Condensed Consolidating Financial Information

9 Months Ended

Sep. 30, 2019

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information

Note 15 Condensed Consolidating Financial Information

Nabors has fully and unconditionally guaranteed on a joint and several basis 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 September 30, 2019 and December 31, 2018, statements of income (loss) and statements of other comprehensive income (loss) for the three and nine months ended September 30, 2019 and 2018, and statements of cash flows for the nine months ended September 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

	September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
	ASSETS
Current assets:
Cash and cash equivalents	$	349	$	39	$	396,549	$	—	$	396,937
Short-term investments		—		—		22,000		—		22,000
Accounts receivable, net		—		—		613,527		—		613,527
Inventory, net		—		—		186,124		—		186,124
Assets held for sale		—		—		8,037		—		8,037
Other current assets		172		—		153,551		—		153,723
Total current assets		521		39		1,379,788		—		1,380,348
Property, plant and equipment, net		—		—		5,152,236		—		5,152,236
Goodwill		—		—		90,543		—		90,543
Intercompany receivables		94,749		—		2,611		(97,360)		—
Investment in consolidated affiliates		2,167,547		5,787,607		4,269,318		(12,224,472)		—
Deferred income taxes		—		423,318		353,181		(423,318)		353,181
Other long-term assets		—		132		304,382		(7,325)		297,189
Total assets	$	2,262,817	$	6,211,096	$	11,552,059	$	(12,752,475)	$	7,273,497
	LIABILITIES AND EQUITY
Current liabilities:
Current portion of debt	$	—	$	—	$	1,058	$	—	$	1,058
Trade accounts payable		190		244		364,224		—		364,658
Accrued liabilities		8,374		18,558		252,249		—		279,181
Income taxes payable		—		—		23,837		—		23,837
Current lease liabilities		—		—		13,570		—		13,570
Total current liabilities		8,564		18,802		654,938		—		682,304
Long-term debt		—		3,523,917		—		(7,325)		3,516,592
Other long-term liabilities		—		29,331		255,057		—		284,388
Deferred income taxes		—		—		452,427		(423,318)		29,109
Intercompany payable		2,548		46,109		48,703		(97,360)		—
Total liabilities		11,112		3,618,159		1,411,125		(528,003)		4,512,393
Redeemable noncontrolling interest in subsidiary		—		—		420,217		—		420,217
Shareholders’ equity		2,251,705		2,592,937		9,631,535		(12,224,472)		2,251,705
Noncontrolling interest		—		—		89,182		—		89,182
Total equity		2,251,705		2,592,937		9,720,717		(12,224,472)		2,340,887
Total liabilities and equity	$	2,262,817	$	6,211,096	$	11,552,059	$	(12,752,475)	$	7,273,497

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 September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	758,076	$	—	$	758,076
Earnings (losses) from consolidated affiliates		(116,696)		96,069		55,565		(34,938)		—
Investment income (loss)		—		—		(909)		(528)		(1,437)
Total revenues and other income		(116,696)		96,069		812,732		(35,466)		756,639
Costs and other deductions:
Direct costs		—		3		475,458		—		475,461
General and administrative expenses		1,894		163		61,870		(350)		63,577
Research and engineering		—		—		12,004		—		12,004
Depreciation and amortization		—		31		221,526		—		221,557
Interest expense, net		—		51,691		(400)		—		51,291
Impairments and other charges		—		—		3,629		—		3,629
Other, net		300		714		3,641		350		5,005
Intercompany interest expense, net		38		—		(38)		—		—
Total costs and other deductions		2,232		52,602		777,690		—		832,524
Income (loss) from continuing operations before income taxes		(118,928)		43,467		35,042		(35,466)		(75,885)
Income tax expense (benefit)		—		(12,098)		36,001		—		23,903
Income (loss) from continuing operations, net of tax		(118,928)		55,565		(959)		(35,466)		(99,788)
Income (loss) from discontinued operations, net of tax		—		—		157		—		157
Net income (loss)		(118,928)		55,565		(802)		(35,466)		(99,631)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(19,297)		—		(19,297)
Net income (loss) attributable to Nabors		(118,928)		55,565		(20,099)		(35,466)		(118,928)
Less: Preferred stock dividend		(4,310)		—		—		—		(4,310)
Net income (loss) attributable to Nabors common shareholders	$	(123,238)	$	55,565	$	(20,099)	$	(35,466)	$	(123,238)

Condensed Consolidating Statements of Income (Loss)

