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Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2014
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

 

 

 

September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

2,423

 

$

7

 

$

402,023

 

$

 

$

404,453

 

Short-term investments

 

 

 

60,365

 

 

60,365

 

Assets held for sale

 

 

 

158,327

 

 

158,327

 

Accounts receivable, net

 

 

 

1,624,441

 

 

1,624,441

 

Inventory

 

 

 

242,876

 

 

242,876

 

Deferred income taxes

 

 

 

91,837

 

 

91,837

 

Other current assets

 

50

 

5,428

 

204,694

 

 

210,172

 

Total current assets

 

2,473

 

5,435

 

2,784,563

 

 

2,792,471

 

Long-term investments

 

 

 

2,568

 

 

2,568

 

Property, plant and equipment, net

 

 

31,201

 

8,985,307

 

 

9,016,508

 

Goodwill

 

 

 

512,203

 

 

512,203

 

Intercompany receivables

 

182,433

 

 

1,386,139

 

(1,568,572

)

 

Investment in consolidated affiliates

 

5,712,818

 

6,209,501

 

1,812,792

 

(13,735,111

)

 

Investment in unconsolidated affiliates

 

 

 

60,451

 

 

60,451

 

Other long-term assets

 

 

30,618

 

204,521

 

 

235,139

 

Total assets

 

$

5,897,724

 

$

6,276,755

 

$

15,748,544

 

$

(15,303,683

)

$

12,619,340

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of debt

 

$

 

$

 

$

196

 

$

 

$

196

 

Trade accounts payable

 

65

 

5

 

693,861

 

 

693,931

 

Accrued liabilities

 

5,786

 

17,810

 

678,912

 

 

702,508

 

Income taxes payable

 

 

 

18,946

 

 

18,946

 

Total current liabilities

 

5,851

 

17,815

 

1,391,915

 

 

1,415,581

 

Long-term debt

 

 

4,277,063

 

(21,927

)

 

4,255,136

 

Other long-term liabilities

 

 

30,076

 

566,892

 

 

596,968

 

Deferred income taxes

 

 

(276,525

)

754,946

 

 

478,421

 

Intercompany payable

 

29,000

 

1,539,572

 

 

(1,568,572

)

 

Total liabilities

 

34,851

 

5,588,001

 

2,691,826

 

(1,568,572

)

6,746,106

 

Subsidiary preferred stock

 

 

 

 

 

 

Shareholders’ equity

 

5,862,873

 

688,754

 

13,046,357

 

(13,735,111

)

5,862,873

 

Noncontrolling interest

 

 

 

10,361

 

 

10,361

 

Total equity

 

5,862,873

 

688,754

 

13,056,718

 

(13,735,111

)

5,873,234

 

Total liabilities and equity

 

$

5,897,724

 

$

6,276,755

 

$

15,748,544

 

$

(15,303,683

)

$

12,619,340

 

 

 

 

December 31, 2013

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

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 consolidated affiliates

 

5,808,607

 

6,097,337

 

1,789,851

 

(13,695,795

)

 

Investment in unconsolidated affiliates

 

 

 

64,260

 

 

64,260

 

Other long-term assets

 

 

34,487

 

193,221

 

 

227,708

 

Total assets

 

$

5,969,550

 

$

6,202,937

 

$

15,430,685

 

$

(15,443,361

)

$

12,159,811

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current portion of 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

 

5,969,086

 

667,502

 

13,028,293

 

(13,695,795

)

5,969,086

 

Noncontrolling interest

 

 

 

12,091

 

 

12,091

 

Total equity

 

5,969,086

 

667,502

 

13,040,384

 

(13,695,795

)

5,981,177

 

Total liabilities and equity

 

$

5,969,550

 

$

6,202,937

 

$

15,430,685

 

$

(15,443,361

)

$

12,159,811

 

 

Condensed Consolidating Statements of Income (Loss)

 

 

 

Three Months Ended September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

1,813,762

 

$

 

$

1,813,762

 

Earnings from unconsolidated affiliates

 

 

 

(2,851

)

 

(2,851

)

Earnings (losses) from consolidated affiliates

 

116,378

 

67,504

 

31,859

 

