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Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2013
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

 

 

 

September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,794

 

$

7,018

 

$

387,111

 

$

 

$

395,923

 

Short-term investments

 

 

 

96,015

 

 

96,015

 

Assets held for sale

 

 

 

396,201

 

 

396,201

 

Accounts receivable, net

 

 

 

1,362,434

 

 

1,362,434

 

Inventory

 

 

 

229,494

 

 

229,494

 

Deferred income taxes

 

 

 

239,171

 

 

239,171

 

Other current assets

 

50

 

22,338

 

214,829

 

 

237,217

 

Total current assets

 

1,844

 

29,356

 

2,925,255

 

 

2,956,455

 

Long-term investments

 

 

 

3,371

 

 

3,371

 

Property, plant and equipment, net

 

 

34,686

 

8,429,118

 

 

8,463,804

 

Goodwill

 

 

 

479,557

 

 

479,557

 

Intercompany receivables

 

166,731

 

3,893

 

1,414,822

 

(1,585,446

)

 

Investment in unconsolidated affiliates

 

5,657,795

 

6,047,144

 

1,840,765

 

(13,476,797

)

68,907

 

Other long-term assets

 

 

35,508

 

194,514

 

 

230,022

 

Total assets

 

$

5,826,370

 

$

6,150,587

 

$

15,287,402

 

$

(15,062,243

)

$

12,202,116

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

 

$

 

$

11,441

 

$

 

$

11,441

 

Trade accounts payable

 

87

 

27

 

521,019

 

 

521,133

 

Accrued liabilities

 

115

 

21,291

 

558,070

 

 

579,476

 

Income taxes payable

 

 

 

13,372

 

 

13,372

 

Total current liabilities

 

202

 

21,318

 

1,103,902

 

 

1,125,422

 

Long-term debt

 

 

4,035,974

 

53

 

 

4,036,027

 

Other long-term liabilities

 

 

31,049

 

410,323

 

 

441,372

 

Deferred income taxes

 

 

(172,709

)

865,223

 

 

692,514

 

Intercompany payable

 

 

1,585,446

 

 

(1,585,446

)

 

Total liabilities

 

202

 

5,501,078

 

2,379,501

 

(1,585,446

)

6,295,335

 

Subsidiary preferred stock

 

 

 

69,188

 

 

69,188

 

Shareholders’ equity

 

5,826,168

 

649,509

 

12,827,288

 

(13,476,797

)

5,826,168

 

Noncontrolling interest

 

 

 

11,425

 

 

11,425

 

Total equity

 

5,826,168

 

649,509

 

12,838,713

 

(13,476,797

)

5,837,593

 

Total liabilities and equity

 

$

5,826,370

 

$

6,150,587

 

$

15,287,402

 

$

(15,062,243

)

$

12,202,116

 

 

 

 

December 31, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

ASSETS

 

 

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,639

 

$

106,778

 

$

416,505

 

$

 

$

524,922

 

Short-term investments

 

 

 

253,282

 

 

253,282

 

Assets held for sale

 

 

 

383,857

 

 

383,857

 

Accounts receivable, net

 

 

 

1,382,623

 

 

1,382,623

 

Inventory

 

 

 

251,133

 

 

251,133

 

Deferred income taxes

 

 

 

110,480

 

 

110,480

 

Other current assets

 

50

 

 

226,510

 

 

226,560

 

Total current assets

 

1,689

 

106,778

 

3,024,390

 

 

3,132,857

 

Long-term investments

 

 

 

4,269

 

 

4,269

 

Property, plant and equipment, net

 

 

37,300

 

8,674,788

 

 

8,712,088

 

Goodwill

 

 

 

472,326

 

 

472,326

 

Intercompany receivables

 

174,948

 

1,690,636

 

670,404

 

(2,535,988

)

 

Investment in unconsolidated affiliates

 

5,769,518

 

5,129,458

 

395,246

 

(11,232,532

)

61,690

 

Other long-term assets

 

 

31,904

 

240,888

 

 

272,792

 

Total assets

 

$

5,946,155

 

$

6,996,076

 

$

13,482,311

 

$

(13,768,520

)

$

12,656,022

 

LIABILITIES AND EQUITY

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Short-term debt

 

