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Condensed Consolidating Financial Information (Tables) | 3 Months Ended
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Mar. 31, 2019
Condensed Consolidating Financial Information |
Condensed Consolidating Balance Sheets | Condensed Consolidating Balance Sheets
|  | March 31, 2019 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 334 |  | $ | 41 |  | $ | 428,752 |  | $ | — |  | $ | 429,127 |
Short-term investments |  |  | — |  |  | — |  |  | 40,590 |  |  | — |  |  | 40,590 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 743,528 |  |  | — |  |  | 743,528 |
Inventory, net |  |  | — |  |  | — |  |  | 166,139 |  |  | — |  |  | 166,139 |
Assets held for sale |  |  | — |  |  | — |  |  | 12,330 |  |  | — |  |  | 12,330 |
Other current assets |  |  | 417 |  |  | 433 |  |  | 163,339 |  |  | — |  |  | 164,189 |
Total current assets |  |  | 751 |  |  | 474 |  |  | 1,554,678 |  |  | — |  |  | 1,555,903 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 5,399,514 |  |  | — |  |  | 5,399,514 |
Goodwill |  |  | — |  |  | — |  |  | 184,104 |  |  | — |  |  | 184,104 |
Intercompany receivables |  |  | 100,764 |  |  | 219,756 |  |  | 2,611 |  |  | (323,131) |  |  | — |
Investment in consolidated affiliates |  |  | 2,492,908 |  |  | 5,568,841 |  |  | 4,118,531 |  |  | (12,180,280) |  |  | — |
Deferred income taxes |  |  | — |  |  | 399,679 |  |  | 344,531 |  |  | (399,679) |  |  | 344,531 |
Other long-term assets |  |  | — |  |  | 110 |  |  | 303,847 |  |  | (14,325) |  |  | 289,632 |
Total assets |  | $ | 2,594,423 |  | $ | 6,188,860 |  | $ | 11,907,816 |  | $ | (12,917,415) |  | $ | 7,773,684 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 850 |  | $ | — |  | $ | 850 |
Trade accounts payable |  |  | 118 |  |  | 41 |  |  | 399,643 |  |  | — |  |  | 399,802 |
Accrued liabilities |  |  | 7,970 |  |  | 18,985 |  |  | 271,104 |  |  | — |  |  | 298,059 |
Income taxes payable |  |  | — |  |  | — |  |  | 26,100 |  |  | — |  |  | 26,100 |
Current lease liabilities |  |  | — |  |  | — |  |  | 10,991 |  |  | — |  |  | 10,991 |
Total current liabilities |  |  | 8,088 |  |  | 19,026 |  |  | 708,688 |  |  | — |  |  | 735,802 |
Long-term debt |  |  | — |  |  | 3,691,905 |  |  | — |  |  | (14,325) |  |  | 3,677,580 |
Other long-term liabilities |  |  | — |  |  | 29,331 |  |  | 251,260 |  |  | — |  |  | 280,591 |
Deferred income taxes |  |  | — |  |  | — |  |  | 419,428 |  |  | (399,679) |  |  | 19,749 |
Intercompany payable |  |  | — |  |  | — |  |  | 323,131 |  |  | (323,131) |  |  | — |
Total liabilities |  |  | 8,088 |  |  | 3,740,262 |  |  | 1,702,507 |  |  | (737,135) |  |  | 4,713,722 |
Redeemable noncontrolling interest in subsidiary |  |  | — |  |  | — |  |  | 409,923 |  |  | — |  |  | 409,923 |
Shareholders’ equity |  |  | 2,586,335 |  |  | 2,448,598 |  |  | 9,731,682 |  |  | (12,180,280) |  |  | 2,586,335 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 63,704 |  |  | — |  |  | 63,704 |
Total equity |  |  | 2,586,335 |  |  | 2,448,598 |  |  | 9,795,386 |  |  | (12,180,280) |  |  | 2,650,039 |
Total liabilities and equity |  | $ | 2,594,423 |  | $ | 6,188,860 |  | $ | 11,907,816 |  | $ | (12,917,415) |  | $ | 7,773,684 |
Condensed Consolidating Balance Sheets
|  | December 31, 2018 |
|  |  |  |  |  |  |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Nabors |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | Delaware |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | (Issuer) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
