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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2017
Condensed Consolidating Financial Information |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets
|  | June 30, 2017 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,435 |  | $ | 16 |  | $ | 194,116 |  | $ | — |  | $ | 196,567 |
Short-term investments |  |  | — |  |  | — |  |  | 35,476 |  |  | — |  |  | 35,476 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 582,787 |  |  | — |  |  | 582,787 |
Inventory, net |  |  | — |  |  | — |  |  | 108,141 |  |  | — |  |  | 108,141 |
Assets held for sale |  |  | — |  |  | — |  |  | 78,407 |  |  | — |  |  | 78,407 |
Other current assets |  |  | 50 |  |  | 28,099 |  |  | 144,641 |  |  | — |  |  | 172,790 |
Total current assets |  |  | 2,485 |  |  | 28,115 |  |  | 1,143,568 |  |  | — |  |  | 1,174,168 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 6,142,216 |  |  | — |  |  | 6,142,216 |
Goodwill |  |  | — |  |  | — |  |  | 167,246 |  |  | — |  |  | 167,246 |
Intercompany receivables |  |  | 146,431 |  |  | — |  |  | 1,038,891 |  |  | (1,185,322) |  |  | — |
Investment in consolidated affiliates |  |  | 2,920,699 |  |  | 7,555,645 |  |  | 4,545,780 |  |  | (15,022,124) |  |  | — |
Deferred tax assets |  |  | — |  |  | 493,576 |  |  | 409,671 |  |  | (493,576) |  |  | 409,671 |
Other long-term assets |  |  | — |  |  | 114 |  |  | 271,186 |  |  | (72,143) |  |  | 199,157 |
Total assets |  | $ | 3,069,615 |  | $ | 8,077,450 |  | $ | 13,718,558 |  | $ | (16,773,165) |  | $ | 8,092,458 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 124 |  | $ | — |  | $ | 124 |
Trade accounts payable |  |  | 130 |  |  | 49 |  |  | 260,936 |  |  | — |  |  | 261,115 |
Accrued liabilities |  |  | 20,250 |  |  | 70,670 |  |  | 501,140 |  |  | — |  |  | 592,060 |
Income taxes payable |  |  | — |  |  | — |  |  | 23,268 |  |  | — |  |  | 23,268 |
Total current liabilities |  |  | 20,380 |  |  | 70,719 |  |  | 785,468 |  |  | — |  |  | 876,567 |
Long-term debt |  |  | — |  |  | 3,812,391 |  |  | — |  |  | (72,143) |  |  | 3,740,248 |
Other long-term liabilities |  |  | — |  |  | 22,800 |  |  | 367,701 |  |  | — |  |  | 390,501 |
Deferred income taxes |  |  | — |  |  | — |  |  | 505,940 |  |  | (493,576) |  |  | 12,364 |
Intercompany payable |  |  | — |  |  | 1,185,322 |  |  | — |  |  | (1,185,322) |  |  | — |
Total liabilities |  |  | 20,380 |  |  | 5,091,232 |  |  | 1,659,109 |  |  | (1,751,041) |  |  | 5,019,680 |
Shareholders’ equity |  |  | 3,049,235 |  |  | 2,986,218 |  |  | 12,035,906 |  |  | (15,022,124) |  |  | 3,049,235 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 23,543 |  |  | — |  |  | 23,543 |
Total equity |  |  | 3,049,235 |  |  | 2,986,218 |  |  | 12,059,449 |  |  | (15,022,124) |  |  | 3,072,778 |
Total liabilities and equity |  | $ | 3,069,615 |  | $ | 8,077,450 |  | $ | 13,718,558 |  | $ | (16,773,165) |  | $ | 8,092,458 |
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 portion of 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 June 30, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 631,355 |  | $ | — |  | $ | 631,355 |
Earnings (losses) from consolidated affiliates |  |  | (129,592) |  |  | (20,265) |  |  | (60,777) |  |  | 210,634 |  |  | — |
Investment income (loss) |  |  | (2) |  |  | 1 |  |  | 2,095 |  |  | (2,980) |  |  | (886) |
Total revenues and other income |  |  | (129,594) |  |  | (20,264) |  |  | 572,673 |  |  | 207,654 |  |  | 630,469 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 417,521 |  |  | — |  |  | 417,521 |
General and administrative expenses |  |  | 3,359 |  |  | 193 |  |  | 60,468 |  |  | (325) |  |  | 63,695 |
