Condensed Consolidating Financial Information

6 Months Ended

Jun. 30, 2019

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Note 14 Condensed Consolidating Financial Information

Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a 100% 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, 2019 and December 31, 2018, statements of income (loss) and statements of other comprehensive income (loss) for the three and six months ended June 30, 2019 and 2018, and statements of cash flows for the six months ended June 30, 2019 and 2018 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, 2019
					Other
	Nabors			Nabors	Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	323	$	40	$	367,330	$	—	$	367,693
Short-term investments		—		—		28,023		—		28,023
Accounts receivable, net		—		—		737,353		—		737,353
Inventory, net		—		—		178,367		—		178,367
Assets held for sale		—		—		8,004		—		8,004
Other current assets		295		—		146,944		—		147,239
Total current assets		618		40		1,466,021		—		1,466,679
Property, plant and equipment, net		—		—		5,301,252		—		5,301,252
Goodwill		—		—		90,645		—		90,645
Intercompany receivables		100,659		75,484		2,611		(178,754)		—
Investment in consolidated affiliates		2,293,463		5,691,496		4,207,154		(12,192,113)		—
Deferred income taxes		—		411,220		357,267		(411,220)		357,267
Other long-term assets		—		79		305,906		(7,325)		298,660
Total assets	$	2,394,740	$	6,178,319	$	11,730,856	$	(12,789,412)	$	7,514,503
	LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	—	$	790	$	—	$	790
Trade accounts payable		194		55		410,220		—		410,469
Accrued liabilities		8,284		53,807		257,672		—		319,763
Income taxes payable		—		—		27,179		—		27,179
Current lease liabilities		—		—		13,966		—		13,966
Total current liabilities		8,478		53,862		709,827		—		772,167
Long-term debt		—		3,557,902		—		(7,325)		3,550,577
Other long-term liabilities		—		29,331		264,797		—		294,128
Deferred income taxes		—		—		438,668		(411,220)		27,448
Intercompany payable		4,748		—		174,006		(178,754)		—
Total liabilities		13,226		3,641,095		1,587,298		(597,299)		4,644,320
Redeemable noncontrolling interest in subsidiary		—		—		415,042		—		415,042
Shareholders’ equity		2,381,514		2,537,224		9,654,889		(12,192,113)		2,381,514
Noncontrolling interest		—		—		73,627		—		73,627
Total equity		2,381,514		2,537,224		9,728,516		(12,192,113)		2,455,141
Total liabilities and equity	$	2,394,740	$	6,178,319	$	11,730,856	$	(12,789,412)	$	7,514,503

Condensed Consolidating Balance Sheets

	December 31, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	474	$	42	$	447,250	$	—	$	447,766
Short-term investments		—		—		34,036		—		34,036
Accounts receivable, net		—		—		756,320		—		756,320
Inventory, net		—		—		165,587		—		165,587
Assets held for sale		—		—		12,250		—		12,250
Other current assets		50		433		177,121		—		177,604
Total current assets		524		475		1,592,564		—		1,593,563
Property, plant and equipment, net		—		—		5,467,870		—		5,467,870
Goodwill		—		—		183,914		—		183,914
Intercompany receivables		95,946		218,129		2,611		(316,686)		—
Investment in consolidated affiliates		2,658,827		5,494,886		4,079,269		(12,232,982)		—
Deferred income taxes		—		388,089		345,091		(388,089)		345,091
Other long-term assets		—		142		277,689		(14,325)		263,506
Total assets	$	2,755,297	$	6,101,721	$	11,949,008	$	(12,952,082)	$	7,853,944
	LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	—	$	561	$	—	$	561
Trade accounts payable		132		14		392,697		—		392,843
Accrued liabilities		28,815		62,830		326,267		—		417,912
Income taxes payable		—		—		20,761		—		20,761
Total current liabilities		28,947		62,844		740,286		—		832,077
Long-term debt		—		3,600,209		—		(14,325)		3,585,884
Other long-term liabilities		—		29,331		245,154		—		274,485
Deferred income taxes		—		—		394,400		(388,089)		6,311
Intercompany payable		25,500		—		291,186		(316,686)		—
Total liabilities		54,447		3,692,384		1,671,026		(719,100)		4,698,757
Redeemable noncontrolling interest in subsidiary		—		—		404,861		—		404,861
Shareholders’ equity		2,700,850		2,409,337		9,823,645		(12,232,982)		2,700,850
Noncontrolling interest		—		—		49,476		—		49,476
Total equity		2,700,850		2,409,337		9,873,121		(12,232,982)		2,750,326
Total liabilities and equity	$	2,755,297	$	6,101,721	$	11,949,008	$	(12,952,082)	$	7,853,944

