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Unaudited Quarterly Financial Information
 12 Months Ended
Dec. 31, 2013
Unaudited Quarterly Financial Information  
Unaudited Quarterly Financial Information

Note 22 Unaudited Quarterly Financial Information

 
   Year Ended December 31, 2013  
 
   Quarter Ended  
 
   March 31   June 30   September 30   December 31  
 
   (In thousands, except per share amounts)
  

Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations(1)

   $ 1,538,373   $ 1,459,326   $ 1,548,965   $ 1,605,390  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from continuing operations, net of tax

   $ 92,207   $ 28,128   $ (90,510 ) $ 128,516  

Income (loss) from discontinued operations, net of tax

     7,011     (26,873 )   (14,430 )   23,113  

Less: Net (income) loss attributable to noncontrolling interest

     (97 )   (5,616 )   (441 )   (1,026 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) attributable to Nabors

   $ 99,121   $ (4,361 ) $ (105,381 ) $ 150,603  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (losses) per share:(2)

                          

Basic from continuing operations

   $ 0.31   $ 0.08   $ (0.30 ) $ 0.43  

Basic from discontinued operations

     0.03     (0.09 )   (0.05 )   0.07  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Basic

   $ 0.34   $ (0.01 ) $ (0.35 ) $ 0.50  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Diluted from continuing operations

   $ 0.31   $ 0.08   $ (0.30 ) $ 0.42  

Diluted from discontinued operations          

     0.02     (0.09 )   (0.05 )   0.08  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Diluted

   $ 0.33   $ (0.01 ) $ (0.35 ) $ 0.50  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​


 

 
   Year Ended December 31, 2012  
 
   Quarter Ended  
 
   March 31   June 30   September 30   December 31  
 
   Restated
   Restated
    
    
  
 
   (In thousands, except per share amounts)
  

Operating revenues and Earnings (losses) from unconsolidated affiliates from continuing operations(3)

   $ 1,810,367   $ 1,541,841   $ 1,630,380   $ 1,571,745  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Income (loss) from continuing operations, net of tax

   $ 158,546   $ (121,626 ) $ 64,489   $ 131,565  

Income (loss) from discontinued operations, net of tax

     (2,977 )   26,710     12,155     (103,414 )

Less: Net (income) loss attributable to noncontrolling interest

     267     1,174     (988 )   (1,074 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net income (loss) attributable to Nabors

   $ 155,836   $ (93,742 ) $ 75,656   $ 27,077  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Earnings (losses) per share:(2)

                          

Basic from continuing operations

   $ 0.55   $ (0.41 ) $ 0.22   $ 0.45  

Basic from discontinued operations

     (0.01 )   0.09     0.04     (0.36 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Basic

   $ 0.54   $ (0.32 ) $ 0.26   $ 0.09  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Diluted from continuing operations

   $ 0.54   $ (0.41 ) $ 0.22   $ 0.45  

Diluted from discontinued operations          

     (0.01 )   0.09     0.04     (0.36 )
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Diluted

   $ 0.53   $ (0.32 ) $ 0.26   $ 0.09  
                   
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Includes earnings (losses) from unconsolidated affiliates, net, accounted for by the equity method, of $2.9 million, $1.4 million, ($2.6) million and ($1.6) million, respectively.

(2)
Earnings per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly earnings per share may not equal the total computed for the year.

(3)
Includes earnings (losses) from unconsolidated affiliates, net, accounted for by the equity method, of ($34.3) million, ($156.1) million, ($99.5) million and $1.2 million, respectively.

        As described in Note 2—Revisions of Prior Period Financial Statements, we have revised our consolidated financial statements for the years 2012 and prior for Sabine errors and certain unrelated immaterial items. The effect of these errors on quarters ended March 31, 2012 and June 30, 2012 is material and accordingly, we are restating these quarters. The table below presents the line items impacted by the restatement for such quarters. See Note 5—Assets Held for Sale and Discontinued Operations for additional information.

        Set forth below is a summary of the effect on our previously reported quarterly reports.

        The effect on our consolidated balance sheet at March 31, 2012 is as follows:

 
   2012  
 
   March 31  
(In thousands)
  As Reported   Adjustment   Restated  

Inventory

   $ 265,787   $ (3,200 ) $ 262,587  

Total current assets

     3,129,224     (3,200 )   3,126,024  

Investment in unconsolidated affiliates

     303,103     21,746     324,849  

Total assets

     13,148,194     18,546     13,166,740  

Deferred income taxes

     855,057     (2,407 )   852,650  

Total liabilities

     7,255,826     (2,407 )   7,253,419  

Retained earnings

     4,090,454     20,953     4,111,407  

Total shareholders' equity

     5,810,923     20,953     5,831,876  

Total equity

     5,823,180     20,953     5,844,133  

Total liabilities and equity

     13,148,194     20,953     13,169,147  

        There was no effect at June 30, 2012.