$

 

$

 

$

364

 

$

 

$

364

 

Trade accounts payable

 

116

 

23

 

498,871

 

 

499,010

 

Accrued liabilities

 

1,110

 

91,520

 

506,750

 

 

599,380

 

Income taxes payable

 

 

 

33,628

 

 

33,628

 

Total current liabilities

 

1,226

 

91,543

 

1,039,613

 

 

1,132,382

 

Long-term debt

 

 

4,379,263

 

73

 

 

4,379,336

 

Other long-term liabilities

 

 

30,983

 

487,681

 

 

518,664

 

Deferred income taxes

 

 

(24,906

)

624,241

 

 

599,335

 

Intercompany payable

 

 

2,535,988

 

 

(2,535,988

)

 

Total liabilities

 

1,226

 

7,012,871

 

2,151,608

 

(2,535,988

)

6,629,717

 

Subsidiary preferred stock

 

 

 

69,188

 

 

69,188

 

Shareholders’ equity

 

5,944,929

 

(16,795

)

11,249,327

 

(11,232,532

)

5,944,929

 

Noncontrolling interest

 

 

 

12,188

 

 

12,188

 

Total equity

 

5,944,929

 

(16,795

)

11,261,515

 

(11,232,532

)

5,957,117

 

Total liabilities and equity

 

$

5,946,155

 

$

6,996,076

 

$

13,482,311

 

$

(13,768,520

)

$

12,656,022

 

Condensed Consolidating Statements of Income (Loss)

 

 

 

Three Months Ended September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

1,550,819

 

$

 

$

1,550,819

 

Earnings from unconsolidated affiliates

 

 

 

(2,628

)

 

(2,628

)

Earnings (losses) from consolidated affiliates

 

(102,137

)

88,554

 

(82,783

)

96,366

 

 

Investment income (loss)

 

 

 

3

 

2,363

 

(1,137

)

1,229

 

Intercompany interest income

 

 

31

 

 

(31

)

 

Total revenues and other income

 

(102,137

)

88,588

 

1,467,771

 

95,198

 

1,549,420

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

980,911

 

 

980,911

 

General and administrative expenses

 

3,089

 

(311

)

125,319

 

(154

)

127,943

 

Depreciation and amortization

 

 

902

 

272,542

 

 

273,444

 

Interest expense

 

 

59,417

 

(3,358

)

 

56,059

 

Intercompany interest expense

 

 

 

31

 

(31

)

 

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

 

155

 

211,989

 

(209,032

)

154

 

3,266

 

Impairments and other charges

 

 

 

242,241

 

 

242,241

 

Total costs and other deductions

 

3,244

 

271,997

 

1,408,654

 

(31

)

1,683,864

 

Income from continuing operations before income taxes

 

(105,381

)

(183,409

)

59,117

 

95,229

 

(134,444

)

Income tax expense (benefit)

 

 

(100,626

)

55,942

 

 

(44,684

)

Subsidiary preferred stock dividend

 

 

 

750

 

 

750

 

Income (loss) from continuting operations, net of tax

 

(105,381

)

(82,783

)

2,425

 

95,229

 

(90,510

)

Income (loss) from discontinued operations, net of tax

 

 

 

(14,430

)

 

(14,430

)

Net income (loss)

 

(105,381

)

(82,783

)

(12,005

)

95,229

 

(104,940

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(441

)

 

(441

)

Net income (loss) attributable to Nabors

 

$

(105,381

)

$

(82,783

)

$

(12,446

)

$

95,229

 

$

(105,381

)

 

 

 

Three Months Ended September 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

1,729,907

 

$

 

$

1,729,907

 

Earnings from unconsolidated affiliates

 

 

 

(99,527

)

 

(99,527

)

Earnings (losses) from consolidated affiliates

 

77,976

 

(152,036

)

(178,917

)

252,977

 

 

Investment income (loss)

 

 

2

 

7,222

 

 

7,224

 

Intercompany interest income

 

 

17,423

 

 

(17,423

)

 

Total revenues and other income

 

77,976

 

(134,611

)

1,458,685

 

235,554

 

1,637,604

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

1,107,032

 

 

1,107,032

 

General and administrative expenses

 