	Three Months Ended September 30, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	779,425	$	—	$	779,425
Earnings (losses) from unconsolidated affiliates		—		—		—		—		—
Earnings (losses) from consolidated affiliates		(112,066)		78,395		30,508		3,163		—
Investment income (loss)		—		—		1,826		(3,168)		(1,342)
Total revenues and other income		(112,066)		78,395		811,759		(5)		778,083
Costs and other deductions:
Direct costs		—		—		497,194		—		497,194
General and administrative expenses		2,294		94		64,415		10		66,813
Research and engineering		—		—		14,458		—		14,458
Depreciation and amortization		—		31		208,486		—		208,517
Interest expense, net		—		51,590		(175)		—		51,415
Impairments and other charges		—		10,476		3,294		—		13,770
Other, net		206		—		8,941		(10)		9,137
Intercompany interest expense		11		—		(11)		—		—
Total costs and other deductions		2,511		62,191		796,602		—		861,304
Income (loss) from continuing operations before income taxes		(114,577)		16,204		15,157		(5)		(83,221)
Income tax expense (benefit)		—		(14,304)		24,793		—		10,489
Income (loss) from continuing operations, net of tax		(114,577)		30,508		(9,636)		(5)		(93,710)
Income (loss) from discontinued operations, net of tax		—		—		(13,933)		—		(13,933)
Net income (loss)		(114,577)		30,508		(23,569)		(5)		(107,643)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(6,934)		—		(6,934)
Net income (loss) attributable to Nabors	$	(114,577)	$	30,508	$	(30,503)	$	(5)	$	(114,577)
Less: Preferred stock dividend		(4,313)		—		—		—		(4,313)
Net income (loss) attributable to Nabors common shareholders	$	(118,890)	$	30,508	$	(30,503)	$	(5)	$	(118,890)

Condensed Consolidating Statements of Income (Loss)

	Nine Months Ended September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	2,329,122	$	—	$	2,329,122
Earnings (losses) from unconsolidated affiliates		—		—		(5)		—		(5)
Earnings (losses) from consolidated affiliates		(432,995)		292,602		174,659		(34,266)		—
Investment income (loss)		—		—		10,293		(1,584)		8,709
Total revenues and other income		(432,995)		292,602		2,514,069		(35,850)		2,337,826
Costs and other deductions:
Direct costs		—		3		1,493,079		—		1,493,082
General and administrative expenses		6,292		577		190,164		(874)		196,159
Research and engineering		—		—		37,444		—		37,444
Depreciation and amortization		—		94		650,173		—		650,267
Interest expense, net		—		156,515		(1,381)		—		155,134
Impairments and other charges		—		—		106,007		—		106,007
Other, net		816		(4,017)		32,925		874		30,598
Intercompany interest expense, net		98		—		(98)		—		—
Total costs and other deductions		7,206		153,172		2,508,313		—		2,668,691
Income (loss) from continuing operations before income taxes		(440,201)		139,430		5,756		(35,850)		(330,865)
Income tax expense (benefit)		—		(35,229)		100,329		—		65,100
Income (loss) from continuing operations, net of tax		(440,201)		174,659		(94,573)		(35,850)		(395,965)
Income (loss) from discontinued operations, net of tax		—		—		(34)		—		(34)
Net income (loss)		(440,201)		174,659		(94,607)		(35,850)		(395,999)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(44,202)		—		(44,202)
Net income (loss) attributable to Nabors		(440,201)		174,659		(138,809)		(35,850)		(440,201)
Less: Preferred stock dividend		(12,935)		—		—		—		(12,935)
Net income (loss) attributable to Nabors common shareholders	$	(453,136)	$	174,659	$	(138,809)	$	(35,850)	$	(453,136)

Condensed Consolidating Statements of Income (Loss)