Research and engineering |  |  | — |  |  | — |  |  | 11,343 |  |  | — |  |  | 11,343 |
Depreciation and amortization |  |  | — |  |  | 31 |  |  | 208,059 |  |  | — |  |  | 208,090 |
Interest expense |  |  | — |  |  | 56,505 |  |  | (1,817) |  |  | — |  |  | 54,688 |
Other, net |  |  | (2) |  |  | 7,576 |  |  | 2,205 |  |  | 325 |  |  | 10,104 |
Total costs and other deductions |  |  | 3,357 |  |  | 64,305 |  |  | 697,779 |  |  | — |  |  | 765,441 |
Income (loss) from continuing operations before income taxes |  |  | (132,951) |  |  | (84,569) |  |  | (125,106) |  |  | 207,654 |  |  | (134,972) |
Income tax expense (benefit) |  |  | — |  |  | (23,792) |  |  | 4,296 |  |  | — |  |  | (19,496) |
Income (loss) from continuing operations, net of tax |  |  | (132,951) |  |  | (60,777) |  |  | (129,402) |  |  | 207,654 |  |  | (115,476) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (15,504) |  |  | — |  |  | (15,504) |
Net income (loss) |  |  | (132,951) |  |  | (60,777) |  |  | (144,906) |  |  | 207,654 |  |  | (130,980) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (1,971) |  |  | — |  |  | (1,971) |
Net income (loss) attributable to Nabors |  | $ | (132,951) |  | $ | (60,777) |  | $ | (146,877) |  | $ | 207,654 |  | $ | (132,951) |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended June 30, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 571,591 |  | $ | — |  | $ | 571,591 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | (54,769) |  |  | — |  |  | (54,769) |
Earnings (losses) from consolidated affiliates |  |  | (182,149) |  |  | (17,025) |  |  | (49,190) |  |  | 248,364 |  |  | — |
Investment income (loss) |  |  | 1 |  |  | 9 |  |  | 3,241 |  |  | (2,981) |  |  | 270 |
Intercompany interest income (loss) |  |  | 9 |  |  | 95 |  |  | — |  |  | (104) |  |  | — |
Total revenues and other income |  |  | (182,139) |  |  | (16,921) |  |  | 470,873 |  |  | 245,279 |  |  | 517,092 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 341,279 |  |  | — |  |  | 341,279 |
General and administrative expenses |  |  | 2,352 |  |  | 135 |  |  | 54,294 |  |  | (157) |  |  | 56,624 |
Research and engineering |  |  | — |  |  | — |  |  | 8,180 |  |  | — |  |  | 8,180 |
Depreciation and amortization |  |  | — |  |  | 31 |  |  | 218,882 |  |  | — |  |  | 218,913 |
Interest expense |  |  | — |  |  | 51,059 |  |  | (5,822) |  |  | — |  |  | 45,237 |
Other, net |  |  | 159 |  |  | (65) |  |  | 74,356 |  |  | 157 |  |  | 74,607 |
Intercompany interest expense |  |  | — |  |  | — |  |  | 104 |  |  | (104) |  |  | — |
Total costs and other deductions |  |  | 2,511 |  |  | 51,160 |  |  | 691,273 |  |  | (104) |  |  | 744,840 |
Income (loss) from continuing operations before income taxes |  |  | (184,650) |  |  | (68,081) |  |  | (220,400) |  |  | 245,383 |  |  | (227,748) |
Income tax expense (benefit) |  |  | — |  |  | (18,891) |  |  | (22,292) |  |  | — |  |  | (41,183) |
Income (loss) from continuing operations, net of tax |  |  | (184,650) |  |  | (49,190) |  |  | (198,108) |  |  | 245,383 |  |  | (186,565) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (984) |  |  | — |  |  | (984) |
Net income (loss) |  |  | (184,650) |  |  | (49,190) |  |  | (199,092) |  |  | 245,383 |  |  | (187,549) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,899 |  |  | — |  |  | 2,899 |
Net income (loss) attributable to Nabors |  | $ | (184,650) |  | $ | (49,190) |  | $ | (196,193) |  | $ | 245,383 |  | $ | (184,650) |
Condensed Consolidating Statements of Income (Loss)
|  | Six Months Ended June 30, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 1,193,905 |  | $ | — |  | $ | 1,193,905 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Earnings (losses) from consolidated affiliates |  |  | (275,463) |  |  | (70,982) |  |  | (157,016) |  |  | 503,461 |  |  | — |
