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Condensed Consolidating Financial Information | 6 Months Ended
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Jun. 30, 2018
Condensed Consolidating Financial Information |
Condensed Consolidating Financial Information | Note 13 Condensed Consolidating Financial Information Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a 100% 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 June 30, 2018 and December 31, 2017, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2018 and 2017, and statements of cash flows for the six months ended June 30, 2018 and 2017 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
|  | June 30, 2018 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 3,182 |  | $ | 43 |  | $ | 590,059 |  | $ | — |  | $ | 593,284 |
Short-term investments |  |  | — |  |  | — |  |  | 43,208 |  |  | 54 |  |  | 43,262 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 780,247 |  |  | — |  |  | 780,247 |
Inventory, net |  |  | — |  |  | — |  |  | 173,063 |  |  | — |  |  | 173,063 |
Assets held for sale |  |  | — |  |  | — |  |  | 35,963 |  |  | — |  |  | 35,963 |
Other current assets |  |  | 50 |  |  | — |  |  | 156,602 |  |  | — |  |  | 156,652 |
Total current assets |  |  | 3,232 |  |  | 43 |  |  | 1,779,142 |  |  | 54 |  |  | 1,782,471 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 5,709,895 |  |  | — |  |  | 5,709,895 |
Goodwill |  |  | — |  |  | — |  |  | 172,817 |  |  | — |  |  | 172,817 |
Intercompany receivables |  |  | 107,379 |  |  | 583,008 |  |  | — |  |  | (690,387) |  |  | — |
Investment in consolidated affiliates |  |  | 2,981,471 |  |  | 5,337,900 |  |  | 4,015,212 |  |  | (12,334,583) |  |  | — |
Deferred income taxes |  |  | — |  |  | 362,463 |  |  | 406,281 |  |  | (362,463) |  |  | 406,281 |
Other long-term assets |  |  | — |  |  | 79 |  |  | 254,770 |  |  | (26,025) |  |  | 228,824 |
Total assets |  | $ | 3,092,082 |  | $ | 6,283,493 |  | $ | 12,338,117 |  | $ | (13,413,404) |  | $ | 8,300,288 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 243 |  | $ | — |  | $ | 243 |
Trade accounts payable |  |  | 1,006 |  |  | 175 |  |  | 377,847 |  |  | — |  |  | 379,028 |
Accrued liabilities |  |  | 28,042 |  |  | 77,098 |  |  | 387,647 |  |  | — |  |  | 492,787 |
Income taxes payable |  |  | — |  |  | — |  |  | 1,724 |  |  | — |  |  | 1,724 |
Total current liabilities |  |  | 29,048 |  |  | 77,273 |  |  | 767,461 |  |  | — |  |  | 873,782 |
Long-term debt |  |  | — |  |  | 3,844,638 |  |  | — |  |  | (26,025) |  |  | 3,818,613 |
Other long-term liabilities |  |  | — |  |  | 16,299 |  |  | 273,714 |  |  | — |  |  | 290,013 |
Deferred income taxes |  |  | — |  |  | — |  |  | 383,176 |  |  | (362,463) |  |  | 20,713 |
Intercompany payable |  |  | — |  |  | — |  |  | 690,387 |  |  | (690,387) |  |  | — |
Total liabilities |  |  | 29,048 |  |  | 3,938,210 |  |  | 2,114,738 |  |  | (1,078,875) |  |  | 5,003,121 |
Redeemable noncontrolling interest in subsidiary |  |  | — |  |  | — |  |  | 208,519 |  |  | — |  |  | 208,519 |
Shareholders’ equity |  |  | 3,063,034 |  |  | 2,345,283 |  |  | 9,989,246 |  |  | (12,334,529) |  |  | 3,063,034 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 25,614 |  |  | — |  |  | 25,614 |
Total equity |  |  | 3,063,034 |  |  | 2,345,283 |  |  | 10,014,860 |  |  | (12,334,529) |  |  | 3,088,648 |