	Nine Months Ended September 30, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Revenues and other income:
Operating revenues	$	—	$	—	$	2,275,539	$	—	$	2,275,539
Earnings (losses) from unconsolidated affiliates		—		—		1		—		1
Earnings (losses) from consolidated affiliates		(448,485)		161,420		16,063		271,002		—
Investment income (loss)		2		—		5,274		(9,317)		(4,041)
Total revenues and other income		(448,483)		161,420		2,296,877		261,685		2,271,499
Costs and other deductions:
Direct costs		—		—		1,466,572		—		1,466,572
General and administrative expenses		7,531		493		201,681		(498)		209,207
Research and engineering		—		—		42,703		—		42,703
Depreciation and amortization		—		93		640,134		—		640,227
Interest expense, net		—		177,713		(4,320)		—		173,393
Impairments and other charges		—		10,476		79,958		—		90,434
Other, net		1,405		—		22,260		498		24,163
Intercompany interest expense, net		111		—		(111)		—		—
Total costs and other deductions		9,047		188,775		2,448,877		—		2,646,699
Income (loss) from continuing operations before income taxes		(457,530)		(27,355)		(152,000)		261,685		(375,200)
Income tax expense (benefit)		—		(43,418)		100,730		—		57,312
Income (loss) from continuing operations, net of tax		(457,530)		16,063		(252,730)		261,685		(432,512)
Income (loss) from discontinued operations, net of tax		—		—		(14,592)		—		(14,592)
Net income (loss)		(457,530)		16,063		(267,322)		261,685		(447,104)
Less: Net (income) loss attributable to noncontrolling interest		—		—		(10,426)		—		(10,426)
Net income (loss) attributable to Nabors	$	(457,530)	$	16,063	$	(277,748)	$	261,685	$	(457,530)
Less: Preferred stock dividend		(7,993)		—		—		—		(7,993)
Net income (loss) attributable to Nabors common shareholders	$	(465,523)	$	16,063	$	(277,748)	$	261,685	$	(465,523)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(118,928)	$	55,565	$	(20,099)	$	(35,466)	$	(118,928)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		(3,225)		—		(3,225)		3,225		(3,225)
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		(3,029)		196		(2,975)		2,779		(3,029)
Income tax expense (benefit) related to items of other comprehensive income (loss)		48		48		96		(144)		48
Other comprehensive income (loss), net of tax		(3,077)		148		(3,071)		2,923		(3,077)
Comprehensive income (loss) attributable to Nabors		(122,005)		55,713		(23,170)		(32,543)		(122,005)
Net income (loss) attributable to noncontrolling interest		—		—		19,297		—		19,297
Translation adjustment attributable to noncontrolling interest		—		—		(4)		—		(4)
Comprehensive income (loss) attributable to noncontrolling interest		—		—		19,293		—		19,293
Comprehensive income (loss)	$	(122,005)	$	55,713	$	(3,877)	$	(32,543)	$	(102,712)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Three Months Ended September 30, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(114,577)	$	30,508	$	(30,503)	$	(5)	$	(114,577)
Other comprehensive income (loss) before tax:
Translation adjustment attributable to Nabors		5,309		—		5,309		(5,309)		5,309
Pension liability amortization and adjustment		54		54		108		(162)		54
Unrealized gains (losses) and amortization on cash flow hedges		143		143		143		(286)		143
Other comprehensive income (loss) before tax		5,506		197		5,560		(5,757)		5,506
Income tax expense (benefit) related to items of other comprehensive income (loss)		48		48		96		(144)		48
Other comprehensive income (loss), net of tax		5,458		149		5,464		(5,613)		5,458
Comprehensive income (loss) attributable to Nabors		(109,119)		30,657		(25,039)		(5,618)		(109,119)
Net income (loss) attributable to noncontrolling interest		—		—		6,934		—		6,934
Translation adjustment attributable to noncontrolling interest		—		—		58		—		58
Comprehensive income (loss) attributable to noncontrolling interest		—		—		6,992		—		6,992
Comprehensive income (loss)	$	(109,119)	$	30,657	$	(18,047)	$	(5,618)	$	(102,127)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Nine Months Ended September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(440,201)	$	174,659	$	(138,809)	$	(35,850)	$	(440,201)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		12,314		1		12,314		(12,315)		12,314
Pension liability amortization and adjustment		162		162		324		(486)		162
Unrealized gains (losses) and amortization on cash flow hedges		424		424		424		(848)		424
Other comprehensive income (loss) before tax		12,900		587		13,062		(13,649)		12,900
Income tax expense (benefit) related to items of other comprehensive income (loss)		142		142		284		(426)		142
Other comprehensive income (loss), net of tax		12,758		445		12,778		(13,223)		12,758
Comprehensive income (loss) attributable to Nabors		(427,443)		175,104		(126,031)		(49,073)		(427,443)
Net income (loss) attributable to noncontrolling interest		—		—		44,202		—		44,202
Translation adjustment attributable to noncontrolling interest		—		—		55		—		55
Comprehensive income (loss) attributable to noncontrolling interest		—		—		44,257		—		44,257
Comprehensive income (loss)	$	(427,443)	$	175,104	$	(81,774)	$	(49,073)	$	(383,186)

Condensed Consolidating Statements of Comprehensive Income (Loss)

	Nine Months Ended September 30, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net income (loss) attributable to Nabors	$	(457,530)	$	16,063	$	(277,748)	$	261,685	$	(457,530)
Other comprehensive income (loss) before tax
Translation adjustment attributable to Nabors		(9,604)		—		(9,604)		9,604		(9,604)
Pension liability amortization and adjustment		162		162		324		(486)		162
Unrealized gains (losses) and amortization on cash flow hedges		425		425		425		(850)		425
Adoption of ASU No. 2016-01		(9,144)		—		(9,144)		9,144		(9,144)
Other comprehensive income (loss) before tax		(18,161)		587		(17,999)		17,412		(18,161)
Income tax expense (benefit) related to items of other comprehensive income (loss)		139		139		278		(417)		139
Other comprehensive income (loss), net of tax		(18,300)		448		(18,277)		17,829		(18,300)
Comprehensive income (loss) attributable to Nabors		(475,830)		16,511		(296,025)		279,514		(475,830)
Net income (loss) attributable to noncontrolling interest		—		—		10,426		—		10,426
Translation adjustment attributable to noncontrolling interest		—		—		(101)		—		(101)
Comprehensive income (loss) attributable to noncontrolling interest		—		—		10,325		—		10,325
Comprehensive income (loss)	$	(475,830)	$	16,511	$	(285,700)	$	279,514	$	(465,505)

