Nabors Industries (NBR) 10-Q 28 Apr 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 25, 2017
Document and Entity Information
Entity Registrant Name	NABORS INDUSTRIES LTD
Entity Central Index Key	1,163,739
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		285,800,732
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 200,688	$ 264,093
Short-term investments	27,907	31,109
Accounts receivable, net	514,446	508,355
Inventory, net	109,461	103,595
Assets held for sale	77,118	76,668
Other current assets	193,036	172,019
Total current assets	1,122,656	1,155,839
Property, plant and equipment, net	6,218,699	6,267,583
Goodwill	166,999	166,917
Deferred tax assets	373,973	366,586
Other long-term assets	212,985	230,090
Total assets	8,095,312	8,187,015
Current liabilities:
Less: current portion	313	297
Trade accounts payable	241,332	264,578
Accrued liabilities	497,364	543,248
Income taxes payable	32,640	13,811
Total current liabilities	771,649	821,934
Long-term debt	3,661,665	3,578,335
Other long-term liabilities	467,248	522,456
Deferred income taxes	8,356	9,495
Total liabilities	4,908,918	4,932,220
Commitments and contingencies (Note 17)
Shareholders' equity:
Common shares, par value $0.001 per share: Authorized common shares 800,000; issued 333,597 and 333,598, respectively	336	334
Capital in excess of par value	2,612,457	2,521,332
Accumulated other comprehensive income (loss)	(11,336)	(12,119)
Retained earnings	1,872,440	2,033,427
Less: treasury shares, at cost, 49,673 and 49,673 common shares, respectively	(1,295,949)	(1,295,949)
Total shareholders' equity	3,177,948	3,247,025
Noncontrolling interest	8,446	7,770
Total equity	3,186,394	3,254,795
Total liabilities and equity	$ 8,095,312	$ 8,187,015

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
CONSOLIDATED BALANCE SHEETS
Common shares, par value (in dollars per share)	$ 0.001	$ 0.001
Common shares, shares authorized	800,000	800,000
Common shares, shares issued	335,567	333,598
Treasury shares, at cost	49,673	49,673

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues and other income:
Operating revenues	$ 562,550	$ 597,571
Earnings (losses) from unconsolidated affiliates	2	(167,151)
Investment income (loss)	721	343
Total revenues and other income	563,273	430,763
Costs and other deductions:
Direct costs	387,644	365,023
General and administrative expenses	63,409	62,334
Research and engineering	11,757	8,162
Depreciation and amortization	203,672	215,818
Interest expense	56,518	45,730
Other, net	13,510	182,404
Total costs and other deductions	736,510	879,471
Income (loss) from continuing operations before income taxes	(173,237)	(448,708)
Income tax expense (benefit):
Current	22,689	14,825
Deferred	(48,298)	(66,889)
Total income tax expense (benefit)	(25,609)	(52,064)
Income (loss) from continuing operations, net of tax	(147,628)	(396,644)
Income (loss) from discontinued operations, net of tax	(439)	(926)
Net income (loss)	(148,067)	(397,570)
Less: Net (income) loss attributable to noncontrolling interest	(917)	(724)
Net income (loss) attributable to Nabors	(148,984)	(398,294)
Amounts attributable to Nabors:
Net income (loss) from continuing operations	(148,545)	(397,368)
Net income (loss) from discontinued operations	(439)	(926)
Net income (loss) attributable to Nabors	$ (148,984)	$ (398,294)
Earnings (losses) per share:
Basic from continuing operations (in dollars per share)	$ (0.52)	$ (1.41)
Total Basic (in dollars per share)	(0.52)	(1.41)
Diluted from continuing operations (in dollars per share)	(0.52)	(1.41)
Total Diluted (in dollars per share)	$ (0.52)	$ (1.41)
Weighted-average number of common shares outstanding:
Basic (in shares)	277,781	275,851
Diluted (in shares)	277,781	275,851
Dividends declared per common share (in dollars per share)	$ 0.06	$ 0.06

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss) attributable to Nabors	$ (148,984)	$ (398,294)
Translation adjustment attributable to Nabors
Unrealized gain (loss) on translation adjustment	3,860	33,362
Translation adjustment attributable to Nabors	3,860	33,362
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(3,201)	769
Unrealized gains (losses) on marketable securities	(3,201)	769
Pension liability amortization and adjustment	50	174
Unrealized gains (losses) and amortization on cash flow hedges	153	153
Other comprehensive income (loss), before tax	862	34,458
Income tax expense (benefit) related to items of other comprehensive income (loss)	79	129
Other comprehensive income (loss), net of tax	783	34,329
Comprehensive income (loss) attributable to Nabors	(148,201)	(363,965)
Net income (loss) attributable to noncontrolling interest	917	724
Translation adjustment attributable to noncontrolling interest	49	419
Comprehensive income (loss) attributable to noncontrolling interest	966	1,143
Comprehensive income (loss)	$ (147,235)	$ (362,822)

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income (loss)	$ (148,067)	$ (397,570)
Adjustments to net income (loss):
Depreciation and amortization	204,364	216,669
Deferred income tax expense (benefit)	(48,469)	(67,289)
Impairments and other charges		2,735
Deferred financing costs amortization	1,728	1,118
Discount amortization on long-term debt	4,505	568
Losses (gains) on debt buyback	8,596	(6,027)
Losses (gains) on long-lived assets, net	2,875	2,563
Impairments on equity method holdings		177,242
Share-based compensation	10,280	7,374
Foreign currency transaction losses (gains), net	877	4,213
Equity in (earnings) losses of unconsolidated affiliates, net of dividends	(2)	167,151
Other	(751)	(428)
Changes in operating assets and liabilities, net of effects from acquisitions:
Accounts receivable	(19,198)	166,074
Inventory	(5,301)	2,057
Other current assets	(10,725)	(18,651)
Other long-term assets	15,294	13,214
Trade accounts payable and accrued liabilities	(38,659)	(120,757)
Income taxes payable	17,929	966
Other long-term liabilities	(53,267)	10,284
Net cash (used for) provided by operating activities	(57,991)	161,506
Cash flows from investing activities:
Purchases of investments	(4)
Sales and maturities of investments	91	41
Capital expenditures	(183,427)	(129,875)
Proceeds from sales of assets and insurance claims	3,253	5,448
Other	(106)	(4,439)
Net cash (used for) provided by investing activities	(180,193)	(128,825)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	(469)	1,642
Proceeds from Issuance of Long-term Debt	411,200
Debt issuance costs	(10,439)
Proceeds from revolving credit facilities		150,000
Reduction in revolving credit facilities		(70,000)
Proceeds from (payments for) issuance of common shares	8,300
Repurchase of common shares		(1,687)
Reduction in long term debt	(170,491)	(148,045)
Dividends to shareholders	(17,040)	(16,922)
Proceeds from (payment for) commercial paper, net		1,325
Cash proceeds from equity component of exchangeable debt	159,952
Payments on term loan	(162,500)
Proceeds from (payments for) short-term borrowings	16	(628)
Purchase of capped call hedge transactions	(40,250)
Other	(5,341)	(3,190)
Net cash (used for) provided by financing activities	172,938	(87,505)
Payments for hedge transactions	40,250
Effect of exchange rate changes on cash and cash equivalents	1,841	968
Net increase (decrease) in cash and cash equivalents	(63,405)	(53,856)
Cash and cash equivalents, beginning of period	264,093	254,530
Cash and cash equivalents, end of period	$ 200,688	$ 200,674

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Common Shares	Capital in Excess of Par Value	Accumulated Other Comprehensive Income	Retained Earnings	Treasury Shares	Non-controlling Interest	Total
Balance at the beginning of the period at Dec. 31, 2015	$ 331	$ 2,493,100	$ (47,593)	$ 3,131,134	$ (1,294,262)	$ 11,158	$ 4,293,868
Balance (in shares) at Dec. 31, 2015	330,526
Increase (Decrease) in Equity
Net income (loss)				(398,294)		724	(397,570)
Dividends to shareholders				(16,922)			(16,922)
Repurchase of treasury shares					(1,687)		(1,687)
Other comprehensive income (loss), net of tax			34,329			419	34,748
Share-based compensation		7,374					7,374
Other	$ 1	(3,191)				(424)	(3,614)
Other (in shares)	1,149
Balance at the end of the period at Mar. 31, 2016	$ 332	2,497,283	(13,264)	2,715,918	(1,295,949)	11,877	3,916,197
Balance (in shares) at Mar. 31, 2016	331,675
Balance at the beginning of the period at Dec. 31, 2016	$ 334	2,521,332	(12,119)	2,033,427	(1,295,949)	7,770	3,254,795
Balance (in shares) at Dec. 31, 2016	333,598
Increase (Decrease) in Equity
Net income (loss)				(148,984)		917	(148,067)
Dividends to shareholders				(17,153)			(17,153)
Other comprehensive income (loss), net of tax			783			49	832
Issuance of common shares for stock options exercised, net of surrender of unexercised stock options	$ 1	8,299					8,300
Issuance of common shares for stock options exercised (in shares)	843
Share-based compensation		10,280					10,280
Equity component of exchangeable debt		116,195					116,195
Purchase of capped call hedge transactions		(40,250)					(40,250)
Adoption of ASU No. 2016-09		1,943		5,150			7,093
Other	$ 1	(5,342)				(290)	(5,631)
Other (in shares)	1,126
Balance at the end of the period at Mar. 31, 2017	$ 336	$ 2,612,457	$ (11,336)	$ 1,872,440	$ (1,295,949)	$ 8,446	$ 3,186,394
Balance (in shares) at Mar. 31, 2017	335,567

CONDENSED CONSOLIDATED STATEME8

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares	Jul. 29, 2016	Mar. 31, 2017	Mar. 31, 2016
CONSOLIDATED BALANCE SHEETS
Dividend declared (in dollars per share)	$ 0.06	$ 0.06	$ 0.06

Nature of Operations

Nature of Operations	3 Months Ended
	Mar. 31, 2017
Nature of Operations
Nature of Operations	Note 1 Nature of Operations Unless the context requires otherwise, references in this annual report to “we,” “us,” “our,” “the Company,” or “Nabors” mean Nabors Industries Ltd., together with our subsidiaries where the context requires. We own and operate the world’s largest land-based drilling rig fleet and are a leading provider of offshore platform drilling rigs in the United States and multiple international markets. We also provide advanced wellbore placement services, drilling software and performance tools, drilling equipment and innovative technologies throughout the world’s most significant oil and gas markets. As a global provider of drilling and drilling-related services for land-based and offshore oil and natural gas wells, our fleet of rigs and drilling-related equipment as of March 31, 2017 included: · 403 actively marketed rigs for land-based drilling operations in the United States, Canada and approximately 20 other countries throughout the world; and · 41 actively marketed rigs for offshore drilling operations in the United States and multiple international markets. Our business consists of four reportable operating segments: U.S., Canada, International and Rig Services.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	Note 2 Summary of Significant Accounting Policies Interim Financial Information The accompanying unaudited consolidated condensed financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2016 (“2016 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of March 31, 2017 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the three months ended March 31, 2017 may not be indicative of results that will be realized for the full year ending December 31, 2017. Principles of Consolidation Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. Investments in operating entities where we have the ability to exert significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Our share of the net income (loss) of these entities is recorded as earnings (losses) from unconsolidated affiliates in our condensed consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our condensed consolidated balance sheets. We historically recorded our share of the net income (loss) of our equity method investment in C&J Energy Services, Ltd. (“CJES”) on a one-quarter lag, as we were not able to obtain the financial information of CJES on a timely basis. During the third quarter of 2016, CJES filed for bankruptcy, at which time we ceased accounting for our investment in CJES as an equity method investment and now report this investment at our estimate of fair value. See Note 3 — Investments in Unconsolidated Affiliates. Revenue Recognition We recognize revenues and costs on daywork contracts daily as the work progresses. For certain contracts, we receive lump-sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. We also defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. At March 31, 2017 and December 31, 2016, our deferred revenues classified as accrued liabilities were $259.7 million and $255.6 million, respectively. At March 31, 2017 and December 31, 2016, our deferred revenues classified as other long-term liabilities were $262.8 million and $321.0 million, respectively. Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. At March 31, 2017 and December 31, 2016, our deferred expenses classified as other current assets were $73.0 million and $63.4 million, respectively. At March 31, 2017 and December 31, 2016, our deferred expenses classified as other long-term assets were $59.6 million and $69.5 million, respectively. We recognize revenue for top drives and instrumentation systems we manufacture when the earnings process is complete. This generally occurs when products have been shipped, title and risk of loss have been transferred, collectability is probable, and pricing is fixed and determinable. We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other expense (income), net in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other expense (income), net. We recognize reimbursements received for out-of-pocket expenses incurred as revenues and account for out-of-pocket expenses as direct costs. Inventory, net Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: March 31, December 31, 2017 2016 (In thousands) Raw materials $ 83,751 $ 84,431 Work-in-progress 13,288 1,204 Finished goods 12,422 17,960 $ 109,461 $ 103,595 Property, Plant and Equipment We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying amount of the long-lived asset to its estimated fair value. The determination of future cash flows requires the estimation of dayrates and utilization, and such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as an impaired long-lived asset that is held and used. Significant and unanticipated changes to the assumptions could result in future impairments. A continuation of the lower oil and natural gas prices experienced over the last two years could continue to adversely affect the demand for and prices of our services. As such, we will continue to assess our asset fleet, particularly our legacy and undersized rigs. Should we continue experiencing weakening in the market for a prolonged period for any specific rig class, this could result in future impairment charges or retirements of assets. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our condensed consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical. Goodwill We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets exceed their fair value. Due to the adoption of Accounting Standards Update (“ASU”) No. 2017-04, effective January 1, 2017, we no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. We will continue to perform our qualitative analysis as well as step one of the impairment test which compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For our goodwill tests prior to adoption of the new standard, we initially assessed goodwill for impairment based on qualitative factors to determine whether to perform the two-step annual goodwill impairment test, a Level 3 fair value measurement. After our qualitative assessment, step one of the impairment test compared the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeded the fair value, a second step was required to measure the goodwill impairment loss. The second step compared the implied fair value of the reporting unit’s goodwill to its carrying amount. If the carrying amount exceeded the implied fair value, an impairment loss was recognized in an amount equal to the excess. Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. Potential factors requiring assessment include a further or sustained decline in our stock price, declines in oil and natural gas prices, a variance in results of operations from forecasts, a change in operating strategy of assets and additional transactions in the oil and gas industry. Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compare the sum of our reporting units’ estimated fair value, which includes the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assess the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year. Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures, to simplify the transition to the equity method of accounting. This standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method investor should add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for the equity method of accounting. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. The adoption of this guidance did not have an impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation, to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. We adopted this guidance on a prospective basis effective January 1, 2017. The impact of adoption was a decrease in deferred tax liabilities of $7.1 million and an increase in retained earnings of $7.1 million related to excess tax benefits on prior awards. Additionally, we elected to account for forfeitures as they occur. The impact of this election resulted in an increase in capital in excess of par and a corresponding decrease in retained earnings of $1.9 million. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other, which simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under this new standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognize an impairment charge, as necessary, for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for fiscal years beginning after December 15, 2019. We have elected to early adopt this guidance on a prospective basis for our annual goodwill impairment test performed subsequent to January 1, 2017. The adoption of this standard had no effect on our financial condition, results of operations or disclosures for our first quarter ended March 31, 2017 as this standard only impacts the measurement of goodwill impairment charges on a prospective basis. Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, relating to the revenue recognition from contracts with customers that creates a common revenue standard for GAAP and IFRS. The core principle will require recognition of revenue to represent the transfer of promised goods or services to customers in an amount that reflects the consideration, including costs incurred, to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. During the first quarter of 2017, we expanded our implementation team and are in the process of reviewing our revenue streams. We have identified a subset of contracts that we believe are representative of our operations and began a detailed analysis of the related performance obligations and pricing arrangements in such contracts. At this time, we expect to apply the modified retrospective approach. However, we are still evaluating the requirements to determine the impact of the adoption on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall, relating to the recognition and measurement of financial assets and liabilities. This standard enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, relating to leases to increase transparency and comparability among companies. This standard requires that all leases with an initial term greater than one year be recorded on the balance sheet as an asset and a lease liability. Additionally, this standard will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2018. Early application is permitted. This standard requires an entity to separate lease components from nonlease components within a contract. While the lease components would be accounted for under ASU No. 2016-02, nonlease components would be accounted for under ASU No. 2014-09. Therefore, we are evaluating ASU No. 2016-02 concurrently with the provisions of ASU No. 2014-09 and the impact this will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16—Income Taxes, which improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash to provide guidance on the classification of restricted cash in the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after beginning after December 15, 2017. Early application is permitted. The amendments in the ASU should be adopted on a retrospective basis. We are currently evaluating the impact this will have on our consolidated financial statements.