1,900

 

159

 

129,042

 

(420

)

130,681

 

Depreciation and amortization

 

 

902

 

264,735

 

 

265,637

 

Interest expense

 

 

67,391

 

(3,615

)

 

63,776

 

Intercompany interest expense

 

 

 

17,423

 

(17,423

)

 

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

 

420

 

(250

)

9,626

 

420

 

10,216

 

Impairments and other charges

 

 

 

 

 

 

 

Total costs and other deductions

 

2,320

 

68,202

 

1,524,243

 

(17,423

)

1,577,342

 

Income from continuing operations before income taxes

 

75,656

 

(202,813

)

(65,558

)

252,977

 

60,262

 

Income tax expense (benefit)

 

 

(18,787

)

13,810

 

 

(4,977

)

Subsidiary preferred stock dividend

 

 

 

750

 

 

750

 

Income (loss) from continuting operations, net of tax

 

75,656

 

(184,026

)

(80,118

)

252,977

 

64,489

 

Income (loss) from discontinued operations, net of tax

 

 

 

12,155

 

 

12,155

 

Net income (loss)

 

75,656

 

(184,026

)

(67,963

)

252,977

 

76,644

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(988

)

 

(988

)

Net income (loss) attributable to Nabors

 

$

75,656

 

$

(184,026

)

$

(68,951

)

$

252,977

 

$

75,656

 

 

 

 

Nine Months Ended September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

4,544,263

 

$

 

$

4,544,263

 

Earnings from unconsolidated affiliates

 

 

 

1,627

 

 

1,627

 

Earnings (losses) from consolidated affiliates

 

4,731

 

144,574

 

(107,091

)

(42,214

)

 

Investment income (loss)

 

1

 

55

 

98,825

 

(3,410

)

95,471

 

Intercompany interest income

 

 

92

 

 

(92

)

 

Total revenues and other income

 

4,732

 

144,721

 

4,537,624

 

(45,716

)

4,641,361

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

2,948,213

 

 

2,948,213

 

General and administrative expenses

 

8,144

 

116

 

382,197

 

(434

)

390,023

 

Depreciation and amortization

 

 

2,707

 

806,312

 

 

809,019

 

Interest expense

 

 

184,871

 

(8,528

)

 

176,343

 

Intercompany interest expense

 

 

 

92

 

(92

)

 

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

 

7,209

 

211,921

 

(192,319

)

434

 

27,245

 

Impairments and other charges

 

 

 

287,241

 

 

287,241

 

Total costs and other deductions

 

15,353

 

399,615

 

4,223,208

 

(92

)

4,638,084

 

Income from continuing operations before income taxes

 

(10,621

)

(254,894

)

314,416

 

(45,624

)

3,277

 

Income tax expense (benefit)

 

 

(147,803

)

119,005

 

 

(28,798

)

Subsidiary preferred stock dividend

 

 

 

2,250

 

 

2,250

 

Income (loss) from continuting operations, net of tax

 

(10,621

)

(107,091

)

193,161

 

(45,624

)

29,825

 

Income (loss) from discontinued operations, net of tax

 

 

 

(34,292

)

 

(34,292

)

Net income (loss)

 

(10,621

)

(107,091

)

158,869

 

(45,624

)

(4,467

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(6,154

)

 

(6,154

)

Net income (loss) attributable to Nabors

 

$

(10,621

)

$

(107,091

)

$

152,715

 

$

(45,624

)

$

(10,621

)

 

 

 

Nine Months Ended September 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

5,272,499

 

$

 

$

5,272,499

 

Earnings from unconsolidated affiliates

 

 

 

(302,513

)

 

(302,513

)

Earnings (losses) from consolidated affiliates

 

143,448

 

(132,659

)

(212,494

)

201,705

 

 

Investment income (loss)

 

 

18

 

32,826

 

 

32,844

 

Intercompany interest income

 

 

51,433

 

 

(51,433

)

 

Total revenues and other income

 

143,448

 

(81,208

)

4,790,318

 

150,272

 

5,002,830

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

3,353,520

 

 

3,353,520

 

General and administrative expenses

 

5,449

 

349

 

393,778

 

(1,042

)

398,534

 

Depreciation and amortization

 