Total liabilities and equity |  | $ | 3,092,082 |  | $ | 6,283,493 |  | $ | 12,338,117 |  | $ | (13,413,404) |  | $ | 8,300,288 |
Condensed Consolidating Balance Sheets
|  | December 31, 2017 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 1,091 |  | $ | 44 |  | $ | 335,862 |  | $ | — |  | $ | 336,997 |
Short-term investments |  |  | — |  |  | — |  |  | 28,369 |  |  | — |  |  | 28,369 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 698,477 |  |  | — |  |  | 698,477 |
Inventory, net |  |  | — |  |  | — |  |  | 166,307 |  |  | — |  |  | 166,307 |
Assets held for sale |  |  | — |  |  | — |  |  | 37,052 |  |  | — |  |  | 37,052 |
Other current assets |  |  | 50 |  |  | 56 |  |  | 180,028 |  |  | — |  |  | 180,134 |
Total current assets |  |  | 1,141 |  |  | 100 |  |  | 1,446,095 |  |  | — |  |  | 1,447,336 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 6,109,565 |  |  | — |  |  | 6,109,565 |
Goodwill |  |  | — |  |  | — |  |  | 173,226 |  |  | — |  |  | 173,226 |
Intercompany receivables |  |  | 133,602 |  |  | 481,092 |  |  | — |  |  | (614,694) |  |  | — |
Investment in consolidated affiliates |  |  | 2,799,320 |  |  | 5,531,799 |  |  | 3,799,933 |  |  | (12,131,052) |  |  | — |
Deferred income taxes |  |  | — |  |  | 333,349 |  |  | 419,003 |  |  | (333,349) |  |  | 419,003 |
Other long-term assets |  |  | — |  |  | 78 |  |  | 324,919 |  |  | (72,143) |  |  | 252,854 |
Total assets |  | $ | 2,934,063 |  | $ | 6,346,418 |  | $ | 12,272,741 |  | $ | (13,151,238) |  | $ | 8,401,984 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 181 |  | $ | — |  | $ | 181 |
Trade accounts payable |  |  | 147 |  |  | 124 |  |  | 363,145 |  |  | — |  |  | 363,416 |
Accrued liabilities |  |  | 21,100 |  |  | 67,760 |  |  | 444,184 |  |  | — |  |  | 533,044 |
Income taxes payable |  |  | — |  |  | — |  |  | 22,835 |  |  | — |  |  | 22,835 |
Total current liabilities |  |  | 21,247 |  |  | 67,884 |  |  | 830,345 |  |  | — |  |  | 919,476 |
Long-term debt |  |  | — |  |  | 4,099,909 |  |  | — |  |  | (72,143) |  |  | 4,027,766 |
Other long-term liabilities |  |  | — |  |  | 16,284 |  |  | 285,349 |  |  | — |  |  | 301,633 |
Deferred income taxes |  |  | — |  |  | — |  |  | 343,687 |  |  | (333,349) |  |  | 10,338 |
Intercompany payable |  |  | 1,000 |  |  | — |  |  | 613,694 |  |  | (614,694) |  |  | — |
Total liabilities |  |  | 22,247 |  |  | 4,184,077 |  |  | 2,073,075 |  |  | (1,020,186) |  |  | 5,259,213 |
Redeemable noncontrolling interest in subsidiary |  |  | — |  |  | — |  |  | 203,998 |  |  | — |  |  | 203,998 |
Shareholders’ equity |  |  | 2,911,816 |  |  | 2,162,341 |  |  | 9,968,711 |  |  | (12,131,052) |  |  | 2,911,816 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 26,957 |  |  | — |  |  | 26,957 |
Total equity |  |  | 2,911,816 |  |  | 2,162,341 |  |  | 9,995,668 |  |  | (12,131,052) |  |  | 2,938,773 |
Total liabilities and equity |  | $ | 2,934,063 |  | $ | 6,346,418 |  | $ | 12,272,741 |  | $ | (13,151,238) |  | $ | 8,401,984 |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended June 30, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 761,920 |  | $ | — |  | $ | 761,920 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | (1) |  |  | — |  |  | (1) |
Earnings (losses) from consolidated affiliates |  |  | (194,594) |  |  | 59,040 |  |  | 12,080 |  |  | 123,474 |  |  | — |
Investment income (loss) |  |  | — |  |  | — |  |  | 4 |  |  | (3,168) |  |  | (3,164) |
