XML 60 R36.htm IDEA: XBRL DOCUMENT v3.19.3
Condensed Consolidating Financial Information (Tables)
9 Months Ended
Sep. 30, 2019
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

​

​

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)

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)

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 of Cash Flows

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

​