        The effect on our consolidated statements of income (loss) is as follows:

 
   Quarter Ended  
 
   March 31, 2012   June 30, 2012  
(In thousands, except per share amounts)
  As
Reported(1)		   Adjustment   Restated   As
Reported(1)		   Adjustment   Restated  

Earnings (losses) from unconsolidated affiliates

   $ (68,669 ) $ 34,348   $ (34,321 ) $ (134,317 ) $ (21,746 ) $ (156,063 )

Total revenues and other income

     1,796,271     34,348     1,830,619     1,568,955     (21,746 )   1,547,209  

Direct costs

     1,154,113     1,604     1,155,717     1,092,375     (3,200 )   1,089,175  

Total costs and other deductions

     1,593,948     1,604     1,595,552     1,706,553     (3,200 )   1,703,353  

Income (loss) from continuing operations before income taxes

     202,323     32,744     235,067     (137,598 )   (18,546 )   (156,144 )

Deferred income tax expense (benefit)

     38,767     10,998     49,765     (72,373 )   2,407     (69,966 )

Income tax expense (benefit)

     64,773     10,998     75,771     (37,675 )   2,407     (35,268 )

Income (loss) from continuing operations, net of tax

     136,800     21,746     158,546     (100,673 )   (20,953 )   (121,626 )

Net income (loss)

     133,823     21,746     155,569     (73,963 )   (20,953 )   (94,916 )

Net income (loss) attributable to Nabors

     134,090     21,746     155,836     (72,789 )   (20,953 )   (93,742 )

Earnings (losses) per share:(2)

                                      

Basic from continuing operations

   $ 0.48   $ 0.08   $ 0.55   $ (0.34 ) $ (0.07 ) $ (0.41 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Basic

   $ 0.46   $ 0.08   $ 0.54   $ (0.25 ) $ (0.07 ) $ (0.32 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Diluted from continuing operations

   $ 0.47   $ 0.07   $ 0.54   $ (0.34 ) $ (0.07 ) $ (0.41 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Diluted

   $ 0.46   $ 0.07   $ 0.53   $ (0.25 ) $ (0.07 ) $ (0.32 )
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​


 

 
   Six Months Ended  
 
   June 30, 2012  
(In thousands, except per share amounts)
  As
Reported(1)		   Adjustment   Restated  

Earnings (losses) from unconsolidated affiliates

   $ (202,986 ) $ 12,602   $ (190,384 )

Total revenues and other income

     3,365,226     12,602     3,377,828  

Direct costs

     2,246,488     (1,596 )   2,244,892  

Total costs and other deductions

     3,300,501     (1,596 )   3,298,905  

Income (loss) from continuing operations before income taxes

     64,725     14,198     78,923  

Deferred income tax expense (benefit)

     (33,606 )   13,405     (20,201 )

Income tax expense (benefit)

     27,098     13,405     40,503  

Income (loss) from continuing operations, net of tax

     36,127     793     36,920  

Net income (loss)

     59,860     793     60,653  

Net income (loss) attributable to Nabors

     61,301     793     62,094  

Earnings (losses) per share:(2)

                    

Basic from continuing operations

   $ 0.13     —   $ 0.13  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Basic

   $ 0.21     —   $ 0.21  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Diluted from continuing operations

   $ 0.13     —   $ 0.13  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Total Diluted

   $ 0.21     —   $ 0.21  
               
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​
(1)
Amounts reflect the retrospective reclassification of the results of Peak as discontinued operations. Refer to Note 5—Assets Held for Sale and Discontinued Operations for additional information.

(2)
Earnings per share is computed independently for each of the columns presented. Therefore, the sum of the earnings per share may not equal the total revised.

        The effect on our consolidated statements of other comprehensive income (loss) is as follows:

 
   Quarter Ended  
 
   March 31, 2012   June 30, 2012  
(In thousands)
  As Reported   Adjustment   Restated   As Reported   Adjustment   Restated  

Net income (loss) attributable to Nabors

   $ 134,090   $ 21,746   $ 155,836   $ (72,789 ) $ (20,953 ) $ (93,742 )

Comprehensive income (loss) attributable to Nabors

     155,289     21,746     177,035     (97,164 )   (20,953 )   (118,117 )

Comprehensive income (loss)

     155,265     21,746     177,011     (98,554 )   (20,953 )   (119,507 )


 

 
   Six Months Ended  
 
   June 30, 2012  
(In thousands)
  As Reported   Adjustment   Restated  

Net income (loss) attributable to Nabors

   $ 61,301   $ 793   $ 62,094  

Comprehensive income (loss) attributable to Nabors

   $ 58,125   $ 793   $ 58,918  

Comprehensive income (loss)

   $ 56,711   $ 793   $ 57,504  

        While these adjustments had no impact on our overall cash flows from operating, investing or financing activities for any period, the presentation of certain line items within our operating activities in our consolidated statements of cash flow was revised and is as follows:

 
   Three Months Ended
March 31, 2012		   Six Months Ended
June 30, 2012		  
(In thousands)
  As
Reported		   Adjustment   Restated   As
Reported		   Adjustment   Restated  

Net income (loss) attributable to Nabors

   $ 134,090   $ 21,746   $ 155,836   $ 61,301   $ 793   $ 62,094  

Deferred income tax expense (benefit)

     38,802     10,998     49,800     (15,404 )   13,405     (1,999 )

Equity in (earnings) losses of unconsolidated affiliates, net of dividends

     68,668     (34,348 )   34,320     202,985     (12,602 )   190,383  

Inventory

     7,883     3,200     11,083                    

Trade accounts payable and accrued liabilities

     (119,195 )   (1,596 )   (120,791 )   (94,423 )   (1,596 )   (96,019 )

 

                                      
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Net cash provided by operating activities

   $ 244,183   $ —   $ 244,183   $ 711,937   $ —   $ 711,937  
                           
​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

        The effect on our consolidated statements of changes in equity is as follows:

 
   March 31, 2012  
(In thousands)
  As Reported   Adjustment   Revised  

Retained earnings

   $ 4,090,454   $ 20,953   $ 4,111,407  

Total equity

     5,823,180     20,953     5,844,133