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Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2014
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

 

 

                                                                                                                                                                                   

 

 

December 31, 2014

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,170

 

$

7

 

$

499,972

 

$

 

$

501,149

 

Short-term investments

 

 

 

 

 

 

35,020

 

 

 

 

35,020

 

Assets held for sale

 

 

 

 

 

 

146,467

 

 

 

 

146,467

 

Accounts receivable, net

 

 

 

 

 

 

1,517,503

 

 

 

 

1,517,503

 

Inventory

 

 

 

 

 

 

230,067

 

 

 

 

230,067

 

Deferred income taxes

 

 

 

 

 

 

118,230

 

 

 

 

118,230

 

Other current assets

 

 

50

 

 

5,242

 

 

188,146

 

 

 

 

193,438

 

Short-term intercompany note

 

 

 

 

880,820

 

 

 

 

(880,820

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

1,220

 

 

886,069

 

 

2,735,405

 

 

(880,820

)

 

2,741,874

 

Long-term investments

 

 

 

 

 

 

2,806

 

 

 

 

2,806

 

Property, plant and equipment, net

 

 

 

 

30,330

 

 

8,568,795

 

 

 

 

8,599,125

 

Goodwill

 

 

 

 

 

 

173,928

 

 

 

 

173,928

 

Intercompany receivables

 

 

136,360

 

 

 

 

1,286,522

 

 

(1,422,882

)

 

 

Investment in unconsolidated affiliates

 

 

4,771,413

 

 

5,014,743

 

 

1,506,939

 

 

(11,234,844

)

 

58,251

 

Other long-term assets

 

 

 

 

30,298

 

 

273,660

 

 

 

 

303,958

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

4,908,993

 

$

5,961,440

 

$

14,548,055

 

$

(13,538,546

)

$

11,879,942

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current debt

 

$

 

$

 

$

6,190

 

$

 

$

6,190

 

Trade accounts payable

 

 

111

 

 

2

 

 

779,947

 

 

 

 

780,060

 

Accrued liabilities

 

 

263

 

 

64,390

 

 

663,351

 

 

 

 

728,004

 

Income taxes payable

 

 

 

 

 

 

53,221

 

 

 

 

53,221

 

Short-term intercompany note

 

 

 

 

 

 

880,820

 

 

(880,820

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

374

 

 

64,392

 

 

2,383,529

 

 

(880,820

)

 

1,567,475

 

Long-term debt

 

 

 

 

4,389,299

 

 

(40,440

)

 

 

 

4,348,859

 

Other long-term liabilities

 

 

 

 

35,480

 

 

566,336

 

 

 

 

601,816

 

Deferred income taxes

 

 

 

 

(294,655

)

 

737,658

 

 

 

 

443,003

 

Intercompany payable

 

 

 

 

1,422,882

 

 

 

 

(1,422,882

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

374

 

 

5,617,398

 

 

3,647,083

 

 

(2,303,702

)

 

6,961,153

 

Subsidiary preferred stock

 

 

 

 

 

 

 

 

 

 

 

Shareholders' equity

 

 

4,908,619

 

 

344,042

 

 

10,890,802

 

 

(11,234,844

)

 

4,908,619

 

Noncontrolling interest

 

 

 

 

 

 

10,170

 

 

 

 

10,170

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

4,908,619

 

 

344,042

 

 

10,900,972

 

 

(11,234,844

)

 

4,918,789

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

4,908,993

 

$

5,961,440

 

$

14,548,055

 

$

(13,538,546

)

$

11,879,942

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

                                                                                                                                                                                   

 

 

December 31, 2013

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

730

 

$

7,029

 

$

382,156

 

$

 

$

389,915

 

Short-term investments

 

 

 

 

 

 

117,218

 

 

 

 

117,218

 

Assets held for sale

 

 

 

 

 

 

243,264

 

 

 

 

243,264

 

Accounts receivable, net

 

 

27

 

 

 

 

1,399,516

 

 

 

 

1,399,543

 

Inventory

 

 

 

 

 

 

209,793

 

 

 

 

209,793

 

Deferred income taxes

 

 

 

 

 

 

121,316

 

 

 

 

121,316

 

Other current assets

 

 

50

 

 

26,378

 

 

246,353

 

 

