XML 19 R35.htm IDEA: XBRL DOCUMENT v3.20.1
Condensed Consolidating Financial Information (Tables)
3 Months Ended
Mar. 31, 2020
Condensed Consolidating Financial Information  
Condensed Consolidating Balance Sheets

Condensed Consolidating Balance Sheets

March 31, 2020

 

Other

 

Nabors

Nabors

Subsidiaries

 

(Parent/Issuer/

Delaware

(Non-

Consolidating

 

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

 

 

ASSETS

Current assets:

Cash and cash equivalents

$

860

$

83

$

479,579

$

$

480,522

Short-term investments

 

 

 

9,136

 

 

9,136

Accounts receivable, net

 

 

 

454,718

 

 

454,718

Inventory, net

 

 

 

173,991

 

 

173,991

Assets held for sale

 

 

 

1,936

 

 

1,936

Other current assets

 

50

 

 

150,483

 

 

150,533

Total current assets

 

910

 

83

 

1,269,843

 

 

1,270,836

Property, plant and equipment, net

 

 

 

4,597,308

 

 

4,597,308

Goodwill

 

 

 

 

 

Intercompany receivables

 

13,535

 

 

23,439

 

(36,974)

 

Investment in consolidated affiliates

2,568,327

4,980,066

4,423,623

(11,972,016)

Deferred income taxes

434,919

280,545

(434,919)

280,545

Other long-term assets

 

 

99

 

167,086

 

(7,326)

 

159,859

Total assets

$

2,582,772

$

5,415,167

$

10,761,844

$

(12,451,235)

$

6,308,548

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$

$

$

$

$

Trade accounts payable

 

1,143

 

91

 

296,040

 

 

297,274

Accrued liabilities

 

23,920

 

9,750

 

218,994

 

 

252,664

Income taxes payable

 

 

 

23,057

 

 

23,057

Current lease liabilities

 

 

 

11,875

 

 

11,875

Total current liabilities

 

25,063

 

9,841

 

549,966

 

 

584,870

Long-term debt

 

984,459

 

2,410,880

 

 

(7,325)

 

3,388,014

Other long-term liabilities

 

 

20,731

 

241,211

 

 

261,942

Deferred income taxes

 

 

 

437,719

 

(434,919)

 

2,800

Intercompany payable

 

17,328

 

251,943

 

(232,297)

 

(36,974)

 

Total liabilities

 

1,026,850

 

2,693,395

 

996,599

 

(479,218)

 

4,237,626

Redeemable noncontrolling interest in subsidiary

 

 

 

429,824

 

 

429,824

Shareholders’ equity

 

1,555,922

 

2,721,772

 

9,250,244

 

(11,972,017)

 

1,555,921

Noncontrolling interest

 

 

 

85,177

 

 

85,177

Total equity

 

1,555,922

 

2,721,772

 

9,335,421

 

(11,972,017)

 

1,641,098

Total liabilities and equity

$

2,582,772

$

5,415,167

$

10,761,844

$

(12,451,235)

$

6,308,548

Condensed Consolidating Balance Sheets

December 31, 2019

 

    

    

    

Other

    

    

 

Nabors

Nabors

Subsidiaries

 

(Parent/

Delaware

(Non-

Consolidating

 

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

 

 

ASSETS

Current assets:

Cash and cash equivalents

$

319

$

38

$

435,633

$

$

435,990

Short-term investments

 

16,506

16,506

Accounts receivable, net

 

453,042

453,042

Inventory, net

 

176,341

176,341

Assets held for sale

 

2,530

2,530

Other current assets

 

50

164,207

164,257

Total current assets

 

369

 

38

 

1,248,259

 

 

1,248,666

Property, plant and equipment, net

 

4,930,549

4,930,549

Goodwill

 

28,380

28,380

Intercompany receivables

 

51

2,611

(2,662)

Investment in consolidated affiliates

2,001,607

5,780,656

4,226,017

(12,008,280)

Deferred income taxes

431,441

305,844

(431,441)

305,844

Other long-term assets

 

99

254,445

(7,325)

247,219

Total assets

$

2,002,027

$

6,212,234

$

10,996,105

$

(12,449,708)

$

6,760,658

LIABILITIES AND EQUITY

Current liabilities:

Current portion of debt

$

$

$

$

$

Trade accounts payable

 

128

1

295,030

295,159

Accrued liabilities

 

8,579

51,701

273,002

333,282

Income taxes payable

 

14,628

14,628

Current lease liabilities

 

 

 

13,479

 

 

13,479

Total current liabilities

 

8,707

 

51,702

 

596,139

 

 

