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Condensed Consolidating Financial Information (Tables)
12 Months Ended
Dec. 31, 2015
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

 

 

 

 

December 31, 2015

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

ASSETS

 

Current assets:

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

873

 

$

10

 

$

253,647

 

$

 

$

254,530

 

Short-term investments

 

 

 

20,059

 

 

20,059

 

Assets held for sale

 

 

 

75,678

 

 

75,678

 

Accounts receivable, net

 

 

 

784,671

 

 

784,671

 

Inventory

 

 

 

153,824

 

 

153,824

 

Deferred income taxes

 

 

 

 

 

 

Other current assets

 

50

 

9,016

 

178,069

 

 

187,135

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current assets

 

923

 

9,026

 

1,465,948

 

 

1,475,897

 

Property, plant and equipment, net

 

 

 

7,027,802

 

 

7,027,802

 

Goodwill

 

 

 

166,659

 

 

166,659

 

Intercompany receivables

 

139,366

 

11,000

 

1,260,310

 

(1,410,676

)

 

Investment in consolidated

 

 

 

 

 

 

 

 

 

 

 

affiliates

 

4,183,362

 

4,973,327

 

1,284,225

 

(10,440,914

)

 

Investment in unconsolidated

 

 

 

 

 

 

 

 

 

 

 

affiliates

 

 

 

415,177

 

 

415,177

 

Deferred tax assets

 

 

366,818

 

 

(366,818

)

 

Other long-term assets

 

 

12,907

 

507,336

 

(67,938

)

452,305

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

4,323,651

 

$

5,373,078

 

$

12,127,457

 

$

(12,286,346

)

$

9,537,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

Current liabilities:

 

 

 

 

 

 

 

 

 

 

 

Current debt

 

$

 

$

 

6,508

 

$

 

$

6,508

 

Trade accounts payable

 

71

 

3

 

271,910

 

 

271,984

 

Accrued liabilities

 

370

 

64,550

 

621,693

 

 

686,613

 

Income taxes payable

 

 

 

41,394

 

 

41,394

 

 

 

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

441

 

64,553

 

941,505

 

 

1,006,499

 

Long-term debt

 

 

3,723,138

 

 

(67,938

)

3,655,200

 

Other long-term liabilities

 

 

35,086

 

517,861

 

 

552,947

 

Deferred income taxes

 

 

 

396,144

 

(366,818

)

29,326

 

Intercompany payable

 

40,500

 

1,370,176

 

 

(1,410,676

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

40,941

 

5,192,953

 

1,855,510

 

(1,845,432

)

5,243,972

 

Shareholders’ equity

 

4,282,710

 

180,125

 

10,260,789

 

(10,440,914

)

4,282,710

 

Noncontrolling interest

 

 

 

11,158

 

 

11,158

 

 

 

 

 

 

 

 

 

 

 

 

 

Total equity

 

4,282,710

 

180,125

 

10,271,947

 

(10,440,914

)

4,293,868

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

4,323,651

 

$

5,373,078

 

$

12,127,457

 

$

(12,286,346

)

$

9,537,840

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2014

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

Nabors

 

Nabors

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

Delaware

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

(Issuer)

 

Guarantors)

 

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

 

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 consolidated

 

 

 

 

 

 

 

 

 

 

 

affiliates

 

4,771,413

 

5,014,743

 

1,448,688

 

(11,234,844

)

 

Investment in unconsolidated

 

 

 

 

 

 

 

 

 

 

 

affiliates

 

 

 

58,251

 

 

58,251

 

Deferred tax assets

 

 

294,655

 

 

 

(294,655

)

 

Other long-term assets

 

 

13,279

 

316,906

 

(40,440

)

289,745

 

 

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

4,908,993

 

$

6,239,076

 

$

14,588,495

 

$

(13,873,641

)

$

11,862,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

4,372,280

 

 

(40,440

)

4,331,840

 

Other long-term liabilities

 

 

35,480

 

566,336

 

 

601,816

 

Deferred income taxes

 

 

 

737,658

 

(294,655

)

443,003

 

Intercompany payable

 

 

1,422,882

 

 

(1,422,882

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

374

 

5,895,034

 

3,687,523

 

(2,638,797

)

6,944,134

 

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

 

$

6,239,076

 

$

14,588,495

 

$

(13,873,641

)

$

11,862,923

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statements of Income (Loss)

 

 

Year Ended December 31, 2015

 

 

 

Nabors
(Parent/
Guarantor)

 

Nabors
Delaware
(Issuer/
Guarantor)

 

Other
Subsidiaries
(Non-
Guarantors)

 

Consolidating
Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

3,864,437

 

$

 

$

3,864,437

 

Earnings (losses) from unconsolidated affiliates

 

 

 

(75,081

)

 

(75,081

)

Earnings (losses) from consolidated affiliates

 

(351,407

)

(41,826

)