 

 

272,781

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current assets

 

 

807

 

 

33,407

 

 

2,719,616

 

 

 

 

2,753,830

 

Long-term investments

 

 

 

 

 

 

3,236

 

 

 

 

3,236

 

Property, plant and equipment, net

 

 

 

 

33,815

 

 

8,563,998

 

 

 

 

8,597,813

 

Goodwill

 

 

 

 

 

 

512,964

 

 

 

 

512,964

 

Intercompany receivables

 

 

160,136

 

 

3,891

 

 

1,583,539

 

 

(1,747,566

)

 

 

Investment in unconsolidated affiliates

 

 

5,808,606

 

 

6,097,337

 

 

1,854,111

 

 

(13,695,794

)

 

64,260

 

Other long-term assets

 

 

 

 

34,487

 

 

193,221

 

 

 

 

227,708

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total assets

 

$

5,969,549

 

$

6,202,937

 

$

15,430,685

 

$

(15,443,360

)

$

12,159,811

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current debt

 

$

 

$

 

$

10,185

 

$

 

$

10,185

 

Trade accounts payable

 

 

86

 

 

25

 

 

545,401

 

 

 

 

545,512

 

Accrued liabilities

 

 

378

 

 

65,947

 

 

630,768

 

 

 

 

697,093

 

Income taxes payable

 

 

 

 

 

 

58,634

 

 

 

 

58,634

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total current liabilities

 

 

464

 

 

65,972

 

 

1,244,988

 

 

 

 

1,311,424

 

Long-term debt

 

 

 

 

3,904,059

 

 

58

 

 

 

 

3,904,117

 

Other long-term liabilities

 

 

 

 

31,071

 

 

346,673

 

 

 

 

377,744

 

Deferred income taxes

 

 

 

 

(213,233

)

 

729,394

 

 

 

 

516,161

 

Intercompany payable

 

 

 

 

1,747,566

 

 

 

 

(1,747,566

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities

 

 

464

 

 

5,535,435

 

 

2,321,113

 

 

(1,747,566

)

 

6,109,446

 

Subsidiary preferred stock

 

 

 

 

 

 

69,188

 

 

 

 

69,188

 

Shareholders' equity

 

 

5,969,085

 

 

667,502

 

 

13,028,293

 

 

(13,695,794

)

 

5,969,086

 

Noncontrolling interest

 

 

 

 

 

 

12,091

 

 

 

 

12,091

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total equity

 

 

5,969,085

 

 

667,502

 

 

13,040,384

 

 

(13,695,794

)

 

5,981,177

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total liabilities and equity

 

$

5,969,549

 

$

6,202,937

 

$

15,430,685

 

$

(15,443,360

)

$

12,159,811

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Condensed Consolidating Statements of Income (Loss)

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2014

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,804,197

 

$

 

$

6,804,197

 

Earnings from unconsolidated affiliates

 

 

 

 

 

 

(6,301

)

 

 

 

(6,301

)

Earnings (losses) from consolidated affiliates          

 

 

(653,124

)

 

(120,996

)

 

(250,365

)

 

1,024,485

 

 

 

Investment income (loss)

 

 

 

 

1,869

 

 

16,265

 

 

(6,303

)

 

11,831

 

Intercompany interest income

 

 

 

 

2,415

 

 

336

 

 

(2,751

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues and other income

 

 

(653,124

)

 

(116,712

)

 

6,564,132

 

 

1,015,431

 

 

6,809,727

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

 

 

 

4,505,064

 

 

 

 

4,505,064

 

General and administrative expenses

 

 

9,531

 

 

8,001

 

 

532,789

 

 

(587

)

 

549,734

 

Depreciation and amortization

 

 

 

 

3,608

 

 

1,141,492

 

 

 

 

1,145,100

 

Interest expense

 

 

 

 

198,246

 

 

(20,298

)

 

 

 

177,948

 

Losses (gains) on sales and disposals of long-lived assets and other expense (income), net

 

 

7,668

 

 

(223

)

 

1,041

 

 

587

 

 

9,073

 

Impairments and other charges

 

 

 

 

 

 

1,027,423

 

 

 

 

1,027,423

 

Intercompany interest expense

 

 

336

 

 

 

 

2,415

 

 