Investments in Unconsolidated A

Investments in Unconsolidated Affiliates	3 Months Ended
	Mar. 31, 2017
Investments in Unconsolidated Affiliates
Investments in Unconsolidated Affiliates	Note 3 Investments in Unconsolidated Affiliates On March 24, 2015, we completed the merger (the “Merger”) of our Completion & Production Services business with C&J Energy Services, Inc. (“C&J Energy”). We received total consideration comprised of approximately $693.5 million in cash ($650.0 million after settlement of working capital requirements) and approximately 62.5 million common shares in the combined company, CJES, representing approximately 53% of the outstanding and issued common shares of CJES as of the closing date. We recognized our share of the net income (loss) of CJES, which was a loss of $167.1 million for the three months ended March 31, 2016, which is reflected in earnings (losses) from unconsolidated affiliates in our condensed consolidated statement of income (loss). Additionally, we recognized an other-than-temporary impairment charge of $153.4 million during the three months ended March 31, 2016, which is reflected in other, net in our condensed consolidated statement of income (loss). During the third quarter of 2016, CJES commenced voluntarily cases under chapter 11 of the U.S. Bankruptcy code. As such, we ceased accounting for our investment in CJES as an equity method investment. See Note 7—Commitments and Contingencies for disclosure surrounding the bankruptcy proceeding.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Fair Value Measurements	Note 4 Fair Value Measurements Our financial assets and liabilities that are accounted for at fair value on a recurring basis as of March 31, 2017 consist of available-for-sale equity and debt securities. Our debt securities could transfer into or out of a Level 1 or 2 measure depending on the availability of independent and current pricing at the end of each quarter. During the three months ended March 31, 2017, there were no transfers of our financial assets between Level 1 and Level 2 measures. Our financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The majority of our short-term investments are categorized as Level 1 and had a fair value of $27.9 million as of March 31, 2017. Nonrecurring Fair Value Measurements We applied fair value measurements to our nonfinancial assets and liabilities measured on a nonrecurring basis, which consist of measurements primarily to assets held for sale, goodwill, equity method investments, intangible assets and other long-lived assets, assets acquired and liabilities assumed in a business combination and our pipeline contractual commitment. Based upon our review of the fair value hierarchy, the inputs used in these fair value measurements were considered Level 3 inputs. Fair Value of Financial Instruments We estimate the fair value of our financial instruments in accordance with GAAP. The fair value of our long-term debt, revolving credit facility and commercial paper is estimated based on quoted market prices or prices quoted from third-party financial institutions. The fair value of our debt instruments is determined using Level 2 measurements. The carrying and fair values of these liabilities were as follows: March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value (In thousands) (In thousands) 6.15% senior notes due February 2018 $ 665,222 $ 690,168 $ 827,539 $ 865,300 9.25% senior notes due January 2019 303,489 337,252 303,489 337,443 5.00% senior notes due September 2020 669,616 694,311 669,540 689,211 4.625% senior notes due September 2021 694,928 706,658 694,868 708,765 5.50% senior notes due January 2023 600,000 615,378 600,000 627,000 5.10% senior notes due September 2023 346,480 351,462 346,448 348,613 0.75% senior exchangeable notes due January 2024 415,228 388,882 — — Term loan facility — — 162,500 162,500 Revolving credit facility — — — — Commercial paper — — — — Other 313 313 297 297 3,695,276 $ 3,784,424 3,604,681 $ 3,739,129 Less: Deferred financing costs 33,298 26,049 $ 3,661,978 $ 3,578,632 The fair values of our cash equivalents, trade receivables and trade payables approximate their carrying values due to the short-term nature of these instruments.

Debt

Debt	3 Months Ended
	Mar. 31, 2017
Debt
Debt	Note 5 Debt Debt consisted of the following: March 31, December 31, 2017 2016 (In thousands) 6.15% senior notes due February 2018 (1) $ 665,222 $ 827,539 9.25% senior notes due January 2019 303,489 303,489 5.00% senior notes due September 2020 669,616 669,540 4.625% senior notes due September 2021 694,928 694,868 5.50% senior notes due January 2023 600,000 600,000 5.10% senior notes due September 2023 346,480 346,448 0.75% senior exchangeable notes due January 2024 415,228 — Term loan facility — 162,500 Revolving credit facility — — Commercial paper — — Other 313 297 3,695,276 3,604,681 Less: current portion 313 297 Less: deferred financing costs 33,298 26,049 $ 3,661,665 $ 3,578,335 (1) The 6.15% senior notes due February 2018 have been classified as long-term because we have the ability and intent to repay this obligation utilizing our revolving credit facility. During the three months ended March 31, 2017, we repurchased $162.5 million aggregate principal amount of our 6.15% senior notes due February 2018 for approximately $171.6 million in cash, reflecting principal and approximately $2.2 million of accrued and unpaid interest. The difference represents the premiums incurred in connection with these repurchases and is included in other, net in our condensed consolidated statement of income (loss) for the three months ended March 31, 2017. 0.75% Senior Exchangeable Notes Due January 2024 In January 2017, Nabors Industries, Inc. (“Nabors Delaware”), a wholly owned subsidiary of Nabors, issued $575 million in aggregate principal amount of 0.75% exchangeable senior unsecured notes due 2024, which are fully and unconditionally guaranteed by Nabors. The notes bear interest at a rate of 0.75% per year payable semiannually on January 15 and July 15 of each year, beginning on July 15, 2017. The exchangeable notes are bifurcated for accounting purposes into debt and equity components of $411.2 million and $163.8 million, respectively, based on the relative fair value. Debt issuance costs of $9.6 million and equity issuance costs of $3.9 million were capitalized in connection with the issuance of these notes in long-term debt and netted against the proceeds allocated to the equity component, respectively, in our condensed consolidated balance sheet. The debt issuance costs are being amortized through January 2024. The exchangeable notes are exchangeable, under certain conditions, at an initial exchange rate of 39.75 common shares of Nabors per $1,000 principal amount of exchangeable notes (equivalent to an initial exchange price of approximately $25.16 per common share). Upon any exchange, Nabors Delaware will settle its exchange obligation in cash, common shares of Nabors, or a combination of cash and common shares, at our election. In connection with the pricing of the notes, we entered into privately negotiated capped call transactions which are expected to reduce potential dilution to common shares and/or offset potential cash payments required to be made in excess of the principal amount upon any exchange of notes. Such reduction and/or offset is subject to a cap representing a price per share of $31.45, an approximately 75.0% premium over our share price of $17.97 as of the date of the transaction. The net proceeds from the offering of the exchangeable notes were used to prepay the remaining balance of our unsecured term loan originally scheduled to mature in 2020, as well as to pay the cost of the capped call transactions. Any remaining net proceeds from the offering were allocated for general corporate purposes, including to repurchase or repay other indebtedness. Commercial Paper Program As of March 31, 2017, we had no borrowings outstanding under this facility. Our commercial paper borrowings are classified as long-term debt because the borrowings are fully supported by availability under our revolving credit facility, which matures as currently structured in July 2020, more than one year from now. Revolving Credit Facility As of March 31, 2017, we had no borrowings outstanding under our $2.25 billion revolving credit facility, which matures in July 2020. The revolving credit facility contains various covenants and restrictive provisions that limit our ability to incur additional indebtedness, make investments or loans and create liens and require us to maintain a net funded indebtedness to total capitalization ratio, as defined in the agreement. Availability under the revolving credit facility is subject to a covenant not to exceed a net debt to capital ratio of 0.60:1. We were in compliance with all covenants under the agreement at March 31, 2017. If we fail to perform our obligations under the covenants, the revolving credit commitment could be terminated, and any outstanding borrowings under the facility could be declared immediately due and payable. Term Loan Facility On September 29, 2015, Nabors Delaware entered into a new five-year unsecured term loan facility for $325.0 million, which is fully and unconditionally guaranteed by us. The term loan facility contains a mandatory prepayment of $162.5 million due in September 2018, which was repaid in December 2016 utilizing a portion of the proceeds received in connection with the 5.50% senior notes offering. In January 2017, we repaid the remaining $162.5 million term loan utilizing the proceeds received in connection with the 0.75% senior exchangeable notes and the facility was terminated.

Common Shares

Common Shares	3 Months Ended
	Mar. 31, 2017
Common Shares.
Common Shares	Note 6 Common Shares During the three months ended March 31, 2016, we repurchased 0.3 million of our common shares in the open market for $1.7 million, all of which are held in treasury. On February 17, 2017, a cash dividend of $0.06 per share was declared for shareholders of record on March 14, 2017. The dividend was paid on April 4, 2017 in the amount of $17.2 million and was charged to retained earnings in our condensed consolidated statement of changes in equity for the three months ended March 31, 2017.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Commitments and Contingencies	Note 7 Commitments and Contingencies Contingencies Income Tax We operate in a number of countries throughout the world and our tax returns filed in those jurisdictions are subject to review and examination by tax authorities within those jurisdictions. We do not recognize the benefit of income tax positions we believe are more likely than not to be disallowed upon challenge by a tax authority. If any tax authority successfully challenges our operational structure, intercompany pricing policies or the taxable presence of our subsidiaries in certain countries, if the terms of certain income tax treaties are interpreted in a manner that is adverse to our structure, or if we lose a material tax dispute in any country, our effective tax rate on our worldwide earnings could change substantially. We have received an assessment from a tax authority in Latin America in connection with a 2007 income tax return. The assessment relates to the denial of depreciation expense deductions related to drilling rigs. Similar deductions were taken for tax year 2009. Although Nabors and its tax advisors believe these deductions are appropriate and intend to continue to defend our position, we have recorded a partial reserve to account for this contingency. If we ultimately do not prevail, we estimate that we would be required to recognize additional tax expense in the range of $3 million to $8 million. Self-Insurance We estimate the level of our liability related to insurance and record reserves for these amounts in our condensed consolidated financial statements. Our estimates are based on the facts and circumstances specific to existing claims and our past experience with similar claims. These loss estimates and accruals recorded in our financial statements for claims have historically been reasonable in light of the actual amount of claims paid and are actuarially supported. Although we believe our insurance coverage and reserve estimates are reasonable, a significant accident or other event that is not fully covered by insurance or contractual indemnity could occur and could materially affect our financial position and results of operations for a particular period. We self-insure for certain losses relating to workers’ compensation, employers’ liability, general liability, automobile liability and property damage. Some of our workers’ compensation claims, employers’ liability and marine employers’ liability claims are subject to a $3.0 million per-occurrence deductible; additionally, some of our automobile liability claims are subject to a $2.5 million deductible. General liability claims remain subject to a $5.0 million per-occurrence deductible. Our policies were renewed effective April 1, 2017 and remains subject to these same deductibles. In addition, we are subject to a $5.0 million deductible for land rigs and for offshore rigs. This applies to all kinds of risks of physical damage except for named windstorms in the U.S. Gulf of Mexico for which we are self-insured. Litigation Nabors and its subsidiaries are defendants or otherwise involved in a number of lawsuits in the ordinary course of business. We estimate the range of our liability related to pending litigation when we believe the amount and range of loss can be estimated. We record our best estimate of a loss when the loss is considered probable. When a liability is probable and there is a range of estimated loss with no best estimate in the range, we record the minimum estimated liability related to the lawsuits or claims. As additional information becomes available, we assess the potential liability related to our pending litigation and claims and revise our estimates. Due to uncertainties related to the resolution of lawsuits and claims, the ultimate outcome may differ from our estimates. For matters where an unfavorable outcome is reasonably possible and significant, we disclose the nature of the matter and a range of potential exposure, unless an estimate cannot be made at the time of disclosure. In the opinion of management and based on liability accruals provided, our ultimate exposure with respect to these pending lawsuits and claims is not expected to have a material adverse effect on our consolidated financial position or cash flows, although they could have a material adverse effect on our results of operations for a particular reporting period. In March 2011, the Court of Ouargla entered a judgment of approximately $25.7 million (at March 31, 2017 exchange rates) against us relating to alleged violations of Algeria’s foreign currency exchange controls, which require that goods and services provided locally be invoiced and paid in local currency. The case relates to certain foreign currency payments made to us by CEPSA, a Spanish operator, for wells drilled in 2006. Approximately $7.5 million of the total contract amount was paid offshore in foreign currency, and approximately $3.2 million was paid in local currency. The judgment includes fines and penalties of approximately four times the amount at issue. We have appealed the ruling based on our understanding that the law in question applies only to resident entities incorporated under Algerian law. An intermediate court of appeals upheld the lower court’s ruling, and we appealed the matter to the Supreme Court. On September 25, 2014, the Supreme Court overturned the verdict against us, and the case was reheard by the Ouargla Court of Appeals on March 22, 2015 in light of the Supreme Court’s opinion. On March 29, 2015, the Ouargla Court of Appeals reinstated the initial judgment against us. We have appealed this decision again to the Supreme Court. While our payments were consistent with our historical operations in the country, and, we believe, those of other multinational corporations there, as well as interpretations of the law by the Central Bank of Algeria, the ultimate resolution of this matter could result in a loss of up to $17.7 million in excess of amounts accrued. In March 2012, Nabors Global Holdings II Limited (“NGH2L”) signed an agreement with ERG Resources, LLC (“ERG”) relating to the sale of all of the Class A shares of NGH2L’s wholly owned subsidiary, Ramshorn International Limited, an oil and gas exploration company (“Ramshorn”) (“the ERG Agreement”). When ERG failed to meet its closing obligations, NGH2L terminated the transaction on March 19, 2012 and, as contemplated in the agreement, retained ERG’s $3.0 million escrow deposit. ERG filed suit the following day in the 61st Judicial District Court of Harris County, Texas, in a case styled ERG Resources, LLC v. Nabors Global Holdings II Limited, Ramshorn International Limited, and Parex Resources, Inc.; Cause No. 2012 16446, seeking injunctive relief to halt any sale of the shares to a third party, specifically naming as defendant Parex Resources, Inc. (“Parex”). The lawsuit also seeks monetary damages of up to $750.0 million based on an alleged breach of contract by NGH2L and alleged tortious interference with contractual relations by Parex. We successfully defeated ERG’s effort to obtain a temporary restraining order from the Texas court on March 20, 2012 and completed the sale of Ramshorn’s Class A shares to a Parex affiliate in April 2012, which mooted ERG’s application for a temporary injunction. The defendants made numerous jurisdictional challenges on appeal, and on April 30, 2015, ERG filed for bankruptcy under Chapter 11 of the United States Bankruptcy Code. Accordingly, the civil actions are currently subject to the bankruptcy stay and ERG’s claims in the lawsuit are assets of the estate. The lawsuit was stayed, pending further court actions, including appeals of the jurisdictional decisions. On June 17, 2016, the Texas Supreme Court issued its opinion on the jurisdictional appeal holding that jurisdiction exists in Texas for Ramshorn, but not for Parex Bermuda or Parex Canada. ERG retains its causes of action for monetary damages, but we believe the claims are foreclosed by the terms of the ERG Agreement and are without factual or legal merit. On December 28, 2016, the District Court granted Nabors’ Motion for Partial Summary Judgment to Enforce Exclusive Remedies Clause, holding that ERG’s potential recovery in the action may not exceed $4.5 million in accordance with the terms of the ERG Agreement. The plaintiffs have challenged this ruling by filing a motion for rehearing that was heard March 6, 2017. We await the Court’s ruling. Although we continue to vigorously defend the lawsuit, its ultimate outcome cannot be determined at this time. On July 30, 2014, we and Nabors Red Lion Limited (“Red Lion”), along with C&J Energy and its board of directors, were sued in a putative shareholder class action filed in the Court of Chancery of the State of Delaware (the “Court of Chancery”). The plaintiff alleges that the members of the C&J Energy board of directors breached their fiduciary duties in connection with the Merger, and that Red Lion and C&J Energy aided and abetted these alleged breaches. The plaintiff sought to enjoin the defendants from proceeding with or consummating the Merger and the C&J Energy stockholder meeting for approval of the Merger and, to the extent that the Merger was completed before any relief was granted, to have the Merger rescinded. On November 10, 2014, the plaintiff filed a motion for a preliminary injunction, and, on November 24, 2014, the Court of Chancery entered a bench ruling, followed by a written order on November 25, 2014, that (i) ordered certain members of the C&J Energy board of directors to solicit for a 30 day period alternative proposals to purchase C&J Energy (or a controlling stake in C&J Energy) that were superior to the Merger, and (ii) preliminarily enjoined C&J Energy from holding its stockholder meeting until it complied with the foregoing. C&J Energy complied with the order while it simultaneously pursued an expedited appeal of the Court of Chancery’s order to the Supreme Court of the State of Delaware (the “Delaware Supreme Court”). On December 19, 2014, the Delaware Supreme Court overturned the Court of Chancery’s judgment and vacated the order. Nabors and the C&J Energy defendants filed a motion to dismiss that was granted by the Chancellor on August 24, 2016, including a ruling that C&J Energy could recover on the bond that was posted to support the temporary restraining order. The plaintiffs filed a Notice of Appeal on September 22, 2016. On March 23, 2017, the Delaware Supreme Court affirmed the dismissal of the lawsuit. The plaintiffs filed a Motion for Reargument, which was denied on March 31, 2017, concluding the case. On March 24, 2015, we completed the Merger of our Completion & Production Services business with C&J Energy. In the Merger and related transactions, we acquired common shares in the combined entity, CJES, and entered into certain ancillary agreements with CJES, including a tax matters agreement, pursuant to which both parties agreed to indemnify each other following the completion of the Merger with respect to certain tax matters. On July 20, 2016, CJES and certain of its subsidiaries (collectively, the “debtors”) commenced voluntarily cases under chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas, Houston Division. On December 12, 2016, we entered into a mediated settlement agreement with various other parties in the CJES bankruptcy proceedings (the “Settlement Agreement”). Pursuant to the Settlement Agreement, we agreed to support the debtors' chapter 11 plan of reorganization in exchange for: (i) two allowed unsecured claims for which we will receive distributions of up to $4.85 million; (ii) an amendment to the tax matters agreement providing that CJES will likely pay up to $11.5 million of obligations for which we would have otherwise been responsible; (iii) cancellation of various other obligations we had to the debtors; (iv) our pro rata share of warrants to acquire 2% of the common equity in the reorganized debtors; and (v) a mutual release of claims. The bankruptcy court approved the terms of the Settlement Agreement and confirmed the debtors' plan and, on January 6, 2017, CJES announced it had emerged from bankruptcy, thus concluding this proceeding. Off-Balance Sheet Arrangements (Including Guarantees) We are a party to some transactions, agreements or other contractual arrangements defined as “off-balance sheet arrangements” that could have a material future effect on our financial position, results of operations, liquidity and capital resources. The most significant of these off-balance sheet arrangements involve agreements and obligations under which we provide financial or performance assurance to third parties. Certain of these agreements serve as guarantees, including standby letters of credit issued on behalf of insurance carriers in conjunction with our workers’ compensation insurance program and other financial surety instruments such as bonds. In addition, we have provided indemnifications, which serve as guarantees, to some third parties. These guarantees include indemnification provided by Nabors to our share transfer agent and our insurance carriers. We are not able to estimate the potential future maximum payments that might be due under our indemnification guarantees. Management believes the likelihood that we would be required to perform or otherwise incur any material losses associated with any of these guarantees is remote. The following table summarizes the total maximum amount of financial guarantees issued by Nabors: Maximum Amount 2017 2018 2019 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ 276,391 518 11,914 — $ 288,823