Investment income (loss) |  |  | 15 |  |  | 64 |  |  | 5,716 |  |  | (5,960) |  |  | (165) |
Total revenues and other income |  |  | (275,448) |  |  | (70,918) |  |  | 1,042,607 |  |  | 497,501 |  |  | 1,193,742 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 805,165 |  |  | — |  |  | 805,165 |
General and administrative expenses |  |  | 6,657 |  |  | 330 |  |  | 120,621 |  |  | (504) |  |  | 127,104 |
Research and engineering |  |  | — |  |  | — |  |  | 23,100 |  |  | — |  |  | 23,100 |
Depreciation and amortization |  |  | — |  |  | 62 |  |  | 411,700 |  |  | — |  |  | 411,762 |
Interest expense |  |  | — |  |  | 117,260 |  |  | (6,054) |  |  | — |  |  | 111,206 |
Other, net |  |  | (161) |  |  | 18,973 |  |  | 4,298 |  |  | 504 |  |  | 23,614 |
Intercompany interest expense |  |  | (9) |  |  | — |  |  | 9 |  |  | — |  |  | — |
Total costs and other deductions |  |  | 6,487 |  |  | 136,625 |  |  | 1,358,839 |  |  | — |  |  | 1,501,951 |
Income (loss) from continuing operations before income taxes |  |  | (281,935) |  |  | (207,543) |  |  | (316,232) |  |  | 497,501 |  |  | (308,209) |
Income tax expense (benefit) |  |  | — |  |  | (50,527) |  |  | 5,422 |  |  | — |  |  | (45,105) |
Income (loss) from continuing operations, net of tax |  |  | (281,935) |  |  | (157,016) |  |  | (321,654) |  |  | 497,501 |  |  | (263,104) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (15,943) |  |  | — |  |  | (15,943) |
Net income (loss) |  |  | (281,935) |  |  | (157,016) |  |  | (337,597) |  |  | 497,501 |  |  | (279,047) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,888) |  |  | — |  |  | (2,888) |
Net income (loss) attributable to Nabors |  | $ | (281,935) |  | $ | (157,016) |  | $ | (340,485) |  | $ | 497,501 |  | $ | (281,935) |
Condensed Consolidating Statements of Income (Loss)
|  | Six Months Ended June 30, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 1,169,162 |  | $ | — |  | $ | 1,169,162 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | (221,920) |  |  | — |  |  | (221,920) |
Earnings (losses) from consolidated affiliates |  |  | (577,919) |  |  | (123,112) |  |  | (187,160) |  |  | 888,191 |  |  | — |
Investment income (loss) |  |  | 1 |  |  | 132 |  |  | 6,442 |  |  | (5,962) |  |  | 613 |
Intercompany interest income (loss) |  |  | 9 |  |  | 255 |  |  | — |  |  | (264) |  |  | — |
Total revenues and other income |  |  | (577,909) |  |  | (122,725) |  |  | 766,524 |  |  | 881,965 |  |  | 947,855 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 706,302 |  |  | — |  |  | 706,302 |
General and administrative expenses |  |  | 4,714 |  |  | 266 |  |  | 114,292 |  |  | (314) |  |  | 118,958 |
Research and engineering |  |  | — |  |  | — |  |  | 16,342 |  |  | — |  |  | 16,342 |
Depreciation and amortization |  |  | — |  |  | 62 |  |  | 434,669 |  |  | — |  |  | 434,731 |
Interest expense |  |  | — |  |  | 101,723 |  |  | (10,756) |  |  | — |  |  | 90,967 |
Other, net |  |  | 316 |  |  | — |  |  | 256,381 |  |  | 314 |  |  | 257,011 |
Intercompany interest expense |  |  | 5 |  |  | — |  |  | 259 |  |  | (264) |  |  | — |
Total costs and other deductions |  |  | 5,035 |  |  | 102,051 |  |  | 1,517,489 |  |  | (264) |  |  | 1,624,311 |
Income (loss) from continuing operations before income taxes |  |  | (582,944) |  |  | (224,776) |  |  | (750,965) |  |  | 882,229 |  |  | (676,456) |
Income tax expense (benefit) |  |  | — |  |  | (37,616) |  |  | (55,631) |  |  | — |  |  | (93,247) |
Income (loss) from continuing operations, net of tax |  |  | (582,944) |  |  | (187,160) |  |  | (695,334) |  |  | 882,229 |  |  | (583,209) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (1,910) |  |  | — |  |  | (1,910) |