(2,751

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total costs and other deductions

 

 

17,535

 

 

209,632

 

 

7,189,926

 

 

(2,751

)

 

7,414,342

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations before income taxes

 

 

(670,659

)

 

(326,344

)

 

(625,794

)

 

1,018,182

 

 

(604,615

)

Income tax expense (benefit)

 

 

 

 

(75,979

)

 

138,645

 

 

 

 

62,666

 

Subsidiary preferred stock dividend

 

 

 

 

 

 

1,984

 

 

 

 

1,984

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations, net of tax

 

 

(670,659

)

 

(250,365

)

 

(766,423

)

 

1,018,182

 

 

(669,265

)

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

 

21

 

 

 

 

21

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

(670,659

)

 

(250,365

)

 

(766,402

)

 

1,018,182

 

 

(669,244

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

 

 

 

(1,415

)

 

 

 

(1,415

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Nabors

 

$

(670,659

)

$

(250,365

)

$

(767,817

)

$

1,018,182

 

$

(670,659

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2013

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,152,015

 

$

 

$

6,152,015

 

Earnings from unconsolidated affiliates

 

 

 

 

 

 

39

 

 

 

 

39

 

Earnings (losses) from consolidated affiliates          

 

 

158,445

 

 

191,821

 

 

(92,137

)

 

(258,129

)

 

 

Investment income (loss)

 

 

1

 

 

75

 

 

101,047

 

 

(4,546

)

 

96,577

 

Intercompany interest income

 

 

 

 

92

 

 

 

 

(92

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues and other income

 

 

158,446

 

 

191,988

 

 

6,160,964

 

 

(262,767

)

 

6,248,631

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

 

 

 

3,981,828

 

 

 

 

3,981,828

 

General and administrative expenses

 

 

11,111

 

 

796

 

 

514,000

 

 

(577

)

 

525,330

 

Depreciation and amortization

 

 

 

 

3,610

 

 

1,083,067

 

 

 

 

1,086,677

 

Interest expense

 

 

 

 

234,512

 

 

(11,094

)

 

 

 

223,418

 

Losses (gains) on sales and disposals of long-lived assets and other expense (income), net

 

 

7,353

 

 

211,976

 

 

(181,929

)

 

577

 

 

37,977

 

Impairments and other charges

 

 

 

 

 

 

287,241

 

 

 

 

287,241

 

Intercompany interest espense

 

 

 

 

 

 

92

 

 

(92

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total costs and other deductions

 

 

18,464

 

 

450,894

 

 

5,673,205

 

 

(92

)

 

6,142,471

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations before income taxes

 

 

139,982

 

 

(258,906

)

 

487,759

 

 

(262,675

)

 

106,160

 

Income tax expense (benefit)

 

 

 

 

(166,769

)

 

111,588

 

 

 

 

(55,181

)

Subsidiary preferred stock dividend

 

 

 

 

 

 

3,000

 

 

 

 

3,000

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations, net of tax

 

 

139,982

 

 

(92,137

)

 

373,171

 

 

(262,675

)

 

158,341

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

 

(11,179

)

 

 

 

(11,179

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

139,982

 

 

(92,137

)

 

361,992

 

 

(262,675

)

 

147,162

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

 

 

 

(7,180

)

 

 

 

(7,180

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Nabors

 

$

139,982

 

$

(92,137

)

$

354,812

 

$

(262,675

)

$

139,982

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2012

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,843,051

 

$

 

$

6,843,051

 

Earnings from unconsolidated affiliates

 

 

 

 

 

 

(288,718

)

 

 

 

(288,718

)

Earnings (losses) from consolidated affiliates          

 

 

173,199

 

 

(99,048

)

 

(206,413

)

 

132,262

 

 

 

Investment income (loss)

 

 

 

 

43

 

 

63,094

 

 

 

 

63,137

 

Intercompany interest income

 

 

 

 

69,145

 

 

 

 

(69,145

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total revenues and other income

 

 

173,199

 

 

(29,860

)

 

6,411,014

 

 

63,117

 

 

6,617,470

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

 

 

 

4,367,106

 

 

 

 

4,367,106

 

General and administrative expenses

 

 

7,141

 

 

458

 

 

521,962

 

 

(1,608

)