Earnings (Losses) Per Share

Earnings (Losses) Per Share	3 Months Ended
	Mar. 31, 2017
Earnings (Losses) Per Share
Earnings (Losses) Per Share	Note 8 Earnings (Losses) Per Share ASC 260, Earnings per Share, requires companies to treat unvested share-based payment awards that have nonforfeitable rights to dividends or dividend equivalents as a separate class of securities in calculating earnings (losses) per share. We have granted and expect to continue to grant to employees restricted stock grants that contain nonforfeitable rights to dividends. Such grants are considered participating securities under ASC 260. As such, we are required to include these grants in the calculation of our basic earnings (losses) per share and calculate basic earnings (losses) per share using the two-class method. The two-class method of computing earnings per share is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. Basic earnings (losses) per share is computed utilizing the two-class method and is calculated based on the weighted-average number of common shares outstanding during the periods presented. Diluted earnings (losses) per share is computed using the weighted-average number of common and common equivalent shares outstanding during the periods utilizing the two-class method for stock options and unvested restricted stock. Shares issuable upon exchange of the $575 million 0.75% exchangeable notes are not included in the calculation of diluted earnings (losses) per share unless the exchange value of the notes exceeds their principal amount at the end of the relevant reporting period, in which case the notes will be accounted for as if the number of common shares that would be necessary to settle the excess are issued. Such shares are only included in the calculation of the weighted-average number of shares outstanding in our diluted earnings (losses) per share calculation, when the price of our shares exceeds $25.16 on the last trading day of the quarter, which did not occur during the three months ended March 31, 2017. A reconciliation of the numerators and denominators of the basic and diluted earnings (losses) per share computations is as follows: Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss) from continuing operations, net of tax $ (147,628) $ (396,644) Less: net (income) loss attributable to noncontrolling interest (917) (724) Less: (earnings) losses allocated to unvested shareholders 3,811 8,199 Numerator for basic earnings per share: Adjusted income (loss) from continuing operations, net of tax - basic $ (144,734) $ (389,169) Income (loss) from discontinued operations, net of tax $ (439) $ (926) Weighted-average number of shares outstanding - basic 277,781 275,851 Earnings (losses) per share: Basic from continuing operations $ (0.52) $ (1.41) Basic from discontinued operations — — Total Basic $ (0.52) $ (1.41) DILUTED EPS: Adjusted income (loss) from continuing operations, net of tax - basic $ (144,734) $ (389,169) Add: effect of reallocating undistributed earnings of unvested shareholders — — Adjusted income (loss) from continuing operations, net of tax - diluted $ (144,734) $ (389,169) Income (loss) from discontinued operations, net of tax $ (439) $ (926) Weighted-average number of shares outstanding - basic 277,781 275,851 Add: dilutive effect of potential common shares — — Weighted-average number of shares outstanding - diluted 277,781 275,851 Earnings (losses) per share: Diluted from continuing operations $ (0.52) $ (1.41) Diluted from discontinued operations — — Total Diluted $ (0.52) $ (1.41) For all periods presented, the computation of diluted earnings (losses) per share excludes outstanding stock options with exercise prices greater than the average market price of Nabors’ common shares, because their inclusion would be anti-dilutive and because they are not considered participating securities. For periods in which we experience a net loss from continuing operations, all potential common shares have been excluded from the calculation of weighted-average shares outstanding, because their inclusion would be anti-dilutive. The average number of options that were excluded from diluted earnings (losses) per share that would potentially dilute earnings per share in the future were as follows: Three Months Ended March 31, 2017 2016 Potentially dilutive securities excluded as anti-dilutive 4,647,807 5,414,712 In any period during which the average market price of Nabors’ common shares exceeds the exercise prices of these stock options, such stock options will be included in our diluted earnings (losses) per share computation using the if-converted method of accounting. Restricted stock is included in our basic and diluted earnings (losses) per share computation using the two-class method of accounting in all periods because such stock is considered participating securities.

Supplemental Balance Sheet, Inc

Supplemental Balance Sheet, Income Statement and Cash Flow Information	3 Months Ended
	Mar. 31, 2017
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Supplemental Balance Sheet, Income Statement and Cash Flow Information	Note 9 Supplemental Balance Sheet and Income Statement Information Accrued liabilities included the following: March 31, December 31, 2017 2016 (In thousands) Accrued compensation $ 100,783 $ 116,775 Deferred revenue 259,671 255,626 Other taxes payable 16,264 16,419 Workers’ compensation liabilities 18,255 18,255 Interest payable 25,804 57,233 Litigation reserves 24,026 24,896 Current liability to discontinued operations 5,566 5,462 Dividends declared and payable 17,154 17,039 Other accrued liabilities 29,841 31,543 $ 497,364 $ Other expense (income), net included the following: Three Months Ended March 31, 2017 2016 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ 2,875 $ 5,298 Charges related to our CJES holdings (1) — 177,242 Litigation expenses 821 637 Foreign currency transaction losses (gains) 876 4,214 (Gain) loss on debt buyback 8,596 (6,027) Other losses (gains) 342 1,040 $ 13,510 $ 182,404 (1) Represents impairment charges related to our CJES holdings. See Note 3 — Investments in Unconsolidated Affiliates. The changes in accumulated other comprehensive income (loss), by component, included the following: Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2016 $ (1,670) $ (314) $ (6,568) $ (39,041) $ (47,593) Other comprehensive income (loss) before reclassifications — 769 — 33,362 34,131 Amounts reclassified from accumulated other comprehensive income (loss) 93 — 105 — 198 Net other comprehensive income (loss) 93 769 105 33,362 34,329 As of March 31, 2016 $ (1,577) $ 455 $ (6,463) $ (5,679) $ (13,264) (1) All amounts are net of tax. Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2017 $ (1,296) $ 14,235 $ (3,760) $ (21,298) $ (12,119) Other comprehensive income (loss) before reclassifications — (3,201) — 3,860 659 Amounts reclassified from accumulated other comprehensive income (loss) 93 — 31 — 124 Net other comprehensive income (loss) 93 (3,201) 31 3,860 783 As of March 31, 2017 $ (1,203) $ 11,034 $ (3,729) $ (17,438) $ (11,336) (1) All amounts are net of tax. The line items that were reclassified to net income included the following: Three Months Ended March 31, 2017 2016 (In thousands) Interest expense $ 153 $ 153 General and administrative expenses 50 174 Other expense (income), net — — Total income (loss) from continuing operations before income tax (203) (327) Tax expense (benefit) (79) (129) Reclassification adjustment for (gains)/ losses included in net income (loss) $ (124) $ (198)

