Assets Held for Sale and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2012

Assets Held for Sale and Discontinued Operations

	December 31,
Assets Held for Sale	2012		2011
	(In thousands)
Oil and Gas	$	377,625	$	385,414
Other Rig Services	6,232		16,086
	$	383,857	$	401,500

Condensed Statements of Income

	Year Ended December 31,
	2012			2011			2010
	(In thousands)
Operating revenues and Earnings (losses) from unconsolidated affiliates
Oil and Gas	$	27,363		$	125,654	(1)	$	37,615
Other Rig Services	$	25,813		$	29,713		$	29,739

Income (loss) from Oil and Gas discontinued operations:
Income (loss) from discontinued operations	$	(3,954	)	$	18,660		$	(26,139	)
Impairment charges or other gains and losses on sale of wholly owned assets	(106,100		)(2)	(255,046		)(3)	(192,179		)(4)
Less: income tax expense (benefit)	(44,021		)	(98,181		)	(62,028		)
Income (loss) from Oil and Gas discontinued operations, net of tax	$	(66,033	)	$	(91,394	)	$	(156,290	)

Income (loss) from Other Rig Services discontinued operations:
Income (loss) from discontinued operations	$	(2,080	)	$	(210	)	$	1,059
Impairment and gains and losses on long-lived assets	(9,082		)(5)	(7,853		)(5)	(7,460		)
Less: income tax expense (benefit)	(2,795		)	(2,017		)	(1,601		)
Income (loss) from Other Rig Services discontinued operations, net of tax	$	(8,367	)	$	(6,046	)	$	(4,800	)

Oil and Gas

(1) Includes approximately $83 million of equity in earnings during 2011 for our proportionate share of Remora’s net income, inclusive of the gains recognized for asset sales during 2011.

(2) Includes adjustments during 2012 to increase our pipeline contractual commitments by $128.1 million and other gains and losses related to the sale of our wholly owned oil and gas-centered assets.

(3) Includes impairments during 2011 of $255.0 million to write down the carrying value of our wholly owned oil and gas-centered assets, including $27.2 million related to an oil and gas financing receivable that was deemed uncollectible.

(4) Includes impairments during 2010 of $192.2 million related to our wholly owned oil and gas assets. Of this total, $137.8 million represented writedowns to the carrying value of some acreage in the United States, which we did not have future plans to develop due to sustained low natural gas prices, and certain exploratory wells in Colombia, which we determined were uneconomical to develop in the foreseeable future. The remaining $54.3 million related to impairment of an oil and gas financing receivable and was determined using discounted cash flow models, a Level 3 measurement, and involved assumptions based on estimated cash flows for proved and probable reserves, undeveloped acreage value, and current and expected natural gas prices.

Other Rig Services

(5) Includes $7.8 million and $7.9 million, respectively, of impairment (a Level 3 measurement) in 2012 and 2011 to our aircraft and logistics assets as a result of the continued downturn in the oil and gas industry in Canada.

- Definition

Tabular disclosure of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss).

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- Definition

Tabular disclosure of disposal groups, which may include the gain (loss) recognized in the income statement and the income statement caption that includes that gain (loss), amounts of revenues and pretax profit or loss reported in discontinued operations, the classification and carrying value of the assets and liabilities comprising the disposal group, and the segment in which the disposal group was reported. Also may include the amount of adjustments to amounts previously reported in discontinued operations such as resolution of contingencies arising from the disposal transaction or the operations of the component prior to disposal.

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