Total revenues and other income |  |  | (194,594) |  |  | 59,040 |  |  | 774,003 |  |  | 120,306 |  |  | 758,755 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 493,975 |  |  | — |  |  | 493,975 |
General and administrative expenses |  |  | 2,854 |  |  | 157 |  |  | 65,151 |  |  | (339) |  |  | 67,823 |
Research and engineering |  |  | — |  |  | — |  |  | 12,439 |  |  | — |  |  | 12,439 |
Depreciation and amortization |  |  | — |  |  | 32 |  |  | 218,230 |  |  | — |  |  | 218,262 |
Interest expense, net |  |  | — |  |  | 60,798 |  |  | (206) |  |  | — |  |  | 60,592 |
Other, net |  |  | 1,204 |  |  | — |  |  | 76,058 |  |  | 339 |  |  | 77,601 |
Intercompany interest expense, net |  |  | 100 |  |  | — |  |  | (100) |  |  | — |  |  | — |
Total costs and other deductions |  |  | 4,158 |  |  | 60,987 |  |  | 865,547 |  |  | — |  |  | 930,692 |
Income (loss) from continuing operations before income taxes |  |  | (198,752) |  |  | (1,947) |  |  | (91,544) |  |  | 120,306 |  |  | (171,937) |
Income tax expense (benefit) |  |  | — |  |  | (14,027) |  |  | 37,305 |  |  | — |  |  | 23,278 |
Income (loss) from continuing operations, net of tax |  |  | (198,752) |  |  | 12,080 |  |  | (128,849) |  |  | 120,306 |  |  | (195,215) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (584) |  |  | — |  |  | (584) |
Net income (loss) |  |  | (198,752) |  |  | 12,080 |  |  | (129,433) |  |  | 120,306 |  |  | (195,799) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (2,953) |  |  | — |  |  | (2,953) |
Net income (loss) attributable to Nabors |  |  | (198,752) |  |  | 12,080 |  |  | (132,386) |  |  | 120,306 |  |  | (198,752) |
Less: Preferred stock dividend |  |  | (3,680) |  |  | — |  |  | — |  |  | — |  |  | (3,680) |
Net income (loss) attributable to Nabors common shareholders |  | $ | (202,432) |  | $ | 12,080 |  | $ | (132,386) |  | $ | 120,306 |  | $ | (202,432) |
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, net |  |  | — |  |  | 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)
|  | Six Months Ended June 30, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 1,496,114 |  | $ | — |  | $ | 1,496,114 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 1 |  |  | — |  |  | 1 |
Earnings (losses) from consolidated affiliates |  |  | (336,419) |  |  | 83,025 |  |  | (14,445) |  |  | 267,839 |  |  | — |
Investment income (loss) |  |  | 2 |  |  | — |  |  | 3,448 |  |  | (6,149) |  |  | (2,699) |
Total revenues and other income |  |  | (336,417) |  |  | 83,025 |  |  | 1,485,118 |  |  | 261,690 |  |  | 1,493,416 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 969,378 |  |  | — |  |  | 969,378 |
General and administrative expenses |  |  | 5,237 |  |  | 399 |  |  | 137,266 |  |  | (508) |  |  | 142,394 |
Research and engineering |  |  | — |  |  | — |  |  | 28,245 |  |  | — |  |  | 28,245 |
Depreciation and amortization |  |  | — |  |  | 62 |  |  | 431,648 |  |  | — |  |  | 431,710 |
Interest expense, net |  |  | — |  |  | 126,123 |  |  | (4,145) |  |  | — |  |  | 121,978 |
Other, net |  |  | 1,199 |  |  | — |  |  | 89,983 |  |  | 508 |  |  | 91,690 |
Intercompany interest expense, net |  |  | 100 |  |  | — |  |  | (100) |  |  | — |  |  | — |
Total costs and other deductions |  |  | 6,536 |  |  | 126,584 |  |  | 1,652,275 |  |  | — |  |  | 1,785,395 |
Income (loss) from continuing operations before income taxes |  |  | (342,953) |  |  | (43,559) |  |  | (167,157) |  |  | 261,690 |  |  | (291,979) |