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2019
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	771,406	$	—	$	771,406
Earnings (losses) from consolidated affiliates		(201,253)		122,615		83,977		(5,339)		—
Investment income (loss)		—		—		997		(528)		469
Total revenues and other income		(201,253)		122,615		856,380		(5,867)		771,875
Costs and other deductions:
Direct costs		—		—		496,664		—		496,664
General and administrative expenses		1,984		137		62,644		(350)		64,415
Research and engineering		—		—		11,920		—		11,920
Depreciation and amortization		—		32		218,287		—		218,319
Interest expense, net		—		52,074		(583)		—		51,491
Impairments and other charges		—		—		102,570		—		102,570
Other, net		279		(2,064)		9,334		350		7,899
Intercompany interest expense, net		48		—		(48)		—		—
Total costs and other deductions		2,311		50,179		900,788		—		953,278
Income (loss) from continuing operations before income taxes		(203,564)		72,436		(44,408)		(5,867)		(181,403)
Income tax expense (benefit)		—		(11,541)		22,939		—		11,398
Income (loss) from continuing operations, net of tax		(203,564)		83,977		(67,347)		(5,867)		(192,801)
Income (loss) from discontinued operations, net of tax		—		—		(34)		—		(34)
Net income (loss)		(203,564)		83,977		(67,381)		(5,867)		(192,835)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(10,729)		—		(10,729)
Net income (loss) attributable to Nabors		(203,564)		83,977		(78,110)		(5,867)		(203,564)
Less: Preferred stock dividend		(4,312)		—		—		—		(4,312)
Net income (loss) attributable to Nabors common shareholders	$	(207,876)	$	83,977	$	(78,110)	$	(5,867)	$	(207,876)

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended June 30, 2018
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	761,920	$	—	$	761,920
Earnings (losses) from unconsolidated affiliates		—		—		(1)		—		(1)
Earnings (losses) from consolidated affiliates		(194,594)		59,040		12,080		123,474		—
Investment income (loss)		—		—		4		(3,168)		(3,164)
Total revenues and other income		(194,594)		59,040		774,003		120,306		758,755
Costs and other deductions:
Direct costs		—		—		493,975		—		493,975
General and administrative expenses		2,854		157		65,151		(339)		67,823
Research and engineering		—		—		12,439		—		12,439
Depreciation and amortization		—		32		218,230		—		218,262
Interest expense, net		—		60,798		(206)		—		60,592
Impairments and other charges		—		—		69,620		—		69,620
Other, net		1,204		—		6,438		339		7,981
Intercompany interest expense		100		—		(100)		—		—
Total costs and other deductions		4,158		60,987		865,547		—		930,692
Income (loss) from continuing operations before income taxes		(198,752)		(1,947)		(91,544)		120,306		(171,937)
Income tax expense (benefit)		—		(14,027)		37,305		—		23,278
Income (loss) from continuing operations, net of tax		(198,752)		12,080		(128,849)		120,306		(195,215)
Income (loss) from discontinued operations, net of tax		—		—		(584)		—		(584)
Net income (loss)		(198,752)		12,080		(129,433)		120,306		(195,799)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(2,953)		—		(2,953)
Net income (loss) attributable to Nabors	$	(198,752)	$	12,080	$	(132,386)	$	120,306	$	(198,752)
Less: Preferred stock dividend		(3,680)		—		—		—		(3,680)
Net income (loss) attributable to Nabors common shareholders	$	(202,432)	$	12,080	$	(132,386)	$	120,306	$	(202,432)