656,548

Long-term debt

 

3,340,545

(7,325)

3,333,220

Other long-term liabilities

 

29,331

262,853

292,184

Deferred income taxes

 

434,590

(431,441)

3,149

Intercompany payable

 

10,508

231,759

(239,605)

(2,662)

Total liabilities

 

19,215

 

3,653,337

 

1,053,977

 

(441,428)

 

4,285,101

Redeemable noncontrolling interest in subsidiary

 

425,392

425,392

Shareholders’ equity

 

1,982,812

2,558,897

9,449,382

(12,008,280)

1,982,811

Noncontrolling interest

 

67,354

67,354

Total equity

 

1,982,812

 

2,558,897

 

9,516,736

 

(12,008,280)

 

2,050,165

Total liabilities and equity

$

2,002,027

$

6,212,234

$

10,996,105

$

(12,449,708)

$

6,760,658

Condensed Consolidating Statements of Income (Loss)

Condensed Consolidating Statements of Income (Loss)

Three Months Ended March 31, 2020

    

    

    

Other

    

    

Nabors

Nabors

Subsidiaries

(Parent/Issuer/

Delaware

(Non-

Consolidating

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

     

(In thousands)

Revenues and other income:

Operating revenues

$

$

$

718,364

$

$

718,364

Earnings (losses) from unconsolidated affiliates

Earnings (losses) from consolidated affiliates

 

(372,641)

 

92,561

 

80,919

 

199,161

 

Investment income (loss)

 

 

 

(2,653)

 

(545)

 

(3,198)

Total revenues and other income

 

(372,641)

 

92,561

 

796,630

 

198,616

 

715,166

Costs and other deductions:

Direct costs

 

 

 

461,840

 

 

461,840

General and administrative expenses

 

1,961

 

237

 

55,348

 

(162)

 

57,384

Research and engineering

 

 

 

11,409

 

 

11,409

Depreciation and amortization

 

 

32

 

227,031

 

 

227,063

Interest expense, net

 

17,022

 

37,703

 

(3)

 

 

54,722

Impairments and other charges

276,434

276,434

Other, net

171

(22,852)

5,409

162

 

(17,110)

Intercompany interest expense, net

 

32

 

 

(32)

 

 

Total costs and other deductions

 

19,186

 

15,120

 

1,037,436

 

 

1,071,742

Income (loss) from continuing operations before income taxes

 

(391,827)

 

77,441

 

(240,806)

 

198,616

 

(356,576)

Income tax expense (benefit)

 

 

(3,478)

 

21,171

 

 

17,693

Income (loss) from continuing operations, net of tax

 

(391,827)

 

80,919

 

(261,977)

 

198,616

 

(374,269)

Income (loss) from discontinued operations, net of tax

 

 

 

(93)

 

 

(93)

Net income (loss)

 

(391,827)

 

80,919

 

(262,070)

 

198,616

 

(374,362)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(17,465)

 

 

(17,465)

Net income (loss) attributable to Nabors

(391,827)

80,919

(279,535)

198,616

(391,827)

Less: Preferred stock dividend

 

(3,652)

 

 

 

 

(3,652)

Net income (loss) attributable to Nabors common shareholders

$

(395,479)

$

80,919

$

(279,535)

$

198,616

$

(395,479)

Condensed Consolidating Statements of Income (Loss)

Three Months Ended March 31, 2019

    

    

    

Other

    

    

Nabors

Nabors

Subsidiaries

(Parent/

Delaware

(Non-

Consolidating

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

Revenues and other income:

Operating revenues

$

$

$

799,640

$

$

799,640

Earnings (losses) from unconsolidated affiliates

 

 

 

(5)

 

 

(5)

Earnings (losses) from consolidated affiliates

 

(115,046)

 

73,918

 

35,117

 

6,011

 

Investment income (loss)

 

 

 

10,205

 

(528)

 

9,677

Total revenues and other income

(115,046)

73,918

844,957

5,483

809,312

Costs and other deductions:

Direct costs

520,957

520,957

General and administrative expenses

2,414

277

65,650

(174)

68,167

Research and engineering

13,520

13,520

Depreciation and amortization

31

210,360

210,391

Interest expense, net

52,750

(398)

52,352

Impairments and other charges

Other, net

237

(2,667)

19,758

174

17,502

Intercompany interest expense, net

12

(12)

Total costs and other deductions

 

2,663

 

50,391

 

829,835

 

 

882,889

Income (loss) from continuing operations before income taxes

 

(117,709)

 

23,527

 

15,122

 

5,483

 

(73,577)

Income tax expense (benefit)

 

 

(11,590)

 