|  | ASSETS |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 474 |  | $ | 42 |  | $ | 447,250 |  | $ | — |  | $ | 447,766 |
Short-term investments |  |  | — |  |  | — |  |  | 34,036 |  |  | — |  |  | 34,036 |
Accounts receivable, net |  |  | — |  |  | — |  |  | 756,320 |  |  | — |  |  | 756,320 |
Inventory, net |  |  | — |  |  | — |  |  | 165,587 |  |  | — |  |  | 165,587 |
Assets held for sale |  |  | — |  |  | — |  |  | 12,250 |  |  | — |  |  | 12,250 |
Other current assets |  |  | 50 |  |  | 433 |  |  | 177,121 |  |  | — |  |  | 177,604 |
Total current assets |  |  | 524 |  |  | 475 |  |  | 1,592,564 |  |  | — |  |  | 1,593,563 |
Property, plant and equipment, net |  |  | — |  |  | — |  |  | 5,467,870 |  |  | — |  |  | 5,467,870 |
Goodwill |  |  | — |  |  | — |  |  | 183,914 |  |  | — |  |  | 183,914 |
Intercompany receivables |  |  | 95,946 |  |  | 218,129 |  |  | 2,611 |  |  | (316,686) |  |  | — |
Investment in consolidated affiliates |  |  | 2,658,827 |  |  | 5,494,886 |  |  | 4,079,269 |  |  | (12,232,982) |  |  | — |
Deferred income taxes |  |  | — |  |  | 388,089 |  |  | 345,091 |  |  | (388,089) |  |  | 345,091 |
Other long-term assets |  |  | — |  |  | 142 |  |  | 277,689 |  |  | (14,325) |  |  | 263,506 |
Total assets |  | $ | 2,755,297 |  | $ | 6,101,721 |  | $ | 11,949,008 |  | $ | (12,952,082) |  | $ | 7,853,944 |
|  | LIABILITIES AND EQUITY |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current portion of debt |  | $ | — |  | $ | — |  | $ | 561 |  | $ | — |  | $ | 561 |
Trade accounts payable |  |  | 132 |  |  | 14 |  |  | 392,697 |  |  | — |  |  | 392,843 |
Accrued liabilities |  |  | 28,815 |  |  | 62,830 |  |  | 326,267 |  |  | — |  |  | 417,912 |
Income taxes payable |  |  | — |  |  | — |  |  | 20,761 |  |  | — |  |  | 20,761 |
Total current liabilities |  |  | 28,947 |  |  | 62,844 |  |  | 740,286 |  |  | — |  |  | 832,077 |
Long-term debt |  |  | — |  |  | 3,600,209 |  |  | — |  |  | (14,325) |  |  | 3,585,884 |
Other long-term liabilities |  |  | — |  |  | 29,331 |  |  | 245,154 |  |  | — |  |  | 274,485 |
Deferred income taxes |  |  | — |  |  | — |  |  | 394,400 |  |  | (388,089) |  |  | 6,311 |
Intercompany payable |  |  | 25,500 |  |  | — |  |  | 291,186 |  |  | (316,686) |  |  | — |
Total liabilities |  |  | 54,447 |  |  | 3,692,384 |  |  | 1,671,026 |  |  | (719,100) |  |  | 4,698,757 |
Redeemable noncontrolling interest in subsidiary |  |  | — |  |  | — |  |  | 404,861 |  |  | — |  |  | 404,861 |
Shareholders’ equity |  |  | 2,700,850 |  |  | 2,409,337 |  |  | 9,823,645 |  |  | (12,232,982) |  |  | 2,700,850 |
Noncontrolling interest |  |  | — |  |  | — |  |  | 49,476 |  |  | — |  |  | 49,476 |
Total equity |  |  | 2,700,850 |  |  | 2,409,337 |  |  | 9,873,121 |  |  | (12,232,982) |  |  | 2,750,326 |
Total liabilities and equity |  | $ | 2,755,297 |  | $ | 6,101,721 |  | $ | 11,949,008 |  | $ | (12,952,082) |  | $ | 7,853,944 |
Condensed Consolidating Statements of Income (Loss) | Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended March 31, 2019 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 799,640 |  | $ | — |  | $ | 799,640 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | (5) |
Earnings (losses) from consolidated affiliates |  |  | (115,046) |  |  | 73,918 |  |  | 35,117 |  |  | 6,011 |  |  | — |