(215,741

)

 

Investment income (loss)

 

 

1,694

 

2,199

 

(1,704

)

2,189

 

Intercompany Interest income

 

 

 

 

 

 

Total revenues and other income

 

116,378

 

69,198

 

1,844,969

 

(217,445

)

1,813,100

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

1,181,986

 

 

1,181,986

 

General and administrative expenses

 

3,097

 

7,957

 

128,065

 

(152

)

138,967

 

Depreciation and amortization

 

 

902

 

285,679

 

 

286,581

 

Interest expense

 

 

49,415

 

(6,277

)

 

43,138

 

Intercompany interest expense

 

7

 

 

(7

)

 

 

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

 

7,226

 

 

(8,891

)

152

 

(1,513

)

Other

 

 

 

 

 

 

Total costs and other deductions

 

10,330

 

58,274

 

1,580,555

 

 

1,649,159

 

Income from continuing operations before income tax

 

106,048

 

10,924

 

264,414

 

(217,445

)

163,941

 

Income tax expense (benefit)

 

 

(20,935

)

82,446

 

 

61,511

 

Subsidiary preferred stock dividend

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

106,048

 

31,859

 

181,968

 

(217,445

)

102,430

 

Income (loss) from discontinued operations, net of tax

 

 

 

4,005

 

 

4,005

 

Net income (loss)

 

106,048

 

31,859

 

185,973

 

(217,445

)

106,435

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(387

)

 

(387

)

Net income (loss) attributable to Nabors

 

$

106,048

 

$

31,859

 

$

185,586

 

$

(217,445

)

$

106,048

 

 

 

 

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

 

$

 

$

 

$

1,551,593

 

$

 

$

1,551,593

 

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

 

1,468,545

 

95,198

 

1,550,194

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

981,685

 

 

981,685

 

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 and disposals of long-lived assets and other expense (income), net

 

155

 

211,989

 

(209,032

)

154

 

3,266

 

Impairment and other charges

 

 

 

 

 

242,241

 

 

 

242,241

 

Other

 

 

 

 

 

 

Total costs and other deductions

 

3,244

 

271,997

 

1,409,428

 

(31

)

1,684,638

 

Income from continuing operations before income tax

 

(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 continuing 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

)

 

 

 

Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

5,020,361

 

$

 

$

5,020,361

 

Earnings from unconsolidated affiliates

 

 

 

(5,872

)

 

(5,872

)

Earnings (losses) from consolidated affiliates

 

235,970

 

112,112

 

13,614

 

(361,696

)

 

Investment income (loss)

 

 

1,840

 

12,371

 

(3,976

)

10,235

 

Intercompany Interest income

 

 

 

 

 

 

Total revenues and other income

 

235,970

 

113,952

 

5,040,474

 

(365,672

)

5,024,724

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

3,310,220

 

 

3,310,220

 

General and administrative expenses

 

7,989

 

7,607

 

391,697

 

(430

)

406,863

 

Depreciation and amortization

 

 

2,706

 

848,822

 

 

851,528

 

Interest expense

 

 

148,097

 

(13,846

)

 

134,251

 

Intercompany interest expense

 

66

 

 

(66

)

 

 

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

 

7,504

 

(223

)

8,756

 

430

 

16,467

 

Other

 

 

 

 

 

 

Total costs and other deductions

 

15,559

 

158,187

 

4,545,583

 

 

4,719,329

 

Income from continuing operations before income tax

 

220,411

 

(44,235

)

494,891

 

(365,672

)

305,395

 

Income tax expense (benefit)

 

 

(57,849

)

144,124

 

 

86,275

 

Subsidiary preferred stock dividend

 

 

 

1,984

 

 

1,984

 

Income (loss) from continuing operations, net of tax

 

220,411

 

13,614

 

348,783

 

(365,672

)

217,136

 

Income (loss) from discontinued operations, net of tax

 

 

 

4,488

 

 

4,488

 

Net income (loss)

 

220,411

 

13,614

 

353,271

 

(365,672

)

221,624

 

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(1,213

)

 

(1,213

)

Net income (loss) attributable to Nabors

 

$

220,411

 

$

13,614

 

$

352,058

 