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2019
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	1,571,046	$	—	$	1,571,046
Earnings (losses) from unconsolidated affiliates		—		—		(5)		—		(5)
Earnings (losses) from consolidated affiliates		(316,299)		196,533		119,094		672		—
Investment income (loss)		—		—		11,202		(1,056)		10,146
Total revenues and other income		(316,299)		196,533		1,701,337		(384)		1,581,187
Costs and other deductions:
Direct costs		—		—		1,017,621		—		1,017,621
General and administrative expenses		4,398		414		128,294		(524)		132,582
Research and engineering		—		—		25,440		—		25,440
Depreciation and amortization		—		63		428,647		—		428,710
Interest expense, net		—		104,824		(981)		—		103,843
Impairments and other charges		—		—		99,903		—		99,903
Other, net		516		(4,731)		31,759		524		28,068
Intercompany interest expense, net		60		—		(60)		—		—
Total costs and other deductions		4,974		100,570		1,730,623		—		1,836,167
Income (loss) from continuing operations before income taxes		(321,273)		95,963		(29,286)		(384)		(254,980)
Income tax expense (benefit)		—		(23,131)		64,328		—		41,197
Income (loss) from continuing operations, net of tax		(321,273)		119,094		(93,614)		(384)		(296,177)
Income (loss) from discontinued operations, net of tax		—		—		(191)		—		(191)
Net income (loss)		(321,273)		119,094		(93,805)		(384)		(296,368)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(24,905)		—		(24,905)
Net income (loss) attributable to Nabors		(321,273)		119,094		(118,710)		(384)		(321,273)
Less: Preferred stock dividend		(8,625)		—		—		—		(8,625)
Net income (loss) attributable to Nabors common shareholders	$	(329,898)	$	119,094	$	(118,710)	$	(384)	$	(329,898)

Condensed Consolidating Statements of Income (Loss)