Income tax expense (benefit) |  |  | — |  |  | (29,114) |  |  | 75,937 |  |  | — |  |  | 46,823 |
Income (loss) from continuing operations, net of tax |  |  | (342,953) |  |  | (14,445) |  |  | (243,094) |  |  | 261,690 |  |  | (338,802) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (659) |  |  | — |  |  | (659) |
Net income (loss) |  |  | (342,953) |  |  | (14,445) |  |  | (243,753) |  |  | 261,690 |  |  | (339,461) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (3,492) |  |  | — |  |  | (3,492) |
Net income (loss) attributable to Nabors |  |  | (342,953) |  |  | (14,445) |  |  | (247,245) |  |  | 261,690 |  |  | (342,953) |
Less: Preferred stock dividend |  |  | (3,680) |  |  | — |  |  | — |  |  | — |  |  | (3,680) |
Net income (loss) attributable to Nabors common shareholders |  | $ | (346,633) |  | $ | (14,445) |  | $ | (247,245) |  | $ | 261,690 |  | $ | (346,633) |
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, net |  |  | — |  |  | 117,260 |  |  | (6,054) |  |  | — |  |  | 111,206 |
Other, net |  |  | (161) |  |  | 18,973 |  |  | 4,298 |  |  | 504 |  |  | 23,614 |
Intercompany interest expense, net |  |  | (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 Comprehensive Income (Loss)
|  | Three Months Ended June 30, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (198,752) |  | $ | 12,080 |  | $ | (132,386) |  | $ | 120,306 |  | $ | (198,752) |
Other comprehensive income (loss) before tax: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | (5,570) |  |  | — |  |  | (5,570) |  |  | 5,570 |  |  | (5,570) |
Pension liability amortization and adjustment |  |  | 54 |  |  | 54 |  |  | 108 |  |  | (162) |  |  | 54 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 142 |  |  | 142 |  |  | 142 |  |  | (284) |  |  | 142 |
Other comprehensive income (loss) before tax |  |  | (5,374) |  |  | 196 |  |  | (5,320) |  |  | 5,124 |  |  | (5,374) |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 48 |  |  | 48 |  |  | 96 |  |  | (144) |  |  | 48 |
Other comprehensive income (loss), net of tax |  |  | (5,422) |  |  | 148 |  |  | (5,416) |  |  | 5,268 |  |  | (5,422) |
Comprehensive income (loss) attributable to Nabors |  |  | (204,174) |  |  | 12,228 |  |  | (137,802) |  |  | 125,574 |  |  | (204,174) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,953 |  |  | — |  |  | 2,953 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (63) |  |  | — |  |  | (63) |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 2,890 |  |  | — |  |  | 2,890 |
Comprehensive income (loss) |  | $ | (204,174) |  | $ | 12,228 |  | $ | (134,912) |  | $ | 125,574 |  | $ | (201,284) |
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)
|  | Six Months Ended June 30, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (342,953) |  | $ | (14,445) |  | $ | (247,245) |  | $ | 261,690 |  | $ | (342,953) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | (14,913) |  |  | — |  |  | (14,913) |  |  | 14,913 |  |  | (14,913) |
Pension liability amortization and adjustment |  |  | 108 |  |  | 108 |  |  | 216 |  |  | (324) |  |  | 108 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 282 |  |  | 282 |  |  | 282 |  |  | (564) |  |  | 282 |
Adoption of ASU No. 2016-01 |  |  | (9,144) |  |  | — |  |  | (9,144) |  |  | 9,144 |  |  | (9,144) |
Other comprehensive income (loss) before tax |  |  | (23,667) |  |  | 390 |  |  | (23,559) |  |  | 23,169 |  |  | (23,667) |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 91 |  |  | 91 |  |  | 182 |  |  | (273) |  |  | 91 |
