Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2017

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Note 12 Condensed Consolidating Financial Information

Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a wholly owned subsidiary. The following condensed consolidating financial information is included so that separate financial statements of Nabors Delaware are not required to be filed with the SEC. The condensed consolidating financial statements present investments in both consolidated and unconsolidated affiliates using the equity method of accounting.

The following condensed consolidating financial information presents condensed consolidating balance sheets as of June 30, 2017 and December 31, 2016, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2017 and 2016, and statements of cash flows for the six months ended June 30, 2017 and 2016 of (a) Nabors, parent/guarantor, (b) Nabors Delaware, issuer of public debt securities guaranteed by Nabors, (c) the non-guarantor subsidiaries, (d) consolidating adjustments necessary to consolidate Nabors and its subsidiaries and (e) Nabors on a consolidated basis.

Condensed Consolidating Balance Sheets

	June 30, 2017
					Other
	Nabors			Nabors	Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	2,435	$	16	$	194,116	$	—	$	196,567
Short-term investments		—		—		35,476		—		35,476
Accounts receivable, net		—		—		582,787		—		582,787
Inventory, net		—		—		108,141		—		108,141
Assets held for sale		—		—		78,407		—		78,407
Other current assets		50		28,099		144,641		—		172,790
Total current assets		2,485		28,115		1,143,568		—		1,174,168
Property, plant and equipment, net		—		—		6,142,216		—		6,142,216
Goodwill		—		—		167,246		—		167,246
Intercompany receivables		146,431		—		1,038,891		(1,185,322)		—
Investment in consolidated affiliates		2,920,699		7,555,645		4,545,780		(15,022,124)		—
Deferred tax assets		—		493,576		409,671		(493,576)		409,671
Other long-term assets		—		114		271,186		(72,143)		199,157
Total assets	$	3,069,615	$	8,077,450	$	13,718,558	$	(16,773,165)	$	8,092,458
	LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	—	$	124	$	—	$	124
Trade accounts payable		130		49		260,936		—		261,115
Accrued liabilities		20,250		70,670		501,140		—		592,060
Income taxes payable		—		—		23,268		—		23,268
Total current liabilities		20,380		70,719		785,468		—		876,567
Long-term debt		—		3,812,391		—		(72,143)		3,740,248
Other long-term liabilities		—		22,800		367,701		—		390,501
Deferred income taxes		—		—		505,940		(493,576)		12,364
Intercompany payable		—		1,185,322		—		(1,185,322)		—
Total liabilities		20,380		5,091,232		1,659,109		(1,751,041)		5,019,680
Shareholders’ equity		3,049,235		2,986,218		12,035,906		(15,022,124)		3,049,235
Noncontrolling interest		—		—		23,543		—		23,543
Total equity		3,049,235		2,986,218		12,059,449		(15,022,124)		3,072,778
Total liabilities and equity	$	3,069,615	$	8,077,450	$	13,718,558	$	(16,773,165)	$	8,092,458

Condensed Consolidating Balance Sheets

	December 31, 2016
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	1,148	$	10,177	$	252,768	$	—	$	264,093
Short-term investments		—		—		31,109		—		31,109
Accounts receivable, net		—		—		508,355		—		508,355
Inventory, net		—		—		103,595		—		103,595
Assets held for sale		—		—		76,668		—		76,668
Other current assets		50		22,209		149,760		—		172,019
Total current assets		1,198		32,386		1,122,255		—		1,155,839
Property, plant and equipment, net		—		—		6,267,583		—		6,267,583
Goodwill		—		—		166,917		—		166,917
Intercompany receivables		142,447		—		1,342,942		(1,485,389)		—
Investment in consolidated affiliates		3,170,254		4,830,572		1,083,948		(9,084,774)		—
Deferred tax assets		—		443,049		366,586		(443,049)		366,586
Other long-term assets		—		344		447,962		(218,216)		230,090
Total assets	$	3,313,899	$	5,306,351	$	10,798,193	$	(11,231,428)	$	8,187,015
	LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	—	$	297	$	—	$	297
Trade accounts payable		205		8		264,365		—		264,578
Accrued liabilities		20,669		65,246		457,333		—		543,248
Income taxes payable		—		—		13,811		—		13,811
Total current liabilities		20,874		65,254		735,806		—		821,934
Long-term debt		—		3,796,550		—		(218,215)		3,578,335
Other long-term liabilities		—		22,659		499,797		—		522,456
Deferred income taxes		—		—		452,544		(443,049)		9,495
Intercompany payable		46,000		1,439,390		—		(1,485,390)		—
Total liabilities		66,874		5,323,853		1,688,147		(2,146,654)		4,932,220
Shareholders’ equity		3,247,025		(17,502)		9,102,276		(9,084,774)		3,247,025
Noncontrolling interest		—		—		7,770		—		7,770
Total equity		3,247,025		(17,502)		9,110,046		(9,084,774)		3,254,795
Total liabilities and equity	$	3,313,899	$	5,306,351	$	10,798,193	$	(11,231,428)	$	8,187,015

