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Segment Information (Tables)
 12 Months Ended
Dec. 31, 2018
Segment Information  
Financial information with respect to operating segments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2018

    

2017

    

2016

 

 

 

    

 

(In thousands)

 

Operating revenues:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Drilling

 

 

 

$

1,083,227

 

$

805,223

 

$

554,072

 

Canada Drilling

 

 

 

 

105,000

 

 

82,929

 

 

51,472

 

International Drilling

 

 

 

 

1,469,038

 

 

1,474,060

 

 

1,508,890

 

Drilling Solutions

 

 

 

 

250,242

 

 

140,701

 

 

63,759

 

Rig Technologies

 

 

 

 

270,988

 

 

234,542

 

 

151,951

 

Other reconciling items (1)

 

 

 

 

(120,876)

 

 

(173,170)

 

 

(102,305)

 

Total

 

 

 

$

3,057,619

 

$

2,564,285

 

$

2,227,839

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2018

    

2017

    

2016

 

 

 

    

 

(In thousands)

 

Adjusted operating income (loss): (2)

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Drilling

 

 

 

$

(21,298)

 

$

(213,877)

 

$

(197,710)

 

Canada Drilling

 

 

 

 

(6,166)

 

 

(22,262)

 

 

(36,818)

 

International Drilling

 

 

 

 

74,221

 

 

108,428

 

 

164,677

 

Drilling Solutions

 

 

 

 

37,626

 

 

16,738

 

 

(16,503)

 

Rig Technologies

 

 

 

 

(25,762)

 

 

(30,964)

 

 

(31,981)

 

Total segment adjusted operating income (loss)

 

 

 

$

58,621

 

$

(141,937)

 

$

(118,335)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

 

 

 

2018

    

2017

    

2016

 

 

 

    

 

(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)

 

 

 

$

58,621

 

$

(141,937)

 

$

(118,335)

 

Other reconciling items (3)

 

 

 

 

(166,815)

 

 

(157,043)

 

 

(130,976)

 

Earnings (losses) from unconsolidated affiliates

 

 

 

 

 1

 

 

 7

 

 

(221,914)

 

Investment income (loss)

 

 

 

 

(9,499)

 

 

1,194

 

 

1,183

 

Interest expense

 

 

 

 

(227,124)

 

 

(222,889)

 

 

(185,360)

 

Impairments and other charges

 

 

 

 

(144,446)

 

 

(44,536)

 

 

(498,499)

 

Other, net

 

 

 

 

(29,532)

 

 

(14,880)

 

 

(44,174)

 

Income (loss) from continuing operations before income taxes

 

 

 

$

(518,794)

 

$

(580,084)

 

$

(1,198,075)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

 

 

 

(In thousands)

 

Depreciation and amortization

 

 

 

 

 

 

 

 

 

 

U.S. Drilling

 

$

394,586

 

$

375,171

 

$

388,367

 

Canada Drilling

 

 

37,172

 

 

39,597

 

 

42,143

 

International Drilling

 

 

383,227

 

 

400,753

 

 

411,372

 

Drilling Solutions

 

 

31,037

 

 

16,188

 

 

18,598

 

Rig Technologies

 

 

16,387

 

 

11,530

 

 

14,552

 

Other reconciling items (3)

 

 

4,461

 

 

(296)

 

 

(3,401)

 

Total

 

$

866,870

 

$

842,943

 

$

871,631

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31,

 

 

    

2018

    

2017

    

2016

 

 

 

(In thousands)

 

Capital expenditures:

 

 

 

 

 

 

 

 

 

 

U.S. Drilling

 

$

222,338

 

$

330,875

 

$

183,146

 

Canada Drilling

 

 

12,981

 

 

17,197

 

 

4,546

 

International Drilling

 

 

172,565

 

 

159,817

 

 

169,640

 

Drilling Solutions

 

 

30,709

 

 

35,617

 

 

21,606

 

Rig Technologies

 

 

12,250

 

 

4,715

 

 

2,003

 

Other reconciling items (3)

 

 

2,592

 

 

(9,030)

 

 

33,438

 

Total

 

$

453,435

 

$

539,191

 

$

414,379

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

    

2018

    

2017

 

 

 

(In thousands)

 

Total assets:

 

 

 

 

 

 

 

U.S. Drilling

 

$

2,982,974

 

$

3,203,560

 

Canada Drilling

 

 

252,817

 

 

347,773

 

International Drilling

 

 

3,320,347

 

 

3,540,829

 

Drilling Solutions

 

 

281,078

 

 

182,162

 

Rig Technologies

 

 

401,044

 

 

459,665

 

Other reconciling items (3)

 

 

615,684

 

 

667,995

 

Total

 

$

7,853,944

 

$
8,401,984

 

(1)

Represents the elimination of inter-segment transactions.

 

(2)

Adjusted operating income (loss) represents income (loss) from continuing operations before income taxes, interest expense, earnings (losses) from unconsolidated affiliates, investment income (loss), impairments and other charges and other, net. Management evaluates the performance of our operating 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,

 

 

    

2018

    

2017

    

2016

 

 

 

(In thousands)

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

1,347,448

 

$

973,464

 

$

642,835

 

Outside the U.S.

 

 

1,710,171

 

 

1,590,821

 

 

1,585,004

 

 

 

$

3,057,619

 

$

2,564,285

 

$

2,227,839

 

Property, plant and equipment, net:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

2,892,910

 

$

3,163,425

 

$

3,048,749

 

Outside the U.S.

 

 

2,574,960

 

 

2,946,140

 

 

3,218,834

 

 

 

$

5,467,870

 

$

6,109,565

 

$

6,267,583

 

Goodwill:

 

 

 

 

 

 

 

 

 

 

U.S.

 

$

65,633

 

$

54,198

 

$

54,199

 

Outside the U.S.

 

 

118,281

 

 

119,028

 

 

112,718

 

 

 

$

183,914

 

$

173,226

 

$

166,917