Other comprehensive income (loss), net of tax |  |  | (23,758) |  |  | 299 |  |  | (23,741) |  |  | 23,442 |  |  | (23,758) |
Comprehensive income (loss) attributable to Nabors |  |  | (366,711) |  |  | (14,146) |  |  | (270,986) |  |  | 285,132 |  |  | (366,711) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 3,492 |  |  | — |  |  | 3,492 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (159) |  |  | — |  |  | (159) |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 3,333 |  |  | — |  |  | 3,333 |
Comprehensive income (loss) |  | $ | (366,711) |  | $ | (14,146) |  | $ | (267,653) |  | $ | 285,132 |  | $ | (363,378) |
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 Cash Flows
|  | Six Months Ended June 30, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | 56,041 |  | $ | (102,233) |  | $ | 151,698 |  | $ | (28,149) |  | $ | 77,357 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | — |  |  | — |  |  | (676) |  |  | — |  |  | (676) |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 2,602 |  |  | — |  |  | 2,602 |
Cash paid for investments in consolidated affiliates |  |  | (587,500) |  |  | — |  |  | (199,000) |  |  | 786,500 |  |  | — |
Capital expenditures |  |  | — |  |  | — |  |  | (209,471) |  |  | — |  |  | (209,471) |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 77,272 |  |  | — |  |  | 77,272 |
Change in intercompany balances |  |  | — |  |  | 127,059 |  |  | (127,059) |  |  | — |  |  | — |
Net cash provided by (used for) investing activities |  |  | (587,500) |  |  | 127,059 |  |  | (456,332) |  |  | 786,500 |  |  | (130,273) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | (344) |  |  | — |  |  | (344) |
Proceeds from issuance of long-term debt |  |  | — |  |  | 800,000 |  |  | — |  |  | — |  |  | 800,000 |
Debt issuance costs |  |  | — |  |  | (12,990) |  |  | — |  |  | — |  |  | (12,990) |
Proceeds from revolving credit facilities |  |  | — |  |  | 625,000 |  |  | — |  |  | — |  |  | 625,000 |
Proceeds from parent contributions |  |  | — |  |  | 199,000 |  |  | 587,500 |  |  | (786,500) |  |  | — |
Proceeds from issuance of common shares, net of issuance costs |  |  | 302,014 |  |  | — |  |  | — |  |  | — |  |  | 302,014 |
Reduction of long-term debt |  |  | — |  |  | (460,837) |  |  | — |  |  | — |  |  | (460,837) |
Dividends to shareholders |  |  | (42,349) |  |  | — |  |  | — |  |  | 6,149 |  |  | (36,200) |
Proceeds from (payment for) commercial paper, net |  |  | — |  |  | (40,000) |  |  | — |  |  | — |  |  | (40,000) |
Reduction in revolving credit facilities |  |  | — |  |  | (1,135,000) |  |  | — |  |  | — |  |  | (1,135,000) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | 62 |  |  | — |  |  | 62 |
Proceeds from issuance of preferred stock, net of issuance costs |  |  | 278,573 |  |  | — |  |  | — |  |  | — |  |  | 278,573 |
Proceeds from issuance of intercompany debt |  |  | 20,000 |  |  | — |  |  | (20,000) |  |  | — |  |  | — |
Paydown of intercompany debt |  |  | (21,000) |  |  | — |  |  | 21,000 |  |  | — |  |  | — |
Distributions to Non-controlling interest |  |  | — |  |  | — |  |  | (4,676) |  |  | — |  |  | (4,676) |
Distribution from subsidiary to parent |  |  | — |  |  | — |  |  | (22,000) |  |  | 22,000 |  |  | — |
Other changes |  |  | (3,688) |  |  | — |  |  | — |  |  | — |  |  | (3,688) |