 

527,953

 

Depreciation and amortization

 

 

 

 

3,610

 

 

1,036,313

 

 

 

 

1,039,923

 

Interest expense

 

 

 

 

268,904

 

 

(17,000

)

 

 

 

251,904

 

Losses (gains) on sales and disposals of long-lived assets and other expense (income), net

 

 

1,231

 

 

(2,451

)

 

(137,024

)

 

1,608

 

 

(136,636

)

Impairments and other charges

 

 

 

 

 

 

290,260

 

 

 

 

290,260

 

Intercompany interest expense

 

 

 

 

 

 

69,145

 

 

(69,145

)

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Total costs and other deductions

 

 

8,372

 

 

270,521

 

 

6,130,762

 

 

(69,145

)

 

6,340,510

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income from continuing operations before income taxes

 

 

164,827

 

 

(300,381

)

 

280,252

 

 

132,262

 

 

276,960

 

Income tax expense (benefit)

 

 

 

 

(74,493

)

 

115,479

 

 

 

 

40,986

 

Subsidiary preferred stock dividend

 

 

 

 

 

 

3,000

 

 

 

 

3,000

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Income (loss) from continuing operations, net of tax

 

 

164,827

 

 

(225,888

)

 

161,773

 

 

132,262

 

 

232,974

 

Income (loss) from discontinued operations, net of tax

 

 

 

 

 

 

(67,526

)

 

 

 

(67,526

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss)

 

 

164,827

 

 

(225,888

)

 

94,247

 

 

132,262

 

 

165,448

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

 

 

 

(621

)

 

 

 

(621

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net income (loss) attributable to Nabors

 

$

164,827

 

$

(225,888

)

$

93,626

 

$

132,262

 

$

164,827

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss)

 

 

 

Year Ended December 31, 2014

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

(670,659

)

$

(250,365

)

$

(767,817

)

$

1,018,182

 

$

(670,659

)

Other comprehensive income (loss) before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors          

 

 

(79,059

)

 

1,583

 

 

(79,174

)

 

77,591

 

 

(79,059

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

 

(52,962

)

 

156

 

 

(52,804

)

 

52,650

 

 

(52,960

)

Less: reclassification adjustment for (gains)/losses on marketable securities

 

 

(4,635

)

 

(2,395

)

 

(7,030

)

 

9,425

 

 

(4,635

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Unrealized gains/(losses) on marketable securities

 

 

(57,597

)

 

(2,239

)

 

(59,834

)

 

62,075

 

 

(57,595

)

Pension plan

 

 

(5,050

)

 

(5,050

)

 

(10,100

)

 

15,150

 

 

(5,050

)

Unrealized gains/(losses) and amortization of (gains)/losses on cash flow hedges

 

 

612

 

 

612

 

 

612

 

 

(1,224

)

 

612

 

Other comprehensive income (loss) before tax

 

 

(141,094

)

 

(5,094

)

 

(148,496

)

 

153,592

 

 

(141,092

)

Income tax expense (benefit) related to items of other comprehensive income (loss)           

 

 

(2,474

)

 

(2,474

)

 

(5,187

)

 

7,661

 

 

(2,474

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other comprehensive income (loss), net of tax

 

 

(138,620

)

 

(2,620

)

 

(143,309

)

 

145,931

 

 

(138,618

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to Nabors

 

 

(809,279

)

 

(252,985

)

 

(911,126

)

 

1,164,113

 

 

(809,277

)

Net income (loss) attributable to noncontrolling interest

 

 

 

 

 

 

1,415

 

 

 

 

1,415

 

Translation adjustment to noncontrolling interest

 

 

 

 

 

 

(1,017

)

 

 

 

(1,017

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

 

 

 

398

 

 

 

 

398

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss)

 

$

(809,277

)

$

(252,985

)

$

(910,728

)

$

1,164,111

 

$

(808,879

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

                                                                                                                                                                                    

 

 

Year Ended December 31, 2013

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

139,982

 

$

(92,137

)

$

354,812

 

$

(262,675

)

$

139,982

 

Other comprehensive income (loss) before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors          

 

 

(65,447

)

 

87

 

 

(65,357

)

 

65,270

 

 

(65,447

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

 

23,007

 

 