Investment income (loss) |  |  | — |  |  | — |  |  | 10,205 |  |  | (528) |  |  | 9,677 |
Total revenues and other income |  |  | (115,046) |  |  | 73,918 |  |  | 844,957 |  |  | 5,483 |  |  | 809,312 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 520,957 |  |  | — |  |  | 520,957 |
General and administrative expenses |  |  | 2,414 |  |  | 277 |  |  | 65,650 |  |  | (174) |  |  | 68,167 |
Research and engineering |  |  | — |  |  | — |  |  | 13,520 |  |  | — |  |  | 13,520 |
Depreciation and amortization |  |  | — |  |  | 31 |  |  | 210,360 |  |  | — |  |  | 210,391 |
Interest expense, net |  |  | — |  |  | 52,750 |  |  | (398) |  |  | — |  |  | 52,352 |
Other, net |  |  | 237 |  |  | (2,667) |  |  | 19,758 |  |  | 174 |  |  | 17,502 |
Intercompany interest expense, net |  |  | 12 |  |  | — |  |  | (12) |  |  | — |  |  | — |
Total costs and other deductions |  |  | 2,663 |  |  | 50,391 |  |  | 829,835 |  |  | — |  |  | 882,889 |
Income (loss) from continuing operations before income taxes |  |  | (117,709) |  |  | 23,527 |  |  | 15,122 |  |  | 5,483 |  |  | (73,577) |
Income tax expense (benefit) |  |  | — |  |  | (11,590) |  |  | 41,389 |  |  | — |  |  | 29,799 |
Income (loss) from continuing operations, net of tax |  |  | (117,709) |  |  | 35,117 |  |  | (26,267) |  |  | 5,483 |  |  | (103,376) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (157) |  |  | — |  |  | (157) |
Net income (loss) |  |  | (117,709) |  |  | 35,117 |  |  | (26,424) |  |  | 5,483 |  |  | (103,533) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (14,176) |  |  | — |  |  | (14,176) |
Net income (loss) attributable to Nabors |  |  | (117,709) |  |  | 35,117 |  |  | (40,600) |  |  | 5,483 |  |  | (117,709) |
Less: Preferred stock dividend |  |  | (4,313) |  |  | — |  |  | — |  |  | — |  |  | (4,313) |
Net income (loss) attributable to Nabors common shareholders |  | $ | (122,022) |  | $ | 35,117 |  | $ | (40,600) |  | $ | 5,483 |  | $ | (122,022) |
Condensed Consolidating Statements of Income (Loss)
|  | Three Months Ended March 31, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Revenues and other income: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating revenues |  | $ | — |  | $ | — |  | $ | 734,194 |  | $ | — |  | $ | 734,194 |
Earnings (losses) from unconsolidated affiliates |  |  | — |  |  | — |  |  | 2 |  |  | — |  |  | 2 |
Earnings (losses) from consolidated affiliates |  |  | (141,825) |  |  | 23,985 |  |  | (26,525) |  |  | 144,365 |  |  | — |
Investment income (loss) |  |  | 2 |  |  | — |  |  | 3,444 |  |  | (2,981) |  |  | 465 |
Total revenues and other income |  |  | (141,823) |  |  | 23,985 |  |  | 711,115 |  |  | 141,384 |  |  | 734,661 |
Costs and other deductions: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Direct costs |  |  | — |  |  | — |  |  | 475,403 |  |  | — |  |  | 475,403 |
General and administrative expenses |  |  | 2,383 |  |  | 242 |  |  | 72,115 |  |  | (169) |  |  | 74,571 |
Research and engineering |  |  | — |  |  | — |  |  | 15,806 |  |  | — |  |  | 15,806 |
Depreciation and amortization |  |  | — |  |  | 30 |  |  | 213,418 |  |  | — |  |  | 213,448 |
Interest expense, net |  |  | — |  |  | 65,325 |  |  | (3,939) |  |  | — |  |  | 61,386 |
Other, net |  |  | (5) |  |  | — |  |  | 13,925 |  |  | 169 |  |  | 14,089 |
Total costs and other deductions |  |  | 2,378 |  |  | 65,597 |  |  | 786,728 |  |  | — |  |  | 854,703 |
