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Condensed Consolidating Financial Information (Tables) | 6 Months Ended
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Jun. 30, 2018
Condensed Consolidating Financial Information |
Condensed Consolidating Balance Sheets | 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) | 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) | 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 of Cash Flows | 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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- Definition Tabular disclosure of condensed income statement, including, but not limited to, income statements of consolidated entities and consolidation eliminations. + References No definition available. + Details
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