$

(365,672

)

$

220,411

 

 

 

 

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

 

$

 

$

 

$

4,545,037

 

$

 

$

4,545,037

 

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

 

4,538,398

 

(45,716

)

4,642,135

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

2,948,987

 

 

2,948,987

 

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 and disposals of long-lived assets and other expense (income), net

 

7,209

 

211,921

 

(192,319

)

434

 

27,245

 

Impairment and other charges

 

 

 

287,241

 

 

287,241

 

Other

 

 

 

 

 

 

Total costs and other deductions

 

15,353

 

399,615

 

4,223,982

 

(92

)

4,638,858

 

Income from continuing operations before income tax

 

(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 continuing 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

)

 

Condensed Consolidating Statements of Other Comprehensive Income (Loss)

 

 

 

Three Months Ended September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

106,048

 

$

31,859

 

$

185,586

 

$

(217,445

)

$

106,048

 

Other comprehensive income (loss) before tax:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

(41,713

)

(33

)

(41,707

)

41,740

 

(41,713

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

(15,054

)

(87

)

(15,141

)

15,228

 

(15,054

)

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

 

267

 

(1,889

)

(1,622

)

3,511

 

267

 

Unrealized gains/(losses) on marketable securities

 

(14,787

)

(1,976

)

(16,763

)

18,739

 

(14,787

)

Pension liability amortization and adjustment

 

123

 

123

 

246

 

(369

)

123

 

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

 

153

 

153

 

153

 

(306

)

153

 

Other comprehensive income (loss) before tax

 

(56,224

)

(1,733

)

(58,071

)

59,804

 

(56,224

)

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

 

107

 

107

 

390

 

(497

)

107

 

Other comprehensive income (loss), net of tax

 

(56,331

)

(1,840

)

(58,461

)

60,301

 

(56,331

)

Comprehensive income (loss) attributable to Nabors

 

49,717

 

30,019

 

127,125

 

(157,144

)

49,717

 

Net income (loss) attributable to noncontrolling interest

 

 

 

387

 

 

387

 

Translation adjustment to noncontrolling interest

 

 

 

(522

)

 

(522

)

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

(135

)

 

(135

)

Comprehensive income (loss)

 

$

49,717

 

$

30,019

 

$

126,990

 

$

(157,144

)

$

49,582

 

 

 

 

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 tax:

 

 

 

 

 

 

 

 

 

 

 

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 cash flow hedges

 

153

 

153

 

153

 

(306

)

153

 

Other comprehensive income (loss) before tax

 

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

)

 

 

 

Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net income (loss) attributable to Nabors

 

$

220,411

 

$

13,614

 

$

352,058

 

$

(365,672

)

$

220,411

 

Other comprehensive income (loss) before tax:

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

(46,052

)

1,688

 

(46,062

)

44,374

 

(46,052

)

Unrealized gains/(losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains/(losses) on marketable securities

 

(34,587

)

156

 

(34,431

)

34,275

 

(34,587

)

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

 

(4,636

)

(2,395

)

(7,031

)

9,426

 

(4,636

)

Unrealized gains/(losses) on marketable securities

 

(39,223

)

(2,239

)

(41,462

)

43,701

 

(39,223

)

Pension liability amortization and adjustment

 

369

 

369

 

738

 

(1,107

)

369

 

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

 

459

 

459

 

459

 

(918

)

459

 

Other comprehensive income (loss) before tax

 

(84,447

)

277

 

(86,327

)

86,050

 

(84,447

)

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

 

(529

)

(529

)

(1,237

)

1,766

 

(529

)

Other comprehensive income (loss), net of tax

 

(83,918

)

806

 

(85,090

)

84,284

 

(83,918

)

Comprehensive income (loss) attributable to Nabors

 

136,493

 

14,420

 

266,968

 

(281,388

)

136,493

 

Net income (loss) attributable to noncontrolling interest

 

 

 

1,213

 

 

1,213

 

Translation adjustment to noncontrolling interest

 

 

 

(624

)

 

(624

)

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

589

 

 

589

 

Comprehensive income (loss)

 

$

136,493

 

$

14,420

 

$

267,557

 