Condensed Consolidating Financi

Condensed Consolidating Financial Information	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Financial Information
Condensed Consolidating Financial Information	Note 12 Condensed Consolidating Financial Information Nabors has fully and unconditionally guaranteed all of the issued public debt securities of Nabors Delaware, a 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 March 31, 2017 and December 31, 2016, statements of income (loss) and statements of other comprehensive income (loss) for the three months ended March 31, 2017 and 2016, and statements of cash flows for the three months ended March 31, 2017 and 2016 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 March 31, 2017 Other Nabors Nabors Subsidiaries (Parent/ Delaware (Non- Consolidating Guarantor) (Issuer) Guarantors) Adjustments Total (In thousands) ASSETS Current assets: Cash and cash equivalents $ 8,579 $ 4 $ 192,105 $ — $ 200,688 Short-term investments — — 27,907 — 27,907 Accounts receivable, net — — 514,446 — 514,446 Inventory, net — — 109,461 — 109,461 Assets held for sale — — 77,118 — 77,118 Other current assets 57 28,080 164,899 — 193,036 Total current assets 8,636 28,084 1,085,936 — 1,122,656 Property, plant and equipment, net — — 6,218,699 — 6,218,699 Goodwill — — 166,999 — 166,999 Intercompany receivables 144,795 — 1,117,044 (1,261,839) — Investment in consolidated affiliates 3,044,185 4,779,879 1,151,049 (8,975,113) — Deferred tax assets — 469,784 373,973 (469,784) 373,973 Other long-term assets — 161 301,414 (88,590) 212,985 Total assets $ 3,197,616 $ 5,277,908 $ 10,415,114 $ (10,795,326) $ 8,095,312 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 313 $ — $ 313 Trade accounts payable 113 24 241,195 — 241,332 Accrued liabilities 19,555 27,386 450,423 — 497,364 Income taxes payable — — 32,640 — 32,640 Total current liabilities 19,668 27,410 724,571 — 771,649 Long-term debt — 3,750,255 — (88,590) 3,661,665 Other long-term liabilities — 22,729 444,519 — 467,248 Deferred income taxes — — 478,140 (469,784) 8,356 Intercompany payable — 1,261,839 — (1,261,839) — Total liabilities 19,668 5,062,233 1,647,230 (1,820,213) 4,908,918 Shareholders’ equity 3,177,948 215,675 8,759,438 (8,975,113) 3,177,948 Noncontrolling interest — — 8,446 — 8,446 Total equity 3,177,948 215,675 8,767,884 (8,975,113) 3,186,394 Total liabilities and equity $ 3,197,616 $ 5,277,908 $ 10,415,114 $ (10,795,326) $ 8,095,312 Condensed Consolidating Balance Sheets December 31, 2016 Other Nabors Nabors Subsidiaries (Parent/ Delaware (Non- Consolidating Guarantor) (Issuer) Guarantors) Adjustments Total (In thousands) ASSETS Current assets: Cash and cash equivalents $ 1,148 $ 10,177 $ 252,768 $ — $ 264,093 Short-term investments — — 31,109 — 31,109 Accounts receivable, net — — 508,355 — 508,355 Inventory, net — — 103,595 — 103,595 Assets held for sale — — 76,668 — 76,668 Other current assets 50 22,209 149,760 — 172,019 Total current assets 1,198 32,386 1,122,255 — 1,155,839 Property, plant and equipment, net — — 6,267,583 — 6,267,583 Goodwill — — 166,917 — 166,917 Intercompany receivables 142,447 — 1,342,942 (1,485,389) — Investment in consolidated affiliates 3,170,254 4,830,572 1,083,948 (9,084,774) — Deferred tax assets — 443,049 366,586 (443,049) 366,586 Other long-term assets — 344 447,962 (218,216) 230,090 Total assets $ 3,313,899 $ 5,306,351 $ 10,798,193 $ (11,231,428) $ 8,187,015 LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ 297 $ — $ 297 Trade accounts payable 205 8 264,365 — 264,578 Accrued liabilities 20,669 65,246 457,333 — 543,248 Income taxes payable — — 13,811 — 13,811 Total current liabilities 20,874 65,254 735,806 — 821,934 Long-term debt — 3,796,550 — (218,215) 3,578,335 Other long-term liabilities — 22,659 499,797 — 522,456 Deferred income taxes — — 452,544 (443,049) 9,495 Intercompany payable 46,000 1,439,390 — (1,485,390) — Total liabilities 66,874 5,323,853 1,688,147 (2,146,654) 4,932,220 Shareholders’ equity 3,247,025 (17,502) 9,102,276 (9,084,774) 3,247,025 Noncontrolling interest — — 7,770 — 7,770 Total equity 3,247,025 (17,502) 9,110,046 (9,084,774) 3,254,795 Total liabilities and equity $ 3,313,899 $ 5,306,351 $ 10,798,193 $ (11,231,428) $ 8,187,015 Condensed Consolidating Statements of Income (Loss) Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ 562,550 $ — $ 562,550 Earnings (losses) from unconsolidated affiliates — — 2 — 2 Earnings (losses) from consolidated affiliates (145,871) (50,717) (96,239) 292,827 — Investment income (loss) 17 63 3,621 (2,980) 721 Total revenues and other income (145,854) (50,654) 469,934 289,847 563,273 Costs and other deductions: Direct costs — — 387,644 — 387,644 General and administrative expenses 3,298 137 60,153 (179) 63,409 Research and engineering — — 11,757 — 11,757 Depreciation and amortization — 31 203,641 — 203,672 Interest expense — 60,755 (4,237) — 56,518 Other, net (159) 11,397 2,093 179 13,510 Intercompany interest expense (9) — 9 — — Total costs and other deductions 3,130 72,320 661,060 — 736,510 Income (loss) from continuing operations before income taxes (148,984) (122,974) (191,126) 289,847 (173,237) Income tax expense (benefit) — (26,735) 1,126 — (25,609) Income (loss) from continuing operations, net of tax (148,984) (96,239) (192,252) 289,847 (147,628) Income (loss) from discontinued operations, net of tax — — (439) — (439) Net income (loss) (148,984) (96,239) (192,691) 289,847 (148,067) Less: Net (income) loss attributable to noncontrolling interest — — (917) — (917) Net income (loss) attributable to Nabors $ (148,984) $ (96,239) $ (193,608) $ 289,847 $ (148,984) Condensed Consolidating Statements of Income (Loss) Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ 597,571 $ — $ 597,571 Earnings (losses) from unconsolidated affiliates — — (167,151) — (167,151) Earnings (losses) from consolidated affiliates (395,770) (106,087) (137,970) 639,827 — Investment income (loss) — 123 3,201 (2,981) 343 Intercompany interest income — 160 — (160) — Total revenues and other income (395,770) (105,804) 295,651 636,686 430,763 Costs and other deductions: Direct costs — — 365,023 — 365,023 General and administrative expenses 2,362 131 59,998 (157) 62,334 Research and engineering — — 8,162 — 8,162 Depreciation and amortization — 31 215,787 — 215,818 Interest expense — 50,664 (4,934) — 45,730 Other, net 157 65 182,025 157 182,404 Intercompany interest expense 5 — 155 (160) — Total costs and other deductions 2,524 50,891 826,216 (160) 879,471 Income (loss) from continuing operations before income taxes (398,294) (156,695) (530,565) 636,846 (448,708) Income tax expense (benefit) — (18,725) (33,339) — (52,064) Income (loss) from continuing operations, net of tax (398,294) (137,970) (497,226) 636,846 (396,644) Income (loss) from discontinued operations, net of tax — — (926) — (926) Net income (loss) (398,294) (137,970) (498,152) 636,846 (397,570) Less: Net (income) loss attributable to noncontrolling interest — — (724) — (724) Net income (loss) attributable to Nabors $ (398,294) $ (137,970) $ (498,876) $ 636,846 $ (398,294) Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ (148,984) $ (96,239) $ (193,608) $ 289,847 $ (148,984) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gain (loss) on translation adjustment 3,860 (7) 3,860 (3,853) 3,860 Less: reclassification adjustment for realized (gain) loss on translation adjustment — — — — — Translation adjustment attributable to Nabors 3,860 (7) 3,860 (3,853) 3,860 Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities (3,201) — (3,201) 3,201 (3,201) Less: reclassification adjustment for (gains) losses included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities (3,201) — (3,201) 3,201 (3,201) Pension liability amortization and adjustment 50 50 100 (150) 50 Unrealized gains (losses) and amortization on cash flow hedges 153 153 153 (306) 153 Other comprehensive income (loss) before tax 862 196 912 (1,108) 862 Income tax expense (benefit) related to items of other comprehensive income (loss) 79 79 158 (237) 79 Other comprehensive income (loss), net of tax 783 117 754 (871) 783 Comprehensive income (loss) attributable to Nabors (148,201) (96,122) (192,854) 288,976 (148,201) Net income (loss) attributable to noncontrolling interest — — 917 — 917 Translation adjustment attributable to noncontrolling interest — — 49 — 49 Comprehensive income (loss) attributable to noncontrolling interest — — 966 — 966 Comprehensive income (loss) $ (148,201) $ (96,122) $ (191,888) $ 288,976 $ (147,235) Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ (398,294) $ (137,970) $ (498,876) $ 636,846 $ (398,294) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gain (loss) on translation adjustment 33,362 (46) 33,316 (33,270) 33,362 Less: reclassification adjustment for realized (gain) loss on translation adjustment — — — — — Translation adjustment attributable to Nabors 33,362 (46) 33,316 (33,270) 33,362 Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities 769 — 769 (769) 769 Less: reclassification adjustment for (gains) losses included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities 769 — 769 (769) 769 Pension liability amortization and adjustment 174 174 348 (522) 174 Unrealized gains (losses) and amortization on cash flow hedges 153 153 153 (306) 153 Other comprehensive income (loss) before tax 34,458 281 34,586 (34,867) 34,458 Income tax expense (benefit) related to items of other comprehensive income (loss) 129 129 198 (327) 129 Other comprehensive income (loss), net of tax 34,329 152 34,388 (34,540) 34,329 Comprehensive income (loss) attributable to Nabors (363,965) (137,818) (464,488) 602,306 (363,965) Net income (loss) attributable to noncontrolling interest — — 724 — 724 Translation adjustment attributable to noncontrolling interest — — 419 — 419 Comprehensive income (loss) attributable to noncontrolling interest — — 1,143 — 1,143 Comprehensive income (loss) $ (363,965) $ (137,818) $ (463,345) $ 602,306 $ (362,822) Condensed Consolidating Statements Cash Flows Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ 70,492 $ (112,431) $ 53,928 $ (69,980) $ (57,991) Cash flows from investing activities: Purchases of investments — — (4) — (4) Sales and maturities of investments — — 91 — 91 Capital expenditures — — (183,427) — (183,427) Proceeds from sales of assets and insurance claims — — 3,253 — 3,253 Change in intercompany balances — (198,035) 198,035 — — Other changes in investing — — (106) — (106) Net cash provided by (used for) investing activities — (198,035) 17,842 — (180,193) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — (469) — (469) Proceeds from issuance of long-term debt — 411,200 — — 411,200 Debt issuance costs — (10,439) — — (10,439) Proceeds from (payments for) issuance of common shares 8,300 — — — 8,300 Capped call hedge transactions — (40,250) — — (40,250) Reduction of long-term debt — (57,670) (112,821) — (170,491) Dividends to shareholders (20,020) — — 2,980 (17,040) Payments on term loan — (162,500) — — (162,500) Proceeds from (payments for) short-term borrowings — — 16 — 16 Cash proceeds from equity component of convertible debt — 159,952 — — 159,952 Proceeds from issuance of intercompany debt 20,000 20,000 (40,000) — — Paydown of intercompany debt (66,000) (20,000) 86,000 — — Distribution from subsidiary to parent — — (67,000) 67,000 — Other changes (5,341) — — — (5,341) Net cash (used for) provided by financing activities (63,061) 300,293 (134,274) 69,980 172,938 Effect of exchange rate changes on cash and cash equivalents — — 1,841 — 1,841 Net increase (decrease) in cash and cash equivalents 7,431 (10,173) (60,663) — (63,405) Cash and cash equivalents, beginning of period 1,148 10,177 252,768 — 264,093 Cash and cash equivalents, end of period $ 8,579 $ 4 $ 192,105 $ — $ 200,688 Condensed Consolidating Statements Cash Flows Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ 1,790 $ (116,240) $ 278,937 $ (2,981) $ 161,506 Cash flows from investing activities: Sales and maturities of investments — — 41 — 41 Proceeds from sales of assets and insurance claims — — 5,448 — 5,448 Capital expenditures — — (129,875) — (129,875) Change in intercompany balances — 34,916 (34,916) — — Other — — (4,439) — (4,439) Net cash provided by (used for) investing activities — 34,916 (163,741) — (128,825) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — 1,642 — 1,642 Reduction in long-term debt — — (148,045) — (148,045) Dividends to shareholders (19,903) — — 2,981 (16,922) Proceeds from (payments for) commercial paper, net — 1,325 — — 1,325 Proceeds (issuance) of intercompany debt 22,000 — (22,000) — — Proceeds from revolving credit facilities — 150,000 — — 150,000 Reduction in revolving credit facilities — (70,000) — — (70,000) Repurchase of common shares — — (1,687) — (1,687) Proceeds from short-term borrowings — — (628) — (628) Other changes (3,190) — — — (3,190) Net cash (used for) provided by financing activities (1,093) 81,325 (170,718) 2,981 (87,505) Effect of exchange rate changes on cash and cash equivalents — — 968 — 968 Net increase (decrease) in cash and cash equivalents 697 1 (54,554) — (53,856) Cash and cash equivalents, beginning of period 873 10 253,647 — 254,530 Cash and cash equivalents, end of period $ 1,570 $ 11 $ 199,093 $ — $ 200,674

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events
Subsequent Events	Note 13 Subsequent Events On April 21, 2017, our Board of Directors declared a cash dividend of $0.06 per common share, which will be paid on July 5, 2017 to shareholders of record at the close of business on June 14, 2017.

Summary of Significant Accoun20

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies
Interim Financial Information	Interim Financial Information The accompanying unaudited consolidated condensed financial statements of Nabors have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted. Therefore, these financial statements should be read together with our annual report on Form 10-K for the year ended December 31, 2016 (“2016 Annual Report”). In management’s opinion, the unaudited condensed consolidated financial statements contain all adjustments necessary to state fairly our financial position as of March 31, 2017 and the results of operations, comprehensive income (loss), cash flows and changes in equity for the periods presented herein. Interim results for the three months ended March 31, 2017 may not be indicative of results that will be realized for the full year ending December 31, 2017.
Principles of Consolidation	Principles of Consolidation Our condensed consolidated financial statements include the accounts of Nabors, as well as all majority owned and non-majority owned subsidiaries required to be consolidated under GAAP. All significant intercompany accounts and transactions are eliminated in consolidation. Investments in operating entities where we have the ability to exert significant influence, but where we do not control operating and financial policies, are accounted for using the equity method. Our share of the net income (loss) of these entities is recorded as earnings (losses) from unconsolidated affiliates in our condensed consolidated statements of income (loss). The investments in these entities are included in investment in unconsolidated affiliates in our condensed consolidated balance sheets. We historically recorded our share of the net income (loss) of our equity method investment in C&J Energy Services, Ltd. (“CJES”) on a one-quarter lag, as we were not able to obtain the financial information of CJES on a timely basis. During the third quarter of 2016, CJES filed for bankruptcy, at which time we ceased accounting for our investment in CJES as an equity method investment and now report this investment at our estimate of fair value. See Note 3 — Investments in Unconsolidated Affiliates.
Revenue Recognition	Revenue Recognition We recognize revenues and costs on daywork contracts daily as the work progresses. For certain contracts, we receive lump-sum payments for the mobilization of rigs and other drilling equipment. We defer revenue related to mobilization periods and recognize the revenue over the term of the related drilling contract. We also defer recognition of revenue on amounts received from customers for prepayment of services until those services are provided. At March 31, 2017 and December 31, 2016, our deferred revenues classified as accrued liabilities were $259.7 million and $255.6 million, respectively. At March 31, 2017 and December 31, 2016, our deferred revenues classified as other long-term liabilities were $262.8 million and $321.0 million, respectively. Costs incurred related to a mobilization period for which a contract is secured are deferred and recognized over the term of the related drilling contract. Costs incurred to relocate rigs and other drilling equipment to areas in which a contract has not been secured are expensed as incurred. At March 31, 2017 and December 31, 2016, our deferred expenses classified as other current assets were $73.0 million and $63.4 million, respectively. At March 31, 2017 and December 31, 2016, our deferred expenses classified as other long-term assets were $59.6 million and $69.5 million, respectively. We recognize revenue for top drives and instrumentation systems we manufacture when the earnings process is complete. This generally occurs when products have been shipped, title and risk of loss have been transferred, collectability is probable, and pricing is fixed and determinable. We recognize, as operating revenue, proceeds from business interruption insurance claims in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements in excess of the carrying value of damaged assets are recognized in other expense (income), net in the period that the applicable proof of loss documentation is received. Proceeds from casualty insurance settlements that are expected to be less than the carrying value of damaged assets are recognized at the time the loss is incurred and recorded in other expense (income), net. We recognize reimbursements received for out-of-pocket expenses incurred as revenues and account for out-of-pocket expenses as direct costs.
Inventory, net	Inventory, net Inventory is stated at the lower of cost or net realizable value. Cost is determined using the first-in, first-out or weighted-average cost methods and includes the cost of materials, labor and manufacturing overhead. Inventory included the following: March 31, December 31, 2017 2016 (In thousands) Raw materials $ 83,751 $ 84,431 Work-in-progress 13,288 1,204 Finished goods 12,422 17,960 $ 109,461 $ 103,595
Property, Plant and Equipment	Property, Plant and Equipment We review our assets for impairment when events or changes in circumstances indicate that their carrying amounts may not be recoverable. If the estimated undiscounted future cash flows are not sufficient to support the asset’s recorded value, an impairment charge is recognized to reduce the carrying amount of the long-lived asset to its estimated fair value. The determination of future cash flows requires the estimation of dayrates and utilization, and such estimates can change based on market conditions, technological advances in the industry or changes in regulations governing the industry. For an asset classified as held for sale, we consider the asset impaired when its carrying amount exceeds fair value less its cost to sell. Fair value is determined in the same manner as an impaired long-lived asset that is held and used. Significant and unanticipated changes to the assumptions could result in future impairments. A continuation of the lower oil and natural gas prices experienced over the last two years could continue to adversely affect the demand for and prices of our services. As such, we will continue to assess our asset fleet, particularly our legacy and undersized rigs. Should we continue experiencing weakening in the market for a prolonged period for any specific rig class, this could result in future impairment charges or retirements of assets. As the determination of whether impairment charges should be recorded on our long-lived assets is subject to significant management judgment, and an impairment of these assets could result in a material charge on our condensed consolidated statements of income (loss), management believes that accounting estimates related to impairment of long-lived assets are critical.
Goodwill	Goodwill We review goodwill for impairment annually during the second quarter of each fiscal year or more frequently if events or changes in circumstances indicate that the carrying amount of such goodwill and intangible assets exceed their fair value. Due to the adoption of Accounting Standards Update (“ASU”) No. 2017-04, effective January 1, 2017, we no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. We will continue to perform our qualitative analysis as well as step one of the impairment test which compares the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeds the fair value, an impairment charge will be recognized in an amount equal to the excess; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. For our goodwill tests prior to adoption of the new standard, we initially assessed goodwill for impairment based on qualitative factors to determine whether to perform the two-step annual goodwill impairment test, a Level 3 fair value measurement. After our qualitative assessment, step one of the impairment test compared the estimated fair value of the reporting unit to its carrying amount. If the carrying amount exceeded the fair value, a second step was required to measure the goodwill impairment loss. The second step compared the implied fair value of the reporting unit’s goodwill to its carrying amount. If the carrying amount exceeded the implied fair value, an impairment loss was recognized in an amount equal to the excess. Our estimated fair values of our reporting units incorporate judgment and the use of estimates by management. Potential factors requiring assessment include a further or sustained decline in our stock price, declines in oil and natural gas prices, a variance in results of operations from forecasts, a change in operating strategy of assets and additional transactions in the oil and gas industry. Another factor in determining whether impairment has occurred is the relationship between our market capitalization and our book value. As part of our annual review, we compare the sum of our reporting units’ estimated fair value, which includes the estimated fair value of non-operating assets and liabilities, less debt, to our market capitalization and assess the reasonableness of our estimated fair value. Any of the above-mentioned factors may cause us to re-evaluate goodwill during any quarter throughout the year.
Recent Accounting Pronouncements	Recently Adopted Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-07, Investments—Equity Method and Joint Ventures, to simplify the transition to the equity method of accounting. This standard eliminates the requirement to retroactively adopt the equity method of accounting as a result of an increase in the level of ownership interest or degree of influence. Instead, the equity method investor should add the cost of acquiring the additional interest in the investee to the current basis of the investor’s previously held interest and adopt the equity method of accounting as of the date the investment qualifies for the equity method of accounting. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. The adoption of this guidance did not have an impact on our consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation, to simplify the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities and classification on the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2016. We adopted this guidance on a prospective basis effective January 1, 2017. The impact of adoption was a decrease in deferred tax liabilities of $7.1 million and an increase in retained earnings of $7.1 million related to excess tax benefits on prior awards. Additionally, we elected to account for forfeitures as they occur. The impact of this election resulted in an increase in capital in excess of par and a corresponding decrease in retained earnings of $1.9 million. In January 2017, the FASB issued ASU No. 2017-04, Intangibles—Goodwill and Other, which simplifies the subsequent measurement of goodwill by eliminating Step 2 of the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Under this new standard, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and then recognize an impairment charge, as necessary, for the amount by which the carrying amount exceeds the reporting unit’s fair value, not to exceed the total amount of goodwill allocated to that reporting unit. This guidance is effective for fiscal years beginning after December 15, 2019. We have elected to early adopt this guidance on a prospective basis for our annual goodwill impairment test performed subsequent to January 1, 2017. The adoption of this standard had no effect on our financial condition, results of operations or disclosures for our first quarter ended March 31, 2017 as this standard only impacts the measurement of goodwill impairment charges on a prospective basis.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, relating to the revenue recognition from contracts with customers that creates a common revenue standard for GAAP and IFRS. The core principle will require recognition of revenue to represent the transfer of promised goods or services to customers in an amount that reflects the consideration, including costs incurred, to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB approved a one year deferral of this standard, with a new effective date for fiscal years beginning after December 15, 2017. During the first quarter of 2017, we expanded our implementation team and are in the process of reviewing our revenue streams. We have identified a subset of contracts that we believe are representative of our operations and began a detailed analysis of the related performance obligations and pricing arrangements in such contracts. At this time, we expect to apply the modified retrospective approach. However, we are still evaluating the requirements to determine the impact of the adoption on our consolidated financial statements and related disclosures. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall, relating to the recognition and measurement of financial assets and liabilities. This standard enhances the reporting model for financial instruments, which includes amendments to address aspects of recognition, measurement, presentation and disclosure. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, relating to leases to increase transparency and comparability among companies. This standard requires that all leases with an initial term greater than one year be recorded on the balance sheet as an asset and a lease liability. Additionally, this standard will require disclosures designed to give financial statement users information on the amount, timing, and uncertainty of cash flows arising from leases. This guidance is effective for public companies for fiscal years beginning after December 15, 2018. Early application is permitted. This standard requires an entity to separate lease components from nonlease components within a contract. While the lease components would be accounted for under ASU No. 2016-02, nonlease components would be accounted for under ASU No. 2014-09. Therefore, we are evaluating ASU No. 2016-02 concurrently with the provisions of ASU No. 2014-09 and the impact this will have on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows, to reduce the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In October 2016, the FASB issued ASU No. 2016-16—Income Taxes, which improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. This guidance is effective for public companies for fiscal years beginning after December 15, 2017. Early application is permitted. We are currently evaluating the impact this will have on our consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows: Restricted Cash to provide guidance on the classification of restricted cash in the statement of cash flows. This guidance is effective for public companies for fiscal years beginning after beginning after December 15, 2017. Early application is permitted. The amendments in the ASU should be adopted on a retrospective basis. We are currently evaluating the impact this will have on our consolidated financial statements.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Summary of Significant Accounting Policies
Inventory, net	March 31, December 31, 2017 2016 (In thousands) Raw materials $ 83,751 $ 84,431 Work-in-progress 13,288 1,204 Finished goods 12,422 17,960 $ 109,461 $ 103,595