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2017
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	631,355	$	—	$	631,355
Earnings (losses) from consolidated affiliates		(129,592)		(20,265)		(60,777)		210,634		—
Investment income (loss)		(2)		1		2,095		(2,980)		(886)
Total revenues and other income		(129,594)		(20,264)		572,673		207,654		630,469
Costs and other deductions:
Direct costs		—		—		417,521		—		417,521
General and administrative expenses		3,359		193		60,468		(325)		63,695
Research and engineering		—		—		11,343		—		11,343
Depreciation and amortization		—		31		208,059		—		208,090
Interest expense		—		56,505		(1,817)		—		54,688
Other, net		(2)		7,576		2,205		325		10,104
Total costs and other deductions		3,357		64,305		697,779		—		765,441
Income (loss) from continuing operations before income taxes		(132,951)		(84,569)		(125,106)		207,654		(134,972)
Income tax expense (benefit)		—		(23,792)		4,296		—		(19,496)
Income (loss) from continuing operations, net of tax		(132,951)		(60,777)		(129,402)		207,654		(115,476)
Income (loss) from discontinued operations, net of tax		—		—		(15,504)		—		(15,504)
Net income (loss)		(132,951)		(60,777)		(144,906)		207,654		(130,980)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(1,971)		—		(1,971)
Net income (loss) attributable to Nabors	$	(132,951)	$	(60,777)	$	(146,877)	$	207,654	$	(132,951)

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2016
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	571,591	$	—	$	571,591
Earnings (losses) from unconsolidated affiliates		—		—		(54,769)		—		(54,769)
Earnings (losses) from consolidated affiliates		(182,149)		(17,025)		(49,190)		248,364		—
Investment income (loss)		1		9		3,241		(2,981)		270
Intercompany interest income (loss)		9		95		—		(104)		—
Total revenues and other income		(182,139)		(16,921)		470,873		245,279		517,092
Costs and other deductions:
Direct costs		—		—		341,279		—		341,279
General and administrative expenses		2,352		135		54,294		(157)		56,624
Research and engineering		—		—		8,180		—		8,180
Depreciation and amortization		—		31		218,882		—		218,913
Interest expense		—		51,059		(5,822)		—		45,237
Other, net		159		(65)		74,356		157		74,607
Intercompany interest expense		—		—		104		(104)		—
Total costs and other deductions		2,511		51,160		691,273		(104)		744,840
Income (loss) from continuing operations before income taxes		(184,650)		(68,081)		(220,400)		245,383		(227,748)
Income tax expense (benefit)		—		(18,891)		(22,292)		—		(41,183)
Income (loss) from continuing operations, net of tax		(184,650)		(49,190)		(198,108)		245,383		(186,565)
Income (loss) from discontinued operations, net of tax		—		—		(984)		—		(984)
Net income (loss)		(184,650)		(49,190)		(199,092)		245,383		(187,549)
Less: Net (income) loss attributable to noncontrolling interest		—		—		2,899		—		2,899
Net income (loss) attributable to Nabors	$	(184,650)	$	(49,190)	$	(196,193)	$	245,383	$	(184,650)