Income (loss) from continuing operations before income taxes |  |  | (144,201) |  |  | (41,612) |  |  | (75,613) |  |  | 141,384 |  |  | (120,042) |
Income tax expense (benefit) |  |  | — |  |  | (15,087) |  |  | 38,632 |  |  | — |  |  | 23,545 |
Income (loss) from continuing operations, net of tax |  |  | (144,201) |  |  | (26,525) |  |  | (114,245) |  |  | 141,384 |  |  | (143,587) |
Income (loss) from discontinued operations, net of tax |  |  | — |  |  | — |  |  | (75) |  |  | — |  |  | (75) |
Net income (loss) |  |  | (144,201) |  |  | (26,525) |  |  | (114,320) |  |  | 141,384 |  |  | (143,662) |
Less: Net (income) loss attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (539) |  |  | — |  |  | (539) |
Net income (loss) attributable to Nabors |  | $ | (144,201) |  | $ | (26,525) |  | $ | (114,859) |  | $ | 141,384 |  | $ | (144,201) |
Less: Preferred stock dividend |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) attributable to Nabors common shareholders |  | $ | (144,201) |  | $ | (26,525) |  | $ | (114,859) |  | $ | 141,384 |  | $ | (144,201) |
Condensed Consolidating Statements of Comprehensive Income (Loss) | Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended March 31, 2019 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (117,709) |  | $ | 35,117 |  | $ | (40,600) |  | $ | 5,483 |  | $ | (117,709) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | 9,190 |  |  | (4) |  |  | 9,190 |  |  | (9,186) |  |  | 9,190 |
Pension liability amortization and adjustment |  |  | 54 |  |  | 54 |  |  | 108 |  |  | (162) |  |  | 54 |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 140 |  |  | 140 |  |  | 140 |  |  | (280) |  |  | 140 |
Other comprehensive income (loss) before tax |  |  | 9,384 |  |  | 190 |  |  | 9,438 |  |  | (9,628) |  |  | 9,384 |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 46 |  |  | 46 |  |  | 92 |  |  | (138) |  |  | 46 |
Other comprehensive income (loss), net of tax |  |  | 9,338 |  |  | 144 |  |  | 9,346 |  |  | (9,490) |  |  | 9,338 |
Comprehensive income (loss) attributable to Nabors |  |  | (108,371) |  |  | 35,261 |  |  | (31,254) |  |  | (4,007) |  |  | (108,371) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 14,176 |  |  | — |  |  | 14,176 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | 52 |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 14,228 |  |  | — |  |  | 14,228 |
Comprehensive income (loss) |  | $ | (108,371) |  | $ | 35,261 |  | $ | (17,026) |  | $ | (4,007) |  | $ | (94,143) |
Condensed Consolidating Statements of Comprehensive Income (Loss)
|  | Three Months Ended March 31, 2018 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net income (loss) attributable to Nabors |  | $ | (144,201) |  | $ | (26,525) |  | $ | (114,859) |  | $ | 141,384 |  | $ | (144,201) |
Other comprehensive income (loss) before tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Translation adjustment attributable to Nabors |  |  | (9,343) |  |  | — |  |  | (9,343) |  |  | 9,343 |  |  | (9,343) |
Pension liability amortization and adjustment |  |  | 54 |  |  | 54 |  |  | 108 |  |  | (162) |  |  | 54 |
Adoption of ASU No. 2016-01 |  |  | (9,144) |  |  | — |  |  | (9,144) |  |  | 9,144 |  |  | (9,144) |
Unrealized gains (losses) and amortization on cash flow hedges |  |  | 140 |  |  | 140 |  |  | 140 |  |  | (280) |  |  | 140 |
Other comprehensive income (loss) before tax |  |  | (18,293) |  |  | 194 |  |  | (18,239) |  |  | 18,045 |  |  | (18,293) |