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Measurements
Fair value of financial instruments	March 31, 2017 December 31, 2016 Carrying Fair Carrying Fair Value Value Value Value (In thousands) (In thousands) 6.15% senior notes due February 2018 $ 665,222 $ 690,168 $ 827,539 $ 865,300 9.25% senior notes due January 2019 303,489 337,252 303,489 337,443 5.00% senior notes due September 2020 669,616 694,311 669,540 689,211 4.625% senior notes due September 2021 694,928 706,658 694,868 708,765 5.50% senior notes due January 2023 600,000 615,378 600,000 627,000 5.10% senior notes due September 2023 346,480 351,462 346,448 348,613 0.75% senior exchangeable notes due January 2024 415,228 388,882 — — Term loan facility — — 162,500 162,500 Revolving credit facility — — — — Commercial paper — — — — Other 313 313 297 297 3,695,276 $ 3,784,424 3,604,681 $ 3,739,129 Less: Deferred financing costs 33,298 26,049 $ 3,661,978 $ 3,578,632

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2017
Debt
Long-term debt	March 31, December 31, 2017 2016 (In thousands) 6.15% senior notes due February 2018 (1) $ 665,222 $ 827,539 9.25% senior notes due January 2019 303,489 303,489 5.00% senior notes due September 2020 669,616 669,540 4.625% senior notes due September 2021 694,928 694,868 5.50% senior notes due January 2023 600,000 600,000 5.10% senior notes due September 2023 346,480 346,448 0.75% senior exchangeable notes due January 2024 415,228 — Term loan facility — 162,500 Revolving credit facility — — Commercial paper — — Other 313 297 3,695,276 3,604,681 Less: current portion 313 297 Less: deferred financing costs 33,298 26,049 $ 3,661,665 $ 3,578,335 (1) The 6.15% senior notes due February 2018 have been classified as long-term because we have the ability and intent to repay this obligation utilizing our revolving credit facility.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies
Summary of total maximum amount of financial guarantees issued	Maximum Amount 2017 2018 2019 Thereafter Total (In thousands) Financial standby letters of credit and other financial surety instruments $ 276,391 518 11,914 — $ 288,823

Earnings (Losses) Per Share (Ta

Earnings (Losses) Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings (Losses) Per Share
Earnings (losses) per share computations	Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) BASIC EPS: Net income (loss) (numerator): Income (loss) from continuing operations, net of tax $ (147,628) $ (396,644) Less: net (income) loss attributable to noncontrolling interest (917) (724) Less: (earnings) losses allocated to unvested shareholders 3,811 8,199 Numerator for basic earnings per share: Adjusted income (loss) from continuing operations, net of tax - basic $ (144,734) $ (389,169) Income (loss) from discontinued operations, net of tax $ (439) $ (926) Weighted-average number of shares outstanding - basic 277,781 275,851 Earnings (losses) per share: Basic from continuing operations $ (0.52) $ (1.41) Basic from discontinued operations — — Total Basic $ (0.52) $ (1.41) DILUTED EPS: Adjusted income (loss) from continuing operations, net of tax - basic $ (144,734) $ (389,169) Add: effect of reallocating undistributed earnings of unvested shareholders — — Adjusted income (loss) from continuing operations, net of tax - diluted $ (144,734) $ (389,169) Income (loss) from discontinued operations, net of tax $ (439) $ (926) Weighted-average number of shares outstanding - basic 277,781 275,851 Add: dilutive effect of potential common shares — — Weighted-average number of shares outstanding - diluted 277,781 275,851 Earnings (losses) per share: Diluted from continuing operations $ (0.52) $ (1.41) Diluted from discontinued operations — — Total Diluted $ (0.52) $ (1.41)
Potentially dilutive securities excluded as anti-dilutive	Three Months Ended March 31, 2017 2016 Potentially dilutive securities excluded as anti-dilutive 4,647,807 5,414,712

Supplemental Balance Sheet, I26

Supplemental Balance Sheet, Income Statement and Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2017
Supplemental Balance Sheet, Income Statement and Cash Flow Information
Accrued liabilities	March 31, December 31, 2017 2016 (In thousands) Accrued compensation $ 100,783 $ 116,775 Deferred revenue 259,671 255,626 Other taxes payable 16,264 16,419 Workers’ compensation liabilities 18,255 18,255 Interest payable 25,804 57,233 Litigation reserves 24,026 24,896 Current liability to discontinued operations 5,566 5,462 Dividends declared and payable 17,154 17,039 Other accrued liabilities 29,841 31,543 $ 497,364 $
Other expense (income)	Three Months Ended March 31, 2017 2016 (In thousands) Losses (gains) on sales, disposals and involuntary conversions of long-lived assets $ 2,875 $ 5,298 Charges related to our CJES holdings (1) — 177,242 Litigation expenses 821 637 Foreign currency transaction losses (gains) 876 4,214 (Gain) loss on debt buyback 8,596 (6,027) Other losses (gains) 342 1,040 $ 13,510 $ 182,404
Schedule of changes in accumulated other comprehensive income (loss)	Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2016 $ (1,670) $ (314) $ (6,568) $ (39,041) $ (47,593) Other comprehensive income (loss) before reclassifications — 769 — 33,362 34,131 Amounts reclassified from accumulated other comprehensive income (loss) 93 — 105 — 198 Net other comprehensive income (loss) 93 769 105 33,362 34,329 As of March 31, 2016 $ (1,577) $ 455 $ (6,463) $ (5,679) $ (13,264) (1) All amounts are net of tax. Unrealized Gains gains (losses) Defined (losses) on on available- benefit Foreign cash flow for-sale pension plan currency hedges securities items items Total (In thousands (1) ) As of January 1, 2017 $ (1,296) $ 14,235 $ (3,760) $ (21,298) $ (12,119) Other comprehensive income (loss) before reclassifications — (3,201) — 3,860 659 Amounts reclassified from accumulated other comprehensive income (loss) 93 — 31 — 124 Net other comprehensive income (loss) 93 (3,201) 31 3,860 783 As of March 31, 2017 $ (1,203) $ 11,034 $ (3,729) $ (17,438) $ (11,336) (1) All amounts are net of tax.
Schedule of line items that were reclassified from net income	Three Months Ended March 31, 2017 2016 (In thousands) Interest expense $ 153 $ 153 General and administrative expenses 50 174 Other expense (income), net — — Total income (loss) from continuing operations before income tax (203) (327) Tax expense (benefit) (79) (129) Reclassification adjustment for (gains)/ losses included in net income (loss) $ (124) $ (198)

Assets Held for Sale and Discon

Assets Held for Sale and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2017
Assets Held for Sale and Discontinued Operations
Schedule of condensed statements of income (loss) from discontinued operations	Note 10 Assets Held for Sale and Discontinued Operations Assets Held for Sale Assets held for sale as of March 31, 2017 and December 31, 2016 was $77.1 million and $76.7 million, respectively. These assets consisted primarily of our oil and gas holdings which are mainly in the Horn River basin in western Canada of $65.4 million and $65.0 million, respectively, as of the periods noted above and the operating results have been reflected in discontinued operations. The remainder represents assets that meet the criteria to be classified as assets held for sale, but do not represent a disposal of a component of an entity or a group of components of an entity representing a strategic shift that has or will have a major effect on the entity's operations and financial results. The carrying value of our assets held for sale represents the lower of carrying value or fair value less costs to sell. We continue to market these properties at prices that are reasonable compared to current fair value. We have contracts with pipeline companies to pay specified fees based on committed volumes for gas transport and processing associated with these properties held for sale. At March 31, 2017, our undiscounted contractual commitments for these contracts approximated $15.7 million and we had liabilities of $11.6 million, $5.6 million of which were classified as current and were included in accrued liabilities. At December 31, 2016, our undiscounted contractual commitments for these contracts approximated $17.2 million and we had liabilities of $12.5 million, $5.5 million of which were classified as current and were included in accrued liabilities. The amounts at each balance sheet date represented our best estimate of the fair value of the excess capacity of the pipeline commitments calculated using a discounted cash flow model, when considering our disposal plan, current production levels, natural gas prices and expected utilization of the pipeline over the remaining contractual term. Decreases in actual production or natural gas prices could result in future charges related to excess pipeline commitments. Discontinued Operations Our condensed statements of income (loss) from discontinued operations were as follows: Three Months Ended March 31, 2017 2016 (In thousands) Operating revenues (1) $ 2,034 $ 377 Income (loss) from Oil & Gas discontinued operations: Income (loss) from discontinued operations $ (590) $ (1,326) Less: Impairment charges or other (gains) and losses on sale of wholly owned assets 20 — Less: Income tax expense (benefit) (171) (400) Income (loss) from Oil and Gas discontinued operations, net of tax $ (439) $ (926) (1) Reflects operating revenues of our historical oil and gas operating segment.

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	Mar. 31, 2017
Segment Information
Financial information with respect to operating segments	Note 11 Segment Information The following table sets forth financial information with respect to our reportable operating segments: Three Months Ended March 31, 2017 2016 (In thousands) Operating revenues: Drilling & Rig Services: U.S. $ 161,934 $ 148,676 Canada 27,808 17,494 International 338,223 401,055 Rig Services 71,441 53,853 Subtotal Drilling & Rig Services 599,406 621,078 Other reconciling items (1) (36,856) (23,507) Total $ 562,550 $ 597,571 Three Months Ended March 31, 2017 2016 (In thousands) Adjusted operating income (loss): (2) Drilling & Rig Services: U.S. $ (63,182) $ (47,559) Canada (4,011) (7,278) International 11,974 46,872 Rig Services (9,109) (10,644) Total $ (64,328) $ (18,609) Three Months Ended March 31, 2017 2016 (In thousands) Reconciliation of adjusted operating income (loss) to net income (loss) from continuing operations before income taxes: Total segment adjusted operating income (loss) (2) $ (64,328) $ (18,609) Other reconciling items (3) (39,604) (35,157) Earnings (losses) from unconsolidated affiliates 2 (167,151) Investment income (loss) 721 343 Interest expense (56,518) (45,730) Other, net (13,510) (182,404) Income (loss) from continuing operations before income taxes $ (173,237) $ (448,708) March 31, December 31, 2017 2016 (In thousands) Total assets: Drilling & Rig Services: U.S. $ 3,246,887 $ 3,172,767 Canada 332,121 329,620 International 3,552,771 3,600,057 Rig Services 370,470 359,435 Subtotal Drilling & Rig Services 7,502,249 7,461,879 Other reconciling items (3) 593,063 725,136 Total $ 8,095,312 $ (1) Represents the elimination of inter-segment transactions. (2) Adjusted operating income (loss) is computed by subtracting the sum of direct costs, general and administrative expenses, research and engineering expenses and depreciation and amortization from operating revenues. Management evaluates the performance of our operating segments using adjusted operating income (loss), which is a segment performance measure, because it believes that this financial measure reflects our ongoing profitability and performance. In addition, securities analysts and investors use this measure as one of the metrics on which they analyze our performance. A reconciliation to income (loss) from continuing operations before income taxes is provided in the above table. (3) Represents the elimination of inter-segment transactions and unallocated corporate expenses, assets and capital expenditures.