Net income (loss) |  |  | (582,944) |  |  | (187,160) |  |  | (697,244) |  |  | 882,229 |  |  | (585,119) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,175 |  |  | — |  |  | 2,175 |
Net income (loss) attributable to Nabors |  | $ | (582,944) |  | $ | (187,160) |  | $ | (695,069) |  | $ | 882,229 |  | $ | (582,944) |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended June 30, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (132,951) |  | $ | (60,777) |  | $ | (146,877) |  | $ | 207,654 |  | $ | (132,951) |
Other comprehensive income (loss) before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 10,879 |  |  | — |  |  | 10,879 |  |  | (10,879) |  |  | 10,879 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 3,785 |  |  | — |  |  | 3,785 |  |  | (3,785) |  |  | 3,785 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | 1,341 |  |  | — |  |  | 1,341 |  |  | (1,341) |  |  | 1,341 |
Unrealized gains (losses) on marketable securities |  |  | 5,126 |  |  | — |  |  | 5,126 |  |  | (5,126) |  |  | 5,126 |
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 |  |  | 16,208 |  |  | 203 |  |  | 16,258 |  |  | (16,461) |  |  | 16,208 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 78 |  |  | 78 |  |  | 156 |  |  | (234) |  |  | 78 |
Other comprehensive income (loss), net of tax |  |  | 16,130 |  |  | 125 |  |  | 16,102 |  |  | (16,227) |  |  | 16,130 |
Comprehensive income (loss) attributable to Nabors |  |  | (116,821) |  |  | (60,652) |  |  | (130,775) |  |  | 191,427 |  |  | (116,821) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 1,971 |  |  | — |  |  | 1,971 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 108 |  |  | — |  |  | 108 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,079 |  |  | — |  |  | 2,079 |
Comprehensive income (loss) |  | $ | (116,821) |  | $ | (60,652) |  | $ | (128,696) |  | $ | 191,427 |  | $ | (114,742) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended June 30, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (184,650) |  | $ | (49,190) |  | $ | (196,193) |  | $ | 245,383 |  | $ | (184,650) |
Other comprehensive income (loss) before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 3,458 |  |  | 46 |  |  | 3,504 |  |  | (3,550) |  |  | 3,458 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 1,280 |  |  | — |  |  | 1,280 |  |  | (1,280) |  |  | 1,280 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) on marketable securities |  |  | 1,280 |  |  | — |  |  | 1,280 |  |  | (1,280) |  |  | 1,280 |
Pension liability amortization and adjustment |  |  | 294 |  |  | 294 |  |  | 588 |  |  | (882) |  |  | 294 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 153 |  |  | 153 |  |  | 153 |  |  | (306) |  |  | 153 |
Other comprehensive income (loss) before tax |  |  | 5,185 |  |  | 493 |  |  | 5,525 |  |  | (6,018) |  |  | 5,185 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 171 |  |  | 171 |  |  | 283 |  |  | (454) |  |  | 171 |
Other comprehensive income (loss), net of tax |  |  | 5,014 |  |  | 322 |  |  | 5,242 |  |  | (5,564) |  |  | 5,014 |
Comprehensive income (loss) attributable to Nabors |  |  | (179,636) |  |  | (48,868) |  |  | (190,951) |  |  | 239,819 |  |  | (179,636) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,899) |  |  | — |  |  | (2,899) |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 42 |  |  | — |  |  | 42 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,857) |  |  | — |  |  | (2,857) |
