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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2017
Segment Information  
Financial information with respect to operating segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2017

    

2016

    

2015

 

 

 

    

 

(In thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Drilling & Rig Technologies:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

$

805,223

 

$

554,072

 

$

1,256,989

 

Canada

 

 

 

 

82,929

 

 

51,472

 

 

137,494

 

International

 

 

 

 

1,474,060

 

 

1,508,890

 

 

1,862,393

 

Drilling Solutions

 

 

 

 

140,701

 

 

63,759

 

 

69,828

 

Rig Technologies

 

 

 

 

234,542

 

 

151,951

 

 

321,238

 

Subtotal Drilling & Rig Technologies

 

 

 

 

2,737,455

 

 

2,330,144

 

 

3,647,942

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

 

 

 

 

 

Completion Services

 

 

 

 

 —

 

 

 —

 

 

207,860

 

Production Services

 

 

 

 

 —

 

 

 —

 

 

158,512

 

Subtotal Completion & Production Services

 

 

 

 

 —

 

 

 —

 

 

366,372

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other reconciling items (1)

 

 

 

 

(173,170)

 

 

(102,305)

 

 

(149,877)

 

Total

 

 

 

$

2,564,285

 

$

2,227,839

 

$

3,864,437

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2017

    

2016

    

2015

 

 

 

    

 

(In thousands)

 

Adjusted operating income (loss): (2)

 

 

 

 

 

 

 

 

 

 

 

 

Drilling & Rig Technologies:

 

 

 

 

 

 

 

 

 

 

 

 

U.S.

 

 

 

$

(213,877)

 

$

(197,710)

 

$

87,051

 

Canada

 

 

 

 

(22,262)

 

 

(36,818)

 

 

(7,029)

 

International

 

 

 

 

108,428

 

 

164,677

 

 

308,262

 

Drilling Solutions

 

 

 

 

16,738

 

 

(16,503)

 

 

(10,879)

 

Rig Technologies

 

 

 

 

(30,964)

 

 

(31,981)

 

 

(1,762)

 

Subtotal Drilling & Rig Technologies

 

 

 

 

(141,937)

 

 

(118,335)

 

 

375,643

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Completion & Production Services:

 

 

 

 

 

 

 

 

 

 

 

 

Completion Services

 

 

 

 

 —

 

 

 —

 

 

(55,243)

 

Production Services

 

 

 

 

 —

 

 

 —

 

 

(3,559)

 

Subtotal Completion & Production Services

 

 

 

 

 —

 

 

 —

 

 

(58,802)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total segment adjusted operating income (loss)

 

 

 

$

(141,937)

 

$

(118,335)

 

$

316,841

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2017

    

2016

    

2015

 

 

 

    

 

(In thousands)

 

Reconciliation of segment adjusted operating income (loss) to net income (loss) from continuing operations before income taxes:

 

 

 

 

 

 

 

 

 

 

 

 

Total segment adjusted operating income (loss) (2)

 

 

 

$

(141,937)

 

$

(118,335)

 

$

316,841

 

Other reconciling items (3)

 

 

 

 

(157,043)

 

 

(130,976)

 

 

(159,880)

 

Earnings (losses) from unconsolidated affiliates

 

 

 

 

 7

 

 

(221,914)

 

 

(75,081)

 

Investment income (loss)

 

 

 

 

1,194

 

 

1,183

 

 

2,308

 

Interest expense

 

 

 

 

(222,889)

 

 

(185,360)

 

 

(181,928)

 

Impairments and other charges

 

 

 

 

(44,536)

 

 

(498,499)

 

 

(368,967)

 

Other, net

 

 

 

 

(14,880)

 

 

(44,174)

 

 

39,172

 

Income (loss) from continuing operations before income taxes

 

 

 

$

(580,084)

 

$

(1,198,075)

 

$

(427,535)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2017

    

2016

    

2015

 

 

 

(In thousands)

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

Drilling & Rig Technologies:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

375,171

 

$

388,367

 

$

425,952

 

Canada

 

 

39,597

 

 

42,143

 

 

46,786

 

International

 

 

400,753

 

 

411,372

 

 

411,004

 

Drilling Solutions

 

 

16,188

 

 

18,598

 

 

11,221

 

Rig Technologies

 

 

11,530

 

 

14,552

 

 

22,398

 

Subtotal Drilling & Rig Technologies

 

 

843,239

 

 

875,032

 

 

917,361

 

Completion & Production Services:

 

 

 

 

 

 

 

 

 

 

Completion Services

 

 

 —

 

 

 —

 

 

27,133

 

Production Services

 

 

 —

 

 

 —

 

 

26,602

 

Subtotal Completion & Production Services

 

 

 —

 

 

 —

 

 

53,735

 

Other reconciling items (3)

 

 

(296)

 

 

(3,401)

 

 

(637)

 

Total

 

$

842,943

 

$

871,631

 

$

970,459

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2017

    

2016

    

2015

 

 

 

(In thousands)

 

Capital expenditures and acquisitions of businesses:

 

 

 

 

 

 

 

 

 

 

Drilling & Rig Technologies:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

330,875

 

$

183,146

 

$

224,819

 

Canada

 

 

17,197

 

 

4,546

 

 

24,167

 

International

 

 

159,817

 

 

169,640

 

 

578,896

 

Drilling Solutions

 

 

58,925

 

 

21,606

 

 

5,506

 

Rig Technologies

 

 

42,368

 

 

2,003

 

 

7,285

 

Subtotal Drilling & Rig Technologies

 

 

609,182

 

 

380,941

 

 

840,673

 

Completion & Production Services

 

 

 —

 

 

 —

 

 

45,691

 

Other reconciling items (3)

 

 

(8,273)

 

 

33,438

 

 

36,872

 

Total

 

$

600,909

 

$

414,379

 

$

923,236

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2017

    

2016

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

 

 

Drilling & Rig Technologies:

 

 

 

 

 

 

 

U.S.

 

$

3,203,560

 

$

3,172,767

 

Canada

 

 

347,773

 

 

329,620

 

International

 

 

3,540,829

 

 

3,600,057

 

Drilling Solutions

 

 

182,162

 

 

81,490

 

Rig Technologies

 

 

459,665

 

 

277,945

 

Subtotal Drilling & Rig Technologies

 

 

7,733,989

 

 

7,461,879

 

Other reconciling items (3)

 

 

667,995

 

 

725,136

 

Total

 

$

8,401,984

 

$
8,187,015

 

(1)

Represents the elimination of inter-segment transactions.

 

(2)

Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Management evaluates the performance of our reportable segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) from continuing operations before income taxes is provided in the above table.

 

(3)

Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.

Schedule of financial information with respect to Nabors' operations by geographic area

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2017

    

2016

    

2015

 

 

 

(In thousands)

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

973,464

 

$

642,835

 

$

1,823,906

 

Outside the U.S.

 

 

1,590,821

 

 

1,585,004

 

 

2,040,531

 

 

 

$

2,564,285

 

$

2,227,839

 

$

3,864,437

 

Property, plant and equipment, net:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

3,163,425

 

$

3,048,749

 

$

3,703,533

 

Outside the U.S.

 

 

2,946,140

 

 

3,218,834

 

 

3,324,269

 

 

 

$

6,109,565

 

$

6,267,583

 

$

7,027,802

 

Goodwill:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

54,198

 

$

54,199

 

$

54,198

 

Outside the U.S.

 

 

119,028

 

 

112,718

 

 

112,461

 

 

 

$

173,226

 

$

166,917

 

$

166,659