 

2,707

 

763,734

 

 

766,441

 

Interest expense

 

 

203,826

 

(13,758

)

 

190,068

 

Intercompany interest expense

 

 

 

51,433

 

(51,433

)

 

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

 

1,042

 

(1,229

)

20,922

 

1,042

 

21,777

 

Impairments and other charges

 

 

 

147,503

 

 

 

147,503

 

Total costs and other deductions

 

6,491

 

205,653

 

4,717,132

 

(51,433

)

4,877,843

 

Income from continuing operations before income taxes

 

136,957

 

(286,861

)

73,186

 

201,705

 

124,987

 

Income tax expense (benefit)

 

 

(57,055

)

79,176

 

 

22,121

 

Subsidiary preferred stock dividend

 

 

 

2,250

 

 

2,250

 

Income (loss) from continuting operations, net of tax

 

136,957

 

(229,806

)

(8,240

)

201,705

 

100,616

 

Income (loss) from discontinued operations, net of tax

 

 

 

35,888

 

 

35,888

 

Net income (loss)

 

136,957

 

(229,806

)

27,648

 

201,705

 

136,504

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

453

 

 

453

 

Net income (loss) attributable to Nabors

 

$

136,957

 

$

(229,806

)

$

28,101

 

$

201,705

 

$

136,957

 

Condensed Consolidating Statements Of Other Comprehensive Income

 

 

 

Three Months Ended September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

(105,381

)

$

(82,783

)

$

(12,446

)

$

95,229

 

$

(105,381

)

Other comprehensive income (loss) before taxes:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

15,716

 

331

 

16,046

 

(16,377

)

15,716

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

(3,416

)

(135

)

(3,551

)

3,686

 

(3,416

)

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

 

(2

)

 

(2

)

2

 

(2

)

Unrealized gains/(losses) on marketable securities

 

(3,418

)

(135

)

(3,553

)

3,688

 

(3,418

)

Pension liability amortization and adjustment

 

280

 

280

 

560

 

(840

)

280

 

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

 

153

 

153

 

153

 

(306

)

153

 

Other comprehensive income (loss) before taxes

 

12,731

 

629

 

13,206

 

(13,835

)

12,731

 

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

 

116

 

116

 

173

 

(289

)

116

 

Other comprehensive income (loss), net of tax

 

12,615

 

513

 

13,033

 

(13,546

)

12,615

 

Comprehensive income (loss) attributable to Nabors

 

(92,766

)

(82,270

)

587

 

81,683

 

(92,766

)

Net income (loss) attributable to noncontrolling interest

 

441

 

 

441

 

(441

)

441

 

Translation adjustment to noncontrolling interest

 

229

 

 

229

 

(229

)

229

 

Comprehensive income (loss) attributable to noncontrolling interest

 

670

 

 

670

 

(670

)

670

 

Comprehensive income (loss)

 

$

(92,096

)

$

(82,270

)

$

1,257

 

$

81,013

 

$

(92,096

)

 

 

 

Three Months Ended September 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

75,656

 

$

(184,026

)

$

(68,951

)

$

252,977

 

$

75,656

 

Other comprehensive income (loss) before taxes:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

31,550

 

(99

)

31,451

 

(31,352

)

31,550

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

13,667

 

6

 

13,673

 

(13,679

)

13,667

 

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

 

(1,523

)

(1,200

)

(2,723

)

3,923

 

(1,523

)

Unrealized gains/(losses) on marketable securities

 

12,144

 

(1,194

)

10,950

 

(9,756

)

12,144

 

Pension liability amortization and adjustment

 

260

 

260

 

520

 

(780

)

260

 

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

 

166

 

166

 

166

 

(332

)

166

 

Other comprehensive income (loss) before taxes

 

44,120

 

(867

)

43,087

 

(42,220

)

44,120

 

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

 

(272

)

(272

)

(604

)

876

 

(272

)

Other comprehensive income (loss), net of tax

 

44,392

 

(595

)

43,691

 

(43,096

)

44,392

 

Comprehensive income (loss) attributable to Nabors

 

120,048

 

(184,621

)

(25,260

)

209,881

 

120,048

 

Net income (loss) attributable to noncontrolling interest

 