Comprehensive income (loss) |  | $ | (179,636) |  | $ | (48,868) |  | $ | (193,808) |  | $ | 239,819 |  | $ | (182,493) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Six Months Ended June 30, 2017 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (281,935) |  | $ | (157,016) |  | $ | (340,485) |  | $ | 497,501 |  | $ | (281,935) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 14,739 |  |  | — |  |  | 14,739 |  |  | (14,739) |  |  | 14,739 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 584 |  |  | — |  |  | 584 |  |  | (584) |  |  | 584 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | 1,341 |  |  | — |  |  | 1,341 |  |  | (1,341) |  |  | 1,341 |
Unrealized gains (losses) on marketable securities |  |  | 1,925 |  |  | — |  |  | 1,925 |  |  | (1,925) |  |  | 1,925 |
Pension liability amortization and adjustment |  |  | 100 |  |  | 100 |  |  | 200 |  |  | (300) |  |  | 100 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 306 |  |  | 306 |  |  | 306 |  |  | (612) |  |  | 306 |
Other comprehensive income (loss) before tax |  |  | 17,070 |  |  | 406 |  |  | 17,170 |  |  | (17,576) |  |  | 17,070 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 157 |  |  | 157 |  |  | 314 |  |  | (471) |  |  | 157 |
Other comprehensive income (loss), net of tax |  |  | 16,913 |  |  | 249 |  |  | 16,856 |  |  | (17,105) |  |  | 16,913 |
Comprehensive income (loss) attributable to Nabors |  |  | (265,022) |  |  | (156,767) |  |  | (323,629) |  |  | 480,396 |  |  | (265,022) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,888 |  |  | — |  |  | 2,888 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 157 |  |  | — |  |  | 157 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 3,045 |  |  | — |  |  | 3,045 |
Comprehensive income (loss) |  | $ | (265,022) |  | $ | (156,767) |  | $ | (320,584) |  | $ | 480,396 |  | $ | (261,977) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Six Months Ended June 30, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (582,944) |  | $ | (187,160) |  | $ | (695,069) |  | $ | 882,229 |  | $ | (582,944) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 36,820 |  |  | — |  |  | 36,820 |  |  | (36,820) |  |  | 36,820 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 2,049 |  |  | — |  |  | 2,049 |  |  | (2,049) |  |  | 2,049 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) on marketable securities |  |  | 2,049 |  |  | — |  |  | 2,049 |  |  | (2,049) |  |  | 2,049 |
Pension liability amortization and adjustment |  |  | 468 |  |  | 468 |  |  | 936 |  |  | (1,404) |  |  | 468 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 306 |  |  | 306 |  |  | 306 |  |  | (612) |  |  | 306 |
Other comprehensive income (loss) before tax |  |  | 39,643 |  |  | 774 |  |  | 40,111 |  |  | (40,885) |  |  | 39,643 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 300 |  |  | 300 |  |  | 481 |  |  | (781) |  |  | 300 |
Other comprehensive income (loss), net of tax |  |  | 39,343 |  |  | 474 |  |  | 39,630 |  |  | (40,104) |  |  | 39,343 |
Comprehensive income (loss) attributable to Nabors |  |  | (543,601) |  |  | (186,686) |  |  | (655,439) |  |  | 842,125 |  |  | (543,601) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,175) |  |  | — |  |  | (2,175) |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 461 |  |  | — |  |  | 461 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (1,714) |  |  | — |  |  | (1,714) |
Comprehensive income (loss) |  | $ | (543,601) |  | $ | (186,686) |  | $ | (657,153) |  | $ | 842,125 |  | $ | (545,315) |
Condensed Consolidating Statements of Cash Flows |
|  | Six Months Ended June 30, 2016 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (582,944) |  | $ | (187,160) |  | $ | (695,069) |  | $ | 882,229 |  | $ | (582,944) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 36,820 |  |  | — |  |  | 36,820 |  |  | (36,820) |  |  | 36,820 |