98

 

 

23,105

 

 

(23,203

)

 

23,007

 

Less: reclassification adjustment for (gains)/losses on marketable securities

 

 

(88,158

)

 

(7,114

)

 

(95,272

)

 

102,386

 

 

(88,158

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Unrealized gains/(losses) on marketable securities

 

 

(65,151

)

 

(7,016

)

 

(72,167

)

 

79,183

 

 

(65,151

)

Pension plan

 

 

5,916

 

 

5,916

 

 

11,832

 

 

(17,748

)

 

5,916

 

Unrealized gains/(losses) on cash flow hedges          

 

 

613

 

 

613

 

 

613

 

 

(1,226

)

 

613

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other comprehensive income (loss) before tax

 

 

(124,069

)

 

(400

)

 

(125,079

)

 

125,479

 

 

(124,069

)

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

 

(66

)

 

(66

)

 

(370

)

 

436

 

 

(66

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other comprehensive income (loss), net of tax

 

 

(124,003

)

 

(334

)

 

(124,709

)

 

125,043

 

 

(124,003

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to Nabors

 

 

15,979

 

 

(92,471

)

 

230,103

 

 

(137,632

)

 

15,979

 

Net income (loss) attributable to noncontrolling interest

 

 

7,180

 

 

 

 

7,180

 

 

(7,180

)

 

7,180

 

Translation adjustment to noncontrolling interest

 

 

(932

)

 

 

 

(932

)

 

932

 

 

(932

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to noncontrolling interest

 

 

6,248

 

 

 

 

6,248

 

 

(6,248

)

 

6,248

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss)

 

$

22,227

 

$

(92,471

)

$

236,351

 

$

(143,880

)

$

22,227

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2012

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

164,827

 

$

(225,888

)

$

93,626

 

$

132,262

 

$

164,827

 

Other comprehensive income (loss) before tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

 

21,073

 

 

(88

)

 

20,987

 

 

(20,899

)

 

21,073

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

 

98,138

 

 

133

 

 

98,271

 

 

(98,404

)

 

98,138

 

Less: reclassification adjustment for (gains)/losses on marketable securities

 

 

(13,405

)

 

(11,488

)

 

(24,893

)

 

36,381

 

 

(13,405

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Unrealized gains/(losses) on marketable securities

 

 

84,733

 

 

(11,355

)

 

73,378

 

 

(62,023

)

 

84,733

 

Pension plan

 

 

(324

)

 

(324

)

 

(648

)

 

972

 

 

(324

)

Unrealized gains/(losses) on cash flow hedges

 

 

702

 

 

702

 

 

702

 

 

(1,404

)

 

702

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other comprehensive income (loss) before tax

 

 

106,184

 

 

(11,065

)

 

94,419

 

 

(83,354

)

 

106,184

 

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

 

(4,147

)

 

(4,147

)

 

(8,533

)

 

12,680

 

 

(4,147

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Other comprehensive income (loss), net of tax

 

 

110,331

 

 

(6,918

)

 

102,952

 

 

(96,034

)

 

110,331

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to Nabors

 

 

275,158

 

 

(232,806

)

 

196,578

 

 

36,228

 

 

275,158

 

Net income (loss) attributable to noncontrolling interest

 

 

621

 

 

 

 

621

 

 

(621

)

 

621

 

Translation adjustment to noncontrolling interest          

 

 

311

 

 

 

 

311

 

 

(311

)

 

311

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss) attributable to noncontrolling interest

 

 

932

 

 

 

 

932

 

 

(932

)

 

932

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Comprehensive income (loss)

 

$

276,090

 

$

(232,806

)

$

197,510

 

$

35,296

 

$

276,090

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Condensed Consolidating Statements of Cash Flows

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2014

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

26,943

 

$

(71,982

)

$

1,816,831

 

$

10,119

 

$

1,781,911

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

 

 

 

(319

)

 

 

 

(319

)

Sales and maturities of investments

 

 

 

 

 

 

23,992

 

 

 

 

23,992

 

Proceeds from sales of assets and insurance claims

 

 

 

 

 

 

156,761

 

 

 

 

156,761

 

Cash paid for acquisitions of businesses, net          

 

 

 

 

 

 

(72,534

)

 

 

 

