adjustment |  |  | 3,860 |  |  | (7) |  |  | 3,860 |  |  | (3,853) |  |  | 3,860 |
Less: reclassification adjustment for realized (gain) loss on translation adjustment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Translation adjustment attributable to Nabors |  |  | 3,860 |  |  | (7) |  |  | 3,860 |  |  | (3,853) |  |  | 3,860 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | (3,201) |  |  | — |  |  | (3,201) |  |  | 3,201 |  |  | (3,201) |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) on marketable securities |  |  | (3,201) |  |  | — |  |  | (3,201) |  |  | 3,201 |  |  | (3,201) |
Pension liability amortization and adjustment |  |  | 50 |  |  | 50 |  |  | 100 |  |  | (150) |  |  | 50 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 153 |  |  | 153 |  |  | 153 |  |  | (306) |  |  | 153 |
Other comprehensive income (loss) before tax |  |  | 862 |  |  | 196 |  |  | 912 |  |  | (1,108) |  |  | 862 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 79 |  |  | 79 |  |  | 158 |  |  | (237) |  |  | 79 |
Other comprehensive income (loss), net of tax |  |  | 783 |  |  | 117 |  |  | 754 |  |  | (871) |  |  | 783 |
Comprehensive income (loss) attributable to Nabors |  |  | (148,201) |  |  | (96,122) |  |  | (192,854) |  |  | 288,976 |  |  | (148,201) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 917 |  |  | — |  |  | 917 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 49 |  |  | — |  |  | 49 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 966 |  |  | — |  |  | 966 |
Comprehensive income (loss) |  | $ | (148,201) |  | $ | (96,122) |  | $ | (191,888) |  | $ | 288,976 |  | $ | (147,235) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended March 31, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (398,294) |  | $ | (137,970) |  | $ | (498,876) |  | $ | 636,846 |  | $ | (398,294) |
Other comprehensive income (loss) before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gain (loss) on translation adjustment |  |  | 33,362 |  |  | (46) |  |  | 33,316 |  |  | (33,270) |  |  | 33,362 |
Less: reclassification adjustment for realized (gain) loss on translation adjustment |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Translation adjustment attributable to Nabors |  |  | 33,362 |  |  | (46) |  |  | 33,316 |  |  | (33,270) |  |  | 33,362 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 769 |  |  | — |  |  | 769 |  |  | (769) |  |  | 769 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) on marketable securities |  |  | 769 |  |  | — |  |  | 769 |  |  | (769) |  |  | 769 |
Pension liability amortization and adjustment |  |  | 174 |  |  | 174 |  |  | 348 |  |  | (522) |  |  | 174 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 153 |  |  | 153 |  |  | 153 |  |  | (306) |  |  | 153 |
Other comprehensive income (loss) before tax |  |  | 34,458 |  |  | 281 |  |  | 34,586 |  |  | (34,867) |  |  | 34,458 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 129 |  |  | 129 |  |  | 198 |  |  | (327) |  |  | 129 |
Other comprehensive income (loss), net of tax |  |  | 34,329 |  |  | 152 |  |  | 34,388 |  |  | (34,540) |  |  | 34,329 |
Comprehensive income (loss) attributable to Nabors |  |  | (363,965) |  |  | (137,818) |  |  | (464,488) |  |  | 602,306 |  |  | (363,965) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 724 |  |  | — |  |  | 724 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 419 |  |  | — |  |  | 419 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 1,143 |  |  | — |  |  | 1,143 |
Comprehensive income (loss) |  | $ | (363,965) |  | $ | (137,818) |  | $ | (463,345) |  | $ | 602,306 |  | $ | (362,822) |
Condensed Consolidating Statements Cash Flows
|  | Three Months Ended March 31, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | 70,492 |  | $ | (112,431) |  | $ | 53,928 |  | $ | (69,980) |  | $ | (57,991) |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | — |  |  | — |  |  | (4) |  |  | — |  |  | (4) |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 91 |  |  | — |  |  | 91 |
Capital expenditures |  |  | — |  |  | — |  |  | (183,427) |  |  | — |  |  | (183,427) |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 3,253 |  |  | — |  |  | 3,253 |
Change in intercompany balances |  |  | — |  |  | (198,035) |  |  | 198,035 |  |  | — |  |  | — |
Other changes in investing |  |  | — |  |  | — |  |  | (106) |  |  | — |  |  | (106) |