Condensed Consolidating Statements Cash Flows

	Nine Months Ended September 30, 2019
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	69,861	$	(171,500)	$	593,391	$	(60,924)	$	430,828
Cash flows from investing activities:
Purchases of investments		—		—		(5,008)		—		(5,008)
Sales and maturities of investments		—		—		14,466		—		14,466
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		—		—		(366,594)		—		(366,594)
Proceeds from sales of assets and insurance claims		—		—		26,365		—		26,365
Change in intercompany balances		—		264,238		(264,238)		—		—
Net cash provided by (used for) investing activities		—		264,238		(606,438)		8,500		(333,700)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—		—		(130)		—		(130)
Debt issuance costs		—		(48)		—		—		(48)
Proceeds from revolving credit facilities		—		975,000		—		—		975,000
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		—		(379,193)		—		—		(379,193)
Reduction in revolving credit facilities		—		(690,000)		—		—		(690,000)
Dividends to common and preferred shareholders		(45,297)		—		(570)		4,224		(41,643)
Proceeds from (payments for) short-term borrowings		—		—		497		—		497
Repurchase of preferred shares		(79)		—		—		—		(79)
Proceeds from issuance of intercompany debt		4,700		—		(4,700)		—		—
Paydown of intercompany debt		(27,700)		(7,194)		34,894		—		—
Distributions to Non-controlling interest		—		—		(4,552)		—		(4,552)
Distribution from subsidiary to parent		—		—		(56,700)		56,700		—
Other changes		(1,616)		—		5		—		(1,611)
Net cash (used for) provided by financing activities		(69,986)		(92,935)		(31,262)		52,424		(141,759)
Effect of exchange rate changes on cash and cash equivalents		—		—		(4,421)		—		(4,421)
Net increase (decrease) in cash, cash equivalents and restricted cash		(125)		(197)		(48,730)		—		(49,052)
Cash, cash equivalents and restricted cash, beginning of period		474		42		450,564		—		451,080
Cash, cash equivalents and restricted cash, end of period	$	349	$	(155)	$	401,834	$	—	$	402,028

Condensed Consolidating Statements Cash Flows

	Nine Months Ended September 30, 2018
					Other
	Nabors		Nabors		Subsidiaries
	(Parent/		Delaware		(Non-		Consolidating
	Guarantor)		(Issuer)		Guarantors)		Adjustments		Total
	(In thousands)
Net cash provided by (used for) operating activities	$	82,365	$	(203,493)	$	238,064	$	(40,017)	$	76,919
Cash flows from investing activities:
Purchases of investments		—		—		(676)		—		(676)
Sales and maturities of investments		—		—		2,962		—		2,962
Cash paid for investments in consolidated affiliates		(587,500)		—		(199,000)		786,500		—
Capital expenditures		—		—		(338,968)		—		(338,968)
Proceeds from sale of assets and insurance claims		—		—		86,666		—		86,666
Change in intercompany balances		—		327,555		(327,555)		—		—
Net cash provided by (used for) investing activities		(587,500)		327,555		(776,571)		786,500		(250,016)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts		—		—		(261)		—		(261)
Debt issuance costs		—		(13,262)		—		—		(13,262)
Proceeds from issuance of common shares, net of issuance costs		301,835		—		—		—		301,835
Reduction in long-term debt		—		(774,802)		—		—		(774,802)
Reduction in revolving credit facilities		—		(1,200,000)		—		—		(1,200,000)
Dividends to common and preferred shareholders		(70,658)		—		—		9,317		(61,341)
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		278,358		—		—		—		278,358
Proceeds from revolving credit facilities		—		905,000		—		—		905,000
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		—		—		252		—		252
Proceeds from parent contributions		—		199,000		587,500		(786,500)		—
Distribution from subsidiary to parent		—		—		(30,700)		30,700		—
Other changes		(3,722)		—		—		—		(3,722)
Net cash (used for) provided by financing activities		504,813		(124,064)		553,115		(746,483)		187,381
Effect of exchange rate changes on cash and cash equivalents		—		—		(5,320)		—		(5,320)
Net increase (decrease) in cash, cash equivalents and restricted cash		(322)		(2)		9,288		—		8,964
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	$	769	$	42	$	350,182	$	—	$	350,993