	Six Months Ended June 30, 2018
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	1,496,114	$	—	$	1,496,114
Earnings (losses) from unconsolidated affiliates		—		—		1		—		1
Earnings (losses) from consolidated affiliates		(336,419)		83,025		(14,445)		267,839		—
Investment income (loss)		2		—		3,448		(6,149)		(2,699)
Total revenues and other income		(336,417)		83,025		1,485,118		261,690		1,493,416
Costs and other deductions:
Direct costs		—		—		969,378		—		969,378
General and administrative expenses		5,237		399		137,266		(508)		142,394
Research and engineering		—		—		28,245		—		28,245
Depreciation and amortization		—		62		431,648		—		431,710
Interest expense, net		—		126,123		(4,145)		—		121,978
Impairments and other charges		—		—		76,664		—		76,664
Other, net		1,199		—		13,319		508		15,026
Intercompany interest expense, net		100		—		(100)		—		—
Total costs and other deductions		6,536		126,584		1,652,275		—		1,785,395
Income (loss) from continuing operations before income taxes		(342,953)		(43,559)		(167,157)		261,690		(291,979)
Income tax expense (benefit)		—		(29,114)		75,937		—		46,823
Income (loss) from continuing operations, net of tax		(342,953)		(14,445)		(243,094)		261,690		(338,802)
Income (loss) from discontinued operations, net of tax		—		—		(659)		—		(659)
Net income (loss)		(342,953)		(14,445)		(243,753)		261,690		(339,461)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(3,492)		—		(3,492)
Net income (loss) attributable to Nabors	$	(342,953)	$	(14,445)	$	(247,245)	$	261,690	$	(342,953)
Less: Preferred stock dividend		(3,680)		—		—		—		(3,680)
Net income (loss) attributable to Nabors common shareholders	$	(346,633)	$	(14,445)	$	(247,245)	$	261,690	$	(346,633)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2019
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(203,564)	$	83,977	$	(78,110)	$	(5,867)	$	(203,564)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		6,349		—		6,349		(6,349)		6,349
Pension liability amortization and adjustment		54		54		108		(162)		54
Unrealized gains (losses) and amortization on cash flow hedges		142		142		142		(284)		142
Other comprehensive income (loss) before tax		6,545		196		6,599		(6,795)		6,545
Income tax expense (benefit) related to items of other comprehensive income (loss)		48		48		96		(144)		48
Other comprehensive income (loss), net of tax		6,497		148		6,503		(6,651)		6,497
Comprehensive income (loss) attributable to Nabors		(197,067)		84,125		(71,607)		(12,518)		(197,067)
Net income (loss) attributable to noncontrolling interest		—		—		10,729		—		10,729
Translation adjustment attributable to noncontrolling interest		—		—		7		—		7
Comprehensive income (loss) attributable to noncontrolling interest		—		—		10,736		—		10,736
Comprehensive income (loss)	$	(197,067)	$	84,125	$	(60,871)	$	(12,518)	$	(186,331)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended June 30, 2018
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(198,752)	$	12,080	$	(132,386)	$	120,306	$	(198,752)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		(5,570)		—		(5,570)		5,570		(5,570)
Pension liability amortization and adjustment		54		54		108		(162)		54
Unrealized gains (losses) and amortization on cash flow hedges		142		142		142		(284)		142
Other comprehensive income (loss) before tax		(5,374)		196		(5,320)		5,124		(5,374)
Income tax expense (benefit) related to items of other comprehensive income (loss)		48		48		96		(144)		48
Other comprehensive income (loss), net of tax		(5,422)		148		(5,416)		5,268		(5,422)
Comprehensive income (loss) attributable to Nabors		(204,174)		12,228		(137,802)		125,574		(204,174)
Net income (loss) attributable to noncontrolling interest		—		—		2,953		—		2,953
Translation adjustment attributable to noncontrolling interest		—		—		(63)		—		(63)
Comprehensive income (loss) attributable to noncontrolling interest		—		—		2,890		—		2,890
Comprehensive income (loss)	$	(204,174)	$	12,228	$	(134,912)	$	125,574	$	(201,284)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2019
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(321,273)	$	119,094	$	(118,710)	$	(384)	$	(321,273)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		15,539		(2)		15,539		(15,537)		15,539
Pension liability amortization and adjustment		108		108		216		(324)		108
Unrealized gains (losses) and amortization on cash flow hedges		282		282		282		(564)		282
Other comprehensive income (loss) before tax		15,929		388		16,037		(16,425)		15,929
Income tax expense (benefit) related to items of other comprehensive income (loss)		94		94		188		(282)		94
Other comprehensive income (loss), net of tax		15,835		294		15,849		(16,143)		15,835
Comprehensive income (loss) attributable to Nabors		(305,438)		119,388		(102,861)		(16,527)		(305,438)
Net income (loss) attributable to noncontrolling interest		—		—		24,905		—		24,905
Translation adjustment attributable to noncontrolling interest		—		—		59		—		59
Comprehensive income (loss) attributable to noncontrolling interest		—		—		24,964		—		24,964
Comprehensive income (loss)	$	(305,438)	$	119,388	$	(77,897)	$	(16,527)	$	(280,474)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Six Months Ended June 30, 2018
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(342,953)	$	(14,445)	$	(247,245)	$	261,690	$	(342,953)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		(14,913)		—		(14,913)		14,913		(14,913)
Pension liability amortization and adjustment		108		108		216		(324)		108
Unrealized gains (losses) and amortization on cash flow hedges		282		282		282		(564)		282
Adoption of ASU No. 2016-01		(9,144)		—		(9,144)		9,144		(9,144)
Other comprehensive income (loss) before tax		(23,667)		390		(23,559)		23,169		(23,667)
Income tax expense (benefit) related to items of other comprehensive income (loss)		91		91		182		(273)		91
Other comprehensive income (loss), net of tax		(23,758)		299		(23,741)		23,442		(23,758)
Comprehensive income (loss) attributable to Nabors		(366,711)		(14,146)		(270,986)		285,132		(366,711)
Net income (loss) attributable to noncontrolling interest		—		—		3,492		—		3,492
Translation adjustment attributable to noncontrolling interest		—		—		(159)		—		(159)
Comprehensive income (loss) attributable to noncontrolling interest		—		—		3,333		—		3,333
Comprehensive income (loss)	$	(366,711)	$	(14,146)	$	(267,653)	$	285,132	$	(363,378)