Unrealized gains (losses) on marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Unrealized gains (losses) on marketable securities |  |  | 2,049 |  |  | — |  |  | 2,049 |  |  | (2,049) |  |  | 2,049 |
Less: reclassification adjustment for (gains) losses included in net income (loss) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Unrealized gains (losses) on marketable securities |  |  | 2,049 |  |  | — |  |  | 2,049 |  |  | (2,049) |  |  | 2,049 |
Pension liability amortization and adjustment |  |  | 468 |  |  | 468 |  |  | 936 |  |  | (1,404) |  |  | 468 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 306 |  |  | 306 |  |  | 306 |  |  | (612) |  |  | 306 |
Other comprehensive income (loss) before tax |  |  | 39,643 |  |  | 774 |  |  | 40,111 |  |  | (40,885) |  |  | 39,643 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 300 |  |  | 300 |  |  | 481 |  |  | (781) |  |  | 300 |
Other comprehensive income (loss), net of tax |  |  | 39,343 |  |  | 474 |  |  | 39,630 |  |  | (40,104) |  |  | 39,343 |
Comprehensive income (loss) attributable to Nabors |  |  | (543,601) |  |  | (186,686) |  |  | (655,439) |  |  | 842,125 |  |  | (543,601) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,175) |  |  | — |  |  | (2,175) |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 461 |  |  | — |  |  | 461 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (1,714) |  |  | — |  |  | (1,714) |
Comprehensive income (loss) |  | $ | (543,601) |  | $ | (186,686) |  | $ | (657,153) |  | $ | 842,125 |  | $ | (545,315) |
Condensed Consolidating Statements Cash Flows
|  | Six Months Ended June 30, 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 |  | $ | 86,986 |  | $ | (101,280) |  | $ | 90,722 |  | $ | (85,958) |  | $ | (9,530) |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | — |  |  | — |  |  | (4,489) |  |  | — |  |  | (4,489) |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 12,429 |  |  | — |  |  | 12,429 |
Cash paid for investments in consolidated affiliates |  |  | — |  |  | — |  |  | (36,000) |  |  | 36,000 |  |  | — |
Capital expenditures |  |  | — |  |  | — |  |  | (315,769) |  |  | — |  |  | (315,769) |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 18,796 |  |  | — |  |  | 18,796 |
Change in intercompany balances |  |  | — |  |  | (290,794) |  |  | 290,794 |  |  | — |  |  | — |
Other changes in investing |  |  | — |  |  | — |  |  | (384) |  |  | — |  |  | (384) |
Net cash provided by (used for) investing activities |  |  | — |  |  | (290,794) |  |  | (34,623) |  |  | 36,000 |  |  | (289,417) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | (42) |  |  | — |  |  | (42) |
Proceeds from issuance of long-term debt |  |  | — |  |  | 411,200 |  |  | — |  |  | — |  |  | 411,200 |
Debt issuance costs |  |  | — |  |  | (11,037) |  |  | — |  |  | — |  |  | (11,037) |
Proceeds from revolving credit facilities |  |  | — |  |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |
Proceeds from parent contributions |  |  | — |  |  | 18,000 |  |  | 18,000 |  |  | (36,000) |  |  | — |
Proceeds from (payments for) issuance of common shares |  |  | 8,300 |  |  | — |  |  | — |  |  | — |  |  | 8,300 |
Purchase of capped call hedge transactions |  |  | — |  |  | (40,250) |  |  | — |  |  | — |  |  | (40,250) |
Reduction of long-term debt |  |  | — |  |  | (265,437) |  |  | (112,546) |  |  | — |  |  | (377,983) |
Dividends to shareholders |  |  | (40,155) |  |  | — |  |  | — |  |  | 5,958 |  |  | (34,197) |
Proceeds from (payment for) commercial paper, net |  |  | — |  |  | 171,985 |  |  | — |  |  | — |  |  | 171,985 |