Condensed Consolidating Finan29

Condensed Consolidating Financial Information (Tables)	3 Months Ended
	Mar. 31, 2017
Condensed Consolidating Financial Information
Condensed Consolidating Balance Sheets	Condensed Consolidating Balance Sheets March 31, 2017 Other Nabors Nabors Subsidiaries (Parent/ Delaware (Non- Consolidating Guarantor) (Issuer) Guarantors) Adjustments Total (In thousands) ASSETS Current assets: Cash and cash equivalents $ 8,579 $ 4 $ 192,105 $ — $ 200,688 Short-term investments — — 27,907 — 27,907 Accounts receivable, net — — 514,446 — 514,446 Inventory, net — — 109,461 — 109,461 Assets held for sale — — 77,118 — 77,118 Other current assets 57 28,080 164,899 — 193,036 Total current assets 8,636 28,084 1,085,936 — 1,122,656 Property, plant and equipment, net — — 6,218,699 — 6,218,699 Goodwill — — 166,999 — 166,999 Intercompany receivables 144,795 — 1,117,044 (1,261,839) — Investment in consolidated affiliates 3,044,185 4,779,879 1,151,049 (8,975,113) — Deferred tax assets — 469,784 373,973 (469,784) 373,973 Other long-term assets — 161 301,414 (88,590) 212,985 Total assets $ 3,197,616 $ 5,277,908 $ 10,415,114 $ (10,795,326) $ 8,095,312 LIABILITIES AND EQUITY Current liabilities: Current portion of debt $ — $ — $ 313 $ — $ 313 Trade accounts payable 113 24 241,195 — 241,332 Accrued liabilities 19,555 27,386 450,423 — 497,364 Income taxes payable — — 32,640 — 32,640 Total current liabilities 19,668 27,410 724,571 — 771,649 Long-term debt — 3,750,255 — (88,590) 3,661,665 Other long-term liabilities — 22,729 444,519 — 467,248 Deferred income taxes — — 478,140 (469,784) 8,356 Intercompany payable — 1,261,839 — (1,261,839) — Total liabilities 19,668 5,062,233 1,647,230 (1,820,213) 4,908,918 Shareholders’ equity 3,177,948 215,675 8,759,438 (8,975,113) 3,177,948 Noncontrolling interest — — 8,446 — 8,446 Total equity 3,177,948 215,675 8,767,884 (8,975,113) 3,186,394 Total liabilities and equity $ 3,197,616 $ 5,277,908 $ 10,415,114 $ (10,795,326) $ 8,095,312 Condensed Consolidating Balance Sheets December 31, 2016 Other Nabors Nabors Subsidiaries (Parent/ Delaware (Non- Consolidating Guarantor) (Issuer) Guarantors) Adjustments Total (In thousands) ASSETS Current assets: Cash and cash equivalents $ 1,148 $ 10,177 $ 252,768 $ — $ 264,093 Short-term investments — — 31,109 — 31,109 Accounts receivable, net — — 508,355 — 508,355 Inventory, net — — 103,595 — 103,595 Assets held for sale — — 76,668 — 76,668 Other current assets 50 22,209 149,760 — 172,019 Total current assets 1,198 32,386 1,122,255 — 1,155,839 Property, plant and equipment, net — — 6,267,583 — 6,267,583 Goodwill — — 166,917 — 166,917 Intercompany receivables 142,447 — 1,342,942 (1,485,389) — Investment in consolidated affiliates 3,170,254 4,830,572 1,083,948 (9,084,774) — Deferred tax assets — 443,049 366,586 (443,049) 366,586 Other long-term assets — 344 447,962 (218,216) 230,090 Total assets $ 3,313,899 $ 5,306,351 $ 10,798,193 $ (11,231,428) $ 8,187,015 LIABILITIES AND EQUITY Current liabilities: Current debt $ — $ — $ 297 $ — $ 297 Trade accounts payable 205 8 264,365 — 264,578 Accrued liabilities 20,669 65,246 457,333 — 543,248 Income taxes payable — — 13,811 — 13,811 Total current liabilities 20,874 65,254 735,806 — 821,934 Long-term debt — 3,796,550 — (218,215) 3,578,335 Other long-term liabilities — 22,659 499,797 — 522,456 Deferred income taxes — — 452,544 (443,049) 9,495 Intercompany payable 46,000 1,439,390 — (1,485,390) — Total liabilities 66,874 5,323,853 1,688,147 (2,146,654) 4,932,220 Shareholders’ equity 3,247,025 (17,502) 9,102,276 (9,084,774) 3,247,025 Noncontrolling interest — — 7,770 — 7,770 Total equity 3,247,025 (17,502) 9,110,046 (9,084,774) 3,254,795 Total liabilities and equity $ 3,313,899 $ 5,306,351 $ 10,798,193 $ (11,231,428) $ 8,187,015
Condensed Consolidating Statements of Income (Loss)	Condensed Consolidating Statements of Income (Loss) Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ 562,550 $ — $ 562,550 Earnings (losses) from unconsolidated affiliates — — 2 — 2 Earnings (losses) from consolidated affiliates (145,871) (50,717) (96,239) 292,827 — Investment income (loss) 17 63 3,621 (2,980) 721 Total revenues and other income (145,854) (50,654) 469,934 289,847 563,273 Costs and other deductions: Direct costs — — 387,644 — 387,644 General and administrative expenses 3,298 137 60,153 (179) 63,409 Research and engineering — — 11,757 — 11,757 Depreciation and amortization — 31 203,641 — 203,672 Interest expense — 60,755 (4,237) — 56,518 Other, net (159) 11,397 2,093 179 13,510 Intercompany interest expense (9) — 9 — — Total costs and other deductions 3,130 72,320 661,060 — 736,510 Income (loss) from continuing operations before income taxes (148,984) (122,974) (191,126) 289,847 (173,237) Income tax expense (benefit) — (26,735) 1,126 — (25,609) Income (loss) from continuing operations, net of tax (148,984) (96,239) (192,252) 289,847 (147,628) Income (loss) from discontinued operations, net of tax — — (439) — (439) Net income (loss) (148,984) (96,239) (192,691) 289,847 (148,067) Less: Net (income) loss attributable to noncontrolling interest — — (917) — (917) Net income (loss) attributable to Nabors $ (148,984) $ (96,239) $ (193,608) $ 289,847 $ (148,984) Condensed Consolidating Statements of Income (Loss) Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Revenues and other income: Operating revenues $ — $ — $ 597,571 $ — $ 597,571 Earnings (losses) from unconsolidated affiliates — — (167,151) — (167,151) Earnings (losses) from consolidated affiliates (395,770) (106,087) (137,970) 639,827 — Investment income (loss) — 123 3,201 (2,981) 343 Intercompany interest income — 160 — (160) — Total revenues and other income (395,770) (105,804) 295,651 636,686 430,763 Costs and other deductions: Direct costs — — 365,023 — 365,023 General and administrative expenses 2,362 131 59,998 (157) 62,334 Research and engineering — — 8,162 — 8,162 Depreciation and amortization — 31 215,787 — 215,818 Interest expense — 50,664 (4,934) — 45,730 Other, net 157 65 182,025 157 182,404 Intercompany interest expense 5 — 155 (160) — Total costs and other deductions 2,524 50,891 826,216 (160) 879,471 Income (loss) from continuing operations before income taxes (398,294) (156,695) (530,565) 636,846 (448,708) Income tax expense (benefit) — (18,725) (33,339) — (52,064) Income (loss) from continuing operations, net of tax (398,294) (137,970) (497,226) 636,846 (396,644) Income (loss) from discontinued operations, net of tax — — (926) — (926) Net income (loss) (398,294) (137,970) (498,152) 636,846 (397,570) Less: Net (income) loss attributable to noncontrolling interest — — (724) — (724) Net income (loss) attributable to Nabors $ (398,294) $ (137,970) $ (498,876) $ 636,846 $ (398,294)
Condensed Consolidating Statements of Comprehensive Income (Loss)	Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ (148,984) $ (96,239) $ (193,608) $ 289,847 $ (148,984) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gain (loss) on translation adjustment 3,860 (7) 3,860 (3,853) 3,860 Less: reclassification adjustment for realized (gain) loss on translation adjustment — — — — — Translation adjustment attributable to Nabors 3,860 (7) 3,860 (3,853) 3,860 Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities (3,201) — (3,201) 3,201 (3,201) Less: reclassification adjustment for (gains) losses included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities (3,201) — (3,201) 3,201 (3,201) Pension liability amortization and adjustment 50 50 100 (150) 50 Unrealized gains (losses) and amortization on cash flow hedges 153 153 153 (306) 153 Other comprehensive income (loss) before tax 862 196 912 (1,108) 862 Income tax expense (benefit) related to items of other comprehensive income (loss) 79 79 158 (237) 79 Other comprehensive income (loss), net of tax 783 117 754 (871) 783 Comprehensive income (loss) attributable to Nabors (148,201) (96,122) (192,854) 288,976 (148,201) Net income (loss) attributable to noncontrolling interest — — 917 — 917 Translation adjustment attributable to noncontrolling interest — — 49 — 49 Comprehensive income (loss) attributable to noncontrolling interest — — 966 — 966 Comprehensive income (loss) $ (148,201) $ (96,122) $ (191,888) $ 288,976 $ (147,235) Condensed Consolidating Statements of Comprehensive Income (Loss) Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net income (loss) attributable to Nabors $ (398,294) $ (137,970) $ (498,876) $ 636,846 $ (398,294) Other comprehensive income (loss) before tax: Translation adjustment attributable to Nabors Unrealized gain (loss) on translation adjustment 33,362 (46) 33,316 (33,270) 33,362 Less: reclassification adjustment for realized (gain) loss on translation adjustment — — — — — Translation adjustment attributable to Nabors 33,362 (46) 33,316 (33,270) 33,362 Unrealized gains (losses) on marketable securities: Unrealized gains (losses) on marketable securities 769 — 769 (769) 769 Less: reclassification adjustment for (gains) losses included in net income (loss) — — — — — Unrealized gains (losses) on marketable securities 769 — 769 (769) 769 Pension liability amortization and adjustment 174 174 348 (522) 174 Unrealized gains (losses) and amortization on cash flow hedges 153 153 153 (306) 153 Other comprehensive income (loss) before tax 34,458 281 34,586 (34,867) 34,458 Income tax expense (benefit) related to items of other comprehensive income (loss) 129 129 198 (327) 129 Other comprehensive income (loss), net of tax 34,329 152 34,388 (34,540) 34,329 Comprehensive income (loss) attributable to Nabors (363,965) (137,818) (464,488) 602,306 (363,965) Net income (loss) attributable to noncontrolling interest — — 724 — 724 Translation adjustment attributable to noncontrolling interest — — 419 — 419 Comprehensive income (loss) attributable to noncontrolling interest — — 1,143 — 1,143 Comprehensive income (loss) $ (363,965) $ (137,818) $ (463,345) $ 602,306 $ (362,822)
Condensed Consolidating Statements of Cash Flows	Condensed Consolidating Statements Cash Flows Three Months Ended March 31, 2017 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ 70,492 $ (112,431) $ 53,928 $ (69,980) $ (57,991) Cash flows from investing activities: Purchases of investments — — (4) — (4) Sales and maturities of investments — — 91 — 91 Capital expenditures — — (183,427) — (183,427) Proceeds from sales of assets and insurance claims — — 3,253 — 3,253 Change in intercompany balances — (198,035) 198,035 — — Other changes in investing — — (106) — (106) Net cash provided by (used for) investing activities — (198,035) 17,842 — (180,193) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — (469) — (469) Proceeds from issuance of long-term debt — 411,200 — — 411,200 Debt issuance costs — (10,439) — — (10,439) Proceeds from (payments for) issuance of common shares 8,300 — — — 8,300 Capped call hedge transactions — (40,250) — — (40,250) Reduction of long-term debt — (57,670) (112,821) — (170,491) Dividends to shareholders (20,020) — — 2,980 (17,040) Payments on term loan — (162,500) — — (162,500) Proceeds from (payments for) short-term borrowings — — 16 — 16 Cash proceeds from equity component of convertible debt — 159,952 — — 159,952 Proceeds from issuance of intercompany debt 20,000 20,000 (40,000) — — Paydown of intercompany debt (66,000) (20,000) 86,000 — — Distribution from subsidiary to parent — — (67,000) 67,000 — Other changes (5,341) — — — (5,341) Net cash (used for) provided by financing activities (63,061) 300,293 (134,274) 69,980 172,938 Effect of exchange rate changes on cash and cash equivalents — — 1,841 — 1,841 Net increase (decrease) in cash and cash equivalents 7,431 (10,173) (60,663) — (63,405) Cash and cash equivalents, beginning of period 1,148 10,177 252,768 — 264,093 Cash and cash equivalents, end of period $ 8,579 $ 4 $ 192,105 $ — $ 200,688 Condensed Consolidating Statements Cash Flows Three Months Ended March 31, 2016 Nabors Other Nabors Delaware Subsidiaries (Parent/ (Issuer/ (Non- Consolidating Guarantor) Guarantor) Guarantors) Adjustments Total (In thousands) Net cash provided by (used for) operating activities $ 1,790 $ (116,240) $ 278,937 $ (2,981) $ 161,506 Cash flows from investing activities: Sales and maturities of investments — — 41 — 41 Proceeds from sales of assets and insurance claims — — 5,448 — 5,448 Capital expenditures — — (129,875) — (129,875) Change in intercompany balances — 34,916 (34,916) — — Other — — (4,439) — (4,439) Net cash provided by (used for) investing activities — 34,916 (163,741) — (128,825) Cash flows from financing activities: Increase (decrease) in cash overdrafts — — 1,642 — 1,642 Reduction in long-term debt — — (148,045) — (148,045) Dividends to shareholders (19,903) — — 2,981 (16,922) Proceeds from (payments for) commercial paper, net — 1,325 — — 1,325 Proceeds (issuance) of intercompany debt 22,000 — (22,000) — — Proceeds from revolving credit facilities — 150,000 — — 150,000 Reduction in revolving credit facilities — (70,000) — — (70,000) Repurchase of common shares — — (1,687) — (1,687) Proceeds from short-term borrowings — — (628) — (628) Other changes (3,190) — — — (3,190) Net cash (used for) provided by financing activities (1,093) 81,325 (170,718) 2,981 (87,505) Effect of exchange rate changes on cash and cash equivalents — — 968 — 968 Net increase (decrease) in cash and cash equivalents 697 1 (54,554) — (53,856) Cash and cash equivalents, beginning of period 873 10 253,647 — 254,530 Cash and cash equivalents, end of period $ 1,570 $ 11 $ 199,093 $ — $ 200,674

Nature of Operations (Details)

Nature of Operations (Details)	3 Months Ended
	Mar. 31, 2017segmentcountyitem
Nature of Operations
Actively marketed rigs for land based drilling operations	403
Number of countries company has actively marketed rigs for land based drilling operations | county	20
Actively marketed rigs for offshore based drilling operations	41
Number of Operating Segments | segment	4

Summary of Significant Accoun31

Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Inventory, net
Raw materials	$ 83,751	$ 84,431
Work-in-progress	13,288	1,204
Finished goods	12,422	17,960
Total inventory	109,461	103,595
Accounting Standards Update 2016-09
Inventory, net
Decrease in deferred tax liabilities	7,100
Decrease in capital in excess	1,900
Reclassification | Accounting Standards Update 2016-09
Inventory, net
Increase in retained earnings	7,100
Accrued liabilities
Inventory, net
Deferred Revenue	259,700	255,600
Other long-term liabilities
Inventory, net
Deferred Revenue	262,800	321,000
Other current assets
Inventory, net
Deferred expenses	73,000	63,400
Other long term assets
Inventory, net
Deferred expenses	$ 59,600	$ 69,500

Investments in Unconsolidated32

Investments in Unconsolidated Affiliates (Details) - C&J Energy Services, Ltd. - USD ($) shares in Millions, $ in Millions	Mar. 24, 2015	Mar. 31, 2016
Investments in Unconsolidated Affiliates
Cash consideration in merger	$ 693.5
Cash proceeds from merger after working capital requirements	$ 650
Common shares held in merged entity	62.5
Percentage of outstanding and issued common shares held	53.00%
Net income (loss)		$ 167.1
Other-than-temporary impairment		$ 153.4

Fair Value Measurements - Asset

Fair Value Measurements - Assets (Details) $ in Thousands	Mar. 31, 2017USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Amount of transfers of financial assets between Level 1 and Level 2 measures	$ 0
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Short term investments	$ 27,900

Fair Value Measurements - Debt

Fair Value Measurements - Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value of Financial Instruments
Less: deferred financing costs	$ 33,298	$ 26,049
Carrying Value
Fair Value of Financial Instruments
Debt	3,695,276	3,604,681
Less: deferred financing costs	33,298	26,049
Debt, net of financing costs	3,661,978	3,578,632
Fair Value
Fair Value of Financial Instruments
Debt	$ 3,784,424	3,739,129
6.15% senior notes due February 2018
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	6.15%
6.15% senior notes due February 2018 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 665,222	827,539
6.15% senior notes due February 2018 | Fair Value
Fair Value of Financial Instruments
Debt	$ 690,168	865,300
9.25% senior notes due January 2019
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	9.25%
9.25% senior notes due January 2019 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 303,489	303,489
9.25% senior notes due January 2019 | Fair Value
Fair Value of Financial Instruments
Debt	$ 337,252	337,443
5.00% senior notes due September 2020
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.00%
5.00% senior notes due September 2020 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 669,616	669,540
5.00% senior notes due September 2020 | Fair Value
Fair Value of Financial Instruments
Debt	$ 694,311	689,211
4.625% senior notes due September 2021
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	4.625%
4.625% senior notes due September 2021 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 694,928	694,868
4.625% senior notes due September 2021 | Fair Value
Fair Value of Financial Instruments
Debt	$ 706,658	708,765
5.50% senior notes due January 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.50%
5.50% senior notes due January 2023 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 600,000	600,000
5.50% senior notes due January 2023 | Fair Value
Fair Value of Financial Instruments
Debt	$ 615,378	627,000
5.10% senior notes due September 2023
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	5.10%
5.10% senior notes due September 2023 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 346,480	346,448
5.10% senior notes due September 2023 | Fair Value
Fair Value of Financial Instruments
Debt	$ 351,462	348,613
0.75% senior exchangeable notes due January 2024
Fair Value of Financial Instruments
Interest rate on senior notes due (as a percent)	0.75%
0.75% senior exchangeable notes due January 2024 | Carrying Value
Fair Value of Financial Instruments
Debt	$ 415,228
0.75% senior exchangeable notes due January 2024 | Fair Value
Fair Value of Financial Instruments
Debt	388,882
Term Loan Facility | Carrying Value
Fair Value of Financial Instruments
Debt		162,500
Term Loan Facility | Fair Value
Fair Value of Financial Instruments
Debt		162,500
Other | Carrying Value
Fair Value of Financial Instruments
Debt	313	297
Other | Fair Value
Fair Value of Financial Instruments
Debt	$ 313	$ 297