(164,697

)

557,930

 

 

Investment income (loss)

 

 

584

 

11,666

 

(9,942

)

2,308

 

Intercompany interest income

 

 

6,452

 

 

(6,452

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total revenues and other income

 

(351,407

)

(34,790

)

3,636,325

 

541,536

 

3,791,664

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Costs and other deductions:

 

 

 

 

 

 

 

 

 

 

 

Direct costs

 

 

 

2,371,436

 

 

2,371,436

 

General and administrative expenses

 

8,768

 

1

 

316,119

 

(560

)

324,328

 

Research and Engineering

 

 

 

41,253

 

 

41,253

 

Depreciation and amortization

 

 

705

 

969,754

 

 

970,459

 

Interest expense

 

(1

)

201,364

 

(19,435

)

 

181,928

 

Impairments and other charges

 

 

 

368,967

 

 

368,967

 

Other, net

 

12,469

 

 

(52,201

)

560

 

(39,172

)

Intercompany interest expense

 

32

 

 

6,420

 

(6,452

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total costs and other deductions

 

21,268

 

202,070

 

4,002,313

 

(6,452

)

4,219,199

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

(372,675

)

(236,860

)

(365,988

)

547,988

 

(427,535

)

Income tax expense (benefit)

 

 

(72,163

)

(25,875

)

 

(98,038

)

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations, net of tax

 

(372,675

)

(164,697

)

(340,113

)

547,988

 

(329,497

)

Income (loss) from discontinued operations, net of tax

 

 

 

(42,797

)

 

(42,797

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

(372,675

)

(164,697

)

(382,910

)

547,988

 

(372,294

)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(381

)

 

(381

)

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Nabors

 

$

(372,675

)

$

(164,697

)

$

(383,291

)

$

547,988

 

$

(372,675

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,804,197

 

$

 

$

6,804,197

 

Earnings (losses) 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

 

483,091

 

(587

)

500,036

 

Research and engineering

 

 

 

49,698

 

 

49,698

 

Depreciation and amortization

 

 

3,608

 

1,141,492

 

 

1,145,100

 

Interest expense

 

 

198,246

 

(20,298

)

 

177,948

 

Impairments and other charges

 

 

 

1,027,423

 

 

1,027,423

 

Other, net

 

7,668

 

(223

)

1,041

 

587

 

9,073

 

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

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues and other income:

 

 

 

 

 

 

 

 

 

 

 

Operating revenues

 

$

 

$

 

$

6,152,015

 

$

 

$

6,152,015

 

Earnings (losses) 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

 

468,560

 

(577

)

479,890

 

Research and engineering

 

 

 

45,440

 

 

45,440

 

Depreciation and amortization

 

 

3,610

 

1,083,067

 

 

1,086,677

 

Interest expense

 

 

234,512

 

(11,094

)

 

223,418

 

Impairments and other charges

 

 

 

287,241

 

 

287,241

 

Other, net

 

7,353

 

211,976

 

(181,929

)

577

 

37,977

 

Intercompany interest expense

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statements of Comprehensive Income (Loss)

 

Year Ended December 31, 2015 

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) attributable to Nabors

 

$

(372,675

)

$

(164,697

)

$

(383,291

)

$

547,988

 

$

(372,675

)

Other comprehensive income (loss) before tax

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors:

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on translation adjustment

 

(116,239

)

67

 

(116,172

)

116,105

 

(116,239

)

Less: reclassification adjustment for realized loss on translation adjustment

 

5,365

 

 

5,365

 

(5,365

)

5,365

 

 

 

 

 

 

 

 

 

 

 

 

 

Translation adjustment attributable to Nabors

 

(110,874

)

67

 

(110,807

)

110,740

 

(110,874

)

Unrealized gains (losses) on marketable securities:

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on marketable securities

 

(15,310

)

 

(15,310

)

15,310

 

(15,310

)

Less: reclassification adjustment for (gains) losses included in net income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on marketable securities

 

(15,310

)

 

(15,310

)

15,310

 

(15,310

)

Pension liability amortization and adjustment

 

1,104

 

1,104

 

2,208

 

(3,312

)

1,104

 

Unrealized gains (losses) and amortization on cash flow hedges

 

613

 

613

 

613

 

(1,226

)

613

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before tax

 

(124,467

)

1,784

 

(123,296

)

121,512

 

(124,467

)

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

 

648

 

648

 

1,056

 

(1,704

)

648

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss), net of tax

 

(125,115

)

1,136

 

(124,352

)

123,216

 

(125,115

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Nabors

 

(497,790

)

(163,561

)

(507,643

)

671,204

 

(497,790

)

Net income (loss) attributable to noncontrolling interest

 

 

 

381

 

 

381

 

Translation adjustment attributable to noncontrolling interest

 

 

 

(1,461

)

 

(1,461

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

(1,080

)

 

(1,080

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

 