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2019
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	59,249	$	(91,938)	$	364,770	$	(58,996)	$	273,085
Cash flows from investing activities:
Purchases of investments		—		—		(4,572)		—		(4,572)
Sales and maturities of investments		—		—		11,919		—		11,919
Cash paid for acquisitions of businesses, net of cash acquired		—		—		(2,929)		—		(2,929)
Cash paid for investments in consolidated affiliates		—		—		(8,500)		8,500		—
Capital expenditures		—		—		(274,479)		—		(274,479)
Proceeds from sales of assets and insurance claims		—		—		11,857		—		11,857
Change in intercompany balances		—		142,645		(142,645)		—		—
Net cash provided by (used for) investing activities		—		142,645		(409,349)		8,500		(258,204)
Cash flows from financing activities:
Debt issuance costs		—		(49)		—		—		(49)
Proceeds from revolving credit facilities		—		790,000		—		—		790,000
Proceeds from parent contributions		—		8,500		—		(8,500)		—
Proceeds from issuance of common shares, net of issuance costs		6		—		(6)		—		—
Reduction of long-term debt		—		(361,966)		—		—		(361,966)
Reduction in revolving credit facilities		—		(480,000)		—		—		(480,000)
Dividends to common and preferred shareholders		(36,926)		—		(475)		3,696		(33,705)
Proceeds from (payments for) short-term borrowings		—		—		229		—		229
Proceeds from issuance of preferred stock, net of issuance costs		—		—		—		—		—
Proceeds from issuance of intercompany debt		4,700		—		(4,700)		—		—
Paydown of intercompany debt		(25,500)		(7,194)		32,694		—		—
Distributions to Non-controlling interest		—		—		(814)		—		(814)
Distribution from subsidiary to parent		—		—		(55,300)		55,300		—
Other changes		(1,680)		—		(657)		—		(2,337)
Net cash (used for) provided by financing activities		(59,400)		(50,709)		(29,029)		50,496		(88,642)
Effect of exchange rate changes on cash and cash equivalents		—		—		(1,968)		—		(1,968)
Net increase (decrease) in cash, cash equivalents and restricted cash		(151)		(2)		(75,576)		—		(75,729)
Cash, cash equivalents and restricted cash, beginning of period		474		42		450,564		—		451,080
Cash, cash equivalents and restricted cash, end of period	$	323	$	40	$	374,988	$	—	$	375,351

Condensed Consolidating Statements Cash Flows

	Six Months Ended June 30, 2018
			Nabors		Other
	Nabors		Delaware		Subsidiaries
	(Parent/		(Issuer/		(Non-		Consolidating
	Guarantor)		Guarantor)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	56,041	$	(102,233)	$	151,698	$	(28,149)	$	77,357
Cash flows from investing activities:
Purchases of investments		—		—		(676)		—		(676)
Sales and maturities of investments		—		—		2,602		—		2,602
Cash paid for investments in consolidated affiliates		(587,500)		—		(199,000)		786,500		—
Capital expenditures		—		—		(209,471)		—		(209,471)
Proceeds from sale of assets and insurance claims		—		—		77,272		—		77,272
Change in intercompany balances		—		127,059		(127,059)		—		—
Net cash provided by (used for) investing activities		(587,500)		127,059		(456,332)		786,500		(130,273)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—		—		(344)		—		(344)
Debt issuance costs		—		(12,990)		—		—		(12,990)
Proceeds from issuance of common shares, net of issuance costs		302,014		—		—		—		302,014
Reduction in long-term debt		—		(460,837)		—		—		(460,837)
Reduction in revolving credit facilities		—		(1,135,000)		—		—		(1,135,000)
Dividends to common and preferred shareholders		(42,349)		—		—		6,149		(36,200)
Proceeds from (payments for) commercial paper, net		—		(40,000)		—		—		(40,000)
Proceeds from (payments for) issuance of intercompany debt		20,000		—		(20,000)		—		—
Proceeds from issuance of preferred stock, net of issuance costs		278,573		—		—		—		278,573
Proceeds from revolving credit facilities		—		625,000		—		—		625,000
Proceeds from issuance of long-term debt		—		800,000		—		—		800,000
Paydown of intercompany debt		(21,000)		—		21,000		—		—
Distributions to Non-controlling interest		—		—		(4,676)		—		(4,676)
Proceeds from (payments for) short-term borrowings		—		—		62		—		62
Proceeds from parent contributions		—		199,000		587,500		(786,500)		—
Distribution from subsidiary to parent		—		—		(22,000)		22,000		—
Other changes		(3,688)		—		—		—		(3,688)
Net cash (used for) provided by financing activities		533,550		(24,827)		561,542		(758,351)		311,914
Effect of exchange rate changes on cash and cash equivalents		—		—		(3,637)		—		(3,637)
Net increase (decrease) in cash, cash equivalents and restricted cash		2,091		(1)		253,271		—		255,361
Cash, cash equivalents and restricted cash, beginning of period		1,091		44		340,894		—		342,029
Cash, cash equivalents and restricted cash, end of period	$	3,182	$	43	$	594,165	$	—	$	597,390