Debt (Details)

Debt (Details)	Sep. 29, 2015USD ($)	Jan. 31, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)$ / shares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Long-term debt
Senior Notes			$ 600,000,000		$ 600,000,000
Other			313,000		297,000
Less: current portion			313,000		297,000
Less: deferred financing costs			33,298,000		26,049,000
Long-term Debt, Excluding Current Maturities, Total			3,661,665,000		3,578,335,000
Reduction in long-term debt			170,491,000	$ 148,045,000
Senior Notes.
Long-term debt
Reduction in long-term debt			171,600,000
Payment of debt accrued interest			2,200,000
Consolidated affiliate | Senior Notes.
Long-term debt
Principal amount redeemed			162,500,000
6.15% senior notes due February 2018
Long-term debt
Senior Notes			$ 665,222,000		827,539,000
Interest rate on senior notes due (as a percent)			6.15%
9.25% senior notes due January 2019
Long-term debt
Senior Notes			$ 303,489,000		303,489,000
Interest rate on senior notes due (as a percent)			9.25%
5.00% senior notes due September 2020
Long-term debt
Senior Notes			$ 669,616,000		669,540,000
Interest rate on senior notes due (as a percent)			5.00%
4.625% senior notes due September 2021
Long-term debt
Senior Notes			$ 694,928,000		694,868,000
Interest rate on senior notes due (as a percent)			4.625%
5.50% senior notes due January 2023
Long-term debt
Interest rate on senior notes due (as a percent)			5.50%
5.10% senior notes due September 2023
Long-term debt
Senior Notes			$ 346,480,000		346,448,000
Interest rate on senior notes due (as a percent)			5.10%
0.75% senior exchangeable notes due January 2024
Long-term debt
Senior Notes			$ 415,228,000
Less: deferred financing costs		$ 9,600,000
Interest rate on senior notes due (as a percent)			0.75%
Aggregate amount of senior notes		575,000,000	$ 575,000,000
Debt exchangeable notes			$ 411,200,000
Equity component				$ 163,800,000
Equity issuance costs		$ 3,900,000
Exchange rate of common shares		39.75
Principal amount of notes		$ 1,000,000
Share issued price | $ / shares		$ 25.16	$ 25.16
Share price of shares purchased (in dollars per share) | $ / shares		$ 17.97	$ 31.45
Premium over share price (as a percent)			75.00%
Prepayment of loan upon closing the merger		$ 162,500,000
Term Loan Facility
Long-term debt
Senior Notes					162,500,000
Five-year term loan facility
Long-term debt
Maximum borrowing capacity	$ 325,000,000
Unsecured debt maturity period	5 years
Prepayment of loan upon closing the merger	$ 162,500,000
Revolving Credit Facility
Long-term debt
Remaining availability under credit facility			$ 2,250,000,000
Debt to capital ratio			0.60
Commercial paper
Long-term debt
Long-term Debt			$ 3,695,276,000		$ 3,604,681,000
Commercial paper | Minimum
Long-term debt
Remaining period to maturity			1 year

Common Shares (Details)

Common Shares (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Jul. 29, 2016	Mar. 31, 2017	Mar. 31, 2016
Common Shares
Shares repurchased		0.3
Repurchase of treasury shares			$ 1,687
Dividends paid		$ 17,153	$ 16,922
Common shares
Common stock dividend declared (in dollars per share)	$ 0.06	$ 0.06	$ 0.06
Cash dividends paid		$ 17,040	$ 16,922

Commitments and Contingencies -

Commitments and Contingencies - Self Insurance Disclosures (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)
Self-Insurance disclosures
Employer's liability claims subject to per-occurrence deductible	$ 3
Workers automobile claims	2.5
General liability claims subject to per-occurrence deductible	5
Deductions in land rigs and for offshore rigs	5
Latin American tax authority | Minimum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	3
Latin American tax authority | Maximum
Income tax
Aggregate remaining amounts assessed or expected to assessed range	$ 8

Commitments and Contingencies38

Commitments and Contingencies - Litigation (Details) $ in Thousands	Dec. 28, 2016USD ($)	Dec. 12, 2016USD ($)claim	Dec. 31, 2006USD ($)	Mar. 31, 2011USD ($)	Mar. 31, 2017USD ($)	Mar. 19, 2012USD ($)
Commitments and Contingencies, Disclosure
Potential recovery	$ 4,500
Court of Ouargla Foreign Currency Controls
Commitments and Contingencies, Disclosure
Litigation amount as per judgment				$ 25,700
Payment of contract amount in foreign currency			$ 7,500
Payment of contract amount in domestic currency			$ 3,200
Approximate multiplier of the amount at issue for fines and penalties					4
Court of Ouargla Foreign Currency Controls | Maximum
Commitments and Contingencies, Disclosure
Potential judgment in excess of accrual					$ 17,700
NGH2L
Commitments and Contingencies, Disclosure
Escrow Deposit						$ 3,000
NGH2L | Maximum
Commitments and Contingencies, Disclosure
Monetary damages sought based on alleged breach of contract by NGH2L and alleged tortious interference with contractual relations by Parex					$ 750,000
C J Energy And Subsidiaries
Commitments and Contingencies, Disclosure
Number of allowed unsecured claims | claim		2
Maximum claim distribution to be received		$ 4,850
Maximum obligation amount relating to tax matters		$ 11,500
pro-rate share of warrant to acquire common equity percentage		2.00%

Commitments and Contingencies39

Commitments and Contingencies - Financial Guarantees (Details) $ in Thousands	Mar. 31, 2017USD ($)
Summary of total maximum amount of financial guarantees issued
2,017	$ 276,391
2,018	518
2,019	11,914
Total	$ 288,823

Earnings (Losses) Per Share (De

Earnings (Losses) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Jan. 31, 2017
Net income (loss) (numerator):
Income (loss) from continuing operations, net of tax	$ (147,628)	$ (396,644)
Less: net (income) loss attributable to noncontrolling interest	(917)	(724)
Less: (earnings) losses allocated to unvested shareholders	3,811	8,199
Adjusted income (loss) from continuing operations, net of tax - basic	(144,734)	(389,169)
Income (loss) from discontinued operations, net of tax	$ (439)	$ (926)
Weighted-average number of shares outstanding - basic	277,781	275,851
Earnings (losses) Per Share - Basic
Basic from continuing operations (in dollars per share)	$ (0.52)	$ (1.41)
Total Basic (in dollars per share)	$ (0.52)	$ (1.41)
DILUTED EPS:
Adjusted income (loss) from continuing operations, net of tax - basic	$ (144,734)	$ (389,169)
Adjusted income (loss) from continuing operations, net of tax - diluted	(144,734)	(389,169)
Income (loss) from discontinued operations, net of tax	$ (439)	$ (926)
Weighted-average number of shares outstanding - basic	277,781	275,851
Weighted-average number of shares outstanding - diluted	277,781	275,851
Earnings (losses) per share:
Diluted from continuing operations (in dollars per share)	$ (0.52)	$ (1.41)
Total Diluted (in dollars per share)	$ (0.52)	$ (1.41)
0.75% senior exchangeable notes due January 2024
Earnings (losses) per share:
Aggregate amount of senior notes	$ 575,000		$ 575,000
Interest rate on senior notes due (as a percent)	0.75%
Share issued price	$ 25.16		$ 25.16

Earnings (Losses) Per Share - E

Earnings (Losses) Per Share - Exclusions from Diluted Earnings (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings (Losses) Per Share
Potentially dilutive securities excluded as anti-dilutive	4,647,807	5,414,712

Supplemental Balance Sheet, I42

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accrued Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Accrued liabilities
Accrued compensation	$ 100,783	$ 116,775
Deferred revenue	259,671	255,626
Other taxes payable	16,264	16,419
Workers' compensation liabilities	18,255	18,255
Interest payable	25,804	57,233
Litigation reserves	24,026	24,896
Current liability to discontinued operations	5,566	5,462
Dividends declared and payable	17,154	17,039
Other accrued liabilities	29,841	31,543
Accrued liabilities	$ 497,364	$ 543,248

Supplemental Balance Sheet, I43

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Other Expense (Income) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other expense (income)
Losses (gains) on sales, disposals and involuntary conversions of long-lived assets	$ 2,875	$ 5,298
Gain (Loss) on Investments, Excluding Other than Temporary Impairments		(177,242)
Litigation expenses	821	637
Foreign currency transaction losses (gains)	876	4,214
(Gain) loss on debt buyback	8,596	(6,027)
Other losses (gains)	342	1,040
Other expense (income)	$ 13,510	182,404
C&J Energy Services, Ltd.
Other expense (income)
Gain (Loss) on Investments, Excluding Other than Temporary Impairments		$ (177,242)

Supplemental Balance Sheet, I44

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Accumulated Other Comp Inc (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	$ 3,247,025
Other comprehensive income (loss), net of tax	783	$ 34,329
Balance at the end of the period	3,177,948
Accumulated Other Comprehensive Income
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(12,119)	(47,593)
Other comprehensive income (loss) before reclassifications, net of tax	659	34,131
Amounts reclassified from accumulated other comprehensive income (loss)	124	198
Other comprehensive income (loss), net of tax	783	34,329
Balance at the end of the period	(11,336)	(13,264)
Gains (losses) on cash flow hedges
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(1,296)	(1,670)
Amounts reclassified from accumulated other comprehensive income (loss)	93	93
Other comprehensive income (loss), net of tax	93	93
Balance at the end of the period	(1,203)	(1,577)
Unrealized gains (losses) on available-for-sale securities.
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	14,235	(314)
Other comprehensive income (loss) before reclassifications, net of tax	(3,201)	769
Other comprehensive income (loss), net of tax	(3,201)	769
Balance at the end of the period	11,034	455
Defined benefit pension plan items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(3,760)	(6,568)
Amounts reclassified from accumulated other comprehensive income (loss)	31	105
Other comprehensive income (loss), net of tax	31	105
Balance at the end of the period	(3,729)	(6,463)
Foreign currency items
Changes in accumulated other comprehensive income (loss)
Balance at the beginning of the period	(21,298)	(39,041)
Other comprehensive income (loss) before reclassifications, net of tax	3,860	33,362
Other comprehensive income (loss), net of tax	3,860	33,362
Balance at the end of the period	$ (17,438)	$ (5,679)

Supplemental Balance Sheet, I45

Supplemental Balance Sheet, Income Statement and Cash Flow Information - Reclass Accumulated Other (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	$ 56,518	$ 45,730
General and administrative expenses	63,409	62,334
Other expense (income), net	13,510	182,404
Income (loss) from continuing operations before income taxes	(173,237)	(448,708)
Tax expense (benefit)	25,609	52,064
Net income (loss)	(148,067)	(397,570)
Reclassification adjustment for (gains)/losses included in net income (loss)
Unrealized (gains) losses on available-for-sale securities that were reclassified from net income
Interest expense	153	153
General and administrative expenses	50	174
Income (loss) from continuing operations before income taxes	(203)	(327)
Tax expense (benefit)	79	129
Net income (loss)	$ (124)	$ (198)

Assets Held-for-Sale and Discon

Assets Held-for-Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Assets held-for-sale
Assets held for sale	$ 77,118	$ 76,668
Oil and Gas | Assets Held-for-sale
Assets held-for-sale
Assets held for sale	$ 65,400	$ 65,000

Assets Held-for-Sale and Disc47

Assets Held-for-Sale and Discontinued Operations Disc Ops (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Income (loss) from discontinued operations
Income (loss) from Oil and Gas discontinued operations, net of tax	$ (439)	$ (926)
Gas transport and processing
Contracts for gas transport and processing
Contractual Obligation	15,700		$ 17,200
Gas transport and processing | Disposal Group, Held-for-sale, Not Discontinued Operations
Contracts for gas transport and processing
Recorded contractual commitments	11,600		12,500
Gas transport and processing | Disposal Group, Held-for-sale, Not Discontinued Operations | Accrued liabilities
Contracts for gas transport and processing
Recorded contractual commitments	5,600		$ 5,500
Oil and Gas | Discontinued Operations, Held-for-sale or Disposed of by Sale
Income (loss) from discontinued operations
Operating revenues	2,034	377
Income (loss) from discontinued operations	(590)	(1,326)
Less: Impairment charges or other (gains) and losses on sale of wholly owned assets (2)	20
Less: Income tax expense (benefit)	(171)	(400)
Income (loss) from Oil and Gas discontinued operations, net of tax	$ (439)	$ (926)

Segment Information (Details)

Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	$ 562,550	$ 597,571
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(64,328)	(18,609)
Earnings (losses) from unconsolidated affiliates	2	(167,151)
Investment income (loss)	721	343
Interest expense	(56,518)	(45,730)
Other, net	(13,510)	(182,404)
Income (loss) from continuing operations before income taxes	(173,237)	(448,708)
ASSETS
Total assets	8,095,312		$ 8,187,015
Operating segment | Drilling and Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	599,406	621,078
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(64,328)	(18,609)
ASSETS
Total assets	7,502,249		7,461,879
Operating segment | Drilling and Rig Services | Reportable subsegments | U.S.
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	161,934	148,676
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(63,182)	(47,559)
ASSETS
Total assets	3,246,887		3,172,767
Operating segment | Drilling and Rig Services | Reportable subsegments | Canada
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	27,808	17,494
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(4,011)	(7,278)
ASSETS
Total assets	332,121		329,620
Operating segment | Drilling and Rig Services | Reportable subsegments | International
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	338,223	401,055
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	11,974	46,872
ASSETS
Total assets	3,552,771		3,600,057
Operating segment | Drilling and Rig Services | Reportable subsegments | Rig Services
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	71,441	53,853
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(9,109)	(10,644)
ASSETS
Total assets	370,470		359,435
Other reconciling items (3)
Operating revenues and Earnings (losses) from unconsolidated affiliates:
Operating revenues	(36,856)	(23,507)
Adjusted income (loss) derived from operating activities
Adjusted income (loss) derived from operating activities	(39,604)	$ (35,157)
Other reconciling items (5)
ASSETS
Total assets	$ 593,063		$ 725,136

