XML 79 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income (loss) attributable to Nabors $ 139,982 $ 164,827 $ 248,524
Adjustments to net income (loss):      
Depreciation and amortization 1,099,741 1,055,757 927,460
Depletion and other exploratory expenses 22,270 2,573 44,551
Deferred income tax expense (benefit) (103,277) (131,742) (12,379)
Deferred financing costs amortization 4,255 4,294 5,107
Discount amortization on long-term debt 2,137 1,908 27,042
Impairments and other charges 53,905 311,541 460,971
Losses on debt extinguishment 211,981    
Losses (gains) on long-lived assets, net 18,060 (51,585) (51,945)
Losses (gains) on investments, net (91,480) (56,925) (12,486)
Share-based compensation 53,255 18,312 21,244
Foreign currency transaction losses (gains), net 6,225 4,819 5,725
Equity in (earnings) losses of unconsolidated affiliates, net of dividends 800 299,717 (161,189)
Other (2,550) 1,862 (11,077)
Changes in operating assets and liabilities, net of effects from acquisitions:      
Accounts receivable (44,561) 200,537 (459,455)
Inventory 39,412 14,447 (114,896)
Other current assets (6,943) (42,743) (24,820)
Other long-term assets 42,298 (38,468) 71,867
Trade accounts payable and accrued liabilities 113,550 (224,795) 519,211
Income taxes payable (31,752) (1,488) 999
Other long-term liabilities (109,085) 29,857 (27,967)
Net cash provided by operating activities 1,418,223 1,562,705 1,456,487
Cash flows from investing activities:      
Purchases of investments   (949) (11,746)
Sales and maturities of investments 164,510 31,944 39,063
Proceeds from sale of unconsolidated affiliates 12,640 159,529 142,984
Cash paid for acquisition of businesses, net (116,971)   (55,459)
Investment in unconsolidated affiliates (5,967) (1,325) (112,262)
Capital expenditures (1,178,205) (1,518,628) (2,042,617)
Proceeds from sales of assets and insurance claims 308,538 149,801 180,558
Other (13)    
Net cash used for investing activities (815,468) (1,179,628) (1,859,479)
Cash flows from financing activities:      
Increase (decrease) in cash overdrafts (4,421) 1,612 6,375
Proceeds from issuance of long-term debt 698,753   697,578
Debt issuance costs (4,500) (3,433) (7,141)
Proceeds from revolving credit facilities   710,000 1,560,000
Proceeds from (payments for) issuance of common shares 5,383 (3,625) 11,605
Reduction in long-term debt (994,181) (276,258) (1,404,281)
Dividends to shareholders (47,168)    
Proceeds from (payment for) commercial paper, net 329,844    
Reduction in revolving credit facilities (720,000) (680,000) (700,000)
Other 6,704 (2,423) (891)
Net cash (used for) provided by financing activities (729,586) (254,127) 163,245
Effect of exchange rate changes on cash and cash equivalents (8,176) (2,603) (3,380)
Net increase (decrease) in cash and cash equivalents (135,007) 126,347 (243,127)
Cash and cash equivalents, beginning of period 524,922 398,575 641,702
Cash and cash equivalents, end of period $ 389,915 $ 524,922 $ 398,575