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2017
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	1,193,905	$	—	$	1,193,905
Earnings (losses) from unconsolidated affiliates		—		—		2		—		2
Earnings (losses) from consolidated affiliates		(275,463)		(70,982)		(157,016)		503,461		—
Investment income (loss)		15		64		5,716		(5,960)		(165)
Total revenues and other income		(275,448)		(70,918)		1,042,607		497,501		1,193,742
Costs and other deductions:
Direct costs		—		—		805,165		—		805,165
General and administrative expenses		6,657		330		120,621		(504)		127,104
Research and engineering		—		—		23,100		—		23,100
Depreciation and amortization		—		62		411,700		—		411,762
Interest expense		—		117,260		(6,054)		—		111,206
Other, net		(161)		18,973		4,298		504		23,614
Intercompany interest expense		(9)		—		9		—		—
Total costs and other deductions		6,487		136,625		1,358,839		—		1,501,951
Income (loss) from continuing operations before income taxes		(281,935)		(207,543)		(316,232)		497,501		(308,209)
Income tax expense (benefit)		—		(50,527)		5,422		—		(45,105)
Income (loss) from continuing operations, net of tax		(281,935)		(157,016)		(321,654)		497,501		(263,104)
Income (loss) from discontinued operations, net of tax		—		—		(15,943)		—		(15,943)
Net income (loss)		(281,935)		(157,016)		(337,597)		497,501		(279,047)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(2,888)		—		(2,888)
Net income (loss) attributable to Nabors	$	(281,935)	$	(157,016)	$	(340,485)	$	497,501	$	(281,935)