Income tax expense (benefit) related to items of other comprehensive income (loss) |  |  | 43 |  |  | 43 |  |  | 86 |  |  | (129) |  |  | 43 |
Other comprehensive income (loss), net of tax |  |  | (18,336) |  |  | 151 |  |  | (18,325) |  |  | 18,174 |  |  | (18,336) |
Comprehensive income (loss) attributable to Nabors |  |  | (162,537) |  |  | (26,374) |  |  | (133,184) |  |  | 159,558 |  |  | (162,537) |
Net income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 539 |  |  | — |  |  | 539 |
Translation adjustment attributable to noncontrolling interest |  |  | — |  |  | — |  |  | (96) |  |  | — |  |  | (96) |
Comprehensive income (loss) attributable to noncontrolling interest |  |  | — |  |  | — |  |  | 443 |  |  | — |  |  | 443 |
Comprehensive income (loss) |  | $ | (162,537) |  | $ | (26,374) |  | $ | (132,741) |  | $ | 159,558 |  | $ | (162,094) |
Condensed Consolidating Statements of Cash Flows | Condensed Consolidating Statements Cash Flows
|  | Three Months Ended March 31, 2019 |
|  |  |  |  | Nabors |  | Other |  |  |  |  |  |  |
|  | Nabors |  | Delaware |  | Subsidiaries |  |  |  |  |  |  |
|  | (Parent/ |  | (Issuer/ |  | (Non- |  | Consolidating |  |  |  |
|  | Guarantor) |  | Guarantor) |  | Guarantors) |  | Adjustments |  | Total |
|  | (In thousands) |
Net cash provided by (used for) operating activities |  | $ | 55,162 |  | $ | (88,799) |  | $ | 161,959 |  | $ | (58,468) |  | $ | 69,854 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | — |  |  | — |  |  | (4,221) |  |  | — |  |  | (4,221) |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 1,134 |  |  | — |  |  | 1,134 |
Cash paid for acquisitions of businesses, net of cash acquired |  |  | — |  |  | — |  |  | (2,929) |  |  | — |  |  | (2,929) |
Cash paid for investments in consolidated affiliates |  |  | — |  |  | — |  |  | (4,000) |  |  | 4,000 |  |  | — |
Capital expenditures |  |  | — |  |  | — |  |  | (141,070) |  |  | — |  |  | (141,070) |
Proceeds from sales of assets and insurance claims |  |  | — |  |  | — |  |  | 2,642 |  |  | — |  |  | 2,642 |
Change in intercompany balances |  |  | — |  |  | (1,627) |  |  | 1,627 |  |  | — |  |  | — |
Net cash provided by (used for) investing activities |  |  | — |  |  | (1,627) |  |  | (146,817) |  |  | 4,000 |  |  | (144,444) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt issuance costs |  |  | — |  |  | (35) |  |  | — |  |  | — |  |  | (35) |
Proceeds from revolving credit facilities |  |  | — |  |  | 180,000 |  |  | — |  |  | — |  |  | 180,000 |
Proceeds from parent contributions |  |  | — |  |  | 4,000 |  |  | — |  |  | (4,000) |  |  | — |
Proceeds from issuance of common shares, net of issuance costs |  |  | 6 |  |  | — |  |  | (6) |  |  | — |  |  | — |
Reduction of long-term debt |  |  | — |  |  | (43,540) |  |  | — |  |  | — |  |  | (43,540) |
Reduction in revolving credit facilities |  |  | — |  |  | (50,000) |  |  | — |  |  | — |  |  | (50,000) |
Dividends to common and preferred shareholders |  |  | (28,557) |  |  | — |  |  | (376) |  |  | 3,168 |  |  | (25,765) |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | 289 |  |  | — |  |  | 289 |
Proceeds from issuance of intercompany debt |  |  | 25,000 |  |  | — |  |  | (25,000) |  |  | — |  |  | — |
Paydown of intercompany debt |  |  | (50,500) |  |  | — |  |  | 50,500 |  |  | — |  |  | — |
Distribution from subsidiary to parent |  |  | — |  |  | — |  |  | (55,300) |  |  | 55,300 |  |  | — |