Condensed Consolidating Finan49

Condensed Consolidating Financial Information - Balance Sheet (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 200,688	$ 264,093	$ 200,674	$ 254,530
Short-term investments	27,907	31,109
Accounts receivable, net	514,446	508,355
Inventory, net	109,461	103,595
Assets held for sale	77,118	76,668
Other current assets	193,036	172,019
Total current assets	1,122,656	1,155,839
Property, plant and equipment, net	6,218,699	6,267,583
Goodwill	166,999	166,917
Deferred tax assets	373,973	366,586
Other long-term assets	212,985	230,090
Total assets	8,095,312	8,187,015
Current liabilities:
Less: current portion	313	297
Trade accounts payable	241,332	264,578
Accrued liabilities	497,364	543,248
Income taxes payable	32,640	13,811
Total current liabilities	771,649	821,934
Long-term debt	3,661,665	3,578,335
Other long-term liabilities	467,248	522,456
Deferred income taxes	8,356	9,495
Total liabilities	4,908,918	4,932,220
Shareholders' equity	3,177,948	3,247,025
Noncontrolling interest	8,446	7,770
Total equity	3,186,394	3,254,795	3,916,197	4,293,868
Total liabilities and equity	8,095,312	8,187,015
Reportable Legal Entities | Parent Company
Current assets:
Cash and cash equivalents	8,579	1,148	1,570	873
Other current assets	57	50
Total current assets	8,636	1,198
Intercompany receivables	144,795	142,447
Investment in consolidated affiliates	3,044,185	3,170,254
Total assets	3,197,616	3,313,899
Current liabilities:
Trade accounts payable	113	205
Accrued liabilities	19,555	20,669
Total current liabilities	19,668	20,874
Intercompany payable		46,000
Total liabilities	19,668	66,874
Shareholders' equity	3,177,948	3,247,025
Total equity	3,177,948	3,247,025
Total liabilities and equity	3,197,616	3,313,899
Reportable Legal Entities | Guarantor Subsidiaries
Current assets:
Cash and cash equivalents	4	10,177	11	10
Other current assets	28,080	22,209
Total current assets	28,084	32,386
Investment in consolidated affiliates	4,779,879	4,830,572
Deferred tax assets	469,784	443,049
Other long-term assets	161	344
Total assets	5,277,908	5,306,351
Current liabilities:
Trade accounts payable	24	8
Accrued liabilities	27,386	65,246
Total current liabilities	27,410	65,254
Long-term debt	3,750,255	3,796,550
Other long-term liabilities	22,729	22,659
Intercompany payable	1,261,839	1,439,390
Total liabilities	5,062,233	5,323,853
Shareholders' equity	215,675	(17,502)
Total equity	215,675	(17,502)
Total liabilities and equity	5,277,908	5,306,351
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Current assets:
Cash and cash equivalents	192,105	252,768	$ 199,093	$ 253,647
Short-term investments	27,907	31,109
Accounts receivable, net	514,446	508,355
Inventory, net	109,461	103,595
Assets held for sale	77,118	76,668
Other current assets	164,899	149,760
Total current assets	1,085,936	1,122,255
Property, plant and equipment, net	6,218,699	6,267,583
Goodwill	166,999	166,917
Intercompany receivables	1,117,044	1,342,942
Investment in consolidated affiliates	1,151,049	1,083,948
Deferred tax assets	373,973	366,586
Other long-term assets	301,414	447,962
Total assets	10,415,114	10,798,193
Current liabilities:
Less: current portion	313	297
Trade accounts payable	241,195	264,365
Accrued liabilities	450,423	457,333
Income taxes payable	32,640	13,811
Total current liabilities	724,571	735,806
Other long-term liabilities	444,519	499,797
Deferred income taxes	478,140	452,544
Total liabilities	1,647,230	1,688,147
Shareholders' equity	8,759,438	9,102,276
Noncontrolling interest	8,446	7,770
Total equity	8,767,884	9,110,046
Total liabilities and equity	10,415,114	10,798,193
Consolidating Adjustments
Current assets:
Intercompany receivables	(1,261,839)	(1,485,389)
Investment in consolidated affiliates	(8,975,113)	(9,084,774)
Deferred tax assets	(469,784)	(443,049)
Other long-term assets	(88,590)	(218,216)
Total assets	(10,795,326)	(11,231,428)
Current liabilities:
Long-term debt	(88,590)	(218,215)
Deferred income taxes	(469,784)	(443,049)
Intercompany payable	(1,261,839)	(1,485,390)
Total liabilities	(1,820,213)	(2,146,654)
Shareholders' equity	(8,975,113)	(9,084,774)
Total equity	(8,975,113)	(9,084,774)
Total liabilities and equity	$ (10,795,326)	$ (11,231,428)

Condensed Consolidating Finan50

Condensed Consolidating Financial Information - Statements of Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues and other income:
Operating revenues	$ 562,550	$ 597,571
Earnings (losses) from unconsolidated affiliates	2	(167,151)
Investment income (loss)	721	343
Total revenues and other income	563,273	430,763
Costs and other deductions:
Direct costs	387,644	365,023
General and administrative expenses	63,409	62,334
Research and engineering	11,757	8,162
Depreciation and amortization	203,672	215,818
Interest expense	56,518	45,730
Other, net	13,510	182,404
Total costs and other deductions	736,510	879,471
Income (loss) from continuing operations before income taxes	(173,237)	(448,708)
Income tax expense (benefit)	(25,609)	(52,064)
Income (loss) from continuing operations, net of tax	(147,628)	(396,644)
Income (loss) from discontinued operations, net of tax	(439)	(926)
Net income (loss)	(148,067)	(397,570)
Less: Net (income) loss attributable to noncontrolling interest	(917)	(724)
Net income (loss) attributable to Nabors	(148,984)	(398,294)
Consolidating Adjustments
Revenues and other income:
Earnings (losses) from consolidated affiliates	292,827	639,827
Investment income (loss)	(2,980)	(2,981)
Intercompany interest income		(160)
Total revenues and other income	289,847	636,686
Costs and other deductions:
General and administrative expenses	(179)	(157)
Other, net	179	157
Intercompany interest expense		(160)
Total costs and other deductions		(160)
Income (loss) from continuing operations before income taxes	289,847	636,846
Income (loss) from continuing operations, net of tax	289,847	636,846
Net income (loss)	289,847	636,846
Net income (loss) attributable to Nabors	289,847	636,846
Parent Company | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	(145,871)	(395,770)
Investment income (loss)	17
Total revenues and other income	(145,854)	(395,770)
Costs and other deductions:
General and administrative expenses	3,298	2,362
Other, net	(159)	157
Intercompany interest expense	(9)	5
Total costs and other deductions	3,130	2,524
Income (loss) from continuing operations before income taxes	(148,984)	(398,294)
Income (loss) from continuing operations, net of tax	(148,984)	(398,294)
Net income (loss)	(148,984)	(398,294)
Net income (loss) attributable to Nabors	(148,984)	(398,294)
Guarantor Subsidiaries | Reportable Legal Entities
Revenues and other income:
Earnings (losses) from consolidated affiliates	(50,717)	(106,087)
Investment income (loss)	63	123
Intercompany interest income		160
Total revenues and other income	(50,654)	(105,804)
Costs and other deductions:
General and administrative expenses	137	131
Depreciation and amortization	31	31
Interest expense	60,755	50,664
Other, net	11,397	65
Total costs and other deductions	72,320	50,891
Income (loss) from continuing operations before income taxes	(122,974)	(156,695)
Income tax expense (benefit)	(26,735)	(18,725)
Income (loss) from continuing operations, net of tax	(96,239)	(137,970)
Net income (loss)	(96,239)	(137,970)
Net income (loss) attributable to Nabors	(96,239)	(137,970)
Other Subsidiaries (Non-Guarantors) | Reportable Legal Entities
Revenues and other income:
Operating revenues	562,550	597,571
Earnings (losses) from unconsolidated affiliates	2	(167,151)
Earnings (losses) from consolidated affiliates	(96,239)	(137,970)
Investment income (loss)	3,621	3,201
Total revenues and other income	469,934	295,651
Costs and other deductions:
Direct costs	387,644	365,023
General and administrative expenses	60,153	59,998
Research and engineering	11,757	8,162
Depreciation and amortization	203,641	215,787
Interest expense	(4,237)	(4,934)
Other, net	2,093	182,025
Intercompany interest expense	9	155
Total costs and other deductions	661,060	826,216
Income (loss) from continuing operations before income taxes	(191,126)	(530,565)
Income tax expense (benefit)	1,126	(33,339)
Income (loss) from continuing operations, net of tax	(192,252)	(497,226)
Income (loss) from discontinued operations, net of tax	(439)	(926)
Net income (loss)	(192,691)	(498,152)
Less: Net (income) loss attributable to noncontrolling interest	(917)	(724)
Net income (loss) attributable to Nabors	$ (193,608)	$ (498,876)

Condensed Consolidating Finan51

Condensed Consolidating Financial Information - Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	$ (148,984)	$ (398,294)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,860	33,362
Translation adjustment attributable to Nabors	3,860	33,362
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(3,201)	769
Unrealized gains (losses) on marketable securities	(3,201)	769
Pension liability amortization and adjustment	50	174
Unrealized gains (losses) and amortization on cash flow hedges	153	153
Other comprehensive income (loss), before tax	862	34,458
Income tax expense (benefit) related to items of other comprehensive income (loss)	79	129
Other comprehensive income (loss), net of tax	783	34,329
Comprehensive income (loss) attributable to Nabors	(148,201)	(363,965)
Net income (loss) attributable to noncontrolling interest	917	724
Translation adjustment attributable to noncontrolling interest	49	419
Comprehensive income (loss) attributable to noncontrolling interest	966	1,143
Comprehensive income (loss)	(147,235)	(362,822)
Reportable Legal Entities | Parent Company
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(148,984)	(398,294)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,860	33,362
Translation adjustment attributable to Nabors	3,860	33,362
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(3,201)	769
Unrealized gains (losses) on marketable securities	(3,201)	769
Pension liability amortization and adjustment	50	174
Unrealized gains (losses) and amortization on cash flow hedges	153	153
Other comprehensive income (loss), before tax	862	34,458
Income tax expense (benefit) related to items of other comprehensive income (loss)	79	129
Other comprehensive income (loss), net of tax	783	34,329
Comprehensive income (loss) attributable to Nabors	(148,201)	(363,965)
Comprehensive income (loss)	(148,201)	(363,965)
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(96,239)	(137,970)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	(7)	(46)
Translation adjustment attributable to Nabors	(7)	(46)
Unrealized gains (losses) on marketable securities:
Pension liability amortization and adjustment	50	174
Unrealized gains (losses) and amortization on cash flow hedges	153	153
Other comprehensive income (loss), before tax	196	281
Income tax expense (benefit) related to items of other comprehensive income (loss)	79	129
Other comprehensive income (loss), net of tax	117	152
Comprehensive income (loss) attributable to Nabors	(96,122)	(137,818)
Comprehensive income (loss)	(96,122)	(137,818)
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	(193,608)	(498,876)
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	3,860	33,316
Translation adjustment attributable to Nabors	3,860	33,316
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	(3,201)	769
Unrealized gains (losses) on marketable securities	(3,201)	769
Pension liability amortization and adjustment	100	348
Unrealized gains (losses) and amortization on cash flow hedges	153	153
Other comprehensive income (loss), before tax	912	34,586
Income tax expense (benefit) related to items of other comprehensive income (loss)	158	198
Other comprehensive income (loss), net of tax	754	34,388
Comprehensive income (loss) attributable to Nabors	(192,854)	(464,488)
Net income (loss) attributable to noncontrolling interest	917	724
Translation adjustment attributable to noncontrolling interest	49	419
Comprehensive income (loss) attributable to noncontrolling interest	966	1,143
Comprehensive income (loss)	(191,888)	(463,345)
Consolidating Adjustments
Condensed Consolidating Statements of Comprehensive Income (Loss)
Net income (loss) attributable to Nabors	289,847	636,846
Translation adjustment attributable to Nabors
Unrealized loss on translation adjustment	(3,853)	(33,270)
Translation adjustment attributable to Nabors	(3,853)	(33,270)
Unrealized gains (losses) on marketable securities:
Unrealized gains (losses) on marketable securities	3,201	(769)
Unrealized gains (losses) on marketable securities	3,201	(769)
Pension liability amortization and adjustment	(150)	(522)
Unrealized gains (losses) and amortization on cash flow hedges	(306)	(306)
Other comprehensive income (loss), before tax	(1,108)	(34,867)
Income tax expense (benefit) related to items of other comprehensive income (loss)	(237)	(327)
Other comprehensive income (loss), net of tax	(871)	(34,540)
Comprehensive income (loss) attributable to Nabors	288,976	602,306
Comprehensive income (loss)	$ 288,976	$ 602,306

Condensed Consolidating Finan52

Condensed Consolidating Financial Information - Cash Flows (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	$ (57,991)	$ 161,506
Cash flows from investing activities:
Purchases of investments	(4)
Sales and maturities of investments	91	41
Capital expenditures	(183,427)	(129,875)
Proceeds from sales of assets and insurance claims	3,253	5,448
Other changes in investing	(106)	(4,439)
Net cash (used for) provided by investing activities	(180,193)	(128,825)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	(469)	1,642
Proceeds from issuance of long-term debt	411,200
Debt issuance costs	(10,439)
Proceeds from (payments for) issuance of common shares	8,300
Reduction of long-term debt	(170,491)	(148,045)
Dividends to shareholders	(17,040)	(16,922)
Proceeds from (payments for) short-term borrowings	16	(628)
Purchase of capped call hedge transactions	(40,250)
Cash proceeds from equity component of exchangeable debt	159,952
Other Changes	(5,341)	(3,190)
Proceeds from revolving credit facilities		150,000
Reduction in revolving credit facilities		(70,000)
Repurchase of common shares		(1,687)
Proceeds from (payments for) commercial paper, net		1,325
Payments on term loan	(162,500)
Net cash (used for) provided by financing activities	172,938	(87,505)
Effect of exchange rate changes on cash and cash equivalents	1,841	968
Net increase (decrease) in cash and cash equivalents	(63,405)	(53,856)
Cash and cash equivalents, beginning of period	264,093	254,530
Cash and cash equivalents, end of period	200,688	200,674
Reportable Legal Entities | Parent Company
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	70,492	1,790
Cash flows from financing activities:
Proceeds from (payments for) issuance of common shares	8,300
Dividends to shareholders	(20,020)	(19,903)
Proceeds from issuance of intercompany debt	20,000	22,000
Paydown of intercompany debt	(66,000)
Other Changes	(5,341)	(3,190)
Net cash (used for) provided by financing activities	(63,061)	(1,093)
Net increase (decrease) in cash and cash equivalents	7,431	697
Cash and cash equivalents, beginning of period	1,148	873
Cash and cash equivalents, end of period	8,579	1,570
Reportable Legal Entities | Guarantor Subsidiaries
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(112,431)	(116,240)
Cash flows from investing activities:
Change in intercompany balances	(198,035)	34,916
Net cash (used for) provided by investing activities	(198,035)	34,916
Cash flows from financing activities:
Proceeds from issuance of long-term debt	411,200
Debt issuance costs	(10,439)
Reduction of long-term debt	(57,670)
Purchase of capped call hedge transactions	(40,250)
Cash proceeds from equity component of exchangeable debt	159,952
Proceeds from issuance of intercompany debt	20,000
Paydown of intercompany debt	(20,000)
Proceeds from revolving credit facilities		150,000
Reduction in revolving credit facilities		(70,000)
Proceeds from (payments for) commercial paper, net		1,325
Payments on term loan	(162,500)
Net cash (used for) provided by financing activities	300,293	81,325
Net increase (decrease) in cash and cash equivalents	(10,173)	1
Cash and cash equivalents, beginning of period	10,177	10
Cash and cash equivalents, end of period	4	11
Reportable Legal Entities | Other Subsidiaries (Non-Guarantors)
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	53,928	278,937
Cash flows from investing activities:
Purchases of investments	(4)
Sales and maturities of investments	91	41
Capital expenditures	(183,427)	(129,875)
Proceeds from sales of assets and insurance claims	3,253	5,448
Change in intercompany balances	198,035	(34,916)
Other changes in investing	(106)	(4,439)
Net cash (used for) provided by investing activities	17,842	(163,741)
Cash flows from financing activities:
Increase (decrease) in cash overdrafts	(469)	1,642
Reduction of long-term debt	(112,821)	(148,045)
Proceeds from (payments for) short-term borrowings	16	(628)
Proceeds from issuance of intercompany debt	(40,000)	(22,000)
Paydown of intercompany debt	86,000
Payments on parent (Equity or N/P)	(67,000)
Repurchase of common shares		(1,687)
Net cash (used for) provided by financing activities	(134,274)	(170,718)
Effect of exchange rate changes on cash and cash equivalents	1,841	968
Net increase (decrease) in cash and cash equivalents	(60,663)	(54,554)
Cash and cash equivalents, beginning of period	252,768	253,647
Cash and cash equivalents, end of period	192,105	199,093
Consolidating Adjustments
Condensed Consolidating Statements Of Cash Flows
Net cash provided by (used for) operating activities	(69,980)	(2,981)
Cash flows from financing activities:
Dividends to shareholders	2,980	2,981
Payments on parent (Equity or N/P)	67,000
Net cash (used for) provided by financing activities	$ 69,980	$ 2,981

Subsequent Events (Details)

Subsequent Events (Details) - $ / shares	Apr. 19, 2017	Jul. 29, 2016	Mar. 31, 2017	Mar. 31, 2016
Subsequent event
Dividend declared (in dollars per share)		$ 0.06	$ 0.06	$ 0.06
Subsequent Event
Subsequent event
Dividend declared (in dollars per share)	$ 0.06