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2016
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	1,169,162	$	—	$	1,169,162
Earnings (losses) from unconsolidated affiliates		—		—		(221,920)		—		(221,920)
Earnings (losses) from consolidated affiliates		(577,919)		(123,112)		(187,160)		888,191		—
Investment income (loss)		1		132		6,442		(5,962)		613
Intercompany interest income (loss)		9		255		—		(264)		—
Total revenues and other income		(577,909)		(122,725)		766,524		881,965		947,855
Costs and other deductions:
Direct costs		—		—		706,302		—		706,302
General and administrative expenses		4,714		266		114,292		(314)		118,958
Research and engineering		—		—		16,342		—		16,342
Depreciation and amortization		—		62		434,669		—		434,731
Interest expense		—		101,723		(10,756)		—		90,967
Other, net		316		—		256,381		314		257,011
Intercompany interest expense		5		—		259		(264)		—
Total costs and other deductions		5,035		102,051		1,517,489		(264)		1,624,311
Income (loss) from continuing operations before income taxes		(582,944)		(224,776)		(750,965)		882,229		(676,456)
Income tax expense (benefit)		—		(37,616)		(55,631)		—		(93,247)
Income (loss) from continuing operations, net of tax		(582,944)		(187,160)		(695,334)		882,229		(583,209)
Income (loss) from discontinued operations, net of tax		—		—		(1,910)		—		(1,910)
Net income (loss)		(582,944)		(187,160)		(697,244)		882,229		(585,119)
Less: Net (income) loss attributable to noncontrolling interest		—		—		2,175		—		2,175
Net income (loss) attributable to Nabors	$	(582,944)	$	(187,160)	$	(695,069)	$	882,229	$	(582,944)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2017
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(132,951)	$	(60,777)	$	(146,877)	$	207,654	$	(132,951)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		10,879		—		10,879		(10,879)		10,879
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities		3,785		—		3,785		(3,785)		3,785
Less: reclassification adjustment for (gains) losses included in net income (loss)		1,341		—		1,341		(1,341)		1,341
Unrealized gains (losses) on marketable securities		5,126		—		5,126		(5,126)		5,126
Pension liability amortization and adjustment		50		50		100		(150)		50
Unrealized gains (losses) and amortization on cash flow hedges		153		153		153		(306)		153
Other comprehensive income (loss) before tax		16,208		203		16,258		(16,461)		16,208
Income tax expense (benefit) related to items of other comprehensive income (loss)		78		78		156		(234)		78
Other comprehensive income (loss), net of tax		16,130		125		16,102		(16,227)		16,130
Comprehensive income (loss) attributable to Nabors		(116,821)		(60,652)		(130,775)		191,427		(116,821)
Net income (loss) attributable to noncontrolling interest		—		—		1,971		—		1,971
Translation adjustment attributable to noncontrolling interest		—		—		108		—		108
Comprehensive income (loss) attributable to noncontrolling interest		—		—		2,079		—		2,079
Comprehensive income (loss)	$	(116,821)	$	(60,652)	$	(128,696)	$	191,427	$	(114,742)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2016
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(184,650)	$	(49,190)	$	(196,193)	$	245,383	$	(184,650)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		3,458		46		3,504		(3,550)		3,458
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities		1,280		—		1,280		(1,280)		1,280
Less: reclassification adjustment for (gains) losses included in net income (loss)		—		—		—		—		—
Unrealized gains (losses) on marketable securities		1,280		—		1,280		(1,280)		1,280
Pension liability amortization and adjustment		294		294		588		(882)		294
Unrealized gains (losses) and amortization on cash flow hedges		153		153		153		(306)		153
Other comprehensive income (loss) before tax		5,185		493		5,525		(6,018)		5,185
Income tax expense (benefit) related to items of other comprehensive income (loss)		171		171		283		(454)		171
Other comprehensive income (loss), net of tax		5,014		322		5,242		(5,564)		5,014
Comprehensive income (loss) attributable to Nabors		(179,636)		(48,868)		(190,951)		239,819		(179,636)
Net income (loss) attributable to noncontrolling interest		—		—		(2,899)		—		(2,899)
Translation adjustment attributable to noncontrolling interest		—		—		42		—		42
Comprehensive income (loss) attributable to noncontrolling interest		—		—		(2,857)		—		(2,857)
Comprehensive income (loss)	$	(179,636)	$	(48,868)	$	(193,808)	$	239,819	$	(182,493)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2017
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(281,935)	$	(157,016)	$	(340,485)	$	497,501	$	(281,935)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		14,739		—		14,739		(14,739)		14,739
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities		584		—		584		(584)		584
Less: reclassification adjustment for (gains) losses included in net income (loss)		1,341		—		1,341		(1,341)		1,341
Unrealized gains (losses) on marketable securities		1,925		—		1,925		(1,925)		1,925
Pension liability amortization and adjustment		100		100		200		(300)		100
Unrealized gains (losses) and amortization on cash flow hedges		306		306		306		(612)		306
Other comprehensive income (loss) before tax		17,070		406		17,170		(17,576)		17,070
Income tax expense (benefit) related to items of other comprehensive income (loss)		157		157		314		(471)		157
Other comprehensive income (loss), net of tax		16,913		249		16,856		(17,105)		16,913
Comprehensive income (loss) attributable to Nabors		(265,022)		(156,767)		(323,629)		480,396		(265,022)
Net income (loss) attributable to noncontrolling interest		—		—		2,888		—		2,888
Translation adjustment attributable to noncontrolling interest		—		—		157		—		157
Comprehensive income (loss) attributable to noncontrolling interest		—		—		3,045		—		3,045
Comprehensive income (loss)	$	(265,022)	$	(156,767)	$	(320,584)	$	480,396	$	(261,977)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2016
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(582,944)	$	(187,160)	$	(695,069)	$	882,229	$	(582,944)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		36,820		—		36,820		(36,820)		36,820
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities		2,049		—		2,049		(2,049)		2,049
Less: reclassification adjustment for (gains) losses included in net income (loss)		—		—		—		—		—
Unrealized gains (losses) on marketable securities		2,049		—		2,049		(2,049)		2,049
Pension liability amortization and adjustment		468		468		936		(1,404)		468
Unrealized gains (losses) and amortization on cash flow hedges		306		306		306		(612)		306
Other comprehensive income (loss) before tax		39,643		774		40,111		(40,885)		39,643
Income tax expense (benefit) related to items of other comprehensive income (loss)		300		300		481		(781)		300
Other comprehensive income (loss), net of tax		39,343		474		39,630		(40,104)		39,343
Comprehensive income (loss) attributable to Nabors		(543,601)		(186,686)		(655,439)		842,125		(543,601)
Net income (loss) attributable to noncontrolling interest		—		—		(2,175)		—		(2,175)
Translation adjustment attributable to noncontrolling interest		—		—		461		—		461
Comprehensive income (loss) attributable to noncontrolling interest		—		—		(1,714)		—		(1,714)
Comprehensive income (loss)	$	(543,601)	$	(186,686)	$	(657,153)	$	842,125	$	(545,315)