(72,534

)

Proceeds from sale of unconsolidated affiliates

 

 

 

 

 

 

750

 

 

 

 

750

 

Other Changes in Investing

 

 

 

 

 

 

(1,879

)

 

 

 

(1,879

)

Investments in unconsolidated affiliates

 

 

 

 

 

 

(2,365

)

 

 

 

(2,365

)

Change in intercompany balances

 

 

 

 

(418,315

)

 

418,315

 

 

 

 

 

Capital expenditures

 

 

 

 

 

 

(1,821,315

)

 

 

 

(1,821,315

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used for) investing activities

 

 

 

 

(418,315

)

 

(1,298,594

)

 

 

 

(1,716,909

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

 

 

 

(6,151

)

 

 

 

(6,151

)

Proceeds from revolving credit facilities

 

 

 

 

450,000

 

 

15,000

 

 

 

 

465,000

 

Reduction in revolving credit facilities

 

 

 

 

(170,000

)

 

(60,932

)

 

 

 

(230,932

)

Proceeds (reductions) in commercial paper

 

 

 

 

203,275

 

 

 

 

 

 

203,275

 

Redemption of subsidiary Preferred Shares

 

 

 

 

 

 

(70,875

)

 

 

 

(70,875

)

Proceeds from (payments for) issuance of parent common shares to affiliates

 

 

16,424

 

 

 

 

 

 

(16,424

)

 

 

Treasury stock transactions, net

 

 

 

 

 

 

(250,037

)

 

 

 

(250,037

)

Proceeds from issuance of Parent common shares

 

 

30,263

 

 

 

 

 

 

 

 

30,263

 

Proceeds from Intercompany Debt

 

 

55,000

 

 

 

 

(55,000

)

 

 

 

 

Paydown of Intercompany Debt

 

 

(55,000

)

 

 

 

55,000

 

 

 

 

 

Cash dividends paid

 

 

(65,450

)

 

 

 

 

 

6,305

 

 

(59,145

)

Other Changes

 

 

(7,740

)

 

 

 

(3,810

)

 

 

 

(11,550

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash (used for) provided by financing activities

 

 

(26,503

)

 

483,275

 

 

(376,805

)

 

(10,119

)

 

69,848

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

(23,616

)

 

 

 

(23,616

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net increase (decrease) in cash and cash equivalents

 

 

440

 

 

(7,022

)

 

117,816

 

 

 

 

111,234

 

Cash and cash equivalents, beginning of period

 

 

730

 

 

7,029

 

 

382,156

 

 

 

 

389,915

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents, end of period

 

$

1,170

 

$

7

 

$

499,972

 

$

 

$

501,149

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2013

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

16,746

 

$

(157,952

)

$

1,531,902

 

$

27,527

 

$

1,418,223

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

 

 

 

 

 

 

 

 

Sales and maturities of investments

 

 

 

 

 

 

164,510

 

 

 

 

164,510

 

Proceeds from sale of unconsolidated affiliates

 

 

 

 

 

 

12,640

 

 

 

 

12,640

 

Cash paid for acquisition of businesses, net          

 

 

 

 

 

 

(116,971

)

 

 

 

(116,971

)

Investment in unconsolidated affiliates

 

 

 

 

 

 

(5,967

)

 

 

 

(5,967

)

Capital expenditures

 

 

 

 

 

 

(1,178,205

)

 

 

 

(1,178,205

)

Proceeds from sales of assets and insurance claims

 

 

 

 

 

 

308,538

 

 

 

 

308,538

 

Cash paid for investments in consolidated affiliates

 

 

(100

)

 

(772,000

)

 

(1,544,000

)

 

2,316,100

 

 

 

Other

 

 

 

 

 

 

(13

)

 

 

 

(13

)

Changes in intercompany balances

 

 

 

 

748,537

 

 

(748,537

)

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used for) investing activities

 

 

(100

)

 

(23,463

)

 

(3,108,005

)

 

2,316,100

 

 

(815,468

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

 

 

 

(4,421

)

 

 

 

(4,421

)

Proceeds from issuance of long-term debt

 

 

 

 

698,434

 

 

319

 

 

 

 

698,753

 

Debt issuance costs

 

 

 

 

(4,500

)

 

 