Net cash provided by (used for) investing activities |  |  | — |  |  | (198,035) |  |  | 17,842 |  |  | — |  |  | (180,193) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | (469) |  |  | — |  |  | (469) |
Proceeds from issuance of long-term debt |  |  | — |  |  | 411,200 |  |  | — |  |  | — |  |  | 411,200 |
Debt issuance costs |  |  | — |  |  | (10,439) |  |  | — |  |  | — |  |  | (10,439) |
Proceeds from (payments for) issuance of common shares |  |  | 8,300 |  |  | — |  |  | — |  |  | — |  |  | 8,300 |
Capped call hedge transactions |  |  | — |  |  | (40,250) |  |  | — |  |  | — |  |  | (40,250) |
Reduction of long-term debt |  |  | — |  |  | (57,670) |  |  | (112,821) |  |  | — |  |  | (170,491) |
Dividends to shareholders |  |  | (20,020) |  |  | — |  |  | — |  |  | 2,980 |  |  | (17,040) |
Payments on term loan |  |  | — |  |  | (162,500) |  |  | — |  |  | — |  |  | (162,500) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | 16 |  |  | — |  |  | 16 |
Cash proceeds from equity component of convertible debt |  |  | — |  |  | 159,952 |  |  | — |  |  | — |  |  | 159,952 |
Proceeds from issuance of intercompany debt |  |  | 20,000 |  |  | 20,000 |  |  | (40,000) |  |  | — |  |  | — |
Paydown of intercompany debt |  |  | (66,000) |  |  | (20,000) |  |  | 86,000 |  |  | — |  |  | — |
Distribution from subsidiary to parent |  |  | — |  |  | — |  |  | (67,000) |  |  | 67,000 |  |  | — |
Other changes |  |  | (5,341) |  |  | — |  |  | — |  |  | — |  |  | (5,341) |
Net cash (used for) provided by financing activities |  |  | (63,061) |  |  | 300,293 |  |  | (134,274) |  |  | 69,980 |  |  | 172,938 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | 1,841 |  |  | — |  |  | 1,841 |
Net increase (decrease) in cash and cash equivalents |  |  | 7,431 |  |  | (10,173) |  |  | (60,663) |  |  | — |  |  | (63,405) |
Cash and cash equivalents, beginning of period |  |  | 1,148 |  |  | 10,177 |  |  | 252,768 |  |  | — |  |  | 264,093 |
Cash and cash equivalents, end of period |  | $ | 8,579 |  | $ | 4 |  | $ | 192,105 |  | $ | — |  | $ | 200,688 |
Condensed Consolidating Statements Cash Flows
|  | Three Months Ended March 31, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | 1,790 |  | $ | (116,240) |  | $ | 278,937 |  | $ | (2,981) |  | $ | 161,506 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 41 |  |  | — |  |  | 41 |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 5,448 |  |  | — |  |  | 5,448 |
Capital expenditures |  |  | — |  |  | — |  |  | (129,875) |  |  | — |  |  | (129,875) |
Change in intercompany balances |  |  | — |  |  | 34,916 |  |  | (34,916) |  |  | — |  |  | — |
Other |  |  | — |  |  | — |  |  | (4,439) |  |  | — |  |  | (4,439) |
Net cash provided by (used for) investing activities |  |  | — |  |  | 34,916 |  |  | (163,741) |  |  | — |  |  | (128,825) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | 1,642 |  |  | — |  |  | 1,642 |
Reduction in long-term debt |  |  | — |  |  | — |  |  | (148,045) |  |  | — |  |  | (148,045) |
Dividends to shareholders |  |  | (19,903) |  |  | — |  |  | — |  |  | 2,981 |  |  | (16,922) |
Proceeds from (payments for) commercial paper, net |  |  | — |  |  | 1,325 |  |  | — |  |  | — |  |  | 1,325 |
Proceeds (issuance) of intercompany debt |  |  | 22,000 |  |  | — |  |  | (22,000) |  |  | — |  |  | — |
Proceeds from revolving credit facilities |  |  | — |  |  | 150,000 |  |  | — |  |  | — |  |  | 150,000 |
Reduction in revolving credit facilities |  |  | — |  |  | (70,000) |  |  | — |  |  | — |  |  | (70,000) |
Repurchase of common shares |  |  | — |  |  | — |  |  | (1,687) |  |  | — |  |  | (1,687) |
Proceeds from short-term borrowings |  |  | — |  |  | — |  |  | (628) |  |  | — |  |  | (628) |
Other changes |  |  | (3,190) |  |  | — |  |  | — |  |  | — |  |  | (3,190) |
Net cash (used for) provided by financing activities |  |  | (1,093) |  |  | 81,325 |  |  | (170,718) |  |  | 2,981 |  |  | (87,505) |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | 968 |  |  | — |  |  | 968 |
Net increase (decrease) in cash and cash equivalents |  |  | 697 |  |  | 1 |  |  | (54,554) |  |  | — |  |  | (53,856) |
Cash and cash equivalents, beginning of period |  |  | 873 |  |  | 10 |  |  | 253,647 |  |  | — |  |  | 254,530 |
Cash and cash equivalents, end of period |  | $ | 1,570 |  | $ | 11 |  | $ | 199,093 |  | $ | — |  | $ | 200,674 |

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