988

 

 

988

 

(988

)

988

 

Translation adjustment to noncontrolling interest

 

390

 

 

390

 

(390

)

390

 

Comprehensive income (loss) attributable to noncontrolling interest

 

1,378

 

 

1,378

 

(1,378

)

1,378

 

Comprehensive income (loss)

 

$

121,426

 

$

(184,621

)

$

(23,882

)

$

208,503

 

$

121,426

 

 

 

 

Nine Months Ended September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

(10,621

)

$

(107,091

)

$

152,715

 

$

(45,624

)

$

(10,621

)

Other comprehensive income (loss) before taxes:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

(36,853

)

185

 

(36,669

)

36,484

 

(36,853

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

1,586

 

98

 

1,684

 

(1,782

)

1,586

 

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

 

(88,159

)

(7,114

)

(95,273

)

102,387

 

(88,159

)

Unrealized gains/(losses) on marketable securities

 

(86,573

)

(7,016

)

(93,589

)

100,605

 

(86,573

)

Pension liability amortization and adjustment

 

842

 

842

 

1,684

 

(2,526

)

842

 

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

 

459

 

459

 

459

 

(918

)

459

 

Other comprehensive income (loss) before taxes

 

(122,125

)

(5,530

)

(128,115

)

133,645

 

(122,125

)

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

 

(2,161

)

(2,161

)

(4,499

)

6,660

 

(2,161

)

Other comprehensive income (loss), net of tax

 

(119,964

)

(3,369

)

(123,616

)

126,985

 

(119,964

)

Comprehensive income (loss) attributable to Nabors

 

(130,585

)

(110,460

)

29,099

 

81,361

 

(130,585

)

Net income (loss) attributable to noncontrolling interest

 

6,154

 

 

6,154

 

(6,154

)

6,154

 

Translation adjustment to noncontrolling interest

 

(572

)

 

(572

)

572

 

(572

)

Comprehensive income (loss) attributable to noncontrolling interest

 

5,582

 

 

5,582

 

(5,582

)

5,582

 

Comprehensive income (loss)

 

$

(125,003

)

$

(110,460

)

$

34,681

 

$

75,779

 

$

(125,003

)

 

 

 

Nine Months Ended September 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

136,957

 

$

(229,806

)

$

28,101

 

$

201,705

 

$

136,957

 

Other comprehensive income (loss) before taxes:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

29,157

 

(100

)

29,057

 

(28,957

)

29,157

 

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

20,882

 

17

 

20,899

 

(20,916

)

20,882

 

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

 

(14,007

)

(11,488

)

(25,495

)

36,983

 

(14,007

)

Unrealized gains/(losses) on marketable securities

 

6,875

 

(11,471

)

(4,596

)

16,067

 

6,875

 

Pension liability amortization and adjustment

 

780

 

779

 

1,560

 

(2,339

)

780

 

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

 

548

 

548

 

548

 

(1,096

)

548

 

Other comprehensive income (loss) before taxes

 

37,360

 

(10,244

)

26,569

 

(16,325

)

37,360

 

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

 

(3,856

)

(3,856

)

(7,892

)

11,748

 

(3,856

)

Other comprehensive income (loss), net of tax

 

41,216

 

(6,388

)

34,461

 

(28,073

)

41,216

 

Comprehensive income (loss) attributable to Nabors

 

178,173

 

(236,194

)

62,562

 

173,632

 

178,173

 

Net income (loss) attributable to noncontrolling interest

 

(453

)

 

(453

)

453

 

(453

)

Translation adjustment to noncontrolling interest

 

417

 

 

417

 

(417

)

417

 

Comprehensive income (loss) attributable to noncontrolling interest

 

(36

)

 

(36

)

36

 

(36

)

Comprehensive income (loss)

 

$

178,137

 

$

(236,194

)

$

62,526

 

$

173,668

 

$

178,137

 

Condensed Consolidating Statements of Cash Flows

 

 

 

Nine Months Ended September 30, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

5,671

 

$

(158,238

)

$

1,098,620

 

$

28,662

 

$

974,715

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Sales and maturities of investments

 

 

 

163,944

 

 

163,944

 

Cash paid for acquisition of businesses, net

 

 

 