 

 

 

(4,500

)

Proceeds from (payments for) issuance of common shares

 

 

37,455

 

 

 

 

 

 

(32,072

)

 

5,383

 

Reduction in long-term debt

 

 

 

 

(994,112

)

 

(69

)

 

 

 

(994,181

)

Dividends to shareholders

 

 

(51,713

)

 

 

 

 

 

4,545

 

 

(47,168

)

Proceeds (reductions) in commercial paper, net

 

 

 

 

329,844

 

 

 

 

 

 

329,844

 

Reduction in revolving credit facilities

 

 

 

 

(720,000

)

 

 

 

 

 

(720,000

)

Proceeds from parent contributions

 

 

 

 

772,000

 

 

1,544,100

 

 

(2,316,100

)

 

 

Other

 

 

(3,296

)

 

 

 

10,000

 

 

 

 

6,704

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash (used for) provided by financing activities

 

 

(17,554

)

 

81,666

 

 

1,549,929

 

 

(2,343,627

)

 

(729,586

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

(8,176

)

 

 

 

(8,176

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net increase (decrease) in cash and cash equivalents

 

 

(908

)

 

(99,749

)

 

(34,350

)

 

 

 

(135,007

)

Cash and cash equivalents, beginning of period

 

 

1,639

 

 

106,778

 

 

416,505

 

 

 

 

524,922

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents, end of period

 

$

731

 

$

7,029

 

$

382,155

 

$

 

$

389,915

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

 

                                                                                                                                                                                   

 

 

Year Ended December 31, 2012

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

7,253

 

$

39,708

 

$

1,546,250

 

$

(30,506

)

$

1,562,705

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

 

 

 

(949

)

 

 

 

(949

)

Sales and maturities of investments

 

 

 

 

 

 

31,944

 

 

 

 

31,944

 

Proceeds from sale of unconsolidated affiliates           

 

 

 

 

 

 

159,529

 

 

 

 

159,529

 

Cash paid for acquisition of businesses, net

 

 

(35

)

 

 

 

 

 

35

 

 

 

Investment in unconsolidated affiliates

 

 

 

 

 

 

(1,325

)

 

 

 

(1,325

)

Capital expenditures

 

 

 

 

 

 

(1,518,628

)

 

 

 

(1,518,628

)

Proceeds from sales of assets and insurance claims

 

 

 

 

 

 

149,801

 

 

 

 

149,801

 

Changes in intercompany balances

 

 

 

 

274,482

 

 

(274,482

)

 

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash provided by (used for) investing activities

 

 

(35

)

 

274,482

 

 

(1,454,110

)

 

35

 

 

(1,179,628

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

 

 

 

1,612

 

 

 

 

1,612

 

Debt issuance costs

 

 

 

 

(3,433

)

 

 

 

 

 

(3,433

)

Proceeds from revolving credit facilities

 

 

 

 

710,000

 

 

 

 

 

 

710,000

 

Proceeds from (payments for) issuance of common shares

 

 

(3,622

)

 

 

 

(3

)

 

 

 

(3,625

)

Reduction in long-term debt

 

 

 

 

(224,997

)

 

(51,261

)

 

 

 

(276,258

)

Reduction in revolving credit facilities

 

 

 

 

(680,000

)

 

 

 

 

 

(680,000

)

Other

 

 

(2,160

)

 

 

 

(263

)

 

 

 

(2,423

)

Proceeds from parent contributions

 

 

 

 

 

 

35

 

 

(35

)

 

 

Cash dividends paid

 

 

 

 

(9,003

)

 

(21,503

)

 

30,506

 

 

—  

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net cash (used for) provided by financing activities

 

 

(5,782

)

 

(207,433

)

 

(71,383

)

 

30,471

 

 

(254,127

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

 

 

 

(2,603

)

 

 

 

(2,603

)

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Net increase (decrease) in cash and cash equivalents

 

 

1,436

 

 

106,757

 

 

18,154

 

 

 

 

126,347

 

Cash and cash equivalents, beginning of period

 

 

203

 

 

21

 

 

398,351

 

 

 

 

398,575

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

Cash and cash equivalents, end of period

 

$

1,639

 

$

106,778

 

$

416,505

 

$

 

$

524,922

 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​