Net cash (used for) provided by financing activities |  |  | 533,550 |  |  | (24,827) |  |  | 561,542 |  |  | (758,351) |  |  | 311,914 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | (3,637) |  |  | — |  |  | (3,637) |
Net increase (decrease) in cash and cash equivalents |  |  | 2,091 |  |  | (1) |  |  | 253,271 |  |  | — |  |  | 255,361 |
Cash, cash equivalents and restricted cash, beginning of period |  |  | 1,091 |  |  | 44 |  |  | 340,894 |  |  | — |  |  | 342,029 |
Cash, cash equivalents and restricted cash, end of period |  | $ | 3,182 |  | $ | 43 |  | $ | 594,165 |  | $ | — |  | $ | 597,390 |
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 sale of assets and insurance claims |  |  | — |  |  | — |  |  | 18,796 |  |  | — |  |  | 18,796 |
Change in intercompany balances |  |  | — |  |  | (290,794) |  |  | 290,794 |  |  | — |  |  | — |
Net cash provided by (used for) investing activities |  |  | — |  |  | (290,794) |  |  | (34,239) |  |  | 36,000 |  |  | (289,033) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Increase (decrease) in cash overdrafts |  |  | — |  |  | — |  |  | (42) |  |  | — |  |  | (42) |
Debt issuance costs |  |  | — |  |  | (11,037) |  |  | — |  |  | — |  |  | (11,037) |
Proceeds from issuance of common shares |  |  | 8,300 |  |  | — |  |  | — |  |  | — |  |  | 8,300 |
Reduction in long-term debt |  |  | — |  |  | (265,437) |  |  | (112,546) |  |  | — |  |  | (377,983) |
Dividends to shareholders |  |  | (40,155) |  |  | — |  |  | — |  |  | 5,958 |  |  | (34,197) |
Proceeds from (payments for) commercial paper, net |  |  | — |  |  | 171,985 |  |  | — |  |  | — |  |  | 171,985 |
Proceeds from (payments for) issuance of intercompany debt |  |  | 33,000 |  |  | 20,000 |  |  | (53,000) |  |  | — |  |  | — |
Purchase of capped call hedge transactions |  |  | — |  |  | (40,250) |  |  | — |  |  | — |  |  | (40,250) |
Proceeds from revolving credit facilities |  |  | — |  |  | 100,000 |  |  | — |  |  | — |  |  | 100,000 |
Proceeds from issuance of long-term debt |  |  | — |  |  | 411,200 |  |  | — |  |  | — |  |  | 411,200 |
Payments on term loan |  |  | — |  |  | (162,500) |  |  | — |  |  | — |  |  | (162,500) |
Paydown of intercompany debt |  |  | (79,000) |  |  | (20,000) |  |  | 99,000 |  |  | — |  |  | — |
Cash proceeds from equity component of convertible debt |  |  | — |  |  | 159,952 |  |  | — |  |  | — |  |  | 159,952 |
Noncontrolling interest contribution |  |  | — |  |  | — |  |  | 20,000 |  |  | — |  |  | 20,000 |
Distributions to Non-controlling interest |  |  | — |  |  | — |  |  | (6,982) |  |  | — |  |  | (6,982) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | (173) |  |  | — |  |  | (173) |
Proceeds from parent contributions |  |  | — |  |  | 18,000 |  |  | 18,000 |  |  | (36,000) |  |  | — |
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) |  |  | (58,268) |  |  | — |  |  | (67,142) |
Cash, cash equivalents and restricted cash, beginning of period |  |  | 1,148 |  |  | 10,177 |  |  | 253,665 |  |  | — |  |  | 264,990 |
Cash, cash equivalents and restricted cash, end of period |  | $ | 2,435 |  | $ | 16 |  | $ | 195,397 |  | $ | — |  | $ | 197,848 |

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- References No definition available. + Details
Name: | nbr_CondensedConsolidatingFinancialInformationAbstract
Namespace Prefix: | nbr_
Data Type: | xbrli:stringItemType
Balance Type: | na
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