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2017
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	86,986	$	(101,280)	$	90,722	$	(85,958)	$	(9,530)
Cash flows from investing activities:
Purchases of investments		—		—		(4,489)		—		(4,489)
Sales and maturities of investments		—		—		12,429		—		12,429
Cash paid for investments in consolidated affiliates		—		—		(36,000)		36,000		—
Capital expenditures		—		—		(315,769)		—		(315,769)
Proceeds from sales of assets and insurance claims		—		—		18,796		—		18,796
Change in intercompany balances		—		(290,794)		290,794		—		—
Other changes in investing		—		—		(384)		—		(384)
Net cash provided by (used for) investing activities		—		(290,794)		(34,623)		36,000		(289,417)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—		—		(42)		—		(42)
Proceeds from issuance of long-term debt		—		411,200		—		—		411,200
Debt issuance costs		—		(11,037)		—		—		(11,037)
Proceeds from revolving credit facilities		—		100,000		—		—		100,000
Proceeds from parent contributions		—		18,000		18,000		(36,000)		—
Proceeds from (payments for) issuance of common shares		8,300		—		—		—		8,300
Purchase of capped call hedge transactions		—		(40,250)		—		—		(40,250)
Reduction of long-term debt		—		(265,437)		(112,546)		—		(377,983)
Dividends to shareholders		(40,155)		—		—		5,958		(34,197)
Proceeds from (payment for) commercial paper, net		—		171,985		—		—		171,985
Payments on term loan		—		(162,500)		—		—		(162,500)
Proceeds from (payments for) short-term borrowings		—		—		(173)		—		(173)
Cash proceeds from equity component of exchangeable debt		—		159,952		—		—		159,952
Proceeds from issuance of intercompany debt		33,000		20,000		(53,000)		—		—
Noncontrolling interest contribution		—		—		20,000		—		20,000
Paydown of intercompany debt		(79,000)		(20,000)		99,000		—		—
Distributions to Non-controlling interest		—		—		(6,982)		—		(6,982)
Distribution from subsidiary to parent		—		—		(80,000)		80,000		—
Other changes		(7,844)		—		—		—		(7,844)
Net cash (used for) provided by financing activities		(85,699)		381,913		(115,743)		49,958		230,429
Effect of exchange rate changes on cash and cash equivalents		—		—		992		—		992
Net increase (decrease) in cash and cash equivalents		1,287		(10,161)		(58,652)		—		(67,526)
Cash and cash equivalents, beginning of period		1,148		10,177		252,768		—		264,093
Cash and cash equivalents, end of period	$	2,435	$	16	$	194,116	$	—	$	196,567

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2016
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	4,370	$	(134,437)	$	469,720	$	(2,981)	$	336,672
Cash flows from investing activities:
Sales and maturities of investments		—		—		367		—		367
Proceeds from sales of assets and insurance claims		—		—		13,834		—		13,834
Capital expenditures		—		—		(193,234)		—		(193,234)
Change in intercompany balances		—		135,938		(135,938)		—		—
Other		—		—		38		—		38
Net cash provided by (used for) investing activities		—		135,938		(314,933)		—		(178,995)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—		—		294		—		294
Proceeds from (payments for) issuance of common shares		39		—		—		—		39
Reduction in long-term debt		—		—		(148,045)		—		(148,045)
Dividends to shareholders		(19,903)		—		—		2,981		(16,922)
Proceeds from (payments for) commercial paper, net		—		(1,500)		—		—		(1,500)
Proceeds from issuance of intercompany debt		24,500		—		(24,500)		—		—
Proceeds from revolving credit facilities		—		260,000		—		—		260,000
Reduction in revolving credit facilities		—		(260,000)		—		—		(260,000)
Repurchase of common shares		—		—		(1,687)		—		(1,687)
Proceeds from (payments for) short-term borrowings		—		—		(6,333)		—		(6,333)
Other changes		(4,281)		—		1		—		(4,280)
Net cash (used for) provided by financing activities		355		(1,500)		(180,270)		2,981		(178,434)
Effect of exchange rate changes on cash and cash equivalents		—		—		(21)		—		(21)
Net increase (decrease) in cash and cash equivalents		4,725		1		(25,504)		—		(20,778)
Cash and cash equivalents, beginning of period		873		10		253,647		—		254,530
Cash and cash equivalents, end of period	$	5,598	$	11	$	228,143	$	—	$	233,752