v3.7.0.1

Condensed Consolidating Financial Information (Tables)

3 Months Ended

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

X

- References

No definition available.

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- Definition

Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66004124&loc=d3e526-108580

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Tabular disclosure of condensed cash flow statement, including, but not limited to, cash flow statements of consolidated entities and consolidation eliminations.

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Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations.

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