41,389

 

 

29,799

Income (loss) from continuing operations, net of tax

 

(117,709)

 

35,117

 

(26,267)

 

5,483

 

(103,376)

Income (loss) from discontinued operations, net of tax

 

 

 

(157)

 

 

(157)

Net income (loss)

 

(117,709)

 

35,117

 

(26,424)

 

5,483

 

(103,533)

Less: Net (income) loss attributable to noncontrolling interest

 

 

 

(14,176)

 

 

(14,176)

Net income (loss) attributable to Nabors

$

(117,709)

$

35,117

$

(40,600)

$

5,483

$

(117,709)

Less: Preferred stock dividend

 

(4,313)

 

 

 

 

(4,313)

Net income (loss) attributable to Nabors common shareholders

$

(122,022)

$

35,117

$

(40,600)

$

5,483

$

(122,022)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Three Months Ended March 31, 2020

    

    

    

Other

    

    

Nabors

Nabors

Subsidiaries

(Parent/Issuer/

Delaware

(Non-

Consolidating

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

     

(In thousands)

Net income (loss) attributable to Nabors

$

(391,827)

$

80,919

$

(279,535)

$

198,616

$

(391,827)

Other comprehensive income (loss) before tax

Translation adjustment attributable to Nabors

 

(17,365)

 

12

 

(17,365)

 

17,353

 

(17,365)

Pension liability amortization and adjustment

 

51

51

102

(153)

51

Unrealized gains (losses) and amortization on cash flow hedges

 

143

143

143

(286)

143

Other comprehensive income (loss) before tax

 

(17,171)

 

206

 

(17,120)

 

16,914

 

(17,171)

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

47

47

94

(141)

47

Other comprehensive income (loss), net of tax

 

(17,218)

 

159

 

(17,214)

 

17,055

 

(17,218)

Comprehensive income (loss) attributable to Nabors

 

(409,045)

 

81,078

 

(296,749)

 

215,671

 

(409,045)

Net income (loss) attributable to noncontrolling interest

 

17,465

17,465

Translation adjustment attributable to noncontrolling interest

 

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

17,465

 

 

17,465

Comprehensive income (loss)

$

(409,045)

$

81,078

$

(279,284)

$

215,671

$

(391,580)

Condensed Consolidating Statements of Comprehensive Income (Loss)

Three Months Ended March 31, 2019

    

    

    

Other

    

    

Nabors

Nabors

Subsidiaries

(Parent/

Delaware

(Non-

Consolidating

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

Net income (loss) attributable to Nabors

$

(117,709)

$

35,117

$

(40,600)

$

5,483

$

(117,709)

Other comprehensive income (loss) before tax

Translation adjustment attributable to Nabors

 

9,190

(4)

9,190

(9,186)

9,190

Pension liability amortization and adjustment

 

54

54

108

(162)

54

Unrealized gains (losses) and amortization on cash flow hedges

 

140

140

140

(280)

140

Other comprehensive income (loss) before tax

 

9,384

 

190

 

9,438

 

(9,628)

 

9,384

Income tax expense (benefit) related to items of other comprehensive income (loss)

 

46

46

92

(138)

46

Other comprehensive income (loss), net of tax

 

9,338

 

144

 

9,346

 

(9,490)

 

9,338

Comprehensive income (loss) attributable to Nabors

 

(108,371)

 

35,261

 

(31,254)

 

(4,007)

 

(108,371)

Net income (loss) attributable to noncontrolling interest

 

14,176

14,176

Translation adjustment attributable to noncontrolling interest

 

52

52

Comprehensive income (loss) attributable to noncontrolling interest

 

 

 

14,228

 

 

14,228

Comprehensive income (loss)

$

(108,371)

$

35,261

$

(17,026)

$

(4,007)

$

(94,143)

Condensed Consolidating Statements of Cash Flows

Condensed Consolidating Statements Cash Flows

Three Months Ended March 31, 2020

 

    

    

    

Other

    

    

 

Nabors

Nabors

Subsidiaries

 

(Parent/Issuer/

Delaware

(Non-

Consolidating

 

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

 

Net cash provided by (used for) operating activities

$

10,163

$

(71,734)

$

125,578

$

(4,845)

$

59,162

Cash flows from investing activities:

Sales and maturities of investments

1,835

1,835

Cash paid for investments in consolidated affiliates

 

(977,000)

 

 

(81,797)

 

1,058,797

 

Capital expenditures

 

 

 

(59,430)

 

 

(59,430)

Proceeds from sales of assets and insurance claims

 

 

6,822

 

 

6,822

Change in intercompany balances

 

 

913,387

 