(37,516

)

 

 

(37,516

)

Capital expenditures

 

 

 

 

 

(780,711

)

 

 

(780,711

)

Proceeds from sale of unconsolidated affiliates

 

 

 

10,000

 

 

10,000

 

Investment in unconsolidated affiliates

 

 

 

(5,967

)

 

(5,967

)

Proceeds from sales of assets and insurance claims

 

 

 

139,254

 

 

139,254

 

Other

 

 

 

(7

)

 

(7

)

Cash paid for investments in consolidated affiliates

 

(100

)

(772,000

)

(1,544,000

)

2,316,100

 

 

Changes in intercompany balances

 

 

615,328

 

(615,328

)

 

 

Net cash provided by (used for) investing activities

 

(100

)

(156,672

)

(2,670,331

)

2,316,100

 

(511,003

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

(7,497

)

 

(7,497

)

Dividends to shareholders

 

(38,767

)

 

 

3,410

 

(35,357

)

Debt issuance costs

 

 

(3,505

)

 

 

(3,505

)

Proceeds from debt

 

 

698,517

 

11,569

 

 

710,086

 

Proceeds from (payments for) commercial paper, net

 

 

332,250

 

 

 

332,250

 

Proceeds from (payments for) issuance of common shares

 

4,375

 

 

 

 

4,375

 

Reduction in long-term debt

 

 

(994,112

)

(69

)

 

(994,181

)

Reduction in revolving credit facility

 

 

 

(590,000

)

 

 

(590,000

)

Purchase of restricted stock

 

(3,096

)

 

 

 

(3,096

)

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

 

32,072

 

 

 

(32,072

)

 

Proceeds from parent contributions

 

 

772,000

 

1,544,100

 

(2,316,100

)

 

Net cash (used for) provided by financing activities

 

(5,416

)

215,150

 

1,548,103

 

(2,344,762

)

(586,925

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(5,786

)

 

(5,786

)

Net increase (decrease) in cash and cash equivalents

 

155

 

(99,760

)

(29,394

)

 

(128,999

)

Cash and cash equivalents, beginning of period

 

1,639

 

106,778

 

416,505

 

 

524,922

 

Cash and cash equivalents, end of period

 

$

1,794

 

$

7,018

 

$

387,111

 

$

 

$

395,923

 

 

 

 

Nine Months Ended September 30, 2012

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

6,572

 

$

(37,698

)

$

1,155,677

 

$

(30,506

)

$

1,094,045

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(949

)

 

(949

)

Sales and maturities of investments

 

 

 

30,111

 

 

30,111

 

Capital expenditures

 

 

 

(1,221,769

)

 

(1,221,769

)

Proceeds from sales of assets and insurance claims

 

 

 

128,432

 

 

128,432

 

Cash paid for investments in consolidated affiliates

 

 

 

 

 

 

Changes in intercompany balances

 

 

(51,262

)

51,262

 

 

 

Net cash provided by (used for) investing activities

 

 

(51,262

)

(1,012,913

)

 

(1,064,175

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

(1,748

)

 

(1,748

)

Proceeds from revolving credit facility

 

 

710,000

 

 

 

710,000

 

Proceeds from (payments for) issuance of common shares

 

(4,006

)

 

(1

)

 

(4,007

)

Reduction in long-term debt

 

 

(224,997

)

(51,235

)

 

(276,232

)

Paydown of revolving credit facility

 

 

(380,000

)

 

 

(380,000

)

Purchase of restricted stock

 

(2,071

)

 

 

 

(2,071

)

Tax benefit related to share-based awards

 

 

 

(54

)

 

(54

)

Cash dividends paid

 

 

(9,003

)

(21,503

)

30,506

 

 

Net cash (used for) provided by financing activities

 

(6,077

)

96,000

 

(74,541

)

30,506

 

45,888

 

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(2,771

)

 

(2,771

)

Net increase (decrease) in cash and cash equivalents

 

495

 

7,040

 

65,452

 

 

72,987

 

Cash and cash equivalents, beginning of period

 

203

 

21

 

398,351

 

 

398,575

 

Cash and cash equivalents, end of period

 

$

698

 

$

7,061

 

$

463,803

 

$

 

$

471,562