$

(281,388

)

$

137,082

 

 

 

 

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 tax:

 

 

 

 

 

 

 

 

 

 

 

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 cash flow hedges

 

459

 

459

 

459

 

(918

)

459

 

Other comprehensive income (loss) before tax

 

(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

)

 

Condensed Consolidating Statements of Cash Flows

 

 

 

Nine Months Ended September 30, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

(7,632

)

$

(22,760

)

$

1,262,289

 

$

12,447

 

$

1,244,344

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchase of investments

 

 

 

(319

)

 

(319

)

Sales and maturities of investments

 

 

 

23,580

 

 

23,580

 

Cash paid for acquisition of businesses, net

 

 

 

(10,200

)

 

(10,200

)

Investment in unconsolidated affiliates

 

 

 

(2,061

)

 

(2,061

)

Capital expenditures

 

 

 

(1,344,222

)

 

(1,344,222

)

Proceeds from sales of assets and insurance claims

 

 

 

129,825

 

 

129,825

 

Other

 

 

 

(3,931

)

 

(3,931

)

Changes in intercompany balances

 

 

(355,792

)

355,792

 

 

 

Net cash provided by (used for) investing activities

 

 

(355,792

)

(851,536

)

 

(1,207,328

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

(3,867

)

 

(3,867

)

Proceeds from (payments for) issuance of common shares

 

30,240

 

 

 

 

30,240

 

Purchase of treasury stock

 

 

 

(250,037

)

 

(250,037

)

Dividends to shareholders

 

(45,758

)

 

 

3,977

 

(41,781

)

Proceeds from (payments for) commercial paper, net

 

 

441,530

 

 

 

441,530

 

Cash paid for common shares tendered

 

(7,581

)

 

 

 

(7,581

)

Proceeds from issuance of intercompany debt

 

35,000

 

 

(35,000

)

 

 

Paydown of intercompany debt

 

(19,000

)

 

19,000

 

 

 

Proceeds from debt

 

 

 

15,000

 

 

15,000

 

Reduction in short-term debt

 

 

 

(10,000

)

 

 

(10,000

)

Reduction in long-term debt

 

 

(70,000

)

(40,098

)

 

(110,098

)

Redemption of subsidiary Preferred Shares

 

 

 

(70,875

)

 

(70,875

)

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

 

16,424

 

 

 

(16,424

)

 

Other

 

 

 

 

 

 

Net cash (used for) provided by financing activities

 

9,325

 

371,530

 

(375,877

)

(12,447

)

(7,469

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(15,009

)

 

(15,009

)

Net increase (decrease) in cash and cash equivalents

 

1,693

 

(7,022

)

19,867

 

 

14,538

 

Cash and cash equivalents, beginning of period

 

730

 

7,029

 

382,156

 

 

389,915

 

Cash and cash equivalents, end of period

 

$

2,423

 

$

7

 

$

402,023

 

$

 

$

404,453

 

 

 

 

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

)

Investment in unconsolidated affiliates

 

 

 

(5,967

)

 

(5,967

)

Capital expenditures

 

 

 

(780,711

)

 

(780,711

)

Proceeds from sales of assets and insurance claims

 

 

 

139,254

 

 

139,254

 

Proceeds from sales of unconsolidated affiliates

 

 

 

10,000

 

 

10,000

 

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

)

Proceeds from (payments for) issuance of common shares

 

4,375

 

 

 

 

4,375

 

Dividends to shareholders

 

(38,767

)

 

 

3,410

 

(35,357

)

Proceeds from (payments for) commercial paper, net

 

 

332,250

 

 

 

332,250

 

Proceeds from parent contributions

 

 

772,000

 

1,544,100

 

(2,316,100

)

 

Debt issuance costs

 

 

(3,505

)

 

 

(3,505

)

Proceeds from debt

 

 

698,517

 

11,569

 

 

710,086

 

Reduction in revolving credit facilities

 

 

(590,000

)

 

 

(590,000

)

Reduction in long-term debt

 

 

(994,112

)

(69

)

 

(994,181

)

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

 

32,072

 

 

 

(32,072

)

 

Other

 

(3,096

)

 

 

 

(3,096

)

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