(913,387)

 

 

Net cash provided by (used for) investing activities

 

(977,000)

 

913,387

 

(1,045,957)

 

1,058,797

 

(50,773)

Cash flows from financing activities:

 

Increase (decrease) in cash overdrafts

 

 

 

55

 

 

55

Proceeds from issuance of long-term debt

 

1,000,000

 

 

 

 

1,000,000

Reduction of long-term debt

 

 

(1,068,405)

 

 

 

(1,068,405)

Debt issuance costs

 

(15,737)

 

 

 

 

(15,737)

Proceeds from revolving credit facilities

 

795,000

 

 

 

795,000

Reduction in revolving credit facilities

 

(650,000)

 

 

 

(650,000)

Repurchase of preferred shares

 

(12,127)

 

 

(1,731)

 

 

(13,858)

Dividends to common and preferred shareholders

(8,209)

 

 

(273)

 

545

 

(7,937)

Proceeds from issuance of intercompany debt

18,200

 

 

(18,200)

 

 

Paydown of intercompany debt

(13,200)

 

 

13,200

 

 

Proceeds from parent contributions

 

 

81,797

 

977,000

 

(1,058,797)

 

Distribution from subsidiary to parent

 

 

 

(4,300)

 

4,300

 

Other changes

 

(1,549)

 

 

3

 

 

(1,546)

Net cash (used for) provided by financing activities

 

967,378

 

(841,608)

 

965,754

 

(1,053,952)

 

37,572

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(2,219)

 

 

(2,219)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

541

 

45

 

43,156

 

 

43,742

Cash, cash equivalents and restricted cash, beginning of period

 

319

 

38

 

441,681

 

 

442,038

Cash, cash equivalents and restricted cash, end of period

$

860

$

83

$

484,837

$

$

485,780

Condensed Consolidating Statements Cash Flows

Three Months Ended March 31, 2019

 

    

    

    

Other

    

    

 

Nabors

Nabors

Subsidiaries

 

(Parent/

Delaware

(Non-

Consolidating

 

    

Guarantor)

    

(Issuer)

    

Guarantors)

    

Adjustments

    

Total

 

(In thousands)

 

Net cash provided by (used for) operating activities

$

55,162

$

(88,799)

$

161,959

$

(58,468)

$

69,854

Cash flows from investing activities:

Purchases of investments

 

 

 

(4,221)

 

 

(4,221)

Sales and maturities of investments

 

 

 

1,134

 

 

1,134

Cash paid for acquisitions of businesses, net of cash acquired

 

 

 

(2,929)

 

 

(2,929)

Cash paid for investments in consolidated affiliates

 

 

 

(4,000)

 

4,000

 

Capital expenditures

 

 

(141,070)

 

 

(141,070)

Proceeds from sale of assets and insurance claims

 

 

 

2,642

 

 

2,642

Change in intercompany balances

 

(1,627)

 

1,627

 

 

Net cash provided by (used for) investing activities

 

 

(1,627)

 

(146,817)

 

4,000

 

(144,444)

Cash flows from financing activities:

Reduction in long-term debt

 

 

(43,540)

 

 

 

(43,540)

Debt issuance costs

 

 

(35)

 

 

 

(35)

Proceeds from revolving credit facilities

 

 

180,000

 

 

 

180,000

Reduction in revolving credit facilities

 

 

(50,000)

 

 

 

(50,000)

Proceeds from (payments for) short-term borrowings

 

 

 

289

 

 

289

Proceeds from issuance of common shares, net of issuance costs

 

6

 

 

(6)

 

 

Dividends to common and preferred shareholders

 

(28,557)

 

 

(376)

 

3,168

 

(25,765)

Proceeds from (payments for) issuance of intercompany debt

 

25,000

 

 

(25,000)

 

 

Paydown of intercompany debt

 

(50,500)

 

 

50,500

 

 

Proceeds from parent contributions

 

 

4,000

 

 

(4,000)

 

Distribution from subsidiary to parent

 

 

 

(55,300)

 

55,300

 

Other changes

 

(1,251)

 

 

(242)

 

 

(1,493)

Net cash (used for) provided by financing activities

 

(55,302)

 

90,425

 

(30,135)

 

54,468

 

59,456

Effect of exchange rate changes on cash and cash equivalents

 

 

 

(2,791)

 

 

(2,791)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(140)

 

(1)

 

(17,784)

 

 

(17,925)

Cash, cash equivalents and restricted cash, beginning of period

 

474

 

42

 

450,564

 

 

451,080

Cash, cash equivalents and restricted cash, end of period

$

334

$

41

$

432,780

$

$

433,155