$

(497,790

)

$

(163,561

)

$

(508,723

)

$

671,204

 

$

(498,870

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

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

 

(59,932

)

156

 

(59,776

)

59,620

 

(59,932

)

Less: reclassification adjustment for (gains) losses included in net income (loss)

 

2,337

 

(2,395

)

(58

)

2,453

 

2,337

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gains (losses) on marketable securities

 

(57,595

)

(2,239

)

(59,834

)

62,073

 

(57,595

)

Pension liability amortization and adjustment

 

(5,050

)

(5,050

)

(10,100

)

15,150

 

(5,050

)

Unrealized gains (losses) and amortization on cash flow hedges

 

612

 

612

 

612

 

(1,224

)

612

 

 

 

 

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) before tax

 

(141,092

)

(5,094

)

(148,496

)

153,590

 

(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

 

(138,618

)

(2,620

)

(143,309

)

145,929

 

(138,618

)

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss) attributable to Nabors

 

(809,277

)

(252,985

)

(911,126

)

1,164,111

 

(809,277

)

Net income (loss) attributable to noncontrolling interest

 

 

 

1,415

 

 

1,415

 

Translation adjustment attributable 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

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

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 included in net income (loss)

 

(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 liability amortization and adjustment

 

5,916

 

5,916

 

11,832

 

(17,748

)

5,916

 

Unrealized gains (losses) and amortization 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 attributable 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidating Statements of Cash Flows

 

 

Year Ended December 31, 2015

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

Adjustments

 

Total

 

 

 

(In thousands)

 

Net cash provided by (used for) operating activities

 

$

39,478

 

$

(217,685

)

$

1,066,026

 

$

(31,263

)

$

856,556

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

Purchases of investments

 

 

 

(9

)

 

(9

)

Sales and maturities of investments

 

 

 

961

 

 

961

 

Cash paid for acquisitions of businesses, net

 

 

 

(80,187

)

 

(80,187

)

Investments in unconsolidated affiliates

 

 

 

(445

)

 

(445

)

Capital expenditures

 

 

 

(867,106

)

 

(867,106

)

Proceeds from sales of assets and insurance claims

 

 

 

68,206

 

 

68,206

 

Proceeds from merger transaction

 

5,500

 

646,078

 

(1,528

)

 

 

650,050

 

Change in intercompany balances

 

 

135,518

 

(135,518

)

 

 

Other Changes in Investing

 

 

 

1,081

 

 

1,081

 

 

 

 

 

 

 

 

 

 

 

 

 

Net cash provided by (used for) investing activities

 

5,500

 

781,596

 

(1,014,545

)

 

(227,449

)

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

Increase (decrease) in cash overdrafts

 

 

 

645

 

 

645

 

Debt issuance costs

 

 

(1,847

)

 

 

(1,847

)

Reduction in revolving credit facilities

 

 

(450,000

)

 

 

(450,000

)

Proceeds from (payments for) issuance of common shares

 

1,296

 

 

 

 

1,296

 

Repurchase of common shares

 

 

 

(99,598

)

 

(99,598

)

Reduction in long-term debt

 

 

 

(27,478

)

 

(27,478

)

Dividends to shareholders

 

(79,304

)

 

 

9,941

 

(69,363

)

Proceeds from (payment for) commercial paper, net

 

 

(525,119

)

 

 

(525,119

)

Proceeds from term loan

 

 

625,000

 

 

 

625,000

 

Payments on term loan

 

 

(300,000

)

 

 

(300,000

)

Cash proceeds from noncontrolling Interest

 

 

 

 

3,972

 

 

3,972

 

Proceeds (issuance) of intercompany debt

 

67,500

 

88,058

 

(155,558

)

 

 

Paydown of intercompany debt

 

(27,000

)

 

27,000

 

 

 

Payments on parent (Equity or N/P)

 

 

 

(21,322

)

21,322

 

 

Other Changes

 

(7,767

)

 

318

 

 

(7,449

)

 

 

 

 

 

 

 

 

 

 

 

 

Net cash (used for) provided by financing activities

 

(45,275

)

(563,908

)

(272,021

)

31,263

 

(849,941

)

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(25,785

)

 

(25,785

)

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

(297

)

3

 

(246,325

)

 

(246,619

)

Cash and cash equivalents, beginning of period

 

1,170

 

7

 

499,972

 

 

501,149

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

873

 

$

10

 

$

253,647

 

$

 

$

254,530

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2014

 

 

 

 

 

Nabors

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

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 affiliate

 

 

 

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 (Issuance) of 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

 

Other

 

 

 

 

 

 

 

Nabors

 

Delaware

 

Subsidiaries

 

 

 

 

 

 

 

(Parent/

 

(Issuer/

 

(Non-

 

Consolidating

 

 

 

 

 

Guarantor)

 

Guarantor)

 

Guarantors)

 

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