Other changes |  |  | (1,251) |  |  | — |  |  | (242) |  |  | — |  |  | (1,493) |
Net cash (used for) provided by financing activities |  |  | (55,302) |  |  | 90,425 |  |  | (30,135) |  |  | 54,468 |  |  | 59,456 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | (2,791) |  |  | — |  |  | (2,791) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | (140) |  |  | (1) |  |  | (17,784) |  |  | — |  |  | (17,925) |
Cash, cash equivalents and restricted cash, beginning of period |  |  | 474 |  |  | 42 |  |  | 450,564 |  |  | — |  |  | 451,080 |
Cash, cash equivalents and restricted cash, end of period |  | $ | 334 |  | $ | 41 |  | $ | 432,780 |  | $ | — |  | $ | 433,155 |
Condensed Consolidating Statements Cash Flows
|  | Three Months Ended March 31, 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 |  | $ | 22,374 |  | $ | (98,371) |  | $ | 19,295 |  | $ | (24,981) |  | $ | (81,683) |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Purchases of investments |  |  | — |  |  | — |  |  | (676) |  |  | — |  |  | (676) |
Sales and maturities of investments |  |  | — |  |  | — |  |  | 1,148 |  |  | — |  |  | 1,148 |
Capital expenditures |  |  | — |  |  | — |  |  | (94,026) |  |  | — |  |  | (94,026) |
Proceeds from sale of assets and insurance claims |  |  | — |  |  | — |  |  | 3,076 |  |  | — |  |  | 3,076 |
Change in intercompany balances |  |  | — |  |  | (122,864) |  |  | 122,864 |  |  | — |  |  | — |
Net cash provided by (used for) investing activities |  |  | — |  |  | (122,864) |  |  | 32,386 |  |  | — |  |  | (90,478) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Debt issuance costs |  |  | — |  |  | (12,928) |  |  | — |  |  | — |  |  | (12,928) |
Reduction in long-term debt |  |  | — |  |  | (460,837) |  |  | — |  |  | — |  |  | (460,837) |
Reduction in revolving credit facilities |  |  | — |  |  | (680,000) |  |  | — |  |  | — |  |  | (680,000) |
Dividends to shareholders |  |  | (20,129) |  |  | — |  |  | — |  |  | 2,981 |  |  | (17,148) |
Proceeds from (payments for) commercial paper, net |  |  | — |  |  | (40,000) |  |  | — |  |  | — |  |  | (40,000) |
Proceeds from (payments for) issuance of intercompany debt |  |  | 20,000 |  |  | — |  |  | (20,000) |  |  | — |  |  | — |
Proceeds from revolving credit facilities |  |  | — |  |  | 615,000 |  |  | — |  |  | — |  |  | 615,000 |
Proceeds from issuance of long-term debt |  |  | — |  |  | 800,000 |  |  | — |  |  | — |  |  | 800,000 |
Paydown of intercompany debt |  |  | (21,000) |  |  | — |  |  | 21,000 |  |  | — |  |  | — |
Proceeds from (payments for) short-term borrowings |  |  | — |  |  | — |  |  | 194 |  |  | — |  |  | 194 |
Distribution from subsidiary to parent |  |  | — |  |  | — |  |  | (22,000) |  |  | 22,000 |  |  | — |
Other changes |  |  | (1,862) |  |  | — |  |  | (383) |  |  | — |  |  | (2,245) |
Net cash (used for) provided by financing activities |  |  | (22,991) |  |  | 221,235 |  |  | (21,189) |  |  | 24,981 |  |  | 202,036 |
Effect of exchange rate changes on cash and cash equivalents |  |  | — |  |  | — |  |  | (867) |  |  | — |  |  | (867) |
Net increase (decrease) in cash, cash equivalents and restricted cash |  |  | (617) |  |  | — |  |  | 29,625 |  |  | — |  |  | 29,008 |
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 |  | $ | 474 |  | $ | 44 |  | $ | 370,519 |  | $ | — |  | $ | 371,037 |

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