v3.7.0.1

Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2017
Condensed Consolidating Financial Information |
Condensed Consolidating Balance Sheets | 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) | 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) | 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 of Cash Flows | 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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