Payments on term loan |  |  | — |  |  | (162,500) |  |  | — |  |  | — |  |  | (162,500) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | (173) |  |  | — |  |  | (173) |
Cash proceeds from equity component of exchangeable debt |  |  | — |  |  | 159,952 |  |  | — |  |  | — |  |  | 159,952 |
Proceeds from issuance of intercompany debt |  |  | 33,000 |  |  | 20,000 |  |  | (53,000) |  |  | — |  |  | — |
Noncontrolling interest contribution |  |  | — |  |  | — |  |  | 20,000 |  |  | — |  |  | 20,000 |
Paydown of intercompany debt |  |  | (79,000) |  |  | (20,000) |  |  | 99,000 |  |  | — |  |  | — |
Distributions to Non-controlling interest |  |  | — |  |  | — |  |  | (6,982) |  |  | — |  |  | (6,982) |
Distribution from subsidiary to parent |  |  | — |  |  | — |  |  | (80,000) |  |  | 80,000 |  |  | — |
Other changes |  |  | (7,844) |  |  | — |  |  | — |  |  | — |  |  | (7,844) |
Net cash (used for) provided by financing activities |  |  | (85,699) |  |  | 381,913 |  |  | (115,743) |  |  | 49,958 |  |  | 230,429 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | 992 |  |  | — |  |  | 992 |
Net increase (decrease) in cash and cash equivalents |  |  | 1,287 |  |  | (10,161) |  |  | (58,652) |  |  | — |  |  | (67,526) |
Cash and cash equivalents, beginning of period |  |  | 1,148 |  |  | 10,177 |  |  | 252,768 |  |  | — |  |  | 264,093 |
Cash and cash equivalents, end of period |  | $ | 2,435 |  | $ | 16 |  | $ | 194,116 |  | $ | — |  | $ | 196,567 |
Condensed Consolidating Statements Cash Flows
|  | Six Months Ended June 30, 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 |  | $ | 4,370 |  | $ | (134,437) |  | $ | 469,720 |  | $ | (2,981) |  | $ | 336,672 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 367 |  |  | — |  |  | 367 |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 13,834 |  |  | — |  |  | 13,834 |
Capital expenditures |  |  | — |  |  | — |  |  | (193,234) |  |  | — |  |  | (193,234) |
Change in intercompany balances |  |  | — |  |  | 135,938 |  |  | (135,938) |  |  | — |  |  | — |
Other |  |  | — |  |  | — |  |  | 38 |  |  | — |  |  | 38 |
Net cash provided by (used for) investing activities |  |  | — |  |  | 135,938 |  |  | (314,933) |  |  | — |  |  | (178,995) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | 294 |  |  | — |  |  | 294 |
Proceeds from (payments for) issuance of common shares |  |  | 39 |  |  | — |  |  | — |  |  | — |  |  | 39 |
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 |  |  | — |  |  | (1,500) |  |  | — |  |  | — |  |  | (1,500) |
Proceeds from issuance of intercompany debt |  |  | 24,500 |  |  | — |  |  | (24,500) |  |  | — |  |  | — |
Proceeds from revolving credit facilities |  |  | — |  |  | 260,000 |  |  | — |  |  | — |  |  | 260,000 |
Reduction in revolving credit facilities |  |  | — |  |  | (260,000) |  |  | — |  |  | — |  |  | (260,000) |
Repurchase of common shares |  |  | — |  |  | — |  |  | (1,687) |  |  | — |  |  | (1,687) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | (6,333) |  |  | — |  |  | (6,333) |
Other changes |  |  | (4,281) |  |  | — |  |  | 1 |  |  | — |  |  | (4,280) |
Net cash (used for) provided by financing activities |  |  | 355 |  |  | (1,500) |  |  | (180,270) |  |  | 2,981 |  |  | (178,434) |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | (21) |  |  | — |  |  | (21) |
Net increase (decrease) in cash and cash equivalents |  |  | 4,725 |  |  | 1 |  |  | (25,504) |  |  | — |  |  | (20,778) |
Cash and cash equivalents, beginning of period |  |  | 873 |  |  | 10 |  |  | 253,647 |  |  | — |  |  | 254,530 |
Cash and cash equivalents, end of period |  | $ | 5,598 |  | $ | 11 |  | $ | 228,143 |  | $ | — |  | $ | 233,752 |

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